Basically the What If goes like this. WWI drags on longer and bloodier allowing harsher concessions on Germany for losing the war.

In this time line one of the requirements on Germany is that they are placed under a Jewish Monarchy (or other government) as a punishment (remember antisemitism is high and this seems like a solution as a dumping ground for their populations, and is encouraged by the Jewish peoples themselves) instead of some of the odious financial reparations in OTL. Those financial reparations that do remain are negotiated to be paid in a longer time frame than in OTL.

Knowing that there will be resistance against Jewish ruler-ship, the treaty puts in provisions for mercenaries and other security to maintain the new government. This security is set to be paid back by Germany at high but not usurious rates.

Is there a government that could conceivably hold Germany as a Jewish state? How much violence occurs in this timeline, and does it prevent the rise of the nazi party, WWII, and/or the Holocaust.
What changes could we expect to the Middle east in this timeline?

How does Asia, most notably Japan, play out with Germany as a Jewish state?