The Credit Conundrum.

Contemporary events are not always seen in the clearest light, but it is probable that some day a wonderful book will be written dealing with various credit expedients as tested in the great depression of the years 1929——. Credit extensions in the form of time-payment systems reaching down to humble goods of the home, and (at the other end of the scale) loans to Governments who soon find themselves between the fires of default outside or civil war within, provide an unprecedented field for economic research. The whole story of how the world lent to Germany in order that Germany should repay the world (and pay “reparations”) will one day be told by a writer not excited over whether Dr. Bruening's “can't pay” is merely “won't pay.”