That she [France] has anything to fear from Germany in the future which we can foresee, except what she may herself provoke, is a delusion. When Germ… - John Maynard Keynes

It is not a correct deduction from the Principles of Economics that enlightened self-interest always operates in the public interest. Nor is it true that self-interest generally is enlightened; more often individuals acting separately to promote their own ends are too ignorant or too weak to attain even these.

By what modus operandi does credit restriction attain this result? In no other way than by the deliberate intensification of unemployment.

If we aim deliberately at the impoverishment of Central Europe, vengeance, I dare predict, will not limp. Nothing can then delay for very long that final civil war between the forces of Reaction and the despairing convulsions of Revolution, before which the horrors of the late German war will fade into nothing, and which will destroy, whoever is victor, the civilization and the progress of our generation.