Et is only too natural that at present, when the question of reparations is about to be decided, where it must soon be seen whether this matter, which has kept Europe unceasingly agitated since 1919, will take a turn for the better or for the final chaotic turn should turn their eyes to America, that hopes are raised that put what is desired in the realm of what is immediately attainable, that reports spread that give expression to a healthy optimism. And even under the impression of this hopeful mood, our decrepit paper mark rises in almost youthful leaps and thus provides proof that the world is by no means despairing of Germany’s ability to recover, that things are perhaps not as bad for us as the clinical thermometer Value date has indicated until recently that the way up for Germany is still very well trodden, if – but precisely this “if” is of decisive, solely decisive importance.
To put it in a few words: when the political situation in Europe has matured enough for the United States government to see fit to deploy its heavyweights without deviating from the framework prescribed by its own policies. Great skepticism is still warranted in this regard, though certainly the prospects for some sort of American action have now improved.
Not inclined to treat the Europeans any milder
The attitude of the United States to our continent’s misfortunes has been, to paraphrase a rather unlovely American word, to let Europe simmer in its gravy until it is done. Now Europe has become even. Germany has collapsed and the victorious European powers must now decide whether they want money or destruction. The European continent is nearing the peak of the crisis and fate must now turn in this or every direction. It is obvious that America will not sit idly with its arms folded before this hour of decision, which it cannot be indifferent to, but rather strive to exert its influence on developments. But the question is what to expect from the United States before Europe decides.
To answer that question, one must consider how America could help the ailing continent. First, there is the problem of international debt. Despite all the warnings coming from America and from American policy observers, Europe has continued to hope for debt cancellation or debt reduction. That is just as little to think about today as it was yesterday.
When the United States was itself in trouble, it had to meet its financial obligations to Europe to the last penny, and remembering that, Americans are not about to treat Europeans any milder now. But apart from that: If Europe didn’t pay, then the American taxpayer would have to step in. This, who is by no means doing well on average, is already heavily burdened. Well, debt relief will not happen, at least not under the current Congress, and certainly not under the House of Representatives coming to power in March, where supporters of Messrs. Bohra and Johnson will have even greater power.