Reduced War Debts And Rising Price Levels
ONLY WAY OUT OF ECONOMIC MESS. MIDLAND BANK’S IMPRESSIVE WARNING. United Press Association.- —By Electri® Telegraph.—Copyright. Received Tuesday, 2 a.m. LONDON, Jan. 4.' The Times says the Midland Bank (the largest of the “Big Five”) publishes an important statement in which it declares: “The postponement of war debt payments cannot in the long run contribute much to world recovery. “Germany’s total liabilities must be reduced, not postponed. Failing the restoration of world prices to their pre-slump level we are likely to be faced with a deficit on war debt receipts and payments which the taxpayer will be expected to meet. “Actually there is only ofie way out, namely a rising price level, otherwise the world may expect wholesale defaults from which nations will emerge at the cost of ill-distributed sacrifices and witn their economic capacities disproportionately impaired. ’ ’
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Manawatu Times, Volume LV, Issue 6748, 5 January 1932, Page 6
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144Reduced War Debts And Rising Price Levels Manawatu Times, Volume LV, Issue 6748, 5 January 1932, Page 6
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