A true weapon of devastation

France's current situation was such that simply managing to pay the interest was cause to thank God for his protection. As for repaying the principal? Ha, they dared not even dream of it.

Joseph shook his head with a troubled expression, thinking, If only all those banks lending money to the government would suddenly go bankrupt...

Besides interest on its debts, France's other major "bleeding wound" was taxation.

The French Government currently entrusted most tax collection to the "Tax Farmers." Every year, the Tax Farmers paid the government a sum of money, after which they could go out and collect taxes.

Later estimates put the actual taxes collected annually by the Tax Farmers at more than one-eighth above what they paid the government.

Based on France's tax revenue of 500 million livres last year, that one-eighth amounted to forty million. All that money went straight into the Tax Farmers' pockets.

In reality, the Tax Farmers' profits were probably even greater. Some statistics indicated that they took nearly 20% of the tax revenue.

In other words, abolishing the tax farmer system would increase the French Government's annual revenue by at least forty million livres!

Of course, carrying out tax reform would also be extremely difficult.

One very important reason was that the Tax Farmers were also creditors of the French Government. At the beginning of each year, they paid the government that year's tax payment in a lump sum, and only then went out to collect taxes.

If the tax farmer system were suddenly abolished, it would effectively leave the French Government without tax revenue for an entire year!

Joseph suddenly realized that, at present, neither opening new revenue streams nor stemming expenditure would be easy...

While he pondered this, Versailles Palace Square came into view.

Joseph stepped out of his