Personally, I do not think that at this juncture there is anything
whatever to be done except to grant a moratorium. It is out of the
question that any figure, low enough to do Germany's credit any good
now, could be acceptable to M. Poincare, in however moderate a mood he
may visit London next week. Apart from which, it is really impossible at
the present moment for any one to say how much Germany will be able to
pay in the long run. Let us content ourselves, therefore, with a
moratorium for the moment, and put off till next year the discussion of
a final settlement, when, with proper preparations beforehand, there
ought to be a grand Conference on the whole connected problem of
inter-Governmental debt, with representatives of the United States
present, and possibly at Washington.
THE ILLUSION OF A LOAN
The difficulties in the way of any immediate settlement now are so
obvious that one might wonder why any one should be in favour of the
attempt. The explanation lies in that popular illusion, with which it
now pleases the world to deceive itself--the International Loan.
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