The video discusses the period of La Paz Armada between 1870 and 1914 and the diplomatic strategies employed by Bismarck to maintain a balance of power in Europe. Bismarck formed alliances with Austria-Hungary and Russia to isolate France, but tensions over the Balkans led to Russia leaving the alliance. Bismarck then formed the Triple Alliance of Germany, Austria-Hungary, and Italy to continue to isolate France. He also signed the Reinsurance Treaty with Russia to prevent a Franco-Russian alliance. However, Wilhelm II's policies and Germany's actions led to the creation of two alliances, adding to tensions in Europe and a high level of armament buildup.