Word: morgenthau
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Dates: during 1930-1939
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...Some of the recoverable assets which President Roosevelt counts as a deduction from the debt may not be recovered. Such is the $2,000,000,000 stabilization fund created out of the book profit of dollar devaluation. "Now that Mr. Morgenthau is going to stabilize foreign currencies with this fund, is it amiss to wonder whether it will be intact when he has closed his books...
...latest international monetary announcement by U. S. Secretary of the Treasury Henry Morgenthau Jr., in which he said that the U. S., Britain and France have set up a "new kind of gold standard" (TIME, Oct. 19), was considered in some of the World's fiscal capitals last week important chiefly in persuading U. S. voters on the eve of election that the future monetary policies of President Roosevelt may be less radical than his acts to date...
...place in which the Secretary's new kind of gold standard was taken seriously was Paris, where Premier Leon Blum and Finance Minister Vincent Auriol, attacked by enemies of their devaluation move, have been trying to convince the skeptical French public that they actually have obtained from Mr. Morgenthau and from British Chancellor of the Exchequer Neville Chamberlain a binding accord to keep the dollar, pound and franc all stabilized at their present level (TIME, Oct. 5). Cried M. Auriol: "Mr. Morgenthau has made the best answer both to the skeptics who called our original accord illusory...
Questioning by Washington correspondents divulged the following features of what Secretary Morgenthau calls a "new kind of gold standard...
...currency stabilization, this week's international deal set no ratio between the dollar, the franc, and the pound, left that to be developed by the course of trade. Any other country with a stabilization fund and a desire to end international currency fluctuation was welcome to join Secretary Morgenthau's party. As for the ordinary citizen of France, of Britain or of the U. S., this week's gold pact changed his monetary routine...