everywhere a tendency is noticeable to consume more. Austria,
Germany, Italy, France are not different phenomena, but different
manifestations and phases of the same phenomenon.

Before the War Europe, in spite of her great sub-divisions,
represented a living economic whole. To-day there are not only
victors and vanquished, but currents of hate, ferments of violence, a
hungering after conquests, an unscrupulous cornering of raw materials
carried out brutally and almost ostentatiously in the name of the
rights of victory: a situation which renders production, let alone its
development and increase, utterly impossible.

The treaty system as applied after the War has divided Europe into
two distinct parts: the losers, held under the military and economic
control of the victors, are expected to produce not only enough
for their own needs, but to provide a super-production in order to
indemnify the winners for all the losses and damages sustained on
account of the War. The victors, bound together in what is supposed to
be a permanent alliance for the protection of their common interests,
are supposed to exercise a military action of oppression and control
over the losers until the full payment of the indemnity. Another part
of Europe is in a state of revolutionary ferment, and the Entente
Powers have, by their attitude, rather tended to aggravate than to
improve the situation.

Europe can only recover her peace of mind by remembering that the
War is over and done with. Unfortunately, the treaty system not only
prevents us from remembering that the War is finished, but determines
a state of permanent war.