High prices, high taxes, low wages,
and unemployment make an ominous combination. We may be sure that
discontent will be profound and widespread. This discontent is pretty
sure to lead, especially in the defeated nations where there is no
compensating "glory," to strong revolutionary movements just as was the
case in Russia after her defeat by Japan. Whether or to what extent
these movements, in which "Socialism" in the various meanings of that
word is sure to play a part, will succeed, depends on the relative
strength of opposing tendencies which cannot yet be measured. One
possible if not probable result may be, as I suggested in THE TIMES two
weeks ago, some international device to secure disarmament and to
safeguard peace.
Though part of the losses to Europe will be permanent, her chief loss
will be coterminous with the war. She will, therefore, seek ways and
means to fill in this immediate hole in her income in order to "get by."
To do this she must borrow; that is, she must secure her present bread
and butter from us and other nations and arrange to repay later out of
the fruits of peace. She can stint herself, but not enough to meet the
situation.
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