In the luxury suite of Tianjin Demblai Hotel, when Wells saw Ye Zhao and was taking off his hat and bowing on one knee, Ye Zhao walked over with a smile and gave him a strong hug.

"Your Majesty, your humble servant greets you." Wells said respectfully and carefully what he had been preparing for a long time.

Today's Wells, I am afraid that he is the richest person in the world except for the royal families of various countries, relying on Ye Zhao's foresight and various deployments, his net worth has skyrocketed several times, and in the ongoing American War, Wells also made a lot of war money, and the arsenals and various strategic material firms built in the United States early ago made money like crazy, not to mention, relying on accurate intelligence on the civil and southern wars to speculate on gold is even more profitable.

Of course, every time these profits are made, there will be sixty percent of Ye Zhao.

Wells prayed to God almost every night, thanking God for guiding him to the Oriental Shanghai, where he met the miraculous emperor of the East, and now he considered himself an agent of the Emperor of the East, because in the past ten years, he knew deeply that with this Oriental monarch standing behind him, in the mall, he would be invincible.

Not to mention anything else, through the most accurate intelligence of the Emperor of the East on the Chinese Civil War, how many companies were inextricably linked to the East that he annexed in the London stock market? There was also the Sino-Dutch War, a month before the Chinese emperor declared war on the Netherlands, he sent him a secret telegram, so that he knew a month before everyone in Europe that China would go to war against the Netherlands, and, with his understanding of the Chinese emperor, he was also convinced that the Chinese would win this war.

Not only had he been prepared a month in advance, but when news of China's declaration of war on the Netherlands reached Europe, few Europeans believed that China would defeat the Dutch in the East Indies, which gave Wells ample time to deploy, and by the end of the Sino-Dutch war he had earned nearly a million pounds by speculating in the shares of various Dutch Oriental trading companies.

Especially when the Dutch fleet was vulnerable in front of the Chinese sailors and the news that the Chinese infantry had landed on Java Island came, the stocks of the Dutch Oriental trading houses and companies related to the Oriental trade were almost blank paper, and everyone thought that the Netherlands would eventually lose the East Indies, but Wells went all out to buy it, and when the Sino-Dutch treaty was reached, it was sold separately, and at that moment, he only felt that any wealth was just a number.

The Great Emperor of China, the magician who turned stones into gold, even made him feel that he could trample the whole of London under his feet.

In the past two years, in the United States, Wells has earned more than two million pounds, becoming the first of the most war-rich businessmen, and the second is the American Morgan.

In England, he was the mysterious richest man in London, and even Queen Victoria was once curious and wanted to meet him. But in front of the Eastern Emperor, Wells was very clear about his identity, he was the agent of the Chinese Emperor in Europe, and without the Chinese Emperor, there would be no all the commercial miracles he staged in Europe.

Hearing Wells call himself a slave, Ye Zhao smiled and said, "We are friends and partners, aren't we?" ”

Although the relationship with Wells was a mutual use of each other, it can be said that without Wells's initial help, Ye Zhao would never be where he is today.

"I should go to Yanjing to see you, Your Majesty the Emperor." Wells still knelt on one knee and kissed Ye Zhao's hand with affection.

Ye Zhao smiled and said, "I just want to go out for a walk." ”

Sitting on the sofa chair, he unveiled a stack of detailed tables handed over by Wells, which is the global income of Shenghe Bank in the past few years, excluding the fraction, Ye Zhao's income in the past four years is three million pounds, 9.67 million taels of silver, equivalent to 13.82 million silver dollars, and 22 tons of alloy.

Ye Zhao nodded slightly and said, "It's not bad." ”

Wells added, "I've already converted it all for you into gold." ”

Ye Zhao raised the goblet on the coffee table, gestured to Wells, and took a sip with a smile.

Wells hurriedly picked up the wine glass and took a sip, then handed a page of paper to Ye Zhao, and said: "The treasury bonds you entrusted Shenghe Bank to issue in London and the United States have been successfully sold, divided into five years and ten years, and I will help you lower the interest rate of the five-year period to 3.1%, which are some general figures, and the details are there." Wells pointed to the corner of the wall, where there was a small suitcase that two Ouchi guards had just inspected.

"Okay!" Ye Zhao smiled: "The interest rate on this treasury bond has hit a new low, Jack, I salute you three times." Wells was really efficient, and the 20 million silver dollar treasury bonds entrusted to him this time had been completed in just a few months, and the interest rate was extremely low.

Wells laughed: "This is because His Majesty the Emperor has governed the country well. In fact, it is no wonder that the United States, which was originally the best capital assessment in Europe, has now become a sieve, but I don't know when and when the inflation in the South has reached 9,000%, where do investors still have confidence? Mo said that European investors and American capital have also fled.

On the other hand, China, the same war, but the South showed an overwhelming advantage from the beginning, through this war, the South of China instead built more factories, made a series of new scientific and technological advances, waiting for the reunification of the whole of China, in the Far East, where there is no rival, it seems to be foreseeable that a powerful empire is rising, buying Chinese government bonds, almost no risk, except for the interest rate differential. But those who are anxious to flee their capital from the United States, and in order to preserve their capital, have no better choice for the time being.

Wells added: "This part of the treasury is remitted to your country's treasury in the form of pounds, silver dollars, gold coins and gold, and when the treasury bonds mature, they are paid and repaid in pounds sterling as currency. ”

Ye Zhao nodded slightly, in fact, the treasury bonds issued this time are mainly used to repay a batch of due arrears and debts in Europe, as well as the purchase of European rails and machinery.

At present, the national debt of the new DPRK is about to break through the 200 million silver dollar mark, and it is too late to cut it, so it will not rashly borrow money.

Although the American Civil War ended, the national debt used to be as high as one billion dollars, and at the current exchange rate, 1 pound is worth 4.628 silver dollars in China and 4.866 US dollars, which is the value of 1 silver dollar and 1 US dollar, and the national debt of the United States was once as high as one billion silver dollars.

But China's social structure is different from that of the United States, which has always been self-sufficient and not as closely linked to Europe as the United States.

Almost all of the bonds raised by Ye Zhao in Europe were used for trading with the West and for purchasing Western material products, and the remaining more than half of the treasury bonds came from the private sector.

In addition to gradually relying on the increase in tax revenues to pay for the national debt, Ye Zhao plans to issue another 20 million silver dollars worth of currency this year.

This is the benefit of the state's forced currency, strictly speaking, it is to sacrifice part of the national interests to obtain national interests, and in more detail, it is to sacrifice part of the interests of all kinds of wage earners in the south, including landlords and long-term workers, so that the whole country can benefit, so that the northerners will benefit, of course, in the long run, both northerners and southerners will benefit from this.

Why? Roughly speaking, in the era of precious metal currency, in today's China, the inflow of silver in and out of foreign trade is basically flat, the total amount of money can be regarded as unchanged, but the production efficiency is suddenly a qualitative leap, not to mention industrial products, even agriculture, because of the emergence of chemical fertilizers and fine seeds, the output has increased compared with before. With the monetary aggregate unchanged, the price of the product should fall.

But now that the monetary aggregate is increased and more paper money is added, the price of the product may rise slightly.

Of course, the increase in the total amount of money, through economic leverage, can make the whole society distribute more money, higher than the price increase, it seems, the standard of living is still improved, in fact, the compulsory issuance of paper money, because of the increase in production efficiency and the whole society to create a large part of the surplus wealth is occupied by the state without compensation.

Of course, this monetarist theory of the Fisher equation is rather arbitrary, because it ignores the velocity of money in each link of society, and ignores the degree of demand for different products in the whole society.

In addition, if the foreign exchange market is involved, there are problems such as the circulation and settlement of international hard currencies and domestic currencies, and the issuance of currencies will become more complicated.

However, for the new dynasty, this theory was still correct in terms of the general idea, increasing the money supply, relying on the purchasing power of paper money to carry out various infrastructure construction, education investment, especially the investment in the northern provinces, in fact, at the expense of the wealth created by Jiangnan to benefit the north.

However, Ye Zhao naturally felt that it was not inappropriate to sacrifice part of the interests of the vested interests in Jiangnan to make the whole country develop, not to mention that it did not reduce the purchasing power of their silver dollar, even if it fell, tighten their belts for a few years, on the whole, the investment in the north will bring huge returns, and the ultimate benefit is all the people of China.

Thinking about Ye Zhao, he shook his head, the political axe holds the right to issue paper money, if it coincides with the liberation of the productive forces and the substantial increase in production efficiency, it is easy to achieve national wealth, just transfer the wealth created by the increase in production efficiency to the national treasury, and wait for the real balanced development of the north and the south, the new dynasty will be in such a stage.

However, if it is not a last resort, it is better to print less paper money, and it is better to have a heavy deficit in the political axe, but also try to collect as little money as possible from the people, maintain normal economic order, and not cause deflation, after all, with the increase in the scale of the domestic economy, relying only on silver as a currency flow will definitely lead to a shortage of currency.

In today's monetary and silver standard, it is easy to say how to issue it, and even adopts the method of directly handing over the issuance of the central bank to the political axe. But we must slowly standardize it, otherwise when the gold and silver standard ends, this method of issuing paper money will become fatal, and even if, as in later generations, it is mainly issued by the central bank and handed over to designated commercial banks to lend into the circulation market, and it is more economical than the current model.

After taking a sip of wine, Ye Zhao said to Wells again: "Take my pile of gold, go back and subscribe to the treasury bonds, I will ask people to issue bills, and you will transfer them to me." ”

Wells smiled and nodded, and said, "I will definitely do it decently and properly." ”

Ye Zhao smiled again: "Come to China, play for a few more days, I won't accompany you." ”

Wells said: "The empire created by His Majesty the Emperor himself, I have always longed for it very much, and I think no one in this world knows more about His Majesty's influence on this land than me." So, I am a true believer in His Majesty. Sometimes, Wells really has the illusion that the Chinese emperor is an all-powerful God, and this is 90% from the bottom of his heart.

Ye Zhao smiled silently.

(To be continued)