Inhaltsangabe
This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1918. Not illustrated. Excerpt: ... the collapse of capitalism chapter I Socialist Differences of Opinion has it escaped the reader that a complete change of mind has taken place among the leaders of American capitalism during the past year? Do you remember how not so long ago we were in high glee over the billions of profit we were gathering in furnishing to war the necessaries of his business? What an impetuous customer he was, caring only for early delivery, and not for price at all. He did not have to make a living selling the goods at a profit; his business was bankrupt from the start. How our foreign debt was wiped out either by purchase of the securities or by receiving them as collateral for our loans? How our bank reserves were swelled by shipments from Europe of gold, enabling the banks to inflate their loan accounts to the tune of seven times as much? We had ceased to be a debtor nation and had become a creditor nation instead. We were by far the richest country, and Europe's misfortune would surely afford us a still greater lead. Europe's South American investments of $6,000,000,000--shipwrecked by Europe's inability to further finance the enterprises--would fall into our lap at ten cents on the dollar. We started to invest in China, that country of fabulous possibilities of exploitation. New York was going to be the financial center of the world, instead of London. And we were going to have the necessary number of battleships to protect our empire, for "in international finance there are no receiverships, unfortunately," as Mortimer Schiff said, with tears in his eyes, in addressing a bankers' meeting, "we still need battleships." Then the change of mind already alluded to took place. The mood changed. There was a transition from the exultant strains in the major key to discordant ton...
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