No wonder those financiers in Shanghai are red-eyed, Morgan made too much money in this war, and in terms of economy alone, the biggest beneficiary of this war is probably the consortium headed by Morgan, so later conspiracy theories are directed at Jewish financiers, and Morgan is used as evidence. Pen? Interesting? Pavilion wWw. ｂiquge。 ｉｎfo

But the identity of those conspirators is wrong, Morgan is not a Jew, and he is a guy who rejects Jews, there are no Jews in Morgan's circle, and the American Jewish group is Goldman Sachs and Lehman Brothers, but the British government did not choose Goldman Sachs and Lehman, but chose Morgan, so that Morgan played the role of the general manager of Britain in this war.

Because Morgan's strength far exceeds that of Goldman Sachs and Lehman Brothers.

A few months after the start of the war, when the pre-war stockpiles were exhausted, the British realized for the first time that this was a long-term war, they had experience, when the Seven Years' War was fought, the British were instigating the mainland countries to fight around, they swept away the French colonies at sea, they were not afraid of a long-term war, and even some welcomed.

The British government was immediately prepared to borrow money to fight the war, and they appointed Morgan & Co., a private bank in New York, as their sole purchasing agent for all war materials from the United States. Morgan also acted as the sole financial agent for the British government to solicit war loans from private banks in the United States.

Morgan helped the British borrow money from the United States, and on the other hand, he controlled all the procurement of American munitions and war materials, and the supply of food and food and other necessities for Britain, France and other European allies was handled by Morgan Bank. Morgan supplied the entire Entente through its London subsidiary, Morgan Greenfeld, and its Parisian subsidiary, Morgan Hayes.

With one hand in charge of financial financing and the other in control of industrial production, Morgan earns profits on both ends.

On the one hand, the gold of the British fell into Morgan's pockets, and on the other hand, it became the bank bills of the Federal Reserve and handed over to Morgan's controlled companies such as U.S. Steel and General Motors, and in this war, Morgan's control over the United States reached its peak.

That's what Morgan wants, and as for the real benefits, to the extent that he doesn't value them too much.

When Morgan died, he left only an inheritance of $60 million, which obviously did not match his status, but money was not something he pursued, and the huge profits he made that year were consumed through luxury goods such as yachts and art on the one hand, and on the other hand, he didn't really value making money.

Morgan used various agreements and various cross-holdings to win over the vast majority of bankers in the United States, and for this he even ceded a lot of interests, and he wanted control rather than money.

In China, there is no one else who has such control over the financial industry except Yang Chao.

Yangzi Bank, along with more than 30 banks that have participated in the Yangzi Bank Federal Reserve, is now the largest financial consortium in Shanghai and basically controls Shanghai's financial market.

Yang Chao disagreed, no one could borrow a dime here.

Britain and France can't borrow money, but they can't do without China's supplies, especially penicillin, what should they do?

Sell assets.

These two colonial chiefs have been operating in China for more than half a century, and neither can estimate the amount of their assets in China.

At least they are all assets calculated by 1 billion, and only they know how many numbers they count.

The British sold off a large number of the Fu Company's mines, the French also sold some of Yunnan's minerals in the Shanghai market, and this year they sold even the best wharves and warehouses on the Huangpu River in Shanghai, and the French also sold off a number of factories in Guangzhou and Shanghai.

The two countries have already been in contact with Yang Chao, hoping that Yang Chao can buy the railway assets from them, and the Chengdu-Kunming railway built by the French has just been opened to traffic, and according to the agreement, their investment in the Chengdu-Kunming railway will be converted into bonds of the China Railway Corporation, and the French will have the right to participate in the operation of the Chengdu-Kunming railway.

Mines can be sold, factories can be sold, but there are no buyers for the railways, except for the railway company.

Yang Chao disagreed, they couldn't sell it.

Britain and France thought very clearly, if they sold all their foreign assets, as long as they won the war, they would still be world hegemons, and they could take it back, and if they lost, they would have nothing.

But the Germans are very conservative, they have not sold any minerals and railways in Shandong, and now they are trading with Yang Chao mainly on cash.

The British could blockade German ports, but they couldn't block the sky, and large-scale shipping was blocked, but they couldn't block the Central European route opened up by Yang Chao from Xinjiang with airships.

It's just that the scale of air transportation can't be compared with sea transportation, so the scale of trade between China and Germany is not large, and the Germans don't need munitions and materials, and the main thing is penicillin, as well as some minerals and raw materials such as tin ore, lead ore and copper ore that are urgently needed by the German military industry, so the British can still bear it for the time being, if China dares to send merchant ships, the British will definitely dare to sink.

It is precisely because the scale of trade between the two sides is not large, so the Germans are not under much financial pressure, so they did not start to sell assets, but now they can't support it After more than a year of war, the Germans began to sell gold, and Yang Chao's airship flew to Germany, transporting penicillin and other high-priced items, and bringing back tons of gold.

The Germans clearly did not want to ship their gold, and after selling thousands of tons of gold, they actively intended to borrow.

"I myself have feelings for Germany from the bottom of my heart, and I don't want Germany to lose the war. I also believe that this war will change the situation in the world, and the winner will take the place of Britain as the new rule-maker of the world. If Germany wins, it will also be beneficial to our international standing. ”

Faced with the embarrassed Wald, Yang Chao suddenly showed goodwill.

Wald hurriedly said, "Your acquaintance is always one step ahead. ”

Yang Chao sighed: "So I don't want to see Germany lose the war. In particular, it is not lost in military strength, not in organizational ability, not in state management, but in the lack of abundant materials, which is really too wronged. I will not borrow money, and if I lend money to Germany, then Britain and France will surely gain the same advantage. But I am willing to start paying off the German loan now. Shandong and other places have borrowed more than 20 billion marks from Germany, which is a huge asset. I'm willing to pay it back now. Germany could buy the bonds domestically and liquidate them through the Yangzi Bank in Berlin, so that the German government would have 20 billion marks of Chinese money to spend on the war effort. ”

Wald couldn't help but be ecstatic, and couldn't believe what he was hearing.

Yang Chao borrowed 20 billion marks before the war, which was secured by 3,000 tons of gold, and now Yang Chao is willing to repay these debts in advance, how does this dislike Wald, with this huge foreign debt of 20 billion marks.

The most important thing is that he saw the confidence of the Chinese in Germany, if Germany loses the war, the loan will not have to be repaid, and the Chinese are willing to compensate in advance, which does not just show that they believe that Germany can win, of course, there is a strong sense of affection, well, the Chinese like to be emotional, Wald for the first time felt that this kind of emotional thing is quite cute.

It was enough to have this money, and the present form on the battlefield was still Germany dominant, and the Entente army had been destroyed and captured by more than 2 million people, and Wald decided that France and Russia would not be able to hold out before Germany.

But Germany's biggest disadvantage is the problem of agriculture, after the unification of the German Empire, after 30 years of rapid development, not only the economic indicators have surpassed Britain and France, the population is even more inflated, at the time of the Franco-Prussian War, the population of France and Germany is still about the same, but more than 30 years later, the population of Germany has almost doubled, has reached 66 million, while France is less than 40 million, Britain only has a population of 45 million.

The huge population is the driving force, and now Germany only needs to mobilize half of the young people of working age, and France has already mobilized eighty percent.

However, Germany's only disadvantage is that it is not self-sufficient in food, Germany is more industrialized than France, and more than half of the population in France are agricultural laborers, which also allows them to have the most developed agriculture in Europe, France's food supply is completely self-sufficient, and Germany still needs to import one-third of its food supply with the support of a developed fertilizer industry.

After the start of the war, Germany began to have food quotas, and at the same time changed its agriculture, not producing wheat and other refined grains, but large-scale production of potatoes, turnips and other high-yield crops.

After getting 20 billion marks of Chinese money, the Germans suddenly found themselves rich, and in addition to purchasing penicillin, they actually paid China to sell them grain.

This is a luxury, you must know that food is not worth much, but the freight is too high, penicillin is a luxury, but it can be transported, but the cost of penicillin increases by $10 per piece, but when it comes to transporting food, the main expense is on the freight.

However, the Germans calculated that as long as they could maintain the offensive for a year, the Entente would collapse and they would win, so they needed food to liberate more agricultural labor and form a larger army, and the problem of equipment for the army could be solved by the Germans themselves, they had a huge heavy industry system, and coal and steel were completely self-sufficient.

As a result, Yang Chao increased the number of airships flying to Germany, from 100 to 300.

After reaching an agreement with Germany to repay the loan, Britain and France naturally came to discuss this issue.

"Paying off external debts is a huge benefit. For every dollar of foreign debt repaid, we have to make a silver tael of money accordingly. This money cannot be printed out of thin air, and without such large reserves, it can only issue domestic debts. ”

Yang Chao explained this way to the mayor of Shanghai, Xie Guanhui, who came to Beijing to seek benefits for Shanghai financiers.

As soon as he heard about the issuance of domestic bonds, Xie Guanhui's eyes lit up, as long as he could issue bonds, the Shanghai financial market would make money.

"The central government is rectifying the financial markets. Soon there will be regulations that will give Yangzi Bank and Bank of China the power to issue banknotes in reserve with state bonds. So Yangzi Bank and Shanghai's banking industry have to be prepared to take the bonds, and then use the bonds as reserves to issue banknotes. ”

"But there is a premise, when this money is printed, it must enter China's industry to stimulate industrial production, and if it cannot produce more materials, it will only raise the existing prices."

"So the key issue is that banks have to increase their lending limits, otherwise they won't be able to afford this huge benefit."

Yang Chao explained to Xie Guanhui and asked him to go back and prepare immediately, so that Shanghai's financial circles could take action first, issue more loans, let Shanghai's industry begin to expand, and use a large amount of material to offset the inflationary pressure brought about by the increase in a large amount of money in the future.

Yang Chao believes that there is still this energy in Shanghai's financial circles, because those banks and money banks in Shanghai's financial circles are exactly the same as those of the German banking syndicate, that is, they have already formed a close group with Shanghai's industry, and they have great influence on industry, so they are fully capable of influencing industrial capital to continue to expand production capacity. (To be continued.) )