Let us in this chapter confine ourselves to the social-economic processes that are going on. So far as I am able to distinguish among the things that are being said in these matters, they may be classified out into groups that centre upon several typical questions. There is the question of “How to pay for the war?” There is the question of the behaviour of labour after the war. “Will there be a Labour Truce or a violent labour struggle?” There is the question of the reconstruction of European industry after the war in the face of an America in a state of monetary and economic repletion through non-intervention. My present purpose in this chapter is a critical one; it is not to solve problems but to set out various currents of thought that are flowing through the general mind. Which current is likely to seize upon and carry human affairs with it, is not for our present speculation. There seem to be two distinct ways of answering the first of the questions I have noted. They do not necessarily contradict each other. Of course the war is being largely paid for immediately out of the accumulated private wealth of the past. We are buying off the “hold-up” of the private owner upon the material and resources we need, and paying in paper money and war loans. This is not in itself an impoverishment of the community. The wealth of individuals is not the wealth of nations; the two things may easily be contradictory when the rich man's wealth consists of land or natural resources or franchises or privileges the use of which he reluctantly yields for high prices. The conversion of held-up land and material into workable and actively used material in exchange for national debt may be indeed a positive increase in the wealth of the community. And what is happening in all the belligerent countries is the taking over of more and more of the realities of wealth from private hands and, in exchange, the contracting of great masses of debt to private people. The nett tendency is towards the disappearance of a reality holding class and the destruction of realities in warfare, and the appearance of a vast _rentier_ class in its place. At the end of the war much material will be destroyed for evermore, transit, food production and industry will be everywhere enormously socialised, and the country will be liable to pay every year in interest, a sum of money exceeding the entire national expenditure before the war. From the point of view of the state, and disregarding material and moral damages, that annual interest is the annual instalment of the price to be paid for the war.