Chapter 732

Aegor had already told Nina the story Tyrion once shared with him, so there was no need to explain what banknotes were. The dwarf stood with his hands on his hips, head held high. “Look, opening up government bond trading not only conceals the unreasonable act of handing cannons directly to the navy, but also stabilizes the economic policy of the newborn empire and improves public perception… This is what we call killing three birds with one stone!”

“So, what can I do for Lord Aegor and you, Master?”

News of Aegor’s resounding victory in Volantis had already arrived from across the Narrow Sea, and Tyrion’s careless slip of the tongue—it doesn’t matter if the truth gets out now—had all but confirmed her suspicions. Daenerys’s transformation of her kingdom into an empire, and the formal declaration of war against all Free Cities, would likely be announced in the coming days.

“This isn’t right,” Nina frowned, immediately understanding the link between war and bonds. “Targaryen bonds are already little more than glorified IOUs. If even the promises printed on them are broken, it will severely damage both the Queen’s reputation and the credibility of the bonds themselves.”

“Here’s a secret for you—don’t go blabbing… though, honestly, it doesn’t matter anymore.” Tyrion walked beneath the towering blank notice boards and paused for a moment. “In this war against the Free Cities, we have two possible scenarios.”

“So, Aegor and I agreed: now that we’ve taken Volantis, Braavos is likely to step in directly, officially joining the anti-Dragon Queen alliance, taking over Volantis’s leadership role to continue the war. The Royal Fleet will have to mount another cross-sea campaign and repeat a decapitation strike—but this time, against what is supposedly the strongest navy in the known world. Only by first crushing Braavos’s fleet, then taking the ‘Hidden City’—a place that has never been breached—can we force the remaining Free Cities to surrender and end the war for good. And this battle… won’t be as simple as our raid on Volantis.”

Tyrion glanced at his protégé. “Do you remember what promise we made to uphold and anchor the value of Targaryen bonds?”

Nina barely hesitated before answering, “A five percent annual interest rate, and the agreement that… all purchases of firearms must be made using bonds.”

“Exactly,” Tyrion nodded. Since he was personally overseeing the process in King’s Landing, he could step in if needed. “Here’s how it works: we’ll set aside two notice boards—one will list, from highest to lowest, the bids of those willing to buy bonds and the quantity they seek. The other will list, from lowest to highest, the asking prices and quantities of those looking to sell. When a match is found, a transaction is completed. Of course, you’ll notice that the street is lined with similar boards. We won’t need all of them for bond trading… which means the rest can be rented out for the exchange of other commodities, futures, or securities. In time, this street will undoubtedly become the financial center of Westeros, perhaps even the world. Honestly, I’m still thinking of a name for it… If you have any ideas once you're done with your work, feel free to contribute.”

Nina, however, was fixated on an earlier point. “But if we break that second promise, won’t it damage confidence in the bonds?”

Tyrion’s smug expression faded, replaced by a serious demeanor. “You still think like a merchant. Throwing money at a problem—yes, that principle is true, but you no longer serve a business; you serve an empire. Targaryen bonds and Night’s Watch bonds may function similarly on paper, but their issuers are fundamentally different—one is a profit-driven organization, the other is a governing body. Unlike a company, which hoards revenue and rarely spends beyond necessity, an empire has countless concerns more pressing than the mere size of its treasury.”

He crossed his arms. “I chose you for this role because of your experience handling Night’s Watch bonds. But do not bring the habits and priorities of that job into this one. Just follow my instructions—no improvising.”

“Wow.”

One moment they were talking about a brutal war, the next it was financial strategy. The sudden shift left Nina momentarily disoriented, but she quickly refocused and answered, “Understood. I’ll handle it as you’ve asked.”

Tyrion nodded, satisfied, and resumed his explanation. “There are two key advantages to opening up trading.”

“First—among those who support the Queen, there are factions struggling to keep their own finances afloat, unable to even pay their vassals, followers, or soldiers. The North and Riverlands, for example, have lords on the brink of collapse. When the Queen rewards military merit with Targaryen bonds, it’s not just disappointing—it’s disastrous for them. Originally, we had other ways to patch this issue, but now that we do have money, we can take the simplest, most effective approach—open up bond trading and buy them back directly.”

“Second—right now, the street considers Targaryen bonds ‘the Queen’s worthless IOUs.’ For what should be the most trusted financial instrument in the realm, that’s a disastrous reputation. But if trading is allowed and buyers emerge? Even if bonds initially sell below face value, they would still have a tangible, real-world value. That alone would kill the narrative that the bonds are ‘worthless paper’ and reframe them as actual currency.”

“These transaction boards will publicly display the Royal Army and Navy’s intentions to buy outstanding bonds at market price, attracting holders eager to offload their slips of paper in exchange for real coin.”

Nina muttered under her breath, “Throwing money at the problem…”

Tyrion smirked. “That’s what makes it work. And besides, if no fool sells cheaply, the Army and Navy will start outbidding each other—escalating their offers in a staged rivalry until someone finally gives in. Of course, since this is all pre-arranged, the Navy will win in the end.”

Nina’s brow furrowed, then relaxed as understanding dawned.

“Because,” she murmured, “we need those bonds to equip the Royal Fleet for the coming war.”

Tyrion’s smile widened. “Exactly. To defeat Braavos, we must break our promise and allocate the next batch of industrially produced cannons—originally slated for open sale—to the Royal Fleet instead.”

He shrugged. “There were two war plans. The first was if Aegor’s naval raid on Lys and Volantis failed, or only achieved partial success. In that case, the Queen would have abandoned a full-scale war, opting instead for peace talks with the slaver alliance—offering to ‘not interfere in their internal affairs’ as a compromise, with some economic cooperation as a sweetener. The idea was to end the war while we still had the advantage, rather than dragging it out in a costly stalemate.”

“But with Volantis fallen, that plan is now irrelevant. We move to scenario two: the Queen will formally take the title Empress of Valyria, declaring all Free Cities to be ‘historically imperial territories.’ With the spoils of Volantis funding the next phase, we press forward—biting down hard and not letting go until we complete an achievement unmatched in history.”

Nina took a deep breath. This was big.

She wasn’t like Myrcella, who had experienced sharp rises and falls in fortune, who had been shaped by hardship into someone desperate for power and intoxicated by the thrill of shaping history. But standing at the turning point of an era—no one could remain unmoved.

“Alright,” she said, steeling herself. “I’ll get to work.”

Tyrion grinned. “Excellent. Now, let’s see how many fools are willing to sell their future for a handful of coin.”