For Bulgaria's "million-kilometer road plan", the outside world does not buy it, many people speculate that this is just a fig leaf thrown by the Bulgarian government, and in the end, most of the project will end in nothing!

But it was soon dumbfounded, and on February 1, 1922, the Bulgarian Infrastructure Investment Group began to issue bonds, which, despite the ridiculously low interest rates, were not the same as the interest rates on bank deposits.

And the security of the bond is also guaranteed, and it can be directly used as currency in the market, which allows many patriots to join in, anyway, the benefit is the same as the deposit bank, and if you are short of money, you can also directly use the bond as Lev!

Economists have not yet reacted, and when the Great Depression continues and countries are printing money to alleviate the fiscal crisis, everyone suddenly remembers that Bulgaria has been overissuing money for a long time!

It's just that because it was issued in the name of bonds, there was more money in the market normally, but it did not affect the value of the lev's currency.

After all, the value of the lev is pegged to gold, and Bulgaria's gold reserves have not decreased, and the amount of currency issued has not increased!

The value of the bond is actually maintained by the credibility of the bank and the support of the people for the project! In essence, it is already a credit system currency, but it does not rely on national credit!

In the absence of currency depreciation, increasing the amount of money that can be circulated in the market will inevitably stimulate economic development in the short term.

Of course, Ferdinand also knew that this flow could not increase too much, otherwise inflation would break out in the country, so the first batch of bonds was only issued two billion leva.

Finally, the investment company contributed 1 billion leva, plus 20 leva of debt, and 10 billion leva provided by the bank, which is the first year's investment.

It still maintained the consistent high efficiency of Bulgaria, directly adopted the "trilateral project", and the project began construction at the end of February, which kicked off with lightning speed!

The eyes of the world are captivated, and now no one doubts the determination of the Bulgarian government to move forward with this project!

Tens of billions of dollars have already been invested, and if the project fails, it will be enough to break Bulgaria's bones!

On the other hand, the secret loan talks between Bulgaria and Russia have also been covered up, of course, whether they have been learned by the British and French intelligence services, this is still unknown, at least on the surface they have not found out.

On January 25, 1921, the two countries signed an agreement whereby the Russian Empire would lend 10 billion leva to a consortium of Bulgarian banks as collateral for the Ukrainian region.

The loan is operated in full accordance with international standards, with a monthly interest rate of 6.5 thousandths, compound interest, repayment of principal and interest over 30 years, and the first deduction of the principal and interest of the first year, in fact, the money received by Nicholas II is only 8.76 billion leva.

Don't think it's expensive, there are cheap loans, but they need to be attached, in fact, many times the cost of attaching conditions is much higher than the interest on the loan itself!

Otherwise, why did Ferdinand raise the interest rate to 12% at the highest when he issued the bonds, and did not look for a bank loan?

After the terms of the Bulgarian loan were agreed, the Bulgarian government also formally gained sovereignty over the Libyan province of Pisa and the Crimean Peninsula.

The governance of the two places has become a problem for Ferdinand, assimilation is necessary, but how to assimilate must also have skills!

These two regions, in fact, as early as the outbreak of the Russo-Japanese War, were infiltrated by Bulgaria, after so many years of operation, there are not a few local Bulgarian factories and enterprises.

Coupled with the long civil war in the Russian Empire, which put a heavy burden of military service on the local population, and the economic burden, the reception went smoothly.

Neither the nobles nor the commoners gave Ferdinand trouble on this issue, but the next governance was troublesome, and since there was no purge, the local native power was also preserved.

Now they still support Bulgaria, this support is largely forced, most people may not really agree with Bulgaria, the main reason why they want to join Bulgaria is to find a safe haven!

Bulgaria's low taxes and stable social environment are all factors in their choice!

There is also no choice, the tsarist government has sold the sovereignty of the place, the deal is a foregone conclusion, and by the time the locals get the news, the Bulgarian army has already taken over the place, and there is no strength to resist?

Ferdinand is naturally not worried, when he is there, it is estimated that no one dares to rebel, or make an independent, and the future may be uncertain!

Not every generation of kings has his prestige, and not every government is a hawk who can have the courage to suppress it when it says it will be suppressed, and if it says it will go to war!

"Prime Minister, what are you going to do with the Libyan province of Pisa and the Crimean Peninsula?"

Considering the limitations of the times, Ferdinand decided to leave the matter to the cabinet first, and if it didn't work, he was thinking of a way!

Konstantin thought for a while and said: "Your Majesty, considering the strategic value of the two places, we must have stationed heavy troops, and the success of the locals in wanting to rebel is not high.

Presumably smart people know that if they oppose us now, they are looking for death, so we don't have to worry about finding a collaborator in the local area!

In the field of culture, the government plans to fully Bulgarian the region; In the field of industry and commerce, we will also find ways to suppress local capitalists and let domestic companies control the economic lifeline of both places.

Through economic control and cultural identity, the two-pronged assimilation of the local area is completed, but this time is a bit long, I am afraid that it will not be until twenty or thirty years later, when a new generation grows up, they will be completely assimilated! ”

Ferdinand nodded, slow down, slow down! Cultural assimilation does not happen overnight, and even if the local culture is close to Bulgaria, it will take time for the locals to completely abandon their traditions and embrace a new cultural system!

Ferdinand wants to develop with peace of mind, but unfortunately some people don't want to! 10 Downing Street, London, where a conspiracy is underway, not just against Bulgaria, but against the great powers of the world!

John Bull's nature flares up again, and with the drastic increase in military pay and the improvement of the level of military welfare, the British Army still showed the strength of their great powers, and suppressed the Egyptian uprising and the non-violent non-cooperation movement in India.

The colonial rebellion was suppressed, and the London government was suddenly idle again, and John Bull, who was idle, naturally had to find something to do.

It has always been their national policy to suppress competitors and maintain the balance of the European continent, but now this balance has obviously been broken!

The Russians were plunged into a civil war, and although India was safe, the treasure bump of the British Empire, they could no longer achieve their preset three-legged triumph of defending Russia and France on the European continent.

Later, they came up with a plan, that is, to let the two countries compete for the hegemony of the European continent, and the British Empire acted as the referee in the middle, and continued to maintain the balance of the European continent.

As a result, Bulgaria retreated and helped Austria-Hungary stabilize the situation, and the conflict of interests between Bulgaria and France was completely separated by Austria-Hungary.

Now that the French are dominant in Western Europe, it is difficult to find an enemy who can counterbalance them, and once they have recovered from the war, the struggle between Britain and France is still indispensable!

Bulgaria dominates the Near East and is engaged in construction behind closed doors, and it seems that there is no threat in the short term, but what about the future?

Who can guarantee that Bulgaria has always had no ambitions, and it seems to them that Ferdinand is calculating, and now that the British Empire is strong, Bulgaria has chosen to back down, what about the future?

Once the British Empire is in trouble, I am afraid that Bulgaria will be the first to jump out and grab the Suez Canal, and even the idea of hitting India!

Geographically, both places are threatened by Bulgaria! Prevention is more necessary than prevention!

There is also Japan in the Far East, which has been testing the strength of the British Empire again and again, and must be suppressed.

In terms of strength, the navy of the British Empire was greater than the sum of these three, and the industrial strength of the three North American countries also exceeded the sum of these three.

However, the army of the British Empire is not as good as any of these three, and the air force is not in their consideration!

Going into battle shirtless is not the style of the British Empire, and it has also been confirmed that this is the worst practice, the lessons of the world war have just passed, and everyone still remembers it vividly.

Lloyd-George has been in a good mood lately, otherwise he wouldn't have had the heart to convene a national focus meeting and find a way to hit the three main rivals!

……

This is undoubtedly a simple and complex problem, the means are very simple, but it is very troublesome to operate.

Foreign Secretary Gray spoke: "There are many ways to suppress these three rivals, but very few are really suitable for the British Empire.

With the domestic economic situation, it is impossible for us to go to war with them, so we must take actions within the tolerance of the other side.

According to the analysis of the Ministry of Foreign Affairs, the most suitable measure is undoubtedly to support the Germans to contain France, Austria-Hungary to contain Bulgaria, and **** to contain Japan!

These methods are within the range of acceptance of the opponent, and they will not turn against us because of this!

Of course, there are more extreme measures, such as the Royal Navy directly blocking their shipping routes and cutting off their overseas trade, but in this case, a war is inevitable!

Or if they make counterfeit money and attack their currency proposal, the consequences will be very serious, and the enemy will follow the example of the pound sterling, these extreme measures will not outweigh the losses for us! ”

The Chancellor of the Exchequer smiled wryly and said, "Mr. Grey, the financial situation of the British Empire is not very good, and we cannot invest a lot of money to target these three countries at the same time!"

Their strength is not weak, they will definitely retaliate, we don't need to fight with them, as long as the British Empire is developing fast enough, the gap in strength between us will only get bigger and bigger! ”

The Admiral retorted: "No! In fact, we all know that due to the small size of the territory, the economic development of the British Empire has been restricted, and we have fallen behind in terms of development speed, and the gap in everyone's strength has not only not expanded, but has been narrowing!

Besides, we are not going to fight with them, but just to restrict, or delay their development, and it will not cost much! ”

The Chancellor of the Exchequer said angrily: "Don't fool people!

In order to restrain the French, we want to support the Germans, but they are in a debt crisis, and unless we can get them out of the debt crisis, it is undoubtedly a fool's dream to balance France!

If you want to balance Bulgaria, you have to support Austria-Hungary, and this investment is also indispensable, otherwise they will not have the courage to confront Bulgaria!

Do not forget that now the total population of Bulgaria has also reached more than 50 million, which is comparable to Austria-Hungary, and the industrial gap between the two sides is almost doubled, and the gap in the combat effectiveness of the army will only be even greater!

With less investment, why did Austria-Hungary stand up to challenge Bulgaria, didn't they even know the most basic strength gap to analyze?

And Japan in the Far East, your plans are even more nonsense, counting on those wastes, it is better for us to count them directly! ”

The Secretary of State abruptly interrupted their controversy and said, "Is it possible for us to cooperate with the consortium and use financial means to directly attack their economy, so that we can make a small profit?" ”

The Chancellor of the Exchequer thought for a moment and said: "It is theoretically feasible, but the economic strength of the French people is not weak, and the family background of the French consortium is still very thick, and any action we take without understanding their position is very dangerous!"

We can't penetrate the Bulgarian financial market at all, unless we are willing to send them a few hundred tons of gold to get a ticket!

The financial blow is simply an itch for them, but we may be trapped.

With financial means, it is actually Japan that really works, and their economic situation is also very bad, so we may be able to take advantage of it! ”

After a few moments, seeing that there was no objection, Lloyd-George made up his mind and said: "Then we will strike at Japan first, and we will take interest as a warning, and we should also warn our little brother that there is no good end to being a traitor!"

There is no hurry to deal with Bulgaria and France, if the pressure on them is too great, and if one is not good, the two countries will form an alliance, and then it will be really a big trouble!

So it is enough for us to secretly give Germany and Austria-Hungary a certain amount of support, let them come out and delay a little, and the speed of development of these two opponents will be enough! ”

No way persimmon of course to find a soft pinch, unlike European countries, Japan is far from the Far East, although it has gained a geographical advantage, but also their disadvantage!

Isolated from the center of this era, they are naturally hostile to all countries, and they can't even find an ally when they look around. Even if they suffer this loss, they can only endure it!

Having been allies for more than ten years, the British have almost figured out the nature of the Japanese, bullying the weak and fearing the hard, just taking the opportunity to make a small profit to make up for the lack of finances.

……