After taking a nap and asking Yoren again to make sure he wouldn't be leaving for the Wall in the next few days, Egg and Tyrion went out together, and began to discuss the details as they rode their horses.

"Any fundraising is an empty glove white wolf at the beginning, and the difference between real finance and financial scam is that the former 'cheats' money is only a means and a beginning, not an end and an end. We are, or at least wish we were doing, the former...... In that case, we have to have a formal and well-established system that not only looks like that, but also works. "It takes a lot of rules and regulations to govern the behavior of everyone involved – not just you and me," Iger explains. Now, I'll begin to discuss the details with you, as you wish. ”

"Very good, you say, I listen and give advice. ”

"Hmm. Egger had already typed everything in his room, and his thinking was naturally quite clear: "A mature financial system has to consider quite a few things, stability, order, and development...... But we're just getting started, so we're just thinking about stability now. The so-called stability mainly refers to the stability of the capital chain, and the main source of our funds is borrowing...... To maintain stability, as long as the creditor, or creditor, does not arbitrarily demand repayment. ”

Faced with the new knowledge and new words that came to him in the whole lump, Tyrion couldn't interject at all, so he could only nod his head, trying to absorb it while responding: "You said it, interest." ”

"Yes, interest, i.e. return...... At the beginning, I casually said one percent per month, but if you think about it, this figure is quite reasonable, the lower the rate of return, the lower the risk of scam collapse, this figure can be said to be moderate and low, so we have to add other rules to cooperate - the method is also very simple, agree on the repayment time when borrowing, continue to calculate the interest after the overtime, and there will be penalties for the insufficient. ”

"And punishment?" Tyrion questioned disapprovingly, "Borrowing money is begging for someone, who would dare to take it out when you say that?"

"Don't worry, first of all, there is a bottom line that we must guarantee, that is, the principal of the creditors will never shrink, and the 'punishment' is only the part of the income. Iger motioned to the other party to calm down: "What are we doing? But this is known only to us, and on the surface we are raising funds on behalf of the Night's Watch and under the guarantee of the Prime Minister, and then purchase food and equipment to send to the Great Wall to fight against the Junglers to defend the kingdom. It's a serious and noble thing, and although it's actually the two of us doing it, and only part of the money is spent where we claim to be using it, the debtor ...... It's the Night's Watch, not me. ”

He paused before continuing: "This is quite crucial, I represent the organization of the Great Wall Defenders, although it is self-proposed, although this organization is indeed in great decline, and the southerners look down on it, but legally the Night's Watch is an independent organization on the same level as the Seven Dukedoms, and that is enough. As the representative of this organization, I must put on an official appearance, and no one can see that I am using chicken feathers as an arrow. On the basis of guaranteeing zero risk to the principal of the creditors, we have to establish some hard-line, seemingly domineering, and indeed beneficial principles - at the very least, our bonds refuse to be redeemed before the agreed time. ”

"What you say makes sense, but there are only a few people in the world who are willing to be reasonable. Tyrion shook his head, "I don't know what you're going to do with it, but in Westeros, not only will it not work, but it may cause panic." ”

"It is true that the rules are dead, people are alive, and if the creditors are really in dire need of money, of course we can't bite the rules and not pay the money, but the punishment is essential - if the creditor asks for the money to be withdrawn in advance, when the money is in our hands for more than two months, the early redemption needs to pay a handling fee of one percent, that is, the interest on the repayment is reduced by one month. And if the borrowing time is less than a month, and the interest is not enough to pay the handling fee, in line with the principle of not letting the creditor suffer the loss of principal, the handling fee will naturally not be collected - but there can be other punishments, for example, I will refuse to borrow money from this person again. ”

"Refuse to borrow any more money from this person?" Tyrion was amused, but a closer look at Egger's expression revealed that his adventurer friend wasn't joking, "Don't make a fuss, who would beg to lend you money?"

"Sounds a bit arrogant, but to put it a little more low-key, this person will be disqualified from buying a Night's Watch bond. Egg confidently said that Tyrion's involvement emboldened him, "Unless he pays the last purchase default first...... You may find it incredible, but sometimes the reality is just so bizarre. ”

The dwarf, as always, remained cautious: "Oh, I would love to believe it, but I can't. ”

"It's true that a one-hundredth monthly return doesn't have that much magic. "So, if there is a penalty, there must be a reward, reward one: there is no need to pay a fee for redemption after three months, and reward two: interest increases - for example, the interest rate is 1.5% for the third month, 2% for the sixth month, and so on, 2.5% for the ninth month, 3% for the twelfth month, and 0.5% for each full three months." ”

"It's too much. ”

"It's the month, not the month, and it's not much. Iger corrected: "So the interest on what the creditor borrowed from me was 3.5 per cent for three months, 7.5 per cent for six months, 12 per cent for nine months, and 17 per cent for twelve months...... In this case, the rate of return is attractive enough. In this way, creditors will naturally have the impression that the longer the money is in my hands, the higher the return. The same 100 gold dragon, it will still be 100 after a year at home, and it will become 117 after lending it to me for a year, what will you do?"

"Indeed, it's attractive enough. "Arithmetic has always been Tyrion's strong point, but compared to a certain science student who has received more than ten years of exam-oriented education in the Celestial Empire, it seems so scummy. He had gone to great lengths to keep up with Egger, and then he was unconsciously convinced. He feels that he has been persuaded more often than he has in the last twenty years or so combined: "I see, not only that, but the person who lends you money will gradually develop the habitual mindset that the longer you put it, the more money you will put it away – unless there is a real need for money, they will try not to redeem it." ”

"That's right, if you were a creditor, and you lent me 100 gold dragons—no, you should say lend it to the Night's Watch—eleven months, even if it were eleven and a half months. If you redeem it now, the calculated return is calculated according to eleven months, that is, one hundred plus eleven months of interest, 114 Golden Dragon, you just need to wait for half a month, 114 will become 117, but you really can't wait, what will you do?"

"Hmm......" Do you want to use your brain again, Tyrion likes it, he thought for a while, and had an answer: "I will transfer this bond to someone else at a price of 115 or 116 gold dragons, in this way, I can solve my urgent needs, and the person who takes over this bond can also earn one or two gold dragons in just ten days." ”

"yes, what does that mean?"

Tyrion continued to think about it, and quickly pondered, "In this step, the Night's Watch bond you issued could be used as a 115 or 116 gold dragon......! You say the 'banknote' function!"

"That's it, but that step will take the whole society to recognize the reliability of the Night's Watch bonds, which will take a long time, and it will be nice to see it in our lifetime. More likely, the king saw the potential of finance and issued treasury bonds, squeezing out my market. Iger smiled, "Real finance is a thousand times more complicated than that, but we're just starting out, so we don't think that far ahead...... Well, how do you go at this intersection?"

——