Chapter 454： Undercover Chen Cang

The turmoil in Austria's financial markets is still under control. Everyone knows that the Russian-Olympic alliance has not yet broken, and even if the Russians rely on their accounts, they will eventually rely on their allies.

The Russia-Olympic negotiations are now at an impasse, to a certain extent, it is considered good news. Some talks are always better than nothing.

Prior to that, the Russians had communicated with many countries without success. Many financial institutions were crying, and capitalists were forced to choose Jin Chan to shell.

Among them, the two financial markets, Paris and London, have the greatest impact. Don't think that the enemy has no loans. In the interest, capitalists don't care about cooperating with anyone.

The Russians used the export proceeds as a mortgage, and in advance everyone did not worry that the Tsarist government would default. As long as Russian food is sold in, they can collect money.

However, the plan did not change quickly. With the loss of granaries in the Pod Plain, and the civil war cost Moscow, the Russians now have very few grain exports.

Land reclamation is manual work. Naturally, you have to eat more when you do more work, and the demand for food has also increased.

Since the outbreak of the Prussian-Russian war, the Russians stopped exporting agricultural products to Britain and France, and even imported food from Austria.

The Russians withdrew from the grain export market, and this share was naturally occupied by others. The so-called mortgage of grain export earnings has now become a joke.

It is better to say that the Russians repay their money by selling food. It is better to say that the Russians have lost the market and want to return to the market in the future.

Otherwise, if the grain cannot be sold, what will be used to pay off the debt?

According to the current situation, the Russians cannot return to the international market within two or three years. Investors cannot wait that long, and capitalists naturally accompany the Russians.

By directly declaring the company bankrupt, these losses were passed on to ordinary people. Once these bonds have reached the bottom, they can also manipulate the vests to recover them again, waiting to collect debt from the Russians in the future.

Of course, the possibility of debt collection is very small. Compared with a country's power, this gap is still very large. Even consortia are reluctant to compete with big countries like the Russian Empire.

These issues will be difficult to resolve without the government. Only by thinking about the bad international relations between the two sides, we all know that there is no drama.

Restricting Russian food access looks good. However, in the face of interest, capitalists have no discipline.

As long as the Russians are willing to lower their prices, the British and French will cooperate with food capitalists to bring in food. At the market, who knows where these grains come from?

If the economic crisis had not just passed, the current financial turmoil in Britain and France would be enough to set off an economic crisis.

The telegraph brought people closer together. The financial turmoil in London and Paris soon spread to Vienna.

Larger market turbulence has taken place, and speculators can no longer afford it, preferring to default on the Russian debt in hand.

Had it not been for the securities companies to open their default payment windows, and Wells Fargo would buy Russian bonds at a low price to appease the people, Austria is also lively.

In Paris, for example, at least 180,000 people participated in demonstrations protesting Russians' breach of contract.

Under normal circumstances, there are definitely not so many people buying Russian bonds in Paris, even with their families.

To Franz's surprise, this scene was also played on the streets of New York, and it seems that Americans have also been pitted by the Russians.

Facts have proven once again that being an ally with the Russians is risky. Neither the United States nor Russia had time to form an alliance, and the Americans were passively recruited.

It wasn't the securities companies that were most miserable, but the banks that took out loans from the Tsarist government. Russian bonds are also the hardest type of national debt to say. This sales volume has always been moving.

Across the world, the ability to sell 100 or 200 million Aegis has reached its limit. Even if there are pits, we can't pit everyone down.

Bank loans are different. Although the money lent out is for depositors, it is also the bank's own bad debts.

That's right, the Tsarist government has mortgaged a mess of taxes, and now the Russians have no plans to cash them.

The tsarist government has played a rogue, allowing creditors to collect taxes on their own. No creditor is so iron-headed that he dares to run to the Russian Empire to collect his own taxes.

Not to mention whether you can receive taxes, even if you do receive taxes, can you safely take them away?

Test the madness of the imperfect Tsarist government. No one wants to try this kind of death.

In the face of high interest rates, banks have not resisted the temptation. Always thinking that the Russians have joined the civilized world, they will follow the rules of the game.

It is simply ignored that once the Tsarist government became poor and mad, it could do everything, and now they have paid a bitter price for it.

Securities companies can get rid of their shells, and banks can't follow suit, right? The investment costs of the two sides are not at all equal, and the social influence they bring is also very different.

There were not many clients of securities companies in this era, basically all of them were middle class, and they had not reached the point where they could sell wealth management products.

Even if it goes bankrupt, it affects so many people, and it is a large company that can have tens of thousands of customers.

Not everyone has bought Russian bonds, and even if it went bankrupt, the social threat posed was not great.

Banks are different. The standards for depositors are not so high. Their customer base is much larger, and once declared bankrupt, it can easily cause bad social impact and cause government intervention.

Moreover, although the loss this time was not small, it had not yet reached the point where everyone would die. It is easy to start a bank, and it is not easy to build credibility to attract depositors, and you cannot give up easily.

This is the last age of the nobles. The era of the capitalists has not yet fully arrived. Except for the two United States, most countries are dominated by the nobles.

Including Britain and France, nobles have suppressed capitalists. It's just that their advantages are not obvious enough. Unlike Austria, Russia, and Prussia, this kind of government is completely controlled by aristocracy.

Encountered a large amount of bad debts, banks will inevitably shrink their money for a period of time in order to cope with a possible run-in crisis.

This is undoubtedly worse for the securities companies that want to raise funds.

Inside Wells Fargo, Philip Potter growled: "What? Two percent monthly interest, why don't you grab it?"

Not all the way, not on a boat. The bank that Philip Potter held shares was also caught in the debt crisis with Russia. Now he is busy protecting himself and has no ability to save him.

As a last resort, came to Wells Fargo. There is no other reason, mainly because Wells Fargo has never undertaken a loan to Russia, and it is also one of the four largest banks in Austria, with strong financial strength.

Account manager Albert said unchanged: "Sorry, Mr. Philip Potter. This is a high-risk loan, and we must add the risk cost of funds."

A high-risk loan made Philip Potter wake up like a dream, and hurriedly asked: "Will you still have to issue the loan at a 10% discount and still pay the principal and interest on a monthly basis, and even deduct the principal and interest of the first year ? "

Account manager Albert smiled and said, "Yes, Mr. Philip Potter. I didn't expect you to know so much about the banking industry. Have you ever been to another bank before?"

Although Philip Potter didn't show his face, he scolded him long ago. Anyway, I am also a shareholder of a bank. Why can't I know such a trick?

It was just that when I saw these routines, Philip Potter was very happy. After all, it was used to pit others. Now it is his turn to change his situation.

According to a series of routines, you can get 60% of the loan amount, which is God's blessing.

If you are unlucky, you can directly fold a half-fold and only get half of the loan, which is normal.

The actual funds available are less, but the principal and interest of the debt must still be repaid in full according to the agreement, without a shilling.

Phillip Potter went straight out of the door without turning his head back. If he borrowed this kind of usury that was looting on fire, he would probably work for Wells Fargo in the future.

Instead, he might as well sell the bonds in his hands and cash out from Wells Fargo Securities to survive the crisis.

Thinking of it, Philip Potter was even more depressed. It seems that Wells Fargo Securities is also a subsidiary of Wells Fargo Bank, and it cannot be avoided.

As for going to other banks, there is no need to dream. Philip Potter has visited more than a dozen large banks, and the conditions given by everyone are similar.

Banks have the same face when robbery is taking place. This is not to blame banks. In the event of a possible run-up crisis, the risk factor for external loans is greatly increased, and interest naturally increases.

As for the so-called interest rate loans, they only exist in theory. In practice, apart from policy loans, otherwise such low interest rates are difficult for banks to accept.

At this point, it is only natural to cut meat. Phillip Potter's funding gap is not too big, as long as he sells the Russian debt in his hand, he can pass this moment.

In this way, although his loss was heavy, the risk was reduced. If he survives the crisis with a loan and holds a large amount of bonds of unknown value, he will go bankrupt if the negotiations between Russia and Austria fail.

There are still many people who make the same choice. Basically, they have insufficient financial strength and are forced to cut the meat.

Schönbrunn Palace, looking at the increasing Russian debt in his hands, the palace minister Mirabelon was not good.

That's right, this is another trumpet that Franz tossed out. It's just that it has developed unexpectedly and has become one of the four largest banks in Austria.

According to the Prime Minister of Mirabellon, this is a high-risk investment. At present, the Vienna government has no way to let the Russians fully perform the contract. Buying Russian debt now, the possibility of redemption in a short time is almost zero.

If you wait ten or eight years, you will lose money. The time cost of funds also needs to be taken into account.

Franz comforted: "Palace, don't worry. The Russians will pay these bonds, but not in our hands.

Now you can buy it at a low price, and when it's almost finished, we will resell to the Russian Empire. The Russian nobles would not mind making a fortune.

Big deal we sell them at half price, that's double the profit. With these bonds, the nobles would not mind taking them to offset the tax. "

This trick can only be used once. Once the Russians are prepared and the legislation bans the tax deduction of bonds, it will really not be sold.

When the tsarist government pays in the future, this time is at least ten years later, and full payment cannot be guaranteed. For such a long time, what did others think of Franz? He couldn't wait anyway.

After listening to Franz's explanation, the palace minister Mirabelon was sluggish, which was completely beyond his imagination.

Originally, he thought that Franz had inside information and could use personal connections to give the Tsar government priority to pay this debt.

I did not expect that the means was so rude, and the greed of the nobles was directly used to solve the problem.

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