The acts of violence by France and Belgium against Germany, the destruction of the contractual order, of the peace and reparations conditions through the illegal intrusion of the occupying armies into the Rhenish-Westphalian industrial area, have suddenly opened the most serious crisis that Germany, but with it also the whole continent, has seen before.
Not only the supply of coal to German industry and commerce, not only the order of the Reich's finances appear to be threatened; in addition, all problems of a political nature are unfolding in such a way that an opponent who is equipped with all the means of warfare technology faces a militarily defenseless opponent who is determined to defend himself in any political way seeks to impose its will on Germany.
This situation, which for the time being has not been relieved by the purely wait-and-see attitude of England and America, has had the worst consequences on the market for the German mark currency.
The endangerment of the most vital parts of the German economy under foreign access threatens to deprive the Mark of its last remaining foothold.
Serious signs of panic have set in on the currency market.
The price of the dollar rose by thousands of marks within an hour yesterday, and the pound sterling rose by about 10,000 marks.
Today, although New York only followed the currency prices that appeared yesterday at a slower pace, the fall of the mark accelerated, the dollar price exceeded 15,000 marks in the morning hours.
It is significant that it is not so much the actual need for foreign currency that causes the panic prices of foreign currency.
Certainly there is an ongoing need, which is also being increased to a certain extent by precautionary purchases now being made - especially for future purchases of coal from abroad.
The real reason for the panic, however, is that under today's political conditions it is no longer possible to foresee where our currency will take us if the unprecedented political pressure continues.
Any thought of market stabilization seems hopeless today, and the question of international bonds has been postponed into the completely unknown.
We are all experiencing the horrors of the currency catastrophe following the Austrian example.
The general flight from the mark resulting from the political situation is reflected on the stock exchanges, it is preparing itself on the commodity markets, the development of which shows the most threatening signs of a new and unmeasured rise in prices.
During this time, which brings new acts of violence every hour, new and deep interventions in German state and private economic life, the valuta situation could hardly have changed from the development of the last few days.
Without resolute intervention by the powers interested in a rational and legal order of things in Europe,