Germany and the Axis powers did not ‘owe’ anything in the normal business sense of the word, which would mean that Germany had ‘bought’ the deaths of millions of Allied soldiers with no other cost to itself. The reparations regime was actually revenge money. This isn’t that to which Keynes was referring. And even then, Keynes failed to understand at that time that trade imbalances result from one nation saving and investing more than it consumes over the short run. In the long run everything saved is spent, either by the savers or their heirs.