The conquered countries have not actually any finance. Germany has an
increase of expenses which the fall of the mark renders more serious.
In 1920 she spent not less than ninety-two milliards, ruining her
circulation. How much has she spent in 1921?
Austria and Hungary have budgets which are simply hypotheses. The last
Austrian budget, for 1921, assigned a sum of seventy-one milliards
of crowns for expenses, and this for a poor country with 7,000,000
inhabitants.
A detailed examination of the financial situation of Czeko-Slovakia,
of Rumania, and of the Serbo-Croat States gives results which are at
the least alarming. Even Greece, which until yesterday had a solid
structure, gallops now in a madness of expenditure which exceeds all
her resources, and if she does not find a means to make peace with
Turkey she will find her credit exhausted. The most ruinous of all
is the situation of Poland, whose finance is certainly not better
regulated than that of the Bolsheviks of Moscow, to judge from the
course of the Polish mark and the Russian rouble if anyone gets the
idea of buying them on an international market.
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