Menace of the Money Power—II

Extract

Hitler’s revolt was not mild. It challenged the entire concept of international lending, and established as the basis of trade the mutual exchange of goods, without recourse to the usurers. There had been pioneers before Hitler. Kemal Ataturk had carried through the reconstruction of Turkey without borrowing a penny from abroad. Mussolini had safeguarded Italian currency against foreign speculators and striven as far as possible to build up for his people a self-contained economy. He was to have successors in Spain and Portugal. After the emergence of Hitler, however, it became clear that the international financial system was in mortal danger and that only by another war could it ever regain control over its vast empire—the empire built and maintained by debt. As it happened, Hitler was only too happy to oblige, and war came. War would have come in any case. As Josef Stalin has put on record: ‘It would be incorrect to think that the war arose accidentally or as the result of the fault of some of the statesmen. Although those faults did exist, the war arose in reality as the inevitable result of the development of the world economic and political forces on the basis of monopoly capitalism.’