enmity and hostility. But in addition to the material destruction and dislocation, and to the 'hatred' disorganisation already noted, the financial transactions of the last few years have created a monetary inflation which, without the concerted action of all the Powers, may mean a collapse of world credit. Add now the plain necessity for continued armament if a real League of Nations is not attained. Without any exaggeration the prospect of the nations facing these economic difficulties in an atmosphere of continuing hostility, intrigue, and conflict, under a continuing weight of armaments, and with a continuing distrust, is a hopeless one. The consequences stare us in the face; Russia is only the first instance of what must happen generally. The alternative to a real League of Nations is the steady descent of our civilisation towards a condition of political and social fragmentation such as the world has not seen since the fall of the Roman Empire. The honest co-operation of Germany in the League of Nations, in disarmament, and in world reconstruction is, therefore, fundamentally necessary. There is now no other rational policy. And since it is impossible to hope for any such help or co-operation from the Germany of the Belgian
