utilize water-power: all this stands for the
output of so much force. One may undertake such works or not, but in
any case the result cannot immediately be given to the enemy.

This is so obvious as to be banal.

To seek to propagate the idea that Germany can give that which
constitutes her annual capitalization either wholly or in great part
is an example of extreme ignorance of economic facts.

It is positively painful to listen to certain types of argument.

A French Minister has said that the success of the war loans for 151
milliards in Germany, and the increase of bank deposits for a sum of
28 milliards, coinciding with an increase of capital of 45 milliards
in limited companies, demonstrate that Germany has saved at least 180
milliards in four years. Leaving aside the exactness of these figures,
it is really sad to observe reasoning of this type. How can the public
have an idea of the reality?

Let us apply the same reasoning to France. We must say that inasmuch
as France before the War had a public debt of 32 milliards, and now
has a debt of 265 milliards, without calculating what she owes to
Great Britain and the United States, France, by reason of the War, has
immensely enriched herself, since, leaving aside the debt contracted
abroad and the previous debt, she has saved during the War 200
milliards, quite apart from the increase in bank deposits and the
increase in capital of limited companies. The War has therefore
immensely enriched her. In reality we are face to face with one of the
phenomena of the intoxication brought about by paper money, by means
of which it has been possible at certain times for the public to
believe that the War had increased wealth. Other features of this
phenomenon we have in the wretched example of the capitalist classes,
after which it was not unnatural that the people should give way to
a great increase in consumption, should demand high wages and offer
little work in return at the very time when it was most necessary
to work more and consume less. There is small cause for wonder that
certain erroneous ideas are diffused among the public when they have
their being in those very sophisms according to which the indemnity to
be paid by the beaten enemy will pay all the debts and losses of the
conquering nations.

We are told that Germany, being responsible for the War, must impose
on herself a regime of restrictions and organize herself as an
exporting nation for the payment