[The Economic Consequences of the Peace by John Maynard Keynes]@TWC D-Link book
The Economic Consequences of the Peace

CHAPTER V
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It shall give to the German Government and to Germany's allies "a just opportunity to be heard, but not to take any part whatever in the decisions of the Commission." That is to say, the Commission will act as a party and a judge at the same time.
2.

Having determined the claim, it will draw up a schedule of payments providing for the discharge of the whole sum with interest within thirty years.

From time to time it shall, with a view to modifying the schedule within the limits of possibility, "consider the resources and capacity of Germany ...

giving her representatives a just opportunity to be heard." "In periodically estimating Germany's capacity to pay, the Commission shall examine the German system of taxation, first, to the end that the sums for reparation which Germany is required to pay shall become a charge upon all her revenues prior to that for the service or discharge of any domestic loan, and secondly, so as to satisfy itself that, in general, the German scheme of taxation is fully as heavy proportionately as that of any of the Powers represented on the Commission." 3.

Up to May, 1921, the Commission has power, with a view to securing the payment of $5,000,000,000, to demand the surrender of any piece of German property whatever, wherever situated: that is to say, "Germany shall pay in such installments and in such manner, whether in gold, commodities, ships, securities, or otherwise, as the Reparation Commission may fix." 4.


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