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.
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