Holy Roman Empire

In a blink of an eye, 1894 came to an end. The Vienna government, which had been in deficit for a long time, finally got rid of its fiscal deficit this year.

What is embarrassing is that the main reason for the Vienna government to get rid of the fiscal deficit is not the increase in taxes for economic development, but the over-issue of currency.

With the joint endorsement of the European Union, the Vienna government issued more than 1.2 billion Aegis, which is slowly flowing into the market at this moment.

Although the money has to be shared with everyone, it is still the Vienna government that takes the bulk. Preliminary estimates are that after deducting printing costs and profit sharing, the seigniorage revenue belonging to the Vienna government is still as high as 780 million.

Compared with the normal season, the fiscal revenue in a year is more. If you still can't turn losses into profits, then it really doesn't make sense.

The alliance endorsement only stabilized the value of the Aegis currency, but the bad influence brought about by the over-issue of currency still exists.

According to the statistics of the Vienna government, the domestic inflation rate will be as high as 3 points this year. This is the result of not all the super-issued currency being flowed out, otherwise the inflation will be even worse.

If it is left in the future credit standard era, the inflation rate of 3 points will not matter at all, and inflation of 7 or 8 points will happen from time to time.

Inflation is happening all over the world, and no inflation is news. Even countries with more than double digits have maintained double-digit inflation rates for many years.

But now is different, the inflation rate in the gold standard era is minimal. Except for the massive influx of gold and silver in the sixteenth and seventeenth centuries, there was a wave of inflation. After entering the industrial age, there was very little big inflation.

The three-point inflation rate has already made the Vienna government nervous, for fear of causing the market to collapse.

For the national economy, inflation has increased the cost of industrial production, which is clearly detrimental to the export of industrial products.

Had it not been for the Vienna government to lend a large amount of Aegis, and the amount of consumption that was limited to the Shenluo, it would now be counterproductive to the export industry.

There are advantages and disadvantages, and if you take such a big risk, there will be corresponding benefits.

With this additional income, the Vienna government not only made up for the fiscal deficit, but also opened the ring railway project, and by the way also repaid part of the government debt.

The most important thing is to suppress the wave of revolution, contain the expansion of the economic crisis, stabilize the situation in Europe, and stabilize the European hegemony.

Just look at this year's report. The economic crisis broke out at the beginning of the year, and there was the biggest economic downturn since Franz succeeded.

In the first quarter, the curtain of the economic crisis was opened, and GDP fell by 8.7% compared with the same period last year;

In the second quarter, the economic situation deteriorated further, with GDP falling by 12.8% over the same period last year;

In the third quarter, the measures taken by the government began to take effect, and the economy showed some improvement, but GDP still fell by 10.8% over the same period last year;

In the fourth quarter, the European countries reached an agreement to jointly launch a "water release" rescue plan, but the GDP still fell 5.1% compared with the same period last year.

Based on annual calculations, Shinra's economy fell by 8.93% in 1894. After all, it did not break through 10 points, and it controlled the single digits in the decline.

Unfortunately, the actual situation is more serious than this. The above data includes the already localized African territories in the calculation, diluting the decline rate.

If it weren't for the noble lords in Africa who were desperately engaged in construction, maintained rapid economic growth, and boosted economic data, the economic data of Shinra in 1894 would be absolutely touching.

In some parts of Europe alone, the GDP growth rate is definitely double-digit, but unfortunately it is negative. The specific data is-13.7%, which is simply appalling.

There is no way, this is the aftermath of the war. If the government does not take timely response measures, this number may even directly double.

Shenlu, who has a great family and a lot of business, is so miserable now, and other countries are naturally not much better.

Needless to say, the defeated France, the aftermath of the war continues. Compared with the pre-war, it was cut in half and cut in half, and then a 20% discount.

Do not say that the debt was repaid, and it would be good to be able to smooth the daily expenses of the government. So that from Carlos's leadership, has been fighting corruption until now.

According to estimates by the Vienna government, Armenia was the one that suffered the least loss in the economic crisis of 1894, which maintained positive economic growth, although the economic growth rate of agricultural countries was comparable to that of a snail.

Even Montenegro, which is an agricultural country, was not able to escape. Although the economic crisis did not follow, his own economy was too heavily affected by Shinra.

The economic downturn in Shinra has also greatly affected Montenegro's import and export trade, because exports account for a small proportion of the economy, and the economy has only declined slightly. It is estimated that the decline will not exceed 1%.

Secondly, the Nordic Federation and the Netherlands have made a fortune for war. In addition, their wealth is not weak, and they are far less affected by the economic crisis than other countries.

However, the economies of the two countries and Europe are too closely linked. There is a serious economic crisis in Europe, and they can only follow the crisis.

Affected by the economic crisis, even if there are not 10 points of GDP decline, eight or nine points are still indispensable. It looks similar to the data after Shinra's whitewash.

Then there is the Russian Empire. There is no doubt that the Russians were dragged into the water by Shen Luo.

The economic ties between the two countries were too close, the economic crisis broke out in Shinra, and the Russian industrial raw materials were also unsalable. Stock market crashes, layoffs, and bankruptcies are also indispensable.

If there are only these, it can only be regarded as a drizzle of economic pain. Unfortunately, revolutions broke out in Poland and Bulgaria, and the guerrillas in Central Asia followed suit.

If the tsarist government takes the correct economic measures in time, the situation may not be so serious, but they have done nothing.

All the factors were added together, and in the end the Russians handed over a slightly better answer sheet than in Shinra, and a drop of seven or eight points was indispensable.

Of course, these are only the estimates of the Vienna government, and the tsarist government doesn't make statistics by itself.

Except for these less damaged ones, the remaining ones are counted as one, and the economic decline and growth are all negative double digits.

Even Britain, which is a big family, is no exception. As a financial empire, banking and financial industries occupy an important proportion in the national economy.

Because the crisis was artificially postponed, the market bubble became larger. The most inflated one is the stock market, so after the outbreak of the economic crisis, Shinra and Britannica became bad brothers.

A post-war industrial imbalance + stock market bubble triggered a national economic crisis; an oversized stock market bubble caused the financial industry to follow the outbreak of crisis, and finally evolved into an economic crisis.

Franz could not determine the specific loss, but more than a dozen points must be made. Otherwise I'm sorry for the title of "the biggest economic crisis in human history".

Compared with the tragic economic crisis, small inflation is of course nothing. But as the economic situation improves, this kind of inflation becomes a bit obstructive.

Regardless of the fact that European countries and Shinra are taking the losses together, the impact will be small in the short term, but Shinra is still a super country.

As overseas trade continues, the loans released will continue to flow back to the Shenra Empire. If no countermeasures are taken, Shinra will be accompanied by inflation in the next few years.

In this context, once the economic crisis is over, the Vienna government has only two ways to go: either borrow the money again; or adopt a tightening monetary policy.

After experiencing a wave in person, Franz suddenly understood why the Americans had madly spread money to the outside world after the two world wars.

There is a serious surplus of capital, and if the money is not thrown out, domestic inflation will occur.

Similar troubles seem to have troubled the British for many years. It's just that Franz didn't expect that it would be his turn so soon.

In a sense, Franz was able to reunify the Shenluo Empire and also benefited from the British excess of capital.

Unless the British had money and no place to spend, Austria would not have completed industrialization in a short time. Including infrastructure construction, British capital has also made great efforts.

Of course, British capital is not losing money. Except for a few times designed by Franz, and accidentally jumped into the pit, at other times they made a lot of money.

The only loser is probably the British government. Capitalists have invested and lent abroad for their own interests, and they have created a competitor for themselves.

History seems to have returned to its original point. The rapid development of the original space-time America has also benefited from the contribution of British capital.

Not only that, but it seems that with the rise of Prussia, British capital has also made great efforts. If it weren't for them, where would the poor Berlin government get the money to do things?

From this perspective, the bankers in London are the gravediggers of the British Empire.

Without their help, competitors will certainly not develop so fast. Britain may also lose its hegemony, but it will certainly not decline so fast.

"The teacher who never forgets the past", there are such tragic examples, Franz can't be careless.

...

One wave has not settled, another wave has risen.

When Franz was considering future development, he had just hit a cephalosporin in the Philippine Islands, and the Japanese who had been forced to evacuate did something again.

While the neighbor was taking a nap, he brazenly launched a sneak attack and directly maimed the Beiyang Navy. Immediately afterwards, the Japanese army launched a landing operation at lightning speed.

Regardless of whether the Far Eastern Empire has woken up from the confusion, the enemy has already hit the door. Although the Japanese army is still on the Korean Peninsula, war has broken out.

This is not over yet, the Far East is plunged into war, and the Americas are also plunged into turmoil.

The backhands launched by the British finally began to play a role and set off an independence movement in Cuba.

Spain, which had just ended the Philippine war and had not had time to catch a breath, was also forced into a new war.

It was just a little bit, and we were together. I don't know if the Japanese government, which just abandoned the Philippine Islands, is upset at this moment, just hold on for a while.

Of course, the idea of ​​the Japanese government is no longer important. A new war is waiting for them. Besides, even if they want to turn around, the international situation is not allowed!

The European Union forced the palace together, the scene was really scary. The Japanese government will never want to experience the same scene again.

Does the Japanese government regret Franz knows that the Spanish government absolutely wants to cry anyway. Cuba's independence movement broke out at this time, directly hitting their weakness.

The Philippine War has just ended, when the Spanish government was the poorest. The Spanish government has not even raised the funds for the rebuilding of the colonial government, yet another source of wealth has gone wrong.

The empire that was once the sun never sets has fallen. Although the Philippines and Cuba are not the only colonies in Spain, these two places are the richest colonies in their hands.

No matter which one of them is lost, it will be a heavy blow to Spain. It is not only a heavy economic blow, but also a fatal political crisis.

It was when the domestic nationalists were most prosperous when they were disgraced by the Japanese in Nanyang.

Had it not been for the power of the European Union to successfully take back the Philippine Islands and pacify the domestic people with victory, peace would have long gone.

By this time, the Kingdom of Spain could not withstand any failure. Any failure will crush their shaky powers and even trigger a revolution.