Alexander Dana Noyes

“ Professor Millioud's thesis, that the remarkable economic development of Germany, in the twenty or thirty years before the war, was itself built up by essentially unsound methods, and that an overwhelming economic catastrophe had been surely foreshadowed as a result of it, seemed to throw light, not only on the German financial achievements in peace, but on the nature and probable longer outcome of the government's financial achievements in war. ”

“ It is no unreasonable presumption that, whether or not Professor Millioud's view is correct, of economic catastrophe as an outcome of Germany's methods in obtaining economic dominion over the outside world, the prophecy will at least be realized in the longer sequel to her war financing. ”

“ Yet all the evidence which we have goes to show that the great bankers and business men of Germany were simply swept along in the rush of governmental actions and policies suddenly disclosed, and that ever since the possibility of an immediate victory disappeared, they have been insistent in pressing for peace on the best terms obtainable. ”