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Chapter 265 The Monetary Standard

Raymond Orr's voice fell, and the large conference room was filled with an eerie silence! If it weren't for the heavy wheezing around and some people in the conference room, I'm afraid no one would believe that there are more than a dozen high-ranking officials sitting here who control the military and political power of the United States!

"Whew!" Alan Arthur sighed lightly, feeling that his headache caused by long-term insomnia had worsened a little! Because he was facing the threat of the squadron advancing eastward, he had never had a detailed understanding of the economic crisis that began in the United States! Unexpectedly, when he inquired today, he learned that the situation in the United States had become so bad in the past less than ten days!

"Ladies and gentlemen, although the past nine days have only been the beginning of the economic crisis, they have caused the most serious disasters. Pen, fun, pavilion www. biquge。 Although the speed of the economic decline will slow down in the future, our Ministry of Finance predicts that at least in a year or two, this economic crisis will not improve!" This sentence is not surprising to everyone, the economic crisis in the past did not last for a year or two!

"A year or two is just the most optimistic estimate, and now we are facing the threat of war with the Chinese! And if war breaks out in the Great Lakes region, then our economy and industry will suffer heavy losses! So far, we have not carried out any rescue operations. Let the stock market slide, so the economic crisis will be more serious than expected!"

"You mean that this economic crisis is likely to last longer than it has ever been?" asked U.S. Attorney General George Herbert with a frown.

"Yes, the economic crisis coupled with the threat of war will last for three or four years, or even longer! In addition, with the development of our economy over the years, Britain, France, and Germany, the three major capitalist countries in Europe, have very close trade relations with us! We are in deep crisis. If the recovery is slow, then their crisis will be further deepened. The reverse is also true! The crisis in Europe is serious, the market is depressed, our goods cannot be sold, and the crisis in the United States will deepen again!"

"Raymond, how much money does the Treasury have now?" Alan Arthur's eyebrows twisted into a high pimple, and his left and right hands rubbed heavily against the temples on either side of his cheeks. It has been more than two years since he was president of the United States, and he has never encountered such unimaginable difficulties as now!

The current internal and external troubles in the United States have really been embarrassed to the extreme!

"Mr. President, now we have only $120 million! Several large loans that had been negotiated with Britain and France have been cancelled because of the serious economic crisis that has erupted in their own country! However, because of the economic crisis and the war aggression of the Chinese, the tax revenue in the third quarter will shrink by more than 40 percent, which means that we will not get more than $80 million in taxes!"

After listening to his words, Alan Arthur nodded with a heavy face. "Does your Ministry of Finance have any good solutions to deal with this economic crisis?" Of course, he also understands that such an economic crisis that has swept the world wants to reverse it fundamentally. That's impossible! Only find a way to reduce its harm! and find a way out of this crisis!

"President, in the past few days, the financial department of our Ministry of Finance has also thought of some methods, you can consider whether to implement them!" Raymond said as he picked up the information on his desk and flipped through a few pages, "First, the currency depreciates! When the dollar depreciates, it will naturally be able to increase exports, although the capitalist economic crisis in the world has erupted! Exports still exist, but the scale has shrunk compared to before! Second, ......!" Raymond paused, looked left and right at the hope on everyone's faces, and secretly gritted his teeth, "The second is to separate the dollar from gold and silver, and cancel the gold and silver double standard!"

"What?"

"How is this possible?"

With the development of the US economy, especially the western states of the United States, which already have rich reserves of gold and silver mines, the US treasury has also accumulated very rich gold and silver reserves by using these mineral deposits in recent years! Therefore, the US dollar has also been exceptionally strong in recent years! It has become the most used settlement unit in the Americas except for the pound sterling!

Moreover, almost every capitalist country in this era is either on the gold standard or on the gold and silver standard, and there has never been an exception! If the United States really abolished the gold and silver standard, it would really be a blessing and a curse!

"By abolishing the gold and silver standard and adopting paper money credit, we will be able to issue several times the amount of currency, and then not only will we have the funds to expand the army, but we will also be able to invest in industry and agriculture, plus the army's logistical procurement, and a large number of factories will be able to benefit from it! This will increase the economic vitality of the United States, and we will be able to gradually come out of the economic crisis and return to the previous prosperity!" Looking at the surprised look on everyone's faces, Raymond still talked without changing his face! As a Ph.D. graduate of Harvard University's School of Economics, he has absolute confidence in his strategy! Although this plan is a bit ahead of his time, he believes that this will be the future of the international financial community!

With the development of the world economy and science and technology, various countries are becoming more and more closely linked, and the types and scale of commodities are also getting bigger and bigger! The amount of money needed by the market is also increasing dramatically, and the annual output of gold and silver, which can be used as the basis for issuing currency, is limited every year, and the increase in the amount of money that has increased cannot catch up with the needs of economic development at all. Breaking away from the gold and silver standard and adopting paper money credit is the inevitable development of the economy!

But take this approach for now. It's too early to solve the crisis in the United States!

The people who can sit in this room today are almost all the Jingying talents and high-IQ people in the whole of the United States, and they are naturally able to think of the benefits of this method. But there are pros and cons, there is a good side, and naturally there is a bad side!

"Raymond, I believe that if the gold and silver standard is really abolished, is there also a very big risk?" Alan Arthur couldn't help but ask.

The moment he heard this, a trace of hesitation flashed in Raymond Orr's eyes! He has been studying the use of paper money credit for a long time, and he very much hopes that it can be implemented in the United States to see what the results are! But after all, he is the Minister of Finance, and the United States is now in a deep crisis, and finance and currency are the most sensitive places in a country, and if a bad one causes the country's financial disorder, then the United States may completely disappear into history under internal and external troubles! Raymond didn't dare to take this risk, so he said it anyway!

"Yes, President! If you want to implement banknote credit successfully, the most important thing is to make it acceptable to the market and the people. And if you want them to accept it, you must use the national credit of the United States as a guarantee! Otherwise, paper money will be just a piece of waste paper! Moreover, the abolition of the gold and silver standard will seriously hurt the interests of the major American families! In addition, now that we are in an economic crisis, our financial system is already very fragile, and the use of paper money credit can easily cause domestic economic turmoil! This will then lead to even greater chaos in the market! And the harm caused by the economic crisis will be even more far-reaching!

"Alas!" Alan Arthur sighed deeply, he was still not sure about the benefits of abolishing the dual gold and silver standard! But these disadvantages are obvious! Especially those big families in the United States, each of them almost holds a large amount of gold and silver, and if the United States implements paper money credit, then the gold and silver in their hands will completely become commodities, and will no longer be currency! This also means that they have lost their previous influence on American finance! Moreover, the United States only needs to use a lot of paper to be able to take a large amount of property from them!

As a world capitalist country, the influence of businessmen in the United States is extraordinary, and a large number of congressmen in Congress are representatives of their interests, and if he really agrees to this bill today, then he will not have to come to the White House tomorrow!

"The use of the gold and silver standard and the use of paper money credit are too harmful, and the current American environment does not have the basis for implementing this policy! Therefore, this suggestion should not be mentioned again in the future!" After Allen Arthur made a final decision, most of the people in the conference room couldn't help but secretly breathe a sigh of relief! Although they were able to sit in this position today, although there were reasons for their own outstanding abilities, the sufficient financial guarantee of the major families was also one of the reasons why they were able to ascend to high positions! They represent the interests of the major families, so it is simply impossible to abolish the policy of gold and silver standards to pass!

"Do you have any other solutions for the Treasury besides the above two?"

"There's only one last one, President!" said Raymond, looking a little depressed.

"What is it?" Alan Arthur looked shocked, and couldn't help but ask at the moment, and the other people who attended the meeting also showed the same expectant look!

"Negotiate with the Chinese, let them cease the war, and withdraw from all American cities, including Chicago and Houston, and withdraw from all American land, including the three western states!

Alan Arthur's expression was stunned, and then he smiled bitterly! This method is simple to say, but it is too difficult to implement!

If the United States takes the initiative to propose negotiations to the Chinese at this time, then the United States, which is at a disadvantage, will certainly have to pay a lot of benefits! This can be understood from the post-war negotiations in which the Chinese People's Army will never let go of the Netherlands even in the face of strong pressure from Britain!

But now the United States is in an economic crisis, and even a dollar of money is very precious, and with his knowledge of those guys inside Congress, they will not allow the United States to pay reparations to a yellow country!

If they do not get their own benefits, the Chinese will certainly not leave the United States! Therefore, it is simply impossible to resolve the contradictions between the two sides through negotiations!