Word: reynaud
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Dates: during 1930-1939
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...both will collaborate on internal price policies. The accords were entirely unprecedented. In World War I, which was virtually decided by the economic factor, the two countries had nothing but a common grain agreement and, in the last months, transport and food councils. Said suave French Finance Minister Paul Reynaud: "No better proof than this economic and financial accord could be found of the common will to carry this fight to a finish. It has been inspired by the same spirit that made possible unity of command for the military forces...
Another immediate result of the Reynaud-Simon performance was a bullish flurry on the Paris Bourse and the London Stock Exchange, where business-as-usual is the rule, and transactions now, though smaller than normal, are in larger volume than just before war broke...
Last week French Finance Minister Paul Reynaud presented his first wartime budget. It was for a year and it was balanced all right, but the joker in it was that it covered only civil and not military costs. These were huge enough-79,000,000,000 francs ($1,746,000,000), or an increase of $500,000,000 over last year's ordinary expenses. A few items which might possibly be called military costs were included: $309,400,000 for the relief of families of mobilized men, $55,250,000 for refugees from the war zones...
Although M. Reynaud is known to believe in a "pay-as-you-go" policy as far as possible in this war, the real story of French war finances was not to be revealed until the Finance Minister presents the military budget, which will be drawn up every three months. Meanwhile, to defray the increased costs, both civilian and military, taxes went up. The so-called extraordinary income tax was raised from 2% to 5% on low incomes and to 15% on incomes above $155 monthly earned by male noncombatants of military age. Other new taxes included the upping of postal...
While France's Paul Reynaud and Britain's Sir John Simon put their heads together to strengthen the external economy of the Allies (see above), one of Britain's leading economists advanced a notable plan to strengthen Britain's internal economy, to help pay for the war while it is being fought, to help smooth the economic bumps which must be felt when it is over. Author was "The Stinger in the Triple Bromide"-Economist John Maynard Keynes, who, as a member of the Economic Advisory Council and secretary of the Royal Economic Society, frequently stimulates...