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Bank of England Governor Montague Norman, Deutsche Bank President Jarma Schacht, and Bank of France Vice-President Charles Liszt, the three major European financial giants, visited the United States together, naturally not for the welfare of Americans, but to negotiate with the United States to lower the interest rate on the dollar.

The reason why the three of them hope that the United States will lower interest rates is very clear, that they hope that European gold will stay in Europe and not flow into the United States, and even hope that American gold will flow backwards to Europe, and their reasons are very good, the Dawes plan hosted by the Americans has just shown signs of success, Germany has received a large amount of loans, and then compensated Britain and France for the war reparations, Britain and France have received war reparations, and immediately pay the debt owed to the United States, and the United States has been repaid.

This is a virtuous circle, but it needs to be supported by gold, if the dollar lowers interest rates, American capital will not repatriate profits to the United States for the time being, then capital and gold will stay in Europe, to ensure the prosperity of Europe, that is, to ensure the security of American debt.

In the original history, the United States agreed to Europe's request, and in this era they have no reason to refuse, because the bad relations with China make the United States feel that it is necessary to establish close ties with Europe, so they agree more happily.

As soon as the Fed's agreement with Europe's three major central banks was reached, European stock markets rose in response, and it was clear that they saw this as a huge positive.

What Americans don't know is that they unconsciously defused an economic crisis that was about to erupt, because of the impact of the Miami hurricane, the entire U.S. economy was temporarily weakened for more than two months, and as a result, a large amount of excessive investment and consumption under the loose monetary policy in the third month once again lifted the economy.

All economic bubbles are covered.

This is not a good thing, because when the bubble is buried, the pressure of accumulation is greater, and when it bursts, the more damage is done.

But the economics of this era are obviously not so meticulous and cannot technically analyze these phenomena, the Americans only know that they are enjoying prosperity, and the optimistic attitude makes them quickly forget the humiliation they received from the Chinese, and the small amount of resentment in the army is also dissipated in the slow disarmament, and the originally fierce young soldiers take off their military uniforms and begin to enjoy beautiful women, delicious food, and go to palm beaches.

But here comes the problem, the US currency is too loose.

After the European War, the Federal Reserve began to show its might, they accumulated 6,000 tons of gold through a world war, the Fed's leverage is higher than that of Europe, so they can use these gold reserves to make more money, coupled with the financial industry of tens of thousands of banks in the United States, under the extremely fierce competition, a large number of small and medium-sized banks borrow irresponsibly, ignore the capital risk, and lend a large amount of money to customers with insufficient credit, and the Federal Reserve supports this scale of credit with low interest rates.

But after the arrival of the European financial giants, the Federal Reserve continued to lower interest rates, and their interest rates became the lowest in the world.

Sure enough, the European gold that had been pouring into the United States immediately stopped, and some gold began to flow back to Europe, and after getting this gold, the European economy began to develop, especially the German economy.

Even if Yang Chao lent a huge amount of gold to Britain and France, it only made their economy perform slightly better than in history, the economy is developing and recovering, but the speed is very slow, just like a classic car, he will run faster if he is filled with gas, but it is impossible to run like a new sports car.

The economic structure of Europe is doomed, they have not ushered in the opportunity for rapid development for the time being, they have to wait for this opportunity, it will be after World War II, when the United States opened up their huge market, providing a huge market for European products, so German automobiles, French electronics began to develop.

Now they don't have this market, their domestic market can't support them to develop large-scale industrial automobile production, and they have completed industrialization in the past, and without the stimulation of new industry, it is impossible to develop rapidly.

Therefore, Britain and France were better than the original history, but the good ones were limited, and the British lent Yang Chao gold mainly to maintain the status of the pound sterling and invest in the colonies, and their capitalists were not willing to replace the old industrial equipment in the country; In France, after the re-establishment of the ten northern provinces, the economy immediately became dead and grew extremely slowly.

On the contrary, because of the end of the post-war chaos in Germany, the momentum of economic recovery is very strong, but with the consciousness of the head of the Bundesbank, the white wizard Schacht, all this is based on the entry of British and American capital into Germany, so he prefers that the United States will continue to lower interest rates, so that American gold will continue to remain in the German economic system.

Schacht's professional ability is undoubted, he succeeded in stabilizing the mark last year, issued the land mark with German land as a guarantee in the absence of reserves, and declared that the gold content was the same as the pre-war gold mark, and at the same time set up a gold discount bank, which provided a guarantee for the exchange of the mark for gold, but seven of the 14 directors of this bank were British and Americans, apparently controlled by British and American financial forces.

By controlling Germany, American capital has found a huge economy that is in great need of funds, and with the size of Germany's economy, it is natural that the American financial forces will be full of belly, which is why the Federal Reserve promised to continue to lower interest rates, because American bankers also want to keep their funds in Germany to make a fortune.

Investing in the German Central Bank alone was a very lucrative business, and Schacht's agreement with the Anglo-American banking group stipulated that all profits generated by the German central bank would be divided, with 45% of the profits going to the private shareholders of the German central bank and 55% to the government. Half of the first 50 million marks of profit was taken by private holders of shares in the central bank, in the second 50 million profits, 25% was taken by private individuals, followed by 10% of the annual profits to private shareholders.

What other bank can make more money than a central bank? Which other central banks allow private investment? Only Germany!

If this is the case, Schacht is undoubtedly a traitor, and Britain and the United States absolutely believe that Schacht is their spokesman, but unfortunately Schacht is a German democrat in his bones, and he has his own interests, not money, but the strength of Germany.

After Schacht controlled Germany's hyperinflation through the Deutsche Central Bank, which injected a large amount of capital into Europe and the United States, he immediately began to play all kinds of trade, and the United Kingdom and France lobbied the Fed to lower interest rates was only the first step.

He also took advantage of the temporary support of Britain and the United States to Germany, and vigorously expanded Germany's interests in non-industrial countries such as South America, which had a weak industrial base, but were extremely rich in minerals and agricultural products.

Germany got raw materials, but South American countries had to import German industrial materials in large quantities.

The German currency has stabilized, German industry has also received raw materials and markets, and the German economy cannot develop if it wants to.

It's just that the interests of Britain and the United States have to pay a certain amount of damage, for example, Britain, which controls South American minerals, and the United States, which controls the industrial goods market in the Americas, have to let Germany share a large part of the benefits, but the reason why Britain and the United States can accept it is that they have indirectly received returns through their investment in Germany.

The import and export trade of the United States has continued to shrink to 1 billion, and bankers such as Morgan have used it to balance the flow of funds between Europe and the United States, but have long mobilized more than 1 billion funds to flow between Europe and the United States.

Schacht used huge profits to fool the Anglo-American financial group, thus kidnapping the Anglo-American government, and then he began to fool China.

At the beginning of the 27th, Schacht visited China and met with the Chinese government, the governor of the central bank, Zhang Jiaao.

Schacht's prescription for China was that Germany was willing to join China's free trade agreements with small countries such as the Netherlands and Sweden, and he believed that the prospects for China's exports of coal, agricultural products, silk products, and even textiles to Germany were very broad. Although China can manufacture the vast majority of industrial products, the production capacity of high-precision bearings, precision optical instruments and other aspects is far from enough, after all, in terms of these products, China is established through the introduction of German capital, so there is still a big gap between the scale and Germany, and China's market is extremely huge.

Schacht's reciprocal reciprocal argument was welcomed by the Ministry of Agriculture and Commerce.

At the same time, he also fooled Zhang Jiaao, saying that Germany's trade in Asia was willing to be settled in Shanghai, and finally settled with the gold standard gold dollar bills discovered by the central bank of China, and Germany was also willing to hold gold dollar bills as a part of foreign exchange reserves, not just the pound and the dollar.

Zhang Jiaao, who was fond of the gold standard and always hoped to change the Chinese currency to the gold standard, always attached great importance to the international status of gold dollar bills, and he was also very interested in Schacht's statement.

In the end, although Germany did not reach a free trade agreement with China, because the Chinese Ministry of Agriculture and Commerce, which has become more and more professional, is worried that it will conduct free trade with Germany, which is relatively poor in mineral resources but has extremely developed industrial strength, and it is not good that they will import a large number of Chinese raw materials and finally dump industrial products in China, which is extremely detrimental to China's industrial development.

Zhang Jiaao welcomed Schacht to facilitate the settlement center of German trade in East Asia in Shanghai, but this was not a mutual benefit, because with the establishment of the Shanghai financial center, many countries settled in Shanghai, and Germany has long wanted to do so.

Schacht, who did not fool China's Ministry of Agriculture and Commerce, finally came to meet with Yang Chao, saying that he welcomed Yangzi Bank's investment in Germany and assured that Britain and the United States would not interfere with the normal business of Chinese banks in Germany's private economy. (To be continued.) )