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"There is no use for us to shut our eyes to realities. The fact remains that the policy of collective security based on sanctions has been tried out, as indeed we were bound to try it out unless we were prepared to repudiate our obligations and say, without having tried it, that the whole system of the League and the Covenant was a sham and a fraud. That policy has been tried out and it has failed to prevent war, failed to stop war, failed to save the victim of the aggression."
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