I am therefore a supporter of an international loan in some shape or form, such as has been advocated in many quarters in France, Germany, and England, and also in the United States.

In whatever way the ultimate responsibility for repayment is distributed, the burden of finding the immediate resources must inevitably fall in major part upon the United States.
The chief objections to all the varieties of this species of project are, I suppose, the following.

The United States is disinclined to entangle herself further (after recent experiences) in the affairs or Europe, and, anyhow, has for the time being no more capital to spare for export on a large scale.

There is no guarantee that Europe will put financial assistance to proper use, or that she will not squander it and be in just as bad case two or three years hence as she is in now;--M.
Klotz will use the money to put off the day of taxation a little longer, Italy and Jugo-Slavia will fight one another on the proceeds, Poland will devote it to fulfilling towards all her neighbors the military role which France has designed for her, the governing classes of Roumania will divide up the booty amongst themselves.

In short, America would have postponed her own capital developments and raised her own cost of living in order that Europe might continue for another year or two the practices, the policy, and the men of the past nine months.