"The burning blasts of war have shrivelled, blackened, and destroyed the world we once knew. Old landmarks have disappeared. The nations of the earth panting from the struggle, impoverished by the unprecedented destruction of wealth, are confronted with a new set of financial, national, and industrial circumstances. Humanity has indulged in a terrible orgy of destruction; it must pay the price. We must enter on a long period of reconstruction—wherein capital will be scarce, interest high, wages and materials costly."