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By 1916, Britain was funding most of the Empire's war expenditures, all of Italy's and two thirds of the war costs of France and Russia, plus smaller nations as well. The gold reserves, overseas investments and private credit then ran out forcing Britain to borrow $4 billion from the U.S. Treasury in 1917–18. [ 9 ]
To pay for the large costs of the First World War, Germany suspended the gold standard (the convertibility of its currency to gold) when the war broke out in 1914. Unlike France, which imposed its first income tax to pay for the war, German Emperor Wilhelm II and the Reichstag decided unanimously to fund the war entirely by borrowing.
The European liquidation of American securities in 1914 (also called the financial crisis of 1914) was the selloff of about $3 billion (equivalent to $91.26 billion in 2023) of foreign portfolio investments at the start of World War I, taking place at the same time as the broader July Crisis of 1914.
At first, little was done to regulate the economy for a wartime footing, and the German war economy would remain badly organized throughout the war. Germany depended on imports of food and raw materials, which were stopped by the British blockade of Germany. First food prices were limited, then rationing was introduced.
The question of German war guilt (German: Kriegsschuldfrage) took place in the context of the German defeat by the Allied Powers in World War I, during and after the treaties that established the peace, and continuing on throughout the fifteen-year life of the Weimar Republic in Germany from 1919 to 1933, and beyond.
As soon as the war began, the major nations issued "color books" containing documents (mostly from July 1914) that helped justify their actions.A color book is a collection of diplomatic correspondence and other official documents published by a government for educational or political reasons, and to promote the government position on current or past events.
Before World War II, the events of 1914–1918 were generally known as the Great War or simply the World War. [1] In August 1914, the magazine The Independent wrote "This is the Great War. It names itself". [2] In October 1914, the Canadian magazine Maclean's similarly wrote, "Some wars name themselves. This is the Great War."
Germany was the leader of the Central Powers, which included Austria-Hungary at the start of the war as well as the Ottoman Empire and Bulgaria; arrayed against them were the Allies, consisting chiefly of Russia, France, and Britain at the beginning of the war, Italy, which joined the Allies in 1915, and the United States, which joined the ...