Other, cooler heads pointed out that fantasies of independence were vain in any case. Whether victory was won in 1918 or 1919, whether or not a large American army was involved, the Entente were dependent on the United States. Behind Detroit’s aero-engines and Pittsburgh’s steel was something less tangible but ultimately decisive, dollar credits. Since 1915 Wall Street had bankrolled the Entente. Even without the abrupt intervention of the Federal Reserve Board in November 1916 and despite the sympathetic cooperation of J. P. Morgan, the limit of the Entente’s credit would undoubtedly have
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