And still I think that the conclusions he arrived at came very near the truth.
The conquerors' finances are in a very precarious state, particularly in Italy and France; unrest prevails; wages are exorbitant; discontent is general; the phantom of Bolshevism leers at them; and they live in the hope that the defeated Central Powers will have to pay, and they will thus be saved.

It was set forth in the peace terms, but _ultra posse nemo tenetur_, and the future will show to what extent the Central Powers can fulfil the conditions dictated to them.
Since the opening of the Peace Congress at Versailles continuous war in Europe has been seen: Russians against the whole world, Czechs against Hungarians, Roumanians against Hungarians, Poles against Ukrainians, Southern Slavs against Germans, Communists against Socialists.

Three-fourths of Europe is turned into a witch's cauldron where everything is concocted except work and production, and it is futile to ask how this self-lacerated Europe will be able to find the war expenses laid upon her.

According to human reckoning, the conquerors cannot extract even approximate compensation for their losses from the defeated states, and their victory will terminate with a considerable deficit.

If that be the case, then my visitor will be right--there will only be the vanquished.
If our plan in 1917, namely, Germany to cede Alsace-Lorraine to France in exchange for the annexation of all Poland, together with Galicia, and all states to disarm; if that plan had been accepted in Berlin and sanctioned by the Entente--unless the _non possumus_ in Berlin and opposition in Rome to a change in the Pact of London had hindered any action--it seems to me the advantage would not only have been on the side of the Central Powers.
Pyrrhus also conquered at Asculum.
* * * * * My visitor was astonished at Vienna.