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To the Editor of the CRIMSON:
Yesterday 30,000 marks were sold for one dollar in Berlin. Two months ago the same dollar bought only 2000 marks. It is reasonably certain that wages in Germany have not more than doubled during the same period, hence the German laborer is now getting about one-seventh as much real value for his labor. The inevitable end of this process is revolution, followed by repudiation. Germany will join Russia in bankruptcy and challenge the world to come and collect their bills. It seems that both Germany and Russia will be shut off from commerce with any other outside nations except such others as may also go into bankruptcy as Austria and China. The result will be to force them back into agrarian pursuits. It may happen, however, that so large a part of the world will go into bankruptcy that they will demonetize gold and leave us holding the world's supply of a practically valueless commodity. They will trade with each other and we will be barred out because we refuse to recognize their paper money. In that case there will be a big slump in manufacturing lines and men out of work will be forced back to the farms.
Most Americans fail to realize what a serious bearing this European bankruptcy has for ourselves; such a collapse would mean a general panic in which thousands of business firms would be ruined. It therefore behooves all of us to prepare for trouble.
January 30, 1923. B. R. CUTCHEON '25
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