Word: morgenthau
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Dates: during 1930-1939
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...wrecked the World Economic Conference, cabling to London: "The world will not long be lulled by the specious fallacy of achieving a temporary and probably an artificial stability in foreign exchange on the part of a few large countries only." Last week U. S. Secretary of the Treasury Henry Morgenthau Jr., British Chancellor of the Exchequer Neville Chamberlain and French Finance Minister Vincent Auriol got together by transatlantic and trans-Channel telephone and apparently achieved precisely what the President had derided in 1933. Mr. Morgenthau was of course acting for the President, but at Hyde Park last week Mr. Roosevelt...
...week heavy Radical Socialist Finance Minister Vincent Auriol, whose right eye droops half shut behind his tortoise-shell glasses, received correspondents in the dead of night. He had left President Lebrun and Premier Blum soon after midnight and at that hour said "Goodnight" over the transatlantic phone to Mr. Morgenthau for whom the time in Washington was nearer 7 p. m. Cried weary but still dynamic M. Auriol: "Messieurs, the entente which we have concluded constitutes the start of Monetary Peace! And that, Messieurs, is a prior condition for Economic Peace, for Human Peace...
...Washington-London-Paris agreement, M. Auriol dramatically explained, has been under super-secret negotiation ever since last June, not a word of what Morgenthau, Chamberlain and Auriol were confiding to each other having leaked to the press...
...Treasury meant business was shown when the Soviet State Bank immediately, upon the opening of international exchange in Wall Street, after M. Auriol's statement last week, dumped overboard $5,000,000 in sterling pounds with orders to sell them for whatever they would bring in dollars. Secretary Morgenthau, alert at his desk in Washington, instantly used the $2,000,000,000 U. S. stabilization fund to buy the British money offered by the Bolsheviks. He then angrily exploded to Washington correspondents whom he hastily summoned, asking them to flash news of what he had done throughout the world...
What were the Bolsheviks up to? Had Moscow deliberately tried to wreck the new Monetary Peace during its first hours by a Russian bear raid on sterling? In the excited timbre of Secretary Morgenthau's voice when he first spoke there was perhaps a hint of suspicion of this sort, but most U. S. Treasury officials soon calmed down to a more comfortable theory. After all the Moscow comrades who run the Soviet State Bank are in danger of their very lives if they guess wrong on how to handle its assets and up to last week many European...