"The publication of Keynes's The Economic Consequences of the Peace at the end of 1919 and its wide circulation had serious effects. It did much to injure the authority of Lloyd George, and weaken rather than strengthen his efforts to deal with the reparations question by stages. Its account of the way in which President Wilson had been outmanoeuvred in Paris seriously undermined his position in America at a crucial time. Finally, it did much to create throughout Britain and the Commonwealth—and even the United States—a kind of guilt complex about the Germans, which has never been wholly effaced and which was to prove the source of disaster. The legend of the "Carthaginian Peace" did infinite harm both in Germany and in Britain. When all is said and done about reparations and the folly of the promises given by some politicians and the estimates made by leading bankers and "experts", it is almost comical to recall the facts. Over the years Germany actually paid £1,000 million. To meet this she borrowed from the outside world £1,500 million. In a word, it was Germany who received the indemnity, largely from America."