The Beggar Giant
During late 1914, British strategic policy was to buttress France and wait for the Russian army to win the war against Germany. None of the allies was willing to make financial sacrifices for the greater strategic good if doing so risked endangering their postwar position. The weak economic and financial supports undergirding the Russian war machine, however, imperiled Britain’s hopes that its eastern ally could defeat Germany. Turkish entry into the war exacerbated Russia’s financial problems by preventing the export of Russian wheat through the Dardanelles. Not only did this cut the global supply of wheat by a third and cause grain prices to spiral, it also cut Russia off from its main source of foreign exchange and caused its international creditworthiness to collapse. At the end of 1914, Russia demanded massive loans from Britain to stay in the war, which Britain was reluctant to give.