"Up till the year 1934, the power of the conquerors remained unchallenged in Europe and indeed throughout the world. There was no moment in these sixteen years when the three former allies, or even Britain and France with their associates in Europe, could not, in the name of the League of Nations and under its moral and international shield, have controlled by a mere effort of the will the armed strength of Germany. Instead, until 1931 the victors, and particularly the United States, concentrated their efforts upon extorting by vexatious foreign controls their annual reparations from Germany. The fact that these payments were made only from far larger American loans reduced the whole process to the absurd. Nothing was reaped except illwill. On the other hand, the strict enforcement at any time till 1934 of the disarmament clauses of the Peace Treaty would have guarded indefinitely, without violence or bloodshed, the peace and safety of mankind. But this was neglected while the infringements remained petty, and shunned as they assumed serious proportions. Thus the final safeguard of a long peace was cast away. The crimes of the vanquished find their background and their explanation, though not, of course, their pardon, in the follies of the victors. Without these follies crime would have found neither temptation nor opportunity."