Chapter 660

"The problem with that statement," the old man said, his voice carrying through the chamber, "is that it assumes—without logic—that a city’s wealth is determined solely by the total revenue of its various industries. But the truth is quite the opposite. The Iron Bank is the reason—what’s that word, that new one from Westeros? The one that means gold circulation?"

The peace faction could sense that the elder was siding against them, yet they couldn’t quite grasp his reasoning, let alone formulate a counterargument.

"Do we possess some unique mineral, crop, or product that no other city or kingdom has?" The old man paused for breath before continuing. "Yes, our territorial waters are rich in fish and shellfish, our islands are covered in dense forests, and our controlled lands contain iron, tin, lead, stone, and various minerals. By all measures, we could be called a land of abundant resources."

"But these resources…" He shook his head. "In terms of value, they are not particularly high. In terms of quantity, they were plentiful at the city's founding, but today, they barely meet our own needs. And in terms of rarity, none of them are exclusive to Braavos. There is no rare commodity that others desperately seek. And let’s not forget, the most lucrative trade of all—slavery—is something we have strictly forbidden."

"The current state of our economy is this: aside from a small output of fine swords, high-quality armor, and warships, and the rare deep purple dye that can only be harvested from our local sea snails, Braavos has no major export goods. Every year, we run a trade deficit measured in millions of gold coins!"

The hall murmured in response.

"The interest earned from loans accounts for half of Braavos’ total income from last year," the old man went on, his voice gaining force. "And the Iron Bank alone controls over half of that sum. Without the Iron Bank contributing nearly a third of our city's net wealth inflow, Braavos would not even be able to compete with Volantis, let alone surpass it."

"A city with nothing of value, yet one of the richest and most prosperous trade hubs in the known world. Only Volantis can match us in commerce. And if we look at per capita wealth—we stand unmatched."

"Why?"

The tension in the room began to thaw as murmurs broke out among the peace faction, hurriedly debating how to respond. Meanwhile, the hawks, already dominant in the debate, sat up straighter, their confidence rising. They knew—the elder was about to bring this prolonged debate to its conclusion.

"Because of the Iron Bank!" Another voice called out in agreement.

"Yes!" The elder's voice sharpened. "Because the Iron Bank holds supreme authority in finance, every other aspect of Braavos benefits from its influence!"

He stood abruptly.

"Take currency, for example! Because Braavos is the world’s financial capital, our city’s minted coins are treated as a de facto global currency! And in the process of lending our currency to the world, our Mint collects seigniorage—minting tax—on every coin that enters circulation!"

"This tax first fills the Mint’s coffers, then redistributes itself throughout our economy, benefiting every single Braavosi, even though it never appears as a recorded revenue source in any official ledger!"

Silence.

Then, finally, the current Chairman of the Assembly—the de facto leader of Braavos’ shadow government—spoke.

"With all due respect, elder," he said, "that is a fundamental truth of our economy. It is something every Keyholder, even the average Braavosi, already knows."

The elder nodded, but he was not done.

"Very well, then let me ask you all—" His gaze swept over the room. "The Iron Bank’s interest revenue accounts for less than one-third of Braavos’ net income. Even if we were to erase that third, our economy would still be among the largest in the Free Cities, second only to Volantis and Pentos. We would still surpass Lys, Tyrosh, and Myr. We would still dominate in per capita wealth."

"So tell me, gentlemen—where is the flaw in this logic?"

No one answered.

The old man sneered.

"Is it because Braavos holds some special historical status?" he asked, before answering himself. "No! Quite the opposite! Braavos is the youngest of the Free Cities, and the only one that does not trace its lineage back to the Valyrian Freehold! By all rights, we should be the least influential!"

"Finance."

The word came from a member of the war faction, his voice ringing with certainty.

"Yes!" The elder’s eyes gleamed. "But what makes us the center of finance?"

No one replied.

"Is it our geography?" The elder continued. "Do we hold an irreplaceable position in trade routes?" He let the question hang before answering himself.

"No! If we speak of east-west trade routes, Volantis holds the key position! For north-south trade across the Narrow Sea, Pentos sits at the heart of the route! Even in terms of proximity to Westeros’ great cities, we have no particular advantage!"

"If there is any geographic factor to mention, it is only that we are the Free City closest to Westeros' North, and that ships bound for Ibben and Lorath must resupply at our ports before braving the Shivering Sea."

Another pause.

Then, in the silence, a voice answered.

"Because we have the Iron Bank."

The elder slammed his hand against the table.

"Exactly!"

He glared at the room.

"And yet, across the Narrow Sea, two fools are trying to shake this foundation, and we—" He gestured broadly, his frustration evident. "We have spent weeks in useless debate, failing to even agree on a united response!"

He scowled.

"So tell me—are the peace faction members stupid, or are they traitors?"

Silence.

No one dared answer.

Not because they lacked thoughts on the matter—every single person in this room had asked themselves the same question.

But because no one wanted to be the first to say it aloud.

Finally, the elder exhaled sharply.

"Enough."

His voice was sharp as steel.

"Let us be clear about something: The Iron Bank is not just a bank. It is the lifeblood of Braavos. Its value does not lie in its vaults, nor in its coin reserves. Its true power lies in its influence—in the trust it commands across the world."

"People trust the Iron Bank."

"People believe in Braavos."

"People fear our resolve to defend our position."

"And that," he concluded, "is what truly makes us the center of the world’s economy."

A long silence stretched through the chamber.

Then—

A single bang as the elder struck the table again.

"So now I ask—what exactly are we still debating?"