In late 19th century France, the Countess Louise, wife of a wealthy general, sells the earrings her husband gave her on their wedding day to pay off her secret debts, then claims to have lost them. Her husband quickly learns of the deceit, which is the beginning of many tragic misunderstandings, all involving the earrings, the general, the countess, and her new lover, the Italian Baron Donati.
An all-knowing interlocutor guides us through a series of affairs in Vienna, 1900. A soldier meets an eager young lady of the evening. Later he has an affair with a young lady, who becomes a maid and does similarly with the young man of the house. The young man seduces a married woman. On and on, spinning on the gay carousel of life.
Andre and Colette Bertier are happily married. When Colette introduces her husband to her flirtatious best friend, Mitzi, he does his best to resist her advances. But she is persistent, and very cute, and he succumbs. Mitzi's husband wants to divorce her, and has been having her tailed. Andre gets caught, and must confess to his wife. But Colette has had problems resisting the attentions of another man herself, and they forgive each other.
