Handbook of the War

By John C. De Wilde; David H. Popper et al. | Go to book overview

12. PAYING FOR THE WAR

How can the war be financed? That is a question which puzzles the man in the street. He wonders vaguely how the belligerents can shoulder the tremendous burden of this war when they are still paying for the last one. When the World War ended and the bills were added up, they reached the staggering sum of; $186,000,000,000. Even this sum did not include the indirect costs resulting from the loss of millions of lives, the destruction of property, the depreciation of capital, and the loss of production and trade. These items together almost doubled the bill. For the average person such an astronomic figure has almost no meaning. The direct money costs of the war were alone almost seven times the entire amount spent by the Federal Government of the United States from 1789 to 1916.


THE PROPHETS ARE CONFOUNDED

No one would have dared to predict before 1914 that this amount could be raised within the next five years. In fact, reputable economists at that time were virtually unanimous in declaring that no nation would be financially able to wage war for more than a few months. Under British guidance, balanced budgets and stable currencies were the canons of sound finance. In emergencies governments could borrow money, but narrow limits were obviously set by

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Handbook of the War
Table of contents

Table of contents

  • Title Page i
  • Contents iii
  • Maps and Pictorial Charts v
  • Note vii
  • 1. What They Are Fighting For - A Rapid Glance at Europe Since Versailles 1
  • 2. the Geography of Land War 15
  • 3. Armed Men 33
  • 4. the War of Attrition 44
  • 5. the War of Annihilation 57
  • 6. Air: the New Dimension 69
  • 7. Ships and Strategy 89
  • 8. the Sea Front 109
  • 9. the Economic Front 135
  • 10. Can Germany Be Blockaded? 153
  • 11. Merchant Shipping 181
  • 12. Paying for the War 203
  • 13. Propaganda 215
  • 14. the Defense of America 227
  • Index 243
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