“In the Imperialist Era, the foreign loan played an outstanding part as a means f…” — Rosa Luxemburg

Between social reforms and revolution there exists for the social democracy an indissoluble tie. The struggle for reforms is its means; the social revolution, its aim.

Though foreign loans are indispensable for the emancipation of the rising capitalist states, they are yet the surest ties by which the old capitalist states maintain their influence, exercise financial control, and exert pressure on the customs, foreign and commercial policy of the young capitalist states.

Only through the conscious action of the working masses in city and country can it be brought to life, only through the people's highest intellectual maturity and inexhaustible idealism can it be brought safely through all storms and find its way to port.

Credit reproduces all the fundamental antagonisms of the capitalist world. It accentuates them. It precipitates their development and thus pushes the capitalist world forward to its own destruction.