The financial world has been staggering under a series of blows such as the delicate system of international credit has never before witnessed, or even imagined… Nothing so widespread and so world-wide has ever been known before. Nothing…could have testified more clearly to the impossibility of running modern civilisation and war together than this…collapse of prices, produced not by the actual outbreak of a small war, but by fear of a war between some of the Great Powers of Europe. The key phrase here is 'fear of a war'.
The financial landscape has been deeply impacted by unprecedented challenges, primarily stemming from the fragile international credit system. The events unfolding have highlighted the unsettling reality that such widespread upheaval had never been anticipated or experienced before. The turmoil emphasizes the inherent contradiction in attempting to maintain a functioning modern society while also preparing for war.
The quote underscores that the economic decline was triggered not by an actual conflict, but by the pervasive dread of potential warfare among European powers. This fear illustrates the vulnerability of global markets to political tensions and demonstrates the precarious nature of civilization when confronted with the threat of conflict.
