The current economic situation in all of Europe, including Russia, is not optimistic. Post-war reconstruction has been delayed, and economic recovery faces significant hindrances.
Due to the First World War, Europe's wealth has flowed out in large quantities, especially from the governments of the participating nations, leaving them penniless and heavily indebted. Russia, being rather straightforward, directly chose to default, but had to endure the collapse of its international reputation and image, as well as global sanctions.
The situation is equally dire for the UK, France, Germany, and Austria. If possible, they too would like to emulate the Russians and default. Now, the most troubled is the United States, the world's largest creditor nation. As the saying goes, those who owe are like a lord, so the United States must put in some effort to recover Europe's debts.
November 23, 1923.
