The episode strips the argument down to Germany's lack of a conventional path to victory. Holtzendorff's one remaining chance was to remove Britain from the fight quickly enough to negotiate on favourable terms. The comparison with later Axis hopes shows how one dramatic blow could be expected to create bargaining leverage without destroying the enemy outright. This distinction matters because the campaign's standard of success was political endurance and willingness to negotiate, not a defeated Royal Navy or an occupied Britain.
Notable Point · 19:38-20:31
The memorandum sought leverage for a negotiated peace
The campaign sought to force Britain into favourable negotiations rather than produce an outright German military victory.