An American historian's view,
"Peace initiatives during World War I never had much chance of success."

" Secondly, the character of the German government, especially after Ludendorff and Hindenburg consolidated their power after July 1917, made a peace based upon the status quo ante bellum – the terms most likely to end the fighting – almost impossible. Germany's military leaders consistently opposed even the indirect forms of German expansion advocated by Bethmann and Kühlmann as inadequate for Germany's security, were completely convinced that only the most extensive gains possible could fend of revolution at home, and, at crucial turning points in the war, always advocated high-risk gambles for victory rather than seriously explore peace possibilities. "
http://encyclopedia.1914-1918-online.net/article/peace_initiatives