Others are holding on to the death, and the mountain collar is no exception. In the face of the price of blood collapse, Hudson could not do anything except reduce production.

You have to do loss-making transactions, otherwise you will lose the market and it will be difficult to get it back.

This wave of crisis came so fiercely, in addition to the overcapacity of the industry, there are also giants who took the opportunity to set off an industry reshuffle and strangle competitors.

Perhaps the order default that triggered this crisis is not only the meaning of the major chambers of commerce, but also the handiwork of some mining giants behind it.

It is all too common for a certain nobleman to be both a shareholder of the Chamber of Commerce and a steel magnate.

It's a pity that Hudson's rise was too short, and the relationship with the major chambers of commerce on the mainland was limited to a cooperation in the war.

Everyone is a fair deal for each to take what he needs, and no one owes anyone. These secrets, people naturally will not send someone over to inform him deliberately.

Just envy it, this kind of thing is the formation of a chamber of commerce, with the current network of connections of the Coslow family, it is not fun at all.

When interests are involved, some friendship can't be done at all. Those chambers of commerce all over the mainland have a large number of partners behind them.

Even the heavily protected migrant team has people coming to attack, if they run to form a chamber of commerce, then they are not robbed every day?

In fact, it's not just the steel industry that's causing the crisis. After the end of the war, all the industries that revolved around the war were affected to varying degrees.

At this moment, the price of steel products has collapsed, and it has also affected other industries, such as coal mining industry, carriage manufacturing and other related industrial chains, which have ushered in a cold winter.

Fortunately, the industry and commerce of the Alpha Kingdom are not developed, and they do not account for a large proportion of the kingdom's economy. Most of the employees were serfs who were dependent on the aristocracy, and even if an economic crisis broke out, there was no talk of layoffs and salary cuts.

The impact of the crisis on the lives of people at the bottom is almost zero. However, the cold continued to spread, and it was Caesar III who felt the chill first.

The aristocracy, who had suffered heavy losses in the crisis, used the bonds issued by the kingdom to offset their taxes. Originally, it was just the loss of the noble lords,

"Just the autumn tax, there are war bonds of up to 4.5 million gold coins, are they crazy?"

Caesar III almost roared behind the scenes.

In recent days, he has been unwell, and many government affairs have been handed over to his son, and he has not paid much attention to the small actions of the big nobles in private.

He had just taken a nap, and the people below poked him out of a big basket.

It is theoretically possible to use the war bonds issued by the kingdom to offset the taxes. Anyway, this kind of early payment, the kingdom only pays the principal, and the interest on the coupon is directly lost.

Generally speaking, only the lesser nobles with little money would do this. As long as it is not rushed, the early payment of some war bonds is also a relief for the kingdom.

For the orderly operation of the kingdom's finances, and also to earn interest on bonds. A large number of the great nobles who hold the kingdom's bonds have long reached a tacit agreement to hold the war bonds in their hands for a long time.

Under normal circumstances, as long as the credibility of the kingdom does not collapse, the nobles who take bonds to offset their taxes will be very few.

At most, it will be hundreds of thousands of gold coins, which will not exceed 10% of the total tax amount. Paying this debt ahead of schedule, the Ministry of Finance gritted its teeth and survived.

But the situation is clearly different now. Affected by the war, the Alpha Kingdom received a total of 7 million gold coins in the autumn tax this year, of which more than 4.5 million were war bonds.

Obviously, this is because a number of big nobles have broken the tacit agreement and are throwing out their war bonds, otherwise the total amount of taxes contributed by the small nobles would not be so much.

"Your Majesty, this may have something to do with the economic turmoil that broke out in the country. After entering the second half of the year, there were problems in the iron products market, and there was a price avalanche directly in November.

Under the chain reaction, in December, the crisis affected the upstream and downstream industrial chains, and then affected many industries.

Quite a few nobles suffered heavy losses in this crisis. Driven by panic, everyone wants to keep more cash in their hands, and this is what happened. ”

The Marquis del Delgado stubbornly explained.

As Chancellor of the Exchequer, he is a tragedy. Not long after he took office, he caught up with the orc invasion.

It is true that he is in a high position, but he has to worry about money every day, and it is difficult to sleep peacefully.

"Why didn't you report back to me in advance?"

Caesar III asked.

If he had been informed in advance of such an important message, he would have taken countermeasures a long time ago, and he would never have allowed the situation to develop to this point.

Until the tax is collected, there is room for change. Now looking at the pile of bonds in the treasury, he is too worried.

After the year, they will start to pay the interest on the loan, and the creditors outside only recognize gold coins, but will not accept a bunch of bonds as interest.

If you can't pay the interest normally and destroy the credibility of the Alpha Kingdom, it will be a big problem.

No one answered, but it was evident from the eyes of the crowd that they kept sweeping over Crown Prince Caesar's body that it was probably inseparable from his precious son.

"Little Caesar, shouldn't you give me an explanation as a prisoner?"

Caesar III said with disappointment.

Whatever the reason, to make a mess of things is a political stain.

Without a reasonable explanation, Crown Prince Caesar's future will become more and more difficult.

"Father, you were unconscious at the time, and I didn't dare to disturb you with these troubles, so ...... So it was dealt with as a self-assertion.

In order to put everyone in the overall situation, I wrote personal letters to the great nobles in the kingdom, stating the pros and cons in detail.

I thought they would give face, but I didn't expect that one by one would still do it so excessively, and it was clear that they didn't take my royal family seriously! ”

Crown Prince Caesar said indignantly.

One by one, they promised him well in private, and everything would be based on the overall situation. Unexpectedly, in the blink of an eye, a bunch of bonds were sent to offset the taxes.

The feeling of being fooled by his subordinates is really infuriating. If he hadn't been on the throne yet, he would have to come back with revenge one by one!

"Enough!"

"No matter how aggrieved you are, now that this kind of thing has happened, it is a dereliction of duty on your part as a prisoner.

Little Caesar, you are no longer a child, how can you believe what others say so easily?

Go back and take a closer look at their reply, and who assured you in the letter that they wouldn't use war bonds to offset their taxes?

will focus on the big picture, that's just a cliché to deal with you. What is really needed is to see what they do, not to listen to what they say!

Well, it's useless to talk about it now. It happened to be the day of your wedding, and the time was not far away, so I simply invited them to the royal capital to talk together on the grounds of holding a wedding. ”

Caesar III said with a sigh.

His own son is filial piety, but he obviously lacks political experience. If there is no problem with his body, he can hone his son for another ten or eight years, and he will definitely be able to exceed the average level of the monarch.

It's a pity that his health is not as good as before, and he doesn't have so much time at all, so let Crown Prince Caesar learn ******** and gradually in a cycle, and things are afraid that things will not be so easy to solve. This time it happened so suddenly that even the forewarning was vague.

If you are not careful, you will be ignored in the past. The traces of manipulation behind the scenes are too obvious.

At such a time, it is most likely that you are prepared. Even if you call people over, they won't necessarily buy it.

After all, according to the decree of the kingdom, the taxes were successfully transported to the royal capital and handed over to the treasury, and they fulfilled their obligations. ”

The Prime Minister, the Archduke of Newfoundland, cautioned.

No matter how strong Caesar III was, in the face of the nobles of the kingdom, it was also the relationship between the majority shareholders and the small and medium-sized shareholders.

Everything has to be tossed within the rules. Whoever crosses the line will have to bear the backlash from the rules.

Now that they have fulfilled their obligations for this year, if the great nobles of the kingdom do not buy it, Caesar III will not be able to help them.

"Don't worry, Prime Minister. I know what they want!

No big nobleman wants to see the kingdom collapse, and the plan of the Warcraft Legion has just begun to be implemented, so it makes such a big move, and it is self-evident what they want to do.

Calculate the numbers, the war bonds they took to offset the taxes this time happen to be exactly the same as our annual military budget, do you say there is such a coincidence in the world? ”

Caesar III scoffed.

If you don't see the naked hints, then you don't need to play politics.

But being able to see it doesn't mean that you can say it.

As King Caesar III, it doesn't matter if you say a few sarcastic words, if you change someone to make a big statement here, once it spreads, you will immediately feel what the iron fist of the great nobles is.

"Your Majesty, if they're really coming for the Demon Beast cubs, are we going to compromise?"

Archduke Ephiero asked unwillingly.

Everyone wants to strengthen their hands. According to the previous agreement, the Demon Beast cubs cultivated by the Alpha Kingdom are divided between the kingdom's military and the nobles involved in the cooperation.

It is obvious that in the case that the cake is difficult to continue to grow, the nobles are no longer willing to accept this distribution ratio and want to obtain a higher quota.

After all, the threat of orcs is gone, and in the eyes of the nobles, there is no need for the kingdom to retain a strong standing army.

Although the army has always been indirectly controlled by the big nobles, after the military gets these monster cubs, a considerable part of them will still return to their clansmen who served in the army.

The power that can be controlled indirectly is not as good as direct control. Many nobles were huddled together, and under the mutual control of everyone, the army was always firmly controlled by Caesar III.

Even in this war, the king's control over the army was weakened, and Caesar III still had the most important say.

"Then it's up to them to resolve. If they are iron-hearted, they want to weaken the military and strengthen the military power in their hands, and no one can stop them! ”

As he spoke, a hint of loneliness appeared between Caesar III's eyebrows. It's not that he doesn't want to stay strong all the time, but his body doesn't allow it.

The most important thing is that he can be strong when he is in power, and that is because he has made great contributions to the kingdom and has a high enough prestige in the country.

If Crown Prince Caesar is replaced on the throne, the situation will change radically, and then there will be another dispute.

Maybe ten or twenty years later, Crown Prince Caesar, who is politically mature, will be able to try to wrestle his wrist with many big nobles in the country, but now it is obviously far behind.

For a long time to come, the political pattern of "the decline of royal power and the growth of the aristocracy" was almost finalized, and Caesar III could not do anything about it.

However, with the good foundation he left behind, the power of the royal family is growing rapidly, and even if the royal power declines, it will not decline too much.

When Crown Prince Caesar's political wisdom matures, the right to speak that was lost in the early stage can be slowly regained later.

This kind of power game happens every time there is a change of dynasty, and the ups and downs have been seen too much by Caesar III.

I thought I could face it calmly, but I didn't expect it to really happen to me, and he was still unwilling.

……

The city gate caught fire, affecting the fish in the pond.

Also suffering from an economic crisis, the situation in the Principality of Moxi is significantly more dire. It's not that the nobles of the Duchy of Moxi are better infighting, the main thing is that they have lost too much in the war.

The vast territory north of the royal capital was almost white. There are very few aristocratic fortresses that have survived.

The major provinces south of the royal capital are also seriously injured. It can almost be said that every family wears filial piety and everyone cries bitterly.

The war not only impoverished the government of the principality, but even the pockets of the nobles were clean.

The already fragile economy was stimulated by this, and the speed of collapse was very fast. Everyone didn't even have the courage to carry it to the death, so they directly raised their hands and admitted defeat.

】

Looking at the taxes collected, almost all war bonds, George's mood was full of flavors.

"All the war bonds that were collected were destroyed. Now everyone's life is not easy, let's work together to tide over the difficulties! ”

It is rare for such a caring king to be, and it is inevitable that George will not be intimate. In the first half of the year, gold coins accounted for less than 20 percent of the tax revenue.

After compromising once, it is much easier to compromise a second time. It is destined to borrow the new to repay the old, so simply borrow more.

"Your Majesty, something seems to be wrong. Although the construction bonds we issued this time were also sold, it took several times longer than before.

The big aristocrats, who were originally keen on buying bonds, also stopped acting this time, and most of the buyers were small and medium-sized aristocrats.

According to the information we have gathered, the amount of bonds traded privately has also increased in recent times, as if someone is quietly shipping.

Not only our bonds, but also the war bonds issued by the Alpha Kingdom, which also appear frequently at major auctions.

The only good news is that the transaction price is still strong, and there is no sign of a crash for the time being.

Perhaps they have already sensed the risk, but the amount of bonds they hold in their hands is too large and they can't get out for a while, so they choose to continue to cooperate with us in issuing bonds to postpone the crisis of the collapse. ”

Count Renato said worriedly.

As the Minister of Foreign Affairs, it is strange to think about the heart of the Minister of the Exchequer.

How to raise funds through the issuance of bonds to foreign countries, it is necessary to coordinate relations with all parties, and the Ministry of Foreign Affairs is the main force in the work.

As a front-line manager, looking at the principality's ballooning debt figures, he couldn't even sleep.

There's nothing wrong with borrowing the new to repay the old, but the premise for this genius idea to be realized is that there is enough money out there and a willingness to lend it to them in a steady stream.

Once the capital chain is broken, the routine can't go on, and it's time to collapse.

"We have no way out, if they notice a problem, then we can borrow more before they finish shipping.

If they finish passing on the risk, I'm afraid someone will be tempted to burst the bubble.

After all, they have more than enough benefits from it. It is undoubtedly the best choice to get out at this time. ”

George said indifferently.

Before he chose to embark on the path of "borrowing the new to repay the old", he was ready for the bubble to burst.

The great nobles were not fools, and knew to send people to collect information about the Duchy of Moxi, so as to estimate their financial income.

Even if there is a certain error in this figure, there is a cost to the operation of the government. When fiscal revenues are lower than interest expenses, anyone can easily conclude that the government is about to go bankrupt.

It is the uncle who owes a lot, even if he realizes that there is a financial problem in the Duchy of Moxi, the creditors do not dare to come to the door to collect in advance, lest they accidentally detonate this debt thunder.

In order to protect their own interests, they had to build momentum for the new bonds of the Duchy of Moxi, fool the unjust bosses to take over, and delay the debt thunderstorm; On the one hand, he sold the bonds in his hands privately to pass on the crisis.

"If we continue to borrow like this, Your Majesty, our debt burden will only grow heavier, and the consequences of our destruction will become more and more terrifying.

It is better to take advantage of the fact that our debts have not exploded yet, communicate with the creditors in advance, and persuade them to reduce the interest rate of the bonds as much as possible to ensure that they can be paid normally. ”

Prime Minister Hurcheg said worriedly.

He was really scared. As long as I think of the scene of being chased and killed by a group of creditors to collect debts after the debt thunderstorm, I can't help but feel numb in my scalp.

Who made him the prime minister of the Duchy of Moxi?

When it comes time to collect debts by force, if the creditors don't cut him, who else can they cut?

You can't go after King George!

Killing the monarch is the first taboo in the continent of Aslanth. Even if George stood in front of the creditors, no one dared to attack him.

"No, at least we can't do that until they throw away their bonds!

The same debt default, owing money to a group of big nobles and money to a group of small and medium-sized nobles, those are two completely different concepts.

Just do as I say, increase the number of bonds issued, and get cash back as much as possible.

When the major forces come out of the debt crisis, we will decide whether to have a showdown! ”

George said with a serious expression.

In order to be able to get out smoothly, he can only make this silent deal. If you don't feed the major forces involved in it first, it will be a matter of minutes for you to collect debts by armed forces later.