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

What is embarrassing is that the main reason for getting the Vienna government out of its fiscal deficit is not that the increase in tax revenues in economic development, but that it is that it is that it is that it is that it is that it is that it is that it is that it is that it is that it is that it is that it is that it is that it is over-issued currency.

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

Although the money is to be shared with everyone, the Vienna government still holds the big head. It is estimated that after deducting printing costs and sharing of interests, the seigniorship income of the Vienna government is still as high as 780 million.

Compared to normal times, the fiscal revenue in a year is more. If you can't turn losses into profits, it's really unreasonable.

The alliance endorsement only stabilized the value of ASUS, but the bad effects of the excessive currency issuance still exist.

According to statistics from the Vienna government, the domestic inflation rate will be as high as 3 points this year. This is the result of the over-issuance currency not flowing out, otherwise the inflation will be even more powerful.

If it were later credit-based era, the inflation rate of 3 points was not a big deal, and inflation of 7 or 8 points occurred from time to time.

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

But now it is different. The inflation rate is very small in the gold standard era. Except for the influx of gold and silver in the 16th and 17th centuries, there was little large inflation after entering the industrial age.

The inflation rate of 3 points has made the Vienna government very nervous, fearing that it will cause market collapse.

For the national economy, inflation increases industrial production costs and is obviously unfavorable to the export of industrial products.

If the Vienna government had not borrowed a large amount of magic shield and limited the amount of consumption in Shenra, it would have now backfired on the export industry.

Pros and cons are coexisted, and if you take such a big risk, you will naturally have corresponding benefits.

With this additional income, the Vienna government not only made up for the fiscal deficit, but also launched a ring railway plan and also paid off part of the government debt.

The most important thing is that it suppressed the revolutionary wave, curbed the continued expansion of the economic crisis, stabilized the situation in Europe, and firmly took up the position of European hegemony.

Just look at this year's report. The economic crisis broke out at the beginning of the year, and the biggest economic decline since Franz succeeded to the throne.

In the first quarter, 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 further deteriorated, and GDP fell by 12.8% compared with the same period last year;

In the third quarter, the measures taken by the government began to work, and the economy showed a certain improvement, but GDP still fell by 10.8% compared with the same period last year;

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

According to comprehensive annual calculations, Shinra's economy declined by 8.93% in 1894. Finally, it did not break through 10 points, and the decline points controlled the single digits.

Unfortunately, the actual situation is more serious than this. The above data also include localized African territory in the calculation category, diluting the decline ratio.

If the noble lords in Africa were not working hard to build, maintaining rapid economic growth and boosting economic data, the economic data of Shenra in 1894 would have been absolutely touching.

In some European local areas, the growth rate of GDP is definitely double digits, but unfortunately it is negative. The specific data is -13.7%, which is simply horrifying.

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

Shenluo, who has a great family and a great career, is so miserable now that other countries are naturally not much better.

Needless to say, the defeated France is the sequelae of the war. Compared with before the war, it would be cut in half and then 20% off.

Not to mention repaying debts, it is good to be able to eliminate the government's daily expenses. So much so that since Carlos took office, he has been fighting corruption until now.

According to the Vienna government's estimates, Armenia suffered the least losses in the 1894 economic crisis, maintaining positive economic growth, although the economic growth rate of agricultural countries is comparable to that of snails.

Even Montenegro, which is an agricultural country, was unable to escape. Although the economic crisis did not erupt, its own economy was too severely affected by Shinra.

The economy of Shenluo is in a downturn, and Montenegro's import and export trade has also been greatly affected, because the proportion of exports is not large, and the economy has only declined slightly. It is initially estimated that the decline will not exceed 1 percentage point.

The second is the Nordic Federation and the Netherlands, which made a fortune in war, and their own wealth is not weak, and they are far less important than other countries due to the economic crisis.

However, the economies of the two countries are too closely linked to Europe. A serious economic crisis broke out in Europe, so they could only cause a crisis.

Affected by the economic crisis, even if there are no 10 points in GDP, eight or nine points are still indispensable. It looks similar to the data decorated by Shinra.

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

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

If only these are the only ones, it can only be considered a drizzling economic pain. Unfortunately, revolutions broke out in Poland and Bulgaria, and guerrillas in Central Asia also joined in the fun.

If the Tsarist government had taken correct economic measures in a timely manner, the situation might not be so serious, but unfortunately they did nothing.

All the factors were added together, and the Russians finally delivered a slightly better answer than Shinra's country, and a decline of seven or eight points is indispensable.

Of course, these are just estimates of the Vienna government. If the Tsarist government itself does not count, it will be even more difficult for outsiders to figure it out.

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

Even Britain, where family and business are big, is no exception. As a financial empire, banks and the financial industry occupy an important proportion in the national economy.

Because the crisis was artificially postponed, the market bubble further increased. Among them, the stock market was the most powerful expansion. Therefore, after the economic crisis broke out, Shinra and Britain became bad brothers.

A post-war industrial imbalance of stock market bubble triggered a national economic crisis; a super large stock market bubble caused the financial industry to break out and eventually turned into an economic crisis.

Franz cannot determine how much the specific loss is, but there are more than a dozen points that must be achieved. Otherwise, I'm sorry, the title of "the biggest economic crisis in human history".

Compared with the tragic economic crisis, small inflation is naturally nothing. However, as the economic situation improves, this kind of inflation is a bit annoying.

Although European countries are now bearing the losses together with Shinra, and the impact is not great in the short term, Shinra is still a supranational country.

As overseas trade continues, the loans released will continue to flow back to the Shinra 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 lend money again; or adopt a tight monetary policy.

After a personal experience, Franz suddenly understood why Americans were crazily spending money to the outside world after two world wars.

There is a serious overcapacity, and if the money is not spread out, inflation will occur in the country.

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

In a sense, Franz was able to reunify the Shenluo Empire, which also benefited from the British's overcapital.

If the British had not had money and nowhere to spend it, Austria would not have completed industrialization in a short period of time. Including infrastructure construction, British capital has also made great efforts.

Of course, British capital is not a loss. Except for the few times he designed by Franz, they accidentally jumped into the pit, and at other times they made a big profit.

The only loss was probably the British government. For the sake of profit, capitalists invested heavily overseas and lent them, and ended up creating a competitor for themselves.

History seems to have returned to its origin, and the rapid development of the United States in the original time and space is also due to the contribution of British capital.

Not only that, it seems that the rise of Prussia has also made great efforts. If it weren’t for the financial supporters like them, where would the poor Berlin government get the money to cause trouble?

If we look at it from this perspective, the bankers in London were the gravediggers of the British Empire.

Without their help, the competitors would definitely not develop that fast. Britain might also lose its hegemony, but it would definitely not decline so fast.

"The teacher who never forgets the past and the future is like this." There are such miserable examples, and Franz doesn't even have to be careful.

...

One wave has not yet settled, and another wave has started again.

Just as Franz was considering future development, he had just hit a spore in the Philippine Islands and the Japanese who were forced to evacuate were causing trouble again.

While the neighbor was napping, he launched a sneak attack and directly destroyed the Beiyang Navy. Immediately afterwards, the Japanese army launched a landing battle with lightning speed.

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

This is not the end. The Far East is in war and the Americas is in turmoil.

The British finally started to play a role and launched an independence movement in Cuba.

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

It was just a little short of that, so we rushed together. I wonder if the Japanese government, which had just given up the Philippine Islands, was upset at this moment, just hold on.

Of course, the Japanese government's ideas are no longer important. A new war is waiting for them. Besides, even if they want to turn around, the international situation will not allow it!

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

Does the Japanese government regret Franz know that the Spanish government definitely wants to cry now. At this time, the independence movement broke out in Cuba, which directly hit their weakness.

The Philippine War just ended, and it was the time when the Spanish government was the poorest. Even the Spanish government had not raised the money to rebuild the colonial government, and another major source of wealth had a problem.

The former Empire of Sun-Down Setting has already declined. Although the Philippines and Cuba are not the only colonies of Spain, these two places are the richest colonies in their hands.

No matter what part of it is lost, it will be a heavy blow to Spain. It is not only a heavy blow to the economy, but also a fatal political crisis.

Just now, the Japanese were ruined by the Japanese in Southeast Asia, which was the time when nationalists were most promising.

If it weren't for the power of the Continental Union that successfully took back the Philippine Islands and pacified the people in the country with victory, there would have been no peaceful days.

At this time, the Spanish Kingdom could no longer withstand any failure. Any failure would defeat their shaky status as a powerful power and even trigger a revolution.
Chapter completed!