The head of the commission spoke. Stripped of its diplomatic language, this is what he told the President and his group: "There is no use kidding ourselves any longer. The cause of the allies is lost. We now owe you (American bankers, American munitions makers, American manufacturers, American speculators, American exporters) five or six billion dollars. If we lose (and without the help of the United States we must lose) we, England, France and Italy, cannot pay back this money . . . and Germany won't.
