It is probably superfluous to point out that this treaty, conceived in the pure spirit of the victorious Apache, has, in practice, utterly broken down. It has not worked and it will not work, because it sets at defiance certain economic laws which are as inexorable as the law of gravitation. The incidence of these laws was well understood and clearly foretold, at the time of the peace-conference, by an informed minority in Europe, notably by Mr. Maynard Keynes in his volume entitled "The Economic Consequences of the Peace." In this country also, a minority, sufficiently informed to know its right hand from its left in economic affairs, stood aghast in contemplation of the ruinous consequences which it perceived as inevitable under any serious attempt to put this vicious instrument into operation. But both here and in Europe, this minority was very small and uninfluential, and could accomplish nothing against the ignorant and unreasoning bad temper which the politicians kept aflame.
The treaty had therefore to go to the test of experiment; and of the results of this, one need surely say nothing, for they are obvious. The harder Germany tried to fulfill the conditions of the treaty, and the nearer she came to doing so, the worse things went in all the countries that
[7]
