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The Economic Consequences of the Peace

Note 103 — Chapter V · Reparation

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In conversation with Frenchmen who were private persons and quite unaffected by political considerations, this aspect became very clear. You might persuade them that some current estimates as to the amount to be got out of Germany were quite fantastic. Yet at the end they would always come back to where they had started: "But Germany must pay; for, otherwise, what is to happen to France?"

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