France and
Italy, being countries of good faith, have demonstrated that, if they
cannot pay, it is absurd to demand the payment of much higher sums
from countries like Germany, which has lost almost all her best
resources: mercantile fleet, colonies and foreign organization, etc.
4. The danger exists that with the aggravation of the situation in the
vanquished countries and the weakening of the economic structure of
Europe, the vanquished countries will drag the victors down with
them to ruin, while the Anglo-Saxon peoples, standing apart from
Continental Europe, will detach themselves more and more from its
policy.
5. The situation which has come about is a reason for everyone to be
anxious, and threatens both the downfall of the vanquished and the
almost inevitable ruin of the victors, unless a way is found of
reconstructing the moral unity of Europe and the solidarity of
economic life.
VI
EUROPE'S POST-WAR RECONSTRUCTION AND PEACE POLICY
No right-thinking person has nowadays any doubt as to the profound
injustice of the Treaty of Versailles and of all the treaties which
derive from it.
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