Holy Roman Empire

Chapter 648 - 221: Apportioning Risk

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London was still enveloped in a dense fog. Stepping onto this dreamlike city again, Wilhelm I felt quite different.

The relationship between English and Prussian royal families was still good; after all, Wilhelm’s son had married the daughter of Queen Victoria.

Naturally, Wilhelm I’s visit was met with a high-standard reception by the British Royal Family. However, British enthusiasm did not warm Wilhelm’s heart.

There was no way around it; among those greeting him, there were no high-level officials from the British Government. Undoubtedly, the London Government did not place much importance on his arrival.

In diplomacy, this is a common tactic, using such methods to clarify political stances and apply pressure—but nevertheless, it is very effective.

Unlike during the first Prusso-Russian War, the London Government had invested both money and effort, even going so far as to offend the Russians by blockading the Baltic Sea to lay the foundation for Prussia’s victory.

Now, the declining Russian Empire was no longer a threat to Britannia’s interests. In its place were two new threats, France and Austria, and there was no longer a need to continue suppressing Russia.

Perhaps in the eyes of the London Government, the Russian-Austrian Alliance had already broken. Allowing the Russian Empire to maintain some strength could tie back a portion of Austria’s power, preventing them from diving fully into the struggles for dominance in Europe and helping maintain balance on the continent.

The Prusso Federation hoped to gain support from the British in the war, but without any international situations to exploit, they could only speak in terms of interests.

The welcome banquet proceeded as normal, attended by a bunch of nobility while high-level British Government officials were still absent.

Inside the Prime Minister’s Office at Downing Street, a Cabinet meeting was taking place. It wasn’t that the London Government was inefficient; rather, Wilhelm I had arrived too hastily.

With the Queen uninvolved, the British Cabinet wielded great power and naturally had great responsibilities.

The London Government did indeed take the upcoming Prusso-Russian War seriously, but after all, the conflict had not yet begun.

War is no trifling matter. According to normal circumstances, a delay of several months, or even a year or two, would be typical.

Prime Minister Benjamin said, "Wilhelm I has already arrived, and the Russian Crown Prince will arrive next month. It’s time for us to make a choice.

For the sake of Britannia, I hope you can all analyze this rationally and capture the greatest benefits for the Empire."

The outcome of this Prusso-Russian war was not as critical to the London Government as the last one had been. Whether it was a victory or defeat for either side, the world’s domination by the three great Empires would not change.

Foreign Minister Edward said, "Austria should be the most concerned about this issue right now. The outcome of the Prusso-Russian War will determine their future potential rivals.

Prussia and Russia opposing each other is actually not a bad option. Now that the Austrians are allowing the Prusso-Russian War to erupt, it seems the Vienna Government is again dissatisfied with the status quo.

Over the past few years, Austria has seen a rapid increase in power, especially economically where their performance is particularly prominent.

Besides military strength, Austria has already fully surpassed France. If the French cannot assimilate the Italian Area effectively, the balance of power between France and Austria will eventually be lost."

Now, it is France and Austria that are Britannia’s enemies; nothing else matters but power. France and Austria have the strength to threaten the British, which makes them enemies of the London Government.

An alliance between England, France, and Austria was formed for common interests. A treaty can restrain behavior, reduce colonial conflicts, and save a considerable amount of military expenditure.

But even with an alliance, pressures and limitations must still exist. Restricting the power of France and Austria has become one of the London Government’s core strategies.

Colonial Minister Robert said, "If the French assimilate the Italian Area, the balance on the European Continent will be lost, only to see France surpassing Austria instead.

This is actually a false issue. Whether France overpowers Austria or Austria surpasses France, the gap between their strengths cannot widen overnight.

We have sufficient time to make strategic adjustments. The problem now is the imminent Prusso-Russian War. Whose victory aligns more with our interests?"

Robert was optimistic about the French; it was Napoleon’s legacy that gave him confidence.

The shadow of the French Army sweeping across Europe was too significant; even as the French Army failed to keep pace with the new round of military revolution, people still considered the French Army as the world’s finest.

The performance of the French Army in the recent Near East War solidified this view for the British. Slow equipment updates and military training stuck decades in the past were issues that everyone inadvertently ignored. Stay tuned for updates on NovelBin.Côm

Internationally, it was generally believed that, given equal troop strength, the French Army was the most powerful in combat.

Based on experiences from wars against France, the best method to defeat the French was believed to be spending more money and committing more troops.

The belief that France and Austria have equal strength is also based on this. The French military is more elite, but the Austrians have greater numbers and stronger economic power, which perfectly balances each other out.

Foreign Minister Edward said, "The Austrians intentionally let the Prusso-Russian War break out, clearly aiming for further territorial expansion.

No matter the outcome of this war, the Vienna Government will be the biggest winner. Due to geopolitical reasons, once Prussia and Russia settle their dispute, no one will be able to obstruct Austria’s expansion.

In recent years, the French government has been rife with internal strife. Only in the past two years, with Napoleon IV gradually taking power, has the Paris Government stabilized."

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Because of their interests, the capitalists who previously supported Napoleon III in unifying the Italian Area have now positioned themselves against the Paris Government, secretly funding the Italian Independence Organization.

With internal instability, the French had lost the ability to counterbalance the Austrians, which was the main reason the Vienna Government dared to let the Prusso-Russian War break out.

To maintain the balance in Europe, we must create another enemy for the Austrians, someone to restrain them from behind, with both Prussia and Russia as options.

In terms of potential for growth, the threat posed by the Russians is clearly greater. If they win this war, that insufferable Russian Empire will return once again.

"Perhaps they will be too weakened after the war to vie for dominance over the European Continent, but in Central Asia and the Far Eastern region, they will still threaten our interests."

During the era of Napoleon III, the Italian problem was not severe. With his extraordinary political skills—suppressing some, allying with others—the situation was generally stable.

The case was different with Napoleon IV, as the previous Paris Government had been preoccupied with infighting, neglecting domestic economic construction.

Especially since they had implemented erroneous economic policies, merging the two markets into one. After opening up the market, the capitalists who supported the merger with France realized they had been duped.

What appeared to be fair competition actually turned into economic plundering of the Italian Area by France.

It wasn’t that the capitalists in the Italian Area weren’t trying; it was the vast gap in industrial strength between the two sides, which simply could not be closed in a short period.

If these were the only issues, it might have been bearable. The misfortune would only befall the small and medium-sized capitalists. The more powerful capitalists could update their equipment and regain competitiveness.

However, both the Italian Area and France shared a common problem—scarcity of resources.

In the struggle for resources, the capitalists had no choice but to pull out all the stops. Unquestionably, the Paris Government’s policies were undeniably biased in favor of domestic capitalists.

Resentment had been building over time. Discontented capitalists slowly manipulated public opinion, stirring up people’s dissatisfaction with the French, in hopes of pressuring the Paris Government to concede.

The result, naturally, goes without saying. Even if the French government wanted to make concessions, the capitalists of Paris would never agree.

In the last economic crisis, these conflicts were directly detonated. A portion of capitalists began to lean toward independence, promoting nationalism in the Italian Area.

The French were not the only ones who were displeased; the local nobility were equally unhappy. They received too little in the distribution of power by the French government.

Despite the many tensions, the Italian Area still did not erupt into a large-scale independence movement. The reason was simple: despite various discomforts, the standard of living for the common people had improved.

The local economy was failing, but it didn’t matter; labor could be exported. Being part of the same country, working abroad was naturally not a problem.

Compared to the Italian Area, France was definitely the place for high salaries. It was a win-win: ordinary Italians earned more income, while French capitalists acquired cheap labor.

Some were pleased, but others were not. Due to labor mobility, the labor cost in the Italian Area doubled within a mere decade, causing Italian Area capitalists to grind their teeth in frustration.

Finance Minister Belfort: "What can the Prusso Federation offer us? What can the Russians give us?

Pardon my frankness, but the benefits these two countries can bring us are too meager. Just to balance Austria, we don’t need to intervene. Whoever wins will become Austria’s enemy.

Now they are seeking our help, not so much for international diplomatic support but rather, they need money.

The determining factor in the outcome of this war is not whether the armies of Prussia and Russia are formidable but rather, who can raise more money.

Lending them money is easy, but how do we collect it?

As much as we don’t want to admit it, we have to acknowledge that our capacity directly decides the outcome of this war.

If we bet wrong, we’ll lose everything. This is an investment of hundreds of millions of British Pounds, and I oppose making a choice now."

A single word, "money," overturned the essence of British diplomacy. It immediately silenced Foreign Minister Edward, who had been inclined to support the Prusso Federation.

There was no helping it; the risk was simply too great. He didn’t even know what to demand from the Prusso Federation to ensure the security of this debt.

After hesitating for a moment, Prime Minister Benjamin made a decision, "Let’s first gauge Wilhelm I’s bottom line and see how much they are willing to offer.

The Prusso Federation needs the support of at least two major countries to win this war. If they can get support from Austria or France, it’s not impossible for us to issue war bonds for them."

International debt requires consideration of risks, and even the wealthy John Bull is not exempt. Without someone to share the risk, they dare not invest hundreds of millions of British Pounds on a gamble.

Supporting the Russians was not even within Benjamin’s considerations, and it wasn’t because of the potential threat but because of money.

Given the Tsarist Government’s reputation, if he dared to lend money to the Russians, that would be madness.

Forget the issue of collateral—even if a contract is signed, it can still be breached. The Royal Navy’s ships can’t land ashore, making their deterrent power against the Russians too small.