Monday, Aug. 20, 1923

Mark Crisis

The prophets of economic disaster have so long pointed out the dangers to Germany in hopelessly inflating her paper currency that Wall Street has become blase to the impending financial collapse of Germany. News of the week was obviously still crescendo--all previous price and currency records were as usual outdone, as the long-prophesied political overturn arrived. Yet the view was taken that Germany had already ruined herself, and just how long it would take her to find it out made little difference to domestic business. Financial Germany, like Charles II, has already taken an unconscionable time in dying. Her desperate economic illness has worn out the sympathies of the world. Now most American bankers and business men sincerely wish she would definitely explode and be done with it--after which something might be made out of the pieces. The longer this inevitable catastrophe is delayed, the harder and slower the task of reconstruction is bound to be.