GERMANY: Adam's Apple
Into German politics last week a big red apple of discord was flung by Minister of Labor Adam Stegerwald. Up to now it has been very much the fashion for German statesmen to paint their country as poor, to picture their businessmen as pressed for cash, dependent on foreign loans. With blazing frankness Herr Stegerwald revealed that today the German moneyed class have on loan abroad more than eight billion marks ($2,000,000,000). This sum would suffice to meet Germany's "crushing payments" under the Young Plan for four years.
Mincing no words, brusque Adam Stegerwald charged that in view of the crying need of German industry for loans "this conduct on the part of German capitalists is unpatriotic and deserves the severest condemnation!"
Going even further the Minister of Labor pointed out that eight billion marks also represents approximately the sum which U. S. citizens now have tied up in German investments. "If our investment field is good enough for American capitalists," said he in effect to German capitalists, "it should be good enough for you!"
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