14        THE OUTLOOK FOR CAPITAL
pay interest is not one that need necessarily terrify
us from this point of view. The arranging and im-
position of the taxation necessary for meeting the
interest on these debts will involve very serious
political and social questions; but the payment of
this interest need not necessarily diminish production,
and it may probably help in checking consumption.
It will not impair the total wealth of the world as a
whole; it will merely affect its distribution. And
since it will mean that a considerable part of the
world's output will, for this reason, be handed over
to the holders of the various Government debts,
who, ex hypofhesi, will be people who have saved
money in the past, it is at least possible that they
may devote a considerable amount of the sjim so
received to further saving or increasing the supply
of capital available.