Increased Real Debt.

Falling prices (accompanying the return to the gold basis) have increased the burden on debtor countries, and the ultimate debtor, Germany, bears the full brunt of this. Consequently, in the cabled speculations, Germany's demand for relief is bracketed with the suggestion that the United States should grant such relief. The Americans and the Germans are at either end of the chain. Britain is in the middle, as a debtor-creditor country. France, it is cabled, will look to America for relief proportionate to any German relief. France is one of the few European countries reported as being without unemployment; the others are Norway, Sweden, and Denmark. Germany is reported to have considerably more unemployed than Britain has. Owing to price-falls, Germany's reduced (Young) debt is at the moment a heavier real debt than her larger (Dawes) debt used to be.