ABSTRACT
Max Winkler calculates the present indebtedness of South America to the United States at twenty-two milliards of gold marks. The capital invested in the way in loans to consumers has been estimated at eleven milliards of gold marks, and there are said to be five milliards still stuck fast in this business in the form of unpaid arrears. For the French debt separator is working at only one fifth of full speed. The main stream of the liberated money flowed into new investments. From the point of view of the receiver of the repayments, that is entirely a matter of course. The money came from loan property, until then it had been in permanent investment, and it was not desired to use that property, to become poorer than before; that would never have been permitted by the capitalistic conscience of the American.
