A.N. FIELD
The Truth About the Slump

That Mr. Paul Warburg, like his famous co-religionist in the play, was determined to have his pound of flesh so far as Britain was concerned was well shown by the following statement issued by him as a counterblast to the Balfour Note on the American debt and published in the London Times of August 2, 1922:

“He still clung to the hope that France would recede from what he called her present suicidal attitude ‘of wanting the milk, the cow, and her meat at the same time,’ and believed that when that happened America would co-operate sympathetically with Europe, forbearing her claims for war debts from those of her Allies who could not pay without disastrous consequences.  England’s debt, however, he put in a class by itself, suggesting that an understanding for its funding and ultimate repayment was an essential preface to American co-operation in Europe.”

That was a clear-cut statement by the man who dominated the United States Federal Reserve Board, which dominated the world, that Britain was to he singled out for exceptional treatment.  What the war had failed to do the peace was to accomplish.

About this date one of the most prominent supporters of the Federal Reserve Act at the time of its passage had come to an understanding of its true inwardness.  This was Mr. William Jennings Bryan, who had exerted all his influence to line up the Democratic Party members in Congress in support of the measure.  According to Mr. Western Starr, Mr. Bryan said before he died that this was the one action in his political career that he regretted.  In an article he contributed to “Hearst’s International Magazine” for November, 1923, Mr. Bryan said:

“The Federal Reserve Bank, that should have been the farmer’s greatest protection, has become his greatest foe.  The deflation of the farmer was a crime deliberately committed, not out of enmity to the farmer, but out of indifference to him.  Inflation of prices had encouraged him to buy, and then deflation delivered him into the hands of the moneylender.  The Federal Reserve Bank can be a blessing or a curse according to its management.  If the Wall Street speculators are in control of it they can drain the agricultural districts and keep up a fictitious prosperity among the members of the plunder-bund.

“While the Federal Reserve Bank Law is the greatest economic reform achieved in the last half century, if not in our national history, it would be better to repeal it, and go back to the old conditions, and take our chance with individual financiers, than to turn the Federal Reserve Bank over to Wall Street and allow its tremendous power to be used for carrying out the plans of the Money Trust.”

Similar disillusionment was expressed be Mr. Western Starr, head of the Farmer-Labour Party, in his evidence before the House Banking and Currency Committee in 1926:

“In the first place, with respect to the Federal Reserve Act, we were told this was something that would save us from the economic domination that we are confronted with all the time;  that it would prevent panics and lock-outs, and stabilise currency and give us a flexible currency that would meet all the demands of commerce; that it was the one thing the world had been looking for, and we must have it;  and they even got William Jennings Bryan, who had been fighting the principle involved in the Federal Reserve Bank Bill all his life, to go personally and dragoon members of Congress and the Senate in his party;  and if it had not been done it could not have been passed; and he said before he died it was the one thing he had done in his public life that he regretted having done.”

Mr. Starr next proceeded to review the events leading to the formation of the Federal Reserve Board.  “The members of the Farmer-Labour Party,” he said, “knew of the panic of 1907, and know what made it.”  Then the Pujo Committee was set up to discover whether there was a money trust in existence in the United States and found that there was such a trust and named the men that composed it.  After that they had the move for setting up the Federal Reserve Board.  Said Mr. Starr:

“Paul Warburg was the man who originated the scheme and brought it here from Hamburg for the purpose of putting it over the American people.”

“Mr. Canfield:  The bill they wanted was a different bill from what passed.

“Mr. Starr:  Paul Warburg said it differed only in one particular, and that could be corrected by ‘administrative processes.’ ”

“Now, the Federal Reserve Act was passed, and they put one of the men that had been denounced ... in charge of it.  Paul Warburg, a member of the firm of Kuhn, Loeb and Company, was put on the board to run it.  That is what the farmers of this country saw, and now think about your Federal Reserve Board.  They may be away off;  they may be very much mistaken.  These men may be as patriotic as the Angel Gabriel and all right, but the farmers of this country do not think so, and the labour men of this country who do not stand in to get a slice do not think so.”

Mr. Starr expressed in downright fashion his view of what the Federal Reserve System meant internationally:

“The nations for whom we have made sacrifices despise us and hate us and abhor us;  you cannot go to a music hall or read a comic magazine published in any one of those countries in which they do not hold us up as a Shylock and a robber.  It is because our foreign policy is dictated, not by the people of this country, but by the bankers and by the credit monopolists of this country, and if we are ever going to get away from that feeling of detestation and hatred which they feel against us, and which, if it is allowed, will grow into a war, compared with which the last war will be a Fourth of July picnic, we have got to take our domestic affairs and foreign affairs out of the hands of these old men of the sea.”

During the past few years the activities abroad of the American money ring have been on a colossal scale.  All financing of China, of example, is now controlled by the same little German Jew coterie that controls the United States Federal Reserve Board.  The octopus has had its tentacles on China for many years.  In their book, Dollar Diplomacy (R.W. Huebsch, New York, 1925), Messrs. Scott Nearing and Joseph Freeman give much information as to the close alliance between American governmental action abroad and the activities of various concerns whose names may be found in the Money Trust list in an earlier chapter.
[Oh yes, how much better it was when empire UK could make an Opium War on China]

Mr. E.H. Harriman, the American railway magnate, whom President Roosevelt fought in his anti-trust campaign, was long active in concession-hunting in China.  Mr. Harriman was in close association with Kuhn, Loeb and Company, and seems really to have been a sort of department manager for them.
[Idiot !  Morgan, Rockefeller & co. bought and paid for Teddy Roosevelt]

In the biographical sketch of the late Mr. Schiff, of Kuhn, Loeb and Company, reprinted from the Jewish Encyclopaedia, we have seen how that firm financed Japan in her war against Russia.  Peace after that war was signed at Portsmouth in the United States.  In Dollar Diplomacy we are told:

“Immediately after the signing of the Portsmouth Treaty Harrirnan concluded a memorandum for an agreement with the Marquis Ito and the Marquis Katsura of Japan for joint American and Japanese ownership of the South Manchurian railway.”

This scheme was, however, opposed by powerful Japanese statesmen and never got through.  In 1908 negotiations by Harriman, Schiff and Kahn for a Manchurian bank fell through owing to the death of the Empress Dowager and the fall of the party in power in China.  This American group was busy in various directions securing concessions in China.  On the election of President Taft, a very distinct friend of big business, support was promptly given for these financiers in their schemes for the exploitation of the Chinese.  In his inaugural address on March 4, 1909, President Taft said in reference to China:

“... The United States can maintain her interests intact and secure respect for her just demands.  She will not be able to do so, however, if it is understood that she never intends to back up her assertion of right, and her defence of her interests, by anything but verbal protest and diplomatic note.”

The President in this way plainly intimated to the Chinese Government that unless they submitted to the schemes of these financiers the armed forces of the United States Government might possibly be employed to reinforce the arguments of Messrs. Schiff, Kahn, Harriman and Company.  Messrs. Nearing and Freeman relate in their book:

“This declaration of intentions was the first avowal of the policy which under the Taft Administration won the title of Dollar Diplomacy.”

In 1911 Messrs. J.P. Morgan and Company, Messrs. Kuhn, Loeb and Company, the First National Bank, and the National City Bank of New York got in on the international Hukuang loan.  The participation of this group in the loan was not achieved until President Taft had sent a personal message to Prince Chun, the Chinese Prince Regent, referring to “the high importance I attach to the successful result of the present negotiations.”

After the war the old “spheres of influence” by which the European diplomats had divided China up into sections for their respective concession hunters were abolished by international agreement.  In place of this old arrangement there was established an international financial consortium which, it was agreed, should hence-forth attend to all foreign financing thereafter undertaken in China.  That is to say, the entire foreign financial exploitation of the Chinese now proceeds through this consortium, the Governments of the four Powers in it guaranteeing their support.  The agreement constituting the consortium was signed on October 15, 1920.  The signatories included:

Britain—The Hong Kong and Shanghai Banking Corporation.
France—Banque de l’Indo Chine.
Japan-Yokohama Specie Bank.
United States—J.P. Morgan and Company;  Kuhn, Loeb and Company;  National City Bank of New York;  Chase National Bank;  Guaranty Trust Company of New York;  Lee, Higginson and Company;  Continental Trust and Savings Bank.

The names of most of these American participators will be found set out in the list of corporations included in the Money Trust.  It will be remembered that the Pujo Commission reported that the Money Trust was dominated at the date of its report (March, 1913) by Mr. J.P. Morgan.  Mr. Morgan died at the end of that month, and we have the statement of the British Ambassador at Washington that “since Morgan’s death the Jewish bankers are supreme”—that means Messrs.  Kuhn, Loeb and their allied concerns.

A proviso of the agreement constituting this financial ring for the control of China lays it down that if any one of the parties is not in a position to take up its share of a loan, etc., to China the others may take up the amount in lieu.  As the American group has far more money available for foreign financing than the concerns representing Britain, France and Japan, the upshot is that China has become virtually a preserve of the German-Jew group that dominates American finance.

As is noted in Dollar Diplomacy the amount of respect exhibited by these financiers for the sovereign independence of China is shown by the fact that the agreement was only communicated to the Chinese Government after it was signed.

Following on this arrangement a further step was needed to ensure complete domination by this New York financial ring in China.  Joint action by Britain and Japan must be rendered impossible, or at least improbable.  Thirteen months after the consortium agreement had been signed the Washington Arms Conference was called.  In reviewing the results of that conference Senator Lodge, of the Republican Party and one of the representatives of big business, declared:

“The chief and most important point in the treaty is the termination of the Anglo-Japanese Alliance.  That was the main object of the treaty. ... The Anglo Japanese Alliance was the most dangerous element in our relations with the Far East and with the Pacific.”

Many of us were simple-minded enough to think that the Washington Arms Conference was a disin-terested effort to reduce the burden of armaments and to secure the future peace of the world.  It was for this ostensible purpose that it was called, just as the Federal Reserve Board was created for the ostensible purpose of stablising money and preventing panics, and just as a lot of people are telling us that if we want better times we must form central banks in every country.

In Dollar Diplomacy is told the instructive story of how the firm of Kuhn, Loeb and Company made a loan of 20,000,000 dollars to the West Indian Negro Republic of San Domingo in 1907, and how this led to the installation of a United States Government Receiver-General to collect the interest in 1916 and the occupation of San Domingo by American naval forces from that date until July 12, 1924, and also how before the withdrawal of those forces a further loan was imposed on the people of San Domingo.

In his article in the National Review for March, 1925, Mr. Kitson stated that the Federal Reserve System was “the recognised source of the money supplies which the Warburg group are employing on behalf of Germany and Russia.”  Mr. Kitson added:

“Early in 1921 Warburg started what is known as the International Acceptance Bank at 31 Pine Street, New York, the object of which is to accept German bills and get them discounted at the various American Federal Banks.  The German Schacht Bank was established in Berlin in March, 1924, by special act of the Reichstag and is at present the recognised central bank of Germany under the Dawes Scheme—which scheme was also the product of the fertile brains of the Warburg brothers.  The directors are 99 per cent. Jewish nationals as opposed to German nationals.  Just here it may be noted that in addressing the Volkische youth meeting in Munich last July General Ludendorff said:  ‘The Dawes Plan was made and inspired by Jews for putting Germany under Jewish control.  This plan means future slavery for the German people and also the complete crushing of the Germanic spirit.’

“Mr. Paul Warburg has made himself the main, if not the sole, agent between the new German Central Bank and the American banks.  He announced through Reuter’s agency last April that his company, the International Acceptance Bank in America, had established an American Banking Syndicate for the purpose of granting unrestricted credit facilities to the new German gold bank.”

As noted in an extract quoted in another chapter, Congress in 1923 passed legislation enacting that the Federal Reserve banks might discount foreign acceptances, and advantage was taken of this immediately on the adoption of the Dawes plan.

Who’s Who in America records that General Dawes, now American Ambassador to Britain, has been president and chairman of the Central Trust Company of Illinois since 1902.  This concern is one of those listed in the Pujo Report as in the Money Trust.  The Dawes Plan for the payment of German reparations was succeeded in 1929 by the Young Plan, the author of which, Mr. Owen D. Young, is executive head of the General Electric Company, which concern was also listed by the Pujo Commission as in the Money Trust.

It is well known that the present disastrous slump in commodity prices was preceded by what the newspapers described as “an orgy of speculation” on the New York Stock Exchange.  This orgy ended when the Federal Reserve Board in 1928 put up its discount rate to 6 per cent. and ushered in the slump period.  Discussing that action of the Federal Reserve Board, Professor Cassel wrote as follows in the London Financial Times last year:

“Practically absolute power over the welfare of the world has been placed in the hands of the Federal Reserve Board.  And one is appalled to see the apparently haphazard manner in which the Board uses this power, how ignorant it is of the aim which ought to dictate American monetary policy.”

Professor Cassel went on to point out that since the end of the war the United States had been the ultimate arbiter of whether trade was to be good or bad, whether the price level was to rise or fall, whether men and women were to be fully occupied or thrown into the sea of unemployment.  In 1928 the board made a cardinal error.  Instead of guiding its policy to maintain stability in trade and employment it bumped up money rates to “combat the New York speculative mania.”

If Federal Reserve policy created the present slump, there is equal reason to believe that it created the monetary conditions leading to the orgy of speculation in America.  What happened during that orgy ?  At the annual Bankers’ Convention held in the United States in October, 1928, it was pointed out that:

“For the first time in the history of the country the whole nation is trading in stocks and bonds. ... The whole country has been thrown into a speculative frenzy. ... More and more funds are being drawn daily into speculation to the disadvantage of other and more important lines entitled to credit.”

As to how this speculation originated the following passage from an article in the New Zealand Mercantile Gazette of November 28, 1928, summarising American conditions provides sufficient indication:

“It is claimed that the hands of the Federal Reserve are tied so that the policy put into operation a year ago to make money easier and help to bring about gold exports cannot be reversed.  At that time the Board lowered the rediscount rate even against a protest of the Reserve Bank of Chicago, and was also a heavy buyer of Government securities.  This policy of making money easier was the starting point of the wild speculation.”

This gigantic orgy of speculation was thus started and stopped by the Federal Reserve Board.  If the whole nation was feverishly handing away its savings for stocks and bonds somebody naturally must have been selling those stocks and bonds.  What was the nature of the transactions, and for what purposes was the money being absorbed ?

The answer to this question is very fully provided in a recent book, America Conquers Britain: A Record of Economic War (A.A. Knopf, London and New York, 1930).  In this book, which is little more than a thinly-disguised paean of triumph over the creation of huge American-controlled (or in reality German-Jew controlled) international combines to the detriment of Britain, Mr. Ludwell Denny tells the whole story.  His book is worth the closest study of all who desire to see civilisation freed from its present domination.

Mr. Denny has embodied an enormous mass of information in his book and his authorities are fully quoted throughout.  However, the reader who makes use of the voluminous index in it to trace the activities of the Warburg group and the concerns linked with it, should note that no indication whatever is given of the importance of this group;  that only occasional reference is made to the doings of concerns allied with it;  and, furthermore, that unobtrusive as is such reference in the text it is still more so in the index, for it is noticeable that although Kuhn, Loeb and Company are mentioned in the text no entry appears in the index, and the same is true of the important International Acceptance Bank.  The frequent reference to the “Harriman interests” is merely to the Warburg interests under another and less suggestive name, and the Pujo Commission report shows that the activities of the National City Bank of New York, of which Mr. Denny’s book is full, have been closely associated with the Warburg group.

In the United States during the boom period the financiers were busy effecting great company mergers.  Mr. Denny records more than 1,000 public utility company mergers in the United States since 1926.  In the period 1927-29 there were fifty bank mergers in New York alone “creating ever larger concentration of capital for domestic and foreign use,” and our author mentioned that the National City Bank has 98 branches in 26 foreign countries.  From 1925 to 1928 American loans to foreign countries averaged 1,100 million dollars annually.  Seventeen American corporations operating in foreign countries floated bond and stock issues in 1928 totalling 147 million dollars.

As to what the financiers were doing with the American public’s money once they had got hold of it, Mr. Denny supplies innumerable instances, of which the following may be taken as illustrating the designs of those who beat up the “orgy of speculation” and next decreed the slump.
[But, let us keep it in mind that above and below mentioned banks and companies supplied UK in its 1914-18 war effort — with which Mr. Field was pleased !]

In 1929 General Motors bought a controlling interest in Opel Motors of Germany.

By March, 1929, American General Electric had bought 60 per cent. of the stock of British General Electric.

Early in 1929 the leading electrical manufacturing concerns in Britain:  British Thompson Houston, Metropolitan Vickers, Edison Swan and Ferguson Pailin were fused into the Associated Electrical Industries in which the principal shareholder was American General Electric.

In 1928 the Electric Bond and Share Subsidiary of the American General Electric more than doubled its investments, from 108 to 285 million dollars.  Through this and other concerns General Electric is stated to control 52 per cent. of the United States power production.  Abroad the Bond and Share concern controls the public utilities of 11 foreign countries and has large holdings in six other countries.

In Italy American General Electric is said to have large holdings in Italian Super-Power “which is making that country independent of British coal” (and thus incidentally increasing British unemployment).  It helped to organise the French manufacturing combine, the Societe Generale Construction Electriques et Mecaniques.
[You are fucked in the head Field, Italy should be dependent on British coal ?!]

It has huge contracts for equipment and technical assistance in Russia.  In 1929 it increased its holding in the German electrical manufacturing trust, the A.E.G., to one-third, and made an agreement with it for co-operation in every country in Europe.

The American General Electric further interlocks with the Radio Corporation of America, in its turn a huge trust, with world-wide domination over wireless, the greatest means of mass communication in the world.  Further, the British Marconi Company is now tied up with the Radio Corporation.

In April, 1929, American General Electric and the International Telephone and Telegraph Company were consolidated.  According to Mr. Denny, the I.T.T. was founded by Sosthenes Behn in 1920 with a capital of six million dollars.  By 1928 its gross earnings were 81 million dollars.  We are told that it “has done more in nine years to break the British world communications monopoly than all other companies and governments combined in the century of electrical communication.”
[But Mr. Field is all for British world monopoly, so how dare they]

American banks and the American General Electric in 1928 took substantial part in the organisation of the Trust Financiere de Transport et d’Enterprises Industrielles, an international combine got together by Mr. Dannie Heinemann, an American living in Belgium, in association with the mysterious Alfred Lowenstein who disappeared from an airplane in the English Channel soon afterwards.  In this are stated to be the following participators:—American Guaranty Bankers’ Trust;  Dillon, Read;  Kuhn, Loeb;  Lee, Higginson;  Inter-national Acceptance Bank.  British:  Barings; Rothchilds; Midland.  German: The four big "D" banks [Dresdner, Deutsche, Darmstädter, Disconto].  And Belgian, Swiss, Dutch and French houses.  The Trust Financiere is set up to control and operate public utility companies all over the world.

In 1929 the American Power and Light Corporation bought up the entire common stock of the Greater London Counties Trust, controlling the seven chief power companies of Britain, supplying power on a monopoly basis to 95 cities in England and Scotland.  It also controls the Edmundson Electrical Corporation owning twelve electric supply companies in Britain.  A British Government inquiry was made into this American ownership of the motive power of British industry, but lamely reported that the ownership was unimportant.  The late Lord Birkenhead obliged, the American owners by becoming the ornamental British chairman of the concern.

An American engineering firm has obtained the contract for the Lake Tsana dam in Abyssinia, controlling the Nile waters on which Britain depends for her “plan to escape from the American cotton monopoly.”

Based on American loans and investments, there is now some form of United States fiscal, political, or military control in 14 of the 20 Latin-American republics.  In Argentina Britain, according to Mr. Denny, had made more head in foreign trade since the war than in any other country.  This was largely due to the pro-British Irigoyen Government.  Since Mr. Denny wrote his book this government has been ousted in a revolution consequent on the economic depression originating in New York.

An American commission is outlining the economic reorganisation of China, which Mr. Denny tells us wants 600 million dollars of railway and other loans from the United States.

We are further told:  “American bankers have under-written with State Department approval such dictators as Machado in Cuba, Leguia in Peru, Pilsudski in Poland, Horthy in Hungary, Mussolini in Italy, and Borno in Haiti.  Only when dictators have failed to reach satisfactory agreements with American capital, as in the case of Rumania, the State Department has not been friendly to such loans.”

Mr. Denny states that although America had refused Britain similar terms, Mussolini was given a cancellation of a large part of Italy’s debt to America, and New York loans to the extent of 450 million dollars have been made to Italy guaranteed by the best of her industries.

Under the heading “Grabbing Raw Materials,” Mr. Denny tells of the amalgamation in 1928 of the British Mond Nickel Company and the International Nickel Company of New Jersey, with control in America according to the New York Times.  The Mond Company is, as is well known, a Jewish concern.

In copper America, it is stated, controls 46 per cent. of the world’s total, and in 1928 it was reported that the Anaconda-Harriman interests had acquired Silesian mines with another 10 per cent. of the world’s production, while at the end of that year it was reported that American producers had joined the European cartel controlling 96 per cent. of the world’s production.

Although Britain has smelting control of 70 per cent. or so of the world’s tin output, yet in June, 1929, the British-American Tin Corporation was organised and was said to represent more than 80 per cent. of the British controlled tin production.

Long detailed accounts are given of recent American and British rivalries for rubber and oil, and incidentally it is made apparent that America will probably take over control of the Republic of Liberia on account of its rubber.  According to Mr. Denny the Arcos raid on the Soviet officials in London in 1927 was merely an incident in the oil fight and was designed to benefit Shell Oil as against Standard Oil.  The international danger point in oil will be reached, Mr. Denny predicts, when American car-owners face higher prices as American supplies are exhausted, and are told that the rise in price is due to British grabbing.  On both sides, however, the oil financial activity would appear to have strong Jewish associations.

In industrial chemicals, controlling supplies essential to nearly all industries, are three great combines.  In Britain the Mond Imperial Chemical Industries, formed in 1926;  in Germany the great I.G. Chemical trust that grew out of the aniline dye combine built up on a British invention;  and the American I.G. Corporation organised in 1929 and being an alliance with the German combine.  The directors of the latter include Mr. Edsel Ford, president of the Ford Motor Company;  Mr. Walter Teagle, president of the Standard Oil Company;  Mr. Charles Mitchell, chairman of the National City Bank of New York;  and Mr. Paul Warburg, chairman of the International Acceptance Bank.

The Mond Imperial Chemical Industries on its side has strong American Money Trust connections, as is shown by noting the names of its associated companies.  Beginning with a capital of £65,000,000, later increased to £95,000,000, the I.C.I. included among its directors the late Lord Birkenhead and Lord Reading.  According to Mr. Denny, I.C.I. has acquired substantial minority holdings in the American Allied Chemical and Dye.  General Motors and E.I. du Pont Nemours, the American powder manufacturing company, which is the controlling stockholder in General Motors.  These concerns are stated to have close associations with J.P. Morgan and Company and the United States Steel Corporation.

In 1928 the I.C.I. and the Chase National Bank of New York formed the Finance Corporation of Great Britain and America, each holding equal shares.  On the committee of this concern are stated to be representatives of General Motors, American International Corporation, American Car and Foundry, American Locomotive, International Paper, American Railway Express, Metropolitan Life Insurance, and Bethlehem Steel.  The above list should be compared with the list of concerns controlled by the American Money Trust in 1913.  The British directors included the late Lord Melchett (Sir Alfred Mond) and Lord Reading (Sir Rufus Isaacs).

German I.G. is stated to own a large block of shares in the German Ford Company.  According to Mr. Denny there is world-wide competition between the Mond-New York Group and the Warburg-German group, such competition extending into chemical, fertiliser, auto-mobile, rubber, aviation, and other industries.  He further says the Mond group is trying to revive world-war hatreds to prejudice the American public against the German-American group.

In the light of the Pujo Report’s revelations as to the association of the companies in both groups in the Money Ring under the Federal Reserve System, it is difficult to believe in the idea of fierce competition between these groups.

In 1928 when the National City Bank organised United Aircraft and Transport, Standard Oil, Ford, and their allegedly deadly enemy, General Motors, were all represented on the board.  Other huge air combines, we are told, were formed during the boom, and there has been American penetration of British Imperial Airways by the purchase of stock in the Handley-Page Company, which has part interest in this British Government controlled concern.  The National City Bank has also been active in forming in 1929 the International Zeppelin Transport Corporation for a transatlantic service.

After reminding us that in the winter of 1928-29 slackness in shipbuilding accounted for 32 per cent. of Britain’s unemployed, Mr. Denny points out that German’s mercantile marine has been brought up to 80 per cent. of its pre-war strength by the building of new tonnage.  This building has been financed mainly by the “Harriman interests,” which seems to be just another name for the Warburg group.  America, we are told, has now on a conservative estimate a three-quarter interest in the North German Lloyd line, and another big first mortgage on the Hamburg-America line Britain, on her side, is left with the old out-of-date pre-war German ships on her hands while Germany can offer travel in new modern liners built with American money.

Such is the picture Mr. Denny gives of the directions in which went the money taken from the American public by the financiers during the “stock exchange orgy.”  The American financial penetration of Britain has not been followed by any conspicuous benefits to British industry so far.  According to Mr. Denny, it is not intended that it shall be.  Britain is doomed, is the burden of his song, and “if Britain is foolish enough to fight she will go down more quickly, that is all.”

With the pitiful plight of Britain Mr. Denny contrasts that of Germany:  “The net result of the war and the peace settlement imposed by the victors to ruin Germany has been to give her new life and a future potentially the brightest in Europe.  The war ‘victory’ has rid Germany of an archaic, oppressive, and inefficient political system.  It has relieved her of an armament burden such as is now breaking Britain’s back.”

Further, it is pointed out that the German financial deflation wiped out the capital liabilities on German industry, and that “out of the ruins has risen a modernised industrial organisation better than any in Europe, and incomparably better than Britain’s.”  To what extent this achievement has been directed from New York the reader can judge from the extracts from Mr. Denny’s book quoted above.

Alarm has been expressed both by the American National Association of Manufacturers and the American Federation of Labour at the huge diversion of American money into foreign channels during recent years.  Both these organisations doubtless look at things from the purely national point of view, whereas the financiers who dominate American industry appear mainly inter-national in their interests and outlook.  Whether their operations have been an unmixed blessing to the American people is open to doubt.  “The general trend in this country,” says Mr. Denny, “has been for large corporations to grow richer, and for small factories to grow poorer and go bankrupt.”

The American worker, we are also told, has shown more willingness to transform himself in to a “human machine” than has the more class-conscious British worker.  “Perhaps the best proof of the near-perfection of the spirit of American labour for the purposes of an unrestricted capitalist system is its submission to legal injunctions and physical violence without effective protest.  The anti-labour injunction flourishes in all parts of this country.  There is terrorism and murder by sheriffs and company police, especially in the coal and iron and in the textile industries, and constant violation by officials and employers of the workers’ constitutional civil liberties.”

Finally it is asserted that half the members of the Coolidge Cabinet were the representatives of big business, as are two-thirds of the members of the Hoover Cabinet.

Such is a recent picture of what world domination by German-Jew finance in New York is meaning.  “No one,” says Mr. Denny (who says nothing of Jews in his book), “can say the fight is clean.”  And in another passage we read:  “To many this transformation of the world into a cheaper imitation of all that is crude and little that is good in American civilisation seems a frightful thing.”

In other parts of this book we have read statements by those who fought the establishment of the Federal Reserve Board that the desire of the Money Ring is for alternate periods of high and low prices.  For high prices they sell stocks and bonds to the public, and for the low prices they create by gold manipulation they buy back these stocks and bonds for a fraction of what was given for them, and in this way goes on a continual out-reaching over human life and industry by the money power.

It is to be noticed that Mr. Denny expresses the opinion that war between America and Britain is more probable than between America and any other power.  He instances particularly the struggle for oil between the British (Shell) and American interests.  Feeling was also engendered by the American buying up of British General Electric and the British fight to block this.  Another point at which an international explosion is listed by Mr. Denny as possible is Panama.  There the “Panama Corporation, a British syndicate promoted by the Earl of Cavan and Lord Melchett (Mond) obtained from the Panama Government a ten-year gold concession.”  Charges have since been filed with the United States Department asserting that there is no gold in the area, that the British Government by the concession has obtained important naval bases, that there is a British right to police the territory near the canal, and exclusive rights to potential Panama rubber desired by America to block the British world monopoly.

Of the heads of the Shell and British General Electric concerns Mr. Denny says: “It is interesting to note that the two most extreme leaders of the 100 per cent. British movement against American capital, Sir Hugo Hirst and Sir Henri Deterding, are not men of British origin.  Sir Henri, who is the British general in the oil war, is a Hollander by birth, Sir Hugo, at the height of the General Electric controversy, was denounced by a Labourite in Parliament as a super-patriot of German origin.”

The passages quoted in this chapter sufficiently expose the nature of the forces that might produce an armed conflict between Britain and America.  In the opinion of many, Jewish financiers precipitated the South African war of thirty years ago, and in the opinion of some the Great War also.  And history is said to repeat itself.