World War: BATTLE OF RUSSIA: Dwindling Capital

Of all military assets which German military writers list, the most precious is something they call siegerringendes Blutkapital ("Capital of victory-achieving blood"). If an army spends too much (say 40%) of this precious capital too quickly, it is incapable of further offensive action until it has passed many months filling out its ranks with new blood.

This week, as five months of war in Russia draw to a close, it appeared that Germany had spent such a quantity of its blood-capital that a good long period of rest may be indicated.

Germany's blood losses can only be estimated. Joseph Stalin's...

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