After a pause, seeing that no one was speaking, Konstantin asked by name: "Mr. Kennedy, you are an expert in the field of finance, what do you think about this problem?" ”

"Your Excellency Prime Minister, with all due respect, even if it were, we couldn't do it!! The Bulgarian government's international credibility is not enough to be believed, unless a consortium is willing to take over! Otherwise, it can sell twenty or thirty million, which is the limit! Chancellor of the Exchequer Kennedy affirmed

His judgment, no one refuted, in this era, the British and American bonds must be supported by the consortium, otherwise they will not be sold! Ordinary people don't have much money at all, and there is no way to talk about purchasing power!!

"And what about higher interest rates?" Konstantin asked without giving up

Kennedy thought for a moment and said, "According to my preliminary estimate, if the annual interest rate is 7%, it will probably be able to sell twenty or thirty million; The annual interest rate is 8%, which can sell about 40 million; The annual interest rate is 9%, which can sell about 50 million; With an annual interest rate of 10%, it can sell about 65 million; With an annual interest rate of 11%, you can sell about 90 million ......."

Konstantin suddenly interrupted him and said, "Mr. Kennedy is okay, needless to say later, presumably even if we know, we can't afford to pay interest!" Let's just say what is the highest interest rate we can afford? ”

"The interest rate of 10.5%, coupled with the current handling fee rate of not less than 2.5% for the issuance of bonds in the world, adds up to more than 13% of the interest rate we bear! Once this line is exceeded, then the issuance of bonds will outweigh the losses!! Kennedy said without hesitation

"That's almost double the interest on the loan!" Chekov lamented

"You can't count it like that! On the surface, the interest rate on the loan is indeed lower, but what about the strings attached? If you take it all together in the long run, the payment of international loans is actually more expensive! Kennedy explained

……

After some research, the cabinet decided to issue bonds, although the interest rate is a little higher, but it does not involve sovereignty!! As long as the country completes industrialization, the fiscal revenue will definitely increase substantially, and the back is slowly suffocating, and it is better not to carry the infamy of traitors!!

Issuing treasury bonds is not an easy task, although the treasury bonds of later generations are to be bought in a hurry, but the people of this year are poor!! Regardless of the interest, you have to have money to buy it!

Secretary of the Treasury John F. Kennedy, now in a dilemma. Although the government has decided to issue treasury bonds, the specific amount and how high the interest rate will be must be calculated and demonstrated by the Ministry of Finance before reporting!

"Mr. Minister, the personnel are all in place and ready to start!" The secretary reminded

Kennedy was still disciplined, and in order to arrive at a reasonable number as accurately as possible, he invited all Bulgarian mathematicians and financiers to participate in the calculation!

Listening to the secretary's reminder, Kennedy got up and said, "Then let's go, don't make everyone wait!" ”

In the living room, experts and scholars are gathering together in twos and threes.

"Stott, my friend, do you know why the Ministry of Finance invited everyone here today?" Ray Holman asked, confused

"Ray, aren't you kidding me? I'm engaged in mathematical research, you are in the economy, or are you an adviser to the Ministry of Finance? You don't know, how could I possibly know! Stott glared at him and said dissatisfied

"Hell, I'll just ask! You must know that under normal circumstances, the Ministry of Finance has nothing to do with you, but this time I suddenly asked you to come over, I thought you knew? Ray Holman said depressedly

……

Kennedy's arrival interrupted everyone's communication, and the scene fell silent.

"Good afternoon, gentlemen! It's a pleasure to meet you here, your time is precious, I'll cut it short! Today, I invite you to come over for the purpose of issuing treasury bonds, and the secretary will send you the information! You can browse it first, but the content must be kept secret! Kennedy said cautiously

After taking the document, everyone carefully browsed it, and the more they looked at the content, the more shocking it became! After half a ring, seeing that everyone had finished reading, Kennedy said earnestly:

"The preliminary situation, everyone understands, the next work will be left to everyone!! But please note that this matter must be kept secret, once leaked, the consequences will be unimaginable! ”

Everyone nodded in unison, and everyone who sat down next was subsidized by the government, and those who did these theoretical studies at the end of the 19th century were all of a public welfare nature, but there was not much other income! Especially in a small country like Bulgaria, it is difficult to be a consultant for a company, and it is difficult to have a sense of presence in the newspaper, and everyone's interest in industry is far greater than theory!!

Inviting experts to participate is not enough, Kennedy is very clear that the opinions of these experts and scholars can only be used as a reference, and the Ministry of Finance itself must also calculate it separately, and the final result will be validated!

Ferdinand wasn't very interested in the interest rate calculated by the Ministry of Finance, he knew it couldn't be too low anyway! In this era, international interest rates are there, how can unsecured borrowing be cheap?

For the gold standard, Ferdinand still had a headache, and the gold reserve was not good! Ferdinand wouldn't mind switching to the credit standard if it was possible, but of course it could only be thought of! As it stands, whoever issues credit money is expected to be able to compete with Zimbabwe's inflation!

The Balkans have long been Europe's main gold producing region, with mining dating back to prehistoric times. Ferdinand can't remember what the gold reserves of Bulgaria were, anyway, in the 21st century, it is still exporting gold to China.

Anyway, at the end of the 19th century, the Bulgarian economy was so large in history that in order to make up for the foreign trade deficit, gold has been in a state of outflow.

Ferdinand, who was short of money, now set his sights on gold mines, knowing that he had previously acquired the assets of the Austro-Hungarian Bank in Bulgaria, which included minerals in many areas, but because the time to start was too short, he had not yet had time to mine them on a large scale.

Gold mining technology, Ferdinand is not lacking, after all, United Mining Co., Ltd. has been operating for several years, and the technical equipment is the most cutting-edge in the world!

Oh, the mining industry in this era did not have much technical content, the internal combustion engine was not yet popular, there was not much machinery to use, and most of it relied on manpower. Mining is not a good job, it is labor-intensive and dangerous.

Ferdinand estimated that the Austro-Hungarian Bank did not have large-scale mining before, and there were not enough workers. After all, mining is a high-risk job, but Bulgaria has a limited population, and a few people can do it to recruit miners!

"Carl, have you figured out all the gold mines owned by the Royal Bank?"