ABSTRACT
Overproduction in the leading sectors involves general overproduction; hence there is no productive accumulation, no expanded reconversion of profit into capital, no increase in the application of means of production. In the German press, the crisis was attributed almost exclusively to dear money or to the scarcity of money capital. During a crisis, there is idle industrial capital on one side, and idle money capital on the other. Money is not employed because industry is not employed. 'Phoenix'* does not cease production because money capital is lacking, nor does it resume production because money capital is abundant. The events on the money market are manifest, are discussed daily in the newspapers, and have a decisive influence on the course of the stock exchange and on speculation. The interest rate falls, money capitalists become dissatisfied with the low interest and once again invest their money in production.
