Keynes was a well-known economist in history, who made a name for himself in the 1920s, and was probably the most famous economic figure of his time. He is not only a key economic adviser to the UK government, but also the chairman of the National Mutual Life Insurance Company. Its annual report to shareholders has long been a must-read for those in the European financial community and is the first to listen to news.

In addition, in 1919 he attended the Paris Peace Conference as chief delegate to the British Treasury. At the Paris Peace Conference, he took a more pro-German position, and resigned as a delegate to the Peace Conference because of the large amount of German reparations. Later he published a book, The Economic Consequences of Peace, in which he made rather pessimistic expectations of post-war Europe. At the time of the book's publication, the British press called him a traitor because of his pro-German attitude. Chamberlain also accused him of betraying the trust of the motherland.

But by 1923, the book's gloomy predictions were coming true! Instead of benefiting from the punishment of Germany, Europe's economy is collapsing as a result of it, which was an important engine of the European economy before the war, and the loss of Germany would mean that the European economy has lost at least a third of its growth momentum. Moreover, there is a certain correlation between the German economy and the French economy and the British economy.

The general strike caused by the Franco-Belgian occupation of the Ruhr area not only brought the German economy to its knees, but also to the French and Belgian economies – the Rhine and the German railway system, which were important conduits for international trade in Europe, and coke from Germany, an important raw material for the French and Belgian steel industries, was now lost.

And in 1922 and 1923 the tide of the social revolution began to roll again, this time not Bolshevism, but fascism!

With the fulfillment of Keynes's predictions one by one, and the rise of the dispute between the "gold standard" and the "gold exchange", Keynes once again became the most influential economist in Britain - behind the so-called "gold standard" and "gold exchange" is actually the US dollar and the British pound competing for the status of international reserve currency.

The United States, which has the largest gold reserves in the world, is actively pushing for a return to the gold standard in order to allow the dollar to replace the pound. Britain, on the other hand, hopes to use the system of pegging European currencies to the pound sterling and the pound sterling to gold, so as to consolidate the status of the British pound as an international reserve currency.

Whether Germany can be saved is a litmus test of the "gold standard" and "gold exchange" currency rules.

At the same time as the political upheaval in Germany is taking place, an important meeting is underway in the chairman's office at the headquarters of the National Mutual Life Insurance Company in London, which is about the future fate of the whole of Europe.

Only two people attended the meeting, Keynes and Dr. Schacht, who had come all the way from Germany.

"Mr. Keynes, I think you should be well aware that the economic problems facing England and Europe today cannot be solved by non-existent gold. The gold you demanded from Germany did not exist, nor did the gold you owe to the United States. During the world wars, thousands of tons of gold were not transported from New York to London and Paris, nor were the world wars fought by throwing gold nuggets at each other.

What you get from the United States is all sorts of supplies, and what Germany owes is actually supplies. Because we did not destroy your gold reserves, it was houses, bridges, factories, roads, and ships that were destroyed by the German war machine. Regardless of whether those things are worth 132 billion gold marks. I think what we need to come up with is a product that can be produced, not gold that doesn't exist at all...... If you really want us to pay compensation, and not want the territory of the Ruhr and Saarland, then let's start producing! ”

Dr. Schacht was also a well-spoken economist, but he was now selling Keynes the idea that Hirschmann would not be able to build complex mathematical models to prove any economic theory. But what he proposes is a very simple, and very workable solution.

Keynes looked surprised, then furrowed a pair of thick eyebrows, "Dr. Schacht, can I understand that you have to repay 132 billion gold marks in war reparations?" ”

"That's right! Repay with the equivalent of German industrial goods! "Because these things exist." ”

"Industrial goods?" Keynes said, "Do you have enough industrial goods? You've lost 1/3 of your coal and 3/4 of your iron mines. ”

"Coal mines can be reopened, iron ore can be imported from Sweden!" "As long as we can issue a new mark pegged to the pound sterling to stabilize the German currency," Dr. Schacht said. and the establishment of a more efficient and conducive to the export of industrial products of industrial production, investment and consumption system...... We will be able to produce enough industrial products with German factories. ”

"It's going to take a lot of investment, right?" Keynes said, "Do you have that much money? ”

"We can borrow money from the British," Schacht smiled slightly, "if there is a gold exchange system, the paper money printed by you British is capital!" This is the power to dominate the world, are you going to hand it over to the Americans? ”

"America is powerful, and very rich," Keynes said with a frown. "We still owe a lot of money to the Americans."

Schacht snorted softly, "We, Germany, plus you Britain, can surpass the United States in terms of native population alone." The two countries produce as much steel, coal, automobiles, and ships as much as the United States, and far more aircraft than the United States.

If we can build a stable monetary system in Europe, with the pound at its core. Let Germany, France, Italy and other European powers, under the leadership of the United Kingdom, speak with the same voice to the Americans. The British Empire was able to settle its war debts as it wished, and it could also establish a system of gold exchange and currency exchange as it wished. Isn't that what Britain wants? ”

"Sounds appealing." Keynes was silent for a while, "Can I understand that Germany now really wants to pay off its debts with industrial products?" ”

"Yes! We're really willing to pay it back. ”

"But you must first build an economy that can produce a lot of industrial goods...... This system must be closed under state control and must be oriented towards the export of industrial products. ”

"Of course, otherwise how can there be a surplus of industrial goods to export?" "But we're not going to chase a trade surplus, we just want to pay off the reparations as soon as possible and live well...... We do not accumulate too much gold, and we export only to obtain the necessary resources to meet the most basic domestic needs and the need for compensation. If there is a surplus, whether it is a trade surplus or a surplus in investment projects, the gold obtained will be handed over to the Bank of England in exchange for pounds! Because the pound sterling is a guarantee for the issuance of a new mark! ”

This is indeed what Britain can only dream of!

Keynes said: "But there is no free trade and no free economy in Germany!" ”

"If there is to be free trade and a free economy, we must give France gold that does not exist. Perhaps we can also accept Wall Street's bailout, hand over the issuance of the German currency, let the Americans run the German economy, and borrow from the United States to pay off the reparations. Mr. Keynes, I think you know what the consequences of this are! ”

Keynes, who seemed to be visiting him in the immediate vicinity of the president of the National Bank of Germany and a member of the Industrial Promotion Committee, put it in the words of a seemingly casual manner: "If the United States really controls the German economy, then the dollar will become the world currency, and Britain will never have a chance to win back its former glory...... Well, I can go and try to convince the Prime Minister. However, nothing is perfect, and the items that are paid for compensation cannot all be expensive cars, airplanes and ships, and raw materials such as coal and timber must also account for a significant proportion. And the finances of the German government, Germany's central bank, must be subject to our strict supervision. In addition, the Baltic mark must also be pegged to the pound sterling. ”

"Okay!" Dr. Schacht breathed a sigh of relief, "This is exactly what we wanted!" ”

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Today's third update is presented, Rollo has been out of town for the past two days, and now he has just returned home. The three watches will be resumed from tomorrow. Let's ask for the first booking on May 1 and the monthly pass in May, and the three daily changes in May are guaranteed, or 7 o'clock, 1 p.m., and 7 p.m. In addition, the May monthly pass will be 50 plus one change. Everyone, Rollo is ready to vomit blood, are your monthly passes ready?