Then I'm getting mountains of gold from conquest somewhere. I got to 60,000 gold while on 300 GPT income and stopped playing, at that point you can buy victory.
All I took 4 or 5 coastal cities, liberated Berlin, liberated some crappy hun city, and took Moscow. And St. Petersburg too I think, that was 28 pop. I didn't raze that one. All the gold came from those captures, since I was buying stuff until there was nothing left to buy. The coastal cities varied in size from 16 to 24 in pop size.
I lost 40% of my army in that little war, and no ships lost at all. With the gold gained I could have replaced the losses 14 times over. That makes this strategy too good to pass up, and therefore makes the game somewhat dull.
If you test it in a game, Modern Era, you'll see it too. I wonder if the gold bonus is being applied multiple times per city capture perhaps? Could it be popping twice: once when you move into the city, and again when you select raze/liberate? Something's going on.
Also I'm wondering if it's getting applied when an AI gives you a city through diplomacy when making peace? Worth testing.