Word: mollet
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...hungry women marched twelve miles through the mud to Versailles to haul King Louis XVI off to his doom, their war cry was "Bread! Bread!" and their fury was fed by Marie Antoinette's fateful "Let them eat cake." Last week, to the dismay of Socialist Premier Guy Mollet and his government, the same angry cry for bread reverberated through France...
From Creep to Sprint. The Mollet government had compelling reasons for its refusal to increase the price of bread. One of France's gravest problems is the creeping inflation which in the last year has increased the housewife's food bills by 30%. A rise in the price of bread, the government feared, would be just the psychological spark required to set off a universal demand for wage increases that would change creeping inflation into a wild sprint...
...months ago, when he and his government finally began to face up to the fiscal problems (TIME, July 16) created by the then 20-month-old Algerian rebellion (now costing France $2,900,000 a day), Mollet's logical inclination was to increase personal and corporate income taxes. At this direct challenge to the universal French conviction that a man's private income is none of the government's business, virtually the entire National Assembly rose in revolt. Socialist Mollet, keenly aware that any effective tax increase would fall most heavily upon the low-income groups from...
Devised by Rube. True to his promise, Mollet last week made public the terms of a new $429 million bond issue that might have been devised by Rube Goldberg. The new bonds will not only pay 5% interest annually- many stocks on the Paris Bourse pay less than 3%-but also carry a built-in hedge against inflation. If, when the bonds come up for redemption-the last of them will mature in 1971-average stock prices on the Bourse have increased, the face value of the bonds will be increased proportionately. A fall in stock prices, however, will...
...Mollet's public loan seems to be straight fiscal poison for France. In interest charges alone the new bonds will cost the government $2,100,000 next year, and, given continued inflation, their redemption could prove a ruinous burden on the government of 1971. (Had a similar loan been floated in 1949, the government would now be obliged to pay out $250 for every $100 worth of bonds originally issued.) Worse yet, the $429 million which the loan is expected to raise will pay for only about five months of fighting in Algeria. Then, if the rebellion...