CHAPTER III

THE GREAT ILLUSION

These views founded on a gross and dangerous misconception--What a German victory could and could not accomplish--What an English victory could and could not accomplish--The optical illusion of conquest--There can be no transfer of wealth--The prosperity of the little States in Europe--German Three per Cents. at 82 and Belgian at 96--Russian Three and a Half per Cents. at 81, Norwegian at 102--What this really means--If Germany annexed Holland, would any German benefit or any Hollander?--The "cash value" of Alsace-Lorraine 28-49