After the economic crisis erupted, the mines Franz had planted began to explode. Half-finished projects sprang up everywhere, and the Vienna Government was left running around cleaning up the mess.
There was no helping it. The economic crisis was simply too destructive. As the first global economic crisis, it was far more severe than any previous one.
In 1857 alone, more than five thousand businesses in the United States went bankrupt. The stock market was cut in half outright, while in certain industries plagued by severe overcapacity, share prices plummeted by ninety percent.
The European nations were not doing much better. The crisis merely reached them a little later, giving their governments some time to react.
Unfortunately, this era had no concept of government intervention in the economy. Everyone simply sat waiting for the crisis to erupt, so losses were naturally unavoidable.
The economic crisis caused the cash flow of many capitalists to snap. With no money in their pockets, no matter how unwilling they were, they could only grit their teeth and cut off their own flesh.
Their earlier investments might as well have been charity, while their performance bonds vanished straight down the drain.
Government projects being left unfinished was only a minor issue. None of those projects were urgently needed, and delaying construction by a few years would not cost anyone their life.
Besides, the capable capitalists had still clenched their teeth and held on. The more they had invested, the less willing they were to give up. Fundamentally, those projects were still high-quality ventures.
That persistence was crucial to Austria's economy, which hung by a thread amid wind and rain. It allowed many businesses along the related industrial chains to survive, preventing the economy from deteriorating further.
Prime Minister Felix said gravely, "Your Majesty, as of