The cost of this war would pay the national debts of all the

nations in the world at the time the war broke out, and this
aggregate sum of $45,000,000,000 for the world was all
accumulated in the criminal stupidity of the wars of the
nineteenth century
The cost of this war would pay the national debts of all the
nations in the world at the time the war broke out, and this
aggregate sum of $45,000,000,000 for the world was all
accumulated in the criminal stupidity of the wars of the
nineteenth century. If all the farms, farming lands, and
factories of the United States were wiped out of existence, the
cost of this war would more than replace them. If all the
personal and real property of half our nation were destroyed,
or if an earthquake of incredible dimensions should shake down
every house from the Atlantic to the Pacific, the waste would
be less than that involved in this war. And an elemental
catastrophe leaves behind it no costly legacy of hate; even the
financial troubles are not ended with the treaty of peace. The
credit of Europe is gone for one does not know how long. Before
the war, it is said, there were $200,000,000,000 in bonds and
stocks in circulation in Europe. Much of this has been sold for
whatever it would bring. Some of the rest is worth its face
value Some of it is worth nothing. In the final adjustment who
can know whether he is a banker or a beggar?