European Financial Emperor - European Financial Emperor chapter 214

214 Tightening(1)

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Immediately after Easterfield’s economic austerity began, loans to neighboring countries began to decrease.

American businessmen flocked to the Central West Bank, each carrying thick wads of paperwork.

However, they were often rejected by the coming tribe.

“I’m sorry, but it’s a technology that has already been commercialized.”

“… … Are you saying that the patent is registered?”

“Can you see it?”

Young inventors came to get loans based on their brilliant ideas, but Easterfield was already a country with 100 years of advanced technology.

It has never been easier to issue a patent from Easterfield, a century or more ahead of its time.

For the youngsters who had been rejected and wanted to return, Easterfield would give them another chance.

“There will be a suitable position for small and medium-sized enterprises under the East Stellar Company. I will arrange a job for you, so how about working there?”

“It’s a small business… … .”

“It’s a small business, and it’s far more advanced than any big American factory. The wage level will not be competitive either.”

The level of wages in the United States was so low that it was difficult to make a living on a daily basis.

Parents often sold their children to factories or ports or had them work hard for more than 14 hours, but it was not easy for a single family to live a normal life.

That was life in New York.

But even in the United States, there were people who had dreams, and there were many cases where such young people gathered their will to set up a company and make a lot of money to be rejected.

America was growing like that, and Easterfield was holding a huge loan as the dark side of the American industry.

“Think of life in Easterfield. Life in the capital city of California.”

“iced coffee… … !”

“Prosperity and hope, all in California.”

In today’s United States, Easterfield was called an absolute country that felt like a homeland.

Although he obviously lives in the United States, he has crossed the border illegally because there are many people who admire or admire Easterfield, but Easterfield never accepted immigrants who did not go through the official process.

“Initially, you have to learn Easterfield’s official language, but if you come to work, you can use English for a while as you are now. Also, there is no need to go through the cumbersome immigration process of having to take a skills test or wait for a job. All we need to do is get an ideological verification from the Central Intelligence Agency.”

“… … The Central Intelligence Agency is said to be a target of fear. I was taken there and I heard that no one survived.”

Easterfield’s Central Intelligence Agency, or ECI for short, is a group notorious for its size.

They are people who, once started, complete an investigation at any cost, and will not hesitate to kill and torture for the sake of the country and the king.

However, that didn’t mean they weren’t crazy people who caught up with civilians and confided in them.

“The Central Intelligence Agency is also a place where people live. They are not the kind of people who will torture people as soon as they see them wanting to immigrate to Korea. Even if you are a spy.”

“… … What if I mistake him for a spy?”

“Haha, can you? ECI is kinder than you think. We will also provide some assistance to help you settle in. With that, you can get a rented room in the capital. Some may even get rental housing.”

“Are you giving me a house? really?!”

“sure. Because His Majesty’s rental housing business was so big, there are still a lot of houses on the outskirts of the capital. So anyone can get a rental house if they want.”

One of Lee Hwan’s greatest achievements was the rental housing business.

Although the square footage is a bit small, the building itself is quite sturdy and a lot of convenience facilities were made by saving money for elevators and basements, so it was better than most common people’s private apartments.

Because of that, it was much easier for the common people to buy a house, and speculating on real estate in the Kingdom of Easterfield itself was absurd.

In addition, it was often mentioned as the biggest advantage that slumization did not proceed in the Kingdom of Easterfield decisively.

“We will pay more in taxes than in the US. But you don’t have to worry. They have full health insurance and a decent pension. And, crucially, you’ll get a return that can’t be compared to the United States. If you have all the insurance, you will be much better off.”

“… … good! I’ll get a job right now!”

As attracting people from the United States in this way became common, the economic size of the Easterfield Federation was growing day by day.

The place where you gain weight as a result is finance.

Among them, insurance companies were spreading their wings.

People who come to Easterfield after immigration from the United States are first employed and are required to purchase state-owned health insurance and social security pensions.

The social security pension pays unemployment benefits if you lose your job, and a certain level of pension if you lose your job in an accident or suffer huge social losses.

In addition, if you retire due to old age, you will have enough money to live on with just a little bit of chores.

Easterfield’s central government established a foundation that could generate huge profits, and was in the process of generating more than 35% of annual revenue.

Experts also predicted that the social security pension would continue as it is and that 30 years later, the entire nation would be able to live without work.

Even though the social security pension has been widely applied, insurance is inevitably necessary for various businesses, including trade.

In addition, there were many diseases that could not be protected by medical insurance, and there were certain diseases that could only be covered by non-insurance, so the scale of insurance was increasing.

American financial institutions have been approaching such insurance companies in large numbers.

“… … Do you want to get a financial loan?”

“I will give you money that exceeds the current EB rate (Easterfield interbank rate). We will pay you properly without deferred repayment or anything like that. Without any additional conditions.”

“Why do you even do that? According to what you said, you are really going to do business with the bottom line.”

“Please transfer the money you pay us to Central instead.”

“Hmm… … . Instead of paying the central cash, I’d pay that much money, that’s what I meant.”

Although trade with the Easterfield Federation increased the size of the economy, the US balance of payments continued to run into a deficit.

This US budget deficit was drying up the country’s gold and causing a depletion of its central currency, the central currency.

As a result, the dollar continued to depreciate and even Americans could not trust paper money.

In such American finance, the value of centralization was money that had to be secured no matter how much it fell below the dollar.

Easterfield’s financiers have a question here.

“No, where the hell did you get that much money from? There must be a hole to come out of to do business with us.”

“In the near future, there will be huge volumes coming out of the United States.”

“Are you in stock?”

***

Spring of 1842.

The United States established the concept of ‘dumping’ for the first time in history.

They began to build trade barriers to fill the trade deficit with Easterfield, imposing double tariffs and premiums on imported goods.

At the same time, the U.S. began to launch a massive volume offensive, targeting low wages and maximum volume.

“It is said that manufactured goods in the US are up to 80% cheaper than in Europe.”

“You mean pouring out stuff like that for less than half the price?”

“Yes, my lord. There are many sayings that the U.S. was determined to collapse.”

“Hmm… … .”

“Now, industrial goods from the north of the United States are taking over Britain, and even our Easterfield balance is deteriorating. If this happens, even our trade balance could be shaken.”

The US dumping offensive, which began to break down trade barriers, had a formidable force.

It was a vicious dumping that was absolutely incomprehensible with today’s common sense, and poured out at a low price.

“Especially in the case of countries with narrow territories, the United States has lost its competitiveness altogether by starting dumping into the international market using a large piece of land.”

“… … Did we give it too much room?”

The United States introduced Easterfield’s new machinery from some time ago, and began to launch a quantity offensive based on cheap manpower.

However, the production is increasing but there is no demand, so the economic conditions are of course a mess.

However, the United States, which has found a way out by cheaply supplying supplies that have been scarce due to frequent wars in Europe, has placed a super strong force called dumping.

Lee Hwan didn’t want it to be like this.

“I’m going to make an anti-dumping law.”

“If we create a law to prevent dumping, I expect to see a strong backlash in the United States.”

“know. But do you have any stars? If we do it, we have to follow it.”

“… … Ugh!”

“How long can I be swayed by such a trick? If we do something that ruins the economy, we have to show them how we will retaliate.”

Lee Hwan made an anti-dumping law and ordered to publish it as an emergency measure.

“It’s the king’s name! Make and publish federal anti-dumping laws to stop that ridiculous dumping in America right now!”

“Yes, my lord!”

Lee Hwan had never taken any emergency measures under the king’s order, except for provocation of war or mass murder.

However, this decision was made because the US dumping offensive, which continues to shake the foundations of the economy, could not stand still.

A few days later, the Easterfield Federation Conference was held.

Taken from noblemtl.net

Members of the federal council from each country flocked to the capital, California.

At a federal meeting, Lee Hwan emphasized that the United States, which is constantly shaking the foundations of the economy, needs to set a Jailbreak.

“Our Easterfield achieved the current economy with a bloody heart, and after working hard all night, we are able to stand at the peak of economic development. As if to ridicule our efforts, we are committing such atrocities with the technology we took from the Federation, so if we had to stand still, it would be so unfair that we would not be able to sleep.”

“Oh, my lord! The dumping war with the United States could damage our prestige. Shouldn’t we be a little more tolerant and make the world a better place for everyone?”

Taken from noblemtl.net

Moderate lawmakers proposed to solve the situation based on Lee Hwan’s pacifism.

Conservative lawmakers, however, did not.

“no. If we don’t go hard now, the economy is going to be messed up. Infinite selfishness will hit the table, and you will only be frantic with money, as if betting on who earns more. Such an economy will, of course, go to the brink of bankruptcy. I want to tell you that we need to look at the international community, not just the United States.”

“It’s an international community… … .”

“In order to correct the international order that the United States is ruining, we have no choice but to wage an economic war with them.”

This time, even moderate politicians had nothing to say.

In the end, the meeting was going according to Lee Hwan’s will.