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But though we can negotiate only on a basis of

reparation, a basis which the Germans will of course reject, Germany's suggestion of terms is a great event, one of the greatest in the history of the world. It marks the beginning of the end. If the German Govern- ment really believed they were already victorious, if they really they could win, no word of peace suggestions would ever have come from them. It is because they know at heart that they cannot win and that the German people are already strained beyond human endurance that they have spoken the magic word, the word that marks the doom of Germany.

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