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Chapter 1,149: The direction of the war (3)

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    Precisely because of this consideration, after the Marco Polo Bridge Incident broke out three years ago, the then Navy Minister Yone, uncharacteristically, insisted on not escalating the situation when almost all senior Japanese generals were calling for war.

    He didn't just talk about it, he actually did it. He even took it upon himself to say when answering questions from members of the special parliament that "the operational scope of the army will not exceed the Yongding River and Baoding line."  His face turned pale.

    Three years have passed in the blink of an eye. After experiencing the positions of Minister of the Navy, Prime Minister of the Empire, and Senior Councilor, Minai has become more determined in his thoughts.

    He is well aware of the difficulties Japan is currently facing. The seemingly glorious Empire of Japan is actually not as powerful as it appears.

    First of all, Japan's not very developed economy severely limits the scale of this war. If the scale of the war is reluctantly expanded to the maximum extent that the economy can adapt, Japan may be able to sustain it for a while.

    ¡°However, the problem now is that the scale of this war has already far exceeded the limit that Japan¡¯s national economy can bear. If the war continues, not only will there be no benefit at all, but it will actually drag down Japan¡¯s economy.

    Konoe Fumima looked at Minai and said in a deep voice: "My lord, please tell me your reasons. You should know how difficult it is for the empire to reach this point. Once the battleship wants to turn around, the price it will have to pay is probably unbearable.  Imagine!¡±

    "No matter how high the price is, it is better than sinking!" Minai said calmly.

    "Baga, Minai, are you a soldier of the Imperial Japanese Empire? Your courage is like a woodchuck in the field, shame on you!" Hideki Tojo yelled again.

    Yonei was too lazy to look at Tojo, but stood up and bowed to the emperor behind the gauze curtain, and said: "Your Majesty, Your Excellency the Grand Duke, the reason why Yonei firmly believes that the empire wants to negotiate peace with Zhi/Na is not because he wants to make other people's ambitions destroy his own.  "We are not really afraid of Zhi/that person, but out of consideration for the empire's economy and future prospects."

    "At this time, the speed and extent of the empire's economic deterioration have exceeded many people's estimates. As the war has been protracted and the scale of the war has continued to expand, the empire's finances have been on the verge of collapse. Direct military expenditures have skyrocketed and have accounted for the national budget.  The expenditure is 70% - 80%, causing national expenditure to increase year by year."

    "From Showa 11 to 15, in just four years, the imperial budget expenditures totaled 48.8 billion yen, an increase of nearly four times from the cumulative amount of 10.755 billion yen in the previous five years! Such a result caused a substantial increase in tax revenue.  The total amount increased from 2 billion yen to 5.8 billion yen. Based on the average number of households, the tax burden per household has more than doubled."

    "The most direct negative impact of such a high tax is that the living standards of the domestic working people have dropped after Showa 12. The national commodity turnover has also decreased sharply, and we have faced insurmountable difficulties in continuing to expand the tax amount. In order to make up for the growing fiscal deficit  , the government had to resort to a greater extent the issuance of public debt and banknotes.¡±

    Hearing Minai¡¯s words, all the Japanese ministers in the imperial palace fell silent!

    Although everyone has different positions, most of them have received elite education and still have a basic strategic vision.

    We also know the impact of the economy on war. After all, it¡¯s not for nothing that you can get thousands of taels of gold when a cannon goes off. If you still want to fight a war without money, isn¡¯t that a joke?

    At this time, Mitsumasa Yoneuchi continued: "Your Majesty, gentlemen, although the national debt is a temporary measure, don't forget that the national debt is a certificate of creditor's rights and debts that pays interest and repays the principal at maturity within a certain period of time. It needs to be repaid! But now you  Did you know that the national debt issued by the Empire of Japan has exceeded the government's affordability and is almost reaching the point of being unable to repay it!"

    "Buzz"

    Mi Nei¡¯s words immediately aroused discussion among everyone present. These words are no joke. If they are true, the impact will be too great.

    As we all know, Japan is the first country in the world to issue national debt, and the national debt that Japan usually issues is war debt, that is, national debt issued for war.

    War is not only a confrontation between people, but more importantly, a confrontation between the economic strength of two countries. Normally, the amount of military expenditures during a war is extremely huge. When there is no other financing method, raising funds through the issuance of war treasury bonds is  The most commonly used methods in various countries.

    Since treasury bonds are guaranteed by national credit, they are also a relatively reliable way of investment and financial management for the public. Therefore, not only ordinary people will buy treasury bonds, but also many ministers and the families behind them are also buying treasury bonds.

    ¡° Take the people who are having a meeting in the imperial palace as an example. At least 80% of them hold the national debt of the empire, which amounts to tens of thousands of yen.Probably several million.

    Once the empire¡¯s economy collapses, even if the country¡¯s credit is used as a guarantee, the result will be disastrous. It is very likely that the savings of several generations of the family will be wiped out!

    For a time, the entire Imperial Palace was like a vegetable market, with a constant "buzzing" sound!

    At this time, even the emperor, who had always acted as a mascot, could not hold his breath and asked in a hoarse voice: "Is the empire's economy really so bad that it cannot repay its national debt?"

    When the emperor asked, the ministers below naturally did not dare to neglect him!

    Minister Retsu Kawada hurriedly stood up and said: "Your Majesty, His Excellency the Duke: What the Mi Cabinet said may be a bit exaggerated, but the actual situation is not optimistic either!"

    Konoe Fumima said in a deep voice: "Let's be clear! You are the Minister of Tibet, and everything must be based on data. Your Majesty does not want to hear words like maybe, probably, maybe!"

    "Hai!"

    Then Retsu Kawada sorted out his thoughts, and then said: "Since the Mi Cabinet talked about the national debt, let me start with the national debt and talk about the economic situation of the empire! In Showa 7, in order to cope with the Manchuria Incident, the empire conducted an open recruitment of national debt.  The amount is 6 billion yen! In order to cope with the Incident in Showa 12, the national debt was increased to 10.5 billion yen! In the following three years, the amount of national debt has been increasing, and the current amount of national debt is 28.6 billion yen."

    Hearing this number, everyone was stunned!

    It¡¯s really amazing. As the dozen or so most powerful people in Japan, they all know the actual situation of Japan¡¯s economy!

    In the 12th year of Showa, the total national economy of the Empire of Japan was only 6 billion yen, and the national circulating funds were only 1.3 billion.

    In just a few years, the national debt issued by the empire has reached nearly 30 billion. This is terrible!

    You must know that the national debt is simply money borrowed by the country from the people. It cannot be repudiated. Once the debt is repudiated, the entire country will collapse. The worst is the national credit bankruptcy!

    "Are national bonds still being issued?" Konoe Fumima asked in a deep voice.

    Retsu Kawada said with a wry smile: "It was being issued, but by the beginning of Showa 14, the amount of public bond issuance was close to the total amount of idle national active funds at that time. The national purchasing desire was greatly reduced, and subsequent public bonds could only be compulsory.  sell."

    At this time Minet added: "Your Majesty, Your Excellency the Grand Duke, it can be said that in order to continue this seemingly meaningless war, the empire is actually searching for and concentrating the funds of civilian enterprises. This will inevitably lead to the reproduction process.  Destruction, and the expansion of reproduction is the basis for further increase in the issuance of public bonds. Correspondingly, the forced sales of public bonds have also encountered increasing difficulties."

    "Furthermore, after the Japan Japan Incident, the government's inability to make ends meet became more serious, and it had to resort to printing money to make up for the deficit to maintain its finances. During this period, the empire's currency issuance also increased significantly, and the amount of currency issuance increased from 12 Showa 12  The figure at the end of the year increased sharply from 2.31 billion yen to 5.9 billion yen in Showa 15, far exceeding the total value of goods in circulation, leading to increasing inflation."

    "Inflation and the sharp depreciation of banknotes are open plunders of the empire's subjects, which have caused the prices of commodities, including military supplies, to skyrocket, which has continuously expanded the government's fiscal deficit. The empire has now fallen into a comprehensive  in a vicious cycle.¡±

    Retsu Kawada looked at Minai, showed a wry smile, and said: "Minai-kun was talking about the situation a few months ago. In fact, the financial situation of the empire is far worse than this!" (Remember the website address: www.  hlnovel.com
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