Inspired by this idea:
http://www.firstworldwar.com/features/ifgermany.htm
What if WW1 ends in a negotiated peace in 1918, perhaps like my other thread about a better planned German series of offensives, having a white peace in the West, though Luxembourg is annexed, and a free hand in the East? No one pays reparations, AH falls apart in 1919 resulting in Germany grabbing Austria and Bohemia/Moravia, Romania regains its freedom, Italy falls into civil war, Russia ends up with a Republican government after a German intervention in the Civil War, Germany loses her colonies and has limits on her navy, and the US is pissed because the war ends before she can finish it. Poland is independent, but economically dependent on Germany; Germany loses the Ukraine in the Russian Civil War; Germany annexes the Baltic states. The Ottoman Empire exists, but is a rump that only retain what ground it held in 1918. It is neutral and is ejected from the Caucasus during the Russian Civil War.
If you can think about any scenario questions, please ask.
So Germany gets off scot free, but has no more powerful allies (Hungary is divided up between Romania and Yugoslavia, which here is Croatian and Slovenian dominated, leaving a rump that still retains Slovakia, but is weak economically and more a German satallite). But she is still cut out of the world markets after the war and her economy takes time to recovery. She is still a monarchy, but a constitution is pushed through that gives the chancellor much of the powers the Kaiser once had.
Socially the country turns conservative as the WW1 generation ages and nationalistic and militaristic veterans groups keep a solid majority in the Reichstag. So in this situation, especially where Germany has weakened rivals and is economically and militarily more prepared for a second war, can she start another one for total domination of the continent and to marginalize the British?
Obviously this would be the British nightmare scenario, as the German navy is much larger and Germany never had checks on her military to recover from. There isn't an exodus of intellectuals and Jews from Germany either. Economically and technologically she is much stronger and probably has a strategic bomber force. Russia and France are weaker than OTL, but there is probably still a Maginot line. Thanks to a strong position in Europe, Germany still has economic ties to Romania and now a more oil-rich and neutral Turkey (retains Mosul) that is still bitter at the British, while also likely having a more stabile and friendly Yugoslavia as an economic ally, especially if Italy turns Fascist.
But could such a war happen without the humiliation of the Versailles treaty, the problems of the weak economy, and without the single-minded determination of the Nazis to leverage Germany into war again, despite the OTL Nazi German populace not being in favor of war?