"Okay, let's rest for a while, I'm really a little thirsty after talking for a long time. Finish eating the watermelon and continue. ”

On Jiang Xinghuo's side, the three of them began to eat watermelon around.

"Let's haw~"

In the secret room, the atmosphere fell silent.

Restore part of the currency value of the Daming treasure banknote?

Natsuhara Ji was stunned.

He seriously suspected that something was wrong with his ears!

You must know that the Daming treasure banknote has depreciated from 1,000 guan in the eighth year of Hongwu to 160 guan in the twenty-sixth year of Hongwu, and now there is not even one-tenth of the surface currency value left.

With such a drastic depreciation, the household can barely hold on to the bottom, and it would be good not to let the Daming treasure banknote continue to depreciate.

Do you want to pull back the value of the Daming treasure banknote?

Even if the household department does not issue new Daming treasure banknotes, Daming treasure banknotes are barely maintained at the current level.

Do you want to buy back from the household?

If the copper money is repurchased, it will still be the money of the Ming Dynasty, and as for the gold and silver, you don't have to think about it, the emperor will not agree.

And beside Xia Yuanji, Zhu Di obviously thought of this possibility, and a hint of gloom flashed in his eyes: "What Jiang Xinghuo said is reasonable, it's just."

At this point, he paused.

Recovering the Daming treasure banknotes can indeed restore the value of the currency, the question is, isn't the reason for the over-issuance of the Daming treasure banknotes just that there is no money?

If there is money to recycle and restore the value of the currency, then what is my Daming super-hair?

Besides, it's all my money! My money!

Xia Yuanji also sighed in his heart, there was no way for the household department to recycle the surplus Daming treasure banknotes on the market.

But listening to Zhu Di here, he continued: "What does Xia Qing think it should be? Although I am the Son of Heaven, I also need to take into account the emotions of the people, and if I don't deal with it properly, I'm afraid."

This is true, after all, the king of a country does not mean that he can do whatever he wants, and cutting hundreds or thousands of gentry is like cutting leeks, but if the interests of millions of people are moved, he has to consider the corresponding social reaction.

If the Daming treasure banknotes are repurchased at a low price or even for nothing, causing the people to be angry, causing social turmoil and the collapse of the country, then even if he, the son of heaven, has thousands of reasons, he must be spurned by the people of the world.

"The minister has a plan." Xia Yuanji was silent for a moment before he raised his head and said, "If Your Majesty really plans to use silver or 'silver treasure banknotes' as the main currency of the Ming Dynasty in the future, then the gold in the treasury is not impossible to consider moving, and maybe you can save the Ming treasure banknotes." ”

Buying back the paper with gold?

Zhu Di does not have such profound economic knowledge and corresponding awareness.

Daming treasure banknote is a piece of paper in his eyes.

Take the gold and buy paper.

You think Zhu Di doesn't understand the economy, and Zhu Di thinks you have a sick brain.

Zhu Di frowned slightly, but saw Xia Yuanji continue: "Your Majesty, today's matter, if you want to buy back the Daming treasure banknotes and restore the value of the currency, not only do you need gold and silver support, but it is not easy, especially for the household department, it is even more arduous. In this case, it is better to reserve some copper coins for backup, wait for the right time in the future, and then put the copper coins out and buy back the Daming treasure banknotes. ”

This is the cleverness or cunning of Xia Yuanji, a high-ranking bureaucrat.

That's the case, and I didn't get you. I also gave you the solution, it's your business whether to adopt it or not, and you are reluctant to use it as a quick way to spend gold to buy paper, and it has little to do with me.

Moreover, based on the traditional conflict of interests of various ministries, as well as the inertia of the bureaucratic system. It is uncertain how many years the reserve will be and what new changes will occur at that time.

Reserve copper coins?

Zhu Di nodded and said: "Xia Qing's meaning is to hoard a large amount of copper coins first, and then take them out as funds when it is time to buy back Daming treasure banknotes." In this way, it does not hurt the emotions of the people, but also can successfully complete the repurchase, and ensure the storage of copper coins in the national treasury, which can be said to be very good. ”

"Your Majesty is wise."

Xia Yuanji bowed and replied.

Zhu Di nodded and said, "Okay, just do as you say." ”

Xia Yuanji was overjoyed, and finally fooled the emperor.

Yet he was clearly overjoyed.

"In addition, Xia Qing also asked me to tell me, how long will it take for the value of the Daming treasure banknote to return?"

A smile crossed Zhu Di's eyes.

Xia Yuanji smiled bitterly and arched his hand: "Your Majesty, this is a long-term project. First of all, the imperial court was unable to recover the surplus large number of Ming treasure banknotes on the market; Secondly, the local government of the Ming Dynasty also lacked sufficient manpower and material resources to support the return of the Ming treasure banknotes; The most important thing is that the private businessmen and the common people understand the policies implemented by the government, which also requires a lot of foreshadowing, so in a short period of time, it is basically impossible to restore part of the currency value of the Ming treasure banknote. Even if it does, it is unlikely that it will be able to reach the level it was ten years ago. ”

"So, how long will you have to wait?"

Zhu Di's face sank.

You put this aside with me first, second, and last, do you think this is a temple examination strategy?

"No one has done it." Xia Yuanji shook his head and said, "The minister really doesn't know, maybe three or five years, right?" Maybe more than ten years or more? In short, it is difficult to recover in a short period of time. ”

When Zhu Di heard this, he couldn't help but fall into a deep depression: "For such a long time, doesn't it mean that the treasure banknotes of the Ming Dynasty will continue to be overissued, and then continue to depreciate?" ”

"Then let's move the gold of the treasury?"

Zhu Di is a generation of heroes, but he is not a saint.

If he really used gold to buy paper, he would also be in pain, after all, this money was theoretically his money, and it was the basis for him to establish immortality in the future.

Zhu Di suddenly thought, isn't there silver in Japan?

If Japan is defeated, can it be used to buy back treasure money with almost free silver?

But Zhu Di thought about it, but felt that the problem did not seem to be so simple.

Because Jiang Xinghuo said before that a large influx of silver in a short period of time will also cause 'inflation'.

So what to do? Do you control silver little by little every year to exchange it for Daming treasure banknotes? That's going to have to be a year.

Gold is refreshing, the gold in the treasury is spent, the value of the Ming treasure banknote has at least risen a lot, and there is no need to worry about any 'inflation', which will only affect the value of the currency, and will not affect the lives of the people.

This truth is very straightforward.

That is the so-called 'common people' exchange of Daming treasure money, in fact, to put it bluntly, it is a large number of treasure money in the hands of nobles, merchants, and gentry.

Or else? All the treasure money in the hands of ordinary people and their families can't get back a single piece of gold.

But if it is exchanged for silver, how can the ordinary people's family go back in exchange for a dime of broken silver, and the people will have to spend the broken silver in exchange, which will cause 'inflation'?

Therefore, gold can directly allow the rich to absorb it quickly, so as to exchange it for a large amount of treasure money in the hands of the rich and increase the value of the currency.

It came faster than silver, and it was stable, and it didn't have much to do with the people.

"It's okay if you don't move the gold."

Xia Yuanji coughed lightly and said, "Your Majesty, don't be discouraged, the minister thinks that we can take some measures to make the copper coins recover the treasure money faster." ”

"For example, first announced to the state and county officials that the new printing of Daming treasure banknotes will be suspended. At the same time, it is also possible to send competent officials to the political envoys of the Ming Dynasty to explain clearly what His Majesty means. In this way, the local government will definitely understand His Majesty's good intentions, and then when the copper coins are put into the treasury, the people will definitely rush to buy back the Daming treasure banknotes and compete to exchange them. At that time, the price of Daming treasure banknotes will inevitably rise rapidly. ”

"Yes, that makes sense." When Zhu Di heard this, his face finally showed a touch of relief, and said: "Xia Qing really deserves to be my minister, not only has the means in the economic world, but also the concept of governing the country is very close to me, and now I will entrust this matter to Xia Qing, hoping that Xia Qing will live up to my high expectations." ”

"Minister, obey the order." Xia Yuanji hurriedly thanked him, and then asked cautiously: "Dare to ask Your Majesty, when are the copper coins in the treasury going to be used?" ”

Zhu Di pondered a little and said, "The preliminary work will be done according to what Xia Qing said." As for the copper coins in the treasury, I will arrange them. ”

He does not plan to use the copper coins in the Ming treasury, which are not fully stocked, because this will affect the stability of the treasury, and may even cause turmoil in the court, so that the situation after the Jingjing disaster will change.

When Xia Yuanji heard this, he immediately saluted respectfully and said, "Obey the holy order." ”

The two officials who had been silently listening to the conversation between the emperor and Hubu Shangshu, Guo Jin and Chai Che, glanced at each other and saw each other's thoughts.

In fact, they all want to say - what are you wondering about? Wouldn't it be good to wait for Mr. Jiang to talk about ready-made?

Of course, this is just the idea of the little official, and the status and vision are naturally incomparable with those in power in the empire.

Without further ado, the three people next door also quickly finished eating watermelon to quench their thirst.

Li Jinglong wiped his mouth and continued to ask in front of the emperor's mouthpiece: "How does Jiang Lang think Jiang Lang should do this matter by restoring part of the currency value of the Daming treasure banknote to a relatively acceptable level of currency exchange?" ”

"Isn't that easy?" Jiang Xinghuo wiped his hands.

Zhu Gaoxu asked: "Do you want to buy gold, silver and copper directly from the common people?" ”

"That's not the case." Li Jinglong thought more far-reaching, "If there is gold, silver and copper to buy, it will not be overissued." ”

"It's not as complicated as you think, you don't need to spend gold, silver and bronze, one move is enough."

Hearing this, Zhu Di and Xia Yuanji in the secret room looked at each other, and they both saw the surprise in each other's eyes.

Just now they discussed for a long time, recycling Daming treasure banknotes, not using gold, silver and copper to buy, how could the people be willing?

Although the Daming treasure banknote has depreciated greatly, it is also worth some money after all, is it difficult to loot it?

Jiang Xinghuo would definitely not have said such an idea, so there must be a way they couldn't think of.

But what is the way to recycle the Daming treasure banknotes in the hands of the people smoothly without spending gold, silver and copper?

Xia Yuan Ji was puzzled.

"Is there such a way to get the best of both worlds?" Li Jinglong was a little incredulous, "You don't have to spend money, and you can take back the Daming treasure money in the hands of the people." ”

Jiang Xinghuo smiled: "Not only that, but I just told you about it." ”

At this time, Zhu Gaoxu, who has always been slow to react, suddenly raised his head and said, "Mr. Jiang, I seem to understand what you mean." ”

"Oh?" Jiang Xinghuo encouraged, "Speak boldly, it's okay if you're wrong." ”

Zhu Gaoxu scratched his beard nervously and said: "Just now Mr. Jiang talked about 'bad money drives out good money', that is, if the surface price is equal, people will want to hide the relatively higher value currency in their hands and keep it for later use. ”

"If this is the case, whether there is a more valuable currency, it will appear like a 'new millet', giving the people a choice. The common people will use up the old Daming treasure banknote, this 'Chen Su'? I thought it was very likely. ”

Jiang Xinghuo bowed his head and said: "You are very smart, you deserve to be my student, that's what it means." ”

"What?"

Li Jinglong was first a little shocked by the speed of Zhu Gaoxu's long brain, and then began to habitually force him to refined.

"Jiang Lang, if a new currency is issued, the surface value is equal to the Daming treasure banknote, and the actual value is higher than the Daming treasure banknote, then it can be changed directly into money."

"It's just that I mean, I didn't say that I wanted to issue a new currency."

Jiang Xinghuo explained to the two: "Since you all know, if you want to recycle banknotes, you have to spend money. So have you ever thought that you can use the future Daming treasure banknotes to recycle the current Daming treasure banknotes? ”

The secret room next door.

Zhu Di held his forehead with his hand, feeling that he was a little unable to turn around in the economy.

What Jiang Xinghuo said was a little awkward and difficult to understand.

"Xia Qing, what do you mean - use the future Daming treasure banknotes to recycle the current Daming treasure banknotes?"

For a long time, Zhu Di did not wait for Xia Yuanji's answer.

Withdrawing the hand holding his forehead, Zhu Di turned his head to look, but found that the expression on Xia Yuanji's face was extremely exciting.

Sudden realization, shock and inexplicability, worship and admiration, all kinds of looks are mixed together.

How to look. How is it like Dao Yan who is not so crazy.

Zhu Di nugged the corners of his mouth and spoke.

"Xia Qing?"

"Oh, huh? Your Majesty, don't blame, the minister lost his mind for a while! Xia Yuanji hurriedly replied.

Zhu Di didn't blame him, but asked: "Looking at Xia Qing's appearance, I figured it out, so what does this sentence mean?" Why don't you spend gold, silver and bronze to recycle the current Daming treasure banknotes with the future Daming treasure banknotes? I don't really understand. ”

"Your Majesty."

The look of shock in Xia Yuanji's eyes did not subside, and he still tried his best to speak.

"As His Royal Highness the Second Prince said, it is still the truth that bad money drives out good money, but it is the other way around, that is, the purpose of our higher value 'good money' is to recover the original Ming treasure banknote in the hands of the people by letting the 'good money' be collected and expelled!"

"Money?"

After playing the simulation game, Zhu Di had some bad associations with the word.

Xia Yuanji has presided over the economic operation of the Ming Dynasty for so many years, but what he lacks is not experience and experience at all, let alone the ability to deal with economic affairs.

What Xia Yuanji lacks is the modern economic and monetary theory formed by standing on the shoulders of countless giants.

And he, in fact, in a sense, is also one of the giants who has been trampled underfoot.

"It's not to change money, and there is no need to really issue new banknotes, just need to let the people know that the future Daming treasure banknotes are worth more than the Daming treasure banknotes in their hands now, so the people who have savings and don't want to keep the depreciation of the Daming treasure banknotes will naturally hand over the Daming treasure banknotes in their hands."

"And this kind of operation?" Zhu Di was skeptical.

No way, the economy is not a war, if the war Zhu Di is at the level of a generation of grandmasters, then Zhu Di, who is about the same as the apprentice level in the field of economy, is obviously full of instinctive vigilance and caution for anything that is difficult to understand.

Xia Yuanji replied: "Theoretically, it is possible, but the minister can only think of these in a hurry, as for how to reasonably make the future Daming treasure banknotes more valuable, and what to do after recycling the banknotes, the minister has not yet thought about it." ”

Zhu Di didn't continue to say anything, and motioned for Xia Yuanji to continue listening.

"It's over if you issue a 'Daming Treasury Bond'."

Jiang Xinghuo said simply.

probably knew that the two of them couldn't understand it, so Jiang Xinghuo continued to explain the name.

It means that the interest-bearing bonds issued by the state are set at different interest rates according to the years, and the people will use the surplus Daming treasure money to buy Daming treasury bonds. In this way, isn't there less Daming treasure banknotes circulating in the market? This is the most efficient, easy and low-cost way to recycle banknotes. ”

Li Jinglong is not as stupid as he imagined, he is almost transparent.

"Therefore, the Daming treasury bond is equivalent to the new 'good currency', with the good currency of the Ming treasury bond, the wealthy people will automatically take the Daming treasure banknote this 'bad currency' to buy the Ming treasury bond and hide it, and the Daming treasure banknote used to buy the Ming treasury bond will be recycled!"

"But." Zhu Gaoxu frowned slightly, "Treasury bonds always have to be repaid when they expire, and in the end, isn't the state equivalent to not recovering them, and also repaying a part of the interest?" ”

"I don't see it that way, it's actually a matter of time difference."

Jiang Xinghuo said patiently: "Before, we used the example of the Yuan Dynasty to show that money, as a general equivalent, is based on division of labor and exchange, and the most important thing is that money must be circulated, otherwise there will be a money shortage." ”

"This example is a money shortage, so what about the other way around? At the end of the yuan, there was insufficient monetary liquidity, and now the monetary liquidity is too sufficient, enough to the extent of flooding! ”

"So you have to artificially create a 'money shortage'?" Zhu Gaoxu woke up.

"Yes." Jiang Xinghuo said, "The liquidity of money has a scale, and in some ranges, beyond this range, the indiscriminate issuance of currency will have a greater impact on inflation than in the normal range." ”

"So we have to artificially create a money shortage to reduce inflation, even if it's just for a few years."

Zhu Gaoxu asked, "Mr. Jiang, can you elaborate?" ”

"As I said before, with the restoration of social order and economic progress, the real value created as a whole is increasing year by year in the current Ming Dynasty. We have to look at the problem dynamically, this year's monetary aggregate is much more than the real value of this year's Ming Dynasty, so inflation. ”

Jiang Xinghuo swallowed his spit and said: "But if we take back some of the currency, and the real value of Daming becomes more after a few years, then if we put these currencies back, will it just meet the currency needs of Daming in a few years?" Of course, this is just an example, but the actual operation is much more complicated. ”

Li Jinglong took the opportunity to continue.

"In this way, there is a time difference, or five or seven years, during this period of time, the excess Daming treasure banknotes were hidden by the imperial court, and when the ability of Daming to create 'real value' keeps up, and then put it back, in fact, the imperial court did not spend any money at all, and solved the problem of corrupt banknote law!"

"It's not all." Jiang Xinghuo smiled, "There are so many ways to play economics and finance, you can't even think of it." ”

"For example?" Li Jinglong said after glancing at the wall.

"Okay, for example. For example, do you think that the interest rate of the five-year Daming treasury bonds must be higher than that of the one-year Daming treasury bonds? ”

Li Jinglong was stunned and said, "Otherwise? If the interest rate on short-term government bonds is higher than that of long-term government bonds, who will buy long-term government bonds? ”

Jiang Xinghuo's smile became more and more happy.

"Then let me ask you, if the time of the currency recovery program is ten years, and the first five years are the longer the treasury bonds, the higher the interest rate, and you find that the recovered currency still does not reach the amount of money needed to convert the money into silver treasure banknotes, then what will you do?"

Li Jinglong opened his mouth dumbly, and he didn't know what to do.

"Do you want to issue six-year and seven-year Daming treasury bonds with higher interest rates?"

"No, you don't." Jiang Xinghuo said, "I'll tell you what to do." After five years, the interest on short-term government bonds will exceed that of long-term government bonds, and in the sixth year, the interest on four-year government bonds will exceed that of five years; In the seventh year, the interest on the three-year Treasury bond exceeds that on the four-year Treasury bond in the sixth year. And so on. ”

"In this way, the purpose of quickly recovering the currency can be achieved, which is called the inversion of the Treasury bond interest rate."

"Heavenly Genius!"

"Master Jiang is enough to become the patriarch of the generation of the founding sect!"

"The coquettish characters of the Song and Yuan dynasties who have been helping the country and the people for hundreds of years are not as good as Jiang Shiyi!"

"Even Wang Anshi, who presided over the new policy, is far inferior!"

Xia Yuanji was deeply shocked.

Xia Yuanji asked himself, listening to the lecture today has brought him more than his life in the past few decades!

If the silver monorail system was something that may become a reality in the future, it still feels a little far away from the present.

Then the issuance of treasury bonds, as well as the inversion of treasury bond interest rates.

Xia Yuanji didn't say that he had heard of it, but he never dreamed of it!

The nightmare that has plagued Xia Yuanji for nearly twenty years was so easily cracked by Jiang Xinghuo's method.

You must know that this is a problem that no one can solve since the Song and Yuan dynasties!

It's really unintelligible!

And Jiang Xinghuo, with one silver anchor and one national debt recovery, easily cracked the banknote law corruption, which seems to be an unsolvable problem for the economic bureaucrats in the Ming Dynasty.

This kind of shock is the same as the impact of a nobody casually saying two formulas for cancer drugs in modern times, and the top medical authorities in the field of cancer who have been studying hard all their lives have caused the same impact!

It's too shocking!!

This is not over, Jiang Xinghuo continued.

"The last thing to talk about is how to build an 'offshore silver treasure banknote' system."

"After completing this step, the silver treasure banknote will have two sets of operating mechanisms inside and outside, and eventually become the basis of the world's currency."

This sentence suddenly relieved Xia Yuanji, who was in a deep shock.

Zhu Di also squinted, he was very satisfied with this kind of operation that could get things done without spending money.

Zhu Di waited intently for Jiang Xinghuo to finish the last part of the lesson.

(End of chapter)