Whoops! I may be wrong even on that.
A belated examination of the map shows that a German army at Hazebrouck would actually be nearer to Calais than would a British one at Ypres - and much nearer than a British one at say Arras.
So if the Germans break through there, it could give a whole new meaning to the phrase "Race to the Sea".
Yes, a good German success here means they make some of the Channel coastline.
I'm having a bit of trouble with finding this: what assets were the British mortgaging in the first years of the war for the loans from American banks? Was it merely British deposits in American banks, or was there anything more concrete?
Anyone who can even point me at a chapter on the subject or what have you... I'm curious what the banks would be seizing.
It is buried in the details in WW1. I will go threw what the UK did, which is common for many of the countries involved. Brief TL from memory, so don't get too worked up on dates which may be off a bit and some broad brush strokes.
1) August 1914 - War starts with little long term planning for economy by anyone. All major leaders expect quick win. You settle debts in gold which is shipped on merchant ships all the time. In today's terms, it would not be uncommon for a ship to have 3 billion in gold aboard.
2) Winter 1914 - People realize war will be long and very expensive. We see the UK going off gold convertibility for domestic users. They go to paper script or what we now call cash. Lots of domestic bond issues. Gold outflow is an issue. Transport is issue since ships with gold being sunk or risk of sunk. Solution is needed so we can buy things (UK) in USA.
So we then make all UK citizens (maybe English and Scotland only) give title to all stock, real estate, factories, business, or other high value items in USA to government for bond (not paper script). UK then uses these as mortgage to USA banks at large discount. So say you are Duke of London who own a gold mine in California, big chunk of Standard Oil, and some vacation homes. All these are now owned by the Crown and you have a bond paying about 5% that comes due in a decade or two.
3) Now what would happen in ATL with UK losing, is that the bank would just sell the assets on the open market to payoff the loans. What happened IOTL is these loans were repaid by UK. I am not sure if you get your gold mine or vacation home back.
And this also gets to a large part of why WW1 broke the UK economic might. The USA spent 4 billion USD in the ACW, much borrowed from UK investors. The USA paid interest on these debts by basically sending food and raw materials to the UK. Other countries had similar items. (Ok, this is the net transaction). Once WW1 is over, the UK has to pay for these items, and has trouble finding enough imports to pay for all these imports.