Roland shook his head and smiled, asking himself and answering.

"In fact, there are two essential differences between our paper money system and the imperial gold money, and this is precisely the difference between heaven and hell."

"First of all, our banknotes are secured by real gold, and people can go to the bank to exchange gold coins at any time, but the imperial gold banknotes are not worthy of the name, and the magic crystal is chosen as the anchor, as we have seen, the historical experience of thousands of years tells us that the price of gold has always remained at a relatively stable level, and the price of magic crystal is more unstable than that of gold, the origin is more concentrated, and it is more vulnerable to external shocks."

"When everything goes well, the price of the magic crystal is bullish, and the imperial gold banknotes issued with the magic crystal as collateral actually become a call option, which will naturally arouse people's speculative impulses, from June last year to July this year, the purchasing power of our Far Eastern gold banknotes has not changed much, and the market price of the imperial gold banknotes has soared twice as much as the par price, if it is not for fanatical speculation, what reason can explain this crazy phenomenon?"

"Money is used for circulation, and illiquid money is destined to be inviable, and in this sense, we would rather tolerate a currency with a slight inflationary tendency than with its natural deflationary properties!"

"Unfortunately, when imperial gold money became the darling of the speculative market, it basically lost its currency properties. For example, if you have a bill worth 100 dukas, you know very well that its market price will rise to 120 dukas tomorrow, at least 125 duks the day after tomorrow, and even higher the day after tomorrow...... So if you were a rational person, would you be willing to spend this bill now and buy goods worth 100 gold duga? ”

"If you're a rational person, you're obviously not going to do that. You don't even have to do anything, as long as you hold this banknote, your assets will grow automatically, is there anything more beautiful in the world? ”

"Who doesn't love something so beautiful? Since everyone tends to hold imperial gold money rather than spend it, the gold money in the market will always seem to be in short supply, so that the price will continue to rise, further stimulating people's psychology of holding the currency to appreciate. ”

"According to statistics, the Imperial authorities issued a total of about 700,000,000,000,000,000 gold dugs in the year, and only a very small part of these banknotes circulated in the market, and even more so if we subtract the part of the gold money that circulated in the speculative market, and count only the gold notes used as a means of payment for goods and services. From this we can conclude that the 'Imperial Money' did not play its proper role as 'currency', and for a year it played mainly the dishonorable role of 'object of speculation'. ”

Roland stopped to take a sip of water, and his mind couldn't help but think of the world before the crossing, the tulips in the Netherlands, the stocks of the British South Sea Company, and the "Ginger You Army" and "Garlic You Ruthless". Compared to these bloody examples, there is nothing special about the Imperial Gold Banknotes.

"Overnight, bad news came from the New World, and the Imperial Jotunheim Mining Company was in a precarious situation after being attacked by a coalition of indigenous tribes. When this bad news reached the territory of the empire, confidence in the speculative market immediately collapsed. We all know that the reason why a speculative game can continue to run is because of the invisible and tangible force of 'confidence', once people generally lose confidence, this speculative game will be played, and after that, we will see the collapse of the imperial gold money bubble and the speculative market full of sorrow. ”

It was only at this point that people's mentality changed, and they suddenly realized that when gold money was stripped of its speculative properties, it could at least be used as money. Out of the psychology of hedging and stop-loss, people flocked to the banks, demanding to exchange their gold banknotes for magic crystals or real money, and when the Imperial Central Bank could not meet this demand, people collectively turned to the commodity market, trying to use the sharply depreciating gold banknotes to buy more value-preserving materials, which caused more terrifying hyperinflation. ”

"Now I'm going to go back to the Far Eastern gold banknotes. Compared with the Imperial Gold Bank, the Far Eastern Gold Banknote has a simpler function, just a payment tool, and only needs to play the role of currency. Our government and the central bank have not allowed Far Eastern gold money to become a speculative object, nor have they allowed excessive printing of paper money to seize national wealth, and it is precisely because the amount of gold money in circulation matches the size of the economy that prices in the Far East have remained at a relatively stable level over the years, and there has been neither significant deflation nor hyperinflation. ”

Speaking of this, Roland had an idea and turned to look at Rogge: "Mr. host, have you read the comic column of the Far Eastern Evening News today?" ”

"Of course I did, in fact I am an admirer of Mr. Vladimir, I never miss his cartoons, and I have an evening newspaper at hand." The dwarf poet smiled and picked up the newspaper.

"So, could you please tell the listeners in front of the radio about the contents of this cartoon?"

"No problem!" Rogge briskly unfolded the newspaper and stared at the comic column and slowly described: "The first thing I saw was the building of the Central Bank of the Far East, and through the open treasury door, I saw mountains of gold and silver in the treasury, as well as many other materials. ”

"For example?"

"Bags of flour are neatly stacked, and beans, cheese, bacon, butter and salt...... Oh wait! See, what is this? I also saw cloth, furs, and plenty of barrels of spirits......" Rogge couldn't help laughing, "it's strange, I didn't even know there were these things in the bank's treasury." ”

"Of course, the central bank's treasury does not really store these daily necessities, Vladimir's cartoon is an artistic expression, but it doesn't matter, the same cartoon, I see only one thing in my eyes."

"Oh? What do you see? Rogge asked, surprised.

"What I see is 'credit.'" Roland's expression was solemn, "Whether it is real money or silver, or all kinds of living materials, they are all the confidence that the government relies on to support monetary credit." ”

"The public coffers of life are stored in the public coffers of the municipalities and villages of the Far East, the state-owned farms provide us with endless food, and the Crescent Valley provides us with endless cotton cloth. If the price of goods in the market rises, we will sell these goods to return to the currency and stabilize the price; On the other hand, if prices fall, we will issue more money and buy goods. We use these necessities as currency issuance reserves, which are much more practical than gold and silver that we cannot eat or wear, so listeners in front of the radio should now understand why we do not have to worry about skyrocketing prices. ”

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