Editorials.

The article discusses several issues related to economics and politics from different countries of the world. The extraordinary change in the financial relations between the United States and Europe, by which, whether temporarily or permanently, this country has been transformed from a continuous borrower on the foreign markets into the most important lender on the same markets, is commonly described as a new and sudden development. In England, France, and the United States, both political parties have become so determinedly humanitarian that without the excitement of foreign politics one of them would go out of existence. In fact, it may be said that one of them has gone out of existence. The Liberal Party in England has shared the fate of the Democratic Party in the United States.