There was an obvious change in Liu Ruogu's eyes. Pang Yu could finally tell that he was thinking and had not received an answer. Zhou Yueru's eyes also became lively and he seemed to be quite interested in this question.
"It relies on treasure banknotes." Liu Ruogu hesitated and said, "The imperial court can use mulberry paper and ink to make treasure banknotes, which can be used to purchase military pay and supplies."
Pang Yu nodded at Liu Ruogu, "The imperial court used paper to buy real things, so who lost?"
Zhou Yueru's paper shop has been bought many times by He and She, and she has also participated in He and the purchase. She said without hesitation, "The seller suffered a loss."
"But the imperial court paid the treasure banknotes, and the seller could also use the treasure banknotes to buy other things. Why is it considered a loss?" Zhou Yueru thought for a moment and shook his head to express that he didn't understand. Pang Yu put his hands on the window sill, "Before we talk about our Ming Dynasty, let's take a look first.
Before the Mongolian Yuan, their main currency was banknotes. The Yuan Dynasty's annual income could not make ends meet for a long time, and printing banknotes was the most convenient way to make up for it. The number of banknotes in circulation continued to increase, and the social output was basically constant. When the value of banknotes was basically constant, the value of banknotes
It continues to decrease, which is called inflation. To what extent the value of banknotes in the Yuan Dynasty decreased, if it is based on the initial
Grain has always been worth one stone. By the end of the Yuan Dynasty, Zhongtong banknotes had depreciated 60,000 times. If someone used banknotes to store wealth, there would be only one 60,000th left. Rich or poor, buyers or sellers could all be said to be devalued.
Looted everything.”
Zhou Yueru stared at Pang Yu, "It turns out that everyone has lost money."
Jiang Fan turned around and looked at the other two people and said, "The common people don't need to. If they are subordinates, they can only accept cash, or copper coins." "General Jiang is telling the truth. Under such inflation, the common people
If you are not a fool, you will naturally not accept banknotes. However, before the Yuan Dynasty sent silver to Central Asia through trade, there was very little silver deposited among the people. Copper coins were low in value and heavy in weight, so they could only exchange small amounts. The Mongolian Yuan mainly used banknotes.
There is no intention to start casting, and copper coins are not enough to cope with the circulation of goods. The people can only return to barter. This inefficient transaction method will seriously reduce economic vitality and cause
If the common people cannot survive, rebels will naturally emerge in various places. The Mongol Yuan's military expenditures have increased sharply, so they can only continue to issue more banknotes. If more people cannot survive, the rebels will suppress more and more, so more banknotes will be issued."
Liu Ruogu couldn't help but ask, "Sir, are you saying that the Tatars lost their country because of banknotes?"
Pang Yu walked from the window to the table. The three people here are all closely related to the issuance of stamps. Now that the stall is getting bigger and bigger, these people need to gradually take charge of themselves. He hopes to explain the reason why he pushed himself into the bank. He will return to
At the table, "The banknotes reflect economic problems. Before the crisis of a dynasty's rule, there will be an economic crisis. If the people have enough food and clothing, who will cause trouble and rebellion? Even if there are a few careerists, it will not become a problem. But when there is an economic problem
, many people will respond. The root cause is not banknotes, but the unfair distribution of wealth, resulting in an excessive gap between the rich and the poor, which is finally reflected in currency. The Mongolian Yuan maintains alien rule and wealth distribution.
It is extremely unfair in nature, and his financial expenditure cannot be reduced. When the people are exploited to the point that they cannot survive, they can only rise up to rebel against the Mongolian Yuan Dynasty to find a way to survive."
Jiang Fan raised his head and said, "It was Taizu and Chengzu who also used treasure money to drive away the Mongols. How could it be that the people still couldn't save their wealth?" Pang Yu nodded, "Taizu drove the Mongols out of Dadu, and the Ming Dynasty was newly established.
There were many places where troops were needed, and the imperial court's financial expenditures were huge, so it was in urgent need of financial resources. At that time, because the Mongols were exporting silver, China's main metal currency was copper coins. During the Hongwu period, the amount of copper coins minted in a year was about 190 million yuan.
With only a few coins per capita, this amount of money and interest naturally could not meet the needs of expenditure. Taizu also chose banknotes as currency. This is the Ming Dynasty treasure banknote.
." Pang Yu picked up a treasure banknote from the table. There were six characters "Da Ming Bao Chao, universal treasure banknote" written in the middle, and eight characters "Da Ming treasure banknote, universal currency" written in seal script on both sides. There were also complex patterns around it.
This is the consistent face value, paper
The sheet area is very large. "Bao banknotes began to be issued in the eighth year of Hongwu. At this time, there were six denominations, the largest was Guanxiang, and the smallest was one hundred coins. The unit of measurement was copper coins. Copper coins were still used for transactions below one hundred coins. Hongwu 22
Small banknotes began to be issued in 2016, divided into five types
Face value, the smallest ten coins." Pang Yu looked at Zhou Yueru, who was the supervisor of pasting banknotes. He hoped that Zhou Yueru could understand the meaning of pasting banknotes, rather than just knowing the technology of making banknotes. "There was a lot of expenditure during the Hongwu years, and Bao
Banknotes lacked reserves from the beginning, and began to depreciate after they were issued. In the ninth year of Hongwu, treasure banknotes were worth one meter per stone, and silver was also worth one meter.
It can be converted into four stones. If the price of rice is used as the basis, the value of the treasure banknotes will depreciate by 60%. If the price of silver is used as the basis, the value of the treasure banknotes will depreciate by 90%. In other words, if the people use the treasure banknotes to store wealth, only 10% will be left, and the rest
Ninety percent became
It is owned by the imperial court, which can also be called seigniorage. This wealth is the basis for Taizu to maintain the war against the Northern Yuan Dynasty." "Then Chengzu ascended the throne. In addition to continuing to conquer the Northern Yuan Dynasty, Chengzu also started major projects in the capital and other places, and also
During Zheng He's voyages to the West, the expenditure was no less than that of Taizu. When Chengzu came to the throne, the official salary was changed to one stone for ten coins, which means that the court recognized that the value of treasure banknotes had depreciated by 90%. Just five years later, the tax and grain allowances became
Thirty guan for one stone was devalued by 60%. By the 45th year of Jiajing reign, 5,000 guan of treasure banknote was only worth one tael of silver. It depreciated by 5,000 times. The wealth stored in treasure banknote
Wealth is no longer worth a penny.”
Liu Ruogu made some calculations and said, "If we go by this standard in your hands, it is indeed worth not even a penny. No wonder the people don't use it." "Everyone seeks advantages and avoids disadvantages. Such a loss of wealth cannot be punished by any severe punishment."
France could not continue to promote treasure banknotes, but since the founding of this dynasty, copper coins have been produced very rarely. Official copper coins are inefficient and costly. The imperial court only produces small quantities, and private exchanges
Yi mostly used private money, and even the shape of his private money mostly imitated the money of the Tang and Song Dynasties. After that, private silver and copper coins circulated at the same time."
Zhou Yueru listened attentively. What Pang Yu said today were all aspects that she had never thought of before. "Then why did more silver be used later?" "This silver coin contains 90% silver. It is called the Spanish Peso. There are two pillars on the back.
It's called Hercules, which represents the peaks on both sides of the Strait of Gibraltar at the southern end of Europe, but it actually does not come from Europe, but from South America, which is the main source of silver." Pang Yu picked up one on the table.
The silver coin has two obvious pillars on it, but it doesn't look very well made. The edges are not neat at all, and it's not even a regular round shape. "The Spanish conquered South America and discovered high-quality silver mines there, and the Europeans needed it."
Buy our Ming Dynasty silk, tea, porcelain and other bulk commodities. This silver was imported to China with the Spanish galleons through the Nanyang trade. The same is true of Japan. Their Iwami, Zuodu, and Akita silver mines produced a large amount of silver, and with the maritime trade
Entering China. It is precisely because of the large influx of this silver that there is a basis for the implementation of the Whip Law. Spain and Japan export
The abundant silver produced became the settlement currency, which made global trade prosperous and made everyone's life easier." The three people in the room looked at Pang Yu blankly, and General Pang kept talking about unfamiliar place names and names.
They absorbed too many concepts at once and could not ask any questions. In fact, what they were most puzzled about was how Pang Yu knew these things.
Xi, everyone thought of the legendary white-bearded fairy who entrusted dreams. Pang Yu said that in his excitement, he did not know what these people were thinking, "In the case where the overall production efficiency of the Ming Dynasty has not been substantially improved, the output is basically constant.
, and silver increased. During the period of large inflows of silver, four hundred pieces of Jiajing gold backing money in Wanli could be converted into one tael of silver. It can be seen that silver has depreciated, and the price of rice priced in silver doubled by Wanli.
In order to avoid the depreciation of wealth, silver holders will purchase fixed assets such as houses and fields, driving asset prices to high levels. As long as the scale of silver input can continue, houses and fields will continue to increase in value. Therefore, in this period,
For a period of time, the gentry had stronger motivation to annex land.
and."
"Do you know what those Europeans think of us in China?" Pang Yu said and looked at several people, and the three of them shook their heads at the same time.
"Those Europeans all believe that China is the richest country in the world. Once all the silver enters China, it will never come out again. They think China must be extremely rich." Liu Ruogu pondered for a while and asked Pang Yu, "Is this true?
I feel that there is a shortage of money everywhere now. As long as it is priced in silver, not only the real estate in Jiangbei, but also the land prices in various places in Jiangnan are falling. I once proposed to your Excellency, Baishun
The church no longer accepts land deeds as mortgage." Pang Yu nodded affirmatively, "Ruogu's feeling is right. The house is okay. There are no subsequent expenses after the purchase. The land is different. It itself is a carrier of taxation. Ordinary people buy it.
Once you get it, you will have to bear a heavy tax, which can even be said to be a negative asset. Not only will the land price drop, but in the future you may see the land being given away for free and no one wants it. One of the reasons is the change in the inflow of silver. Whether Japan or Japan
Spain needs to buy our products, but there are no products to sell to us, so their silver flows into China in one direction. This is called a deficit. The prerequisite for continuous output of silver is that the silver mines can provide stable output in the long term, otherwise they
The country will face currency shortages. Spanish domestic businessmen have always been dissatisfied with Chinese products seizing the market, and the silver mine production in South America is declining, which will intensify this dissatisfaction. Around the time Xizong came to the throne, Spain had a trade crisis and was participating in Europe.
During a war (Note: The Thirty Years' War in Europe), fiscal expenditures increased sharply, and the long-term trade deficit was unsustainable. The King of Spain began to restrict the outflow of silver, and the galleons trade dropped sharply. According to the information Willy gave me, the number of people entering the port every year before
There were about forty Chinese merchant ships in Manila. By the second year of Chongzhen, there were only six Chinese merchant ships entering Manila. In the seventh year of Chongzhen, Spain restricted ships from the Acapulco Port in the Americas, mainly targeting our country. Japan's Iwami Ginzan
The amount of silver production has been declining since it reached its peak during the Wanli period. If the original trade scale is maintained, Japan will enter a severe deflation state, and the economy will then enter a trough. The economic decline will affect people's livelihood and tax revenue, thus affecting the country's economy.
The rule of the shogunate poses a threat, and reducing foreign trade is the only option. The shogunate's seclusion is an inevitable event with economic motives. The fundamental reason is that Japan's overall production efficiency is lower than that of the Ming Dynasty. Once free trade is carried out, a deficit will inevitably occur. Therefore, the shogunate began to use Zhuin
The law restricted sea trade to reduce the outflow of silver. The inflow of silver into the Ming Dynasty was greatly reduced, and there would be a shortage of silver everywhere.
What the imperial court is facing is a silver crunch, it has no silver mines to increase production, and it cannot collect seigniorage at all. Therefore, the Chinese emperor, the richest in the eyes of the red barbarians, cannot even raise money to fight against the bandits." Zhou Yueru's eyes sparkled, today
What she heard seemed to open up a new world. She looked at Pang Yu and said seriously, "So much silver has entered our Ming Dynasty before, why didn't those red barbarians flow in? Let's just do this
There is such a shortage of money. Where has the money gone over the years?" "The Meng Yuan Dynasty was defeated by the gap between the rich and the poor. After more than two hundred years, our Ming Dynasty has also formed a solid distribution model." Pang Yu glanced at the three people confidently, "First of all,
Talking about the flow of silver in the country, silver enters China from the southeast coast and first reaches Jiangnan, the production area of commodities. It is the area with the highest economic efficiency, making Jiangnan form an export-oriented commodity economy. The market drives farmers to give up growing food and convert the land into mulberry cotton.
and other cash crops, while grain is imported from Huguang and Jiangxi. Because of the cheapness and convenience of shipping in the Yangtze River Basin, even after long-distance transportation, the price of grain is still far lower than the income from cash crops. At the same time, there are also companies like Wuhu that specialize in cotton cloth.
Printing, dyeing and steel areas formed a regional economic division of labor along the rivers, and silver also circulated in the river basins. The second was the canal, which was mainly tax revenue and grain from the imperial court. The silver circulated along the canal, and the tax money came from all over the country, and
Everyone is involved. This is an important redistribution link. Everyone is familiar with the things in the yamen. The farmers gain from farming are in kind, and their daily lives are self-sufficient. There are very few places involving silver, but they pay taxes after one whip.
If you need to pay for silver, you will suffer two losses just from the exchange of silver. Because of the characteristics of taxation, this distribution is more controlled by power. Through these redistribution links, the wealth created by farmers becomes the silver in the cellars of wealthy businessmen.
"Ding, the wealth gap is getting wider and wider."
Zhou Yueru seemed to remember what happened to Sun Tianxiu's family. She lowered her head and looked at the table in trance. "The gap between the rich and the poor has caused silver to enter a state of precipitation. The rich have money but limited consumption, while the common people have no wealth to consume. In this way, commodity production and circulation
will stagnate. After the depression of all industries, everyone's income will drop sharply, and they will continue to reduce development.
branch, forming a deflationary cycle." Pang Yu stood up and came to the map posted in the conference room, "In terms of region, it is easier to obtain silver in areas near these two river systems, and the economic situation is better. The imperial court's silver
It is only enough to supply Jiubian and lacks the ability to allocate other regional economies. Silver from Jiubian will also flow back to the two river systems due to commodity trade. The farther away the area is, the greater the difficulty in obtaining silver, such as Shaanxi, Liaodong, and Guizhou.
In the corners of the country, these places have weak economies and even worse affordability. Once the inflow of silver decreases, survival problems will first arise, and then chaos will arise. These areas have respectively experienced slave-building, banditry, and chaos in She'an.
In addition to weak governance in marginal areas, the economic decline related to silver is also an important reason. The rise of chaos in various places has greatly increased the demand for hedging. Gold and silver naturally have hedging properties, and everyone wants to keep more gold and silver.
body, which takes more silver out of circulation
.”
Jiang Fan kept rubbing his hands, and looked at Pang Yu with a look of admiration, but there was still a hint of doubt, "Then is there any way to change this situation?" "The first is war." Pang Yu tapped the location of Liaodong on the map, "
Take the Houjin as an example. Due to the primitive nature of their society, their production efficiency is extremely low. The food is not even enough for food, let alone trade. The only other commodities that can be used as commodities are fur, ginseng, dongzhu, etc., and the transaction amounts are very
Small, they need a lot of ironware, cotton cloth, tobacco, silk, grain, sugar and other bulk commodities for their lives. Once free trade with our Ming Dynasty, they will need to use silver to import from the Ming Dynasty. Otherwise, the money will be exhausted in two years. So I infer
, if Huang Taiji wants to open border markets with Ming Dynasty, he will inevitably put forward unequal trade conditions. It is not that he is thick-skinned and wants to take advantage of Ming Dynasty, but that he is irreplaceable. If I, Ming Dynasty, do not exchange with him, we will be short of money.
For supplies to maintain the regime, war is the only option. When the climate impact caused by the Little Glacier becomes more serious, the disaster in the north will be even worse.
In the south, whether it is Houjin or Mongolia, the motivation to go south will be stronger. If they cannot obtain supplies, they will collapse from within."
Liu Ruogu continued, "And what about your lord's support?" "For the reason I just told you, silver is in the cellars of wealthy businessmen. We are not the imperial court and cannot solve the silver crunch everywhere, but we
The goal is also smaller, to solve the silver crunch in the controlled area. The bills and bills of exchange are not prepared for the common people who use copper coins. They are all aimed at the main holders of silver. At first, they rely on interest and the credit of the society, and later they rely on force.
Establish and expand your own credit by controlling trade channels, obtain part of the seigniorage, obtain sufficient economic support for the Anqing camp, and then obtain the most powerful force in this troubled world, and force can obtain all expectations for the future." Pang Yu replied.
He went to the table and held the edge of the table with both hands, looking at the three people below, "This is why I was not treated when the stamps were issued."