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The history of modern Europe beginning with the Treaty of Versailles. Over-criticism of the Treaty. Comparing the Treaty favourably with that made in Paris after the war of 1870, and with the Treaty that might have been made in London by Hindenburg and Ludendorff. The two great mistakes of Versailles not territorial but psychological and economic. The harmful effects of the "guilt clauses" and the "reparation clauses." The need to recognize that not only the authors of the Treaty of Versailles sinned in 1918, but that those who have been responsible for foreign policy in the eighteen years that have passed since that time. The speaker's opinion that the conduct of the foreign policy of England has been unimaginative, procrastinating and, to some extent, futile. The two possible courses after the War. An exploration of what might have happened. Dualism in Anglo-French policy and how it has produced a joint humiliation by Italy and a great blow to the League that followed the conquest of Abyssinia. The Revolution in Spain and its consequences in England. Rearmament as an inseparable condition of any foreign policy. Unilateral disarmament since the war proved to be a mistake from every point of view. Two main divergences of view in England right now. The immediate danger of Germany. The position of the small nation in Europe. The speaker's belief that the wisest course and the least dangerous course and certainly the most moral course is to put England back at the leadership of the world, back to some sense of responsibility and decency in organizing a new world system, to build on what we have got. Developing a policy in His Majesty's Government in the Dominions which will unite the maximum support of their own fellow citizens, as well as give the maximum of hope for getting through what must be two or three dangerous and difficult years.