Yang Chao smiled: "Raising the interest rate now will not allow ordinary people to keep their money in the bank, but it will allow people who should want to invest to temporarily put their funds in the bank to eat interest." So the problem is not that there is more money for expanding production, but that there is more money for consumption.www.biquge.info ”

Administrative intervention to raise wages is equivalent to giving money to everyone at one time, and the money is naturally spent, but there are not so many things to buy in the market, so it causes inflation.

Zhang Jiaao nodded, he knew all this, but the financial tools that banks can use are nothing more than raising interest rates, and he really has no way to do anything else, during the war, countries can stabilize inflation by freezing prices, but he doesn't want to do that, in his opinion, it is the failure of banks, especially the central bank.

Moreover, during the war, there were also supporting measures to limit prices, such as restricting purchases at the same time and implementing the so-called rationing system, but that kind of system was even more harmful to the economy, and Zhang Jiaao, who advocated a free economy, was even more reluctant to see it.

Yang Chao continued: "Therefore, we have to adopt a more detailed strategy, and we cannot blindly raise interest rates. That is to say, it is necessary to tighten the money for ordinary people to buy onions, ginger, garlic and meat, instead of letting textile mills stop weaving and flour mills stop grinding noodles, which can only exacerbate inflation. ”

After Yang Chao finished speaking, he looked at everyone.

Many people nodded, but they listened more and said less.

Chen Guangfu, who is at the helm of Yangzi Bank, said: "I wonder if we should actively promote the small deposit business. For example, preferential interest rates are given to small deposits. ”

It's an option, but it doesn't necessarily work.

Yang Chao shook his head: "It may be useful in the short term." But it will never last long, if the interest rate of small deposits is high, large funds will definitely find ways to split the deposits, and in the end the gains outweigh the losses. ”

"We can't let the price of pork bring up the overall price, and now the price of pork has doubled, from 2 yuan a pound of silver in the past to 4 yuan. But how to get the people not to buy meat? Now there are more people with spare money in their hands, and they all feel that their jobs are stable, and the state is in charge anyway. If you can't find a job anywhere else, you can go to the National Reconstruction and Development Office and become a state employee, so you dare to spend boldly. Therefore, consumption cannot be limited in the short term. There is also no need to restrict. But what if it could be guided? ”

Yang Chao believes that consumption cannot be restricted, so we can only guide and guide everyone to buy those products that are not sensitive to price changes and buy those products that are in sufficient supply.

Yang Chao said. Many people began to be active, some said to buy a house, some said to buy a car.

It's hard to imagine that houses and cars can compete with pork for the market, which is not a high-grade product at all.

"Radio?"

"Bikes?"

It's finally a little reliable.

The price of radios and bicycles is lower, and although they are not the same kind of products as pork, if they can encourage people to be more careful and save money to buy these things, then it may be possible for them to eat less meat.

But it's not like you talk about it, and the people will buy it. You have to encourage them, you have to make them feel that it is the best deal to buy now, and there will be no such shop in this village after that.

As for whether the price of bicycles and radios will increase? The price rise in industrial goods is relatively easy to control.

The reason is very simple, as long as the production of industrial products increases investment, the expansion of production is visible, and the increase in agricultural production, that is not a matter of one sentence, raising a pig without half a year can not come out at all, and the production of bicycles, related enterprises can double the productivity without increasing the machine.

In the long run. The prices of industrial products are always getting lower and lower, but there is not much room for the price reduction of agricultural products, so guiding the people to buy industrial products is the best way at present. Or even the only way.

"This can be considered, looking for more products such as bicycles and radios, the price is not too high, and people can afford to buy it by saving some money, so they can temporarily shift their consumption targets from pork and other agricultural products. When pork production comes up, they want to eat as much meat as they want. Eat as much meat as you want. ”

Brainstorming, these bankers, still very shrewd, quickly thought of a lot of consumer goods.

What clocks, scissors, lamps, mirrors and so on.

"Enough, enough!"

After seeing their enthusiasm mobilized, Yang Chao raised his hand to stop it, this is just an idea, not the time to consider specific issues.

"Bicycles, radios, table clocks and watches, light bulbs, vanity mirrors, scissors and kitchen knives, tables, chairs and benches, almost, we have selected about ten products that everyone needs, and the source of raw materials is abundant, so as not to push up the price of raw materials, but also to improve the lives of the people, guide everyone to consume. So the question is, how to get the people to consume? ”

Everyone was silent again, they had no relevant experience.

"Or, pay in installments?"

Someone hesitated.

It can be said that the great prosperity of the United States in the 20s was driven by the early consumption of installment payments, otherwise how could so many Americans afford to buy a car, and it was not a loan from the bank to them.

Installment payments have also appeared in China, but they have not yet become popular, because the Yangzi banking group has not joined the ranks, and the Yangzi banking group covers more than 50 large banks and big money banks, which are owned by 30 families, which are very close and in lockstep, and all of them have expanded their networks to the whole country and have mastered a lot of money, and they do not invest in this field, this field cannot be done in China.

Yang Chao shook his head: "It's okay to use installments to promote the consumption of cars and housing. But now it is necessary to direct the money of onions, ginger and garlic to other consumption areas, and the small items of bicycles do not need to be paid in installments. My suggestion is to subsidize these companies, to ask them to reduce the price by half for a while, and then increase it by a third after a month, and by two-thirds after three months, so that everyone feels that the later they buy these things, the less cost-effective they are, so in the short term they give birth to other consumption, and go and buy these things. ”

"Good way."

"Lord Yang Shengming."

"Listen to you—"

Yang Chao raised his hand again to stop everyone's sycophants.

"But what can our banker friends do?"

This is the reason why Yang Chao talked to these people, subsidizing production enterprises and promoting consumption, and the government directly did it.

But everyone stopped talking, they didn't know what Yang Chao was thinking, and they didn't dare to talk nonsense.

Yang Chao sighed in his heart, he wanted to inspire these people, but he couldn't change their poor initiative, of course, because he couldn't let go of it in front of him.

Fortunately, I didn't explain it to them, and directly asked: "I hope that our friends in the banking industry can cooperate with the government's policy, and we will provide short-term subsidies for bicycles, radios and other industries, and the time will not exceed one year." It is conceivable that the market in these industries will be very good in this year's time. But we also have to face the problem of insufficient products, and I hope that friends in the banking industry can give loans to these enterprises at this time, so that they can boldly expand production. ”

Everyone expressed their support, not only because of their cooperation with the government, but also because they could imagine that if the government subsidized these industries, these industries would definitely usher in opportunities for development, and they would have stable returns on loans. Speaking of which, they have made a lot of money recently, and the profits from underwriting bonds are acceptable, but relying on this alone is not a long-term solution, and many people are beginning to miss the time when there were so many opportunities to make money during the Great Boom.

It's just that Zhang Jiaao is still a little dull, because he doesn't seem to have anything to do with them.

Zhang Jiaao is still very professional, with his efforts, although the gold reserves are slowly decreasing, although inflation has begun to appear, but the gold content of paper money has always been maintained, not like European and American countries, it is difficult to maintain the gold standard, this is his greatest work achievement.

Yang Chao said to Zhang Jiaao: "Governor Zhang, although it is impossible for the central bank to lend money directly to enterprises, you can also provide a product to absorb the vegetable money in the hands of the people." ”

Zhang Jiaao moved, in the end, he was a professional, and he immediately thought of it.

"You mean issuing small bonds?"

Yang Chao nodded: "If you issue a small amount of bonds, you will issue them in the name of the National Reconstruction and Development Office, and they will be called revival bonds." Just let them directly collect a part of the wages they have been paid. It is also possible to issue other types of small bonds, such as patriotic bonds, education bonds, and so on. As long as it can resonate with the hearts of the people, tell them to save a meal of meat, buy a bond, help the country tide over the difficulties, and let the children go to school. So there is a denomination of one tael or two taels, and everyone can afford it. You might as well raise the distribution fee and send it to those grocery stores, or even directly to the wet market for the vegetable vendors to sell. ”

In the name of rejuvenation and patriotism, the purpose is to deduct the money from the mouths of the people to eat vegetables and meat, Zhang Jiaao sounds awkward, but he admits that this is a good way.

Some bankers said that the bicycle industry loan must be a good business, some are more optimistic about the watch industry, and some feel that the knife industry is a necessity, and it must be the most stable, as for whether they are talking about their true thoughts, or are misleading others, then only they know.

If consumption can be temporarily directed to industrial products, it will not take long, only one year, during this period of time the agricultural product market is good, the peasants will definitely expand production, but agricultural production is not as fast as industrial production increases, there is a production cycle, so no new products have been put on the market.

So as long as you adjust for a year, you basically don't have to worry.

At that time, agricultural products will be abundant and industrial production will also expand, but these will not be enough to promote a full economic recovery.

What can really drive the recovery of the entire economy is, in the final analysis, dependent on large-scale consumption such as houses and cars. (To be continued.) )