After seven years of peace, victorious France and vanquished Germany have exchanged places, according to the special correspondent of the New York Times. The nation which at Versailles was saddled with all the moral obloquy and mach of the material debt of the war has staged a sensational comeback.

Worried by war debts, harassed by war threats, France has followed the wisp of imperialism to bankruptcy. With an unbalanced budget and a hopelessly divided chamber of deputies, she has still to meet both foreign and domestic obligations. In contrast to this predieament. Germany, fat and complacent, has light taxes, a surplus in the treasury, and a stalde currency. It does not matter if moralists point out that she gained this position by repudiating her internal debis through inflation. The policy has been successful, therefore, according to the game of nations, it is justified.

In European diplomacy, France strives only for security; Germany aggressively bargains for business concessions. The factories of the recovered Ruhr have again started that production which will carry the country back to prosperity. In practical fashion the Germans have abandaned revenge for business. And through the government buildings of Berlin echoes sardonic laughter.