This certainly imposed compliance with the Treaties on Germany; but it was severely condemned by British and American opinion. As a result of the general financial and political disorganisation of Germany, together with reparation payments during the years 1919 to 1923, the mark rapidly collapsed. The rage aroused in Germany by the French occupation of the Ruhr led to a vast, reckless printing of paper notes with the deliberate object of destroying the whole basis of the currency. In the final stages of the inflation the mark stood at forty-three million millions to the pound sterling. The social and economic consequences of this inflation were deadly and far-reaching. The savings of the middle classes were wiped out, and a natural following was thus provided for the banners of National Socialism. The whole structure of German industry was distorted by the growth of mushroom trusts. The entire working capital of the country disappeared. The internal national debt and the debt of industry in the form of fixed capital charges and mortgages were, of course, simultaneously liquidated or repudiated. But this was no compensation for the loss of working capital. All led directly to the large-scale borrowings of a bankrupt nation abroad which were the feature of ensuing years. German sufferings and bitterness marched forward together – as they do today.

The British temper towards Germany, which at first had been so fierce, very soon went as far astray in the opposite direction. A rift opened between Lloyd George and Poincaré, whose bristling personality hampered his firm and far-sighted policies. The two nations fell apart in thought and action, and British sympathy or even admiration for Germany found powerful expression.

* * * * *

The League of Nations had no sooner been created than it received an almost mortal blow. The United States abandoned President Wilson’s offspring. The President himself, ready to do battle for his ideals, suffered a paralytic stroke just as he was setting forth on his campaign, and lingered henceforward a futile wreck for a great part of two long and vital years, at the end of which his party and his policy were swept away by the Republican Presidential victory of 1920. Across the Atlantic on the morrow of the Republican success isolationist conceptions prevailed. Europe must be left to stew in its own juice, and must pay its lawful debts. At the same time tariffs were raised to prevent the entry of the goods by which alone these debts could be discharged. At the Washington Conference of 1921, far-reaching proposals for naval disarmament were made by the United States, and the British and American Governments proceeded to sink their battleships and break up their military establishments with gusto. It was argued in odd logic that it would be immoral to disarm the vanquished unless the victors also stripped themselves of their weapons. The finger of Anglo-American reprobation was presently to be pointed at France, deprived alike of the Rhine frontier and of her treaty guarantee, for maintaining, even on a greatly reduced scale, a French Army based upon universal service.

The United States made it clear to Britain that the continuance of her alliance with Japan, to which the Japanese had punctiliously conformed, would constitute a barrier in Anglo-American relations. Accordingly, this alliance was brought to an end. The annulment caused a profound impression in Japan, and was viewed as the spurning of an Asiatic Power by the Western World. Many links were sundered which might afterwards have proved of decisive value to peace. At the same time, Japan could console herself with the fact that the downfall of Germany and Russia had, for a time, raised her to the third place among the world’s naval Powers, and certainly to the highest rank. Although the Washington Naval Agreement prescribed a lower ratio of strength in capital ships for Japan than for Britain and the United States (5:5:3), the quota assigned to her was well up to her building and financial capacity for a good many years, and she watched with an attentive eye the two leading naval Powers cutting each other down far below what their resources would have permitted and what their responsibilities enjoined. Thus, both in Europe and in Asia, conditions were swiftly created by the victorious Allies which, in the name of peace, cleared the way for the renewal of war.

While all these untoward events were taking place, amid a ceaseless chatter of well-meant platitudes on both sides of the Atlantic, a new and more terrible cause of quarrel than the imperialism of czars and kaisers became apparent in Europe. The Civil War in Russia ended in the absolute victory of the Bolshevik Revolution. The Soviet armies which advanced to subjugate Poland were indeed repulsed in the Battle of Warsaw, but Germany and Italy nearly succumbed to Communist propaganda and designs.