The comprehensive audit operation deployed by the Central Bank of the Far East has forced 11 domestic commercial banks with serious violations to withdraw from the financial market, while at the same time, the other commercial banks that have survived have also experienced the test of the storm, and have become more standardized and healthier in terms of financial and operational aspects. Therefore, when the collapse of the paper money bubble in the Assanian Empire in late August caused the people of the Far East to panic and run to the banks to demand that the banknotes be exchanged for real money, the vast majority of banks appeared to be composed, relying on their solid gold and silver reserves to cope with the turmoil.

At the same time, the central bank's headquarters in Colasburg duly made public solidarity. In an interview with the "Voice of the Far East" and the "Motherland Daily", Roland said that the central bank has noticed the panic caused by the imperial financial crisis, and on the one hand, it will do a good job of propaganda work to appease the people, and on the other hand, it will also provide help to financial institutions that need to re-lend and rediscount at any time, so that the domestic financial order can be restored as soon as possible.

Roland's speech is actually equivalent to a reassuring pill for financial institutions across the country: don't be afraid, if you don't have real money, you will come to the central bank to borrow, and the "central mother" will never stand idly by!

In fact, there are not many commercial banks that actually apply for relending from the central bank. If the financial system of the empire was a papier-mâché building built on the sand, then the financial system of the Far East was a reinforced concrete fortress capable of resisting at least an earthquake of magnitude 8. If the position of the commercial banks in various localities is tight, they can directly find a temporary loan from their local counterparts to solve it, and they will not be able to rush to the headquarters of the central bank of the capital to move a few boxes of gold and silver nuggets back.

By the end of August, the run had become a rarity, and the financial turmoil that had been devastating to the Assanian Empire had calmed down with just a few leaves in the Far East.

However, Roland did not dare to let his guard down, and at a cabinet meeting, he presented a report on the imperial currency reform of 1623-1624 and the resulting financial turmoil, for the country's politicians to draw lessons from.

In fact, Roland was the first person in the entire world of Vares to accurately predict the inevitable failure of the imperial monetary reform, as early as last February, he had just returned from the holy city of Yassan, and at a cabinet meeting, he harshly criticized Frank's gold money reform, and asserted that the imperial gold money would inevitably trigger a national speculative carnival, and that it would collapse at the peak of the speculation tide.

Over the course of the year, the trend of the Imperial gold banknotes was almost exactly in line with Roland's predictions, and Roland also made a fortune in this speculative frenzy with superhuman foresight, and by the way, pierced this gilded bubble.

"The repetition of the same words over and over again is annoying, and I have criticized enough of the ills of the Imperial Gold Reform in the past two years to not want to say the same thing again to show off my vision, on the contrary, I am going to say a few words that are out of place."

At the cabinet meeting, Roland gave a fair assessment of the reform of the imperial gold banknotes.

"If we look at the Imperial Money Reform from a historical perspective, we will find that the paper money system established by Frank and John Lauer had many advantages ahead of its time, and compared with this historic innovation, the shortcomings of the Imperial Gold Money System are only minority, but unfortunately the success or failure of a project often depends not on how grand the blueprint is, but on whether the details are impeccable."

"Over time, when the market returns to rationality, it will be recognized that John Raul is largely right – that there is not much money in circulation relative to the size of the empire's economy, and that the current turmoil is just a temporary manifestation of the market's irrationality."

"But Mr. Keynes was right, as he once pointed out – that market irrationality often lasts longer than you can tolerate."

Roland is a pun here. The copyright of the above quote belongs to the great Sir John Maynard Keynes, but it has also been quoted more than once in the world of Varess in his articles under the pseudonym "Liszt Keynes". To put it bluntly: the child died, and the milk came, but unfortunately it was too late.

……

Over the years that Roland has been in politics, one of the things that touches him the most is "talking about people when he sees people, and talking about ghosts when he sees ghosts", and this is precisely the most important professional skill of a politician. The mystery lies in choosing different angles of elaboration for different audiences, and it is possible to tell the truth, but it is just a selective truth.

In the case of this imported panic in response to the collapse of the Empire's gold money, Roland did not criticize the rulers of the Empire when facing His Majesty the King and his ministers, but spoke highly of Frank and John Lauer, sympathizing with their unfulfilled ambitions.

However, when speaking to the people, he can no longer maintain this position of "reasoning among the people", and inevitably follow the trend to criticize the imperial bureaucracy for being mediocre and incompetent, bringing disaster to the country and the people, and playing with the good paper money system...... There is no harm if there is no comparison, think about the life of those imperial people whose life savings have been washed away by the financial turmoil, and then think about the comfortable life of our people in the Far East, isn't this how the national self-confidence and pride are compared?

On the first weekend of September, Roland went to the "Fireside Chat" studio to talk to the host Rogge about the fashionable topic of the imperial financial crisis, and half-jokingly expressed the following emotion:

"Thank you to the Imperial Government for coming forward and giving a vivid patriotic education to all our people in the Far East."

Roland's strange sense of humor was finally used in the right place this time. Rogge laughed heartily when he heard it, and the Far Eastern listeners in front of the radio also laughed from ear to ear, and when he thought about it carefully, it was really like this! As for the feelings of the people of the Reich, who were also sitting in front of the radio...... I'm afraid it's not something that can be covered by a simple sentence of "sadness".

When it came time to answer the letter from the audience, Rogge put away his smile and solemnly read a very representative question raised in the letter:

"The Assanian Empire and the Far East both implemented paper money, and now that the empire's paper money has collapsed and prices in the market have skyrocketed, will the same crisis be repeated in the Far East?"

Roland straightened up from the sofa and replied with a serious face.

"This listener has a very pointed question, and I must give the most candid answer."

"First of all, we have noticed that there are similarities between the monetary systems of the Empire and the Far East, for example, the circulation of paper money in both countries instead of the traditional gold and silver coins, which makes it easy to think: the shortcomings of the imperial paper money system, will the Far East paper money system also exist, and will our gold and silver money repeat the mistakes of the imperial gold money? Could it also depreciate sharply, creating hyperinflation, as the Empire is currently struggling with? ”

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