Capitalism and credit creation.
Even if one doesn't precisely understand the relationship and concepts between these two words, anyone who has received higher education in this era at least knows that this capitalist system stimulates economic growth through bank loans and investnts.
This kind of growth is more fundantal and basic than governnt asures like interest rate cuts or tax reductions that openly encourage economic growth.
And all lending and investnt activities that occur here are credit creation.
In peaceful tis, this credit grows infinitely.
Because if there's no famine, agricultural products will naturally be harvested in autumn.
Because companies won't go bankrupt overnight unless war breaks out suddenly.
Because if yesterday was ordinary and today is ordinary, tomorrow will likely be ordinary too.
Credit endlessly creates replicas as if self-replicating, increasing its total volu.
However, when the Great Depression cos.
'There's nothing to trust in this world.'
Tomorrow's commodity prices. The value of my house. The survival of businesses. Even the promises politicians make. Even my imdiate job.
Everything becos untrustworthy.
When infinite growth collapses, what takes root in people's hearts is infinite distrust.
Unless that distrust is resolved, modern capitalism cannot return to its track.
Most 21st-century scholars say the cause of the Great Depression was "falling into a state of excess facilities due to excessive capital accumulation over decades."
It's not wrong, but that's not everything. Those over-invested facilities eventually operated well as consumption continued, and consurs smiled due to competition between companies and falling production prices.
However, if we change the question to why the great powers couldn't recover from the Great Depression-
'Lack of investnt, decreased spending, reduced consumption, economic decline.'
It's not just because of the vicious cycle where jobs disappear and businesses vanish leading to reduced consumption again, but simply because no one had a bright outlook for the future.
Human distrust. As society develops, nothing is scarier than this.
Setting aside these fundantal discussions, what surprised in my conversation with Stolypin was how much he knew when bringing up these topics.
"...Issuing the imperial decree is also ant to reduce the Pri Minister's political burden."
"Your Majesty's authority. It's to raise business through the credit created by the nurous people who believe in that authority."
Many countries, including the United States, will probably lower their average 4% interest rates to below 1%. Even then, no one would borrow money.
On the other hand, the imperial decree itself becos registered as law and becos a goal that must be protected at any cost to preserve this Russian Empire.
'That's why after the Russian Revolution broke out, the October Manifesto stated that the Tsar's decrees couldn't take effect without parliantary approval.'
Of course, the cost of bypassing parliant and state councilors is not small.
For whatever reason, if it's not upheld, the Tsar's authority is damaged.
It's not for nothing that even my authoritarian father, in the days before the State Duma, issued decrees at most three tis a year, and even those were bland in content.
"Your assessnt?"
"While listening to Pri Minister Stolypin's argunt, I was about to shout 'How dare you,' but certainly, governnt power alone is insufficient to realize his grand plan."
"That would be so."
The Duma is no longer a puppet, and there are quite a few who would pounce when the Pri Minister says 'Let's pour the budget into the 25,000-kiloter national project!'
Moreover, the plan needs to be large enough to shake the market, but if it sounds too fantastical, capital procurent might be blocked from the start.
But if I put my hand on this.
'At least capital procurent will work out sohow. If we add a bit of imperial money on top, it can't help but attract more.'
Any imperial citizen would think 'Unless the governnt and Duma are attempting collective suicide, they'll make this project succeed.'
"Are you concerned about being too dependent on His Majesty the Tsar?"
"It would be a lie to say I'm not concerned. However, when that day cos... I won't be able to worry about such things. If it's effective, I could give not just decrees but even my personal funds."
"Then I won't oppose it. Whatever it becos, public works are essential."
If the empire were still in the 90s when state-owned enterprises led industry, the governnt might have pushed mixed economy while complenting and even leading the market's imperfections.
However, since all growth in the empire ultimately depends on individuals and companies, perhaps the governnt's role must also change now.
Stolypin hopes that I will share in bearing that role.
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'Will problems burst elsewhere like a balloon effect due to the decree's promulgation, or will everyone endure the pain while believing in alone.'
Even I can't seem to be certain of that result yet.
However, this is the answer provided by our new Pri Minister, Stolypin.
anwhile, Kokovtsov and I had found our solution in a completely different place.
"No colonies, no accumulated wealth, and all we have is just 3 years of ti."
"Then we'll have to create sothing new during that ti. I heard their new president wants northern expedition."
"Good, you draw up the plan."
"Understood."
While Stolypin is planning internal dicine, Kokovtsov, befitting a warti pri minister, wants surgery.
We sought to find the answer to the depression from abroad.
==
Though the na differs by country, organizations with military command authority, the General Staff's role is mainly to devise military strategies and operations in peaceti and to command, manage, and control during warti.
However, unlike the typical boring and static role of such organizations, Russia's General Staff was bustling with activity even in peaceti.
"It's been 15 years since we received rifle deliveries and still haven't completed distribution?"
"W-we've been prioritizing light machine gun distribution over rifles. Besides, replacing individual weapons costs too much money."
"I personally handled Mosin-Nagant distribution in '91, so what's this about? We even introduced rimless ammunition, but now not introducing rifles would be more wasteful, wouldn't it?"
"Still, first the light machine guns that use the sa ammunition type..."
"Keep going on about light machine guns... You must be a German spy! Found the Stormtrooper right here!"
Perhaps because Kuropatkin rose to the General Staff and implented all sorts of military reforms.
While the warti General Staff naturally commanded, managed, and controlled, the peaceti General Staff was anxious about being unable to change anything.
"Anyway, what would people who only look at paper scraps in the rear know. They need to roll around on the Eastern Front once to learn priorities with their bodies... Everyone out!"
Especially Roman, who achieved this position through a deal with the Tsar.
If a newly appointed company commander is desperate about being unable to change their company due to obsession with promotion, his position as Chief of the General Staff was essentially like receiving an advance paynt.
For better or worse, Roman was in a position where he had to show results.
However, even for Roman.
"...There's not enough money."
It was impossible to break through the Duma's iron wall overnight and dramatically increase the budget.
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