On 8 November, during Hitler's annual speech for the Nazi Party old guard to commemorate the Beer Hall Putsch, he discussed the war in which Germany had recently suffered reversals (at Stalingrad and in Africa), and stated that there would be no negotiated peace. He referenced his prophecy and said that the result of the war would be "the extermination of Jewry in Europe". Hitler said that the enemy was the same one that Nazis had faced under the Weimar Republic. He argued that Germany lost World War I because it did not understand the great danger posed by internal enemies and the Jews; Nazi Germany would win its war against the "half-Jew Roosevelt" because it had been enlightened. Hitler's rhetoric was out of touch with reality, and had only a superficial effect on listeners according to Security Service reports. Herf argues that what Hitler meant was evident to listeners: "The Jews had intended to 'exterminate'—that is, to kill—the Europeans" and in return the "Nazi regime was in the process of exterminating—that is, killing—the Jews". In Herf's opinion, the most believable interpretation of the Jews no longer laughing was that "something of a catastrophic nature was being done to them". The applause indicated that the audience approved of Hitler's "justified retaliation against Germany’s greatest enemy".