The whole position is a crystal clear example of the proposition that commitments and power must be balanced. Failure to balance them leads to bankruptcy, moral, political, and diplomatic. Neither Britain nor America was capable of paying the debt of honour.
Why?
Not because we did not support the League. Not because we did not believe in collective security. Not because we loved the Japanese. The reason is much simpler. Years of pacifism, disarmament, and false economy had deprived us of the power to do so.