Reincarnated as Nikolai II

It's also the end for thousands of banks guaranteeing each other, lending to each other, and tightly guarding each other's backs.

Their Federal Reserve System that they claimed was so well-organized to prepare for panics?

With the economy smashed, they'll just have to prepare to raise interest rates for the time being.

"I apologize. I showed an ugly sight of rejoicing in others' suffering."

"It's alright."

Nikolai nodded as if he fully understood, acknowledging his victory.

"By the way, the former Prime Minister hasn't been seen in public lately?"

"Kokovtsov only made plans, he didn't intend to implement them. That's your role."

The Tsar's definite acknowledgment.

That was another permission and signal for Stolypin.

In the third year of his administration. Only today has he properly inherited Kokovtsov's power.

Now all that's left is to wield it.

While before everyone hated and cursed him.

Now they must rightfully bow their heads to the legitimate power of the Prime Minister.

"First, I will organize the Duma."

"Do so."

"After that, I will slowly release regulations and loans."

Stolypin listed the planned stages one by one before Nikolai as if seeking approval.
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Each time, Nikolai gave the same answer.

"Do as you wish."

In the process, Stolypin became convinced once more.

That from this day, he had gained power close to that of a wartime Prime Minister.

==

The year ended with everyone experiencing the free fall of an economy that had been soaring like an artillery shell.

So do people all commit suicide just because stocks collapse, loan extensions are blocked, and interest rates rise?

No. The reason people fear hell is not the unknown pain but the condition of 'infinite time' that's hard to comprehend attached to it.

Hell is a desperate place because there is no hope.

Similarly, though more than half of the stock market capitalization flew away, those who wailed overnight didn't immediately exceed half.

But again, words like future or hope cannot exist in hell.

Germany was definitely the first to realize this.

"...Reduce it."

"You must talk sense. Wasn't there a 5-year grace period as a gesture of reconciliation for the Ruhr occupation, and didn't it end with mutual agreement during renegotiations last August? 283.5 billion dollars over 58 years. This is a matter decided by the Reparations Commission. Remember. If you don't pay here either, the fact is that reparations will increase indefinitely."

"Fuck, I said reduce it! Don't you see the state of our country!"

"We're not comfortable enough to accommodate others' circumstances either."

When the Social Democratic Party's Müller sank and the newly crowned Prime Minister Brüning desperately ran to plead, "P-please let us catch our breath!" as soon as he took office, no sympathy arose this time.

One would show compassion when the barn is full, but with just a change of year, the whole world turned cold toward Germany.

"D-deflation! Yes! Since it's difficult to raise wages, we should suppress the labor market through deflation to escape from foreign debt and reparation burdens!"

"Rejected."

"...Why is parliament rejecting this? There's no other answer, I tell you!"

"Rejected! Do you want to hand over power to the Communist Party in the next election! Reeeeeejected!"

Germany, which had grown enough to surpass France again in just 5 years, still couldn't accept its fall.

'...Want to block wage increases through forced deflation for 58 years? Then who would vote for us?'

'Brüning is an ambiguous right-winger. Not a true right-winger like the National Party (DNVP), nor an extreme right-winger like the Nazi Party, but a centrist.'

'There's no reason to join hands.'

Above all, when it actually came time to pay reparations, no one wanted to secure the funds.

Currently, the only way Germany can pay reparations is by squeezing its own citizens.

Then they can pay reparations with a trade surplus. The price is public popularity.

It was something absolutely impossible in a democracy.

Next is England, which had developed finance as much as America but consequently fell into the abyss together.

Their labor market was destroyed even faster than America's.

"...The unemployment rate exceeded 30% in less than a year?"

"At this rate, before the end of this year, the unemployed will exceed half of all workers?"

"H-how do we pay unemployment benefits? Even if we pour the entire national budget into it, we can't pay unemployment benefits?"

Mining and industry completely destroyed. Low-productivity handicrafts had already moved to colonies long ago.

Welfare policies that were handed out freely now come back like a snowball, pressuring the government.

What's worse here is.

"...W-why is this happening?"

"We really don't know either?"

"Just overnight, all the companies went bankrupt and closed doors, and then protesters came!"

The fact that there isn't a single economic expert in MacDonald's cabinet.

In the end, even after the year changed, their direction was firm.

It's the traditional classical economics that emphasizes balanced budgets!

Borrow money for emergency transfusions to workers and companies first?

"Are you crazy! A deficit budget is a sin just by its existence! It's the main culprit that ruins the country!"

No.

Loan extensions, drastic interest rate cuts, currency issuance, increased spending?

"If the currency's credibility falls, will you take responsibility? Are you going to let our country suffer the humiliation of being devalued?"

No.

Then how on earth do you plan to handle it?

"...First, how much insurance do we have to pay."

"Those who enrolled in unemployment insurance were mainly workers who were relatively well-off. But close to 20% of them lost their jobs, so..."

"I asked how much!"

"Unemployment insurance is twice last year's. Basic security insurance needs to be paid to 2.5 million people."

...Let's ask the question again. How do you intend to cope with something that's impossible to cope with from the beginning?

The result directly led to a 50% drop in export value.

Still the largest empire in the world.

Possessing numerous colonies, clearly the country with the number one national assets, but.

"T-then for fiscal soundness, shouldn't we cut public worker wages and reduce public spending?"

"...Are you a genius? What, then we don't have to experience a deficit?"

"G-good! Let's try raising taxes on the wealthy and reducing government consumption to pay unemployment allowances to workers!"

These people still seemed to have many days left to fall before hitting bottom.

Besides those, there were various situations ranging from France, which didn't really feel the impact, to small European countries whose screams were too quiet to be heard clearly, but.

Russia, with the Duma election right ahead.

"Now, our respected Duma members. Do you know what this is?"

"P-Prime Minister, what is that?"

"It's a decree with His Majesty the Tsar's seal. Yes, a fresh decree issued this morning where the wax seal hasn't even hardened yet."

The atmosphere was different. The parliament was frozen similar to other countries, but the cause was different.

"This is the order His Majesty gave me. It says to allocate a budget to build roads. I trust you will review the budget well. If it falls... Well, it can't."

At the center of it was Stolypin, who had accumulated much.

"Absolutely not."