"Xia Shangshu, come back! Aren't you afraid of being deaf to your ears? ”

Ji Gang was not here today, and the two officials put down their pens and dragged Xia Yuanji back to the chair.

And Xia Yuanji sat on the chair, still looking at the wall restlessly, as if his gaze could penetrate the wall and see the other side.

The change in Xia Yuanji's mentality is not difficult to understand.

The question of 'money law is doomed to corruption' has been studied by the financial elites of successive empires for nearly 200 years.

Xia Yuanji was once unconvinced, as the top financial expert of this era, he felt that he was the one who solved the problem.

But as it turned out, he was wrong! No matter how top and smart he is, he still hasn't been able to surpass his predecessors.

Therefore, in the eyes of the discouraged Xia Yuanji, this problem is destined to be unsolvable.

But one day, someone suddenly said that there was a solution to this problem.

Xia Yuanji's first reaction was not to believe it!

This is normal, because he can't solve the problem, if an unknown junior says that he can solve it, wouldn't his talent become a joke?

Besides, so many seniors can't solve it, why can you kid solve it?

So Xia Yuanji couldn't believe it, and he didn't want to believe it.

But soon, Xia Yuanji's mentality changed slightly, because the kid opposite really knew everything about "economics", a very profound profession in the world. The origin and development of money is the Tao.

And in the end, it was proved through the game that the original solution idea would never work.

It proposes a new and eye-catching solution idea.

Xia Yuanji is not "dying at night" now, but after all, this is the demon that has plagued him for many years.

He thinks very highly of himself, and whenever he dreams back at midnight, thinking that he will be trapped by the unsolvable problem of 'corrupting the money law' in his life, Xia Yuanji doesn't know how many times he got up in his clothes and sighed at the moon.

He wanted to know the answer to that question too much.

And right now, the answer to this question is only one step away from him!

Fortunately, Jiang Xinghuo has never been a person who likes to hang people's appetites.

Jiang Xinghuo's gentle but firm voice was amplified through the wall and transmitted to the secret room, forming a looping sound.

"How can we crack the problem that no matter who presides over the banknote law for two hundred years, it will be difficult to last for forty or fifty years?"

"As I said earlier, I think there are two main reasons for this."

"One is the entity, that is, the real value that is really created; The second is the shadow, that is, the over-issued currency. ”

"And these two, for a traditional agricultural country that basically relies on internal circulation, has formed a paradox that cannot get out."

"The total amount of taxes collected based on agriculture is basically fixed, that is, it fluctuates up and down around a benchmark, that is, the fiscal revenue is basically fixed. However, the financial expenditure required in different periods is not fixed, and once you are unlucky, you will encounter unlucky things in a row. Just like you'd in a simulation game, the need for financial spending would explode in a short period of time. ”

"The demand is surging, and the country can only over-issue banknotes by printing money to solve the urgent needs of the moment, and over-issued banknotes are basically uncontrollable, which will inevitably lead to the corruption of the banknote law and move towards [banknote exchange]."

Hearing this, Zhu Gaoxu, who had just been numb by the deduction of money every year in the game, nodded with deep feeling.

That's it, as the ruler of an empire, he doesn't pursue good weather, and it's good to be able to survive small disasters every year.

And the worst part is that bad things often set off a chain reaction that leads to a vicious cycle.

The end of the Ming Dynasty was a vicious circle as typical as the Yuan Dynasty, for example, drought would lead to famine, famine would lead to uprisings, and it would take money to suppress the uprising. Then the invincible Ming Dynasty died.

Li Jinglong said eagerly: "Jiang Lang, I understand the truth, but how to solve it?" ”

This question is also what Xia Yuanji in the secret room next door is looking forward to.

"Don't worry." Jiang Xinghuo glanced at him and continued.

"Of course, there are ways, the first is to open the country and go out. Through long-term and stable cross-border trade, the industrial development of large-scale handicraft workshops (non-factories) and workshops related to exports will be promoted, and the manufacturing industry will create more real value, which is equivalent to self-hematopoiesis outside traditional agriculture, and it will naturally be able to obtain more and continuous taxes. At the same time, imports and exports will also bring high tariff revenues, well, that is, the city will collect entry taxes on foreign goods. ”

"The second is to control the shadow of the over-issuance of banknotes, and let it change from a complete virtual body to a semi-entity, and then in turn complement the entity of real value."

In the secret room next door, Xia Yuanji frowned and fell into a state of hard thought.

As mentioned earlier, the tributary trade system exists because the countries in this circle, with China as the core, don't actually have much trade value.

In other words, only China is rich and all over the world, and outside the world are poor and barbaric.

Then Jiang Xinghuo's trans-broad trade to promote the development of the manufacturing industry, and the development of large-scale handicraft factories in addition to traditional agriculture, must be achieved by breaking through the tributary trade system, and selling goods to the far west as the Yuan Dynasty did.

Then Xia Yuanji glanced at Zhu Di thoughtfully.

Therefore, some time ago, at the Mid-Autumn Festival banquet, he called on all the clans and nobles to go to the West, which should be this intention.

But not exactly, maybe just the beginning.

After all, it is difficult for the actions led by the emperor to benefit the people and form a new hematopoietic capacity.

It was still a little too early to realize the first point, and Xia Yuanji's attention was all attracted by the second point.

How to make the shadow of banknote overissuance from virtual to real?

Can't figure it out!

I can't figure it out!

Natsuhara Ji broke his head, and he couldn't figure it out in a short time.

It's as if there's a fog ahead, and you can't get out anyway.

Li Jinglong, who was on the other side of the wall, was a little confused, and he asked tentatively as he recalled the previous content.

"This is what Jiang Lang called 'silver treasure money'."

"Not bad!" Jiang Xinghuo nodded, "It's the silver treasure banknote!" ”

"The purpose of the first point is actually nothing to talk about, it is all a natural thing, and the focus we want to talk about today is this second point."

Hearing this, Zhu Di and Xia Yuanji, who were next door, held their breath at the same time.

"First of all, we have to make it clear, what is the silver treasure banknote?"

"Silver banknotes are currencies issued with silver as anchors and reserves."

Jiang Xinghuo had just explained the concept when he was interrupted by Zhu Gaoxu's interjection.

"Mr. Jiang, I know the reserve, what is the anchor?"

Jiang Xinghuo was not impatient, and patiently explained to him: "Have you ever seen a ship sailing? ”

"Of course, I've seen it."

Zhu Gaoxu smiled innocently, and his voice was like thunder: "I crossed the river a lot, and the anchor that Mr. Jiang said sounded like an anchor, but I didn't understand it after all." ”

Jiang Xinghuo smiled and bowed: "It's not much different from an anchor." ”

"It's that the ship needs to dock when it is sailing, so it anchors the anchor point and makes it stop moving forward and turning. And if the over-issuance of money is likened to going with the waves, there must also be an anchor to keep it from running around. ”

"In other words, the role of a currency anchor is like a ship's anchor, because it is heavy enough to hold down the ship, so that the ship does not go down the river for thousands of miles."

From virtual to solid, anchor.

Xia Yuanji, who was next door, seemed to have suddenly woken up to something, and his pupils widened wider and wider.

"Got it!"

Xia Yuanji stood up with some excitement and said to Zhu Di: "The minister understands! If you want to turn the "virtual" banknote issued completely by the country's reputation into "real", you need to place something of practical value on the banknote! ”

"No, no."

Xia Yuanji suddenly broke away from his excited state, and he paced in place, chanting words in his mouth.

"If the minister's expectations are correct, Jiang Xinghuo's so-called 'silver treasure banknote' is like the Yuan Dynasty's gold and silver level treasury, so that the treasure money can be freely exchanged with silver, so that as long as the imperial court can keep the money in the gold and silver level treasury not tampering, the treasure money can be stabilized at a relative level."

"However, the minister did not have the idea of adding a leveling treasury to the treasure banknote to stabilize the value of the currency, and there are two problems in this, one is that the imperial court will always pay attention to the gold and silver leveling treasury when it encounters difficulties; The other is that even if you don't pay attention to this, the treasure money will still increase more and more, but the amount of gold and silver mined cannot keep up. ”

"No, Jiang Xinghuo's idea is still not feasible! It's still following the old path of its predecessors! ”

Natsuhara sat back in his seat with some frustration.

Zhu Di chuckled.

"Why is Your Majesty laughing?" Natsuhara asked in frustration.

"Laughing is too anxious. Xia Qing is concerned about it. ”

Xia Yuanji smiled bitterly: "How can you not care?" It's hard to solve in the minister's life, but it's just the word money! ”

"Now I thought I had found the answer, but I didn't expect that I was still following the old path of my predecessors, and it wouldn't work."

Unexpectedly, Zhu Di said confidently.

"The road pointed by Jiang Xinghuo has never been the old road."

Zhu Di is very sure of this, because whether it is cutting the feudal domain or kidnapping the nobles of the clan to go to the West, or the theory of national fortune and the apportionment of labor into the mu put forward later, all prove this!

Xia Yuanji, who was confused and didn't understand why Zhu Di was so sure, was at a loss for a while.

Across the wall, under the old crooked neck tree.

Jiang Xinghuo said: "In fact, on the question of the reality of money, we should go back to the debate I said before, whether paper money is a piece of paper or not. ”

My previous answer to this question was, not a piece of paper. You may still not believe it, because the above national credibility is not discussed. It really doesn't have anything left, so if it changes money as frequently as the Yuan Dynasty, what kind of national credibility can it have? ”

"Before, you have simulated the change from Zhongtong banknotes to Zhiyuan banknotes, and later the Yuan Dynasty made the big silver banknotes, and the big silver banknotes can be exchanged for 5 yuan banknotes and 10 yuan banknotes. In other words, the Zhongtong banknote was once again artificially devalued, and the nominal value was reduced to 4% at the beginning of the issuance. This is not over, to the tenth year of the Yuan Dynasty again changed banknotes, additional to the orthogonal banknotes. The result of this banknote change was."

"In less than two years, the rebels were everywhere; Eighteen years later, the Ming Dynasty was established. ”

Li Jinglong's face was strange, and when he thought of this not too distant history, he had personally played the role of the ruler of the Yuan Dynasty, and began to mourn for the real ruler of the Yuan Dynasty.

I couldn't make up my mind to build the Yellow River for fear of spending a lot of money, and waited for the wisdom of future generations to solve it, but the Yellow River burst every year, and when the descendants wanted to repair it, they directly repaired "my Dayuan" into the grave.

It hurts, it hurts!

Jiang Xinghuo said with a smile.

This story tells us that reserves alone are not of much use, because as soon as the imperial court wants to use money, it will play the idea of reserves and secretly embezzle reserves for emergencies. Then, then there is a high probability that it will not be returned, and it will be more next time. ”

Li Jinglong pondered for a moment before coming back to his senses and asked.

"So, reserves and anchors aren't the same thing?"

"Of course not a thing." Jiang Xinghuo said as a matter of course.

Not a thing?

Next door, Natsuhara Yoshi's heart was in turmoil.

Jiang Xinghuo's simple words disrupted all his cognition and thoughts.

The reason why Xia Yuanji was so frustrated just now was that he thought that the so-called "anchors" were similar to the gold and silver leveling treasury of the Yuan Dynasty, which were used to ensure the stability of the value of paper banknotes through exchange.

And now Jiang Xinghuo actually said that the "anchor object" is not the same thing as the leveling library?

What does that mean exactly?

Xia Yuanji was shocked, this brand new economic concept was unheard of for him!

I've really never heard of it, a proper dimensionality reduction strike!

Xia Yuanji looked at the wall eagerly, waiting for Jiang Xinghuo's explanation.

In the end, what is an anchor.

"As we said just now, the anchor is the anchor that can stabilize the big ship of paper money and currency and not follow the current."

Jiang Xinghuo's explanation is simple and easy to understand!

The anchor is something that can stabilize the banknote currency, rather than swooping all the way to the underworld, and it can't be stopped without blocking.

But this is just a metaphor, and it is not implemented.

So, what exactly is an anchor? Natsuhara was desperate to know the answer now.

Unfortunately, he couldn't rush to the other side of the wall, so he could only wait through a wall.

Jiang Xinghuo didn't let Xia Yuanji wait too long, Jiang Xinghuo pondered for a few breaths, and then said.

"There are value anchors, currency anchors, inflation anchors, and we just need to understand the value anchors now. The so-called value anchor is to link the value of money to valuable things, the simplest is gold and silver; It's a little more complicated, there are debts and stones, you just know the simple ones. ”

Jiang Xinghuo said with an extremely serious attitude.

"This kind of hook is by no means what you understand, a banknote can be exchanged for a fixed amount of gold and silver! This practice of the Yuan Dynasty was useless. ”

"Because, paper money and inflation are inseparable!"

Paper money and inflation are inseparable. Natsuhara Yoshi muttered this sentence repeatedly.

Hit the nail on the head!

Without in-depth research on the evolution of paper money, or the ancestors who had not been engaged in the economic management of the country, Xia Yuanji did not believe that the other party could say such things.

But the paradox is that he has never even heard of the name Jiang Xinghuo!

Is it possible, is it true that there are people who are born to know?

"The so-called inflation is the phenomenon that due to the overissuance of paper money, it takes more paper money to buy the same thing than in the past."

"So it's like Dayu controlling the water, it's better to be blocked!"

"It is impossible to make the price of paper money stable and never change, not only the imperial court will over-issue, but the people will also create more real value with prosperity, and more paper money will be needed as a general equivalent."

Hearing this, Xia Yuanji couldn't wait to applaud, this is the crux of the problem, and this is also the crux of the banknote law formulated by Zhu Yuanzhang in his opinion.

Even if the imperial court does not over-issue treasure money, with the growth of the people's ability to create wealth, treasure money also needs to be over-issued, otherwise treasure money will become more expensive than the paper price, and then form a treasure banknote and copper money spread.

And in Jiang Xinghuo's words, the most difficult thing to do is to block the four words that are better than sparse.

Because all the dynasties that play with paper money, once they start to 'sparse', it is like drilling a hole in the embankment of the Yellow River, and in a few years, the paper money will be overissued to the flood.

So, how exactly to 'sparse'? How can we ensure that the value of the banknote can be stabilized when it is 'thin'?

Xia Yuanji vaguely understood the concept of 'currency anchor'.

But he still needs Jiang Xinghuo to clear this dark cloud for him to see the big sun behind.

"Value anchoring is to make the banknote and the price of silver one-way, anchoring the banknote with the price of silver, but the banknote is not anchored to silver."

Jiang Xinghuo smiled and said, "When silver is used as an anchor rather than a reserve, there is no need for physical silver to circulate on a large scale, and there is no need for the country's silver holdings to be equal to the amount of banknotes issued. ”

"Silver is not going to be the real currency, and there is no need to worry about a massive inflow of silver, which will depreciate silver into a second treasure."

"In this way, the banknote has gained both a value anchor and a value addition, and is no longer a piece of paper that completely relies on the credibility of the country."

In fact, this is the principle of the precious metal standard.

Whether it is the gold standard pound or the gold standard US dollar, it is linked to the price of gold, but gold is not actually circulating on a large scale.

With this relatively strong anchor, the currency does not depreciate violently.

But this has a premise, that is, the countries that implement the precious metal standard have the vast majority of the precious metals in their hands!

Otherwise, if the anchor is in the hands of another country, the monetary system may collapse at any time by the sharp price fluctuations of the anchor!

Anchors need to be absolutely stable!

This is also the reason why there is a premise that there is a Japanese silver mine in hand, so that the Ming can play the silver treasure banknote.

It was because of the Japanese silver mines that they controlled one-third of the world's silver production at that time, or almost all of the silver production in Asia.

But this concept, which was not very profound in the previous life, is like a thunderbolt across the dark night sky for people in this era!

Since the Song and Jin dynasties, countless financial elites have touched the highest game of play, but to use gold and silver as reserves to level the price of money.

Who would have thought that silver would be used as an anchor, linked to each other in price, and enlarged in proportion to the amount of banknotes?

Moreover, the surplus silver could also be invested in the official seafaring trade, forming an additional free plunder of wealth for foreign countries.

Shock!

Shocking!

"There is a precedence in hearing the Tao, there is a specialization in the art industry, and the master is the teacher!"

"Today's demons have been solved, and the way of economy was thought to be inexhaustible in my life, and I never thought that I could go further, all of which are the grace of Master Jiang."

"Master Jiang is above, and he is worshiped by Xia!"

At this time, Xia Yuan Jitan was frank, and he no longer had any contempt in his heart, but solemnly bowed down to the wall, kneeling upright.

Xia Yuanji's mind was full of thoughts.

From then on, the treasure money was saved!

And Jiang Xinghuo naturally didn't know that someone was worshipping him at the partition wall, so Jiang Xinghuo followed the idea of anchoring the object and continued to speak.

"When we have silver as the anchor of silver treasure money, the first step is to go out, but it is not enough!"

"Not enough?" Li Jinglong smacked his tongue.

"Of course not enough." Jiang Xinghuo said, "The second step is the silver single-track system. Only after the second step has been completed can the third step be realized, making the silver treasure banknote the sole settlement currency of the entire world trading system. ”

"When these three steps are completed, the silver treasure banknote will kidnap all the countries in the Ming trade system, and the inflation of the treasure banknote will flow from the extracorporeal circulation to other countries for dilution and sharing, so as to maintain the slow domestic inflation on a hundred-year scale to the maximum extent."

"Tell a big lie and make the whole world dance with it!"

(End of chapter)