The bubble was punctured, loses in a big way as Holy Roman of economical dragon's head ; In Britain of second largest industrialized country as the capitalist country economic system, the loss was second is naturally big. 泡沫被戳破,作为经济龙头的神罗损失最大;作为资本主义世界经济体系中第二大工业国的不列颠,损失自然是第二大了。 No matter politically both countries whether has opposed, but everyone has tied up economically in one. The Holy Roman empire economic bubble is serious, the economic bubble of Britain are also few not. 甭管政治上两国是否已经对立,但是在经济上大家早就绑在了一起。神罗帝国经济泡沫严重,不列颠的经济泡沫也少不到哪里去。 In fact, after the European war ended, crisis on this/should eruption, but was jointly suppressed by all influence. 事实上,欧陆战争结束后危机就该爆发的,只不过被各方势力联合压制了下来。 The Vienna government took the measure, the London government has not been idling. Gladstone cabinet director period, the foreign policy of Britain nearly crashes comprehensively, if the economy did not have prosperously, it is estimated that the British People fresh will rip them. 维也纳政府采取了措施,伦敦政府也没有闲着。格莱斯顿内阁主政时期,不列颠的外交战略近乎全面崩盘,要是经济繁荣也没有了,估计英国民众会生撕了他们。 The cabinet wanted the safe pass final term, the financial group required the time to retreat, both sides fitted in easily, artificially made the second half virtual economy to be prosperous. 内阁想要平安的度过最后的任期,财团需要时间撤退,双方一拍即合,人为制造了后半场的虚拟经济繁荣。 These in 1893 on the economic crisis of eruption, was towed the present actually. If not Vienna Stock Market sudden and violent thunder, it is estimated that the crisis will also continue backward. 原本该1893年就爆发的经济危机,硬是被拖到了现在。如果不是维也纳股市暴雷,估计危机还会向后延续。 Under this situation, Robert Cecile who just took office on tragedy. The buttocks have not held on to your hat, the stock disaster came, the economic crisis must break out shortly. 在这种背景下,刚刚上任的罗伯特・塞西尔就悲剧了。屁股还没坐稳,股灾就来了,眼瞅着经济危机也要爆发了。 Nowadays what British implementation is the free economy, the government cannot interfere with the market. Naturally, this saying listens to be good, if earnest that lost. 这年头英国实施的是自由经济,政府是不能干涉市场的。当然,这话听听就好了,要是认真那就输了。 Cannot directly intervene the market, is not equal to not intervening completely. In fact, the economic policy and law laws of government are the important factor of influence economic development, the difference are only to interfere with the effort the issue. 不能直接干预市场,不等于完全就不干预了。事实上,政府的经济政策、法令法规都是影响经济发展的重要因素,差别只在于干涉力度的问题。 , Launches the external war to shift the crisis including the adjustment tax rate, the social relief and joint financial group salvation wait/etc, is a part of government intervention market. 包括调整税率、社会救济、联合财团救世、发动对外战争转移危机等等,都是政府干预市场的一部分。 „What kind of, did the financial group agree to intend to bail out?” “怎么样了,财团同意出手救市么？” Is beyond control Prime Minister Robert Cecile not to worry, since the economic bubble was punctured, London Stock Market also step the footsteps of Vienna Stock Market, opened the continuous falling pattern. 由不得罗伯特・塞西尔首相不着急,自从经济泡沫被戳破后,伦敦股市也步了维也纳股市的后尘,开启了连绵不绝的下跌模式。 Different from Holy Roman that conservative state, the family firm of important goods presses firmly between the fingers the stock not to go on the market stubbornly, but Britain financial industry most developed state, as long as was on the enterprise of scale is the listed companies. 不同于神罗那种保守国度,有一大帮的家族企业死死捏住股份不上市,不列颠可是金融业最发达的国度,但凡是上了规模的企业都是上市公司。 The listed company is easier to obtain financing , helping speed up the enterprise development, the sequela is the enterprise must by the influence that the stock price fluctuates. 上市公司更加容易获得融资,有利于加快企业发展,后遗症就是企业要受股价波动的影响。 The administrative mode of professional manager, seems like very scientific, but the money of company after all is not own. The business management level to receive a higher return in a short time, establishes the strategy time usually is quite radical. 职业经理人的管理模式,看似非常科学,但公司的钱毕竟不是自己的。企业管理层为了在短期内获得更高的回报,制定战略的时候通常都比较激进。 The ordinary period is good, once the stock price falls significantly, after the corporate finance becomes the difficulty, the radical developmental strategy invariably causes the business capital chain break easily. 平常时期还好,一旦股价大幅度下跌,企业融资变得困难后,激进的发展战略往往容易导致企业资金链断裂。 In comparison, does not go on the market, conservative family firm to like fighting steadily. Although development speed slow a little, but the enterprise rarely has the big debts, most time are maintaining the sufficient fund flow, without risk of funding chain break. 相比之下,不上市、偏保守家族企业更喜欢稳扎稳打。虽然发展速度慢了一点儿,但是企业本身很少有大笔债务,大多数时间都保持着充足的资金流,没有资金链断裂的风险。 Big enterprise that the most important thing does not go on the market, usually is the profitability is good, the market more competitive high-quality enterprise, the itself risk tolerance is strongest. 最最重要的是不上市的大企业,通常都是盈利能力良好、市场竞争力较强的优质企业,本身抗风险能力就是最强的。 Can refer to the article Franz imperial family financial group specifically, is the technology corporation of high risk, or is the profitability is mostly insufficient with the listing enterprise, the prospects for development not bright enterprise, and development potential has touched the enterprise of industry bottleneck. 具体可以参考文弗朗茨的皇室财团,拿出来上市的企业大都是高风险的科技企业、或者是盈利能力不足、发展前景不明朗的企业,以及发展潜力已经触摸到行业瓶颈的企业。 Truly lucrative, or is at the high-speed development phase the enterprise, nests remain silent to get rich below, when developed the industry upper limit bottleneck, when was the listing cashes. 真正利润丰厚、或者是正处于高速发展阶段的企业,一个个都窝在下面闷声发大财,什么时候发展到了行业上限瓶颈,什么时候就是上市兑现的时候。 What grows and shares together, this deceiving nonsense listens on the line. Gains the high income business that does not compensate steadily, oneself pinch in the hand is not good, why can take the share? 什么共同成长、共同分享,这种骗人鬼话听听就行了。稳赚不赔的高收益买卖,自己捏在手中不好么,干嘛要拿出去分享？ Perhaps had the enterprise to achieve, but such enterprise was actually extremely rare, over a thousand listed companies also such 180, after overwhelming majority listings, was the performance is average. 或许有企业做到了,但这样的企业却是凤毛麟角,上千家上市公司中也就那么百八十家,绝大部分企业上市后都是表现平平。 Can stabilize operates., Runs to win the inflation, to keep up with the national economic development speed, not to have the sudden and violent thunder enterprise, is the conscience enterprises. 能够一直稳定运营.、跑赢通货膨胀、跟上国家经济发展速度、没有暴雷的企业,都是良心企业。 If under the stage these high-quality enterprises all go on the market, estimate value that even if the market gives again how low, at the Holy Roman Empire economical mass, the scales of Vienna Frankfurt two big financial centers not possible to be smaller than London. 要是台下这些优质企业全部上市,纵使市场给出的估值再怎么低,以神圣罗马帝国的经济体量,维也纳法兰克福两大金融中心的规模也不可能比伦敦小。 Under this situation, the stock market falls most miserable Holy Roman Empire , the impact that economically is under instead does not have big of Britain. 在这种背景下,股市下跌最惨的神圣罗马帝国,在经济上受到的冲击反而没有不列颠的大。 Economy minister Aquinas taught shakes the head: „ Is regrettable, they rejected our proposition. The financial group thinks that the current stock market still had the bubble, now the making a move pull-up stock price has very big risk, but also needs to wait again. 经济大臣阿奎纳摇了摇头:“非常遗憾,他们拒绝了我们的提议。财团认为目前的股市仍然存在泡沫,现在出手拉升股价存在非常大的风险,还需要再等等。 If the government really wants them to invest to bail out, the financial group also put forward the condition, that must unite Vienna to act together, they worried that benefitted as the third party in a dispute. ” 如果政府真的要他们出资救市,财团还提出了条件,那就是必须要联合维也纳一起出手,他们担心被人渔翁得利。” A Robert Cecile brow wrinkle, uncomfortable saying: „ Waits again, waited for the enterprise to go bankrupt again, city that but also rescued. Unites Vienna to act together, owes they to think. 罗伯特・塞西尔眉头一皱,不爽的说道:“再等等,再等下去企业都破产了,还救个屁的市。联合维也纳一起出手,亏他们想得出来。 The present situation is obvious, after European war , the Holy Roman Empire economy had the big problem, now is in the economic regulation period, will have this stock disaster they to lead to the economic crisis. 现在的情况非常明显,欧陆战争后神圣罗马帝国经济出现了大问题,现在正处于经济调整期,有没有这次股灾他们都会爆发经济危机。 But we are different, unlucky egg that but was involved. If cannot stand firm the stock market, must accompany them to experience the economic crisis together. 而我们不一样,只是被牵连进去的倒霉蛋。如果不能稳住股市,就要陪着他们一起经历经济危机。 Does not get into the water everyone together, the Vienna government will intend to bail out must blame, they wish one could to get into the water everyone now together, for their loss participation. ” 不把大家一起拖下水,维也纳政府会出手救市才怪,他们现在就恨不得把所有人一起拖下水,替他们分担损失。” The complaint is also useless, in London Stock Market not, only then British capital, similarly also capital from continental Europe. 抱怨也没有用,伦敦股市上又不只有英国资本,同样还有来自欧洲大陆的资本。 If all parties cannot achieve consistently, British Financial group makes a move to bail out, others seize the chance to undersell, they become the taking over a business hero. 如果各方不能达成一致,英国财团出手救市,人家趁机抛售,他们就成为了接盘侠。 Although from the beginning of the year time, the European capital starts to backflow, but to their large amount of mass, flows is also only a small part. 尽管从年初的时候,欧陆资本就开始回流,但是对他们那种巨额的体量来说,流出去的也只是一小部分。 After the Vienna stock disaster erupts, British Financial group on the advantage of use native, first step takes action, to an international capital blow to the head. 维也纳股灾爆发后,英国财团就利用坐地户的优势,抢先一步采取行动,给国际资本当头一棒。 Now must consider the bailout issue, they naturally worried that others imitated. Oneself spend the big price to draw the stock price, others seize the chance to leave to travel, they compelled painstakingly. 现在要考虑救市问题,他们自然担心别人效仿了。自己花大代价把股价拉上来,别人趁机抽身跑路,他们就苦逼了。 After all, the financial group is not multipurpose. In the mistrusting each other capital market, anybody is careful, otherwise sooner or later will be eliminated by the market. 毕竟,财团也不是万能的。在尔虞我诈的资本市场上,任何人都必须要小心谨慎,要不然早晚会被市场所淘汰。 Let alone, enterprise massive bankruptcies, although is disadvantageous to the country, but to the financial group is actually a capital grand feast. They can definitely take the opportunity of enterprise restructuring, at white vegetable price some high-quality enterprise revenues under. 何况,企业大量破产虽然对国家来说非常不利,但是对财团来说却是一次资本盛宴。他们完全可以利用企业破产重组的机会,以白菜价将一些优质企业收入麾下。 ...... …… Had a headache , is not only the British government, facing must draw the crafty hooligan who everyone launches wholeheartedly, all capitalist industry countries have a headache extremely. 头疼的不光是英国政府,面对一心要拉大家下水的滚刀肉,所有的资本主义工业国家都头疼万分。 In those days was various countries is attacking the Vienna government to interfere with the economic freedom, this time does not need to spurt, finally made one be hard to accept. 往日里都是各国在抨击维也纳政府干涉经济自由,这次是不需要喷了,结果却更令人难以接受。 The Vienna government abided by a natural law of market economy with great difficulty, finally everyone drew in the economic crisis. 维也纳政府好不容易遵循了一次市场经济的自然规律,结果大家都被拖入了经济危机中。 In fact, Franz is very also awkward. If possible, he does not want the economic crisis now. However without the means that the economy of Holy Roman Empire gave the drift off unknowingly. 事实上,弗朗茨现在也很为难。如果可能的话,他也不愿意现在发生经济危机。但是没有办法,不知不觉中神圣罗马帝国的经济就给跑偏了。 Especially northern state, not only the industrial development is imbalanced, but also has massive overcapacities. For example: The railroad and architecture industry is two disaster areas. 尤其是北部邦国,不光产业发展不均衡,还存在着大量的产能过剩。比如说:铁路、建筑业就是两个重灾区。 After the European war ended, does not know that is whose idea, northern several state played the big capital construction. Originally does the capital construction not to have the issue, the issue is they do the capital construction that a big pile did not need. 欧陆战争结束后,不知道是谁出的主意,北部几个邦国玩起了大基建。本来搞基建也没有问题,问题是他们搞了一大堆不需要的基建。 The track line of building redundant project, the branch even went down to the village, the real estate project of springing up everywhere, impractical hydraulic engineering. 重复建设的铁路线,支线甚至深入到了村落,遍地开花的房地产项目,根本就不实用的水利工程。 If not the economic crisis erupts, the Prussia kingdom government announced the bankruptcy, Franz does not know that unexpectedly some people played. 如果不是经济危机爆发,普鲁士王国政府宣布破产,弗朗茨都不知道居然有人玩得这么嗨。 In fact, even if knew ahead of time, he does not have the means to interfere. state autonomous was not saying plays, how to develop the economy is others freedom, does not need to report to Emperor. 事实上,就算是提前知道了,他也没有办法去干涉。邦国自治可不是说着玩儿的,怎么发展经济是人家的自由,不需要向皇帝报备。 Only good was the northern Germany area last year the grain crop failure. Right, the grain under put at this time is also good, at least at the present is so. 唯一的利好是北德意志地区去年粮食欠收了。没错,粮食欠搁在这个时候也是利好,至少在现在是如此。 If presents the grain huge harvest, Franz must consider the farm surplus the issue. After all after the economy erupts , the people must make a great effort, even if grain such just needed the product, the sales volume will still decline. 如果要是出现粮食大丰收,弗朗茨还要考虑农产品过剩的问题。毕竟经济爆发后民众要勒紧裤腰带,即便是粮食这样的刚需产品,销量也会出现下滑。 Last year the northern grain crop failure, guaranteed the stability of empire agriculture at least. As for continuing effect that the grain crop failure brings, that is the small issue. 去年北部粮食欠收,起码保证了帝国农业的稳定。至于粮食欠收带来的后续影响,那都是小问题。 Except that changes the poor Prussia kingdom because of the Prussia war, other northern state current economic conditions are very good, otherwise they do not have money to be artificial. 除了因普俄战争变穷的普鲁士王国,其他北部邦国的经济条件都是很不错的,要不然他们也没钱造作。 Since the economic crisis has broken out, runs to come to Vienna to seek help besides William II personally, several other state hit several telegram complaint difficulties, poor-mouths while convenient asks for money. 经济危机爆发以来,除了威廉二世亲自跑来维也纳求助外,其他的几个邦国都只是打了几封电报抱怨困难,顺便哭穷要钱。 Can look, they can also support temporarily, is not willing to make the central government meddle the state economic problem. 看得出来,他们暂时还撑得住,不愿意让中央政府插手邦国内部的经济问题。 This being free from worry little brother, Franz most likes. So long as did not give the central government to put to trouble were good, ate to the full was supporting, who is willing to interfere in the state internal affairs? 这种省心的小弟,弗朗茨是最喜欢的。只要不给中央政府添麻烦就行了,要不是吃饱了撑着,谁愿意去干涉邦国内政啊？ No matter they do, from the result of development economy, these state governments does purely compares overwhelming majority directly under provinces to be stronger. 甭管他们是不是作死,单纯从发展经济的结果来看,这些邦国政府干得比绝大部分直辖省份都要强。 The Prussia kingdom is the issue left over by history is too mainly serious, the large amount of indemnity that the war brings, affected the domestic economic development. 普鲁士王国主要是历史遗留问题太严重,战争带来的巨额赔款,影响到了国内经济发展。 However must, good of economic recovery, although fell behind little compared with neighbors, but the per capita income surpassed Spain and Russia, soon caught up with pre-war France. 不过总得来说,经济恢复的还是不错,虽然比身边的邻居们落后了一点点,但人均收入还是超过了西班牙和俄罗斯,都快要赶上战前的法兰西了。 Although the influence of economic crisis is big, but just starts now, is far from the most difficult time. By family property of Prussia kingdom, even if cannot support, the first wave will not kneel. 经济危机的影响虽然大,但现在才刚刚开始,远没有到最困难的时候。以普鲁士王国的家底儿,就算是撑不住,也不会第一波就跪了。 Especially the Prussia kingdom suddenly announced the fiscal bankruptcy, the omen does not have beforehand. Normally, before announcing bankruptcy, they should first seek help from the central government. 尤其是普鲁士王国是突然宣布财政破产的,事先一点儿预兆都没有。正常情况下,在宣布破产前,他们应该先向中央政府求助。 Even if in consideration stemming from empire face, so long as the unmet need is not too big, the Vienna government will draw their. 哪怕是出于帝国面子上的考虑,只要资金缺口不是太大,维也纳政府就会拉他们一把。 The reality is actually just the opposite, before the government announced the fiscal bankruptcy, besides tossing about one pile of rotten tail projects, has not sought the help to Vienna, as if wanted to go bankrupt wholeheartedly. 现实却恰恰相反,在政府宣布财政破产前,除了折腾出一堆烂尾工程外,根本就没有向维也纳求过援,仿佛就是一心想要破产。 After waiting for the Berlin government to announce the fiscal bankruptcy, William II jumps, goes to Vienna to poor-mouth sells miserably, this is not obviously normal. 等柏林政府宣布财政破产之后,威廉二世才跳出来,跑到维也纳哭穷卖惨,这明显不正常。 At this time is different in those days, as Holy Roman Empire one, Prussia has the ability that and English bargained back and forth. 今时不同往日,作为神圣罗马帝国的一员,普鲁士已经有了和英国人讨价还价的能力。 Some Franz completely reasons believe, the Prussia government does the bankruptcy oneself intentionally, the economic crisis provided one to them „bankrupt excuse”. 弗朗茨完全有理由相信,普鲁士政府就是故意把自己搞破产的,经济危机只是给他们提供了一个“破产借口”。 Even without this economic crisis, they will also use other excuse bankruptcy after a period of time, for example: The government finances chain break, is incapable of paying the construction industry...... 纵使没有这次经济危机,过一段时间他们也会用别的借口破产,比如说:政府资金链断裂,无力支付工程款…… After all, the advantage that now the Prussia government goes bankrupt are many! The domestic economic problem, can seek help from the central government, the Vienna government is impossible to sit by and do nothing ; Owes debt that of English may not pay off in the next century, can the fair request debt restructuring. 毕竟,现在普鲁士政府破产的好处多啊！国内的经济问题,可以向中央政府求助,维也纳政府不可能坐视不理;欠英国人的那笔下个世纪也不一定能够还清的债务,也可以合情合理的要求债务重组。 Also has the criminal record in this aspect Prussia kingdom, one year ago „German federal government” noisy bankruptcy time, the Berlin government with study type. 在这方面普鲁士王国也是有前科的,一年前“德意志联邦政府”闹破产的时候,柏林政府就跟着学样了。 What a pity finally the chess misses one move, the English accepted the creditor's rights shift of German federal government. After all the German federal government does not sign the contract at that time today, government that tomorrow must dissolve. In order to avoid not being able to find the debtor, the English can only hold one's nose to recognize. 可惜最后棋差一招,英国人只是接受了德意志联邦政府的债权转移。毕竟德意志联邦政府当时是今天不签合同,明天就要解散的政府。为了避免找不到债务人,英国人只能捏着鼻子认了。 The Prussia kingdom was different, even if dismissed the government kings also, William II not possible, because the debt does not want the throne. So long as the country , the government did not have to form is, the debt that owes in any case cannot run away. 普鲁士王国就不一样了,纵使解散了政府国王还在,威廉二世不可能因为债务连王位都不要了。只要国家还在,政府没有了重新组建就是,反正欠下的债务是跑不掉的。 In addition at that time Holy Roman Empire was still forming, without the central government withstand/top in front keeps out wind and rain, the Berlin government cannot bear the pressure that the English brings, after striving to instigate to several months of debt extension. 加上当时神圣罗马帝国还在组建中,没有中央政府顶在前面遮风挡雨,柏林政府承受不住英国人施加的压力,在争取到几个月时间的债务延期后就怂了。 Now was different, so long as the Berlin government facial skin is thick enough, the English takes them not to have the means. 现在不一样了,只要柏林政府脸皮足够厚,英国人就拿他们没办法。 Debt „collateral”? 债务的“抵押品”？ Without the issue, although sent people to take well and ensure full power coordinated. 没有问题,尽管派人来拿好了,保证全力配合。 The tariff, turns over to the central government to gather now, so long as the English thinks that can take away the tariff from the Vienna government, that has no issue. 关税,现在归中央政府收取,只要英国人认为能够从维也纳政府拿走关税,那就没有任何问题。 Harbor wharf, although in the hand of Prussia kingdom, but related to the territorial sovereignty, that is also the work of central government. Must discuss that is also looks for Ministry of Foreign Affairs to wrangle, so long as the Vienna government is willing to comply with to be open to discuss. 港口码头,虽然在普鲁士王国的手中,但是涉及到领土主权,那也是中央政府的活儿。要谈也是找外交部扯皮,只要维也纳政府肯答应一切好商量。 The mintage, that also turned over to the central government. To discuss with Ministry of Foreign Affairs, has no right to question as the local government Prussia government now. 铸币权,那也归中央政府了。想要就和外交部商量,作为地方政府普鲁士政府现在无权过问。 ...... …… In brief, after the default, the Prussia government once with a series of mortgage contract of English signing, does not have one to carry out now. 总之,债务违约发生后,普鲁士政府曾经和英国人签订的一系列抵押合同,现在就没有一份能够落实的。 Although these treaties before Holy Roman Empire was established, now still has the legal effect, but wants the content that cashes in these treaties to agree on, actually can only go to negotiate with empire Ministry of Foreign Affairs. 尽管这些条约在神圣罗马帝国成立之前,现在仍然具备法律效力,但是想要兑现这些条约上约定的内容,却只能去和帝国外交部交涉。 „Repudiates a debt intentionally” and „does not have money to repay a debt” is two entirely different concepts, the former must receive despising of international community, so long as the latter turned over to the collateral to finish up even. “故意赖账”和“没钱还债”是两个截然不同的概念,前者要受到国际社会的鄙视,后者只要移交抵押品就算完事了。 Now so long as William II is willing to put down the face, makes one to be willing to turn over to the collateral the stance, then on toward the Vienna government pushes the one of the issue, matter ended even. 现在威廉二世只要舍得放下脸面,做出一副愿意移交抵押品的架势,然后把问题往维也纳政府身上一推,事情就算结束了。 Actually finally is the English to compromise, that is the Vienna government repays a debt for them, these issues did not need him to have a headache. 最后究竟是英国人妥协,那是维也纳政府替他们还债,这些问题就不需要他头疼了。 clear(ly) knew is troublesome, Franz actually also can only brace oneself to receive. No matter because of anything, his empire Emperor cannot the ignores national sovereignty drain. 明知道是麻烦,弗朗茨却也只能硬着头皮接下。不管是因为什么,他这个帝国皇帝都不能放任国家主权流失。 Thought of here, which keyboard heroes Franz wants to beat dead. Who said that William II was the iron was gruff, others political means played the thief to be mindful. 想到了这里,弗朗茨就想捶死哪些键盘侠。谁说威廉二世是铁憨憨了,人家的政治手段玩儿得贼顺溜了。