Ok, I just edited the title to reflect the fact that I now seem to be appropriately crushed - as it should be - after starting a new WRE campaign. The financial problems faced by that faction are not as bad as they seem: consolidate your holdings and disband most of those 300+/turn upkeep garrison troops, and your boats. Build some peasants instead (As a sidenote: a good Ironman rule would be not to allow that. Greatly increases WRE's difficulty as you get hammered between a need for garrisons to quell unrests, yet cannot afford them. I am currently restricting myself to 1 peasant unit per city).
But even if that makes your financial problems go away (I made 1k-2k after turn 4), it leaves you weakened. And unlike in my previous campaign, now the hordes hit in full force. It was the Gothes that killed my best remaining troops (remaining after the purging of turn 1, reminded me a bit of what Stalin did right before WWII.... but I'm digressing), after I was so stupid to meet them in the field instead of hiding behind my walls. There is now almost nothing left between them and Rome itself.... great!
I think all this is further proof of the point made above - that BI contains a very high degree of randomness. I am not sure yet whether this in the end will be a good or bad thing: may improve longevity of the game, but can also sometimes lead to boring campaigns. Time (and playing a hell of a lot of campaigns!) will tell.
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