be repaid and the products paid for in goods. This, of course, constitutes, in terms of nationalist economics, a ‘menace.’ So the same Congress which receives demands for government credits to European countries, also receives demands for the enactment of Protectionist legislation, which will effectually prevent the European creditors from repaying the loans or paying for the purchases. The spectacle is a measure of the chaos in our thinking on international economics.[1]

But the fact we are for the moment mainly concerned with is this: on the one side millions perishing for lack of corn or cotton; on the other corn and cotton in such abundance that they are burned, and their producers face bankruptcy.