The War to End All Wars #2
After a certain saint who towered over East Asia took in the yellow people who discriminated without distinction between black and white, all the blacks in America suddenly realized they had fallen to the same position as those yellow people they had sneered at with slanted eyes. Or perhaps they had always been in the same position from the start. They just hadn't wanted to admit it.
The blacks surrendered. Perhaps in some world line, blacks and yellows could have allied to demand racial equality from the whites. But that world line collapsed. A giant hand had swept up all the yellows.
Instead, that hand offered a slightly different path. Just get out of the American continent like the yellows did. Or tangle eternally with your old masters, brawling forever, or live in submission to them without even realizing you're still slaves. If that's what you want, go ahead—humans have the right to choose that. The 'path to Africa' I'm offering is merely the last mercy I'll grant you suffering ones.
Unlike the emperor's plan to expel all blacks from America, that hand had no intention of stopping them if they resisted the whites. A tiny number of yellows had been truly oppressed to the point where they couldn't even open their eyes, so they were taken in. But didn't the blacks have the option of armed struggle? He didn't consider a slave killing their master rebellion.
In the merciful blind eye he turned while selling Alaska and sending ships westward to Africa, Trotsky swallowed up the blacks in America who chose that very armed struggle, growing enormously in the process.
"Mr. President! A black riot has broken out in LA! They've already seized city hall!"
"The blacks are engaging in mass orgies with white women. There are even stories they don't discriminate by gender, age, or anything."
"They're trying to establish a black republic in America."
"Again!!!? I'm so sick of these traitorous bastards—why won't they die no matter how many we kill? Crush them all!"
"Yes sir! The cavalry's ready in Texas. We'll hang every last one of those niggers without mercy."
The endless black riots were enough to turn the progressive imperialist Theodore, who once recoiled at racial discrimination, into an imperialist who discriminated against niggers. His approval ratings rose with every black he hanged.
The thirty-fifth black riot. A side story to World War I: the First Racial War between the communist black bandit gangs of the West and the southern plantation owners' white hooded Klansmen raised its curtain.
Impertinently, Britain was currently pouring all its money into propping up its real estate prices. Even for the battleships meant to protect that very real estate.
Payment? Canal opening? Sure, important for the gentry class, but now that the canal was open anyway, did they really have to pay the balance?
Korea had no choice but to accept Britain's 100-year bonds. Better than toilet paper, maybe.
Moments later:
Chosun might not care, but Korea hadn't printed many bonds so far. Koreans had empty accounts, but Korea had 'full' ones—no need to print. Even if printing, there needed to be buyers. Sell domestically or to co-ops like other countries? That'd hurt safer company bonds. It'd push co-ops into liquidity crises. Inflation under gold standard was a bonus.
So we didn't. We guaranteed more company bonds instead.
But now we printed. A ton. In this global panic where even London bonds don't sell, where to offload them?
"Where should we sell them?"
"Why sell at all?"
"Pardon?"
"Exchange them. For company bonds on the market at face value. Battleships next."
Got to block any potential bankruptcies. Global panic means one fall here topples us as the last domino.
"...I'm no economist, so not sure, but aren't bonds way more valuable than company ones?"
"I know. That's why they'll exchange. Do the same for ones we guaranteed before."
"...That's a huge scale."
"A co-op holding 100 in company bonds hesitates to borrow more. One with 100 in bonds can if urgent."
Easier liquidity. That's the point.
"Still, we might hold these company bonds to maturity. That's our liquidity crisis. Reselling means losses."
"What do you think of a farmer eating his seed corn because he's hungry now?"
"Foolish."
"That's exactly my mood. We don't farm once or twice. Sell some on market, eat the loss. Like saying no rice farming 'cause rice rots."
Truth is, it depends. Like when Gojong wanted bonds for warships and I shot it down—bonds wouldn't have worked in Chosun. Who buys trusting the government? Even if repaid, I borrowed from merchants craving repayment and markets, not poor Chosun state.
Borrowing from empty vaults? Company bonds are issued by profit-makers; state bonds by spenders. That's why they're 'patriot bonds'—buy dear at premium 'cause country's doomed otherwise.
Selling then? Low value to foreigners or force on citizens. Short or long term, path to ruin, credit bankruptcy epic.
Now Daehan's bigger. Treasury, prestige, credit. Can print some bonds. They sell, exchange if asked.
Timing and justification perfect. Bonds for war? Wonky. More wars, more bonds—inflation hell, decades of hangover. Ration all day.
Bonds for stimulus? Crap. Already in recession. Pissing on sore foot.
Not great economy but neighbors bad, so worried—exchange market company bonds for state ones? Yi Sun-sin. No room for excuses.
"With gold standard warping, Daehan framed as nation, we can shoulder this debt now."
War turns bad, might print tons more—no whining early. Markets prefer government creating credit, filling wallets, stepping back over panic interventions.
Jobs, panic, coming war—this last wild card pre-WWI.
"If so, why not print earlier, exchange gradually? Embarrassed boasting balanced budget."
"Can't use twice. All at once, all in."
"...Figured. Glad you knew."
Of course. First issue: state bullets go straight to needy pockets? Nah, leeches in between.
State filling some co-ops vs. co-ops sourcing themselves—worlds apart. Former: officials skim. Latter: heads grit teeth.
Some wasteful? Constant anyway.
Second: constant state bailouts make wasters the constant. Canal bonds fine, but bailing failing shops? Country sinks.
Co-op heads think: why work, just whine here.
Credit bankruptcy again. No class shelter for whiners in my Daehan commune. Comrades to breathe/work with, sure.
No exploitation means (keep alive forever) no being exploited.
Daehan fights world itself as garrison state, not welfare state. Full belly, warm back—prerequisites for labor.
"I swapped bonds for company ones, Paris bought all state bonds on market. Can't complain, right?"
"What? You sold bonds?"
"Technically. Loss or gain, swapped or sold—sold."
"Contact me first if selling. Only one gold-redeeming Britain's bonds."
"Buying?"
"Of course. Safest assets now. Redeemable Daehan pound bonds? Hot."
"With your fresh 100-year ones? Face value."
"That TP?"
"British bonds."
"Buy in Paris then."
"Sure."
"Nah, buy here. On margin."
Britain, robbers like no other. Pound devalued hard—not TP yet—but buying at official rate. Redeem gold, snatch bonds...
Seriously considering ditching Greater British bloc.
"In exchange, tech transfer for 8 cruisers?"
"Yes. Who else but Britain?"
"8's too many. Total 16?"
"Yeah?"
"With ones to Japan, over 20."
"...Why count those?"
Not even dreadnoughts. Maintenance hogs, relics.
"Anyway, too many. Ally speaking, burdensome."
"Then?"
"8 ok, but we transfer tech first—you build 8 for us. Full post-pay."
"Full post?!"
"...Docks full, budgets tight for more warships. Ally favor?"
"Bond money ok?"
"Different."
True. Warships cost, bonds invest.
"Price like cheap dreadnoughts we gave, ally discount."
"Fair for tech and 16-fleet ok. Deal."
"OK. Make it 20 not 16."
"...Yes."
Tell Japan: scrap those canal relics quick. Before crown prince croaks, Daehan War Resolution passes. Those Europeans would.