SOURCE: Bonn, M. J. “Why the Republic Fell.” New Republic 74, no. 962 (10 May 1933): 370-71.

In the following review, Bonn praises The German Phoenix but finds some shortcomings in Villard's analysis.

The German Phoenix is a generous appreciation of the difficulties under which the German Republic rose, and the achievements standing to its name. It comes at a time when the Phoenix is undergoing a thorough transfiguration which has changed its outer aspect completely. The future alone can show what of the structure erected in the years 1918-19 will survive the violent transformation it is subjected to at present.

Mr. Villard gives a vivid description of the consequences of the Peace of Versailles, and especially of the baneful results for German finance and German economics of the insane reparation settlement. He realizes better than many an expert has done how intensely childish was the imposition of an indefinite indemnity which...