How World War I Ended the Ottoman Empire Forever — Fexingo History

The Ottoman War Bonds That Bankrupted an Empire

5 min · 2. juli 2026
episode The Ottoman War Bonds That Bankrupted an Empire cover

Description

In this episode of How World War I Ended the Ottoman Empire Forever, Lucas and Luna explore a little-known financial catastrophe: the Ottoman war bonds, or istikraz, that financed the Great War and then collapsed, taking the empire's economy with them. They trace the story from the 1914 German-backed bond issue through the devastating inflation, the printing of mountains of paper money (kaime), and the desperate attempts by Finance Minister Mehmed Cavid Bey to keep the treasury afloat. Along the way, they discuss the role of the Düyun-u Umumiye, the Ottoman Public Debt Administration, which had controlled Ottoman finances since 1881; the secret gold shipments from Berlin; and how ordinary people — from Istanbul merchants to Anatolian farmers — lost their life savings when the bonds became worthless. The episode ends with a reflection on how economic collapse, not just military defeat, sealed the empire's fate and paved the way for the Turkish Republic's radical financial reforms. #OttomanEmpire #WWI #WarBonds #Istikraz #MehmedCavidBey #DüyunuUmumiye #Kaime #OttomanFinance #Inflation #GermanLoans #GoldShipments #EconomicCollapse #TurkishRepublic #SublimePorte #History #FexingoHistory #MiddleEast #FinancialHistory Keep every episode free: buymeacoffee.com/fexingo [https://buymeacoffee.com/fexingo]

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