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Updated: May 28, 2025
It meant that with all the cash capital taking the form of bonds, any failure to make ends meet, any lengthened depression, would bring risk of the mortgage-holders' foreclosure and receivership not merely the shareholders' waiting for a turn of the tide except in so far as the burden could be shifted to the governments that had endorsed the notes.
It was, as he recognized, not exactly courage that they had displayed, but the elemental savagery that in the newer countries, at least, now and then seizes on hard-driven men ground down by mortgage-holders, or ruined by flood and frost. With man and Nature against them they would make their last grim protest before they were crushed.
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