—this phrase of Turgot is being repeated in the person of Millerand by the French bourgeoisie in the hope that its debts will be annulled, in spite of the fact that it itself never acts in this way. But the Government of the United States is not capable of leading Europe out of the economic impasse. During the last six years America has exhausted its reserves of raw material. The adoption of her capital to the requirements of the world war has resulted in a narrowing of her industrial foundations. European immigration has stopped. The counter current of emigration has deprived American industry of hundreds and hundreds of thousands of Germans, Italians, Poles, Serbians, Bohemians, who were withdrawn by war mobilization or were attracted by the vision of a newly acquired fatherland. The shortage of raw material and of labor power hangs over the Republic; owing to this the American proletariat is now entering upon a new revolutionary phase of struggle. America is rapidly Europeanizing.
Nor have the neutral countries escaped the consequences of war and blockade; like liquid in connected retorts,—the economic system of production of interconnected states, whether large or small, fighting or neutral, victorious or defeated, established a uniform level,—that of poverty, starvation and degeneration.
Switzerland lives from hand to mouth and every unforeseen event menaces its equilibrium.
In Scandinavia the abundant flow of gold does not solve the food problem. Coal has to be begged for in parcels, hat in hand, from England. In spite of starvation in Europe the fishing industry is passing through an unprecedented crisis in Norway.
Spain remains in an extremely critical position as regards the food question owing to her having been drained of men and horses by France. This state of things leads to stormy manifestations and strikes of the starving masses.
The bourgeoisie firmly relies on the agricultural districts. The bourgeois economists assert that the welfare of the peasantry has improved very much. But this is an illusion. It is true that the trading peasantry of all countries had to some extent enriched themselves during the war. Products have been sold by them at high prices, whilst their debts which were made at the period when money was dear, must now be paid with cheap currency. That is its advantage. But it should be mentioned that the whole agrarian economy was dilapidated and disorganized during the war. It is in need of manufactured goods, while prices for these have increased in proportion to the reduced value of money. The demands of state taxes have become great in the extreme and threaten to devour the peasant with all his land and products. Thus after a period of temporary improvement of the welfare of the small peasantry their condition becomes more and
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