I see I'm running behind the curve again.
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Originally Posted by moscowexile
Indeed, the defeated Germany of 1918 was in a far stronger position than any of its "victorious" wartime adversaries...
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Were they? I'm going strictly on memory, but I thought that part of Germany's "punishment" was to have to "repay" all the war debts Britain and France claimed they owed. One of the results was that for Germany the Great Depression started a full ten years before it affected the rest of the world. Britain may have been near bankruptcy, but Germany was already far over that line.