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Complicated title, I know, but bear with me. Let's take a standard Central Powers victory scenario. You know the sort - America and/or Italy stay neutral, Germany makes mild territorial gains in the west but fairly substantial ones in the East, including something like Brest-Litovsk (and there'll probably be Mittelafrika as well), Austria-Hungary still collapses fairly quickly and much of it is incorporated into the German Empire, and the Ottoman Empire hangs around, at least for a while.

These are the standard assumptions people seem to make for such a world. Yet such a victory for the Central Powers still leaves the British Empire mostly untouched and Russia (which, for the purposes of this scenario, could be Tsarist, Soviet, or taken over by some other revolutionary group) would have lost quite bit of land, but would still be a force to be reckoned with. France would be the worst off of the major members of the Entente, but its revanchist rage against the Germans likely wouldn't go away.

So say there's a Second World War around two decades after the first one, with the same basic sides as the first one here - Germany, Italy, and the Ottomans on one side, with the British, French, and Russians on the other. Say the revived Central Powers win this one as decisively as the Allies did in the OTL WWII (so, American and Japan would probably have to be in the Central Powers for the second round, or at least neutral). Bearing in mind that there are quite a few other factors that need to be considered, my main question is this: what are Britain, France, Russia, and their empires liable to look like after having lost two world wars in the first half of the twentieth century? What would the German Empire and its allies look like?
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