If a people had conditions for developing rapidly it was Czeko-Slovakia. But also with the intention of hurting Germany and the German peoples, a Czeko-Slovak State was created which has also its own tremendous crisis of nationality. A Czeko-Slovakia with a population of eight to nine million people represented a compact ethnical unity. Instead, they have added five and a half million people of different nationalities, amongst whom about 4,000,000 Germans, with cities which are the most German in the world, as Pilsen, Karlsbad, Reichenberg, etc. What is even more serious is that the 4,000,000 Germans are attached to Germany, and, having a superior culture and civilization, will never resign themselves to being placed under the Czeks. Czeko-Slovakia had mineral riches, industrial concerns and solid agriculture, and a culture spread among the people--all the conditions for rising rapidly. All these advantages risk being annulled by the grave and useless insult to the Germans and Magyars. Not only is the situation of Europe in every way uncertain, but there is a tendency in the groups of the victors on the Continent of Europe to increase the military budgets. The relationships of trade are being restored only slowly; commerce is spoken of as an aim. In Italy the dangers and perils of reopening trade with Germany have been seriously discussed; customs duties are raised every day; the industrial groups find easy propaganda for protection. Any limitation of competition is a duty, whether it be the enemy of yesterday or the enemy of to-day, and so the greatest evils of protection are camouflaged under patriotism. None of the countries which have come out of the War on the Continent have a financial position which helps toward a solid situation. All the financial documents of the various countries, which I have collected and studied with great care, contain enormous masses of expenses which are the consequences of the War; those of the conquering countries also contain enormous aggregations of expenses which are or can become the cause of new wars. The conquered countries have not actually any finance. Germany has an increase of expenses which the fall of the mark renders more serious. In 1920 she spent not less than ninety-two milliards, ruining her circulation. How much has she spent in 1921? Austria and Hungary have budgets which are simply hypotheses. The last Austrian budget, for 1921, assigned a sum of seventy-one milliards of crowns for expenses, and this for a poor country with 7,000,000 inhabitants.