Subtitle of this chapter: Eating Down?

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"All roads lead to Xinxiang."

When the economists of the American Economic Association heard this, they couldn't help but show a look of yearning.

In order for Daxinxiang to become the real heart of capitalism as soon as possible, our Master Yuan is also fighting.

"I'm sorry, what I want to say is ......," Dr. Holland raised his hand, "Dr. Yuan, you still haven't answered how to restore the international monetary settlement system. ”

The ancient people of Seris do not deceive me, they are not poisonous or bald, they are not bald or poisonous.

Yuan Yanqian secretly scolded in her heart, this bald man is really the vanguard of US imperialism in bullying the people of Santo Domingo and Puerto Rico, and it is really very poisonous. It's not over yet, is it......

On the other side, Professor John Bates Clark now looks at Dr. Cyris, the more pleasing he is, because he sees in Neo Yuan the glorious future of the North American marginalist school, which can't help but make him feel very relieved.

Sure enough, it's one of my generation!

And people are so concerned about the future of the United States of America and the free world, they are really "capitalist lackeys made of special materials...... That loyal dog.

This lad definitely has a future!

He was wondering if he should invite Dr. Neo-Yuan to be a lecturer at Columbia University or something......

Racial discrimination must be mentioned at the first of these words, but historically, there were many people who held teaching positions in American and European institutions of higher learning in the twenties and thirties.

The nearest is the aforementioned "father of Chinese linguistics" Mr. Zhao Yuanren, who will soon be a lecturer in philosophy and Chinese at Harvard University.

As far away, take the example of the "mother of the atomic bomb" Ms. Chien-shiung Wu, who became a lecturer at Princeton University in 1944 before becoming a naturalized citizen, and participated in the Manhattan Project in the same year.

When he heard that someone was making trouble, he was a little overwhelmed.

So he frowned, coughed and said to the half-bald head, "Jacob, I think ......"

"Professor Clark, please wait a minute." However, our Master Yuan interrupted him and sighed, "Since Dr. Holland cares so much about the gold standard, in fact, I also have a little less mature idea, and I just take this opportunity and occasion to put it forward for everyone's reference......

"Whew...... Call...... Huh...... Our Master Yuan took three puffs of cigarette in a row and said faintly, "Gentlemen, when I was not in contact with economics, there was a doubt, precious metals such as gold and silver can neither be eaten nor worn, so where are they 'expensive'?" ”

"When I started reading some economic works, I found that Marx really said that money is not gold, but gold is naturally money. In fact, in the final analysis, the value of gold is also given by us humans. ”

"However, when I looked deeper into economics, I realized that gold has three major drawbacks as a currency: First, gold does not produce interest."

In fact, gold has been short and long since 1980 on the original timeline.

The reason is simple, because gold itself does not generate interest. Holding gold with zero interest rate is better than holding various bonds that can raise interest rates. And for central banks, there is a cost to keeping huge amounts of gold, and there is no such thing as a bond on paper.

"The second point is that the supply of gold is very rigid. If money is issued strictly according to the gold standard, we will always be in a deflationary predicament. ”

Gold reserves are too small, even in the pre-industrial era, but the economic development rate of the industrial era is simply not enough to keep up with the amount of gold mining.

Therefore, the gold standard system is a kind of inertia of human economic activities, and it can also be said to be a kind of inertia.

"And the third point...... Yuan Yanqian took a breath and said, "The usefulness of gold is too small. ”

He saw that some people looked puzzled, and immediately explained: "The impractical gold standard currency is not conducive to the globalization of capital!" ”

"Oh!"

As soon as Master Yuan's words came out, all the economists present understood.

You know, gold is not a necessity for humans.

Although gold, a "natural currency", is very suitable as a tool for international settlements, if an economic entity does not need to carry out international settlements, it does not necessarily need impractical precious metals, and it does not necessarily need precious metal-based currencies.

So is there such an economic entity? Absolutely.

There was my Qing Dynasty in the past, and there was a mutual meeting in the future.

In order to allow the Qing Dynasty to join the advanced capitalist globalization system, British imperialism sent warships from thousands of miles away to the First Opium War. Then I was honored to be globalized in the Qing Dynasty, and even the land was "globalized", and the people of Seris did not need to go abroad to appreciate the customs of various countries.

In order to get the member countries of the Economic Mutual Exchange to join the universal capitalist globalization system, US imperialism has been engaged in a cold war for decades. Then the Economic and Social Exchange was honored to be globalized. Even the people of Japan have been "globalized", mainly women, of course.

The members of the American Economic Association understood what Dr. Yuan meant, but a question immediately came to their minds......

Many people stood up in unison and asked in unison, "Dr. Yuan, what do you think can replace gold?" ”

Of course, some of them snorted coldly and said, "Dr. Yuan, I guess you don't know what can replace gold." ”

See, this is the limitation of the times.

A question that even a middle school student could answer a hundred years later, but economists a hundred years ago didn't know the answer. (note 1)

"Gentlemen, please take a seat." He turned his head to the half-bald man and smiled, "Dr. Holland, I really have the answer. But ......."

"Why do I say this is an immature idea? Because I think it's a little bit early for what I'm currently identifying to become the equivalent of gold. ”

"Although its known stock is large, the unknown stock may be even larger, and it is fully capable of keeping up with the world's increasingly rapid economic development in the future......"

"Although its practicality is very high, and with the advancement of technology, its usefulness will become higher and higher......"

"Although it is becoming more and more practical, so there is a possibility of appreciation......

"But, but, but, as a global currency standard, there are still some obstacles at the moment!"

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Note 1: Hi, hi, hi. Don't look at other classmates, that is, you.