Action at Last!

Since the above was written President Hoover has proposed a year's moratorium —an event of outstanding world-importance, and surely justifying what has been stated on this page, not only this month but in earlier months, concerning the perilous over-burden of the debts, crushing not only to the ultimate debtor (Germany) but to the ultimate creditor, America herself. Unless they had realised that Europe's suffering is America's suffering, the President could not have so acted, and Senator Borah would not have changed his course. The next move is with the nations that are both debtor and creditor. Prime Minister Ramsay MacDonald has already promised co-operation in details, speaking for “His Majesty's Government in the United Kingdom.” Though a year's moratorium is in no way synonymous with debt-cancellation, its economic success would immensely strengthen the case for general debt-reduction. All eyes are now on France, who can make or mar.