No parallel situation is to be found among the Entente powers. The ruin of Russia, for example, would simply make the ruin of France more inevitable, unless a decisive victory of the Allies were to rob Germany of her iniquitous spoils and at the same time guarantee to France the legitimate reparation which alone can save her from irretrievable financial disaster. 3. If Germany can still continue to float new internal loans with comparative ease, it is because her wholesale territorial and Pan-German seizures are considered by her people as new pledges of the credit of the German state as the heart of Pan-Germany. 4. France, which has spent in three years of war 2500 francs per capita of her population, has suffered only loss: 20,000 square kilometres of her territory have been invaded, and given over to undreamed-of spoliation at German hands. Germany, on the other hand, which has spent only 1691 francs per capita for the war, has occupied 500,000 square kilometres of foreign soil, burglarized her own allies, and piled up huge profits from the war. The diversity of these profits is so great, and the mortgage that they have placed on the future is so heavy, that no figures will convey the sum-total of these advantages; but enough has been said to show that the aggregate is enormous. If one deducts the 115 billions of francs devoted by Germany to the war from the total represented by all the elements of advantage already enumerated, one begins to realize that Germany has really wrung from the war present and future profits which can be computed only in _hundreds of billions of francs_. This war, therefore, has brought Germany boundless material gain, such as no war in history has ever brought to one people. It is equally certain, on the other hand, that Germany can utilize her advantages only on the express condition of maintaining certain indispensable conditions of the situation on which they are based. We shall now see to what minimum these conditions may be reduced. Our table shows that out of the seven elements of advantage won by Germany from the war, the last six—that is, those in the second group—are altogether independent of the first, except for one small detail relating to the national fortunes of the territories occupied by Germany to the southeast—that is, in Albania, Montenegro, Roumania, and Serbia.