[Anti-Japanese Iron Blood King] Chapter 777: Bad Situation (Ask for Subscription!) , ask for a monthly pass, ask for everything! ）

Treasury bonds, also known as state public bonds, are creditor-debtor relationships formed by the state on the basis of its credit and in accordance with the general principles of bonds by raising funds from the society. Pen & Fun & Cabinet www.biquge.info Treasury Bonds are bonds issued by the state, which is a kind of government bond issued by the government to raise financial funds, and is a creditor's right and debt certificate issued by the government to investors and promises to pay interest and repay the principal at maturity in a certain period.

Japan was one of the first countries in the world to issue government bonds, and the government bonds that Japan usually issues are war bonds, that is, government bonds issued for war.

As we all know, war is not only a confrontation between people, but more importantly, a confrontation between the economic strength of the two countries. The issuance of war treasury bonds is a common method used by governments in wartime, and it is also the first origin of treasury bonds.

Japan's national debt was 6 billion yen in 1931, first to 10.5 billion yen in 1937 and then to 28.6 billion yen in 1940. At the beginning of 1939, the amount of public bonds issued was close to the total amount of funds for national activities that were idle at that time; Subsequently, public bonds were even more forcibly marketed.

Suffice it to say that in order to continue this seemingly senseless war, the Japanese government has actually looted and concentrated funds for the activities of civilian enterprises. This, of course, leads to the destruction of the process of reproduction, and the expansion of reproduction is the basis for a further increase in the issuance of public bonds. In line with this, the forced sale of public bonds has also encountered increasing difficulties.

After the July 7 Incident, the Japanese government's inability to make ends meet became even more serious, and the use of money printing machines to make up for the deficit became the norm. During this period, Japan's currency issuance also increased dramatically, from 2.31 billion yen at the end of 1937 to 5.9 billion yen in 1940, far exceeding the total value of goods in circulation, leading to increasing inflation.

Inflation, which affected the normal flow of capital and commodities at that time, was opposed by the industrialists and businessmen represented by the Gerakan Party, and became one of the reasons for the sharpening of the internal strife in the ruling circles.

The sharp depreciation of paper money was a naked plunder of the broad masses of the people, and caused the prices of commodities, including munitions, to skyrocket, thus continuously expanding the government's fiscal deficit.

In Yonei's view, Japan has now fallen into a full-scale vicious circle, and for this war, which should not have been fought for such a long time, the Japanese government's gold foreign exchange reserves accumulated over the years have all bottomed out, and military spending is as high as at least 40 billion yen, which can build a full 400 Yamato-class warships.

It can be said that Japan has turned all the foreseeable considerable gains into guns and ammunition consumed in this war, and if this continues, Japan will inevitably be dragged down by this war.

Mitsumasa's remarks resonated with a large number of military and political officials who attended the Imperial Council, and although the army still did not agree to an armistice, the vast majority of politicians were aware of the crisis, and Japan really should not invest more manpower, money, and material resources in this war.

Politicians understand the intrinsic meaning of war better than military personnel. War is a continuation of politics, and war is not for fun, but for profit.

In line with the principle of maximizing profits, if you invest too much in this war, then you will get less benefits, so many politicians have begun to speak out in support of Minnet.

In fact, they have always understood this truth, but before they always thought that the Japanese Empire was invincible, and every extra yen invested today would be rewarded with countless yen in the future.

However, the ruthless reality shattered all their extravagant hopes, the strong counterattack of the Chinese government and the military and civilians and the unexpected rise of the Eighth Route Army in northern China made Japan's military advantage smaller and smaller, and now the Chinese can even fight back against the provocation of the Japanese Imperial Army on the frontal battlefield, and can still win, which shows that this war has grown up the Chinese, and it is undoubtedly extremely difficult to defeat such an opponent.

And the fiasco of the North China Front this time has cleared up Japan's original fanatical ambition and irrational mind a little, letting them know that Japan is still a small island country like a worm, and it cannot swallow China all at once.

Moreover, in addition to the fiscal crisis, Japan must also deal with a growing energy and resource crisis, as well as a growing food crisis, if it wants to continue fighting.

Before the outbreak of the full-scale war of aggression against China, Japan's dependence on foreign countries was: iron ore 52.3%, bauxite 100%, rubber 100%, oil 80%, salt 63%, cotton and wool 99.9%, scrap iron and steel 67%, copper. Aluminium. Lead, zinc, etc. are half and more than half.

Japan expanded its armaments, so it vigorously developed heavy industry, although the production of military heavy industry has been greatly developed, for example, the output of steel was 2.03 million tons in 1929 and 4.1 million tons in 1936. Coal production was 28 million tons in 1931 and 41 million tons in 1936.

The development of heavy industry is inevitably inseparable from oil, after all, without the industrial blood of oil, it is tantamount to a fool's dream to develop heavy industry. Therefore, Japan's oil imports also increased greatly during this period, that is, from 2.28 million kiloliters in 1931 to 4.51 million kiloliters in 1936, resulting in a large increase in the balance of payments deficit, and from January to June 1936, Japan exceeded 270 million yen in foreign trade. In the same period in 1937, it exceeded 620 million yen, and the export of gold from March to July was 300 million yen.

In the whole year of 1936, Japan's income exceeded 129 million yen, and after deducting the excess of 246 million yen from the puppet Manchurians, the actual income exceeded 376 million yen. In 1937, the surplus was 638 million yen, and after deducting the surplus of 321 million yen from the areas occupied by the puppet Manchurians and the Japanese invasion of China, the actual income exceeded 959 million yen.

In 1939, after drastically reducing imports of civilian goods, Japan's imports were 2.918 billion yen and exports were 3.576 billion yen, but excluding the "yen circle" imports and exports, which were unable to obtain gold and foreign exchange, imports were 2.235 billion yen and exports were 1.829 billion yen.

In 1939, the demand for rice in Japan was 80 million koku, an increase of nearly 10 million koku from 1936, while before the outbreak of the war of aggression against China, Japan only had to import 13 million to 14 million koku of rice from Taiwan and Korea every year.

At this time, due to the war, Japan's grain production had been declining since 1939, and the import of rice from Taiwan and Korea had been declining year by year due to factors such as the war and local military supplies, reaching 2.25 million tons in 1938, 1.45 million tons in 1939, and 480,000 tons in 1940.

In order to cope with the growing food crisis, Japan has tried its best to order farmers to sell their rice, wheat, and other grain products to the government at official prices, except for their own consumption and seeds. At the same time, food rationing was implemented throughout the country, and the sale of rice in ordinary restaurants and restaurants was banned.

In addition, the Japanese government is also vigorously promoting the consumption of substitute foods, stipulating that breakfast should not exceed 1 yen, lunch 2.5 yen, and dinner 5 yen, but even so, there is still a gap of 9 million stone. For this reason, Japan had to spend 200 million yen in foreign exchange to import 8 million koku of rice to French Indochina, Thailand, and other countries.

The food crisis was followed by the electricity and coal crisis, and by 1940 Japan had only 88.3% of the demand for coal, 18.4% for oil, 42.4% for iron ore, 43% for copper, 15% for aluminum, and 18.4% for lead and zinc. (To be continued.) )