VI

EUROPE AFTER THE TREATY

223

world of Western Europe the Immanent Will may-achieve its ends more subtly and bring in the revolu-tion no less inevitably through a Klotz or a Georgethan by the intellectualisms, too ruthless and self-conscious for us, of the bloodthirsty philosophers ofRussia .

The inflationism of the currency systems of Europe has proceeded to extraordinary lengths. The variousbelligerent Governments, unable or too timid or tooshort - sighted to secure from loans or taxes theresources they required, have printed notes for thebalance. In Russia and Austria-Hungary this processhas reached a point where for the purposes of foreigntrade the currency is practically valueless. ThePolish mark can be bought for about l^d. and theAustrian crown for less than Id., but they cannotbe sold at all. The German mark is worth lessthan 2d. on the exchanges. In most of the othercountries of Eastern and South-Eastern Europe thereal position is nearly as bad. The currency of Italy has fallen to little more than a half of its nominalvalue in spite of its being still subject to somedegree of regulation; French currency maintains anuncertain market; and even sterling is seriouslydiminished in present value and impaired in its futureprospects.

But while these currencies enjoy a precariousvalue abroad, they have never entirely lost, noteven in Russia , their purchasing power at home.