- Added the volatility effect of banking laws to be visible in the law.
- Increased the added volatility from Free Banking from 1.75 to 2.00
- Market Volatility has an effect on the chance of getting the primary Private Debt events. Higher volatility = higher chance of both new loans being taken and repayment.
- Investors more likely to take and repay loans, farmers the least likely and consumers in-between.

- Consumers will no longer take up car loans before cars are invented.

- Fixed Private Debt not increasing Volatility.
- Reduced effect of Banking Sector building levels on Volatility.

- Fixed issue with Business Cycle buttons disappearing.

- Adjusted private debt events:
-- Consumers are much more wary of interest rate than farmers and investors.
-- Investors are more likely than others to go into debt when their debt is very low.
-- Consumers are no longer barreling headfirst into crippling debt the moment a bank opens in the general vicinity.
- Treaty Ports receive substantial buffs compared to other unincorporated states.
- Treaty Ports enforce a small amount of dividends taxes and income tax regardless of tax law.
- Adjusted Minor Rivers around the world.

- Adjusted effect of Interest Rate, existing debt and economic situation on the likelihood of the most common private debt events.

Private Debt
- Added a significant number of events to the Business Cycle JE tied to private debt.
- Private Debt events can not occur if the Merchant Banks Law is enacted, or if no banking sectors in the country have Fractional-Reserve Banking or a higher PM.
- Private Debt events will affect either Farm Debt, Consumer Debt or Investor Debt.
- Each type of Private Debt reduces how much debt the government can borrow as they rise.
- Very high private debt levels will reduce Market Confidence and increase Market Volatility.
- Private Debt Levels increase the output of Banking Sectors.

- With a Central Bank, Interest Rate has a large effect on the likelihood of certain debt events happening.

- Events that increase Farmer Debt will generally mitigate Harvest Conditions, increase Agricultural collectivization or increase Agricultural throughput temporarily.
- Events that increase Consumer Debt will generally give temporary SoL bonuses to the lower and middle strata.
- Events that increase Investor Debt will generally give temporary Construction or Investment pool bonuses.

- With higher private debt, there's a risk of bankruptcies and foreclosures when times are bad.
- These can trigger if interest rate is very high, during recessions and during depressions.
- With Central Banking and a lack of Laissez-Faire, the government can intervene to mitigate the negative effects at a cost.
- Farm Bankruptcies will reduce agriculture throughput, increase radicalism among peasants, farmers and aristocrats.
- Consumer Bankruptcies will reduce the SoL of lower and middle strata pops and increase radicalism among non-peasant lower class and middle class.
- Investor Bankruptcies will reduce the and reduce the private Investment pool and give a malus to construction.


Other Changes
- Reduced chance of Hyperinflation with higher minting.
- Completing the "Growth of Atheism" journal entry, makes the Positivism JE easier to trigger.
- Political Agitation increases baseline pop political power.
- Slightly reduced company throughput and construction bonuses.
- Adjusted effects of trade union laws.
- Reduced baseline MAPI, but more buildings increase MAPI in states (Railways, River Development and Ports).
- Rebalanced River Development Resource Production. The lowest tier PMs only produce Fish, while the highest tier PMs only produce transport.

- Updated for 1.9.8

- Updated for 1.9.7
- Fixed the Opium Wars not triggering.

- Adjusted workforce of ownership buildings.
- Market Stability principle group now gives 2 Company charters rather than +1 Company at Level 3.
- Citizenship Laws have harsher penalties on pop political power, especially violent erasure.
- Countries gain more loyalists after the conclusion of a civil war, and an event where they can Focus on reconciliation (even more loyalists), retribution (weaken IGs who lost even more), rebuild (increased state Construction efficiency) or reform (reduce stall chance and reduce time for Law checkpoints).
- Increased the required GDP for a depression to spread within a customs union from 20 million GDP, to 30 million GDP.
- Doubled the effect on volatility and confidence of depression spreading within a customs union.
- Reduced effect of interest rate on market volatility.
- Cinema PM for Entertainment Sectors consume Luxury Clothes instead of Clothes. Other input and output values adjusted to rebalance.