In the current era, just a few years after the end of the first stop, the ugly country went from being the world's largest debtor to a creditor country by exporting munitions to Europe to earn foreign exchange, and successfully maintained the gold standard.

Britain suspended the gold standard because of excessive gold outflows, causing the world's financial dominance to shift from Britain to the ugly country.

However, due to the rapid inflow of gold and the ineffective price control during the war, the inflation problem in the ugly country at the end of the first station was more serious, and it became the first problem for the Fed to solve after the war.

During the war, the economy grew rapidly, driven by the "twin engines" of deficits and munitions exports.

After the war, the economic growth model of the ugly country switched, and consumption replaced it as the new economic engine, which gave birth to the economic boom of the 20s.

From 1920 to 1921, the country entered a brief recession.

The reason for this was the rapid rise in consumer demand from the public and veterans after the end of the first station in 1918, which drove up the rapid rise in prices.

In 1920, the CPI of the ugly country once reached 13.9%.

In order to control the rate of price rise and maintain the purchasing power of the gold standard, the Fed raised interest rates sharply in 1920-1921.

After the interest rate hike, investment declined, prices adjusted sharply, and the US PPI index fell by 37% and the CPI fell by 10% in one year.

After a brief recession in 1920-1921, the country entered a prosperous 20s: on the demand side, the wealth accumulated by the people of the country after World War I and the war gradually translated into strong consumption power;

On the supply side, the assembly line revolution has promoted the growth of production efficiency in the industrial sector, represented by the automobile industry.

From 1914 to 1921 and during the post-war reconstruction of Europe, the ugly country gained about $20 billion in wealth through commodity surpluses, and the world's gold flowed from Britain to the ugly country, and finally turned into the savings of the people of the ugly country.

During the war, in order to raise military spending and curb inflation, the country issued about 21.5 billion Daole government bonds, which partially suppressed the consumption demand of the people during the war.

After the war, with the depletion of savings and the continuous repayment of debts, the people's spending power was unleashed.

In addition, the adjustment of prices in the early 20s and the subsidence of hyperinflation increased the purchasing power of residents' savings, and also created good conditions for people's consumption throughout the 20s.

At the same time, after the war, the country began to initially implement welfare systems such as minimum wage standards, which ensured the basic livelihood of the people.

Coupled with the long-term economic prosperity and the shortage of labor market demand, the people of the ugly country have ignored the risk of unemployment and savings, and have begun to cultivate the habit of borrowing and spending ahead of time, which has further strengthened consumer demand and promoted economic growth in the current period.

In 1913, Ford began to apply assembly lines to automobile assembly.

This improvement in the production process was a great success, and Ford's production efficiency increased rapidly, reducing the production time of the famous Ford Model T from 12.5 hours before the assembly line to 1.5 hours, and reducing the production price by two-thirds.

At its peak in 1923, Ford alone could produce 1.83 million vehicles, while Chevrolet, the second-largest automaker, could produce only 330,000 vehicles.

The success of the assembly line led other automakers to follow suit, ultimately increasing the productivity of the entire U.S. durable goods manufacturing industry.

However, while the manufacturing boom in the 20s was accompanied by a decline in agriculture and real estate, the Great Depression of the 30s was also laid.

In terms of agriculture, after the end of the first stop, due to the resumption of agricultural production in Europe and the reduction of the number of agricultural products, the export and purchase volume of agricultural products in the country decreased, resulting in the price reduction of agricultural products in the country more than that of industrial products during the price adjustment period from 1920 to 1921.

The drop in prices has seriously dampened the peasants' enthusiasm for production in the ugly country, and has led to the stagnation of agricultural production in the 20 spurs.

The most critical real estate, after the end of the first stop, the ugly country gradually legislated to raise the threshold for immigrants to move in.

The Immigration Act of 1917 began to limit the number of Asian immigrants; The Immigration Act of 1924 set immigration quotas based on the 1890 census and was intended to limit emerging immigration from southern and eastern Europe.

The increase in the immigration threshold has led to a sharp decline in the inflow of immigrants from ugly countries after one stop.

At the same time, a stop with the Spanish flu caused the deaths of hundreds of thousands of young people.

The decline in immigration and the decline in the young population weakened the demand for real estate in the 20s.

However, the current monetary system still applies to the issuance of skyscraper bonds:

Overall, after the first stop and into the 20s, the rising rate of inflation after the war forced the Fed to raise interest rates, and the upper limit of the discount rate of commercial paper was raised from 4.75% in 1919 to 7% in 1921;

Since 1921, prices have been well regulated, the Federal Reserve has gradually cut interest rates to stimulate economic recovery, and the upper limit of the discount rate of commercial paper has been lowered from 7% to about 4%.

This also means that the direction of Treasury interest rates is in line with the direction of the Fed's monetary policy.

In the case of skyscraper bonds, as small investors begin to hold stocks in diversified investment trusts, the risk of their portfolios will decrease, as they will sell bonds and buy equities because of this diversification effect.

Pushing up stock prices in this way, the market will reach an eternal high ground, and then the Great Depression will come.

When an area reaches a level of prosperity in its economy, skyscrapers generally appear.

Almost all skyscrapers are built through a new type of bond financing that securitises mortgages, the skyscraper bond.

The developer sets up a company and borrows most of the money needed to construct the building.

The bonds were underwritten by a mortgage company, which used the distribution system of war bonds to sell the bonds on a retail basis to small investors.

The mortgage company will buy the bonds that were not sold, taking on the potential default risk of the borrower.

The Great Depression a few years later was the result of a combination of Wall Street promoters and irrational speculation.

The Dow Theory predicts the collapse of Wall Street, a cyclical stock market trend pattern.

The stock market crash of 1929 not only called into question the role of stocks as an investment product, but also weakened the country's confidence in its own financial structure.

At the height of the Great Depression, the Ugly Nation resolved the crisis by establishing the Securities and Exchange Commission to rebuild confidence in the fairness of financial markets.

But the fact that the value of stocks can change quickly has raised doubts that stocks are truly a suitable long-term savings tool.

The Wall Street crash of 1929 reminded the ugly people of the uncertainty of the financial markets, the Great Depression highlighted the great macroeconomic risks, and the cause and poverty of the Great Depression revealed that there was a huge savings and social security crisis in the ugly country.

If skyscrapers are the hallmark of an ugly country, then bond financing is the cornerstone of these buildings.

From the beginning of buying bonds to the enthusiasm for the stock market, Fisher also advocated stock investment, and the stock market continued to be hot, and the stock price seriously deviated from the fundamental price.

It wasn't until the stock market crash in 1929 that a group of securities analysts, Jones, Graham, and Warren Buffett, emerged to analyze the financial markets in a more scientific way.

But for now, skyscraper bonds are still very marketable.

Li Yaoyang: All they have to do now is to set up the project, and then find a financial company to publicly sell bonds.

In the beginning, Maffitt only wanted to build a 120-meter tall building, enough to overlook Atlantic City.

But after a little bit of Li Yaoyang's dialing, he also wanted to open it, support the bold and starve to death, and as soon as the 200-meter-high building was built, he asked who else in Atlantic City?

The two of them combined, and they did!

After more than a month of working to find a designer, make a budget, and sign a contract with a production material factory, the project was finally named 'Deep Blue Building'.

'Deep blue' means that standing on the top of the building, you can overlook the deep blue of the Atlantic Ocean, and it also symbolizes that the future of this building can go to 'deep blue'.

The project as a whole is a 210-meter-high skyscraper with 68 floors, and the appearance looks very sci-fi, although the theme is still reinforced concrete, but the hexagonal shape resembles a spaceship.

The construction period of the project is expected to be 3 years, which can greatly alleviate the pressure on construction costs.

The total construction cost is US$21 million, with an initial investment of US$5 million, with Lai's Xinhua Real Estate and Maffit's construction and development company each contributing 50%.

The rest of the investment will be issued with bonds, which will also have a five-year exchange period and a non-low interest rate.

Through Ron's connections, Lai found several Wall Street financial firms to jointly guarantee the bonds.

Subsequently, the Atlantic Daily ran two full pages of special stories to build momentum for the bonds.

——————————

Turning his attention back to Chicago for the time being, after Li Yaoyang inspected the property market, he went to meet Alcatel.

Compared with before, the momentum of the madman Al is stronger, and he is becoming more and more like a hey hand boss.

But his whole person also looks even more gloomy, his eyes are black and blue, and he looks like he was beaten by someone, but in fact it is the result of absorbing independence.

Li Yaoyang didn't know what to say except sighing.

After being silent for a long time, he said quietly:

"Al, you~ do it yourself."

"Lee, what do you say? I'm glad you came to see me, and you know I don't have any friends here. ”

Al took a sip of wine, looking lonely.

"You also asked for it, no one forced you to go to a dead end."

"It's useless to talk about this, let's say, what are you doing in Chicago this time?"

"Looking at the skyscrapers, I'm going to build a building in Atlantic City."

Al raised his eyebrows:

"Can you build a building? Enough to earn! ”

"If you want to, you can too, that's not the point, the business of the Pacific Hotel has declined a lot recently."

Al nodded helplessly:

"I have a focus on the report, and it has been declining for 6 consecutive months."

"Something has to change, Al!"

"What do you mean?"

"I'm going to build a cloud casino on the roof of the new building, where you can see the most beautiful scenery, sleep with the most beautiful women, and play the most exciting games from the highest place.

Cloud casino, only those who are in the cloud are eligible to enter! ”

Al's eyes lit up, and the slogan attracted him all, not to mention the rich gamblers.

"You mean to pull me in?"

"The operation of the cloud casino is handed over to you, but the building wants to take 30% of the profits, is there a problem?"

"Nope! Of course no problem, on what terms? ”

"$1,000,000!"

Al slapped his thigh:

"Deal!"

"Come on, I knew you were a smart man." Li Yaoyang laughed.

He and Moffet each took out a maximum of 2 million, and the remaining 1 million down payment was extorted from Al, anyway, this guy has money.

"Hehe, of course, it's a fool not to make money, but your design is really eye-catching, with the cloud casino, the gambling hall in the Pacific Hotel can be withdrawn."

Li Yaoyang shrugged his shoulders:

"You don't have to withdraw, you can keep it to distinguish customers, the high-end drainage to the cloud, and the low-end is still in the Pacific Hotel."

"Ha~ No matter how small the mosquito leg is, it is meat, I like your greed!" Al looked at him with eyes twice as greedy as Li Yaoyang.

Personally poured wine for Li Yaoyang, Al said:

"If you want me to say that you still sell unique products with me, that's the real profiteering."

"I'm not interested, I said, I can't have that thing under my nose, I want to live a few more years."

Al pursed his lips and looked disapproving, yes, according to his idea, as long as everything that can make money is good business, he doesn't care if it's illegal or immoral.

This is also the essential difference between him and Li Yaoyang, and it is the biggest contradiction.

Theoretically, the two are not all the way.

But because of interests, the two must remain superficially friendly, and even call each other brothers, hypocritical? Hypocrisy! But also the most real world.

In the nightclub box, the dark red leather chairs are particularly moody by the smoky yellow lighting, and elegant jazz music is played outside, adding an ambiguous atmosphere to the charming atmosphere.

The sofa, which was also dark red, made a squeaky sour sound, and the roots of the listener's teeth itched, and the sofa was also vibrating up and down.

Looking up, I saw Al grabbing a woman and venting, tearing hard, making the woman wail in pain.

But she didn't dare to resist, otherwise the beating would be light, and she could only close her eyes and suffer in silence, hoping that this would end quickly.

She wasn't the first victim in a nightclub, and she wasn't the only one who didn't dare to resist.

But no matter what, Al will give them a large sum of money after the end to make up for the trauma on the psyche and **.

Li Yaoyang didn't know that after he left, such a scene would happen in the box.

Well, even if you know, I'm afraid I won't care, it's not that he's cold-blooded, it's really interests first, and he won't break with Al because of a woman he doesn't know.

At this time, there was a knock on the door, and the blonde beauty's face was full of fear, and her tearful eyes trembled violently, but her hair was caught, and she didn't dare to move, and she felt that her scalp was about to be torn off.

Al really didn't care and shouted:

"Come in."

One of his men stepped in in a quadrangular manner, unsurprised by the scene in front of him.

"Boss, Mr. Lee has left Chicago."

"Well, I got it~"

He shuddered, pursed his lips tastelessly, and pushed the person into his arms:

"She's yours, work hard tonight, have fun."

"Thank you, boss!"

The girl shouted in despair:

“no！！！”

"Brother Shen!"

"Hmm!"

Shen Changqing walked on the road, and when he met someone he knew well, he would say hello to each other or nod his head.

But it doesn't matter who it is.

There was no superfluous expression on everyone's face, as if they were very indifferent to everything.

on this.

Shen Changqing is used to it.

Because this is the Demon Suppression Division, it is an institution that maintains the stability of Great Qin, and its main responsibility is to kill demons and monsters, and of course there are some other side jobs.

Arguably.

In the Demon Suppression Division, everyone has a lot of blood on their hands.

When a person is accustomed to seeing life and death, then he will become indifferent to many things.

When he first came to this world, Shen Changqing was a little uncomfortable, but over time he got used to it.

The Demon Suppression Division is huge.

The people who can stay in the Demon Suppression Division are all powerful masters, or people who have the potential to become masters.

Shen Changqing belongs to the latter.

Among them, the Demon Suppression Division is divided into two professions, one is the town guard and the other is the demon exterminator.

Anyone who enters the Demon Suppression Division starts with the lowest level of demon slayer.

Then step by step, he is expected to become a town guard.

Shen Changqing's predecessor was a trainee demon slayer in the Demon Suppression Division, and he was also the lowest level of the demon slayer envoys.

Have memories of the predecessor.

He is also very familiar with the environment of the Demon Suppression Division.

It didn't take long for Shen Changqing to stop in front of an attic.

Unlike other places full of slaughter, the attic here seems to stand out from the crowd, and in the bloody Demon Suppression Division, it presents a different tranquility.

At this time, the attic door is open, and there are occasional people entering and exiting.

Shen Changqing only hesitated for a moment, and then stepped in.

Access to the attic.

The environment has changed in vain.

A burst of ink fragrance mixed with the faint smell of blood came to his face, making his brow furrow instinctively, but quickly stretched.

The smell of blood on everyone's body in the Demon Suppression Division is almost impossible to clean.