"Your Majesty, the economic crisis that erupted in the United States has begun spreading into Europe. Should we activate our contingency plan?" the finance minister asked anxiously.
Ferdinand could not help but gripe—there were simply too many economic crises in the capitalist age! This was already the fourth one since he had transmigrated here. It felt as though they would never end!
In October 1907, a banking crisis erupted in the United States. Roughly half of New York's bank loans had been pledged as collateral to high-risk stock and bond investments through trust investment companies offering high interest returns. The entire financial market had descended into a state of extreme speculation.
First came the guidance of public opinion. Articles promoting new financial theories began appearing in large numbers. At the time, Paul published an article titled "The Defects and Needs of Our Banking System," after which Paul became America's foremost drumbeater for the central banking system.
Not long afterward, Jacob Schiff declared at the New York Chamber of Commerce, "Unless we possess a central bank capable of controlling credit resources, we shall experience a financial crisis unprecedented in both scale and far-reaching impact."
Fine, America's domestic affairs had nothing to do with him. What Ferdinand cared about was the economic crisis's reach! Fortunately, the economic ties between Europe and America in this era were not yet as close as they would become later on, and Eastern Europe in particular would be affected even less!
Affected by the revolution, Russia's industrial strength was still less than seventy percent of its prewar level. Historically, the Russian Bear had continued in this state right up until the outbreak of the World War, never returning to its peak!
Thus, Bulgaria still had several good years ahead of it. After all, Russia's own industry and