Discussion: The Reign of Baltasar Carlos

What might the reign of Baltasar Carlos, Prince of the Asturias, look like? Would Spain continue in the downward spiral she'd been in since the 1640s, or is there a chance for a resurrection of a semblance of greatness? Would his reign perhaps see a dusting off and implementation of Olivares' plans? I seem to recall reading Olivares was a strong influence in Baltasar's early life, so it seems justified to me.

And while France has most likely got the top dog position for the remainder of the 18th century, can Spain for instance not be in a perpetual back-footed position - i.e. constantly strapped for cash, a navy that's rotting away (I seem to remember reading that while Philip II had a navy of five hundred vessels, Philip IV's reign saw the navy be down to five ships, ten years out of date), rebellions in her provinces (Catalonia, Portugal, Naples, etc.) and the like?

Discussion will be appreciated.
 
I've decided to go for the more revitalized Spain/Spanish Empire due to the fact that there were seeds of the possible revitalization in the twilight of D. Felipe IV's reign, but they were basically undone/rendered null and void by the regency of Carlos II with D. Juan Jose and Queen Mariana bickering and fighting all the time.

But out of curiosity, with Mariana not in a position of power (i.e. queen-consort, merely princess of the Asturias) during D. Felipe's final years, would that change his relationship with his bastard(s)? I know in Velasco's TL La Grande Mademoiselle basically arranges good marriages for the bastards as a way of securing herself as the fons honorem when Felipe dies.
 
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