Even taking into consideration the loss of
industrial buildings it is very difficult to arrive at the figure of
15 milliards. At the same time it is true that the Minister Loucheur
declared on February 17, 1919, in the French Chamber that the
reconstruction of the devastated regions in France required 75
milliards--that is, very much more than double the private wealth of
all the inhabitants of all the occupied regions.
In all the demands for compensation of the various States we have seen
not so much a real and precise estimate of the damages as a kind of
fixing of credit in the largest measure possible in order that in the
successive reductions each State should still have proportionally an
advantageous position.
Making his calculation with a generosity which I assert to be
excessive (and I assert this as a result of an accurate study of
the question, which perhaps I may have occasion to publish), Keynes
maintains that the damages for which Germany should be made to pay
come to 53 milliards for all losses on land and sea and for the
effects of aerial bombardments--53 milliards of francs all told,
including the damages of France, Great Britain, Italy, Belgium,
Serbia, etc.
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