Holy Roman Empire - Chapter 256

Chapter 256: Chapter 5, The Grand Wedding
It turned out that Prime Minister Granville’s expectations were too optimistic. The biggest hand behind the surge in gold prices was the UK consortium, with speculators merely serving as the expendable pawns on the surface.

Were these financial consortiums unaware of the consequences of blindly driving up gold prices? Obviously, that’s not possible, as they are all professionals, and not a bunch of amateurs like some members of the Cabinet Government.

Yet, for the sake of profit, they went ahead with it anyway, even to the extent that the decision by Granville’s Cabinet Government to drive up gold prices and hinder the Vienna Government from buying gold had the consortium’s shadows lurking behind it.

Nonetheless, the United Kingdom was not the United States after all, and the financial consortiums could not monopolize the situation entirely. So, they acted very covertly, merely buying off some members of the government’s think tank to put forth the suggestion, without stepping directly into the limelight.

Yet that was not all. Historically, there have been instances of articles published in the newspapers that Cabinet ministers often read, which then influenced British politics.

There’s no way around it; politicians elected through votes cannot be capable of everything! In many areas, they are outsiders, standing at the same level as the general populace who are clueless about such matters. Cheating them is really not difficult.

This subtle and silent method often fools politicians without them even realizing it. Quite a few idiotic policies have been established this way.

Naturally, the consortium did not drive up gold prices just to make a small profit margin; more so, they aimed to use this to strike at their competitors.

The rise in gold prices led to an appreciation of British Pounds, which inevitably impacted domestic industrial and commercial businesses. Large enterprises with significant assets could withstand these short-term fluctuations.

For the majority of small and medium capital holders, it was undoubtedly like walking through the gates of hell.

In an era of rapid economic development, everyone was expanding, and the sudden surge in costs resulted in many businesses entering a state of loss. Once that happens, the problems with the cash flow chain begin.

That’s when the consortium saw its opportunity – either accept their terms or get ready to go bankrupt! Whatever the choice, it was a feast of big fish eating small fish in the world of capital.

The London Stock Market has always been the barometer of the British economy. The fluctuations in gold prices first hit the stock market, and the speculators were the ones to suffer first.

The drastic rise and fall in gold prices caused those using leverage to face calamitous losses.

Mining enterprises that had been highly sought after evaporated thirty percent of their market value overnight, and related industries also suffered terribly.

According to economic experts, after the New Holy Roman Empire adopted the gold standard system, the demand for gold in the market increased significantly, and a rise in gold prices was inevitable.

When the stock market was booming, everyone believed it. Since it was good news, naturally, enterprises needed to expand production to encircle more money from the market.

Now, as the gold prices plummeted and the market was stimulated, share prices plummeted endlessly, and investors were duped severely — the consortiums successfully completed their first harvest.

Not just the associated enterprises, but other sectors were affected too. The rapid fluctuations in the value of the British Pound directly led many businesses to suffer significant losses.

Especially those engaged in overseas trade had seen the British Pound’s value first rise by twenty percent and then return to normal. Just the loss on currency exchange was enough to make many cry.

For many small and medium-sized enterprises, these fluctuations were directly a matter of life and death. Not all enterprises were eligible for acquisition by the consortiums. Many with poor performance and slim profits went straight into bankruptcy mode.

In just a few months, the Great Britain Empire had more than two hundred enterprises merged or reorganized, with over three thousand businesses directly liquidated due to bankruptcy. The wave of bankruptcies had arrived, ushering in the era of monopolies.

By the time the belated Granville Government reacted, it was all too late. Even if the consortiums were to be stopped, there was no way for the government to revive these enterprises.

10 Downing Street

Prime Minister Granville sat there, looking haggard, motionless. Clearly, the recent events had dealt a significant blow to him.

Before his ambitions could be fully realized, his first order of business upon taking office had backfired, severely undermining his confidence.

Gathering his thoughts, Prime Minister Granville said, “Gentlemen, we’ve been played by the consortiums, completely led by the nose.

I fear we’ve entered their trap right from the start. At this point, let’s not dwell on whom to blame. What should our next steps be for damage control?”

There was a silent consensus. Apart from begrudgingly accepting the situation, what else could they do? Go after the masterminds behind the scenes? They only acted as the ones pulling strings, within the bounds of the rules; since they didn’t show themselves directly, the ministers knew precisely who to hold accountable, if it came to that.

Finance Minister George-Grey, under the intense gaze of Prime Minister Granville that made him feel uncomfortable, braced himself and answered, “Prime Minister, we need to stabilize the market as soon as possible to restore confidence and prevent the situation from deteriorating further.”

Even though the businesses that went bankrupt this time were mostly small and medium-sized enterprises with little competitive strength, the resulting unemployment and the stock market crisis were real.

If we don’t handle the aftermath quickly, the current stock market crisis and wave of bankruptcies could trigger a nationwide economic crisis, and then the situation would be truly out of control.

Prime Minister Granville, with a frown, asked, “Are you suggesting that we continue to seek help from the consortiums, aren’t you afraid of being completely devoured by them?”

Finance Minister George-Grey, with a very cold tone, said, “But what choice do we have? If we don’t escape this crisis quickly, we will all be nailed to the pillar of shame and become a negative lesson in history books.

Perhaps they will write that the idiotic Cabinet Government, in order to prevent the Vienna Government from buying gold for the gold standard reform, artificially created an economic crisis.

As for the problem with the consortiums, isn’t there the chance of settling accounts after the fall? If they cooperate with us properly and help suppress this crisis, then so be it.”

“If they keep behaving recklessly, then dragging them down to hell with us before our own demise wouldn’t be such a bad option.”

It must be said that Prime Minister Granville’s cabinet was lucky—the United Kingdom had not yet experienced large-scale overproduction; otherwise, their mischievous operations would have gone down in history.

If an economic crisis erupted in the United Kingdom, Austria could not remain unscathed either. As soon as British capital withdrew, the Vienna Government would lose the chance for currency value reform in its bid to stabilize the domestic economy.

But for the British, it was more in their interest for the Vienna Government to complete the gold standard reform, as it would facilitate trade between the two countries.

Because hindering Austrian reforms would trigger a domestic economic crisis, effectively harming the Great Britain Empire’s interests and creating an economic crisis. If someone accused them of being foreign spies, it’s likely the British would believe it.

As for explanations? They wouldn’t stand a chance to give any, for losers have no right to speak. If the consortia cannot clear themselves, then they are no consortia at all.

Even if they managed to explain themselves, they would still be rightfully counted among the most foolish cabinets in British history.

Don’t expect anyone to cover for them. If they are acting against their own interests to benefit others, perhaps in the future, for political needs, everyone might whitewash them.

It’s even possible to be lauded as the greatest government ever. They are clearly well aware of such maneuvers.

With events already in motion, rational politicians naturally wanted to minimize the damage and found it inevitable to continue their cooperation with the consortia.

Even to compel the consortium to act, George-Grey did not hesitate to make threats. Mutual destruction might not be on the cards, but a backlash at any cost to severely damage the consortium was within their capabilities.

Let’s be clear, the consortia of this era are still in their growth phase, far from their pinnacle. Within the government, there still exists a bureaucratic group and an aristocratic group capable of checking their power.

This is also why, after the World War, the London Government introduced a series of foolish policies that struck a blow to the military nobility who had earned their stripes in the war, making it seem like the government was a gravedigger of the Great Britain Empire.

This could be seen as an extension of the power struggle, with the capitalists taking advantage while the aristocratic group was weakened, severing their sources of power.

As instruments of the capitalist group, they naturally reaped rich rewards and earned high praise in history, becoming some of the greatest figures in British history.

Prime Minister Granville, feeling helpless, nodded his head. He was not ready to step down in disgrace, so compromise was inevitable.

When the crisis broke out in the United Kingdom, Franz’s grand wedding also commenced. There were no attempts at innovation—everything proceeded strictly according to the traditions of the Habsburg dynasty.

The wedding was grand, luxurious, and high-class. As for the romantic weddings seen in movies, Franz was certain that they did not exist; they were purely the fabrication of directors.

As per tradition, the wedding took place at St. Stephen’s Cathedral, where the hearts of dozens of royal family members lay resting for eternity.

The thought alone sent shivers down Franz’s spine; he could not comprehend why anyone would want their heart excised and placed in the cathedral after death.

Perhaps his faith was not devout enough. Regardless, from his perspective, this practice would end; he certainly had no plans to emulate his predecessors.

At the wedding, Franz was like an actor following a predetermined ceremony and then receiving God’s blessing. He was married.

Although it was a bit cumbersome, Franz was still satisfied. It was a once-in-a-lifetime event, so a little trouble could be considered a beautiful memory.

Perhaps it was favor from the heavens, or maybe a blessing from God, but the day of March 12th was sunny and pleasant without any mishaps.

There were so many guests at the wedding that the banquet was held in an open-air square.

All the prominent nobility of Europe, who were of any significance, sent representatives. Thirteen kings attended the wedding in person, and together with princes, the number soared past one hundred.

Franz was astonished to find that so many kings who attended the wedding personally were actually no farther than the range of five degrees of mourning, despite the absence of such a concept in Europe. This thoroughly demonstrated the might of the Habsburg Family’s marital alliances.

However, how long this splendor of the monarchical system could last was uncertain, especially since the Germany Region lacked nothing except an abundance of kings.

Currently, none of the sub-state royal houses had been abolished, and in this regard, Franz’s wedding seemed much more appealing than the historical Kingdom of Prussia’s.

The direct benefit was that it made his wedding even more high-class. The gathering of so many kings could have been submitted for a Guinness World Record.

The only regret was that no Emperor came; otherwise, it could have raised the standard even higher and set a benchmark impossible for future generations to match.

Of course, that was not possible. To invite these kings, the New Holy Roman Empire’s Foreign Ministry had spared no effort.

Without particularly good relations, they would not have come to bolster such pomp. Frankly, this was also a stage for the Habsburg dynasty to display its soft power.

The level of guests sent by royal households across Europe also signified the degree of importance placed on the relationship. For smaller countries, it was akin to choosing a political side, except this time there was no worry about repercussions for picking incorrectly.

Against this backdrop, the various Emperors of Europe certainly needed to maintain their own status, sending royal family members in their stead as a face-saving gesture.

To make a personal appearance, bar exceptional friendship, was out of the question. Regrettably, Franz did not have such close relationships with them, and naturally, they would not come to support the occasion now.