Reincarnated as Nikolai II

British Empire rules one-third of five continents’ territory? France rules world through finance.

First creditor nation to Italy, Spain, Russia, United States, Ottoman Empire, Serbia, Romania and holds over 20% of world overseas investment share.

Not satisfied with that, they recently extended hands even to South American countries.

If such massive financial nation gets caught in war? If they withdraw all overseas capital because of that war?

’Plus Frankfurt and London’s funds will withdraw too.’

Unlike those Western European countries cultivating finance for centuries, Russian Empire’s practical financial growth history isn’t even 20 years.

This empire’s fragile finance can’t endure that great crash.

Both scale and shock.

’How can I let everything Witte built up die?’

Stock prices falling and sell orders piling up is natural market logic but must prevent financial system collapse from that fear.

"For such panic crash, temporarily suspending trading-"

"Drop nonsense talk. That would only lose trust in imperial finance."

Indeed original history’s French Third Republic, well knowing finance importance even during wartime, even attempted temporarily moving stock and bond exchanges to rear cities like Bordeaux when Paris faced capture crisis.

’Next is rationing economy.’

If war continues five years as His Majesty says, economic structure must return from free market economy to state-controlled rationing economy.

Naturally forget growth - lucky if domestic market doesn’t collapse.

Kokovtsov’s head hurt not even knowing where to start.

’Well, parts like salt or sugar already have serious corporate monopoly, so not hard to ration.’

Should I say fortunately? Some items can be solved by beating down cartels or monopoly companies. With wartime justification, they won’t dare resist either.

But luxury goods?

Daily consumer goods?

Raw material price control?

Prices skyrocketing from import route control versus product prices crashing from export control? Experience new stories on empire

Just Black Sea blocking half year in winter will make prices rise crazy past Moscow to St. Petersburg.

Unless Trans-Siberian Railway becomes about 16 double tracks handling all imperial distribution, price stabilization is impossible moment war breaks out.

No, prices rise from distribution costs whatever we do.

"Though I don’t know grain of sand about military strategy, for empire’s stability after war breaks out, from Ottoman Empire..."

Prime Minister Kokovtsov concluded he didn’t care about Germany or Austro-Hungarian Empire, must crush Ottoman Empire first for empire’s stability.

However, the Tsar showed reluctance even to such proposal.

"Defend against German and Austro-Hungarian armies while attacking Ottoman Empire right after war starts?"

"Baltic Sea connected to capital will be blocked by German navy. White Sea going around Northern Europe has almost no navigable days in year. So we must protect Black Sea no matter what."

Or might have to watch country break in real time from moment war starts.

"Prime Minister, I understand your words but that’s difficult. Black Sea Fleet defeating Ottoman fleet is possible, but you’re saying we must occupy Ottoman capital by land right?"

"Yes."

"Though Ottoman Empire is already half-fallen nation... still hard to execute capital occupation right after war starts. That’s impossible."

The Tsar coldly shook his head.

Early war is only offensive chance - didn’t want to waste that chance on mere Istanbul.

Conversely, Kokovtsov fell into despair once more at words it’s militarily impossible.

’Half year. Just half year Black Sea blocked and Donbas industrial region collapses.’

Donbas, Russian Empire’s largest center of iron, coal, manufacturing, trade.

When that Donbas collapses, naturally Moscow right above takes hit too.

Is that all? Ukrainian wheat exports blocked and bankruptcy hell breaks out at Odessa port.

As Prime Minister handling internal affairs, this was disaster he must prevent.

But His Majesty says.

Impossible.

No answer. Though this country ran growth path, clearly war capability will fall later if facing such economic crisis right after war starts.

Well, occupying capital of country that fought 12 times in past 400 years overnight can’t be easy.

’But when double front with Germany and Austro-Hungarian Empire opens, obviously Istanbul occupation takes backseat!’

Then how long will Black Sea be blocked?

1 year? 2 years? No, by that time will there be any Donbas industry and Black Sea ports to revive?

Excluding Far East, this country has no seas fully owned.

And those seas being blocked in wartime means empire collapses from inside.

Already Kokovtsov seemed to hear voices of workers pouring from closed factories and protesters running to streets saying they can’t live with skyrocketing prices.

Simultaneous internal and external chaos.

What his teacher and friend former Prime Minister Witte was so wary of.

’...Absolutely. Such situation absolutely must not happen.’

As Witte’s successor who led empire to rich country strong army, he had duty to protect and develop this.

Kokovtsov pondering several days with such pressure and burden.

Finally unable to find answer alone, Kokovtsov visited State Council Chairman’s office hoping perhaps.

This institution becoming nominal after losing legislative authority since Duma establishment has retired officials just keeping names.

Former Prime Minister Witte did so and former Foreign Minister Nicholas Giers did so.

Though hands off practical work, their knowledge and experience are used when needed or they directly advise.

This too followed past Peter the Great era.

In chairman’s office was Nicholas Giers, no, Marquis who completely left front lines and softened somewhat.

"Prime Minister Kokovtsov, face full of worry?"

"...Does it seem so to Marquis too?"

"Anyone would see so."

Former Foreign Minister Nicholas Giers who led empire’s isolationist diplomacy from start to finish.

Would he know answer?

As if venting frustration, Kokovtsov carefully opened story.

After listening long and thinking moment, Minister Giers.

Just when seemed even he couldn’t give answer before problem of internal and external affairs clashing.

"Simple. Draw in Romania."

"What?"

"They hate Ottoman Empire. Influenced by Pan-Slavism and historical relations not bad too. National power? To Balkan countries, Romania feels stronger country than France."

New country Romania that doesn’t want to make even Dual Monarchy absolute enemy, limited to Balkans.

"Answer is one. Must move Romania. Was impossible during past isolationism era, but different now no?"

Marquis Giers says possible now that isolationism shattered with one mobilization order.

’Romania...’

Hope began dwelling in Kokovtsov’s eyes.