It remains to say a few words about America. Aside from the Gentlemen's Agreement already mentioned, which assured America's standing beside England and France in a World War, America did not belong to the Entente Cordiale created by King Edward VII at the behest of his Government, and, most important of all, America, in so far as it is possible at present to judge events, did not contribute toward bringing on the World War. Perhaps the unfriendly answer given by President Wilson to the German Government at the beginning of the war may have had some connection with the Gentlemen's Agreement. AMERICAN FACTORS IN DEFEAT But there can be no doubt that America's entry into the war, and the enormous supplies of ammunition, and especially of war materials, which preceded her entry, seriously hurt the chance of the Central Powers to bring the war to a successful termination by force of arms. It is necessary, however, to avoid all emotional criticism of America also, since, in the great game of politics, real factors only can be considered. America was at liberty (despite the Gentlemen's Agreement) to remain neutral or to enter the war on the other side. One cannot reproach a nation for a decision as to war or peace made in accordance with its sovereign rights so long as the decision is not in violation of definite agreements. Such is not the case here. Nevertheless, it must be noted that John Kenneth Turner, in his already mentioned book, _Shall It Be Again?_ shows, on the basis of extensive proofs, that all Wilson's reasons for America's entry into the war were fictitious, that it was far more a case of acting solely in the interest of Wall Street high finance. The great profit derived by America from the World War consists in the fact that the United States was able to attract to itself nearly fifty per cent of all the gold in the world, so that now the dollar, instead of the English pound, determines the world's exchange rate. But here also no reproach is at all justified, since any other nation in a position to do so would have rejoiced in attracting to itself this increase of gold and of prestige in the world's money market. It was certainly regrettable for us that America did not do this stroke of business on the side of the Central Powers. But just as Germany objects with perfect justification to having had her peaceful labors combated by the Entente, not with peaceful, but with warlike means, so also she can and must enter constant protest--as she is already trying to do by means of published material--against America's violation of the right at the close of the World War.