Germany's Recovery Programme The programme of national recovery to which
the German Government is bending its energies is in some ways even more difficult than that undertaken by President Roosevelt. It is harassed by formidable external as well as internal difficulties. Whilst Ger- many's foreign creditors are anxiously clamouring for a settlement, her export trade (partly owing to the Jewish boycott) has been rapidly dwindling, and now she finds herself under the necessity of restricting the import of the raw materials on which some of her industries depend. None the less the Government is hammering at the problem of providing work for the unemployed by com- pelling employers to take on hands and by the lavish use of public money on the direct stimulation of industries. Herr Reinhardt claims that the unemployment total will be reduced by 8,874,000 to 3,000,000 this month, and expects to bring it down to 2,000,000 by AuguSt. Meantime, money is being found for the vast expenditure on public works by such devices as Compelling companies, after distributing small dividends, to invest a proportion of their profits in public loans. Thus it is obvious that the expansion of enterprise by private capital is limited at the same time as an enormous internal debt is' being heaped up side by side with an enormous external debt. The Socialistic side of National Socialism is more and more of a reality, but without Socialistic consistency.
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