Since the French abandoned the gold standard, the value of the franc has plummeted, and at its peak the value of the franc was equal to the lev, and now it has fallen to 10:1.

The French government plundered a lot of wealth from the people, got rid of the government's financial crisis, put a lot of cash on the market, and the domestic economy began to recover.

In the first half of 1923, the total value of French exports increased by 38 percent compared with the same period in 1922, almost catching up with the peak level of the same period in 1913.

In a favorable environment, the unemployment rate in France has also begun to fall sharply, and at the cost of the living standards of the French people has also fallen sharply.

The pros and cons of abandoning the gold standard are in front of him, and Ferdinand is also considering whether to follow up, with the current Bulgarian economy, it is far from being able to hold the value of the lev.

The most serious consequence is that the volume of export trade has shrunk sharply, but now Bulgaria's total export trade does not account for a large proportion, and Bulgaria's tariff revenue accounts for only 4.8 percent of its fiscal revenue, while the proportion of export revenue is even smaller.

Mainly the pro-Russian trade, which accounts for nearly half of the import and export trade, is a symbolic tariff implemented by both sides, which is a lot less tariff, but it also increases other taxes, and it is still profitable on the whole.

After all, after the tariff is levied on exported goods, many domestic taxes must be exempted, such as stamp duty, value-added tax, and business tax......

If all these taxes have to be collected, it is estimated that enterprises will not have to export, and the cost will already go up, who can afford it?

"Prime Minister, what do you think of the new monetary policy of the French?" Ferdinand asked

"Your Majesty, in the short term, the French have taken advantage of the devaluation of the currency to increase the amount of money in circulation and stimulate the economy, but in the long run, this has only delayed the crisis.

France's economy has problems, but they have not solved the root causes, how can they solve the problems just by printing money?

If nothing else, the situation will only get worse when a crisis erupts in the future! Konstantin thought for a moment and said

Ferdinand nodded, and then asked, "Chancellor, what do you think?" ”

"Your Majesty, I have a similar opinion, except that I think the crisis of the French has just begun, and as France adopts currency devaluation to pull it out, other countries may follow suit.

If this continues, the advantage of the depreciation of the French currency will soon be erased, and all the assets of the French will shrink except for the bankers.

Unless the French government can keep printing money and keep printing, the shortage of funds in the market will break out sooner or later, and finally the economic crisis will break out! Kennedy said cautiously

Ferdinand nodded, and the countries of the world in history abandoned the gold standard after World War I, which was to follow the example of France, and finally caused a short-term boom in the world economy.

Until 1929, the economic crisis in the United States broke out, triggering the world economic crisis, and France was also the hardest hit area.

"Leave the French problem aside, now think about it, should we follow up and estimate how much it will affect us if all countries in the world adopt currency devaluation?" Ferdinand said cautiously

"Your Majesty, if all countries follow suit, I am afraid that our total exports will drop by a third, or even more!

However, the impact on us will not be too great, our largest trading partner is the Russian Empire, and the trade between Bulgaria and Russia should not change much.

In the European continent, the competition is already very fierce, and with the existence of cheap goods in Germany, it is very difficult for us to expand our trade share.

When necessary, we can take export tax rebates to keep part of our market!

As long as it has been supported for a few years, when the economic crisis breaks out, the countries that abandon the gold standard will have to pay a heavy price for this, and Lev's international credit will also be established because of this! Kennedy analyzed

Ferdinand nodded, in fact, he was going to wait for the further development of the industry, directly link the lev to oil, and determine the international currency status of the lev.

The Chancellor of the Exchequer's advocacy of sticking to the value of the lev and establishing an international monetary system through credibility in the hearts of the public is essentially the same goal for everyone.

"Prepare foreign exchange and buy gold internationally!" Ferdinand thought for a moment and said

"Yes!" Kennedy replied

To challenge the international status of the pound, it is necessary to first defeat the British Empire, which is an essential step.

However, the British Empire was a little too strong at this time, and except for Ferdinand, no one else had much confidence, so all Bulgarian policies were often conservative, trying to avoid direct collision with the British.

Even Ferdinand didn't know where to start? Agitation for the independence of the three North American countries? Or support the colonial uprising?

It's a pity that there is no one in this who is hard-hearted, no matter who they support, they have no ability to shake the hegemony of the British Empire!

You can't learn from Louis XVI that idiot, can you? In order to support the independence of the United States, every franc in the treasury was spent, and finally someone was guillotined!

Do you want the Germans to challenge the world again? However, looking at the map, Ferdinand soon gave up this tempting plan, and at this time, the Germans probably did not dare to challenge the world!

Caught in the middle by France and Austria-Hungary, there are Bulgaria and the British Empire behind them, there are a lot of messy problems in the country, they want to do things, fight a civil war first, and settle the country!

Even if they can complete the reunification again, their strength is not enough? Without Austria, without the Czech Republic, the strength of the Germans is at least three layers weaker than in history, but the enemy is even stronger than in history, why should they play such a deadly chess game?

Unless they are forced to a dead end, it is estimated that the French have no intention of forcing the Germans to death now, and they are anxious for the Germans and the French to have another PK, and the outcome is not known?

"Your Majesty, Italy's economic situation is very bad, and the Italian government may be declared bankrupt in the near future!" Foreign Minister Metev said cautiously

It is no longer news that the Italian government is bankrupt, as early as 1921, the Italians let out rumors that they would ask countries to reduce Italy's debts, otherwise they would declare bankruptcy.

It was only because Britain and France announced very hard that as long as the Italian government went bankrupt, the Allies would take control of Italy militarily and urge them to repay their debts with bayonets, so as to dispel their thoughts of defaulting on their debts.

"Has the news been confirmed?" Ferdinand asked, frowning

"It's been the third time the Italians have filed for bankruptcy with us, and this time they should be serious, and from the intelligence we've gathered, their economy is very bad, and the unemployment is everywhere.

Add to that the huge debts, which are already beyond their means, and if they don't, the Italians will go hungry! Metyev explained

"So now Italy is a mess and they have lost the ability to pay their debts?" Ferdinand asked

"From the analysis of the intelligence we have gathered, it looks like this!" Metyev replied

Ferdinand wandered left and right, he was still hesitating, whether to use Italy to trap Britain and France?

After half a ring, Ferdinand spoke: "What will happen if we drag the British and French troops to control Italy?" ”

Everyone was stunned, stunned by Ferdinand's whimsical idea. Now the Italian government really has no money to repay its debts, even if the military governs Italy, it can't squeeze out oil?

In order for Italians to repay their debts, they must first be able to pay their debts!

What will Britain and France do?

Helping Italy recover its economy?

Or is it directly squeezing and exploiting the Italian people, how much oil can be squeezed?

"Your Majesty, what is the purpose of this?" Konstantin asked, confused

This is clearly to harm others and not to themselves, no matter how to deal with the Italians, Bulgaria will not get half a dime of benefits, and it is necessary to participate?

"Quite simply, is the current labor wage in Italy much lower than in Britain and France?

As long as we demarcate a few economic zones, is it possible for the British and French capitalists to transfer some of their industries to Italy?

As long as they move some industries into Italy, will the Italian government be able to collect taxes, and won't they be able to repay their debts with these taxes?

As for our interests, the industry of the British is a little too strong, and we want the British capitalists to learn to look for cheap labor and reduce the cost of production!

It would be better if they were to transfer all the local industry out, so much the better! Ferdinand explained

Is it possible to transfer all the local industry out? At the national level, this is certainly not in the interests of the state, but it is in the interests of the capitalists!

Reducing production costs will enable greater benefits, and with the current labor costs in the UK, many brick-and-mortar industries are actually not much profitable.

If the factories are transferred, this profit can be recovered immediately, and there is no reason for the capitalists not to do it!

What does it matter to them?

When there is no industrial support in Britain, once the economic crisis breaks out, the social crisis caused by it is irreparable.

It's really hard to crush the British Empire from the outside, but what about from the inside?

Is it so terrible for a great British Commonwealth with serious internal problems?

If there is a problem in Britain itself, will they still be able to suppress the colonies? Will the Three Kingdoms of North America still be the little brother in peace?

Once Britain declined, there would be more people who would fall into the trap for them, and Bulgaria was always hidden behind the scenes, at most at the last moment!

"Your Majesty, I'm afraid this success rate is not high! With the strength of the British, it is estimated that no one will dare to stand up and challenge them, as long as they are given time, it will not be long before they will still get out of the predicament! Konstantin said with a wry smile

"Did I say I'm going to crush them all at once? Does the rest have anything to do with us? Now our task is just to dig holes for them, dig more holes for them, and watch them jump!

Whether they can bury them in the end depends on themselves.

If the Commonwealth is united, then we will continue to weaken them, stick to the path of progress, and continue to dig holes for the British.

The British Empire is already old, and when they are old, they will have no strength, and sooner or later they will fall into it and will never be able to get up again!

If the Commonwealth can't be united, then let's help them divide themselves, at least the Suez Canal at the door we have to take back! Ferdinand said fiercely

Everyone breathed a sigh of relief, as long as it wasn't Bulgaria shirtless, they would personally PK with him head-on with the British Empire, mending knives or something, they were the best at it.

Didn't the Germans get the last stab from Bulgaria in the First World War? Didn't even Austria-Hungary be beaten half to death by the Russians first, and Bulgaria was the last to jump out and grab the head?

……