In any case, those who are fighting for the purpose of putting an end to great armaments would find themselves once more plunged into the vortex of the most rigorous militarism, for they could not contend with Great Germany except at the cost of formidable armaments, which would absorb all their resources and all their attention. Now, would they be in a position to undertake such armaments in the infinitely difficult financial situation in which, according to hypothesis, they would stand? (see p. 86). Would they even have the resolution to undertake them, after the frightful moral disappointment of their peoples, who would learn too late the enormous mistake committed by their governments in negotiating peace on the basis of the so-called “Drawn Game,” which would have enabled Berlin to carry out its scheme of domination “from Hamburg to the Persian Gulf”? Besides, even if the Allies were willing to attempt once more the overthrow of the atrocious Prussian militarism, now much more oppressive than before the war, Great Germany would certainly not give them time to prepare for it. We may be quite sure that the day peace was concluded on the basis supposed, Berlin would set about organizing economically and militarily, with the utmost speed, the immense territory over which its supremacy would be extended. Supposing that Russia, France, England and Italy were disposed to renew the conflict, they would, in the assumed financial and moral situation, be certainly reduced to impotence before they could make head against the new German colossus. Finally, it would be ignoring completely the tenacity and ambition of the Hohenzollerns to imagine that Great Germany, once mistress of an empire from Hamburg to the Persian Gulf, would sincerely renounce the ambition of dominating the North Sea and the English Channel. Hence the evacuation of Belgium and the retrocession of Alsace-Lorraine, which on our hypothesis Germany would have yielded to France, would only have been temporary. The apparent capitulation of Berlin would have been, therefore, nothing but a cunning device to allow Germany, driven almost to bay, to recover herself for a renewal of the struggle. Indeed, she is already preparing for it in union with her actual allies. _La Nation Tchèque_, of 15th March, 1916, an excellent review edited by M. Ernest Denis, professor at the Sorbonne, brought to light the following fact. On the 29th February, 1916, the Chamber of Commerce of Budapest met, all members being present, in order to study what measures to take for a future war intended to complete the insufficient results of a peace, looked upon as “imperfect.” In this discussion it was stated that with the prospect of a fresh conflagration the States allied to Germany in the present war must form an Economic Union.