The Japanese war pricked one of the biggest bubbles in history, and left Russia in a profoundly humiliating situation. Her navy was practically destroyed, her armies soundly beaten, her offensive power temporarily reduced to zero, her treasury exhausted, her pride laid in the dust. If the greatness of a nation consisted in the number and size of its battleships, in the capacity of its fighting men, or in its financial prosperity, Russia would be an object of pity.
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