There are those who have compared Western appeasement of Putin to Neville Chamberlain’s appeasement of Hitler prior to the advent of World War II and Putin’s tactics to that of Hitler and Stalin in 1939. Meanwhile, in Putin’s Russia, the Munich agreement has been used as an excuse for the Molotov-Ribbentrop pact. To untangle this, one must understand the diplomatic context of the 1930s.
Blowing up Austria

"The National Socialist Party in Austria never tried to hide its inclination for a greater Germany. That Austria would one day return to the Reich was a matter, of course, for all National Socialists and for true Germans in Austria. I asked the Fuhrer for armed assistance to save Austria from a civil war and from the fate of Spain…"

Sudetenland: Appetite is growing
After Austria, the largest area of ethnic Germans outside of the Reich was the Sudetenland within Czechoslovakia. On March 23rd, Hitler, Von Ribbentrop, Rudolf Hess and the leader of the Sudeten-German party Konrad Henlein held a 3-hour long meeting together. “The Fuhrer,” according to Henlein’s own report of this meeting, “stated that he intended to settle the Sudeten-Germany problem in the not too distant future. He could no longer tolerate the Germans being oppressed or fired upon.”
“Demands should be made by the Sudeten-German party which are unacceptable to the Czech [sic] Government. […] Henlein does not intend to drive things to the limit, but merely put forward old demands for self-administration. He wished to reserve for later a suggestion of the Fuhrer’s that the Sudeten-Germans should have their own German regiments with German officers and military commands given in German. The Reich will not intervene of its own accord. Henlein himself will be responsible for events for the time being. However, there will be close co-operation. Henlein summarized his views to the Fuhrer as follows: We must always demand so much that we can never be satisfied. The Fuhrer approved this view.”This strategy formed the basis of a series of eight demands directed against the Czechoslovak government made by Henlein at a rally in Karlsbad (Karlovy Vary) on April 24th, which included a demand for “complete freedom to profess adherence to the German element and German ideology,” intended as a step too far. [2] In addition to its Germanic people, the Sudetenland had another geopolitical aspect, which allured Hitler. 70% of Czechoslovakia’s iron and steel capacity came from here. In addition, the Sudetenland also housed the Škodovy závody, the largest arms factory in Central Europe. Czechoslovakia understood the region’s importance as much as the Germans did and thus, starting in 1935, built a series of fortifications designed to protect the Sudetenland from the prospects of invasion, echoing their French allies and their “Maginot line.” Czechoslovak defensive plans rested on the assumption that in the case of a war with Germany, the French would come to Czechoslovakia’s aid. Unlike the French, however, who would reveal their weakness in a short time, the Czechoslovak government had a will to fight, as was evidenced by the undertaking of a partial mobilisation after rumors abounded of German military movement near the Czechoslovak border on the weekend of May 19th—22nd, 1938.
Nazi propaganda smoke screen
Hitler, not that undeterred by any stern warnings, on May 30th issued a directive “To the Commanders-in-Chief of the German Armed Services” stating:“It is my unalterable decision to smash Czechoslovakia in the near future. […] The proper choice and determined exploitation of a favorable moment is the surest guarantee of success. To this end, preparations are to be made immediately. The following are necessary before the intended attack: a) A convenient apparent excuse and, with it, b) Adequate political justification, c) Action not expected by the enemy, which will find him in the least possible state of readiness. Most favorable from a military as well as a political point of view would be lightning action as a result of an incident which would subject Germany to unbearable provocation, and which, in the eyes of at least a part of the world opinion, provides moral justification for military measures.”This Hitler directive for an operation to be titled “Case Green” was initialed by Field Marshall Wilhelm Keitel, who added his own comments that an invasion of Czechoslovakia should be seen by the outside world as “merely an act of pacification, and not a warlike undertaking.” Earlier in the year, on April 21st, he held a meeting with Hitler, where both discussed the possibility of using an assassination of the German ambassador to Prague as a pretext for invasion. However, this idea was discarded. [youtube https://www.youtube.com/watch?v=hprV2nQRvbc] What Nazi propaganda settled upon was a vicious theme that the Sudeten-Germans needed saving from alleged acts of "Czech barbarism."
Read the concluding part: The way to European catastrophe
[1] Simon Sebag Montefiore, Stalin: The Court of the Red Tsar, p. 272—3.
[2] As Nizkor highlights, Heinlein, with the help from Berlin, allowed espionage, murder, and terrorism as part of a concerted and deliberate effort to undermine the authority of Prague within the Sudetenland in conjunction with pressing unfulfillable demands.
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