The economic consequences of the Munich agreement will certainly be very severe for Czechoslovakia. The loss of industries, railwayheads, knots, etc., cannot help but cause a sharp loss of trade and unemployment. There is no doubt that Czechoslovakia becomes the object of quasi-colonial exploitation for Germany. The Munich Pact was an agreement reached on 29 September 1938 in Munich between Germany, Great Britain, France and Italy on the abandonment of the territory to Germany. The Manchester Guardian covered every corner of history, from the details of the deal Chamberlain, which appeared on the balcony of Buckingham Palace, to unease among other nations. One editorial found that the sheet of paper he was waving on his return to Britain was almost worthless. The Munich Agreement (Czech: Mnichovska dohoda); in Slovak: Mnechovska dohoda; in German: Munchner Abkommen) or Munchner Verrat (Czech: Mnichovska zrada; The Slovak: Mnechovska zrada) was an agreement reached on 30 September 1938 in Munich by Nazi Germany, the United Kingdom, the Third French Republic and the Kingdom of Italy. It granted Germany the “transfer of the German territory of the Sudetenland” from Czechoslovakia.  Most of Europe celebrated the agreement because it prevented the war threatened by Adolf Hitler by allowing the annexation of the Sudetenland by Nazi Germany, a region of Western Czechoslovakia inhabited by more than 3 million people, mainly German-speaking. Hitler declared that this was his last territorial claim in Europe, and the choice seemed to lie between war and appeasement. In the face of tensions between the Germans and the Czechoslovakian government, on 15 September 1938, Benes secretly proposed to cede 6,000 square kilometres to Czechoslovakia in Germany, in exchange for a German accession agreement of 1.5 to 2.0 million South Germans that expelled Czechoslovakia. Hitler did not respond.
 The New York Times headline on the Munich accord was: “Hitler receives less than his claims from the Sudetenland” and reports that a “joyful crowd” had applauded Daladier on his return to France and that Chamberlain had been “wildly applauded” upon his return to the United Kingdom.  The Munich agreement could not stop the German aggression. On his way back from Munich, Chamberlain told an excited crowd at Heston airport: “It is peace for our time” and he praised the agreement he had signed with Hitler. This was the culmination of the policy of appeasement. Six months later, Hitler stopped his promises and ordered his armies to invade Prague. Within a year, Britain and France were at war with Germany. The Munich quotation in foreign policy debates is also common in the 21st century.  During negotiations on the Iran nuclear deal by Secretary of State John Kerry, a Republican representative from Texas called the negotiations “worse than Munich.” In a speech in France, Kerry himself referred to Munich for military action in Syria: “This is our munich moment.”  GERMANY, the United Kingdom, France and Italy have agreed on the following conditions of compliance and the resulting measures, taking into account the agreement already reached in principle for the transfer of the German territory of the Sudetenland to Germany, and, through this agreement, they each be responsible for the steps to be taken for their implementation. In: The American historian William L.