The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-10-12

oAAiO DAOhCA Out III EuOpS, III AuSLf1as linen
the credit money crisis reached Germany. The
Hoover proposition calculated to preyspt it, has
proven to be blank cartridges. The credit crisis
began in Germany and has shaken the entire
central, east and southeastern Europe
Torn with contradictions, attempting to profit
by the catastrophe of other countries to squeeze
out political and economic profits from the
breaking down of their own economic system the
lmper1ahst countries have pushed each other
toward the economic precipice. The credit crisis
OF central and eastern Europe has jumped to
England From July, the largest imperialist
country, England has conducted an unsuccessful
struggle against it. France and the United States
have rendered assistance to England after they
themselves had brought the English financial
system to the end of the precipice but they
could not save her. England is in the midst of a
credit crisis and simultaneously with it cur
rency crisis. Through this the credit crisis be-
comes world general crisis.
1t has not yet gripped the United States and
France. However, they are also feeling the trenl-
bl1ngs Of the thunder -. it already begins to
spread in Holland and Switzerland. Its develop
ment will be continuous. However the change of
international payment obligations snaps in so
many places, upon so many important and sensi-
tive portions and the mutual connections of the
international credit crisis becomes unavoidable.
The credit crisis will produce mass bank
ruptcy of the largest banks of the large and
largest monopoly undertakings. The Credten-
stalt in Austria, the two ID" banks in Germany,
Danat and Dresden Banks, the Credit Bank in
Hungary, the Royal Mall in England, the Nord
Wolfe and other giants of monopolist capitalism
in Germany showing the possibility of crashing
of the strongest fortresses of the international
financial oligarchy Upon the world exchanges
they are already gossipng and whispering that
Krieger went bankrupt that Royal Dutch is in
straits, that Schneider Cruesot and the Banuue
D'Union of Paris are involved in the vortex of
the middle European crashes, that the Vienna
Rothschild and the London Rothschild, and to-
gether with them the largest banks which are
financing the world trade, will roll over the
precipice of bankruptcy.
1t is sufficient to name these giants of finance
capitalism in order to grasp the meaning of the
depth of the confidence crisis" of the panic
and desperation which has seized the world ex-
change.
The new phase of the world crisis is character
lied by the fact that the usual autumn seasonal
revival has not occurred in single large capt.
talist country. On the contrary, there occurred
new sharpening of the industrial crisis produc-
States, Germany and England and especially In
France.
The new phase of the world crisis is being &C
companied by tremendous sharpening Of the
agrarian crisis which has found its expression in
the catastrophe fall of prices of agricultural
products after the harvest.
The new phase of the world crisis finds its
expression in the extremely strong explosion OF
the exchange crisis.
The further sharpening Of the industrial crisis
sharpening of the agrarian crisis, further the
credit crisis which is becoming general and the
currency crisis which has gripped a number of
countries, including number of large countries
as well as the new exchange crisis, are the ele-
ments Of which the new phase Of the world eco
nomic crisis is being composed. The interna-
tonal bourgeoisie is seized with panic before the
storming elements Of the crisis Of its economic
system, and before its catastrophe repercussion.
In the struggle Of the two social sys-
tems in the rivalry between capitalism and So
cialisn,, capitalism is suffering new strong de-
feats. At the time when the capitalist world is
being shaken by ever new blows of the crisis, in
the Soviet Union socialism is attaining new VIC
tories Gigantic new plants are being started;
state farms and collectves are being developed
and strengthened, the socialist sector has become
the decaAing one in agrarian economy. The pro-
ductizB forces Of the Soviet land are growing