The smaller States in that region of Europe ask but one thing. Their one desire is that they should be left alone and independent. The one thing they… - Edward Grey, 1st Viscount Grey of Fallodon

[A]nd to this the German Minister of Finance adds that the heavy burden of thousands of millions must be borne through decades, not by Germany, but by those whom she is pleased to call the instigators of the war. In other words, for decades to come Germany claims that whole nations who have resisted her should labour to pay her tribute in the form of war indemnities. Not on such terms can peace be concluded or the life of other nations than Germany be free, or even tolerable. The speeches of the German Chancellor and Finance Minister make it appear that Germany is fighting for supremacy and tribute. If that is so, and as long as it is so, our allies and we are fighting, and must fight, for the right to live, not under German supremacy, but in real freedom and safety.

The maintenance of civilised relations between States depends on the keeping of treaties, as the maintenance of civilised relations between individuals depends on the keeping of contracts. Moreover, many of us believe that unless the League of Nations be used and supported there is no prospect of future peace in Europe. It seemed clear that a Treaty (the Covenant of the League) had been broken; and a serious, perhaps a fatal, blow dealt to the League. In Italy apparently no one believes that this view of the importance of treaties and of the League can be held from any motive but unreasoning hostility to Italy, or equally from unreasoning friendship to Greece, or from some mean calculation of material interest.

The great countries of Europe are raising enormous revenues, and something like half of them is being spent on naval and military preparations. You may call it national insurance, that is perfectly true, but it is equally true that half the national revenue of the great countries in Europe is being spent on what is, after all, preparations to kill each other. Surely the extent to which this expenditure has grown really becomes a satire, and a reflection on civilisation. Not in our generation, perhaps, but if it goes on at the rate at which it has recently increased, sooner or later I believe it will submerge that civilisation. The burden already has shown itself in national credit—less in our national credit than in the national credit of other nations—but sooner or later, if it goes on at this rate, it must lead to national bankruptcy.