"It stands to reason that it is, but the world ...... It doesn't work according to 'reason'. With a mysterious smile, the ambassador dragged a seemingly profound philosophical sentence and continued: "After a personality analysis, the risk control department of the Iron Vault judged that the queen would refuse this request, but at the same time, it was discovered that she did not have a full-time chancellor of the exchequer, but she herself was an open-minded king, and attached great importance to the opinions and opinions of those around her—if we could first communicate and even reach an agreement with the royal ministers such as His Excellency the Commander-in-Chief, Prime Minister Petyr, and Governor Varys, then there would be room for manoeuvre." ”

At least the risk department wasn't paid for nothing, and they were right in both of their judgments: it was fanciful to ask Daenerys Targaryen to pay back the money her enemies had borrowed and squandered to squander, but if the three members of the Imperial Court who were most valued by her agreed that she should inherit the arrears, she would probably have done so with indignation and annoyance.

But here's the question: what do you want to do to persuade the queen to repay a sum of money she didn't borrow at all?!

"The inheritance of this arrears is a matter of national credit to the Kingdom of Westeros, and if the Queen is willing to show goodwill and sincerity, her new kingdom will be recognized and accepted by the free trade city-states as soon as it is established, and all kinds of trade will be restored immediately and even more prosperous than before. Taichu did not wait for Egger's statement, but continued to follow the path with a smile: "In addition, the Iron Treasury will also contribute to support Her Majesty's war to retake the Seven Kingdoms. Of course, considering that the arrears were indeed not applied for or obtained by her, and that she was not directly responsible for the overdue default, the bigwigs of the Iron Treasury were also very kind to provide grace: the loan would erase the interest and stop accruing interest, and the queen would only need to repay the principal with a little bit when repaying her own subsequent loans - the amount of two million may seem huge, but with the tax of the seven countries, it is not a heavy financial burden to spread over several decades. ”

As a professional negotiator, Tychu Nestos is tactful enough, but Iger is also a battle-hardened person, so he easily extracts a lot of subtext from it.

The first sentence "Inheriting this debt is a matter of national credit to the kingdom of Westeros" means that if the queen does not approve of this debt, Braavos will judge the credit of the new kingdom she has built to be poor and have no way to borrow money, and the second sentence is equivalent to saying that if the queen does not admit the debt, it will be difficult for her to be recognized as a free trade city-state after she regains power, and trade between Westeros and Essos will be affected or even cut off.

The first half of the second half of the sentence is a subtle hint that if the queen does not agree, it is possible that the Iron Treasury will continue to support her enemies...... In the end, in keeping with the principle of businessmen and making money, the iron vault did not patronize the threat, and at last took a slight step back, saying that if the queen was willing to pay back, it could be discounted.

......

No wonder this guy didn't dare to go directly to Daenerys, if this call was understood by the queen, a bad one would let him be caught and fed to the dragon!

A nameless fire rose in Egger's heart, but he was suppressed by reason before it burned to its peak: whether Robert Baratheon's bad debt should be inherited seems to be just an economic dispute, but in fact it is a major event suspended from the ordinary level of the state - and when making political decisions at this level, it is taboo to substitute personal emotions, or use the brain circuit of ordinary people such as "this money was not borrowed by Lao Tzu, so Lao Tzu will not pay it back".

The core of this matter is not "whether the money borrowed by Robert Daenerys should be repaid", but - "after the overthrow of the old regime, whether the new regime should inherit the legacy debts of the old regime"!

Putting aside the distractions of narrow-mindedness and simplifying things to modeling, this question suddenly becomes valuable to discuss.

＊＊＊

Iger doesn't know much about the history of the world of ice and fire, so for the time being, he can only refer to the history of the pre-Earth world - after searching around in his head, the answer is surprisingly counterintuitive: in regime change, not only should debts be inherited in theory, but in fact most new governments do just that.

So why are these new regimes willing to admit that they are not in debt?

There are many reasons for this, mainly economic and political.

Economic: Unrestricted cash borrowing is different from "war reparations" and "unequal treaties", and when Robert Baratheon began borrowing money from the Iron Vault, the Targaryen dynasty had already been overthrown—the two million gold dragons, except for a small portion of the initial use to quell the Baron rebellion, were largely spent by the "retainers" for peaceful purposes such as holding various grand events, rewarding meritorious nobles, maintaining royal dignity, and improving and increasing infrastructure. Millions of gold and silver coins have long been squandered, but they have barely flowed out of Westeros - and this means that when Daenerys rules the Seven Kingdoms in the future, although the treasury of King's Landing may be empty, the money has actually flowed into every pipeline and gear of the nation's machine in various ways, lubricating its operation and prospering its development......

That is, in the popular sense: wealth is in the people.

As far as Iger knew, the loans from the Iron Treasury were real money rather than paper money, and there was no money except for a slightly higher interest rate (he didn't know the exact number, but it was clearly more than 5% per annum...... The new regime does not seem to receive a penny, but it should be noted that it does not inherit the treasury, but the entire country, and the new king will actually enjoy the benefits of this real money flowing into the country.

This is also the main reason why the logic of "Lao Tzu did not borrow money, so Lao Tzu does not pay it back" works at the individual level, but it is not widely recognized internationally at the national level.

In addition, turbulent periods of regime change are often the time when new rulers are most short of money, and if a big donor from the outside world says, "If you admit your debts, I'll lend you some more money to tide over the difficulties," that's a tempting condition.

Politically, the factor is even greater: the first thing a new regime does when it is established is to gain international recognition – both verbally and in fact, unless the country is so rogue that it needs outside recognition and is strong enough to fear foreign interference...... Otherwise, there is no better way to obtain recognition than to protect the legitimate property and interests of other countries in their own countries, including inheritance debts.

＊＊＊

After thinking for a moment, Iger realized that he had considered too complicated, before the establishment of a real "world government" in the real sense, sovereign countries were the top-level organizations, and in addition to fearing other more powerful countries, they would not actually be bound by a "higher-level unit" or forced to inherit the legacy debts.

This debt, the queen can admit it if she wants to, and if she doesn't want to admit it, no court staff will come to her for tea with a note.

Therefore, the real simplification of this question is not "should it be inherited", but "whether it should be inherited".

After putting aside the narrow-mindedness, further eliminating such things as morality, law, etiquette, righteousness, and shame, and taking interests as the only consideration like a political machine with no feelings, things finally became clear.

Those new regimes that are willing to inherit the debts of the old regime either have a demand from the creditors or are afraid of the creditors' armed intervention and sanctions. In this case, not to mention the good debt of cash borrowing, even if there is really any bad debt such as war reparations, you must obediently admit it......

On the other hand, what if the new regime neither wants nor fears its creditors?

Naturally, you can not admit it without hesitation, not to mention bad debts, even good debts that the world thinks should be repaid, and you can rely on it - if you have the ability, you can kill me, if you don't have the ability, just obediently assume that the money has never existed!

Whether the queen inherits the legacy of the Baratheon dynasty after reclaiming the Iron Throne depends not on who borrowed the money or whether she is happy to pay it back, but whether the new Targaryen dynasty wants to or fears the free trade castles across the Narrow Sea!

So, do you want to ask for it, are you afraid of it?

Iger also hoped that the answer would be no, but unfortunately, after thinking about it carefully, it seemed to backfire.

Westeros is not like the Celestial Empire, it does not have a long history of great unification and a fine national spirit of unity and tenacity, the Seven Kingdoms have just formally become a whole, and the "Great King's Plan" that he dedicated to Daenerys is another major change...... In the process of implementation, it is inevitable that it will encounter resistance and counterattack from the old forces, and it is not known how many years it will take for the domestic situation to be completely stabilized. In such a situation where the internal struggle is not too intense, instead of winning over external allies, it is really a matter of internal and external troubles, and it is difficult to move forward.

"Your Excellency, Commander-in-Chief. Looking at Egger's contemplative expression, Tychu Nestos briefly smiled - he likes to deal with people who are not emotional, and most of the time he can complete tasks, "I think you already have a few points in mind, but I only came here to say hello first, not to ask the lord to go to the queen immediately to persuade her to admit the debt, so the lord is relieved...... In addition, the big guys above me added one last thing before I left, so that I can only talk to you next. ”

Seeing that Iger raised his eyes and did not mean to answer, the envoy smiled and did not dare to continue selling Guanzi: "I have been instructed to convey to you that if the queen finally agrees to inherit the arrears of the Baratheon dynasty, regardless of whether the decision is made based on your opinion or not, the Iron Vault will forgive the arrears of the 100,000 gold dragons of the Night's Watch Legion. ”

......

Ho, what do you mean, want to bribe me?

A sneer appeared on Egger's face: This person in the iron vault is really a bunch of small abacus, and he said it nicely, "whether the decision was made because of your opinion or not", but in fact, as a comrade in the queen's heart, the most powerful follower under his command, if he bites the bite and opposes the inheritance of this debt, Daenerys will agree to take over this bad debt.

The Iron Vault wants to use the 100,000 gold dragon to buy itself to protect its interests, or at least not to raise objections!

If you think about it carefully, most of Tai Chu's companions will also put forward similar conditions when they go to see Petyr and Varys, even if one person has 100,000 gold dragons, as long as they can finally take down Daenerys, 300,000 for 2 million + a long-term customer and three hidden allies, it is a business that is not a loss.

But the problem is that the 100,000 gold dragon was borrowed by the Night's Watch Legion to fight against the strange ghosts, which is an official debt, and the repayment will come out of the public account, and most of the money will be repaid in the future with subsidies for national defense expenditures, and it is not taken out of his own private pocket, so it is inevitable that it will be lost, and how much does it have to do with him?

As if seeing through the night watchman's thoughts, Taichu then added: "Of course, if the commander-in-chief is not satisfied, there is actually another plan - we ostensibly do not announce the decision to forgive the debt, and still collect the money as usual, but do not transfer the money to the account of the iron vault...... Where to send it or whose account to be sent to, it is up to you, Commander-in-Chief, to decide, what do you think?"

——

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