The bubble was punctured, and HRE, as the economic leader, suffered the most; Britain, as the second largest industrial country in the capitalist world economic system, naturally suffered the second largest losses.

Regardless of whether the two countries are politically opposed, they have long been tied together economically. The economic bubble of the HRE Empire was serious, and the economic bubble of Britain was not much less.

In fact, the crisis should have erupted after the end of the European War, but it was suppressed by the combined forces of all parties.

The Vienna government took measures, and the London government was not idle. During the Gladstone Cabinet, Britain's diplomatic strategy was in a near-total collapse, and if the economic boom was gone, it was estimated that the British people would tear them apart.

The cabinet wanted to survive its final term safely, and the consortium needed time to retreat, and the two sides hit it off, artificially creating a virtual economic boom in the second half.

The economic crisis, which was supposed to have erupted in 1893, has been dragged out until now. If it weren't for the Vienna stock market crash, it is estimated that the crisis would have continued backwards.

Against this background, the newly appointed Robert Cecil is tragic. Before the butt could sit firmly, the stock market crash came, and the economic crisis was about to break out.

In those years, Britain had a free economy, and the government could not interfere with the market. Of course, it's good to listen to this, if you are serious, you will lose.

Just because you can't intervene directly in the market doesn't mean you don't intervene at all. In fact, the government's economic policies, laws and regulations are all important factors affecting economic development, and the difference lies only in the degree of interference.

Tax rate adjustments, social assistance, joint consortia to save the world, and launching foreign wars to divert crises are all part of the government's intervention in the market.

"What's going on, did the consortium agree to bail out the market?"

Prime Minister Robert Cecil is not in a hurry, since the economic bubble was burst, the London stock market has also followed in the footsteps of the Vienna stock market, starting a continuous downward mode.

Unlike the conservative country of the HRE, where a large number of family businesses cling to their shares and are not listed, Britain is the most developed country in the financial industry, but all large-scale enterprises are listed companies.

Listed companies are more likely to obtain financing, which is conducive to accelerating the development of enterprises, and the sequelae is that enterprises are affected by stock price fluctuations.

The management model of professional managers seems to be very scientific, but the company's money is not its own after all. In order to achieve higher returns in the short term, corporate management is often aggressive in formulating strategies.

Fortunately in normal times, once the stock price falls sharply and it becomes difficult for enterprises to obtain financing, aggressive development strategies often lead to the rupture of corporate capital chains.

In contrast, non-public, conservative family businesses prefer to be steady. Although the pace of development is a little slow, the company itself rarely has large debts, and most of the time it maintains sufficient capital flow, and there is no risk of capital chain breakage.

The most important thing is that large enterprises that are not listed are usually high-quality enterprises with good profitability and strong market competitiveness, and their ability to resist risks is the strongest.

Specifically, you can refer to the royal consortium of Vinfrancz, and most of the companies listed are high-risk technology companies, or companies with insufficient profitability and uncertain development prospects, as well as companies whose development potential has touched the bottleneck of the industry.

Enterprises that are really profitable, or are in the stage of rapid development, are all nesting below to make a lot of money, when to develop to the bottleneck of the industry's upper limit, when is the time to go public to cash.

What to grow together and share together, just listen to this kind of deception. Isn't it good to pinch it in your own hands for a high-yield business that makes sure you don't lose money, why take it out and share it?

There may be companies that have done it, but such companies are rare, and there are only one hundred and eighty of the thousands of listed companies, and the vast majority of companies have mediocre performance after listing.

Able to operate stably all the time. Enterprises that outperform inflation, keep up with the speed of the country's economic development, and do not have thunderstorms are all conscientious enterprises.

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

Against this backdrop, the Holy Roman Empire, which suffered the worst in stock market decline, was not as affected economically as Britain.

Aquinas, the Minister of the Economy, shook his head: "It's a pity that 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 of pulling up the stock price now, and it needs to wait a little longer.

If the government really wants them to fund the bailout, the consortium also put forward the condition that they must join forces with Vienna, and they are afraid that they will be profited by others. ”

Robert Cecil frowned, and said unhappily: "Wait, wait any longer, the companies will go bankrupt, and save the city." Join Vienna to make a move, and they can figure it out.

The current situation is very obvious, the Holy Roman Empire has big problems in the economy after the European War, and now it is in a period of economic adjustment, and there will be an economic crisis with or without this stock market crash.

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

If they don't drag everyone into the water, it is strange that the Vienna government will come to the rescue of the city, and they are now eager to drag everyone into the water and share the losses for them. ”

There is no use complaining, and there is not only British capital on the London stock market, but also capital from the European continent.

If the parties can't reach an agreement, the British consortium comes to the rescue, and people take the opportunity to sell, and they become pick-up heroes.

Although Eurofins capital began to flow back since the beginning of the year, it is only a small part of their huge volume.

After the outbreak of the Vienna stock market crash, the British consortium took advantage of the landed households to take the first step and give international capital a blow.

Now that they have to think about bailing out the market, they are naturally worried that others will follow suit. They spent a lot of money to pull up the stock price, and others took the opportunity to run away, and they were forced to do so.

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

What's more, although a large number of bankruptcies of enterprises are very unfavorable to the country, they are a capital feast for the consortium. They can take advantage of the opportunity of enterprise bankruptcy and reorganization to bring some high-quality enterprises under their command at the price of cabbage.

……

It is not only the British government that has a headache, but all the capitalist industrial countries have a headache in the face of the hob meat that is bent on pulling everyone into the water.

In the past, countries have attacked the Vienna government for interfering with economic freedom, but this time it is not necessary to spray, but the result is even more unacceptable.

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

In fact, Franz is also in a difficult situation right now. He also doesn't want an economic crisis now, if possible. But there was no way, and before you knew it, the economy of the Holy Roman Empire was strayed.

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

After the end of the European War, I don't know whose idea came up with it, and several northern states played with big infrastructure. Originally, there was no problem with infrastructure, but the problem is that they built a lot of infrastructure that they didn't need.

Duplicate railway lines and branch lines have even penetrated deep into villages, and real estate projects are blooming everywhere, which are not practical water conservancy projects at all.

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

In fact, even if he knew in advance, he had no way to interfere. The autonomy of the state is not a joke, how to develop the economy is the freedom of the people, and there is no need to report to the emperor.

The only positive thing is that the North German region failed to harvest grain last year. Yes, food shortages are good at this time, at least for now.

If there is a bumper grain harvest, Franz will have to consider the problem of a surplus of agricultural products. After all, after the economic outbreak, people have to tighten their belts, and even if it is a just-needed product such as grain, sales will decline.

Last year's poor grain harvest in the north at least ensured the stability of the empire's agriculture. As for the subsequent impact of the poor harvest, it is a minor issue.

Except for the Kingdom of Prussia, which was impoverished by the Russo-Prussian War, the economic conditions of the other northern states were very good, otherwise they would not have the money to make a living.

Since the outbreak of the economic crisis, except for Wilhelm II, who personally came to Vienna for help, several other states have only sent a few telegrams complaining about the difficulties, and by the way crying for money.

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

This kind of worry-free little brother, Franz is the favorite. As long as it doesn't cause trouble to the central government, who wants to interfere in the internal affairs of the state if it is not fed and supported?

Regardless of whether they are dead or not, purely judging from the results of economic development, the governments of these states are stronger than most of the provinces directly under their central government.

The Kingdom of Prussia was mainly due to the serious problems left over from history, and the huge indemnities brought by the war affected the domestic economic development.

But on the whole, the economic recovery is still good, although it is a little behind the neighbors, but the per capita income still exceeds that of Spain and Russia, and is about to catch up with pre-war France.

Although the impact of the economic crisis is large, 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 will not kneel in the first wave.

The Kingdom of Prussia, in particular, suddenly declared its finances bankrupt without warning. Normally, they should seek help from the central government before declaring bankruptcy.

Even for the sake of the Empire's face, as long as the funding gap was not too large, the Vienna government would pull them along.

In reality, on the contrary, before the government declared financial bankruptcy, it had not asked Vienna for help at all, except for a bunch of unfinished projects, as if it was bent on bankruptcy.

It was only after the Berlin government declared financial bankruptcy that Wilhelm II jumped out and went to Vienna to cry and sell poorly, which was obviously abnormal.

Unlike in the past, as a member of the Holy Roman Empire, Prussia already had the bargaining power with the British.

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

Even if there is no economic crisis, after a while, they will go bankrupt under other pretexts, such as the broken government funding chain and the inability to pay for the project......

After all, there are many benefits to the bankruptcy of the Prussian government now! Domestic economic problems can be turned to the central government for help, and the Vienna government cannot sit idly by; The debt owed to the British, which may not be repaid in the next century, can also be legitimately called for debt restructuring.

The Kingdom of Prussia also had a history in this regard, and when the "German Federal Government" went bankrupt a year ago, the Berlin government followed suit.

Unfortunately, in the end, the British only accepted the transfer of the German federal government's creditor's rights. After all, the German Federal Government was a government that would be dissolved tomorrow if it did not sign a contract today. In order to avoid not being able to find the debtor, the British could only pinch their noses and admit it.

The Kingdom of Prussia was different, even if the government was dissolved, the king was still there, and Wilhelm II could not even have the throne because of debts. As long as the country is still there, and the government is not reorganized, the debts owed will not be able to run away anyway.

Coupled with the fact that the Holy Roman Empire was still in its infancy at the time, and without a central government to protect itself from the elements, the Berlin government could not withstand the pressure exerted by the British, and after obtaining a few months of debt extension, it was instigated.

Now it's different, as long as the Berlin government is thick-skinned enough, the British can't do anything about them.

"Collateral" for debt?

There is no problem, although someone is sent to take it and promise to cooperate fully.

Customs duties, now collected by the central government, were no problem as long as the British thought they could take them from the Vienna government.

The port wharf, although in the hands of the Kingdom of Prussia, involved territorial sovereignty, which was also the work of the central government. If there is any negotiation, it will be with the Ministry of Foreign Affairs, as long as the Vienna government is willing to agree to everything that can be discussed.

The right to mint money also belongs to the central government. If you want to consult with the Ministry of Foreign Affairs, the Prussian government, as a local government, has no right to intervene now.

……

In short, none of the mortgage contracts signed between the Prussian government and the British after the default of the debt can now be implemented.

Although these treaties were still legally valid before the establishment of the Holy Roman Empire, the only way to fulfill the provisions of these treaties was to negotiate with the Imperial Ministry of Foreign Affairs.

"Willful default" and "lack of money to repay debts" are two very different concepts, the former is to be despised by the international community, and the latter is all that is done with the surrender of collateral.

Now Wilhelm II only had to put down his face, make a gesture that he was willing to hand over the collateral, and then push the problem to the Vienna government, and the matter would be over.

In the end, it was the British who compromised, and it was the Vienna government that paid their debts for them, and these problems did not need to be a headache for him.

Knowing that it was trouble, Franz could only take it head-on. Whatever the reason, he, the emperor, could not allow the country's sovereignty to drain away.

Thinking of this, Franz wanted to hammer which keyboard warriors to kill. Who said that Wilhelm II was iron-hearted, and other people's political methods were played smoothly.