LITMIR.BIZ

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must almost inevitably be a game of bluff. Neither side will admit its extremity. Neither side, therefore, will make any direct proposals to its antagonists nor any open advances to a neutral. But there will be much inspired peace talk through neutral media, and the consultations of the anti-German allies will become more intimate and detailed. Suggestions will "leak out" remarkably from both sides, to journalists and neutral go-betweens. The Eastern and Western Allies will probably begin quite soon to discuss an anti-German Zollverein and the co-ordination of their military and naval organisations in the days that are to follow the war. A discussion of a Central European Zollverein is already afoot. A general idea of the possible rearrangement of the European States after the war will grow up in the common European and American mind; public men on either side will indicate concordance with this general idea, and some neutral power, Denmark or Spain or the United States or Holland, will invite representatives to an informal discussion of these possibilities.

      Probably, therefore, the peace negotiations will take the extraordinary form of two simultaneous conferences-one of the Pledged Allies, sitting probably in Paris or London, and the other of representatives of all the combatants meeting in some neutral country-Holland would be the most convenient-while the war will still be going on. The Dutch conference would be in immediate contact by telephone and telegraph with the Allied conference and with Berlin…

      The broad conditions of a possible peace will begin to get stated towards the end of 1916, and a certain lassitude will creep over the operations in the field… The process of exhaustion will probably have reached such a point by that time that it will be a primary fact in the consciousness of common citizens of every belligerent country. The common life of all Europe will have become-miserable. Conclusive blows will have receded out of the imagination of the contending Powers. The war will have reached its fourth and last stage as a war. The war of the great attack will have given place to the war of the military deadlock; the war of the deadlock will have gone on, and as the great combatants have become enfeebled relatively to the smaller States, there will have been a gradual shifting of the interest to the war of treasons and diplomacies in the Eastern Mediterranean.

      Quickly thereafter the last phase will be developing into predominance, in which each group of nations will be most concerned, no longer about victories or conquests, but about securing for itself the best chances of rapid economic recuperation and social reconstruction. The commercial treaties, the arrangements for future associated action, made by the great Allies among themselves will appear more and more important to them, and the mere question of boundaries less and less. It will dawn upon Europe that she has already dissipated the resources that have enabled her to levy the tribute paid for her investments in every quarter of the earth, and that neither the Germans nor their antagonists will be able for many years to go on with those projects for world exploitation which lay at the root of the great war. Very jaded and anaemic nations will sit about the table on which the new map of Europe will be drawn… Each of the diplomatists will come to that business with a certain pre-occupation. Each will be thinking of his country as one thinks of a patient of doubtful patience and temper who is coming-to out of the drugged stupor of a crucial, ill-conceived, and unnecessary operation … Each will be thinking of Labour, wounded and perplexed, returning to the disorganised or nationalised factories from which Capital has gone a-fighting, and to which it may never return.

      III. NATIONS IN LIQUIDATION

      The war has become a war of exhaustion. One hears a great deal of the idea that "financial collapse" may bring it to an end. A number of people seem to be convinced that a war cannot be waged without money, that soldiers must be paid, munitions must be bought; that for this money is necessary and the consent of bank depositors; so that if all the wealth of the world were nominally possessed by some one man in a little office he could stop the war by saying simply, "I will lend you no more money."

      Now, as a matter of fact, money is a power only in so far as people believe in it and Governments sustain it. If a State is sufficiently strong and well organised, its control over the money power is unlimited. If it can rule its people, and if it has the necessary resources of men and material within its borders, it can go on in a state of war so long as these things last, with almost any flimsy sort of substitute for money that it chooses to print. It can enrol and use the men, and seize and work the material. It can take over the land and cultivate it and distribute its products. The little man in the office is only a power because the State chooses to recognise his claim. So long as he is convenient he seems to be a power. So soon as the State is intelligent enough and strong enough it can do without him. It can take what it wants, and tell him to go and hang himself. That is the melancholy ultimate of the usurer. That is the quintessence of "finance." All credit is State-made, and what the State has made the State can alter or destroy.

      The owner and the creditor have never had any other power to give or withhold credit than the credit that was given to them. They exist by sufferance or superstition and not of necessity.

      It is the habit of overlooking this little flaw in the imperatives of ownership that enables people to say that this war cannot go on beyond such and such a date-the end of 1916 is much in favour just now-because we cannot pay for it. It would be about as reasonable to expect a battle to end because a landlord had ordered the soldiers off his estate. So long as there are men to fight and stuff to fight with the war can go on. There is bankruptcy, but the bankruptcy of States is not like the bankruptcy of individuals. There is no such thing among States as an undischarged bankrupt who is forbidden to carry on. A State may keep on going bankrupt indefinitely and still carry on. It will be the next step in our prophetic exercise to examine the differences between State bankruptcy and the bankruptcy of a subject of the State.

      The belligerent Powers are approaching a phase when they will no longer be paying anything like twenty shillings in the pound. In a very definite sense they are not paying twenty shillings in the pound now. That is not going to stop the war, but it involves a string of consequences and possibilities of the utmost importance to our problem of what is coming when the war is over.

      The exhaustion that will bring this war to its end at last is a process of destruction of men and material. The process of bankruptcy that is also going on is nothing of the sort. Bankruptcy destroys no concrete thing; it merely writes off a debt; it destroys a financial but not an economic reality. It is, in itself, a mental, not a physical fact. "A" owes "B" a debt; he goes bankrupt and pays a dividend, a fraction of his debt, and gets his discharge. "B's" feelings, as we novelists used to say, are "better imagined than described"; he does his best to satisfy himself that "A" can pay no more, and then "A" and "B" both go about their business again.

      In England, if "A" is a sufficiently poor man not to be formidable, and has gone bankrupt on a small scale, he gets squeezed ferociously to extract the last farthing from him; he may find himself in jail and his home utterly smashed up. If he is a richer man, and has failed on a larger scale, our law is more sympathetic, and he gets off much more easily. Often his creditors find it advisable to arrange with him so that he will still carry on with his bankrupt concern. They find it is better to allow him to carry on than to smash him up.

      There are countless men in the world living very comfortably indeed, and running businesses that were once their own property for their creditors. There are still more who have written off princely debts and do not seem to be a "ha'p'orth the worse." And their creditors have found a balm in time and philosophy. Bankruptcy is only painful and destructive to small people and helpless people; but then for them everything is painful and destructive; it can be a very light matter to big people; it may be almost painless to a State.

      If England went bankrupt in the completest way to-morrow, and repudiated all its debts both as a nation and as a community of individuals, if it declared, if I may use a self-contradictory phrase, a permanent moratorium, there would be not an acre of ploughed land in the country, not a yard of cloth or a loaf of bread the less for that. There would be nothing material destroyed within the State. There would be no immediate convulsion. Use and wont would carry most people on some days before they even began to doubt whether So-and-so could pay his way, and whether there would be wages at the end of the week.

      But people who lived upon rent or investments or pensions would presently be very busy thinking how they were going to get food when the butcher and baker insisted upon cash. It would be only with comparative

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