"Arise, hungry and cold slaves, arise, all those who suffer under the heavens, their blood is boiling, and they will fight for the truth."

There are still many bankrupt peasants and unemployed workers outside the Ming Zuo Prime Minister's Mansion, singing the "New Ming National Anthem" while holding a sign "for a walk".

And of course, there is a reason for these people's dissatisfaction, which is obviously a blooming and a good situation. Why did the stock market crash, the bond market crashed, the bank run, the factory closed down all of a sudden?

How is this going on? What's the problem? Why has it been more than a year and almost two years since the crisis occurred, and the Ming court is still at a loss?

In fact, Zhuge Weidao's response to the crisis was still very timely, and after the Shanghai stock market plummeted due to the inability to pay some maturing bank bonds and the serious deficits of several agricultural companies specializing in serving small farmers, he immediately asked the officials in charge of the economy and the think tank group funded by the Zhuge family to seriously investigate and analyze to see what the problem was.

And the answer obtained after the investigation and analysis made this Zhuge Prime Minister very speechless!

The root of the problem turned out to be that the last world war was "won too much".

It doesn't sound like human words, but after careful analysis, it's really going on!

It turns out that this wave of economic crisis in the Ming Dynasty is a typical overproduction. Capitalism will always be excessive. And the most serious surplus seems to be not industrial products, but agricultural products!

That is, there are so many delicious foods that I can't eat them!

It's not a joke, it's real. In fact, when Zhuge Weidao looked at the world map with great ambition every day, he should have thought that there would be this day.

Because the Ming Dynasty gained too much in the last war!

Not to mention the bits and pieces, let's just say that the big pieces are suitable for big agriculture, there is a whole Oceania, including Australia and New Zealand, all of which are packaged and won! There is also the British Oregon region, including all of the American states of Oregon, Washington, Idaho and Montana, and parts of Wyoming in another timeline.

In addition, California and Texas, which were under the name of the Mexican Empire, also became a paradise for the Ming expatriates and the Ming vassal states of the Kingdom of Japan to open farms, pan for gold, and dig for oil.

There is also the Pampas Plateau, which was "ownerless" at the end of the First World War in 1833, and was also easily taken by the Great Tomorrow Dynasty.

Almost all of the above land is a good place for the development of big agriculture! Even the drought-stricken Central Basin of California has been turned into fertile soil for wheat, rice, fruits and vegetables because of the dam built by the Longzhong Water Conservancy (the industry of the Zhuge family).

The fertile soil of these places is difficult to develop by a single family farm, and these places are the most suitable for the development of mechanized agriculture and large pastures! Of course, the Ming court also encouraged small farmers in China to go to those places to receive land for development.

But the small farmers dragged their families and went to those places thousands of miles away, and the Ming court was embarrassed to give one or two hundred acres, right? I don't have the motivation to go to this number of people! Therefore, the Ming court not only gave them a large amount of land, but also provided low-interest or even interest-free development loans to help them purchase agricultural machinery. As a result, after moving to these "new territories", most of the Ming small farmers became farmers who owned large tracts of land.

At the same time, the big capital of the Ming Dynasty was also encouraged to go to the "new territory" to engage in various developments, and these big capitals went to the new territory, of course, they had to take the road of mechanized farms.

And the production cost of these mechanized farms in these new territories is simply incomparable to the cost of small farmers in Daming!

As more and more fertile land for new territories has been developed, low-cost agricultural products from new territories have begun to hit the local market of Daming since about a decade ago. And the life of the small farmers in Daming began to become more and more difficult. However, the Ming court at that time did not think that this was a problem, and the small farmers had a hard time, so they would move to a new territory to become a big farmer! Large farms are more productive and can provide more cheap produce for the local population. People take food as the sky, this must be a good thing!

As for the bankrupt small farms in the country and the debts attached to them, it does not seem to be much of a problem. The big deal is to allow the transfer of the divided farm, and use the proceeds of the transfer to pay off the debt.

As a result, mechanized farms with high production efficiency have also begun to appear in many places in Daming!

At this time, the financial situation of those small farmers who were still struggling to support began to increase rapidly, and they also embarked on the road of debt, bankruptcy, and emigration (overseas or urban work).

And the process of bankruptcy of this local small farmer in the Ming Dynasty is from slow to fast, faster and faster. At first, it didn't seem like a big problem, but as there were more and more large farms, the profits of small farmers became thinner, the wave of bankruptcies became more and more violent, and the output of agricultural products increased. As a result, the crisis of surplus and debt began to erupt in agriculture and small individual farms throughout the Ming Dynasty, and soon spread to some large agricultural companies that were not very competitive.

Of course, the concentrated bankruptcy of a large number of peasant households inevitably affected the consumption of industrial products, and the crisis encountered by large agricultural companies in new overseas territories temporarily "froze" a large number of construction and investment projects - the demand for steel bars, cement, ships, vehicles, and agricultural machinery fell sharply!

In the past few decades, the production capacity of Daming Industry has also been in rapid expansion! The production capacity is already a bit excessive, consumption and investment have shrunk rapidly, and the industry has of course also broken out with the crisis of overcapacity.

The crisis of surplus in agriculture and industry will inevitably affect the financial sector. Stocks, bonds, mortgages, everything went wrong!

Now that you've found a problem, solve it!

When he just "figured out" the problem, Zhuge Weidao was not in a hurry at all - isn't it an economic crisis! Isn't it a surplus of agriculture, a surplus of industry, a collapse of stocks, a collapse of bonds, and the collapse of banks? How can this be difficult to defeat Prime Minister Zhuge Dacheng? Prime Minister Zhuge understands the economic crisis best. "Keynesianism" on! Cut interest rates, increase national debt, increase government spending, issue agricultural subsidies, and vigorously stimulate the economy!

One meal down the operation. The economy has been stimulated to pick up a bit, the collapsed stock market has risen a bit, and the banks in the debt crisis have breathed a sigh of relief. However, the results are still not satisfactory, the non-performing loans of the entire banking system are still growing, and the market is also a little sluggish.

At this time, an unexpected situation appeared again - under the stimulus policy of Zhuge Weidao, Daming actually had a trade deficit! And the deficit is caused by cheap industrial products from the United States, Germany, and the United Kingdom!

It turns out that the economic crisis is actually global and is caused by the continuous expansion of production capacity in industrialized countries around the world over the past few decades. Or, to be more precise, it is due to the fact that after the end of the second industrial revolution, the efficiency of production could not increase for the time being, but a large amount of inefficient production capacity that countries were desperately piling up was released, resulting in a crisis of surplus.

The production capacity of the world's major industrial countries such as the Ming Dynasty, the United States, Germany, the United Kingdom, the Roman Republic, and the Roman Empire has generally maintained continuous growth. Although the United States and Britain experienced a decline in industrial capacity for a period of time because of the difficulties they faced after their defeat in the last war. But this decline did not form a long-term trend, but began to grow rapidly after overcoming difficulties.

Behind this increase in production capacity is the continuous growth of the debt of enterprises, the state and households!

If this capacity is not used efficiently, the crisis of overproduction will inevitably spread to the financial sector. Under such circumstances, of course, countries should try their best to expand exports in order to alleviate the domestic surplus crisis and avoid a "general collapse" caused by a financial collapse!

By the way, the financial affairs of various countries are not "free" now, because countries are still implementing "convertible paper money", so no one has the ability to print money unlimitedly, not even the Great Tomorrow Dynasty.

This exchangeable banknote to non-cashable "real banknote" is not something that can be changed overnight.

If you are not careful, the currency will collapse!

Therefore, the Zhuge Weidao government had to take immediate measures to raise tariffs by a large margin to block foreign goods from the "Celestial Empire Economic Circle", while other industrial countries immediately followed suit, and everyone closed their doors and started trade protection together.

As a result, the international trade order, which was relatively free after the First World War, suddenly disappeared, and the trade barriers of various countries interrupted international complementarity, making the industry and agriculture of various countries more depressed, and the industries related to international trade broke out into a bankruptcy frenzy. And the Ming economy, which was originally a little improved because of the stimulus policy, fell into a depression again!

After retracting his gaze from the street outside, Zhuge closed the curtains of his office and whispered, "How can I be Hoover?" I had to be Roosevelt! ”