Chapter 648

Tyrion, not wanting his friend to flounder in an awkward silence, boldly took the lead in keeping the conversation going. In doing so, he had a vague idea of how Aegor intended to spin this story.

A fortune of this scale would undoubtedly invite envy, suspicion, and greed, but Aegor had already accounted for that. The current tax rate was only a starting point—one that could be gradually increased: first to half, then two-thirds, then three-quarters—until, eventually, the Night’s Watch Armory would be fully nationalized as the Targaryen Royal Armory.

Even if Daenerys didn’t pressure him, Aegor would proactively offer each step of the transition at a carefully chosen moment, trading every increase in tax or shift toward nationalization for a favor from the Queen—whether it was winning her goodwill, securing rewards for himself or his subordinates, gaining greater influence and power, or covering for a mistake that required royal forgiveness.

Declaring outright that Illyrio had masterminded everything wouldn’t be believable—so Aegor framed it differently, presenting a version of the story that was easier to accept.

A dead enemy was the best kind of enemy.

And when it came to an enemy who was no longer a threat, Aegor was never averse to giving them a bit of face—or even showing a bit of "mercy."
----


"And the second strategy? Delay."

Even if dividing their enemies and offering bribes failed, even if the Nine Free Cities were truly determined to form an alliance against the Queen, so long as diplomatic negotiations could drag on long enough to reach a formal, face-to-face meeting, it would be a victory in itself.

"As long as the war in the Reach is concluded before a new war begins in the East, we will have achieved strategic victory!"

Aegor brought both index fingers together, then slowly spread them apart in a gesture eerily reminiscent of a certain modern-day businessman, as he continued his explanation.

"This approach has two key components.

"First, diplomatic engagement in the East—an incredibly difficult task, made even more dangerous after the Illyrio incident. If Her Grace finds herself at a loss, she may wish to seek Tyrion’s advice on personnel and strategy.

"Second, speeding up the war in the West. Before, we could afford to take our time, following a methodical, step-by-step strategy.

"But now?"

His smile hardened.

"We need to accelerate the campaign while still maintaining the overwhelming advance strategy—we must end the war swiftly and free the royal government from the dangers of fighting on two fronts!"
----


"This," Aegor continued smoothly, "is actually something I have already discussed in detail with the Master of Coin. We have already found a solution."

He raised his gaze to Daenerys, speaking with a calm, confident smile.

"We are in full agreement:

"The tax exemption granted to the Night’s Watch industries was a temporary wartime measure, enacted during the threat of the White Walkers.

"In this new era, it is neither reasonable nor necessary to maintain it indefinitely.

"After thorough statistical analysis and careful consideration, we have developed an initial tax reform plan:

"All regular commercial activities of the Night’s Watch industries shall resume normal taxation under the standard trade tariffs.

"However—military orders, which are exclusively paid for with Targaryen war bonds, shall be taxed at a rate of one-third of the total received in bonds."
----


At that number, every eye in the room snapped to him.

A storm of murmurs and exclamations rippled through the assembled officials.

Even Tyrion, who had supposedly "discussed and agreed" on the plan, found his pulse jumping slightly.

Even Daenerys, who sat expressionless at the head of the chamber, felt her heart skip a beat.
----


One-third?

It sounded like a staggering tax rate—but compared to the profit margins of selling firearms, it was nothing.

After deducting 33.3% in taxes, and at most another 10% in production costs, Aegor would still be left with over 50% in pure profit.

In other words, for every 100 dragons’ worth of war bonds printed, Aegor would personally pocket over 50 dragons in profit.

Even if he took no salary as Hand of the Queen, even if he lived like a monk, this alone would make him richer than Daenerys herself.
----


Daenerys had wanted to discuss this very issue for a long time.

She had hesitated to bring it up.

She had assumed Aegor would try to push back or bargain for better terms.

In her mind, a reasonable tax range would have been one-fourth to one-fifth—certainly no higher.

For him to offer one-third outright—higher than her own expectations—immediately shattered her frustration.

For a moment, she nearly smiled.
----


Aegor internally smirked.

None of them truly understood the scale of wealth a modern arms industry could generate.

None of them grasped the sheer power of financial manipulation.

To these medieval minds, the numbers must have seemed astronomical, beyond comprehension—no wonder they were so easily impressed.
----


"As for executing the second half of our strategy, I am ready to take full responsibility."

He straightened his back, his voice ringing with confidence.

"I only ask that Her Grace and her council place their trust in me—and watch the results for yourselves!"
----


Daenerys sighed quietly, rising slightly from her seat.

The tension in her shoulders eased.
----


She had known this conversation was coming.

She had been waiting for the right moment to bring it up.

She had expected an argument, expected resistance.

Instead, Aegor had simply handed her everything she wanted—before she even asked for it.

She was not naïve.

She knew this was Aegor’s way of softening her stance, of easing her hostility.

And yet—

She let it happen.
----


She had wanted to be angry at him for Illyrio’s death.

She had wanted to punish him for throwing her government into diplomatic chaos.

But now?

Now, her mind was too busy racing ahead, considering what she could do with this unexpected windfall.
----


Aegor had played her well.

And she knew it.

But, for now—

She would play along.

She exhaled.

"You’re an infuriating man, Lord Hand."

She said it flatly, then let the topic drop.

She would deal with the rest later.
----


Aegor smiled.

Checkmate.