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Nitti, Francesco Saverio, 1868-1953

"Peaceless Europe"


Supposing that the private wealth of the German citizens was from 300
to 350 milliards of marks (an exaggeration, doubtless), it would mean
that the wealth increased each year by a thirteenth part or rather
more. The difference between the increase in population and the
increase in wealth constituted the effective increase in wealth, but
always in a form not capable of being immediately handled. To plant
trees, build workshops, 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.


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