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Nitti, Francesco Saverio, 1868-1953

"Peaceless Europe"

And Germany, the conquered country, has in her
turn a debt which exceeds 320 milliards of marks, and which is rapidly
approaching 400 milliards. The debts of many countries are only
recorded by feats of memory, because there is no practical interest in
knowing whether Austria, Hungary, and especially Poland, has one debt
or another, since the situation of the creditors is not a situation of
reality.
The whole debt of the United States of America is, after so much war,
only 23,982,000,000 dollars; but the United States are creditors of
the Entente for 9,500,000,000 dollars. Also England, against a debt of
L9,240,000,000 sterling, has a credit of L1,778,000,000.
These serious figures, whilst they increase the condition of
discomfort rendered even more serious by the scarcity of commercial
exchanges, indicate also what necessity may be superior to all in
every country to preserve internal peace: produce more, consume less,
put the finances in order, and reconquer the credits.
Instead, the conquered countries are going downwards every day and the
conquering countries are maintaining very big armies, exhausting their
resources, whilst they are spreading the conviction that the indemnity
from the enemy will compensate sufficiently, or at least partially,
for the work of restoration.


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