“…The money shortage is a structural imbalance between supply and demand, not just because of lack of money, but because of the inconsistency between the supply and demand of money in time and space.

To be more easily understood, the money shortage is not because there is no money, but because the money does not appear in the right place…”

Zhao Zhen was excited.

Ouyang Bian's writing is very familiar with Zhao Zhen, because it continues the vernacular style of "The Wealth of the Kingdom". Although it may not be much aesthetic, it is undoubtedly very outstanding in terms of rigor, fluency and readability.

Ouyang Bian's understanding of the money shortage is different from the current ministers. The current ministers believed that the reason for the money shortage was due to insufficient currency issued, but Ouyang Bian believed that the money did not appear in the right place.

Ouyang Bian uses data to explain.

“…Since the Qingli period, the five major coin supervisors have minted a large number of copper coins, and the annual minting amount is more than 1 million guan, and the highest is 4.5 million guan.

This number is several times to dozens of times the issuance of the Han and Tang Dynasties. By now, the accumulated amount of currency may have reached 2. 600 million yuan. Why are there still insufficient currency on the market with so many currencies?

This does not include the large number of popular counterfeit coins on the market. Adding to those counterfeit and shoddy privately minted coins, the total amount of this currency will be greater. But even so, the money shortage is still hanging on the neck of the Song Dynasty like a steel knife that will fall at any time. What is this for?"

Ouyang Bian gave several reasons.

First, the people destroyed copper coins and minted bronze statues, bronze ware, etc.;

The second is the outflow of copper coins;

Third, the amount of copper coins casting is low;

Fourth, wealthy families hide copper coins.

In Ouyang Bian's view, the last one is the fundamental reason for the shortage of money.

"...The rich households have many copper coins, and the few are not less than hundreds of thousands of coins. All the rich households in the world do this, so how can they not be short of money?

It was not that the Song Dynasty had no currency, but that all these currencies were settled. As long as these currencies were mined out, the money shortage of the Song Dynasty would naturally be solved."

Ouyang Bian uses the example of Agricultural Bank to explain.

"...Agricultural Banks absorb wealthy deposits and use interest to induce them to attract a few wealthy households to put some of their money into the Agricultural Bank, and this amount is only about one-tenth. If half of the amount of money can be mined out, the Song Dynasty would not be short of money.

Therefore, I would like to establish a central bank with banks as the core to increase the turnover rate of coins. In this way, the business of the Song Dynasty will inevitably flourish, and the commercial tax will increase significantly, and the Song Dynasty will not be able to see the national treasury empty."

"On Money Shortage" spills out tens of thousands of words, discussing the reasons and solutions of the money shortage, which makes Zhao Zhen feel enlightened.

Zhao Zhen grinned: "Such a heroic writing can relieve fatigue!"

Zheng Dayong quickly came up: "Congratulations to the officials, congratulations to the officials, and discover an unparalleled national hero for the country!"

"The unparalleled national sage..." Zhao Zhen passed in his mind, "... All the generals are easy to get, and those who are as loyal as they are, the unparalleled national sage!"

Zhao Zhen’s words come from "Records of the Grand Historian: Biography of the Marquis of Huaiyin".

Zhao Zhen remembered Ouyang Bian's West Lake City, Agricultural Bank of China, Guo Wealth, and now "On Money Shortage", and nodded and said, "Jimo deserves it."

Zhao Zhen highly recognized Ouyang Bian and basically recognized the views on "On Money Shortage", but Zhao Zhen was still quite cautious in opening a central bank.

Zhao Zhen has studied the Agricultural Bank of China. The operation method of the Agricultural Bank of China is different from the traditional banknote bank. Agricultural Bank of China used a trick to attract a large amount of deposits, but attracting these deposits requires a lot of interest.

The annual interest rate of deposits of Agricultural Bank of China is as high as 4%, which means that for every ten million guan of money is absorbed, 400,000 guan of interest has to be paid every year. Like the Agricultural Bank of China, it absorbs tens of millions of deposits, and it is not allowed to pay millions of interest every year?

If the so-called central bank sponsored by the court is spread all over the country, then the deposits absorbed at least ten times, and then tens of millions of RMB of interest will be paid every year?

How much did the Song Dynasty earn in every year?

Zhao Zhen had no confidence in this, so he found Wen Yanbo, Fu Bi, the prime minister of the Political Affairs Hall, Bao Zheng, the envoy of the Three Divisions, and Wang Anshi, the judge of the Three Divisions, and invited the prefect of Kaifeng Ouyang Xiu and others to discuss the matter together.

Zheng Dayong distributed the "Qianhuang Lun" to everyone. After everyone read it carefully, Zhao Zhen spoke: "You guys, how about this article?"

Wen Yanbo thought about it and said, "The official family is really a heroic literary man. Judging from his style, it should be written by Ouyang Jimo, the son of the Yongshu family?"

Zhao Zhen smiled and said, "Wen Xiang is as smart as a torch."

Wen Yanbo smiled and said, "Your Majesty is a mischievous one. It's really because the style is too distinctive."

Zhao Zhen smiled and said, "You all know, do you think Ouyang Jimo's argument about Qian Huang is reasonable."

Fu Bi shook the "Theory of Money Elimination" and smiled and said, "It's not that no one has mentioned these arguments, but no one has analyzed them so clearly, especially because the money is short of money, but that the money is not used in the right place, which makes me suddenly enlightened!"

Bao Zheng said: "That's true. Five major currency regulators minted millions of coins into the market every year. They are like this every year, but they are still short of money every year. Isn't this a strange thing?

Border trade and sea trade will indeed cause currency outflow, but in recent years we have been doing it in barter. We could have controlled most of the currency outflow, but this money should be lost or not."

Zhao Zhen nodded and said, "So this coin has really settled among the people and was hidden.

Ji Mo used the example of the Agricultural Bank to illustrate this fact. Now Ji Mo suggested that the imperial court open a central bank to collect the hidden coins and flow them back into the market. What do you think of the family?"

Wang Anshi said: "This is a good recipe for the root cause, I think it's OK."

Fu Bi frowned, "Your Majesty, as far as I know, the Agricultural Bank of China has absorbed at least tens of millions of coins and has to pay millions of coins every year.

If the imperial court opened a central bank, the capital it absorbed would definitely be far more than that of the Agricultural Bank of China.

If Ouyang Jimo's calculation data is accurate, the public has accumulated 250 million coins, if the central bank absorbs even half of it, it will be calculated based on the 4% annual interest rate of the Agricultural Bank of China, every year... hiss!"

Fu Bi calculated it a little, was startled by the calculated data and took a breath.

“…4 million guan!”

Everyone also widened their eyes.

At the beginning of the Chanyuan Alliance, it was only 400,000 guan a year. Now, the interest rate is 4 million guan a year, which is a scary thing!

If this is done, the court can declare bankruptcy in a few years.

Bao Zheng was in charge of the three departments and knew some data. He said, "You can't just calculate this. Ji Mo and I also asked about this. Ji Mo laughed at the time, as if he thought I was ignorant..."

Everyone looked up.

Um?
Chapter completed!