Already the whole financial fabric of the world was staggering when that occurred. With the destruction of the American fleet in the North Atlantic, and the smashing conflict that ended the naval existence of Germany in the North Sea, with the burning and wrecking of billions of pounds' worth of property in the four cardinal cities of the world, the fact of the hopeless costliness of war came home for the first time, came, like a blow in the face, to the consciousness of mankind. Credit went down in a wild whirl of selling. Everywhere appeared a phenomenon that had already in a mild degree manifested itself in preceding periods of panic; a desire to SECURE AND HOARD GOLD before prices reached bottom. But now it spread like wild-fire, it became universal. Above was visible conflict and destruction; below something was happening far more deadly and incurable to the flimsy fabric of finance and commercialism in which men had so blindly put their trust. As the airships fought above, the visible gold supply of the world vanished below. An epidemic of private cornering and universal distrust swept the world. In a few weeks, money, except for depreciated paper, vanished into vaults, into holes, into the walls of houses, into ten million hiding-places. Money vanished, and at its disappearance trade and industry came to an end. The economic world staggered and fell dead. It was like the stroke of some disease it was like the water vanishing out of the blood of a living creature; it was a sudden, universal coagulation of intercourse....