Surprised this question is still in GQ; it seems like quintessential GD material.
To answer the OP, my response is “Yes, provided…” a lengthy list of breaks go the Axis’s way.
[ul]
[li]If the Dunkirk pocket is annihilated, leading to the British questioning their desire to prolong the War. [/li][li]If German and Japanese diplomacy wasn’t so terribly incompetent; if Talleyrand were the Foreign Minister and not Ribbentrop, say. [/li][li]Then, you possibly can negotiate a settlement with Britain—guarantee the U.K. keeps the Commonwealth, return the POWs, etc; while the British suspect that Germany will be soon be too busy with the Soviets to renege on the deal.[/li][li]No British war means no more British blockade of Germany, which means no more U-boat campaign and no more irritated USA.[/li][li]Further, the USA can now trade with Germany—which they had no problem with, pre 1 Sept 39.[/li][/ul]
The British can claim how steadfast they’d have been all they want: IMHO, taking 330,000 casualties all at once would give pause to any country this side of the Soviet Union. OTOH, the Soviets obviously kept on fighting after 450,000 were lost in the Kiev encirclement. I am guessing the Red Army was a wee bit larger than the British Army of 1940. Hell, total British Army casualties for the whole war, in both theaters, was 385k dead and wounded, with another 180k POW. Taking 60% of that total all at once would be a very large shock.
With Germany able to trade with the USA and Britain, able to buy the trucks that otherwise went via Lend-Lease to Stalin, and thereby mechanize their logistical train, I am not so sure that Barbarossa doesn’t ultimately succeed. No, I don’t think the Germans could conquer and pacify all of the USSR, but I think they could knock them out of the war.
For Japan, I’ve stated before in other threads that I am not sure that the U.S. wouldn’t sign an armistice, provided the IJN had a crushing victory at Midway, and proceeded to make Pearl Harbor’s life hell. Japan would certainly look 10 feet tall at that point. There’d be, what: the Doolittle Raid and the tie at the Coral Sea to make the U.S. feel better about its chances? If Wasp and Saratoga were to be sunk as well after this hypothetical defeat at Midway, it would look really bad. To have the drop on the IJN, ambush their carriers and still get your ass kicked…? Not good for morale. No matter how much the USA absolutely outclassed Japan industrially.
Say, if Japan promised to return the Phillippines, Guam and other U.S. territories, in exchange for a free hand in China, IndoChina, and the East Indies… I am not sure the U.S. absolutely rejects that out of hand.
So, very unlikely the Axis can do anything but die horribly. But not impossible.