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It was October 1828, and now the season was slowly turning into autumn.
At this time, Europe was experiencing a steep rise in crude oil prices, and this wave hit London’s financial district.
Quang!
Early in the morning, the door to the office of the Second Vice Minister of the Treasury opened like a shattered door.
“Chief! It’s a big deal! The oil exchange says they are raising the price of oil by 10%!”
“… … What kind of bullshit is that all of a sudden? How could the oil price go up 10%?”
“It is said that the Arabian Union hastily cut production due to technical flaws in the pipeline installation.”
Recently, major industrial cities in Europe, including London, used electricity, but the most common means of obtaining that electricity was thermal power generation.
Hydroelectric power was used exclusively by Eaststellar in the Netherlands and North America, so Europe had yet to rely on oil for everything.
Some used coal, but they were not very efficient and could not be large enough to supply the city’s electricity.
Large generators were only being made by East Stellar, but coal generators were not being sold.
As a result, the UK’s Treasury could be in trouble if the oil price went up while its dependence on oil was increasing.
“Shit! So, how long are you saying production will be delayed?”
“I don’t know. I tried to line up with the Arabian Confederacy, but nothing really helpful came up.”
“Damn it! How about the Cairo gold market?”
“Gold has risen sharply, and the value of money is in a slump overall.”
“shit!”
Naturally, as the price of fuel that moves the European continent rises, it is natural that the price of gold, a safe asset, rises.
If this were to happen, the value of the pound was sure to hit the bottom.
If this continues, it will be only a matter of time before the country will collapse.
Second Deputy Treasurer Richard Cheston, realizing that the country’s fortunes were at stake, immediately contacted the European Development Bank.
“Let me put some telegrams to the European Development Bank.”
“What should I write?”
“If you lend me 25 million Central, tell me that you will pay it back later at 8% or 10%.”
“If it’s 10% of 25 million Central… … .”
“know! 2.5 million Central! But for now, I can’t help it. There is no one else to help us other than the European Development Bank.”
The UK did debt relief based on the console bond, but it was also hampered.
The fiscal deficit has become so serious that more than 15% of the recent fiscal revenues coming into the UK are going out as interest on console bonds.
As the premium of console bonds issued to get rid of the debt in front of us gradually increased, the country was now in a state of disrepair while paying interest.
However, the biggest problem was that the bonds and bills that the British government had to pay back to the Netherlands, Austria, Spain, France and Sweden were approaching maturity.
“Damn it! What kind of disappointment is this because I was in so much debt during the last financial crisis?”
“Why don’t you go to the prime minister and declare the payment suspended?”
“… … are you kidding me? In this situation, if we declare a suspension of payments, not only the war with Russia, but also the Asian expedition will be in vain.”
Due to the last German war, Britain was firmly established as the leader of Europe in name and reality, but the financial situation was getting worse as the amount of money poured into colonization and development of the country increased astronomically.
However, if there was any sign of being pushed back even a little in the confrontation with Russia, it was clear that the Russian aristocrats would be eager to occupy Britain.
Taken from noblemtl.com
Moreover, trade with the Qing dynasty was constantly losing money, so it had to be offset in some way.
In complex circumstances, it was clear that the UK’s credit rating would bottom out if a deferred payment was declared.
“Even if you die and wake up, it doesn’t matter. Do you know how much we owe Eaststellar? If we declare a payment waiver, the problem will arise even with the lease brought under the borrowed name, and all the people will be sitting on the streets.”
“Ah, yes! My thoughts were short.”
“Lease is not an issue that will end simply by sacrificing the people. The problem is that the Bank of England guarantees that payment. It means that if done wrong, the royal family itself could collapse.”
No matter how strong the power of the British royal family, it cannot be used properly if the debt is too large.
The truth that is always emphasized is that the army does not move when it is hungry.
“If done wrong, the army could be disintegrated. At this rate, it is very likely that it will happen.”
“However… … .”
“Let’s go ahead and ask the European Development Bank for help.”
“Yes, I understand. Let me send you a telegram first.”
The telegram from the UK Treasury was quickly forwarded to the European Development Bank in London.
30 minutes later.
Hans Morgan received a telegram from the Ministry of Finance to the European Development Bank.
He drank tea for about half an hour and leisurely enjoyed the afternoon sun, despite receiving a telegram that seemed so urgent.
“Governor, the Ministry of Finance wanted a quick response.”
“know. Hang in there. Shouldn’t I be able to relax and enjoy a little bit of relaxation sometimes?”
“However… … .”
“I know. Hang in there.”
He was wasting time on purpose.
What Lee Hwan wanted was to annoy Britain as much as possible, and the most painful moment for them must be right now.
He was sitting very relaxed in the afternoon sun, and the telegram flew in again.
“Chief! There was no reply, so the Ministry of Finance said they would send someone after a while.”
“okay? tell me to do whatever you want But let him know that I will not be able to reach you because I have important work to do.”
“… … Yeah? Is it really okay?”
“How are you? We are holding the hilt.”
There is only one line that should not be crossed for any financier in the world.
That was not to rebel against the central bank.
Since the central bank is a central force in consolidating the power of the country, the company could go bankrupt if it was mistreated.
But now the situation was quite the opposite.
No one in the world could survive against the will of the European Development Bank.
This is because the Eaststellar Company now dominates European finance.
Even when the currency they issue dominated the oil and gold markets, there wasn’t much the Bank of England could do.
“They set up the European Development Bank and circulated the central currency in their own interests, but now they are deeply regretting it.”
“No, are you really not going to meet me?”
“As I said before, I don’t know why I have to do that.”
“Well, then how the hell are you talking about?”
“Take care of yourself. I’m going to get some sleep.”
Hans Morgan really slept.
***
By the end of the war with Portugal, civil representatives of the Barony of Easterfield arrived from North America.
They will decide what the citizens of North America really think of Lee Hwan and what to do with Portugal in the future.
Citizen representatives explained to Lee Hwan the process of their election.
“We were elected by a vote of the people, and by a majority vote the disposition of Portugal was decided.”
“How did you decide to dispose of it?”
“For once, it was decided that it was right to behead the Portuguese royal family and establish a new government.”
“What is the opinion of the bereaved families of those who died the other day?”
“It was proper to behead the king, but the people who suffered unfairly under him were not guilty of any crime.”
“Um, that’s a great idea.”
“In the case of the military, I think it would be better to disarm them, undergo an ideological reform course, and then re-enlist or mobilize as workers in the mines.”
“What did the Portuguese settlers in North America decide to do?”
“Once you mix with the natives to form a dominion, show loyalty to the baron, and show an enlightened look in the future, we have decided not to attack.”
“It’s a happy ending after all.”
“Only the king of Portugal has to die.”
Lee Hwan asked citizen representatives their opinions on the new throne.
“Then what about Mary II, who was originally on the throne?”
“It was Maria II’s grandfather who originally sent troops to the United States, but I don’t think it’s the right choice to kill her too. However, the issue of making Mary II king is considered to be a matter that must be fulfilled by the baron’s order.”
“Is this my command?”
“From now on, we will join Portugal in our Easterfield Confederation.”
“Then will Portugal become our vassal country?”
“Isn’t the Federation originally on equal footing?”
“okay. On the surface, yes.”
If Easterfield forms a confederation and puts Portugal under its control, Maria II must lead a life like the king of the colony.
Lee Hwan thought that she would accept this fact.
But he soon changed his mind.
“Well, Portugal doesn’t have a choice anymore. If we don’t return the throne, we’ll have to be colonized.”
“You are right.”
“No, if we do that, we will have to declare the state right away and re-establish the political system, right?”
“So what we thought of was the Kingdom of Easterfield.”
“Kingdom?”
“It is to serve the baron as king while establishing the country as prime minister for life.”
“Hmm… … .”
“Governor Emile Rose has sent you a letter. Would you like to see it?”
Lee Hwan checked the letter from Emile Rose.
The letter contained information about declaring a nation to Lee Hwan and becoming president and king there.
Emil Rose emphasized the necessity of the country to Lee Hwan.
“Looks worried about the last time Ben-Herren and his men claimed our Easterfield Baron as Dutch property. In fact, management was almost at risk.”
“It is the proclamation of the state that can solve all of these things at once. We’re going to make our East Stellar Company a state-owned company and the mercenaries into the Royal Army.”
Once upon a time, Ben Heren spoke to Lee Hwan.
How about declaring Easterfield a nation?
Lee Hwan finally thought that there was a need to create a nation.
“good. Then, let’s declare a country in which East Stellar Company is a state-owned enterprise.”
“iced coffee! So from now on, you’re going to tell me that you’re not the baron?”
“It’s like that.”
“Your Majesty, I will reduce it!”
“Let’s start with the foundation of the country.”
Lee Hwan returned to the Netherlands to negotiate with Rietterkirk as an overseas territory, while declaring a state.
It wasn’t just Easterfield’s identity.
It was to raise awareness of the Dutch Senate and House of Representatives, as well as the aristocrats.
‘You’ll probably feel like a fire has gone out in the instep.’