Wait for the swing of the pendulum, the turn of the tide. Things will come right again—over the heaps of dead. There have been such slumps before in those countries away over there, notoriously less favored by God, as they are, than America. It may be well therefore to go over this matter a little more fully and to give my grounds for supposing that there is a rot, a coming undone, going on in our system, that will not necessarily recover—that the movement isn’t the swing of a pendulum, nor this ebb an ebb that will turn again. And further, that this rotting process is bound to affect not merely Europe and Asia, but ultimately America. Now let us recapitulate in the most general terms what has happened and is happening at the present time to impoverish and disorganize the world. First, there has been a very great destruction of life through the war, especially in Europe. Mostly this has been the killing of young men who would otherwise have been the flower of the working mass of these countries at the present time. This in itself is a great loss of energy, but it is a recoverable loss. A new generation is already growing up to replace these millions of dead and to efface the economic loss of this tragic and sorrowful destruction. Nor is the extraordinary waste of property, of energy and raw material spent in mere destruction, an irreplaceable loss. Given toil, given courage, devastated areas can be restored, fresh energies found to replenish the countless millions and millions of foot pounds of work wasted upon explosives. Many beautiful things, buildings, works of art and the like have gone, never to be gotten again, but their place may conceivably be taken by new efforts of creative, artistic energy, given toil, given confidence and hope. Far more serious, from the point of view of the future, than the destruction of either things or lives, are certain subtler destructions, because they strike at that toil, that courage and hope and confidence which are essential to any sort of recuperation. And foremost is the fact of debt, everywhere, but particularly in the European countries. All the billions worth of material that was smashed up and blown to pieces on the front had to be bought from its owners and to secure it every belligerent Government had to incur debts. Lives cost little, but material much. The European combatants are overwhelmed with debts, every European worker and toiler, every European business man, is a debtor; every European enterprise goes on under a crushing burden of taxation because of these debts. An attempt has been made to shift this unendurable burden from the victors to the vanquished, but the vanquished already had as much as they could carry.