Word: volpi
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...Italian panic were whooped up on the hostile Paris Bourse until even in Manhattan, where so many financiers are notoriously pro-Fascist, quotations on the most impeccably secured Italian bonds moved down as much as 1¾ points. As uncertainty grew to fear the Italian lira, which Count Volpi placed on a gold basis cf 5.26? last December, sank abruptly to 5.23½, a low record...
Though such a movement would have seemed trifling before the lira was stabilized on a gold basis, it loomed ominously, last week, almost seven months after complete stabilization was supposed to have been achieved. With Volpi, the master stabilizer out of office, a serious slump might...
Though such rumors were obviously intended to produce a maximum shock from a minimum content of fact, they made it impossible for Signor Benito Mussolini to continue to pass over in silence the resignation of Finance Minister Count Volpi. The response of Il Duce, obediently voiced by unanimous editorials in the State dominated press, was that Fascist Italy has perfected as a substitute for the cabinet crises of more democratic states the Doctrine of Ministerial Rotations. Stripped of rhetoric, the Doctrine means that, while France gets a new set of Ministers every time her Cabinet falls, the fact that Prime...
Though uneasiness continued as to the ultimate effect of Count Volpi's retirement, panic rumors were virtually scotched by the ingenious "Doctrine"-which really amounted to assuring the public that Volpi had been sacked by Il Duce and had not resigned because he deemed the fiscal structure of Italy unsound...
Signor Belluzzo was in Sardinia on a tour of inspection last week, when informed by cable, of his "rotation" and peremptorily ordered to return to Rome. Count Volpi left his office in the Ministry of Finance for the last time without a word to subordinates...