The point is that Chamberlain effectively destroyed ...
one of the most capable armies in Europe without Hitler having to fire a shot. Between the Czech Army, the natural defenses, and the man-made border fortifications, Hitler would've had a hard time pulling off an invasion of Czechoslovakia in 1938. He didn't have to - Chamberlain was so gullible that he believed Hitler's promises. The man betrayed the Czechs and handed Hitler a major victory (and control of the Czech arms industries) in exchange for a piece of paper. He was a fool.
