Chapter 74 : Black Wednesday (3)

A massive stock market crash.

The unmistakable signs of a great depression brought considerable turmoil to the Hispania Empire.

“Wow. There’s been a huge increase in unauthorized divers.”

“The cleanup crews must be having a rough time.”

To put it simply… the capital’s rivers had more corpses floating than branches or leaves.

So many, in fact, that they said the floodgates wouldn’t even close properly.

Well, this kind of thing happens everywhere and in every era.

It’s just the result of people losing the will to live after their stocks and fortunes go up in smoke.

But in their case, it wasn’t just a crash—it was the total annihilation of the entire stock market, so the number was unusually high.

“Oh, right. The Hispania branch sent you their thanks. Said they really appreciated the help that let them prepare in advance.”

“Did they make a profit?”

“They said they made over 70% return on their investment.”

“That’s insane.”

But just because the market collapses doesn’t mean everyone suffers losses.

People like us—those who understand how the world works and keep an eye on trends—were more than capable of preparing.

By changing our investment positions, we could even maximize profits.

In other words, we went short.

‘I can’t predict future stock prices either… but it’s obvious what happens when a disaster this big hits. Not predicting it would just be foolish.’

We couldn’t intervene directly here in the Allein branch since we’re too far away,but thankfully, the Hispania branch head followed our advice.

With a 70% gain, the organization shouldn’t have to worry about funding for a while.

“That aside, the Hispania government seems completely incapable of responding… is that okay?”

“Who knows.”

At Kalia’s question, I shook my head calmly.

You should only expect something from those who are capable.

Trusting people who have neither the ability, circumstances, nor capacity is just a waste of our time.

This is an era where the concept of economics doesn’t even exist yet.

It hasn’t even been a century since stock exchanges were created, and no one’s ever even considered what to do when the market crashes.

Can an elementary schooler solve a problem on functional regression analysis?

It’s the same thing.

I can confidently say—they won’t be able to do anything.

“The only thing we can do is act on the assumption that the situation will continue to worsen.”

“How bad are we talking, exactly?”

“The total collapse of Hispania’s economy. And the aftereffects will reduce other nations’ ability to conduct war. If it gets serious enough, every country trading with Hispania could go bankrupt one after another.”

Kalia looked down at me in surprise.

She lowered her gaze from the position where she’d been resting her chest like a neck pillow, and our eyes met.

“Is… is that really possible?”

“Nothing’s impossible in this world.”

Maybe not during peacetime, but this is war.

If you’re relying on another country for key military supplies and daily necessities, and that supply suddenly stops—no one can survive that.

‘They probably tried to reduce import costs, but they didn’t expect the other side to be that fragile.’

A typical country may stagger under reduced foreign trade, but it won’t collapse.

If domestic demand is strong, external adversity can be endured.

But Hispania?

They were a wreck already, just barely getting by thanks to their trade surplus.

Now that their one lifeline has been cut, how could they possibly hold on?

Right now, it’s the trade companies and export-focused factories that are collapsing,but soon, other industries will be hit too.

Like steelworking, construction, and mining—the basic sectors.

Once every field is devastated, Hispania won’t be able to recover unless they rebuild the entire nation from scratch.

‘Looks like they’re trying to make up for the losses through the slave trade, but there’s no way that’ll work.’

The merchants’ desperate solution—slaves as a commodity—also has clear limits.

Unlike stockpiled supplies that can be used continuously, people have limited demand.

If you just buy them up and flood the market, all it does is lower the price and reduce total profit.

“If we can’t import from Hispania, how will we get military uniforms and firearms? What about gunpowder and cannons?”

“…That’s true.”

“If the lifeline is cut off, there are only two options left—either grit your teeth and endure, or accept the loss and back out.”

No warring nation can fully supply the demand for materials arising on the front lines.

There’s simply not enough labor, physically speaking, no matter how hard you try—there’s a limit.

That’s why Hispania, by riding the wave of wartime economy, made a massive profit.

Soon, every country will face a moment of choice.

Will they grit their teeth, clutching their empty stomachs, and try to crush the enemy?

Or will they fail to endure and propose negotiations?

The former means going all-in with a time limit hanging over their heads.

The latter means cutting losses before the country is swept into a panic.

“Ishmael, which will you choose?”

“Who knows? It’ll depend on the situation.”

In the end, the choice belongs to those in power.

They’ll assess the situation according to national circumstances and public sentiment and make a decision accordingly.

Whether hostile nations will accept that decision is another matter altogether.

‘Why does it feel like the war is ending earlier and earlier?’

At first, I expected it to last ten years.

Then it dropped to three.

How much more do I need to shorten that estimate this time?

A year and a half?

No, maybe even a year is too long?

How long can the belligerents hold out with the supplies they’ve stockpiled and the small amounts they can still produce?

I can’t make an accurate calculation without knowing their reserves.

Anyway, it’ll be hard to last until this time next year.

“We need to hurry.”

“Hurry with what?”

“To finish off the demons—”

“Branch Chief! Are you inside?! It’s urgent news!”

A sudden voice from outside the room.

We quickly stopped fooling around and sprang to our feet.

Since we were almost naked, we struggled for a moment to find our clothes.

“I’m here. What’s going on?”

“The Navre Kingdom has been defeated! They’ve lost nearly 20% of their territory to the Kingdom of Allein!!”

What?

Did they get hit by a scythe maneuver or something?

*****

Coincidentally, what happened to the Navre Kingdom bore some resemblance to Ishmael’s prediction.

Though they weren’t struck by tanks or air raids, their main force was caught in a large-scale flanking operation.

“We don’t have enough troops to spare.”

“To achieve maximum results with minimal losses, we have to gather elite units and deploy them.”

“Then where to? The Navre bastards have scattered their troops everywhere.”

It had already been more than two years since the war began.

Each country’s frontlines had been fortified with dense defense systems.

Though they couldn’t dig multiple layers of trenches or surround them with barbed wire, they had built several fortresses and bunkers, forming a tight communication network.

Because of this, even when offensives were launched, only a few forward outposts were captured before forces were pushed back again.

The same cycle repeated—troop losses mounted, yet no substantial results were achieved.

“This place, right here. This valley is the supply route sustaining their Eastern Front Army. If we blow it up and immediately launch an offensive, it’ll surely have an effect.”

“Sounds plausible… But to destroy a valley, we’d need to plant explosives, right? Who are we going to assign to a mission like that?”

“We’ve already infiltrated several agents. If we issue the orders, they can move at any time.”

The high command of the Kingdom of Allein, frustrated by the stalemate, devised a plan.

The main battleground between the Kingdom of Navre and Allein was the western plains.

Since maneuvering was easier there, both countries had deployed their main forces to that region.

Meanwhile, the eastern region was rougher terrain and less developed, meaning it was less heavily guarded.

So, while drawing attention with a feint in the west, they’d strike from the east—couldn’t that catch the enemy off guard?

“You’ve come up with a bold plan. Very well, let’s try it.”

“We’ll manage the supplies somehow.”

“How many troops do we deploy? Will thirty thousand suffice?”

“Make it fifty thousand. We’ll need that much for real impact.”

After several months of meticulous preparation, the operation began.

A feint was launched in the west to distract the enemy, while a strike force surged in from the east.

Though there were many risks, they fought with the determination that failure meant national ruin.

“We’ve broken through!”

“There’s a river ahead! Resupply with water and take a short rest!”

“There’s not even a decent fortress around here! The rear was left completely undefended!”

It was a massive success.

They had broken through the concentrated defenses and reached the poorly guarded rear areas.

“Do we stop here?”

“Of course not. Turn the troops west. We’ll strike those Navre pigs from behind!”

The Allein troops made effective use of this rare opportunity.

Instead of being content with their gains, they immediately launched a follow-up operation.

As a result, Navre’s army—now facing attacks from both the front and rear—crumbled miserably.

Half of their forces on the frontlines collapsed under the completely unexpected assault.

The remaining half barely maintained control and fled.

With their heavily invested defensive line destroyed, the only way to regroup was to concede vast territory.

Enough time and space to reorganize the routed troops.

All the way to key strategic locations that could serve as defensive strongholds.

“Damn it. We’ve lost three cities with populations over 100,000. Nearly two million citizens have been taken.”

“The Alleins will now use that economic power and production as they please…”

“What are we supposed to do about conscription this year?”

The rulers of Navre groaned in despair.

They had worked so hard to hold the line and were doing well.

But now, they’d lost part of their homeland.

Could the kingdom even survive like this?

*****

Yet their concerns quickly became meaningless.

Hardship continued to roll in.

“Now’s our chance while they’re staggering! Mobilize all troops and launch an all-out assault!!”

“Take supplies from the enemy! There’s no time to prepare, just attack first!”

The Artium Empire, which had been biding its time, suddenly gathered its forces and launched a major offensive.