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The economic consequences of the peace / by John Maynard Keynes
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v REPARATION 139

very real issues indeed, introduced into the Treaty awhole set of incompatible provisions, over and abovethe inherent impracticabilities of the Reparationproposals.

I cannot here describe the endless controversy andintrigue between the Allies themselves, which at lastafter some months culminated in the presentation toGermany of the Reparation Chapter in its final form.There can have been few negotiations in history socontorted, so miserable, so utterly unsatisfactory toall parties. I doubt if any one who took much partin that debate can look back on it without shame.I must be content with an analysis of the elementsof the final compromise which is known to all theworld.

The main point to be settled was, of course, thatof the items for which Germany could fairly be askedto make payment. Mr. Lloyd George's electionpledge to the effect that the Allies were entitled todemand from Germany the entire costs of the warwas from the outset clearly untenable; or rather,to put it more impartially, it was clear that topersuade the President of the conformity of thisdemand with our pre-Armistice engagements wasbeyond the powers of the most plausible. The actualcompromise finally reached is to be read as follows inthe paragraphs of the Treaty as it has been publishedto the world.

Article 231 reads: "The Allied and Associated