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Rh panaceas although in truth their sponsors have sight of nothing but superficial symptoms. Nothing is going to avert the economic inevitable and the sooner we recognize that the better shall we be.

The true formula for the restoration of well being is simple, but it will not receive much attention, perhaps owing to its simplicity, perhaps for being found unpalatable, like many medicines. Moreover, the body public may be averse to taking any medicine while a good many doctors are assuring it that it is not sick at all, but on the contrary quite active and prosperous. I diagnose, nevertheless, that it is sick, organically sick.

America did not become rich out of the war, but probably became poorer. Any idea to the contrary is preposterous. It would follow from such an idea that warfare is economically a good thing. Since the war we have been squandering our earnings in high living and have not been saving enough. Yet in spite of the extravagances in living by some it is doubtful whether the real scale of living of all in 1923 is as good as it was in 1914. The war did not increase the concentration of wealth in this country but rather did it increase the distribution thereof. It is not true that 65 per cent of the wealth of the country is owned by 2 per cent of the people or anything like it. The war did not produce a class of unconscionable profiteers. Those who profited on the rising markets, without being able to avoid so doing if they would, lost, equally helplessly, on the decline. Only a few got out at the top and stayed out. The war produced an unbalancing of economic equilibrium, which is too complicated an affair for anything but nature to regulate. The unbalancing was in favor of the wage earning class and against the capitalistic