Zhang Yue's mouth was dry as he spoke, but he saw the expressions of the three prime ministers Han Qi, Zeng Gongliang, and Ouyang Xiu, as if they were listening to a book from heaven.
Zhang Yue, on the other hand, felt a little unsure.
With the three prime ministers looking like this, is my knowledge too advanced?
In fact, to change the concept, the United States established the Bretton Woods system after World War II and established a fixed exchange rate of thirty-five U.S. dollars per one ounce of gold.
This is also known as the gold-as-reserve system, also known as the gold standard system.
In fact, the salt banknote is a salt standard system with dissolved salt as a reserve fund.
The price of a salt salt banknote is six guan and thirty-five dollars per ounce of gold, both of which are fixed exchange rates.
But the collapse of the salt banknote was exactly the same as the collapse of the Bretton Woods system.
When the U.S. dollar was used as the national currency, there was no problem with a fixed exchange rate. But when it became an international currency, problems arose after the liquidity increased. The amount of U.S. dollars issued increased every year, but the gold reserves decreased every year. In the end, the gold standard with fixed exchange rates had to be abandoned.
The system was changed to bind oil to the US dollar.
Salt in the Song Dynasty was equivalent to oil.
Historically, when Lu Dazhong and Lu Huiqing were in power in the northwest, the price of salt banknotes rose sharply and then plummeted. Both of them took tough measures to restore the six-consistent exchange rate.
Lu Dazhong issued a large number of salt banknotes to suppress the surge in salt banknotes, that is, using banknotes to make money.
Lu Huiqing forcibly stipulated that everyone must buy and sell salt banknotes according to their face value, otherwise they would be in vain for two years.
Only Qiu Boyu advocated competing with merchants for profit. The market price increased or decreased everywhere, and the transportation department raised or lowered the denomination of salt banknotes, so that you would not be allowed to speculate on it.
However, these reforms were all unsuccessful, because these measures were all weight and circulation methods, including Qiu Boyu's method of increasing or decreasing prices, which also failed because the government was naturally insensitive to market prices.
Therefore, we can only work hard on monetary policy and currency liquidity, but only floating exchange rates are the only way out.
Han Qi and others listened for a long time, and he knew immediately that the official below had something to say. Although he could not understand Zhang Yue's words, there was indeed some logic in them.
So Han Qi looked at Zeng Gongliang.
Zeng Gongliang was not only good at Confucianism and official affairs, but he was also superior to Han Qi and Ouyang Xiu in matters of economic stability.
But I didn't expect that Zeng Gongliang also had a look of confusion. He thought for a moment and then said: "What Judge Zhang said, the most important thing I thought about over and over again is that money can be used as currency!"
Banknotes can be used as currency!
Zhang Yue immediately said: "This is exactly what I want to do."
Zeng Gongliang asked: "If salt banknotes are used as currency, prices will go up and down. If the banknotes are expensive, merchants will not be able to make a profit. If the banknotes are cheap, the court will have no salt to exchange. What should we do?"
Ouyang Xiudao: "If the salt banknotes cannot be used as currency, we only need to order the merchants to only buy them for the public and not to sell them privately...According to the method stated by the judge, private circulation is not allowed."
Zeng Gongliang frowned and said: "This advantage has been opened and cannot be blocked. But let's go back to the method of balance. In the future, the price of banknotes will be more than ten guan, and the salt banknotes produced by the salt courtyard of the capital will be sold. If it is lower than six guan, the capital will be ordered to
Yanyuan Repurchase.”
"But who will provide the money? Who will provide the money?"
Zhang Yue nodded, that was his intention.
Even though the equalization method is a floating exchange rate, it still maintains a price range, which requires the court to have strong economic control capabilities.
Ouyang Xiudao: "If the equalization method is adopted, the price of banknotes is more than ten guans, and the court has enough salt banknotes to reduce the price of banknotes, or the price of salt banknotes is lower than six guans, and the court has enough money to buy back, what's the point?
Isn’t it feasible?”
"But Sansi and Shaanxi Yunsi..."
Cai Xiang said: "The imperial court is already stretched thin. If we want to put such a large amount of money aside, why not put it in the Capital Salt Courtyard?"
Zhang Yue nodded, history indeed proves that neither court can do it!
The Capital Salt Institute established by Fan Xiang cannot hold down the currency when the price of banknotes is high, and cannot raise it when the price of banknotes is low. I have never heard of anyone doing this, and no matter how much foreign exchange reserves they have, they would not dare to do this.
Zhang Yue said: "The exchange has insufficient money and salt banknotes, so the price of salt banknotes is determined based on the relationship between supply and demand. When there are many people buying banknotes, the exchange raises the price, and then continues to sell salt banknotes to stabilize the price."
If there is a price difference, each transaction of salt banknotes can earn 500 yuan. When there are more people selling banknotes, the exchange will lower the price and continue to buy back salt banknotes to increase the price of the banknotes. This can also earn handling fees.
"
Zeng Gongliang's eyes lit up and he said: "First limit the circulation of salt banknotes with a price difference of five hundred coins, and then use the floating price to balance supply and demand. In this way, no matter whether the banknote price is high or low, the court will have a steady stream of money. This
This is actually the way to make sure profits without losing money!”
"Brilliant! Really brilliant!"
Among the three prime ministers, Zeng Gongliang, who was the eldest in economics, was now nodding his head in praise as if drinking wine.
Han Qi, Ouyang Xiu, Cai Xiang and others on the side also nodded frequently. Not only did they understand, they also realized the wonderfulness of this exchange.
"I have been in the Political Affairs Hall for many years, and I have received such praise from young and old people in the Hall." Han Qi said.
Zeng Gongliang smiled.
Ouyang Xiu looked proud, but he suppressed his happiness and said calmly: "But by chance, it's thanks to Mr. Cai and Deputy Ambassador Fan's guidance."
Zhang Yue heard what Ouyang Xiu said and immediately realized that he was teaching you how to be an official.
Cai Xiang and Fan Shidao smiled slightly but said nothing.
Han Qi pondered for a moment, then pinched his beard and said: "This is why at first I thought that amassing money and making huge profits would arouse public resentment and harm the hearts of the people. But now it seems that it does not seem to be the case.
It is beneficial to the country and people’s livelihood.”
After a pause, Han Qi asked: "Duzhi, I don't understand. Salt is the foundation of the country. Once the court relaxes the price of banknotes, what should we do if the salt banknotes rise and fall sharply in the future?"
"That's not necessary. I'm not asking you a question, I'm asking you for advice?"
After Han Qi finished speaking, he smiled to himself, and all the officials also laughed. Although they felt that Han Qi was joking, it was already a first-class compliment.
Zhang Yuedun felt as if he had drunk honey water, and his whole body was in peace. He did not expect that Han Qi, who had always been domineering, would actually put down his arrogance and use the word "ask for advice" in front of him today.
Now that he has received the unanimous approval of Han Qi and other officials, Zhang Yue has become more cautious, fearing that he will lose control and get carried away.
Zhang Yue said: "Xiangong Han's words are serious, I will never dare to accept the official position."
Han Qi waved his hand and said leisurely: "I have been an official for many years and have experienced many places. I have seen many famines and hungry people. On weekdays, when the price of rice is low, rice can be sold for twenty or thirty cents a dou, but in disaster years, poor people have to sell
You have to sell your son for a bushel of rice, which is worth a life."
"The same is true for the price of salt now. The average household can't save more than a liter. The price of salt is so high and low that even the Queen Mother was alarmed and personally asked about it."
Han Qi said: "What do you think the imperial court relaxed the rules on salt banknotes, causing the price of salt to skyrocket?"
Zhang Yue originally wanted to use the classic saying "There is an invisible hand", but he felt that history had proved that this hand was unreliable and often moved around.
Therefore, Zhang Yue could only say honestly in the end: "I am afraid that I can only do my best to report back to my husband!"
Zhang Yue thought to himself, did he fail in the end?
But Han Qi nodded, stood up, walked around for a moment, and said to several prime ministers and Cai Xiang: "Well, there is no perfect method in the world. Let's let this young man try it for a few more days. What do you think?"
