After leaving Rykov I went to see Krestinsky, the Commissar of Finance, the curious little optimist whose report on the Extraordinary Tax I had heard at the last meeting of the Executive Committee. I found him in the Ilyinka street, in the Chinese town. I began by telling him that I did not believe that they meant to pay the loans. He laughed and gave me precisely the answer I had expected:-- "Of course we hope there will be a revolution in other countries, in which case they will repudiate their debts and forgive us ours. But if that does not happen we know very well that we shall have to pay, and we are prepared to pay, and shall be able to pay, in concessions, in raw material which they need more than they need gold."Then, being myself neither an economist nor a theoretical socialist, I put before him what had been said to me in Stockholm by an Englishman who was both one and the other; namely, that, being isolated from European finance, the Soviet Government of Russia was bound to come to an end on economic and financial grounds alone.
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