Misfortunes Never Come Alone

While the Tsarist Government was making its moves, the Berlin Government had not been idle either. Unlike Russia, which had a solid family fortune and enough collateral, the Prusso-Polish Federation was far poorer.

Use resources as collateral?

Sorry, but the Prusso-Polish Federation had limited mineral resources. Its most valuable assets were probably the agricultural products of Poland.

Unfortunately, the agricultural crisis had not yet fully passed. Supply still exceeded demand on the international agricultural commodities market, so they were simply not worth much.

If it were merely a matter of price, there was still room for negotiation. Capital chased profit; a discount could always be discussed.

The key problem was that security could not be guaranteed. If the Prusso-Polish Federation lost the war, everything would go down the drain. The Russians would never recognize those loans.

If resources could not serve as collateral, what about territory, tax revenues, railways, and ports?

In theory, all of those had value as collateral—provided the bankers were willing to accept them.

The sums involved were too enormous. Unless they could persuade financial conglomerates to take them on, even support from the governments of various countries would not be enough.

There was no helping it. No one could be sure that the Prusso-Polish Federation could win the war. If it lost, every promise made by the Berlin Government would be nothing but a bad check.

The Russian Empire was different. Even if it lost the war, it would not be destroyed. The collateral the Tsarist Government was offering now was beyond the Prusso-Polish Federation's ability to occupy even if it won the war.

The Prusso-Polish Federation was different. Its assets were limited; once defeated, it would lose everything.

No one doubted the Russians' appetite. Even if they could not swallow the Prusso-Polish Federation whole, they