It cannot yet be said what course events will take in Russia.

I hope--and this is the vital point of my whole argument--that Russia has lost her motive power for a long time to come, perhaps for ever, and that this important factor will be made use of.

I expect, nevertheless, that a Franco-English, probably also an Italian, offensive will be launched at the first opportunity, though I hope and trust that we shall be able to repulse both attacks.

If this succeeds--and I reckon it can be done in two or three months--we must then, before America takes any further military action to our disadvantage, make a more comprehensive and detailed peace proposal and not shrink from the probably great and heavy sacrifices we may have to make.
Germany places great hopes on the U-boat warfare.

I consider such hopes are deceptive.