Rorschach brought a spring breeze to Valuva that toppled the small Glass Guild and ushered in a rising joint venture, bringing a measure of change to Bayern. Yet the Holy Kingdom itself was facing problems. As spring drew to a close, no one was certain what season would come next.

This was especially true for the common people who had entrusted their life savings and futures to investment managers and bank promoters.

Just as Rorschach’s airship docked smoothly, two prominent figures arrived at the peculiar hermitage on Du Peng Street. The casino next door had been converted into a securities firm, but now, so few people went in or out that the prominent figures’ guards could line up all the way to the door without affecting the already dismal business.

Rumors of discord between the Prime Minister and the Minister of Finance were long-standing, and recently the tense relationship between the Kingdom’s "left and right brains" had become increasingly public. This private meeting at the monastery was highly unusual.

The two men held sway over the data and intelligence constantly being compiled and reported throughout the Kingdom. All signs indicated that the market enthusiasm from last winter to early spring had faded. Now, people could no longer enjoy the stimulus from the over-issuance of Paper Currency, but instead had to endure the pain of a dwindling standard of living.

More and more small trading companies withdrew from the stock market or were left half-dead and stagnating. Commercial financing grew difficult, then ground to a halt, and new investments gradually concentrated in relatively "safe" enterprises. The attention of investment managers was now focused on "Royal Family shares" and "Guild shares," the two largest stocks of which were represented by "Shaleanna Mining Company" and "Hercules," respectively.

The Red-robed Prime Minister felt that the Kingdom’s situation had reached a critical point, yet he saw no change or effort from the Minister of Finance, who seemed oblivious to the approaching crisis. Thus, from the very beginning of this private meeting, he wore a grim expression. "It’s time to stop your tricks. Stop fooling the Kingdom’s imbeciles... and His Majesty."

In response to Dipresy’s accusation, Nekker just gave a scornful smile, especially when the other man singled out "His Majesty" from the "imbeciles."

He did not meet his accuser’s gaze, instead admiring the ancient furnishings of the chapel. "You’ve known everything from the very beginning, and you tacitly allowed me to do this."

"My acquiescence was a moment of inattention. I was still harboring illusions, thinking this Kingdom could be saved by gentle, financial means. Now I understand my past mistake. Why are you still maintaining the facade of the gold mining company? Haven’t you and your former colleagues had your fill yet?" By "former colleagues," Dipresy was of course referring to the various bankers, whose waistlines and assets were now so bloated they could no longer bend over when entering the residences of the nobility.

"The time is not yet right, Lord Chancellor!" Nekker rapped the table. "Once the mining company’s stock falls, the devaluation of the Paper Currency will spiral out of control. Of course, devaluation is not an entirely bad thing for the Kingdom, but the time for it is not now."

"Then when will that be?" The Prime Minister’s patience allowed him to hear out Nekker’s sophistry.

"When the autumn grain harvest is complete. Because the tax farmers you so despise have fixed their rates in the new currency, we must ensure the currency’s value is stable when they collect taxes from the farmers. That is the only way to..."

"Force the peasants to hand over more grain for the market." Dipresy immediately understood Nekker’s intention: to squeeze as much output from the agricultural sector as possible while the currency was still strong. "Is this your plan? To have the starving cut their own flesh to fill their stomachs?"

Nekker himself had made his fortune in the grain trade. He knew that if they didn’t make the farmers and landowning nobility give up more grain while the currency’s purchasing power was strong, then the moment the Royal Capital became unstable, the small farmers, wealthy merchants, and nobility in the provinces would all hoard as much grain as they could.

The result would be the same as before he took office: not enough grain circulating in the market and a shortage of food in the cities.

"I prefer to call it securing the food supply. Only when the granaries of the countryside are open to the cities and the markets will Valuva gain a stable foundation." The Minister of Finance explained his meticulous design:

"Between collecting taxes and paying dividends and debts, there is a brief and wonderful time lag. As long as we release controls, countless debts will become worthless scraps of paper along with the currency’s devaluation."

"Nekker, I must admit you have your own insights into the Kingdom’s finances. You alone can drive the invisible hands, and then... leave them both dripping with blood."

"A price must always be paid, Lord Chancellor. As long as we weather this crisis, we will use the recovered gold reserves to clear all public debt. Then, with the next year’s income from the general tax farming office as collateral, we will reorganize the currency’s value and start anew. Isn’t that for the best?"

"Still the same old tricks with debt."

"You say I control two hands. Well, I tell you, debt and taxes are the two legs that move the Kingdom forward. What we need to ensure is that they are reasonable and appropriate. As for those peasants and small merchants... in the Kingdom’s time of emergency, some people’s interests must be sacrificed. As long as they suffer a little, and we pull through, everything will be fine again."

"Did you know? As a Bishop, I have other ways to correct errors. If you are declared by the Church to be a destroyer of the sacred order, you will have no choice but to stop this farce that is destroying the foundations of the Holy Kingdom." If he were to be so declared, it would be a penalty second only to excommunication by the Pope.

"You don’t need to threaten me, Lord Chancellor." Nekker enunciated the title with heavy emphasis. "From what I understand, the last thing you want is for the Church to excessively interfere in the Kingdom’s internal affairs. As long as I remain Minister of Finance, you will not let your own efforts go up in flames, will you?"

"One must always weigh priorities. Do not presume to know my limits." Dipresy felt that further discussion was meaningless. He had to prepare to avert the worst-case scenario.

The Minister of Finance’s anger began to show. "Please do not think that you are the only one who has poured his heart and soul into the Kingdom, Lord Chancellor. No matter how the situation changes, you will still be the bishop of the great cathedral. You can retreat back into the Church and still enjoy wine and power. At the very least, this small monastery is a good place to retire.

"And what about me? If I ruin everything, who will protect me? Who will pardon me? Who?" Nekker said no more. He bowed to the Lord Bishop and left.

Only after confirming that the Lord Bishop’s guest had left did his assistant emerge from a side room to await orders. "Notify the bishops of every diocese and summon the southern Counts and Dukes to the Royal Capital before June. Begin preparations to convene the ’Noble Conference.’"

Since the time of the Fourteenth, the powerful nobility had all gathered around His Majesty to enjoy the dazzling world of Valois, so Dipresy’s order was mainly aimed at the Church. The so-called Noble Conference was a great assembly of priests and nobles, usually convened when the Holy Kingdom faced difficulties and the King needed to ask the two estates for aid.

The assistant was startled. ’His Majesty... asking for aid? That means the King would have to cede authority to the other attendees.’ The Kingdom had not held such a conference for over one hundred and seventy years, especially not since the Fourteenth had declared, "L’état, c’est moi," after which the King’s authority had become unprecedentedly strong, no longer needing to bargain with both estates at the same time.

"Since Nekker wants to seize his moment, we must also seize our opportunity. We will convene the conference when His Majesty can recognize the approaching crisis, but while there is still a chance to avert it together." The Prime Minister thought for a moment before adding, "Also, invite a representative from the Magic Guild to attend."