At the beginning of WW2, I'd actually argue that the balance of power was tilted towards the Axis.

I just want to point out here, but Germany was in a bit of an ammunition crisis in '39. As late as July their ammunition stockpile would only last them about "fourteen days of heavy fighting". German industry was only receiving a fraction of the resources they needed, e.g. plans for 37 million infantry rounds produced per month, rather than the proposed 375 million. If France had made a serious attack in '39 it may have been "catastrophic" for the Germans. (I'm just parroting a historian here. I don't know anything).

From Major-General Thomas' diary (of the military-economic office of the Oberkommando Wehrmacht [OKW]):

27 August Sunday prior to Polish war ... Point out that ammunition crisis to be expected, especially in relation to powder and explosives: Again sharp rebuke. Answer: I was thrown out.
Fuehrer: stop bothering me with the bloody Western situation