Economic Trends in Germany and in the United States

NO industrial nation has been more severely affected by the current business depression than have Germany and the United States; yet the former is a nation burdened with heavy external indebtedness and poor in important raw materials and foodstuffs, while the latter is now a great creditor nation in the world and the most abundantly supplied with foodstuffs and raw materials. To me it is an astonishing fact, even though it can be, and has been, attributed to definite economic and political factors, that the United States has been as little successful in escaping the effects of the current business depression as has Germany. It indicates in a striking manner, I believe, the degree to which the economic interdependence of nations has been developed and the need for closer economic co6peration among the nations of the world

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