The burden of Europe's private debt to this country is w greater than the burden of her war debt; and the war debt, with arrears of interest, is greater than it was the day the peace was signed. And it is t Europe alone. Debt was the ecomic terror of the world when the war ended. How to pay it was the colossal problem. -from Cosmology of the Bubble The names of the players are different, but these cautionary essays about massive national debt-written in the long wake of World War I and as the Great Depression was starting to make its horrible power fully kwn-are still fully applicable today. A powerful libertarian voice of the early 20th century, Garet Garrett, writing originally in the Saturday Evening Post, warned about the extension of American credit to a Europe staggering under a massive debt leftover from the financing of World War I... a situation echoed, if reversed, today as the overextended United States continues her rampant borrowing. Collected in book form, Garrett's writings are a cry for a retreat from financial insanity, a clear-eyed look at a complicated and little understood era of financial history, and perhaps an omius warning for today. American journalist GARET GARRETT (1878-1954) also wrote The American Omen (1928), Rise of Empire (1941), and Garet Garrett's: The People's Pottage (later retitled Ex America) (1951).