These countries were heading for national bankruptcy.

This fact could only be concealed by holding out the expectation of vast receipts from the enemy.

As soon as it was admitted that it was in fact impossible to make Germany pay the expenses of both sides, and that the unloading of their liabilities upon the enemy was not practicable, the position of the Ministers of Finance of France and Italy became untenable.
Thus a scientific consideration of Germany's capacity to pay was from the outset out of court.

The expectations which the exigencies of politics had made it necessary to raise were so very remote from the truth that a slight distortion of figures was no use, and it was necessary to ignore the facts entirely.

The resulting unveracity was fundamental.