The years of the economic depression have been years of political reaction, and that is why the economic crisis has generated a world peace crisis.

In our modern world of interdependent nations, hardly any state can wage war successfully without raising loans and buying war materials of every kind in the markets of other nations.

This is our world, and we must make the best of it.

Perhaps the grimmest aspect of this great paradox is that the very nations that are chiefly responsible for starting and for maintaining the Disarmament Conference are also the nations that have begun a new arms race.

As a first step there must be an offer to achieve equality of rights in disarmament by abolishing the weapons forbidden to the Central Powers by the Peace Treaties.

The forces that are driving mankind toward unity and peace are deep-seated and powerful. They are material and natural, as well as moral and intellectual.

The world before 1914 was already a world in which the welfare of each individual nation was inextricably bound up with the prosperity of the whole community of nations.