)
Lloyd George says that for a comparatively short time England's enemies
can finance themselves and be very efficient, but that as time passes
they unquestionably will exhaust not only their pecuniary means but
their resources of men as well. That is his position at this time.
Therefore, it does appear as if the long duration of the war was a thing
desired, at least in Great Britain, as being their hope of victory. Both
Great Britain and France are wealthy countries. Just how wealthy Germany
is I do not think they realize, nor do we know, nor what its ultimate
resources can be.
Now, looking at the allied line as a whole, we will suppose that the
German forces were overwhelmingly triumphant in France, and suppose,
likewise, which is by no means as strong a hypothesis, that Russia is
overwhelmingly victorious against Austria and the Eastern German Army;
then, of course, you have the situation in which that one of the Allies
which is triumphant will assert its leadership in the terms of peace
that will be reached, and would have the hegemony, as we call it, of all
Europe.
Russia's Position.
So that the defeat of the Allies in the west and their overwhelming
success in the east would compel the acceptance, in any peace that might
be made, of such terms as Russia chose to dictate.
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