Léon Blum

"Boussac had told his cousin André that he was informed of the devaluation a few days before the official announcement and took the opportunity to place continuous purchase orders on foreign exchanges, both in securities and raw materials, for two days. In fact, since the trip that Emmanuel Monick, governor of the Bank of France, took to the United States at Léon Blum’s request to gauge President Roosevelt’s reactions, and especially after the enthusiastic telegram, quickly leaked, that he sent to the President of the Council after their meeting, the devaluation had become an open secret. Many speculators were able to take advantage of the information."

"Remarkable master of his luck, Boussac had bet on inflation, which always stimulates business. The victory of the Popular Front made him win his bet. His industrial establishment remained at the mercy of a restrictive policy. When Léon Blum lifted the mortgage of stagnation, a new critical milestone was reached by the one who was beginning to be called the king of cotton. With a devalued franc and more competitive for export, heightened domestic demand brought by the forty-hour workweek, new wage agreements, and paid vacations, the floodgates reopened for his factories where he took the risk of overstocking."