724 International financial and trading system (I)

If the Warsaw Armistice was only for the Tang Dynasty to gain territory for the republican forces and end the war, then the armistice talks were far from being an international meeting in which the Tang Dynasty reformulated the international order. Pen @ fun @ pavilion wWw. biqUgE怂 Almost all of Europe's first- and second-class powers participated in the conference, and the topics at this conference were definitely not limited to the punishment of the defeated countries.

Chu Bai carried two important tasks entrusted by Bai Nan, which were even more important than the acquisition of territory, that is, to negotiate an international trade and financial system, an international trade and financial and monetary system dominated by Datang, and completely establish the hegemony of Datang.

Military hegemony cannot be regarded as the basis for a country to become a world leader, to be precise, military power is actually an executive and protective force of world dominance. Many people think that military power is the basis of all hegemony or leadership, but it doesn't make sense logically. It seems that the other US imperialist in the early 21st century loses its dominant military position and loses its military base, large and small, all over the world, but there is a missing part in this logic. Because there is no military force, it is unable to maintain the order and system it has established, and thus loses the basis of hegemony, which leads to the decline of hegemony. It is not military weakness that leads directly to the weakening of hegemony.

On the other hand, the US military hegemony at the beginning of the 21 st century has not substantially weakened, but what has substantially weakened is the US economy and the immutable system of the old international political and economic structure, and the weakening of the latter has dragged down the former, thus making the stick even more unable to protect the order and system it has set up, and accelerating its weakening.

At the 1795 time node when turning back to the original plane, there is no doubt that the military power of the Tang Dynasty is strong, and the gap is even greater than the gap between the eagles and rabbits in the other plane. But what Datang lacks is also very obvious, this is a "wild and orderless" conservative world, there is no so-called international law, there is nothing.

This situation is obviously not conducive to Datang reaping its own fruits, so Datang must stand up and create an international order and system that is beneficial to itself. Although the old-style monarchy was hostile to the Tang Dynasty, they had no other choice but to accept what the Tang Dynasty had proposed.

Chu Bai didn't need to show any long-sleeved dancing at the Warsaw meeting, he just stated Datang's views very lightly, if you give a little face, he will tell you what are the benefits of this set of things promoted by Datang.

First of all, Chu Bai formally proposed an international monetary and financial system based on the Tang and Yuan dynasties.

Originally, European countries had not fully realized the gold standard, which was mainly because of the maturation of the Tang Dynasty, which made the industrial and social development to a certain extent, but the system did not keep up. Tang Yuan had actually transcended the primitive gold standard, but if he wanted to evolve into the international monetary and financial style after the 70s of the 20th century, he obviously did not have this condition. After Datang took control of international gold producing areas such as South Africa, its gold reserves have reached an astonishing level, which also supports Datang to dare to promote something similar to the Bretton Woods system.

The core thrust of the international financial and monetary system led by the Tang Dynasty is to abolish the use of gold and silver currencies of different forms in international trade settlement, and instead promote European countries to settle in Tang yuan. To achieve this, there are several prerequisites for the foundation.

First of all, the value of the Tang Yuan currency is extremely stable. To achieve this, and to give other countries confidence, the Tang Yuan will be directly linked to gold, and the Tang Yuan will return to the standard era of one yuan and one gram of gold.

Second, Datang needs to have massive gold reserves to allow free exchange between Tang Yuan and gold. It may seem like a serious outflow of gold, but with the development of the economy, all European countries understand the fact that it is useless to hold on to gold that cannot be eaten or used. If it is changed to the Tang and Yuan dynasties, it will be able to purchase various industrial products and other commodities, which will be transformed into the country's productivity and national strength. Moreover, Datang's confidence lies in the fact that at this moment, even if the governments of European countries do not eat or drink, and use all their financial revenues to exchange for gold, they will not be able to empty Datang's gold reserves. Datang also has more financial instruments to use, such as gold futures. Datang is enough to mine a huge amount of gold in a short period of time, so it is basically an impossible task to squeeze Datang's economy by exchanging gold. It is unlikely to be possible for at least 30 years, and 30 years later, Datang will inevitably abandon this monetary and financial system directly like the United States and enter the next era.

On the other hand, through a European war, Datang has completely become a creditor of almost all European countries. By supporting the Franco-German war, Datang lent hundreds of millions of Tang yuan in loans. The indemnities of Britain, Russia, Austria and other countries were also denominated in Tang Yuan. Datang Commercial Bank has countless loan businesses in Europe. These bond contracts became another major foundation for Datang to implement an international monetary and financial system based on Tang Yuan.

Other countries officially set the gold content of their national currencies, so as to achieve a peg to the Tang Yuan, and determine a fixed exchange rate with the Tang Yuan. Under these conditions, a fixed exchange rate that can be adjusted to a small extent is implemented, and the currencies of various countries are freely convertible, thus ensuring the stable development of the international economy.

The Tang and Yuan international financial systems implemented by Datang are a kind of virtual gold standard, and Datang does not need to print as much money as it really owns, but in fact, Datang has not done this many years ago. In fact, it relies on the traditional value preservation of gold as a hard currency, and forcibly gives Tang Yuan the same properties, that is, so that all countries in the world have the same confidence in Tang Yuan, and considering the economic aggregate of other countries, it is impossible to achieve a real squeeze and run on Tang Yuan, so its stability can be guaranteed sufficiently.

In this system, as an international reserve currency, the demand of the Tang Yuan will rise sharply with the economic development of various countries, which also makes the Tang Dynasty not only need to issue a large amount of additional currency according to the scale of its own economic development, but also print banknotes that are sufficient for external demand. This is undoubtedly a bit of a tightrope tendency, so the Datang central bank must always keep an eye on the international financial situation and be ready to dismantle the system. Naturally, this can't be anything very recent. At that time, Datang International's position as the dominant currency has been fixed, and there is no need to use such a stupid method.

In order to achieve the smooth implementation of the system, Datang proposed the establishment of the "International Monetary Fund" to supervise and guide exchange rate adjustments and other international monetary cooperation. In addition, this Datang version of the IMF does not have special drawing rights, and it does not even have a lending function to bridge the balance of payments deficit, and its guidance and supervision are of a greater nature. (To be continued.) )