Reincarnated as Nikolai II

"I... still find it hard to understand. Are you saying the former Prime Minister already knew everything?"

"It means we decided on you amid such background."

Is it my imagination that the once confidence-overflowing Stolypin is shrinking 1% per minute as he hears the truth through each conversation?

"The important thing is when recession comes, our country and Germany will hurt more than other countries. Since we have no assets and colonies to protect us, if we endure everything bare-bodied, revolution talk can't help but arise."

Like how death probability increases without protective equipment even falling from the same height.

"Th-those traitors, I'll somehow stop-"

"Actually I don't mind if revolution talk comes up. As you've experienced too, Reds can always just be beaten down. However, I cannot watch this Empire return to 10, 20 years ago."

How did I bring it this far? After how many hardships and adversities this country finally entered normal range.

How many reformers shed tears of blood while being stoned and how many patriots' efforts and sacrifices were buried under this Empire's name.

It took 25 years just to guarantee survival and after passing 30 years it finally became a country barely livable for humans.

But return to the past?

I cannot accept this.

"Now then, let me tell you more about my and Kokovtsov's analysis of this depression."

This was no different from another Great War.

==

Perhaps because of his history of simultaneously obtaining mathematics and physics degrees while studying agriculture, especially tobacco, during his student days at St. Petersburg Imperial University 30 years ago.

Stolypin was a known smoker among bureaucrats, in vulgar terms, a chimney.

Stolypin, who escaped like fleeing from Nicholas's study, lit his pipe immediately upon returning to his office.

"Sssip, whoo. Sssip, whoo."

Right now, before reviewing his conversation with the Tsar, Stolypin wanted to hand over control of his thoughts to these dried leaves even briefly.

After repeatedly inhaling and exhaling without a word for a while, he finally regained composure and began synthesizing the whole situation.

"...There's a reason former Prime Minister Kokovtsov left without regret."

Though he spent 16 years as Prime Minister, no one in the Empire dared dispute this man Vladimir Kokovtsov's rule.@@novelbin@@

This wasn't simply because the Tsar's favor accompanied him, but truly because only he could fill the great Prime Minister's empty seat.

"No. He hasn't completely left either. If he discussed the crisis this much with His Majesty, he's probably preparing for this crisis after stepping back from active duty."

That terrifying workaholic Prime Minister wouldn't have just passed on problems and left abruptly.

Then... this is a test.

Though the Tsar said he finally selected him as someone suitable for the current situation... well, if such crisis was clearly predicted, couldn't Prime Minister Kokovtsov have done 8 more years?

"Though he's aged, he's still healthy. Even the long-term rule issue wouldn't be strange to ignore before such Great Depression."

Nevertheless, he became the third Prime Minister.

Meaning if he doesn't prove himself here, it wouldn't be strange to be driven out midway let alone the next term.

'The timing is also worst. Three to four years later would be midway through my term. It wouldn't be strange for all responsibility to pour onto me.'

Even this probably wasn't intended by the former Prime Minister. So this depression isn't intended or manipulated.

The example is the United States.

'More than half of even that United States' Domestic Product will disappear? Then how much industrial production capacity will fly away? 25%? 35%? Surely not return to 20 years ago?'

America and our country have many similar economic structure aspects.

Being agricultural nations based on vast territory yet achieving industry.

Producing middle class through enormously huge labor markets and technology raising that labor force's value.

Beyond that, even companies' repertoire of having high domestic market dependence and aiming for exports using that domestic growth as a foothold.

Conversely, if domestic fails, exports fail too.

Also if countries to export to fail, must endure on domestic.

If both fail?

Just have to all die.

Because that's the fate of major industrial nations.

'No. How could Prime Minister Kokovtsov take plows from Slavic people's hands and make them hold hammers!'

Just from numbers the Tsar casually mentioned, Stolypin's head was already in chaos.

'How high will unemployment rise? It wouldn't be strange to soar to at least 40%.'

Stay tuned with My Virtual Library Empire

'Grain exports will be difficult too. No matter how low-priced the offensive, all countries will aim for self-production then. If grains with blocked sales routes are released domestically... that's hell too.'

'Most concerning is deflation. Appropriate inflation during growth periods makes a country healthy but recession period deflation pushes farmers, workers, and capitalists all off cliffs if it extends even slightly. Conversely, recession period inflation? I can already hear commoners' cries.'

Every point His Majesty the Tsar pointed out hits bone without exception.

Even if his predictions are wrong and the depression's scale isn't large, the Empire has no history of experiencing depression in the first place.

The United States at least experienced depression every 5-7 years, but this country hasn't even experienced that pain and difficulty.

Though three years still sounds vague, the more he imagines that depression's future, the more urgency builds.

What should be done?

Gold, should he gather gold? If it's for government financial soundness, are highly trusted physical assets best after all?

Or state-owned enterprises? Former Prime Minister Kokovtsov split numerous state enterprises and fed them to companies' mouths, but should he retrieve all that now and make them not fail?

While thinking of various regulations and economic stimulus measures beyond that but not feeling like proper solutions.

"...The Great Depression is another Great War."

After over an hour of smoking, now with his brain pickled in tobacco and pupils unfocused.

"And Great Wars have wartime economies."

Unprocessed thoughts naturally flow out of his mouth.

"When wartime economy begins... rationing economy, state-led exports and production, and the state transformed into the subject of consumption."

His experiences and old memories mixed together surface one by one.

And that name rising last.

Though he never worked together, saw, or conversed with him, that man Stolypin once studied far away.

"...Nikolai Bunge."

The nationalist, what would he have done?

The first generation pre-reformer, whether Far Eastern sage or gambler who went all-in.

Perhaps... he would have said this.

"State-led, free market economy development."

And, from that.

Special procurements.