In his book, The Economic Consequences of the Peace (1920), John Maynard Keynes argued that

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In his book, The Economic Consequences of the Peace, Keynes argued that the reparations that were imposed on Germany were too high and would ruin the economic recovery of Europe. He predicted that the burden of the payments would lead to inflation and economic instability in Germany, and that this would have negative consequences for the rest of Europe. He also criticized the way in which the Treaty of Versailles was negotiated, arguing that it was overly punitive towards Germany and did not take into account the economic realities of the time.

In His Book, the Economic Consequences of the Peace (1920)