In this world, there would always be those riding high and those left disappointed.
The biggest losers at the London Peace Conference were undoubtedly the Ottoman Empire and the Kingdom of Poland. The former had lost cities and territory, its people were exhausted, and it was already half-dead; the latter had even sacrificed its autonomy.
Setting aside the details, from the perspective of overall strategy, the five nations—United Kingdom, France, Austria, Russia, and Prussia—had all emerged as winners, each achieving its strategic objectives.
The Russians had performed particularly brilliantly, reaping benefits from both sides, as though that once-arrogant Russian Empire had returned.
Yet Alexander II, regarded as the greatest winner, could not bring himself to be happy. Recovering lost territory had greatly boosted military morale, which should have been a good thing.
Unfortunately, the Tsarist Government could barely afford it. All because of one word—"poverty." With the war over, rewards for merit could not be omitted, and compensation payments had to be given as well. If they pinched every penny, who would risk their life for them next time?
War was immensely destructive. The recovered territories now required investment to restore people's livelihoods, and no returns would be seen in the short term.
All of this required money. It might not seem like much, but without several hundred million Rubles, it truly would not be enough.
Alexander II had long given up on borrowing. International financial institutions had been frightened by their antics; anyone who lent them money would be a fool.
Saint Petersburg, Winter Palace
Alexander II asked uncertainly, "Can gold standard reform truly help us weather the fiscal crisis?"
Among the great powers, only the United Kingdom and Austria had completed gold standard reforms. Everyone knew that the gold standard helped stabilize currency values and enhance a currency's