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270 Primitive Accumulation and Crisis in the New Era

The New World is just a concept relative to the Old World, when the various peoples of the Eurasian continent come into contact with other continents, the status of the other continents is the New World relative to the Eurasian continent, and in the eyes of the aborigines of the New World, the people from the Old World are also guests of the New World, and the thinking of self-awareness is similar. Unknown places are new, unfamiliar, mysterious, and attractive relative to the familiar known areas.

If the Indians had been more advanced and developed and colonized and culturally exported to Eurasia, then perhaps today's history books would have shown that Eurasia would be the new continent and the American continent would be the old continent.

The wealth that the empire obtained from the mysterious New World was naturally extremely considerable, far exceeding the benefits of colonization by the European powers, and at the same time paying far more than the cost of development and rule by the European countries of the old time and space.

When the feudal countries of Spain, Portugal, Britain, France, and the Netherlands went out of Europe, they only invested in the colonial cause of some small sampan-level fleets and regiment-level military organization expenditures, and most of the later inputs were the benefits of colonial output, and the main means of accumulating wealth were also inefficient and stupid pits, abduction, stealing, robbery, and killing (glass beads for gold - pits, makeup, tributaries, small countries to cheat and get rewards - Mongolia, trade in black slaves and colonial laborers - abduction, lease Macao, cheating, smuggling antiques, stealing national treasures, stealing, colonial wars, robbery, Suppression of the aborigines and colonists - killing) and other primitive and crude methods of capital accumulation.

Having experienced the baptism of the information society in the post-industrial era, it is natural that the traversal masses cannot look at such inefficient methods of exploitation and colonization, all of which belong to the past tense. The rate of capital accumulation in East Asia is unimaginably fast. The source of capital is essentially the supply of commodities, flat land, tall factories, fertile fields, dense forest farms, high-yield fishing grounds, rich mines, numerous equipment, open technology, awesome talents, and sufficient money are all capital that grows in the primitive accumulation stage of capital, and obviously the most important thing is the accumulation of talent and population. According to the principle of shortcomings and the principle of scarcity as precious, the most difficult and slowest factor to grow is the short board that determines the speed of development of things, and it is also the core element that determines the scale of capital appreciation.

The history of Germany and Japan after World War I and World War II showed this law, and it was obviously these two countries that were the most intelligent of the great powers in the primitive accumulation of capital, one of the first to recognize this from the time of the Elector of Brandenburg, and the other to quickly establish a modern education system with the money saved by tightening his belt after the Meiji Restoration. A steady stream of high-quality labor force is the confidence for these two countries to become economically equal to the traditional powers such as Britain, France, the United States, and Russia on the basis of poverty and whiteness. The two countries did not have vast colonies to provide land, food, resources, and money. It is to rely on the industrious people to build a complete industry and powerful armaments with a large number of technology and labor to compete for the market and wealth needed by society.

With people, there will be all kinds of capital such as land, resources, wealth, and markets. What about the great powers that have no talent? Just look at Spain and Portugal, what was left of the two countries that had colonies before World War I? Opposite. What did poor Germany and Japan have after World War I and World War II? The economic growth of Nazi Germany and the Federal Republic of Germany became a miracle in human economic history, and Japan also produced a miraculous rate of growth and capital appreciation after World War I and World War II. In the process of high globalization, capital other than people can be quickly gathered and leased, as long as you want. There is always a right seller to find.

It is known that a great power needs more than a complete industrial system and a governing theory that keeps pace with the times. There must also be a perfect new blood (talent) manufacturing mechanism and distribution mechanism. Immigration and education were the most important national policies for foreign expansion, and the new immigrants in Chizhou, except for a small number of miners who dug up gold mines autocraticly, all went for land and trade wealth, and only the people who crossed the country would focus on the construction of education and welfare systems to run Indian tribes and buy the hearts of the indigenous people.

After a large amount of newly excavated gold and silver from Chizhou flowed into the empire according to the plan of the traversal, the prices of the empire fell instead of rising. At that time, Spain thought that the world would be peaceful by transporting the gold and silver of the colonies to the mainland, but unfortunately it backfired, and the country's economy did not advance but retreated, and the hyperinflation caused by the net inflow of money destroyed almost all export industries and destroyed the local agriculture.

Everything produced in the country is more expensive than imported. The wealth and resources that flowed from the colonies in the form of taxes, transfers, booty, royal tributes, plantation dividends, and other capital accounts were continuously drained from the trade account from imports of grain, consumer goods, and luxury goods from Britain, France, and the Netherlands. This kind of selfless transport captain completed the compulsion of profit transfer in the spirit of internationalism, which is a unique case of failure of capital accumulation in human history.

The original capital accumulated by the Chinese Empire, which has a large land and a large population, is many times larger than the scale of Europe before it entered the industrial revolution, and it is several times or even dozens of times that of the whole of Europe in terms of land, real estate, total mineral output, skilled labor, and the total amount of money circulating in savings. Why didn't there be an industrial revolution like in Europe? This question has been bothering countless people. Some people say that the system is too centralized, some say that science and technology are too backward, some say that there is insufficient capital, and some say that Confucianism is feudal and conservative. In fact, this general difference is not determined by one factor. In the view of the crossers, the failure to transform from a small-scale peasant economy to a market economy is one of the most important driving factors, that is, the incentive system that determines people's desires.

Chen Guanxian, a financial master among the crowds, has established a perfect financial system for the empire, and his achievements are simply unbelievable. Chronologically, it's a textbook saga. Internal equity trading market, establishment of corporate bond market, establishment of treasury bond market, establishment of stock market, establishment of futures and insurance market, establishment of banking system, establishment of reinsurance market, establishment of the Asian monetary community with the empire as the main body, use of treasury bonds to force the abdication of the Zhao family, establishment of the imperial financial defense mechanism, establishment of a credit system...... The most gnashing of these report cards is the secrecy part, which creates a rubber stock economic crisis to bankrupt the old and the young, creates a land price crisis to force landlords to go bankrupt and land capital transfers, and creates a food price crisis to harvest the last gate wealth.

The technology that transcended the times allowed the empire to skip the primary primitive accumulation stage of cheating, abduction, robbery, and killing, and directly jumped to the intermediate stage of national debt (the people pay taxes to repay the interest on the national debt to subsidize the investment projects of the national debt and the capital enterprises it supported), tariff barriers (high tariffs protect the naïve industries in the early stage of the country from the pressure of international competition). At the same time, it maintains the high price of the products of the industry and raises the rate of capital accumulation of the domestic industry), issues credit money such as banknotes (expansionary monetary policy and the flood of credit money increase sufficient capital and liquidity as a lubricant for industrialization), and takes the initiative to maintain high wages and low prices (it is necessary to use rapid industrialization to maintain high wages and control freight costs and import cheap grain and raw materials from the colonies). As for the advanced stage, there is no shortage of means, such as the establishment of a virtual economic market to absorb excess currency, an ultra-high-speed real economy expansion supporting system, modern financial and credit support, insurance and low-tax support, import and export tax rebates and subsidies, and high-speed depreciation accounting system.

In order to support the healthy development of the economy, Li Ji and others have basically invested all the dividends into expanding reproduction and technology research and development in addition to daily living expenses. Zhao Shouzhong, who has many children, three wives and four concubines, hesitated to build a palace for his family. In the end, after weighing a few years, a few grandchildren were added to the family, and when they couldn't live in it, they allocated a little less dividends to the newly opened overseas branch, and withheld the money for the family to build a new house called the Chu Palace, and the Chu Wangfu in the former Shenjing South City was vacated for the newly added grandchildren to facilitate their studies and family gatherings.

This concept of self-denial is the opposite of that of the Spanish crown. As the largest chaebol of the empire, when monopolizing 30% of the empire's wealth and 50% of the industrial capacity, the Chenji Group and the imperial state-owned asset management group cooperated. When there is a planned economy, the allocation of funds and resources. An explosion of economic growth is inevitable.

But in the corners of the prosperous era of fire-fired oil still lurk intrigue and crisis.

Even if the top intellectual resources are concentrated, the power of the gate valve has been weakened repeatedly through economic means, and it is not possible to say that it is completely worry-free. Even New China, which had experienced a hundred years of war, did not completely eliminate the gate valves of the Qing Dynasty in Taizu's several three-time movements, and the economic blow that was hundreds of times milder could be compared to the gate valves of the Great Song Empire, which had been in its heyday.

In ancient Europe, resources were often in the hands of the aristocracy, and the social ascent channel was also monopolized in the hands of the aristocracy, and all incentives were a game between the aristocracy. This monopoly did not begin to falter until the wars of religion, which destroyed stable belief systems and the theocratic system of divine authority that depended on theocracy to rule the rulers. The class of tax collectors and aristocratic creditors, born from frequent wars, became the nouveau riche. The source of their voice is not the military power provided by the feudal land ownership system or the power of faith provided by the church system, nor is it the cultural recognition power provided by the ancient bloodline and patriarchal system. It's the power of pure wealth, a power that all the poor nobles love and fear. After the discovery and colonization of the New World, this power became the dominant force in the European ecology of power, and the era of the old warlords came to an end, and the era of the plutocracy came after the exile of Napoleon the Great, the representative of the absolute monarch. The Rothschilds, the creditors of Britain, had the last laugh, which also meant that Europe became the Europe of the capitalists, and no longer the Europe of the aristocracy.

In China, however, the long-standing habit of unification could not produce enough war debts and abject poverty, and all dynasties were either overthrown by peasant revolts or died by nomads. Don't give the rich a chance to bet on both sides at all, once the investment fails, it will be a catastrophe for the nine clans of Zhulian who have lost all their money. The innate condition that the aristocracy was too strong and the capitalists were too weak was doomed as early as the pre-Qin era, and even Lü Buwei, who was in power, had no way to change this situation. Nothing has changed fundamentally until the information society. The Han landlord class is just a change of words for the aristocracy, and the ancient family has always been the master of the Eastern Empire. No matter how powerful the power of wealth is, it is impossible to suppress the gate valve that is not bad for money. How could such a background give birth to the Industrial Revolution?

The new aristocratic system, which no longer determines the political status by bloodline and military strength, has been repeatedly questioned and hindered, and it is difficult to change the attributes of the empire if it were not for a win-win attitude of cooperation and a ruthless approach to the enemy.

The final counterattack of the too-big-to-fail gatekeeper has been manifested in the past few years, and the empire's money supply has shown signs of abnormality. Many small and medium-sized gold mines in Chizhou are not controlled by the traversals. Because the normal production of these mines would not have any impact on the huge imperial banking and financial system, but would provide more deposits and purchasing power to accelerate the development of the colony, the bank's reports in the last two years show that the amount of gold and silver purchased is very small. Not even comparable to the small explorer-level gold mine acquisitions in the first year of immigration.

In a normal year, the annual inflow of precious metals and net capital income into the empire would not exceed 1 million gold coins, or 10 tons of gold, but in fact this is just a false figure to fool the public, and the internal bank reports seen by the public and partners are quite credible. How is it possible to use hydrocyanic acid to spare low-grade gold mines, and only 10 tonnes of gold a year? Just one Potosí mine can provide this amount of silver and tin ore. As a matter of fact. The annual precious metals and net capital income of the entire Chizhou exceed 200 tons of gold, which is the value of 20 million gold coins, and according to the annual expenditure of 100 dragon yuan for a family of three, the milk squeezed out by Chizhou can feed 2 million people every year.

At this time, the number of all immigrants in Chizhou had just reached 2 million. Such a high net income is basically the profit of the various colonization companies and trading companies that have invested in Chizhou. The return of the wealth to the empire did not cause inflation or deflation in the colonies, as the money slipped back through investment in the expansion of reproduction and the construction of the colony's infrastructure through the appropriation of the central treasury of the empire.

At this time, the gate valve began to move, and although the industries that survived the repeated rectification and economic crises were becoming less and less compared to the high-speed growth of the traversal industries, they could be regarded as rich and rival countries. This country is not an ordinary small country, at least it is equivalent to the treasury of the Baltic Kingdom of India. Due to the stock crisis and several times was pitted. There is not much land left in the traditional gate valve family, and the real estate and stores have been repaid by the bank. The old bank's grain trading and smuggling industry is also shrinking in the face of cross-cutting competition, and the social welfare system and progressive household income tax system are also distracting. These emaciated camels can still make some waves. The treasure and coffin at the bottom of the box did not fall into the purse of the Mongols, so they naturally had to take it out and fight for the last chance.

Confucius said, "The road is not good, and the sea is floating." These families, who have received thousands of years of elite education, naturally know that the new society cannot tolerate the old forces, and the old forces will have to migrate. When Qin annihilated the Six Kingdoms, the migration of the magnates of the Six Kingdoms and Xianyang was a kind of forced migration, and Emperor Wu of the Han Dynasty migrated to the rich and wealthy of the world and the grave area of the Liu family was also this idea, and later the forced migration was not popular, so it was changed to the southern crossing of the northern ethnic minorities to burn and loot with the threat of death, and since the Eastern Jin Dynasty, the millennium gate valve in the Hanzhong area of Guanzhong has formed the habit of opening branches and moving headquarters in the south. The Great Song Empire of the old time and space fell to Mongolia, and these gate lords had no way to move, so they could only struggle in the ravages of the Mongols for nearly a hundred years. After the crossing came, these families were able to survive, encouraging them to participate in overseas colonization and the expansion of various new industries in industry and commerce. After the establishment of the empire, the gate lords quickly diverged, and the radicals quickly adapted to the dynamism of the industrialized society, becoming the new capitalist aristocracy, and the centrists became the new clans vying for the position of colonial governors. The few remaining conservatives who have resettled and relocated to the land are holding up the ancestral family law, and at the same time adhering to the tradition of villager self-government and national law, and constantly fighting against the infiltration of the people.

After cooperatives, student officials went to the countryside, and many other sharp tools were used, the remnants of the rural grassroots had to soften their attitudes and slowly began to cooperate for a win-win situation. Among the conservatives, the ultra-conservatives, who are still obsessed with the countryside in the past era, are naturally the ones who should be brought to justice. The punishment of the penalty. The empire did not have such a barbarian punishment as the seizure of the family, and after paying the fines for ill-gotten gains, the old bullies in these families often had a lot of accumulated wealth before the founding of the state and before the amnesty. It is either hoarding goods, buying high prices, selling low, land annexation, etc., or income from human trafficking and usury. These are all legal transactions that you and I are willing to make, and we can't go over old accounts anymore.

Unable to adapt to the wave of industrialization and the arduous pioneering of the colonial cause, these resentful opponents had to take up their old professions as traffickers, smugglers, speculative brokers, and usury merchants. After working in the new-style banks and money banks for a period of time, many children of old families learned the rules of the game and began the process of making trouble in the financial market. Many opposition families moved to the New World and worked hard to manage them, hoping to counterattack the Old World soon.

Several economic crises and stock frenzyes in various colonies have learned from the small turmoil caused by the rubber stock crisis created by the public back then. After the discovery of the Chizhou continent, these little crocodiles found an opportunity. Taking advantage of the gap of lack of preparation, he won the first soup of the local bill discounting and stock and bond insurance market in Chizhou in one fell swoop, and established the first batch of local exchanges and fixed markets.

In the following year or two, although there was no major action in the secret layout. But they also got a lot of valuable collateral assets and banknote deposits. Although capital continues to grow and flow in Chizhou, the growth rate of cash in the hands of these extreme speculators far exceeds the average rate of Chizhou. These large certificates of deposit and the sheer volume of banknotes are the best tools for a run. Chizhou's banks and financial institutions maintain similar reserve ratios as the mainland, but Chizhou's economy does not have as many industrial entities as developed in Chizhou to support this excessive risk. To put it simply, the empire itself has a large amount of cash flow and a large number of corporate deposits, an unusually sufficient inventory of physical commodities and material reserves to cope with runs and panic purchases. The risk is low. However, because Chizhou is in the process of high-speed construction, a steady stream of immigrants and aborigines have consumed a lot of materials, and the reserves have only been maintained at the warning level, making it difficult to cope with large-scale panic purchases. A large amount of gold, silver and coins were secretly transported back to the mainland by these speculators through internal operations, exchanged into banknotes and treasury bonds and other non-metallic currencies, and deposited in banks as margins. After this system loophole was discovered by these guys, it became one of the most important killer features.

The run required a large number of coins and precious metal coins, and although the Imperial Treasury bonds and the banknotes issued by the Imperial Bank, which also served as legal reserves, had the same value and status as cash within the financial system, they were not necessarily recognized by the common people, nor were they accepted by merchants selling consumer goods and necessities.

This kind of stealing and changing pillars without any flaws in the books has increased the risk of Chizhou's banking system dozens of times at once. When these guys go on the offensive and set off a run on the tide. Banks and central banks everywhere simply could not come up with enough coins to accept the deposit receipts and banknotes of depositors who lined up at the bank door to withdraw cash and ask to exchange coins. On the third day, the panic erupted after the rumors and the reality that the coin could not be taken out corroborated each other. The opposition that held the Chizhou Great Exchange fueled the news that had been prepared for a long time. What kind of national debt is about to plummet, what stock market is about to collapse because of a run on the bank, what is the bankruptcy of the deposit insurance company that leads to a crisis in all insurance companies, what banknotes are about to turn into waste paper and can't buy anything. All the shops in Kinmen Port were snapped up overnight by people waving banknotes, and the state-run warehouses and material reserve warehouses were also surrounded by people holding banknotes.

The panic in Chizhou suddenly spread to the empire itself, and the main financial products traded by the major exchanges in Xinjing also plummeted after the sudden panic news report in Chizhou. The various varieties of commodity futures exchanges suddenly skyrocketed, and they were dispersed into countless accounts in advance to short these financial varieties and long commodity futures The opposition to commodity futures became rich overnight, which is equivalent to adding a zero to the number on the account. In the end, the crisis and run on Chizhou were quickly quelled by the Empire's urgent mobilization of large quantities of supplies for sale and coins from the mainland, but the damage caused by the panic could not be recovered.

According to the investigation, the opposition's power has expanded dozens of times, many stocks and high-quality assets have plummeted in panic, and the opposition, which has made a lot of money, has converted the short-selling account into a large number of treasury bonds and blue-chip stocks, and some of them have also been exchanged for land and mines that are absorbed at low prices. The majority of shareholders and investors who suffered heavy losses in this Black Monday crisis can only admit it after the investigation is made public. There are tens of thousands of people who participated in this short-selling and run and profited, and it is difficult to judge who is the mastermind, and there is no law to punish such a man-made disaster. These opposition factions have exploited the loopholes in the market rules and systems formulated by the public, and have made huge profits in reasonable and legal trading methods. Chen Guanxian, who was unwilling, naturally couldn't swallow this breath, and decided to make the families who made the most money this time pay the price. (To be continued......)