GOT/ASOIAF: Ruler Beyond The Ice

Chapter 637 - 639: Heavy Burden (Part 2)

Hearing Aegor's tone, Tyrion understood. The grand talk was over, and now it was time to get down to business.

"Of course, no one will simply hand over money. First, we need to build momentum and attract buyers. Then we must develop industries and rely on the prosperity and profits of real enterprises to support the credit and reliability of the bonds." The dwarf crossed his short legs in the carriage as he searched his memory while analyzing. "Now, Targaryen bonds and Night's Watch bonds have the same name and function. The only differences are that the scale of the former is a thousand times greater than the latter, the nominal issuer has changed from the Night's Watch to the Targaryen dynasty, and the circulation area has expanded from King's Landing and the Crownlands to the entire world. You and I successfully created Night's Watch bonds before, so we already have mature ideas and experience. We are indeed the perfect people to escort Targaryen bonds through their most dangerous early stage. That is why you specifically asked me to be Master of Coin."

"That's right," Aegor admitted frankly. "Financial hegemony must be supported by two other great hegemonies. No, putting it that way might cause people to think finance is supreme. The accurate way to say it is that financial hegemony must complement military strength and economic prosperity. The three support each other, and none is more important than the others. Without finance to draw on the future, it is difficult to gather enough funds to develop national defense and manufacturing. Without military strength, existing prosperity and accumulated wealth cannot be protected. Without the value and profits of the real economy, pure financial hegemony will be fragile and easily shattered."

"Through aggressive diplomacy and political strategies backed by invincible force, I have made the lords on Daenerys' side accept the national bonds. Even if they were reluctant, at least the first crucial step has been taken. In the future, I will use similar methods to make the trade cities across the Narrow Sea, and even the wider world, accept Targaryen national debt. However, we are Hands after all, not charlatans. Borrowing money is only the beginning, not the end. As for debt, you must either repay it or convince people that you can repay it so they are not in a hurry to demand it back, and this involves the economy."

"To make Targaryen bonds eventually influence the world, the fiscal revenue of the Seven Kingdoms must at least be able to steadily pay the bond interest." He spread his hands and raised his voice slightly. "Only by having abundant reserves beyond that bottom line to deal with disasters and misfortune can we go further. A person's energy is limited. I only know how to make money on a large scale, I have no experience in earning it through detailed management. That is why I need a Master of Coin with prestige, influence, and ability to complement my shortcomings and become my strongest support."

"So in other words, I, the creditor, must help the Dragon Queen earn money to ensure she can repay the debt she owes House Lannister." Tyrion smiled bitterly as he summarized. "A creditor working for the debtor just to recover his own money. I can hardly imagine anything more ruthless. Tell me, are you my brother, or some enemy from a past life here to settle accounts with me?"

"No, no, you must look at this from another angle." Aegor wagged his index finger as he corrected him. He understood Tyrion's character well. When the dwarf joked like this, he was not truly angry. "I crossed the great ocean from my homeland on the other side of the Sunset Sea. I came all the way to Westeros to accomplish great things with you. That is true friendship."

"Damn your true friendship, I don't like men," Tyrion spat, though his expression relaxed. "But after all this talk, you still haven't given me the specific job details. You cannot simply say 'figure out how to make money' and leave me to do whatever I want. Don't scold me later for ruining Her Grace's reputation if I use the Queen's name to open brothels or imitate that dead Shireen by openly selling offices and titles."

"Don't worry, it's coming." Aegor reached into his collar and searched a hidden pocket. "Let me explain first. The tasks I'm about to mention are not arranged by importance, but by urgency. Their priority decreases from first to last. In other words, the first thing I mention is what you should start with."

So it was not just one or two matters?

"Wait, I need paper and a pen." Tyrion looked around the carriage for writing supplies.

"No need, I have already written the summary for you." Aegor pulled out a small bound booklet and handed it to him.

"That thoughtful?" Tyrion took it, but an ominous feeling rose in his heart. How many tasks could there be that required a booklet instead of a single page?

He casually opened it, and his scalp instantly tingled.

"The first task is to establish a central bank," Aegor said, ignoring Tyrion's stunned expression. "Daenerys needs an institution to manage bonds and control cash flow. The establishment of the Westeros Central Bank must begin immediately and take the highest priority. The core staff will be drawn equally from the Lannister Bank and the Night's Watch Industry finance department. You are familiar with the former. I will provide the staff list for the latter later. You may choose anyone you like, pick randomly, or even decide whether the bank president will be yourself as Master of Coin or someone you recommend. I can follow your opinion."

"The specific matters requiring attention are already written in the booklet, but there is one thing not written there that I must tell you personally. It concerns the long term mission of this bank beyond its short term tasks." The Hand spoke fluently without hesitation. "Do you remember the stages of currency evolution I explained when we began our venture together? Targaryen bonds are the prototype of paper currency and banknotes. Since society has not yet reached the stage where they should appear, they cannot truly replace gold and silver coins by breaking into smaller units. But when the time is right, I hope the Westeros Bank will be the first to recognize it and be fully prepared."

"The second task is to improve and upgrade the system for collecting and distributing resources, increase fiscal revenue, ensure the total debt does not expand viciously, and if possible accumulate wealth in the treasury that can repay the debt, or at least part of it." Aegor raised two fingers and continued. "Simply put, collect more taxes. I will tell you in advance. After conquering the Riverlands, Daenerys intends to place them under direct royal rule for a period of time until the descendants of the Greenhand no longer have the ability to cause trouble and the royal family has fully subdued this most fertile land in the Seven Kingdoms. During that period the Riverlands will be equivalent to part of the Crownlands and will be taxed directly by the royal family. This will require a large expansion of tax officials and a more rational tax system."

To make a horse run, you must let it eat grass. Since he had brought Tyrion in to work, Aegor could not hide everything. However, because Tyrion ultimately came from the noble class, he still did not reveal that the "period of time" he mentioned actually meant permanently.

"However, this task must be carried out under the principle of light levies and allowing the people to recover." Aegor continued. "Daenerys' conquest and reforms will offend nobles across half the Seven Kingdoms. At such a time, popular support must not be lost. Besides, Daenerys' wish to reduce the burden on the common people is genuine. If we want to increase revenue while reducing burdens for most people, there are only two ways."

"First, improve the tax system and its implementation, eliminate tax evasion, reduce unnecessary tax exemptions, and restrain the excessive scope of royal favors and beneficiary groups. This especially includes the Faith and the Night's Watch Industry, which are the two largest. You should first research specific methods, measures, and tax rates. Later, when there is time, we can invite Daenerys to participate in the discussion and decision. Second, expand the economic scale of the entire Seven Kingdoms and make the realm richer. When the total economy grows larger, even if the overall tax rate decreases, fiscal revenue will still increase steadily. And this involves your third and fourth tasks as Master of Coin."

Striking himself when he was the greatest beneficiary. Aegor, as the biggest beneficiary of the Night's Watch Industry tax exemption, voluntarily proposing to regulate it was quite unexpected for Tyrion. Was this man truly upright and far sighted, or did he have deeper plans?

Setting aside that curiosity, Tyrion focused again.

"The third task is to establish a Ministry of Agriculture. Integrate and promote the advanced agricultural knowledge accumulated within the Night's Watch Industry Research Institute, including farming methods, tool innovation, and seasonal timing. Increase grain yields per unit of land across Westeros and even the whole world, reduce the burden of feeding the population, and increase the proportion of non agricultural workers."

"The fourth task depends on the success of the third. Vigorously develop industry and manufacturing. Encourage idle wealthy classes such as nobles, rich farmers, and merchants to start enterprises. Spread and replicate the successful experience of the Night's Watch Industry and increase the vitality of the entire economy. Absorb former farmers into diversified production. This will fundamentally ease the conflicts and instability caused by the royal family's annexation of the Riverlands and prevent many nobles from acting as petty kings."

"At the same time, promote technological reform and progress. Develop the capacity to process raw materials into finished goods. Combined with financial hegemony and military strength, this will eventually allow us to obtain wealth from outside the realm through peaceful means. Make the cake larger and resolve the contradiction between improving people's living standards and increasing fiscal revenue."

"The fifth task is to rebuild the Red Keep and redesign King's Landing. Daenerys will certainly not entrust the first task to outsiders, but the second can be done by anyone. King's Landing's overcrowding and filth no longer match its status as the capital of the Seven Kingdoms. Places like Flea Bottom, where dirt and crime thrive, provide fertile ground for criminals and enemy spies. I want to turn this city into the world's commercial, cultural, and political center. A perfect golden cage to keep the nobles from the Reach who are invited here, slowly taming their rebellious nature. As you and I both know, its former filthy appearance could never achieve this goal."

"Alright, that's everything. More specific indicators and requirements are written in the booklet. You can study them later. If you have questions, come ask me."

"That's everything? How can you say that so casually?" Tyrion's eyes almost popped out. For some reason he suddenly felt a strong sense of déjà vu. After thinking for a moment, he remembered. Wasn't this exactly the same scene when he once told Aegor the tasks given to him as Chief Logistics by the Night's Watch high command before taking him away from the Wall?

"Back then when you left Castle Black, it was Jeor Mormont, Benjen Stark, and the others who made things difficult for you, not me. You cannot take revenge like this."

"How is this revenge? You misunderstood." Aegor knew exactly what Tyrion was thinking. "Among these five tasks, only the first two are short term goals that must be completed. The others are long term visions. Whether and when to carry them out will depend on reality. Once I finish dealing with the Reach, I will not leave you to handle everything alone."

"Hmm." Tyrion felt somewhat relieved and nodded. But a few seconds later he frowned again. "Wait, only the first two tasks are part of the Master of Coin's duties. The later ones are not my responsibility at all. They belong to you as Hand of Daenerys."

"Exactly." Aegor lowered his voice slightly. "Let us say something privately that Daenerys should not hear. I did not bring you to King's Landing to be Master of Coin at all. In fact, you are my…" He almost said Prime Minister but quickly changed his words. "My deputy. It is just that Daenerys still distrusts House Lannister, and the Seven Kingdoms has never had such a position, so for now you will hold the title of Master of Coin."

"My idea is simple. I handle external affairs, you handle internal affairs. Together we assist Daenerys in ruling the Seven Kingdoms. After achieving results and gaining Daenerys' trust, I will ask her to establish a distinction between internal and external ministers. If we complete even most of these five tasks, it will be enough for both of us to leave our names in history and become the greatest royal council members of the Targaryen dynasty."

"Internal minister?" Tyrion's eyes lit up.

The phrase about handling internal and external matters sounded somewhat too intimate, but the concept of Internal Minister and External Minister completely removed that problem. Tyrion had been thinking that no matter in ability, prestige, merit, or Daenerys' trust, he could never compare with Aegor, the flawless Lord Commander of the Night's Watch. Even in age and personal charm Aegor had the advantage. Unless Aegor resigned willingly, how could the position of Hand ever fall to him?

Even if he did inherit it, his achievements would be overshadowed by his predecessor's brilliance, leaving little trace in history.

But now this fellow had forcibly created a path of advancement that did not originally exist.

Tyrion felt a surge in his heart and began to think silently. As countless times before, he realized he had once again been completely drawn into the plans of the black clad man in front of him. Yet the feeling of being led was not unpleasant. Now he was no longer considering whether to accept this heavy burden, but how to leave his mark after taking office.

Amid the steady sound of horseshoes striking stone and wheels rolling along the road, the coachman suddenly broke the silence.

"Lord Tyrion, Lord Hand, why is the road you are taking not leading to the Red Keep?"

"We are not going to the Red Keep." Aegor quickly answered. "We are heading to the final military meeting for the expedition to the Riverlands." He looked at Tyrion and smiled. "House Lannister also has a mission in this war. And as the future Internal Minister of the Targaryen Empire, I think you are qualified to witness such a historic moment."

(To be continued.)