Crescent and Iron Cross, page 139 by E.F. Benson
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We need not trouble ourselves with considering what the Allies will have to do with the Turkish army when once the end of the war comes, for the collapse of the military party in Turkey, which owes its whole vitality to Germany, will be perfect and complete. But the economical future of Turkey is not so plain: at the present moment its bankruptcy is total. Early in the war Germany drained it of such bullion as it had, and has since then advanced it about £150,000,000, which, as far as I can trace, is entirely in German paper, and must be redeemed in gold at some period (chiefly two years) after the end of the war. That is wonderful finance, and one marvels that Turkey could have been so far blinded as to accept it. But I expect that the swallowing of the first loan was sweetened by a spoonful of jam of this kind. Germany pointed out that, though England was quite certainly going to lose the war, she had issued an immense paper coinage which had all the purchasing power of gold. Germany, on the other hand, with her dear Ally to help her, was just as certainly going to win the war. How, then, could there be the slightest risk of the German paper money depreciating a single piastre in value? That sounded very good sense to Turkey, who was equally convinced that she would be on the victorious side (else she would not have joined it), and down went the loan with a pleasant sensation of sweetness. A second loan was easily induced by the failure of the Dardanelles expedition, and about then the 'ignorant' Turkish peasant began to wonder whether the paper was quite as valuable as gold, and to prefer gold or even the ordinary silver piastre to its German equivalent. To counteract that, as we have seen, a law was passed making it criminal to hoard gold, and, to complete the ruin, the silver piastre was called in, and a nickel token was substituted.... We can but bow our heads in reverence of the thoroughness of German swindling.
Now Turkey is completely bankrupt, and we must ask ours