"The economic difficulties of Europe as a whole at the signature of peace may be almost summarized in the phrase 'demoralized productivity.' The production of necessaries for this 450,000,000 population (including Russia) has never been at so low an ebb as at this day. "A summary of the unemployment bureaus in Europe will show that 15,000,000 families are receiving unemployment allowances in one form or another, and are, in the main, being paid by constant inflation of currency. A rough estimate would indicate that the population of Europe is at least 100,000,000 greater than can be supported without imports, and must live by the production and distribution of exports; and their situation is aggravated not only by lack of raw materials, and imports, but also by low production of European raw materials. Due to the same low production, Europe is to-day importing vast quantities of certain commodities which she formerly produced for herself and can again produce. Generally, in production, she is not only far below even the level of the time of the signing of the armistice, but far below the maintenance of life and health without an unparalleled rate of import.... "From all these causes, accumulated to different intensity in different localities, there is the essential fact that, unless productivity can be rapidly increased, there can be nothing but political, moral, and economic chaos, finally interpreting itself in loss of life on a scale hitherto undreamed of."[113] Such are the material and vital losses inflicted by the Great War. They are prodigious, and they will not easily be repaired. Europe starts its reconstruction under heavy handicaps, not the least of these being the drain upon its superior stocks, which has deprived it of much of the creative energy that it so desperately needs. Those 16,000,000 or more dead or incapacitated soldiers represented the flower of Europe's young manhood--the very men who are especially needed to-day. It is young men who normally alone possess both maximum driving power and maximum plasticity of mind. All the European belligerents are dangerously impoverished in their stock of youth. The resultant handicap both to Europe's working ability and Europe's brain-activity is only too plain. Moreover, material and even vital losses do not tell the whole story. The moral and spiritual losses, though not easily measured, are perhaps even more appalling. In fact, the darkest cloud on the horizon is possibly the danger that reconstruction will be primarily material at the expense of moral and spiritual values, thus leading to a warped development even more pronounced than that of the nineteenth century and leading inevitably to yet more disastrous consequences.