The bubble is very nicely balanced, for German “kultur,” which is in reality but another word for “system” or “organisation,” rather than that which English-speaking people understand by “culture,” has built up a system of internal credit that shall ensure the correct balance of the bubble--for just as long as the militarist policy of Germany can endure the strain of war. But money alone is not sufficient for victory; the peasant hard put to it to suppress his laugh, and the crowned Germania that built up the paper pedestal of the bubble, needed many other things to make that pedestal secure; there was needed integrity, and the respect of neighbouring nations, and the understanding of other points of view beside the doctrine of force, and liberty instead of coercion of a whole nation, and many other things that the older civilisations of Europe have accepted as parts of their code of life--the things this new, upstart Germany has not had time to learn. Thus, with the paper credit--and even with the gold reserve of which Germany has boasted, the pedestal is but paper. And the winds that blow from the flooded, corpse-strewn districts of the Yser, from Artois, from Champagne and the Vosges hills and forests, and from the long, long line of Russia’s grim defences--these winds shall blow it away, leaving a nation bankrupt not only in money, but in the power to coerce, in the power to inspire fear, and in all those things out of which the Hohenzollern dynasty has built up the last empire of force. E. CHARLES VIVIAN [Illustration: THE GERMAN LOAN “Don’t breathe on the bubble or the whole will collapse.”]