It is impossible for the ruler not to eat soft and hard, and if he gives the Dharma King a step down, he can naturally solve everything decently. In fact, France can also gain international credibility through this honest repayment of loans, raise funds in the international market, and participate in the bidding of World Bank-supported projects to make up for its losses within the wall. Li Chenji's hand slapped a slap award, and many French magnates played with sweet dates, and life is worse than death. Of course, it is better to fight each other than to die, and the terms clearly stipulate that the more shares of the lord who bears this huge loan, the more shares of these collaterals in the future, the higher the international rating and credit of the same (theoretically, these lords with land ownership and legislative power, military power and administrative power are the main body that can issue sovereign bonds, but their amount is small, taking the Count of Provence, who owns the large port of Marseille, as an example, the total amount of bonds issued is only 1% of the kingdom-level government bonds issued by the suzerain, the king of Germany, Credit rating is only linked to the risk of the debt, not to the scale. It's like the old time and space, Luxembourg's national debt was triple A, but it didn't have much scale. Willingness to take responsibility and take the initiative to repay in advance is the fastest way to improve credit), naturally the higher the international credit, the lower the loan interest, the longer the term, the more favorable the discount, the more favorable the post-loan supporting solutions and post-loan service and management. In order to compete for the loan quota of 2 billion, the French feudal lords are about to hit their brains.

During the month-long internal compromise and spoils meeting, the French king and the nobles of Champagne, Boirva, Reims, Dijon, Orleans, Bourbon and other places fought openly and secretly, verbally and even staged an all-out military act inside and outside the conference room, which became a good story, which was packaged by the imperial media as the major nobles for patriotism. He took the initiative to actively undertake the national unified public bonds, and did not hesitate to fight in order to compete for more debts and honors.

As for the consequences, the wealthy King of England, a big nobleman who nominally belonged to the French feudal lords, secretly supported some marginal small nobles, and indirectly purchased more than 20 million dragon dollars in the amount of national debt, becoming the largest buyer. (The empire in order to quickly recoup some of the funds.) The 2 billion claims against France were securitized and turned into a unified treasury bond undertaken by the French government, and cashed out at the Eurobond Exchange in Amsterdam. Because France has been engaged in a tug-of-war with Britain for a long time, many nobles who are poor in the people really can't come up with money to buy the unified public debt, and the 1% share can be regarded as the largest creditor. The person who bought is a creditor? Who is the debtor? Of course, it was the magnates in France who could get the land by paying off their loans. This batch of 2 billion public bonds was actually repaid to the Imperial Government in fifty years, and the Imperial Government was able to return these collaterals, but within these 50 years. This vast area of French land was under the trusteeship of the Empire. No matter how much the empire can abandon these excellent plain farmland, it is a lot of money to subcontract it to a few farming groups to grow wheat. It is really fun to collect taxes on behalf of the French feudal lords while taking the repayment of the French magnates)

The lands of Europe were also the main property of the feudal lords. Ownership and management rights are one, and if a nobleman sells the right to operate a piece of market land to a merchant group, then the merchant group will at most open some bazaars or workshops and the like, and will not invest heavily in the construction of real estate and various production facilities. Unless the ownership of the land is also transferred.

The collateral of the public debt here is the ownership of the land and the sovereignty of the governing power, the legal power, and the tax right on it. How much is the value of these lands? No one can say. According to the calculation of the authoritative valuation agency of the empire, it is worth at least 20 billion, if it is priced according to the old time and space, how much is half of France worth? no less than 20 trillion euros. But in 11th-century Europe, it was worth hundreds of tons of pepper.

These collaterals are bound to grow in value over time, and as long as there is an investment, there will be huge returns. The price of 2 billion dragon dollars is obviously on the low side, as long as 100 million dragon dollars are invested, the agricultural output value of this land will be at least 30 million dragon dollars per year. plus industry and commerce, at least more than 100 million. The more money invested, the more this fertile Western European plain will pay off.

Britain sold large tracts of disputed land to the Reich in exchange for the capital of the unification of the British Isles -- the Reich securitized the lands and recovered the funds to Britain without repaying the principal but only interest -- the French government and the nobility and numerous investors undertook these bonds with the intention of obtaining land and interest and reaping the profits -- the Anglo-French dispute was dissolved. Such a perfect combination of diplomacy and finance has solved the biggest trouble in Western Europe. Both Britain and France owed the empire a bunch of favors. The collateral behind these bonds is not an illusory collateral for the French government's fiscal credit. It's about real land and rights. Therefore, it is absolutely impossible for it to become waste paper because of disputes such as defeat or the extinction of the royal family, it has its lowest bottom line price, plus it has the endorsement of the empire, so the par value of 2 billion is the issue price, split into 20 million copies, each with an issue price of 100 dragon yuan, and the exchange price was quickly coaxed to more than 110 by shrewd businessmen. The land is divided into 20 million plots of equal value, with large plots in rural areas and small plots in cities, and the port business area may be only one thousandth the size of a mountainous plot. This fairness, which is fair to every holder of the bond, also greatly alleviates investors' concerns about the uneven distribution of collateral at maturity. Anyway, the holders of these bonds will be able to get what they want, whether it is land or the money from selling it before maturity. For 50 years, the purchase of such risk-free Treasury bonds with an interest rate of 2% per annum is also considered an income.

The military base in Flanders is not only a big stick to protect peace in the Netherlands, but also a strong guarantee of obedience between the two countries. As for the elites in Ireland and Scotland, it doesn't matter if they live or die and the fate, the total population of these peripheral countries and regions has not exceeded one million together, and it is not enough to catch up with a province in Fujian, so it really does not deserve the attention and investment of the empire.

After talking about Britain, France, Germany, Italy and Byzantium, let's talk about the Christian countries of Iberia and the countries of the Nordic region.

The Iberian Peninsula is now peaceful, but it is still an important part of imperial diplomacy because it is the front line of the confrontation between Islam and Christianity, and the situation in the countries is complex.

In addition to the Mulabit Kingdom, the leader of Islam, the second Muwahid Kingdom, a former anti-government religious armed force, was recognized by the empire and qualified to be equal to the Mulabit Kingdom. Step by step, the kingdom of Muwahid encroached on the territory of Murabit, crossing the Mediterranean Sea from Algiers and eating half of the territory of the boss in the Iberian Peninsula. It formed a three-legged alliance with Christian nations led by the Kingdom of Leon in the north.

It stands to reason that the Iberian Peninsula will eventually be unified by Spain, but the Travelers do not have the principle of non-interference with history, and often stand by the river without getting their shoes wet, and if they are wet, then wash their feet, and since they wash their feet, then simply take a bath. The traversal who has changed the history of the world beyond recognition has long been afraid that the situation on this small peninsula will wet the corners of his clothes.

The Iberian Islamic region is more civilized, developed, prosperous, rational, religiously tolerant, and easy to earn than the Christian region, which is recognized by the world, not to mention bathing and life expectancy, even the comparative food structure is also Islamic. On the side of the order, good, and neutral camp, the Crossing Masses naturally support the high degree of civilization, and those backward European Christians have not yet reached the level of the brainwashing masters who dominate the global discourse in later generations, to the extent that propaganda posters can make people feel good. In the face of the iron-clad disparity in productivity, Europe's relative backwardness cannot be surpassed by clinging to the thighs of the empire and catching up with one or two generations. (To be continued......)