Without falling into the Keynesian trap of implying the entire settlement was created in President Wilson’s ‘hot, dry room’, this chapter acknowledges the central role of the Big Four at the Paris Peace Conference in providing a decision-making forum to which many of the most contentious issues were referred. Their ideas, conflicting ambitions and interactions helped to shape the peace. Wilson and Lloyd George, who largely shared a Gladstonian liberal philosophy, advocated self-determination, disarmament, trade and a new international order based on a League of Nations, though this did not prevent significant clashes between them over reparations and naval construction. Clemenceau pursued a more traditional, though potentially incompatible, policy of alliances and territorial adjustments to counter what he perceived to be a continuing threat from a neighbour with larger resources and a more dynamic demographic. Orlando’s vision was focused more closely on Italy and its European context, though not without imperial aspirations. Keynes dismissed him in a sentence and footnote but Italy had an important part in the negotiations and compromises, which moulded the settlement drafted by the Four and their colleagues. The extent, however, to which a ‘New Diplomacy’ had overtaken the old remained moot.