During World War I, Germany faced significant financial challenges compared to other European powers such as Britain, France, Italy, and Russia. One major issue was its inability to access the international bond market, which limited its options for raising funds. Initially, Germany overlooked opportunities in the New York market and later found itself excluded from it altogether.

This lack of access to external financing hampered Germany's financial strategies during the war, contrasting sharply with the other nations that could secure loans and investments from abroad. As a result, Germany's financial situation was precarious, affecting its ability to sustain the war effort over time.