Germany let go of the bull's tail last week. Banks were allowed to reopen fully. German statesmen sighed with relief, for nothing much happened. Not only were there no runs, but for the first two or three days correspondents were proudly told that deposits were actually larger than withdrawals. German statesmen played their hand shrewdly. During the three weeks that Germany has been under partial moratorium the Government investigated every bank that seemed to be in serious trouble. Deposits of the closed Danat Bank were guaranteed. The Government bought 75%,...
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