Ferdinand was now working on a question: if an economic crisis broke out, what consequences would it bring?
An economic crisis was bound to break out. It was a law of the capitalist market, not something Ferdinand could control. All he could decide was when it would erupt.
The United States was finished. London had become even more prosperous, while Paris, Vienna, and other great cities had likewise grown exceptionally flourishing. The world's three great financial capitals now dominated the international capital markets of this era.
Naturally, London remained the most prosperous. British companies listed in London, companies from the major dominions still chose London for their listings, and even North American companies had been forced to come to London to list.
So Ferdinand's attention remained fixed on London. The markets in Paris and Vienna were much smaller, and their bubbles far less inflated.
Once the London stock market crashed, Paris and Vienna would find it hard to stay untouched. A global financial crisis would become inevitable.
First, many stock speculators would be trapped. Those playing with leverage would likely lose everything, while the fools who had borrowed money to buy stocks might as well jump off buildings.
The greedy, shortsighted small capitalists would have to prepare for bankruptcy, and many companies that had falsified their accounts would be finished.
Many banks would suddenly be saddled with heaps of bad debt. The stocks they held as collateral would become worthless, and if things went badly, a bank run could break out. Banks without sufficient strength would breathe their last.
The world economy was about to enter an age of Great Depression, and no country would be able to remain untouched. Bulgaria would be in somewhat better shape—at least there would be no financial crisis—but its export businesses would have a