To begin with, Germany never really accepted that it was responsible for WWI, and there is some truth to that. Germany was the first of the Great Powers to attack, but Russia, allied with Serbia, mobilized first. Germany did not attack France until after France decreed mobilization. Austria fired the first shot in Serbia, in order to preserve its empire.
I don't disagree with this, but it is missing the big picture. All these countries were pawns in the chess game of England. England encircled Germany via alliances, and then physically began to cut Germany off with its navy.
... loaned money to Germany, far in excess of what it ever paid.
True. But, to quote Benjamin Anderson, "Never during the whole period from the inauguration of the Dawes plan to her credit collapse in 1931 did she have enough liquid capital to make an easy working-capital situation for her industries." Germany consistently had much higher interest rates than England throughout this time.
Tom |
