I watched Er Chuang’s short video, and everything went numb!

[Universal jurisdiction also has many problems. It seems that anyone can manage it, but in fact, it often turns into no one managing it. ]

……

The plane of Emperor Chengzu of the Ming Dynasty.

Zhu Zhanji looked at Zhu Di in surprise.

How can this statement be consistent with what his grandfather just said?

But Zhu Di's face was very calm.

He knew it would be so.

Whether to manage it or not depends on the national interest.

It doesn't mean that if you can manage it, you will definitely manage it.

……

[Let's take the example of Somali pirates. ]

[Somalia itself is old and poor, and has no maritime law enforcement force at all. ]

[The surrounding countries are also very poor, and there are not many ships at home for pirates to rob, so naturally there is no motivation to punish them on the high seas. 】

【Those countries that were robbed by pirates are thousands of miles away in Asia, America, and Europe. The cost of law enforcement is too high and it is inconvenient to manage them. 】

【So the Somali pirates enjoyed the "no man's land" entrepreneurial environment in their early years, and their business grew bigger and bigger, and they became more and more arrogant. 】

【From robbing fishing boats and extorting ransoms to robbing cargo ships and cruise ships, and then to holding the big countries' munitions ships full of tanks, they did all kinds of evil. 】

……

"What arrogant pirates!"

Many ancient people in all dynasties were shocked.

These Somali pirates are really too bold. Aren't they afraid that other countries will unite to wipe them out?

……

【Finally, the big countries could no longer bear it, and the UN Security Council passed a resolution to let all countries send warships to escort them, which suppressed these desperate pirates. 】

The barrage flew out:

"Since the warships have been dispatched, why not just wipe out all these pirates? It will save trouble."

"Reply--The other identity of Somali pirates is those poor fishermen in Somalia. When they are not robbing, they can't kill them."

"Reply--To completely solve the problem of Somali pirates, it is estimated that Somalia must be destroyed."

"Reply--Or let Somalia stop the civil war, develop the national economy, and let the Somali people have food to eat."

"..."

Daqin plane.

Qin Shihuang felt that the great powers in later generations were not decisive enough.

Since they have taken action, they should solve it once and for all and eliminate the trouble forever.

It is too troublesome to send warships to escort every day. It is better to wipe out the pirates directly.

Even if it is necessary to destroy the country of Somalia, there is no need to hesitate.

……

[At this point, everyone should have seen clearly that although the situation on the high seas is a bit complicated and involves some wrangling, it is definitely not a lawless place.]

[As long as the crime you committed is serious enough, countries are willing to take care of it. They can always find a jurisdiction to arrest you and put you in jail by flipping through the code. The only difference is which country's jail you go to.]

The barrage flew out:

"To put it bluntly, if they really want to take care of you, they can always find a reason."

"Reply - Similarly, if I don't want to control you, I can find a reason to focus on a flexible switch between territorial jurisdiction and personal jurisdiction."

"In a sense, for some people, the high seas can do whatever they want, such as high seas medical ships."

"That's the truth, but in fact, what territorial, personal, and high seas are all about guns and cannons."

"..."

See the end.

Many ancient people in all dynasties have also roughly understood it.

Whether the high seas is a lawless place is completely flexible and varies from person to person and from case to case.

As the video's conclusion finally ended, this video was also played.

……

In the sky giant screen.

The video refreshed.

A new video appeared.

[Why did the ancient Chinese paper currency revolution fail? 】

……

The plane of Taizu of the Ming Dynasty.

When Zhu Yuanzhang saw the title of this new video, his eyes instantly became focused.

From the previous video, he already knew that the Ming Baochao he issued was not successful.

And he also knew that the biggest problem was that the Ming Baochao depreciated too seriously.

But he only knew the result but not the reason.

When he learned about this problem before, he wanted to thoroughly understand the reason and get a solution.

…

In addition to Zhu Yuanzhang in the Ming Taizu plane, there are many emperors in other dynasties who are also very interested in this video.

Among them.

After the Northern Song Renzong plane where "Jiaozi" appeared, there were emperors such as Zhu Di who had already known about paper money and actually issued paper money.

There were also emperors such as Li Shimin who did not know about paper money before the Northern Song Renzong plane, but had a great interest in paper money.

……

[In the history of Chinese currency, from the Song Dynasty to the Ming Dynasty, the currency standard changed from copper to silver. ]

[In the era of copper standard, the descriptions of money in history books were all so many Guan or so many Wen, while in the era of silver standard, the currency unit became so many Liang or so many money. ]

[This change was basically fully implemented in the early and middle Ming Dynasty. ]

[It seems that it is just a change of general equivalent, but in fact there is a huge change in this change: that is, from counting currency to weighing currency. ]

[From the perspective of currency evolution, this is actually a step backwards. ]

[Because weighing currency means increasing the randomness and identification cost in transactions, let alone at that time, even now, the weight measured by different scales is still a certain difference. ]

[If both buyers and sellers bring scales, conflicts are likely to arise, which increases the cost of social governance. 】

……

In the dynasties that practiced counting currency, many merchants agreed with the words of the high-altitude giant screen at this time.

In the process of doing business, almost every time they involved money transactions, there was a process of weighing silver.

Not only was it extremely troublesome, but the results of the key weighing were often controversial.

Both the buyer and the seller felt that their scales were more accurate.

……

[From the perspective of the transaction attributes of currency, this process is definitely a regression. ]

[But from the perspective of the credit value attribute of the currency, silver is obviously much better than copper. ]

[Unless there is a large influx of foreign silver, it is difficult for a country with a silver standard to experience a vicious currency depreciation, and the court does not need to mint new coins as frequently as before. ]

[So overall, the change from copper standard to silver standard is an objective historical law. ]

[It is just necessary to find a way to make the era of silver standard as convenient for transactions as the era of copper standard. ]

[From the perspective of modern people, the answer is already very obvious, that is credit paper money. 】

……

The plane of Emperor Taizong of the Tang Dynasty.

Li Shimin looked at the giant screen in the sky, thinking constantly in his mind.

In the previous videos showing the social life of the Dragon Kingdom in the future, he had seen that when people in the Dragon Kingdom in the future bought goods, in addition to paying in a way that he could not understand at all, they also used another payment method, which was paper money.

This undoubtedly proves that paper money is a currency method recognized by the Dragon Kingdom in the future.

And from all aspects, the Dragon Kingdom in the future is more advanced and powerful than the ancient dynasty.

Based on this reasoning, Li Shimin felt that paper money must be more advanced and reasonable than the copper coins currently used by the Tang Dynasty.

Therefore, Li Shimin had the idea of ​​issuing paper money to replace copper coins.

But the problem is that, also from the previous video, Li Shimin learned that the large-scale issuance of paper money by the Ming Dynasty in the future caused considerable harm to the country.

Therefore,

He didn't dare to act rashly without thoroughly understanding the issues related to paper money.

Thinking of this, Li Shimin continued to focus on the giant screen in the sky.

……

[In fact, official paper money was popular in the Song, Yuan and Ming dynasties, but the final result was explosive inflation and then it was abolished. ]

[Today, let's talk about the game between officials and citizens around China's first paper money, Jiaozi. ]

[Look at such a good invention, why couldn't it fully play its due financial power in China? ]

[This is a long story, but it is linked together. You will definitely gain something if you see it to the end. ]

……

The plane of Emperor Chengzu of the Ming Dynasty.

When Zhu Di heard this, his eyes were full of expectations.

The depreciation problem of Ming Baochao has accumulated all the way from the Hongwu period, and it has become very serious by the time of his Yongle Dynasty.

He hopes to find a solution from the following video content.

… (To read the exciting novels, go to Faloo Novel Network!)

[Everyone knows, the origin of paper money is the deposit certificate of financial institutions. 】

【When the bank's payment credit is good and people are willing to use their deposit certificates for transactions, this certificate becomes the intermediary of the transaction. 】

【Then, when the deposit certificate of a bank with excellent credit often happens, the bank itself will find that its own deposit certificate has become a transaction certificate, so the depositor's name will be left blank in the future. 】

【It is better to directly make a fixed deposit certificate with a difficult format to copy as a voucher for exchange in the bank, which is convenient for everyone and yourself. 】

【You can even prepare some vouchers of commonly used denominations as backup, so that it will completely become a fixed currency. 】

The barrage flew out:

"These banks have accidentally discovered the essence of paper money, which is a credit certificate."

"Starting to enter the primary stage of paper money."

"..."

The plane of Taizu of the Great Ming Dynasty.

Zhu Yuanzhang was shocked: "The essence of paper money is a credit certificate?"

In a moment.

He thought of a sentence mentioned by someone in the previous video: "The depreciation of Ming Baochao is due to the bankruptcy of the Ming court's credit."

As for the reason for the bankruptcy, people in later generations also mentioned that it was because too many Ming Baochao were issued.

"How much can be issued to be appropriate?"[]

Zhu Yuanzhang couldn't figure this question out at all.

With doubts, Zhu Yuanzhang continued to look at the giant screen in the sky.

...

[This is what happened in Sichuan during the Northern Song Dynasty. ]

[So why Sichuan? ]

[In fact, it was because there was a strange rule in the early years of the Song Dynasty, which prohibited the flow of gold, silver, and copper into Sichuan, and Sichuan people were only allowed to use iron coins. ]

[And iron is a base metal, and iron coins of equal value are much heavier than copper coins. 】

【At that time, a string of iron coins weighed more than 20 kilograms, which seriously affected normal production and life. 】

Barrage flew out:

"This is too miserable, too inconvenient."

"Why is this? Why did the Song Dynasty treat Sichuan people so differently?"

"Reply-It is said that it was because there was a shortage of copper mines in Sichuan at that time."

"Reply-There is also a saying that merchants sent copper coins from other places to Sichuan for profit. In order to avoid competition between the people and the government, the court simply adopted a one-size-fits-all approach."

"..."

In the early years of the Northern Song Dynasty.

Many people in Sichuan were confused.

They didn't know why the court didn't allow them to use copper coins.

They only knew that iron coins were too heavy and it was really inconvenient to use.

……

[In fact, Sichuan people tried to use silk to replace large-denomination currency at that time, but silk is not easy to preserve. If it gets moldy, dirty or brittle, it will lose a lot of money. ]

[Secondly, silk is indivisible. A broken silk is just a daily necessities.Goods, not money. 】

[Merchants could not use this kind of currency that could only be traded in large amounts as emergency reserves, and they always felt that they were controlled by the court. 】

[So the seemingly balanced currency system of silk + is actually not sustainable at all. 】

……

The plane of Emperor Wu of the Han Dynasty.

Liu Che nodded slightly.

As a money expert among the emperors of various dynasties in China, he was not completely ignorant of economic matters.

As for the predicament faced by the people of Sichuan in the early Northern Song Dynasty, it was impossible to exist for a long time.

If the court did not adjust its policies, the people would definitely solve this problem in their own way.

……

[Therefore, paper money, which developed from deposit certificates, first became popular in Sichuan, and its use in large-scale transactions became increasingly larger. 】

[And in the face of this situation, the early money houses also attached great importance to their own credit. 】

【At that time, many banks tacitly agreed that as long as the deposit slip was not damaged, even if it was dirty, or even the seal was difficult to distinguish, it would still guarantee its value. 】

The barrage flew out:

"These banks are good, and they are more martial."

"This is simple folk business wisdom."

"..."

The plane of Taizu of the Ming Dynasty.

In a mansion, Shen Wansan, the richest man in the Ming Dynasty, nodded.

To do business, you must be trustworthy.

Businessmen who don't keep their word can't make it big.

……

【Around 995 AD, Sichuan was affected by the uprisings of Wang Xiaobo and Li Shun. A large amount of official currency evaporated, and the efficiency of iron coin casting was greatly reduced. More people began to use various 737 bank bills for transactions. 】

【Afterwards, these new transaction bills gradually replaced official currency and became the main currency in circulation in Sichuan. 】

[These bills are called Jiaozi by Sichuan people, and Jiao means printing on both sides. 】

[As mentioned above, the popular ones at the beginning were actually the private Jiaozi issued by private banks, and the banks that issued Jiaozi were also called Jiaozi shops. 】

[Then Jiaozi shops are actually performing the functions of deposit and loan banks and currency issuing banks at the same time. 】

The barrage flew out:

"Good guy, this is doing what the country does."

"No wonder Jiaozi collapsed in the end. The function of issuing currency is controlled by private banks, and there will definitely be problems."

"Reply-Isn't this certain? There is no supervision, and it all depends on the intuition of private banks. It would be strange if there were no problems."

"..."

The plane of Emperor Chengzu of the Ming Dynasty.

Zhu Di agreed with the later people in the barrage.

The Ming Baochao was issued by the court, and private issuance was strictly prohibited, and problems arose.

Not to mention that it is completely issued by private banks.

According to his judgment, these private banks will most likely secretly issue more Jiaozi.

……

[Now banks have deposit reserve ratios and value anchorsand circulation ratio. 】

……

"What do these mean?"

In the dimension of Taizu of the Ming Dynasty, Zhu Yuanzhang felt that the words in this sentence that he didn't understand at all were very important.

But the giant screen video didn't explain much.

Zhu Yuanzhang had no way of knowing what it meant, so he could only continue to look at the giant screen in the sky, hoping that the content of the video would mention it again.

……

[The ancients were not stupid, and they soon discovered these potential benefits. ]

[Some banks found that no one knew how much money the customers had deposited with me anyway, and it was impossible for everyone to exchange cash within one day, so I didn't need to issue Jiaozi at a 1:1 ratio. ]

[I could secretly issue a few more for my own use, and I could still buy things on the market. ]

[Generally speaking, as long as the operation is done properly, this will not be exposed, and a little bit of circulation dilution is not enough to affect the value of the currency. 】

【However, when this method became an open secret in the industry, some small money houses with insufficient reserves issued a lot of Jiaozi, and they really couldn't cash out when big customers withdrew money. 】

【Once this happened, the credibility of all Jiaozi shops would be questioned, and then they would not be able to continue to be issuers of currency. 】

【More importantly, they were all overissuing currency, and no one could cope with the run. 】

The barrage flew out:

"Whether it is a money house or a bank, once a large-scale run occurs, it is very likely to be finished."

"It is not okay to allow private individuals to have the right to issue currency."

"..."

"It is true!"

In the dimension of Emperor Chengzu of the Ming Dynasty, Zhu Di sighed.

As long as they secretly print a few more Jiaozi, they can get money directly, and they can also use the money to buy things. How can those merchants who run money houses resist the temptation?

The power to issue currency can only be controlled by the state! .