Now the interesting question arises whether these great belligerent states may go bankrupt, and if so to what extent. States may go bankrupt to the private creditor without repudiating their debts or seeming to pay less to him. They can go bankrupt either by a depreciation of their currency or--without touching the gold standard--through a rise in prices. In the end both these things work out to the same end; the creditor gets so many loaves or pairs of boots or workman's hours of labour for his pound _less_ than he would have got under the previous conditions. One may imagine this process of price (and of course wages) increase going on to a limitless extent. Many people are inclined to look to such an increase in prices as a certain outcome of the war, and just so far as it goes, just so far will the burthen of the _rentier_ class, their call, tat is, for goods and services, be lightened. This expectation is very generally entertained, and I can see little reason against it. The intensely stupid or dishonest “labour” press, however, which in the interests of the common enemy misrepresents socialism and seeks to misguide labour in Great Britain, ignores these considerations, and positively holds out this prospect of rising prices as an alarming one to the more credulous and ignorant of its readers. But now comes the second way of meeting the after-the-war obligations. This second way is by increasing the wealth of the state and by increasing the national production to such an extent that the payment of the _rentier_ class will not be an overwhelming burthen. Rising prices bilk the creditor. Increased production will check the rise in prices and get him a real payment. The outlook for the national creditor seems to be that he will be partly bilked and partly paid; how far he will be bilked and how far depends almost entirely upon this possible increase in production; and there is consequently a very keen and quite unprecedented desire very widely diffused among intelligent and active people, holding War Loan scrip and the like, in all the belligerent countries, to see bold and hopeful schemes for state enrichment pushed forward. The movement towards socialism is receiving an impulse from a new and unexpected quarter, there is now a _rentier_ socialism, and it is interesting to note that while the London _Times_ is full of schemes of great state enterprises, for the exploitation of Colonial state lands, for the state purchase and wholesaling of food and many natural products, and for the syndication of shipping and the great staple industries into vast trusts into which not only the British but the French and Italian governments may enter as partners, the so-called socialist press of Great Britain is chiefly busy about the draughts in the cell of Mr. Fenner Brockway and the refusal of Private Scott Duckers to put on his khaki trousers. _The New Statesman_ and the Fabian Society, however, display a wider intelligence.