Chapter 70: The Economic Crisis of 1847 (I)

Investors began to cash out in large quantities, and in the face of the run, bankers sought to protect themselves and also began to sell low-quality assets, and the result was a collapse in the stock market.

Among them, the once popular railway stocks have been regarded by many as inferior assets because their earnings have fallen short of expectations, and they have become the target of a sell-off.

The rupture of the capital chain is fatal to any industry, so a large number of railway projects have been suspended, and countless workers have lost their jobs.

These unemployed workers poured into the cities in the hope of finding a job, but in the midst of this economic winter, everywhere was the same, all walks of life were sluggish, and a large number of factory closures led to a resurgence of Chartists.

Older child laborers such as David, Jim and Kate also joined the protest march, and the workers from the mines were the most combative.

Because they are fighting death every day and have the experience of long-term strikes. The most important thing is that the price of coal in the UK has risen, but the wages of miners have fallen to a third of what they used to be.

What was once a contract has become a piece of paper, and the John Russell government has chosen to turn a blind eye to the miners' complaints.

After all, in his opinion, these guys are just some people who can't be put on the stage, as long as they are ignored, or they can be solved with a little intimidation.

John Russell was in big trouble, the bankers were in dire straits, the factory owners were unable to sell their goods, and officials were assassinated and kidnapped.

His first move was to stop the so-called free trade, especially to impose heavy taxes on Austrian grain and goods.

At the same time, the smuggling trade was cracked down, and the pellets were not allowed to enter the country.

Franz had been prepared for this, and Ottoman Sudan Gid had failed to donate money to Ireland and sent grain instead.

Now Franz felt that he could do the same, after all, instead of paying exorbitant tariffs to help Britain solve the crisis at home, it would be better to send it directly to the Irish, who were in desperate need of food.

However, Franz still underestimated the lower limit of the British, and he only knew that the donation of 10,000 pounds to Ireland by the Ottoman Sudan Gid was rejected.

The reason for the British was that Queen Victoria had only contributed £2,000 and that the Sultan could not exceed the Queen, so he could only donate £1,000.

McGid then sent a few more boatloads of wheat, and the result is that the Drogheda United emblem is still the star and moon emblem.

Drogheda United is one of the powerhouses in the Irish Premier League.

Ireland is very religious conservative, and has historically banned divorce from its citizens under pressure from the entire West, and it was not until 1996 that a law allowing divorce was passed, but the scrutiny was strict and the cost was outrageous.

Unbeknownst to Franz, McGid was denied three times to deliver food, and in the end the Ottoman sailors broke through the British blockade on a dark and windy night to deliver the grain to Drogheda (an Irish port).

The Austrian fleet did not have that time, and the British would not turn a blind eye to the Austrian ships.

After all, the Ottomans were allies of the British, and they did not have the ability to threaten the British, but Austria was different, and if the hard break was discovered, it was possible to be sunk by the British on the spot.

It was completely unnecessary to take such a great risk for the sake of the people of other countries, and if it was the Austrians who were saved, the captains might have risked their lives, but the Irish or the British were completely unnecessary for them.

At the same time, Franz's rescue plan basically collapsed, and the merchant ships could no longer make profits, and basically did not go again, leaving only a few church ships and passenger ships willing to help.

As a result, capacity dropped dramatically and Ireland could not be sent around the world as originally planned.

The former is okay with some work, after all, it is better than no work, but the latter is very troublesome, and the Irish like Italians like to huddle together to keep warm.

If it is impossible to assimilate or contradict the local Austrian immigrants, or even provoke the covetousness of the British, it will be a big problem.

However, at this time, Franz ushered in an unexpected helper, that is, an Arab merchant.

The religious enemies who could get the Arabs to help them were probably the only ones the British could do. This reminded Franz of the scene when the dead and alive terrorists and government forces guarded the Tabka Dam.

The genes of business seem to be engraved in their bones, and if it weren't for the decline of the Ottoman Empire at this time, I'm afraid their footprints would have spread all over the world.

However, with the rise of the Omani Empire in Western Asia, especially after the marriage with the Austrian Empire, Arab merchants who had been dormant for hundreds of years became active again.

But simply doing business with Austria itself was not enough, and these Arab merchants wanted to fly the Austrian flag and do business all over the world.

For this reason, they were willing to help Franz solve this little problem, and were willing to hand over 10% of the profits to the Austrian Empire.

However, the Austrian Empire should protect their security and interests, and help them open up new markets.

The reason why Arab businessmen were willing to do so was also a reluctant move. Because the British did not give them a chance at all, the so-called free trade was to turn them into compradors in the colonies.

In contrast, Austria was much less infiltrated into other countries, and at least did not show a strong desire for control.

And under the propaganda of Saeed the Great of Oman and the Indian merchant Villawaith, Franz and the Austrian Empire were definitely the most trusted trading partners in the world.

Of course, Arab merchants will inevitably have some small actions in it, after all, white slaves are still very popular in the Arab world.

But it's nothing compared to millions of people starving to death.

Franz also has preventive and countermeasures, which are generally harmless, and can also eliminate some uncontrollable tumors, and at the same time can also catch the handle of some people.

The main thing is that Franz really doesn't have much energy to pay attention to the affairs of the island of Ireland at this time, he can do almost enough, and the rest can only leave them to fend for themselves.

Since the Austrian Empire was only partially part of the German Confederation, it could not avoid the shock of either the German Confederation or the shock of the domestic market.

On top of that, Franz had to face the consequences of the super-doubling of nationalism that he had single-handedly promoted.

In addition to restricting imports, the British also wanted to expand exports, and John Russell wanted to get the United States to lower tariffs to make it easier for Britain to dump their own goods.

Although this idea is naïve, but the British Empire has really many cards in its hand. John Russell expressed his willingness to redraw the border with the United States, which led to a split in the ruling circles within the United States.

Although Polk has the shadow of a northern factory owner behind him, the desire for land in the United States is too strong.

And Polk's own campaign slogan was "Take the 54th degree and 40th parallel north latitude as the boundary line, or go to war." ”

The slogan uplifted voters and made Polk equally proud. Polk admired Andrew Jackson and wanted to be like him for the United States, and he liked to be called "Walnut."

Note: Andrew Jackson is known as "Old Walnut" and describes his tough style.

(End of chapter)