There are many possible phrases that could be used, with different phrases to describe the US and various countries in Europe. As some examples, we could use:
- Idealistic and pacificistic. This would describe the US and many European countries. This is why they made treaties like the Kellogg-Briand Pact.
- Economically devastated. This could apply to Germany more than any country since much of its wealth was taken to pay for the damages from the war.
- Full of political unrest. This would apply most to Russia and Germany. However, you could apply it a bit to the US where there was a "Red Scare" in the time immediately after WWI.
remember "dancing on a volcano" and "the golden years" can be applied to Germany specificially and to Europe in General for the 1920s. Everything seems like it's starting to look up, many European countries have secured loands from America and are slowly rebuilding themselves, but it's all the calm before the storm. The wall street crash of 1929 devestates Europe and America and throws the world into the dark days of the 1930s.