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 regarded with pleasure the fact that England, Austria-Hungary and Italy had combined for the purpose of protecting their interests in the Balkans. He regarded it as impossible that Germany would ever go to war against the power from which support was expected in case Germany should be attacked by Russia; the peace of the world was threatened by the ambition of France and Russia, but not by England, Austria-Hungary and Germany, all three of which were thoroughly contented powers.

Germany's policy should have been directed according to these principles during the last decade.

In my opinion an agreement with England would have been the most advantageous combination, and the worst possible situation was that Germany failed to define her position either with England or with Russia. It was this situation which led to the World War and to the conclusion of it which has been so fateful for us. If Germany could not make an alliance with England, she should have formed a solid alliance with Russia, even at the expense of serious sacrifices. Germany ought to have chosen between the policy of Tirpitz or the Hamburg-Bagdad policy.

The decision to pursue both these policies was bound to bring its own revenge.