Peace without victory would have been a smart decision because it would have prevented German from being blamed for World War I. Since the Allied forces were victorious in World War I, they had the ability to develop the Treaty of Versailles. This treaty blamed Germany for the start of this war and forced them to pay billions of dollars in reparations. This lead to the crash of the German economy and eventually allowed for the rise of Hitler.
If there was no victory in World War I, then the Treaty of Versailles would have not been created.
