- 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.