It wasn’t only the Austrian government taking action, governments across Europe also joined in on the feast. It’s true that Jewish capital often attracted resentment, but that was only a secondary factor. After all, in this era, capitalists were all birds of a feather, none were especially more virtuous than the others. The essence of anti-Semitic movements has remained unchanged throughout history, centered on a few key points: First, when social tensions intensified, rulers used the tactic of diverting public anger in order to maintain their rule. Second, when the coffers were empty and the state couldn’t repay the high-interest loans owed to Jewish financiers, rulers would use anti-Semitism as a cover to default on debts without damaging their reputation, and possibly even turn a profit in the process. Religious factors and public resentment toward Jewish capitalists were also among the causes of these movements, but by modern times, they had mostly become secondary. Of course, there were exceptions. Sometimes Jewish financiers really did push too far, often showing no restraint in the pursuit of profit, and this also triggered anti-Semitic movements, though those were usually more localized. The underlying reason for this current wave of anti-Semitism was quite simple, the French government had run out of money. The rest of Europe just followed the trend. Take the Russian government for example. After the anti-Semitic wave erupted in Europe, Alexander III confiscated a large amount of Jewish-owned assets, especially in the banking sector. Any institution with ties to Jewish capital was nationalized. Well, that last part was probably added in by the bureaucrats. The main issue was that just over a decade ago, the Russian Empire had already launched a massive anti-Semitic campaign. The Jewish capitalists within Russia had not yet recovered from that blow, and their remaining assets simply weren’t enough to go around. With no better options, the authorities had no choice but to expand the scope of the crackdown. Other industries were harder to target because they involved large numbers of workers. Mishandling the situation could lead to major unrest. Bureaucrats, besides being greedy, also feared trouble. Banks, however, were the exception. They held large amounts of cash. Under the pretense of nationalization, officials could easily embezzle a portion of the funds and then blame it all on the Jewish capitalists. If they were clever enough, they could later come up with another excuse to sell off the nationalized banks at low prices to private capital, earning another round of kickbacks in the process. As for the other capitalists caught up in the sweep, their fate depended on how strong their backing was. Those with strong political connections would have their assets returned. After paying a bribe, they might even get to join in the spoils, using the opportunity to absorb the shares once owned by Jews. Those without sufficient backing were simply out of luck. If they managed to keep their own assets, they were fortunate. If not, everything was confiscated. The Russian government showed no restraint in how it devoured wealth. Not only did domestic national capitalists suffer heavy losses, even British and French foreign investors weren’t spared. This feast went on until Austrian capital took a hit. Only then did the Austrian government lodge a protest with the Russian government, prompting Alexander III to finally step in and intervene. But that was something that happened six months later. For those unlucky ones caught early, many of their graves were already overgrown with weeds. In comparison, Austria still managed to maintain a semblance of decency. The ones who suffered were Jewish capitalists involved in illegal or criminal activities. Those who kept to the rules managed to avoid disaster. Though the number of law-abiding ones was small, that didn’t really matter. What mattered was that they weren’t all condemned indiscriminately, and the scope of action wasn’t deliberately expanded to implicate more innocent people. That in itself was already no small feat. ... As winter gave way to spring, the land began to awaken. Trees began to bud. The rows of Chinese mahogany trees in the Vienna Palace had already sprouted new branches, grown tender green leaves, and blossomed with fragrant red shoots—an omen of Austria’s flourishing national fortune. This beautiful moment mirrored Franz’s own mood. Looking at the profit report handed to him by the Chancellor, Franz finally understood why European countries loved launching anti-Semitic campaigns, and also why they had never fully wiped out the Jewish population. It wasn’t because they didn’t want to, but because they couldn’t bear to. These were premium “chives,” ripe for harvesting every few decades, and each time yielded massive profits. If they wiped them all out at once, what would future generations do when they needed money? In a way, this was a sustainable form of “livestock” management. The confiscated cash wasn’t particularly much and was just less than 200 million guilders, but the seized enterprises, factories, land, houses, real estate, bonds, stocks, and other assets added up to a staggering figure. According to the preliminary estimates of the Austrian government, the total value of these assets exceeded 3.5 billion guilders. Of course, a large portion of that consisted of theoretical or intangible assets. For example, a publicly listed company might have a market valuation of 30 million guilders, but its actual assets might only amount to 10 million, or even just a few million. No one could say for sure how much of that was inflated. Franz himself had no idea how the Austrian government had calculated those valuations. If they were to actually be sold off, they certainly wouldn’t fetch that much in the short term, maybe not even half as much. There wasn’t a single financial group in the world capable of coming up with that kind of money. Even the royal consortium founded by Franz himself didn’t have that level of strength. After all, wealth and cash are two entirely different concepts. If one were to go by theoretical assets, then Franz, Queen Victoria, and Alexander III would undoubtedly be the top three wealthiest individuals in the world, each with a fortune of 10 billion guilders. But that kind of wealth was merely nominal. In theory, Franz’s greatest assets were the vast swathes of royal domains under his direct control, covering more than ten million square kilometers. Compared to that, the royal consortium was almost insignificant. Britain’s pile of colonies was, at least in theory, all the Queen’s personal property so its value was practically incalculable. The same was true for Alexander III. The Russian Empire was vast, and the Tsar’s nominal landholdings amounted to over ten million square kilometers. Even though most of that land was frozen tundra, it was still worth a fortune. If this theoretical wealth could be liquidated, then every financial group in the world combined would pale in comparison. In total, over 5,000 Jewish capitalists were implicated in the case, accounting for 68.5% of all Jewish capitalists. Without a doubt, most of these 5,000 individuals were small to mid-sized capitalists. Those truly at the top of the capital world were still only a handful, and it just so happened that these few controlled the greatest share of wealth. According to the compiled data, the top ten richest individuals each held assets exceeding 100 million guilders. The top 100 controlled over 2.5 billion guilders in total wealth, with even the lowest on the list owning more than a million. No question about it—those singled out were as good as finished. Even though they would be dealt with according to the law, the size of their fortunes was exactly what motivated the Austrian government to dig up their dirty history. All this money being “legally obtained”? It didn’t matter whether others believed it, Franz certainly didn’t. For reference, just look at the House of Habsburg. A royal house that had lasted for centuries, and before Franz took over, all of their combined assets, converted to current guilder value, totaled less than 100 million. This had little to do with effort and more to do with the limits of the era’s productivity. The total wealth in society was only so much. No matter how skilled you were at business, there was a cap you couldn’t surpass. There were too many files to go through, and Franz couldn’t be bothered to read further. After all, he wasn’t a judge. Prosecuting criminals wasn’t his job. Setting the file down, Franz asked curiously, “According to current laws and regulations, what kind of sentences will these people get?” Chancellor Karl replied with a bitter smile, “In fact, the number of those suspected of crimes is far greater than this. The current list already reflects the government’s decision to be lenient. Those whose crimes were relatively minor were only fined and not included here. According to existing laws, everyone on this list is looking at a minimum of ten years. More than half could be sentenced to hanging. And this is just based on information provided by informants. We haven’t even thoroughly investigated other criminal activities. Otherwise, I seriously doubt whether any of them would still have a chance at life.” Hearing this, Franz was stunned. Wasn’t this basically a real-life version of “kill nine out of ten capitalists and one gets away by accident”? Franz had every reason to believe that those who escaped weren’t especially clean or just lucky, it was more likely that they were spared because too many people would be implicated. To minimize political fallout, the Austrian government couldn’t possibly execute tens of thousands of people in one sweep. So they targeted the “fattest sheep” and the most egregious offenders. As for why things were this way, you could look at Austria’s laws. Compared to later eras, the punishments in this period were much harsher. After all, the nobles still held power, and they had no reason to go easy on a bourgeois class that might threaten their position. One simple example: In Austria, if you’re convicted of hoarding and profiteering under aggravated circumstances, they can confiscate all your assets and you might even lose your head. Bribing government officials, regardless of the severity, results in equal punishment for both the bribe giver and the recipient. The prison terms for both are the same. If someone has bribed multiple officials, things get even worse. The prison sentences can be added together with no upper limit. If luck runs out and one of the officials they bribed is later sentenced to death, then there is no argument. The briber automatically receives a one-hundred-year prison sentence. Is that fair? Certainly not, but the world itself is not fair to begin with. When it comes to power struggles and curbing rampant corruption, Franz chose to let it slide. Besides, there was a backdoor. If someone wanted to avoid punishment, they could report others. Reporting the officials they had bribed could earn them a reduced sentence. In theory, if they reported enough people to offset their crimes and paid a fine, they could even be released. Because of this, every major anti-corruption case in Austria usually dragged out a whole crowd. In Austria, whether giving or receiving bribes is an extremely high-risk activity. To date, the record for the longest prison sentence ever handed down is 3,416 years. Feeling a bit uneasy, Franz asked, “How many officials are involved?” He was genuinely worried now. If another bombshell were to drop, the executioners’ year-end performance would skyrocket. There was no choice. The dignity of the law had to be upheld. If something was uncovered, it had to be dealt with. Franz would never issue a pardon for these scumbags. Chancellor Karl, head lowered, replied, “As of now, a total of 4,864 public officials have turned themselves in to the Anti-Corruption Bureau, submitting 13.47 million guilders in illicit funds. The exact number of officials involved is still under investigation. Many perpetrators have reported others to the government, but due to a lack of evidence, formal cases have yet to be filed.” Hearing this, Franz actually breathed a sigh of relief. The number of people involved was high, and the total amount of money was large, but the average bribe per person was not that significant. With sentence reductions for turning themselves in, most of them could be dealt with internally. Confiscate the illicit funds, dismiss them from public office, and sentence them to varying lengths of compulsory labor. That would resolve the matter without the need for a bloodbath. As for the hardliners still being investigated, there was nothing to be said. They would serve as examples to warn others. Franz had a feeling that these ones refusing to confess were most likely those guilty of the most serious crimes. Ordinary people, once exposed, would never resist to the end. “Investigate! No matter who is involved, follow the trail to the very end. This time, we will show no leniency to any criminal.” After taking down so many Jewish capitalists, if not a single government official went down with them, no one would believe it. The small fry who turned themselves in didn’t count. The big fish hadn’t surfaced yet. Franz did not believe that Jewish capital had no foundation at all in Austria. The reason the Austrian government’s operation succeeded this time was because it caught them completely off guard. No one expected the government to use the law as a weapon. After all, Austria lacked the two core elements that usually triggered anti-Jewish movements. The Austrian government neither needed to divert social tensions nor was it facing a financial crisis. According to past experience, anti-Jewish campaigns in Europe typically began with violence. Yet the Austrian government showed no signs beforehand. In fact, the government had even increased police presence to suppress anti-Jewish actions by extremist groups among the public, which further reassured many people. This kind of habitual assumption misled the judgment of Jewish capitalists. The Austrian government issued arrest orders without any warning, leaving them with no time to react. The power of money was strong, no doubt. But no amount of money was worth mentioning in the face of the state. The networks and connections built over the years were now crumbling into pieces. At least for now, Franz had yet to encounter anyone pleading for the Jewish capitalists. Just because they hadn’t made a move yet didn’t mean they didn’t exist. Those only lightly involved could take the chance to kick the Jewish capitalists aside and escape. But those who were already tightly bound together with them found it very difficult to back out at this point. Unless those nails that Jewish capital had driven into the government were pulled out, Franz would not be able to sleep soundly. “Yes, Your Majesty!” *** https://postimg.cc/gallery/PwXsBkC (Maps of the current territories of the countries in this novel made by ScH)
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