Lecture I

To believe in this, my dear friends, the Central European states and especially Russia will have to bite the bullet first. The Western states will not believe in it for the time being, as long as the reprieve lasts; they will still believe in gold. The Central and Eastern states will have to believe that their now completely derouted currency, their completely ruined currency, will not get back on its feet in any other way than by turning economic life over to itself. No matter how many projects for the improvement of the currency in the Central and Eastern States may arise, they will all be useless and will lead to nothing; only the transfer of the currency from the state to economic life will solve the currency question in these Central and Eastern States. Certainly, the economic organizations in the Central and Eastern States will have to work with gold as long as gold is insisted upon. But this will only be a sham. When trade with the Western states is resumed, the gold treasure will have to be there. But the real prosperity, the real cover for the money will have to lie in what are circulating means of production.