Holy Roman Empire

If all these high-quality companies under the stage are listed, no matter how low the valuation given by the market is, with the economic size of the Holy Roman Empire, the two major financial centers of Vienna and Frankfurt cannot be smaller than London.

In this context, the Holy Roman Empire, which suffered the worst stock market decline, did not suffer as much economically as Britain.

Economic Secretary Aquinas shook his head: "Unfortunately, they rejected our proposal. The consortium believes that there is still a bubble in the current stock market, and there is a very big risk in raising the stock price now, and we need to wait.

If the government really wants them to contribute money to rescue the market, the consortium also put forward a condition, that is, they must join forces with Vienna to make a move. They are worried that they will be exploited by others. "

Robert Cecil frowned, and said unhappily: "Wait a little longer, the company will go bankrupt, and the city will be saved. It's a good thing they can think of it together with Vienna.

The current situation is very obvious. After the European War, the Holy Roman Empire experienced major economic problems. Now it is in a period of economic adjustment. Whether there is this stock market crash, they will have an economic crisis.

And we are different, just the unlucky ones who were implicated.If you can't stabilize the stock market, you have to accompany them through the economic crisis.

If everyone is not dragged into the water together, it is no wonder that the Vienna government will take action to save the market. Now they can't wait to drag everyone into the water together and share the losses for them. "

Complaining is useless, and the London stock market is not only British capital, but also capital from the European continent.

If all parties fail to reach an agreement, the British consortium comes to rescue the market, and people take the opportunity to sell it, and they will become the receivers.

Although European capital has begun to flow back since the beginning of the year, only a small part of it has flowed out for their huge volume.

After the Vienna stock market crash broke out, the British consortium took advantage of the advantages of being a landowner and took the first step to give international capital a blow.

Now that they have to consider the issue of bailing out the market, they are naturally worried that others will follow suit.They spend a lot of money to pull up the stock price, and others take the opportunity to get away and run away, and they will be forced to do so.

After all, consortia are not omnipotent.In the intriguing capital market, anyone must be cautious, or they will be eliminated by the market sooner or later.

What's more, although a large number of bankruptcies of enterprises is very unfavorable to the country, it is a feast of capital for the consortium.They can take advantage of the opportunity of corporate bankruptcy and reorganization to acquire some high-quality companies at the price of cabbage.

……

It is not only the British government that has a headache. Facing the hob meat that is determined to drag everyone into the water, all capitalist industrial countries are extremely troubled.

In the past, all countries criticized the Vienna government for interfering in economic freedom. This time there is no need to spray, but the result is even more unacceptable.

The Vienna government managed to follow the natural laws of a market economy, but everyone was dragged into an economic crisis.

In fact, Franz is also in a difficult situation now.He would also prefer not to have an economic crisis now if possible.But there was no way, and the economy of the Holy Roman Empire went astray unknowingly.

Especially in the northern states, not only is the industrial development uneven, but there is also a large amount of overcapacity.For example: railways and construction are the two hardest hit areas.

After the end of the European War, I don't know who came up with the idea, and several states in the north started to play big infrastructure.Originally, there was no problem in building infrastructure. The problem is that they have built a lot of unnecessary infrastructure.

Repeated construction of railway lines and branch lines even go deep into villages, real estate projects blooming everywhere, and water conservancy projects that are not practical at all.

If it wasn't for the outbreak of the economic crisis and the government of the Kingdom of Prussia declaring bankruptcy, Franz would not have known that someone was having such a good time.

In fact, even if he knew it in advance, he would have no way to interfere.State autonomy is not just for fun, how to develop the economy is the freedom of others, and there is no need to report to the emperor.

The only good thing is that the North German region had a bad harvest last year.That's right, food shortages are also good at this time, at least for now.

If there is a bumper grain harvest, Franz will also consider the problem of surplus agricultural products.After all, after the economic outbreak, people have to tighten their belts. Even for rigidly needed products such as food, sales will decline.

The lack of grain harvest in the north last year at least ensured the stability of the empire's agriculture.As for the follow-up impact of the grain shortage, it was a minor problem.

Except for the Kingdom of Prussia, which became poor due to the Prussian War, the economic conditions of the other northern states are very good, otherwise they would not have the money to pretend.

Since the outbreak of the economic crisis, except for Wilhelm II who came to Vienna to ask for help in person, the other states just sent a few telegrams to complain about the difficulties and cry for money by the way.

It can be seen that they can hold on for the time being and are unwilling to let the central government intervene in the economic problems within the state.

This kind of worry-free little brother, Franz is the favorite.As long as you don't cause trouble to the central government, who would want to interfere in the internal affairs of the state if you don't have enough to eat?

Regardless of whether they are trying to die or not, purely from the results of economic development, the governments of these states have done better than most of the provinces directly under the central government.

In the Kingdom of Prussia, the main problems left over from history are too serious. The huge indemnities brought about by the war have affected the domestic economic development.

But in general, the economic recovery is still good. Although it is a little behind its neighbors, its per capita income still exceeds that of Spain and Russia, and it is almost catching up with France before the war.

Although the impact of the economic crisis is great, it has only just begun, and it is far from the most difficult time.With the family background of the Kingdom of Prussia, even if it can't hold on, it won't kneel in the first wave.

In particular, the Kingdom of Prussia suddenly declared financial bankruptcy, without any prior warning.Normally, they should have turned to the central government for help before declaring bankruptcy.

Even if it is out of consideration for the face of the empire, as long as the funding gap is not too large, the Vienna government will give them a hand.

The reality is just the opposite. Before the government declared its financial bankruptcy, apart from tossing out a bunch of unfinished projects, it never asked Vienna for help, as if it wanted to go bankrupt.

After the Berlin government declared its financial bankruptcy, Wilhelm II jumped out and went to Vienna to cry and sell miserably. This is obviously abnormal.

Today is different from the past. As a member of the Holy Roman Empire, Prussia already has the ability to bargain with the British.

Franz has every reason to believe that the Prussian government deliberately bankrupted itself, and the economic crisis just provided them with an "excuse for bankruptcy."

Even without this economic crisis, they will use other excuses to go bankrupt after a while, for example: the government's funding chain is broken and it cannot pay for the project...

After all, there are so many benefits to the bankruptcy of the Prussian government now!For domestic economic problems, you can ask the central government for help, and the Vienna government cannot sit idly by; the debt owed to the British may not be repaid in the next century, and you can also request debt restructuring in a reasonable manner.

In this regard, the Kingdom of Prussia also has a criminal record. When the "German Federal Government" went bankrupt a year ago, the Berlin government followed suit.

It's a pity that the last move was missed, and the British just accepted the transfer of the German Federal Government's debt.After all, the German Federal Government was a government that did not sign a contract today and would be dissolved tomorrow.In order to avoid finding the debtor, the British could only pinch their noses and admit it.

The Kingdom of Prussia is different. Even if the government is dissolved and the king is still there, it is impossible for William II to lose the throne because of debts.As long as the country is still there and the government is not reorganized, the debts owed cannot be escaped anyway.

In addition, the Holy Roman Empire was still being formed at that time, and there was no central government to shield it from the wind and rain. The Berlin government could not bear the pressure exerted by the British, and it gave up after a few months of debt extension.

It's different now. As long as the Berlin government is thick-skinned, the British will have nothing to do with them.

"Collateral" for debt?

No problem, just send someone to get it, and promise to cooperate fully.

Tariffs are now collected by the central government. As long as the British think they can take the tariffs away from the Vienna government, there is no problem.

Although the port terminal is in the hands of the Kingdom of Prussia, it involves territorial sovereignty, which is also the job of the central government.If you want to talk, you are going to talk to the Ministry of Foreign Affairs, as long as the Vienna government is willing to agree to everything, it can be negotiated.

The right to mint coins also belongs to the central government.If you want to discuss it with the Ministry of Foreign Affairs, as a local government, Prussia has no right to ask.

……

In short, after the debt default, none of the series of mortgage contracts that the Prussian government had signed with the British could be implemented now.

Although these treaties still have legal effect before the establishment of the Holy Roman Empire, if you want to honor the content of these treaties, you can only negotiate with the Imperial Foreign Ministry.

"Deliberate default" and "no money to repay debts" are two completely different concepts. The former will be despised by the international community, while the latter will be over as long as the collateral is handed over.

Now, as long as William II is willing to put down his face, make a gesture of willingness to hand over the collateral, and then push the problem to the Vienna government, the matter will be over.

In the end, whether it was the British who compromised or whether the Vienna government repaid their debts for them, these issues did not need him to worry about.

Knowing that it was troublesome, Franz could only bite the bullet and take it.No matter what the reason is, he, the emperor of the empire, cannot allow the loss of national sovereignty.

Thinking of this, Franz wanted to beat those keyboard warriors to death.Who said that William II was so stupid, his political tricks were so smooth.

Chapter 13 "Caring" people haunt

Facts have proved once again that it is not easy to be the boss, and he must fight thunder for the younger brother at critical moments.The debt between Prussia and the British is well known and no one can deny it.

"It's only natural to pay back debts."

Even if the political situation has changed, the Kingdom of Prussia, the owner of the money, is still there, and the debt naturally exists.The British have to collect the debt according to the agreement in the loan contract, and no one can say that it is wrong.

Originally, this had little to do with Franz. The debts of the states were not the debts of the central government, and the empire had no obligation to bear them.Even if the British were chasing debts, they couldn't find the Vienna government.

The problem is that now the Berlin government is pretending to be dead, raising the "debt problem" to safeguarding national sovereignty, and the matter has fallen to the Vienna government.

It is impossible to fulfill the contract. If it is implemented according to the treaty, the people's spitting stars can flood Vienna.

It is impossible to give money. If you help the Kingdom of Prussia pay off its debts today, how many state governments will go bankrupt tomorrow.In the face of interests, the integrity of politicians has always been very low.

A breach of contract is even more impossible. As a newly rising hegemon, the Vienna government must maintain its international image.

In particular, the Vienna government still has a lot of debts to collect outside. If they take the lead in playing rogues, they can use "international practice" as an excuse to renege on debts in the future.

It can be said that the Vienna government is now forced into an extremely embarrassing situation.William II personally came to Vienna to ask for help, probably not only for help, but more for "pleading guilty".

Such a big mess has been caused, it is obviously unreasonable not to give an explanation.Even if the states have a high degree of autonomy, the central government can still give them small shoes.

Now that he has come here to sell miserably, apart from the face being a bit embarrassing, the actual loss is very small.Even if the Vienna government intends to settle accounts with them, after this wave, there is no way to do it.

The rules of the game are like this. The Kingdom of Prussia did something immoral this time, but the king came to apologize in person. Even if the matter came to an end, it would be aggressive to pursue it any further.

Rubbing his forehead, Franz asked with concern: "The cabinet is going to deal with Prussia's debt?"

Prime Minister Karl: "The most ideal result is naturally that the British make concessions. The Prussian government is allowed to postpone payment, or carry out debt restructuring, and part of it will be compensated by the reparations received by Prussia in the anti-French war.

This is almost impossible to do. Britain has also continued the economic crisis. Now is the time for the London government to need funds. If there is no greater interest, they have no reason to accept the debt extension.

Debt restructuring is even more troublesome. The situation in the Kingdom of Prussia is not bad. If the Berlin government had not engaged in a bunch of unfinished projects before, it would not have suffered financial bankruptcy.

France is the real giant pit. Judging from the current situation, it is God's blessing that the Paris government can not go bankrupt.As for war reparations, in the next two or three years, we should not have too much expectations.

On the debt issue of the German Federation, we cheated the British. Now I am afraid that they will no longer accept the transfer of creditor's rights.

Under the premise of not breaking the contract and not sacrificing national sovereignty, I am afraid that there is only a secret deal of interests in exchange for the British to make concessions on the Prussian debt issue. "

The benefits of betting on the success of the national fortune are great, but the cost of failure is also very heavy.In recent years, the Kingdom of Prussia has been paying the price for the failure of its previous bet on national luck.

Even if they became the victors of the anti-French war, the indemnity they received still couldn't fill the hole left before.

Thinking of this, Franz suddenly understood William II's decision.Without getting rid of the mountain of "debt", the Kingdom of Prussia will always be at the bottom of the Holy Roman Empire.

That's right, the bottom line.Tens of millions of Aegis indemnities are paid every year, and the Berlin government simply does not have the extra financial resources for national construction.

After the restoration of the Holy Roman Empire, another major event occurred in the Berlin government. Someone in the government proposed to transfer the two domestic infantry divisions to the Central Army.

For no other reason, I really can't afford it.Losing the army to the central government not only saves a fortune, but it is still these people who guard the security of Prussia.

In the eyes of government officials, even if the army is retained, the command power will be taken away by the central government. Even if the king still has the power to command, it has nothing to do with the Berlin government.

It's just that this move was strongly opposed by William II himself.The military command power taken away by the central government is only during wartime, and the highest military officer of the state army in peacetime is the king.

Once it is converted to the central army, it will be different. Even though the Constitution of the Holy Roman Empire stipulates that the monarch of the state is the highest military officer of the garrison in the area, but it is the own state army that can really command.

As for the Central Army, the military expenditure was allocated by the emperor, and the generals were appointed by the emperor.William II would not naively think that after losing these rights, only a nominal supreme command can control the army.

It seems to be nothing in normal times, but if something happens, when you need to use the army, you suddenly find that you can't command the army, then you will be finished.

In a sense, losing military power means losing the ability to overturn the table.The people below can unscrupulously ostracize the king and play purely according to the rules of the game. I am afraid that few kings can play better than the ministers below.

If you look at the many states in the Holy Roman Empire, you will know that no one who has a family background has given up the army.Including those great nobles who have been sealed overseas, each of them has formed their own private army within the scope of the law.

According to the statistics of the Vienna government, the armies of the various states in the Holy Roman Empire + the private armies of nobles accounted for about one-third of the total number of the imperial army.

If various colonial groups and civilian armed forces are added, this proportion is likely to be more than half.In other words, these miscellaneous armed forces are equal in number to the Central Army.

This is an inevitable result, and the state is a problem left over from history.If the Vienna government doesn't pay attention to eating, why should they mess with you?

Not to mention the noble private army and civilian colonial armed forces. Without these people, where did the empire's colonies come from?

The country was shot down by someone with a knife and a gun. When it's time to share the cake, can you still kick them out?

Even if it's crossing the river and demolishing the bridge, it's something that needs to be considered after crossing the river.The territory of the Holy Roman Empire has surpassed any country in history. If it is really under the direct control of the central government, even if it is not dragged to death by administrative expenditures, it will be killed by endless uprisings.

Do you really think that Franz is willing to wantonly distribute the seals?Not all realistic needs.If you don't share the cake, why should the people below work for you.

You can see from the actual effect that the major colonial empires were plagued by national uprisings, but the Vienna government never worried about it.

In fact, the private army of the Holy Roman Empire is not the largest.The British have the most private armed forces, but they are called companies, colonial governments, and dominions.

To put it simply, you opened up a colony, and the British government ordered you to form a colonial government, such as the East India Company.

Of course, whether you can keep it in the end depends on your ability to move, or your backstage background in China.

If it is really managed directly, with the number of lobster soldiers, at most one Canada can be ruled.There can be no more, no more will be taken care of.

Everyone is working hard for the rights and interests, and William II, who has already obtained them, is naturally unwilling to give up.If you analyze it carefully, it is not difficult to find that the bankruptcy of the Berlin government is the result of a compromise between all parties in Prussia.

After contemplating for a while, Franz shook his head: "Prussia owes the British a lot of money, even if the London government is willing to compromise, the financial group behind it will not give up.

The exchange of interests requires that we have interests to exchange with them.You can't make major strategic concessions just because of the debt problem, right?

Wait for the British to come to your door, and then talk to them slowly.Delay as much time as possible, maybe after the economic crisis passes, the Kingdom of Prussia will have the money to pay off its debts. "

In the face of interests, no morals are worth mentioning.Now the situation is very obvious, to solve the problem will be a dilemma.If you don't want to solve the problem, then there is no trouble.

Anyway, it is the Kingdom of Prussia, not the Holy Roman Empire, that owes its debts.The current debt performance is in conflict with imperial law, and that is not the responsibility of the Vienna government.

The big deal is to let the British go to the Imperial Court to sue, and let the guys in the court have a headache.Just took advantage of this opportunity to push the Legislative Council to promulgate a law "Prohibiting Local Mortgage of Public Power to Borrow".

Prior to this, Franz had already released the rumors, but seeing the strong resistance of the governments of various states, there was no proposal for a long time.The Prussian debt crisis happened to be an opportunity that came to our door.

The definition of "public power" is very broad. National sovereignty, government fiscal revenue, state-owned industries, including government office buildings can all be regarded as part of public power.

Once the law is passed, the governments of various states will not be able to provide any collateral if they want to borrow money. The only thing they can rely on is the government's reputation.

If it's a pure credit loan, Franz doesn't need to worry about it.Not to mention whether anyone dares to lend a huge amount of debt, even if it is really borrowed and the debt defaults, it will not involve national sovereignty.