This is one of the few very important books on the question of reparations. The writer is one of the German financial experts who was associated with various committees and delegations throughout the entire negotiations. His book, which may be taken as the authoritative presentation from the German point of view, attacks the problem historically and gives a systematic account of the various conferences and programs. The author shows throughout a truly exceptional appreciation not only for the difficulties and state of mind of Germany's opponents, but for the weaknesses of his own country's position. As a contribution to the history of post-war reconstruction it is absolutely indispensable.