"It was the young Keynes who most famously chronicled the hope-smothering defects of the treaty that was signed on June 28, 1919, in the Hall of Mirrors at the Palace of Versailles. Wilson had envisioned a liberal peace, a peace without victory, a peace that would magnanimously restore Germany to its rightful place in an open world of free trade and democracy. In that world commerce would be unshackled from political constraint, politics would be based on the principle of self-determination, and order would be maintained by a new international body, the League of Nations. But what emerged from the ordeal of the Paris peace negotiations was a document that mocked those ideals."