Chapter 1789 twist zone(8)

Severus and Goncey came to the "Dark Blue" Room of the Richelieu Library together.

Since the purpose of humans inventing tools is to save their own labor, is it possible for artificial intelligence to replace chess players and replace human judges in trials?

Take a good look at the "cashier" in the black robe. Does he look like a robot?

Although modern trusts were established in the United Kingdom and later spread to the United States, the earliest origin of trusts was not the United Kingdom, but the Augustan era in Rome more than 2,000 years ago.

Moreover, the purpose of this system's existence at the beginning was because the emperors were worried that women would seduce priests into becoming deacons and donate their property to the church, so they established a law that only allowed women over 60 years old to become deacons. At the same time,

Strict restrictions are placed on the transfer of property to ensure that family interests are not ignored.

However, this law was short-lived and was repealed the same year it was enacted. The clergy severely criticized the emperors' various restrictions on the church's acceptance of inheritance donations. Expressive prohibitions often easily aroused protests and contempt, and then the secret trust system came into being.

.

There is a big difference between this kind of secret trust and classical trust. In other words, trusts after Augustus are gentrified and do not serve the original purpose, but to protect the incompetent.

Trusts require probate, which is a torture for everyone, but secret trusts omit this step, such as lovers, illegitimate children or other hidden people, the person who makes the will leaves the inheritance to

A trustworthy trustor, who is a trustworthy friend, will execute the income object of the private trust.

For example, an old rich man has a wife who is 120,000 strong and strong, and five or six children who are like wolves and tigers. At the same time, he also has a weak lover who is more than 20 years younger than him, and their illegitimate child.

, he will find a trustworthy person to entrust part of his property to him, and let him protect his lover and children to prevent them from getting involved in the family inheritance war. They may not receive much property, but they can guarantee

Maintain a middle-class life without worries throughout your life.

Even if the child is born to the same mother, the brothers and sisters will ask for a paternity test to ensure that everyone is the biological child of the father. At that time, no one cared about the mother's feelings.

This is because technology has advanced. In the past, detectives would be hired to investigate, and the stories were even more bizarre than the family ethics dramas broadcast on TV.

The wizarding world also has trusts. The Malfoy family distributes it to all the war orphans of pure-blood nobles who once followed Voldemort. But the money left by Voldemort is definitely not just the amount run by the Malfoy family. As for Harry's situation, it is quite special.

, even if the Potter family has a lot of gold coins in Gringotts, no one can touch them.

There are also differences between modern open trusts in the United Kingdom and the United States.

After the American Revolutionary War, when choosing a system, the founding fathers did not choose the British equity system, but the Roman civil law.

Although some people say that equity is as erratic as the steps of the justice, the trust system is the greatest contribution of equity. In the equity case of abandoned wife, when the husband goes bankrupt and the creditor wants to take away the property, if the husband has already handled

With an irrevocable trust, the creditor cannot take away the husband's house and kick the wife out.

This is a characteristic of equitable ownership transfer. Even if the husband has gone bankrupt, the assets included in the irrevocable trust already belong to others. The transfer relationship between the settlor and the trustee is similar to that of the common law, and the third party of the beneficiary

Responsibility does not fall within the scope of common law protection and regulation.

When the beneficiary feels that his rights have been violated, he can sue the trustee to the judge. This is an ordinary English trust.

The revocable trusts that became common after 2000 were invented by the damn Americans. Because there is no equity, their trusts cannot use the British model. Common law believes that trusts are irrevocable, but there are federal and state legislation in the United States.

Before the promulgation of the Uniform Code of Trusts, the trust system was not under the jurisdiction of the federal government but the state governments. Although the trust regulations of the states had common features, they still fell under the sole jurisdiction of the states. This formed a huge regulatory loophole, and even

Leading to the "Great Shock" of 1907.

In 1906, there was a big earthquake in San Francisco. Jesse Livermore, the Bear of Wall Street, made a fortune by shorting the Union Pacific Railroad stock. Starting in 1902, the development momentum of railroads and heavy industry in the United States surged, and a large amount of European capital passed through short-term credit.

Flooded into the U.S. market and made huge profits.

Even after the major earthquake, people are still full of confidence in the revitalization of the U.S. economy, especially the reconstruction of San Francisco, which requires a lot of funds. The huge market has given birth to a new financial institution - the Trust Investment Company, which enjoys many investment businesses that commercial banks cannot operate.

Moreover, the funds are all privately raised, and there is an extremely lack of government supervision, which allows trust companies to absorb social funds without restrictions.

Not only parents who want to buy insurance for their children, but also middle-class people who have a little money are also investing in it.

The advantage of a trust over a deposit in a bank is that the return is high. It allows investors to become richer and richer without having to worry about the principal. In theory, the trustee should treat the client's money as if it were his own.

Theoretically.

However, in 1906, about half of the bank loans in New York were pledged by trust companies and invested in high-risk stories and bonds. The bubble itself was very large, and there were natural disasters such as major earthquakes. A large amount of cash was invested in

During the reconstruction work in San Francisco, even New York, the financial center, was running out of cash.

New York City's attempt to issue municipal bonds failed, and it was still out of cash. At the same time, the clouds of war still lingered, and the third largest trust company in the United States, Knickerbocker Trust & Investment Company, which estimated that copper would appreciate in value, purchased United Copper Company.

At this time, the people did not know that the bank had no cash, and there were enough banknotes in the bank to handle normal counter business. Until the news of Knickerbocker's acquisition of the United Copper Company came out, the trust company was attacked the next day.

"Run", all depositors come to withdraw money.

At that time, the individual wealthiest people were not as rich as the Rothschilds who had just won Waterloo. The Bank of England was afraid of them. Banking business still exceeded personal business and was the main source of funds for trust companies. After the collapse of Knickerbocker, dominoes

The effect began, and banks developed a strong sense of distrust in the trust industry, requiring trust companies to repay immediately. Under attack from both sides, trust companies had no choice but to borrow money from the stock market, with interest rates even reaching 150%.

This did not alleviate the panic, but instead intensified the distrust. Frightened citizens queued up all night in front of various trust companies, waiting to withdraw their money. At this time, Jesse the Bear of Wall Street came to make a fortune again. The New York Stock Exchange

It almost closed down.

In this crisis, more than 300 trust companies collapsed, many of which had good reputations. It was not until J.P. Morgan came to the rescue in 1908 that the panic gradually subsided.

After becoming a god in the First World War, Morgan made bold words to promote the law, not the law, but money, and only money.

This kind of trust model with a strong commercial flavor is only like this in the United States. In addition to giving generous returns to customers, this kind of business trust also allows the trustee to collect remuneration, making the trust paid and growing faster.

Professionalization of trustees.

Is this good news? Of course not. Ponzi schemes also appear in the upper class under the guise of trust. Their class is superstitious about gossip and likes to listen to introductions. As long as one person introduces the scammer into their circle, it will soon start.

You will be accepted by them. What attracts them most is the high rate of return. Of course, you must have a decent enough appearance and a character that makes them like you.

But if anyone asks them what is the difference between the trust fund pools of a Ponzi scheme, these party animals may not be able to figure it out for a long time.

Trust companies in the United States are "strictly supervised" by law and are qualified trustees, and "no fraud has ever occurred."

For example, if a liar with a high IQ controls a "robot", who is responsible for this?

Or to put it in human terms, is the guilty person a natural person, a legal person or an agent?

The legal person may not know anything about it, and it may be registered in his name. If others do whatever they want, he will be responsible for anything that happens.

The agent may not know anything. He is completely unaware that he is committing a crime. The company's internal model is to use the money of subsequent clients to distribute it to previous clients.

Whether it is a legal person, an agent or the mastermind behind the scenes, they should all be natural persons, who are also the subjects who commit crimes. Can you say that you were deceived by a trust company? Are all natural persons in trust companies scammers?

Some people must say that they are not. Even the scammer who pretended to be a trust company tried to really manage money and make profits after he had a fund pool, and distributed the returns to his clients, so he invested the money in the real estate industry.

Speculating in the stock and bond markets, real estate is no longer just speculation. Real estate is the safest investment. As every housewife knows, you can make sure money without losing money.

The risk for him to use this money to go to the Atomic Furnace Fund is lower. At least the federal government is afraid that the money will be used up all at once, so it will spend it sparingly, and even if there is a loss, it will take back a little bit.

The center of a British trust is the beneficiary. When the trust expires, the trust company must distribute the principal and income to the investors. When the trust cannot be paid as scheduled or the payment is difficult, the company must deal with it. This is called rigid payment, which is also a trust.

The hidden rules of the industry are a means to attract investors.

However, if we encounter the situation like 1907, rigid redemption will not be realized, and this will aggravate the moral hazard in the trust industry.

It’s good to be able to redeem the principal, but you still want interest? It’s not impossible. Banks can have it. When Morgan rescued the market, many private banks received interest. Morgan also took the opportunity to acquire mining companies.

But there is no hope for retail investors. Finance actually does not create any wealth, it only transfers wealth, concentrating the money in the hands of some people into the hands of others. Jesse was also a poor boy, and he later became a giant bear on Wall Street.

Retail investors can't even get back their principal, let alone interest, and the so-called rich are just bigger fish in this crisis, but if they want to recover their losses, they can turn to Morgan, just like they did before

The money was given to another agent who cost them a lot of money.

To this end, all doors previously closed to Morgan were opened, only in North America, but not in Europe.

Those "castle owners" will also marry Americans, and they will only marry their daughters. They will not marry their daughters to the United States. The heroine Rose of Titanic, her father died, only she and her widowed mother, probably

It was only after she was so broke that she married a steel tycoon.

A considerable number of people's concept of money remains that they cannot maintain their lives without money. Anna Gould, the daughter of the founder of the American railroad, married Bernie de Castellan, and they lived quite well.

At least she was not scolded by a noble lady of the Montesquieu family, calling her an "ugly American".

After World War I, French aristocrats expanded their target of dowry hunting to the entire Americas. Throughout the 1920s, billionaires on New York's Fifth Avenue sent their daughters to Paris.

Common people probably think that this is a perfect combination of powerful people and big capitalists. In fact, the famous people always express their dissatisfaction, especially when wealth takes precedence over birth.

Wealthy families know best that it is easier for a family business to decline than to revive it, but they have never been as afraid of social status and being forgotten as they are now. They call wealth a social status lift. This knowledge forces them to have to live in annuities.

Transition to senior management.

Because of the traditional and ancient isolation of the aristocracy, aristocratic ladies will only marry aristocratic young masters. When the aristocratic young masters marry wealthy daughters from the United States in order to obtain dowry, these aristocratic ladies begin to face embarrassing dilemmas due to lack of suitable spouses.

Some people will lower their standards and marry an educated person like Susanna's mother, while others will simply stay single and pursue a career they like. It is very likely that the midwife in a Paris hospital is a marquise.

Although the power of the nobles was not reflected in the law, their titles were restored after Napoleon came to the throne. Of course, they were just titles. The nobles in the old era did not perform military service. This was their privilege, and other privileges were derived from it. Now they also

He has developed into the military world.

After Susanna passed the marriageable age, marriages from the wrong family and from the wrong family began to become popular in the circle of young people. Their circle even included big capitalists and cultural figures, which forced them to lower their lives and reintegrate.

Their wealth, such as selling castles that were extremely expensive to maintain.

Daughters of the big bourgeoisie can be scolded like that, and "working-class" girls can't even expect to hear good words. Rather than beauty, they value their wives' abilities more, and whether they can help them complete the rejuvenation of the family, such as entering the

What is the Panthéon?

In addition to being a member of the Napoleon Foundation, Susanna is also a member of the Noble Society, whose purpose is to unite the maintenance of the traditional moral standards of the aristocracy with the success prescribed by the business world.

There used to be a Wall Street business trust investor named Madoff who wanted to expand his business in Europe. He hired several young aristocrats as partners, hoping to attract customers through the rich and powerful's extensive interpersonal relationships just like in the United States.

Who are the people he is looking for?
To be continued...