The conquered have not armies; the conquerors
are, or, perhaps, up to a short time ago, were sure that the big
armies would serve to enforce the payment of the indemnities. Now, in
fact, they would not serve for anything else.
At the Conference of London, after a long discussion in February,
1920, the economic manifesto was drawn up which warned Europe of the
perils of the economic situation. Lloyd George and myself were easily
agreed in denouncing it as the gravest danger, as the principal cause
of high prices and of economic disorder, both as to the maintenance of
large armies and in the continuation of the state of war.
A Europe divided distinctly into two parts cannot be pacific even
after the conquered have yielded up their arms. The conquerors are
bound to arm themselves because of their own inquietude, from the
conviction that the only salvation is in force, which allows, if not
a true peace, at least an armed peace; if not the development of
production and exchange, at least the possibility of cutting off from
the markets the very fountains of riches.
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