Reparations in 1922 differed from reparations in 1921 chiefly in that the existing tension over the question only deepened as the 1921 settlement became progressively more unreal, not because it was necessarily unrealistic but because Germany refused to accept it. Thus the year was dominated by the struggle to find temporary expedients that would replace or preserve the London Schedule of Payments of May 5, 1921, and by the looming crisis as the gulf among the powers became unbridgeable just as time to bridge it ran out. The endless strife over reparations represented a fundamental power struggle, and the real question was who won World War I.

In dealing with a topic so fraught with technical complexity, deliberate misdirection, and mountains of paper as well as endless oratory, obfuscation, and political posturing, one must beware of truisms. These arose from several sources: from constant repetition at the time; from acceptance by public opinion in several states and by leaders who needed to believe their own rhetoric, perhaps because British and German documents were released well before those of other European states; and from the failure of some historians to pose hard questions. Above all, one must continually ask: Is this really so?