My clinic is familiar with ancient times, Zhu Biao came to seek medical treatment

As soon as Zhu Biao said this, Li Zhongfu knew that he understood.

Zhu Yuanzhang suddenly hit Zhu Di.

"Dad, why did you hit me suddenly?" Zhu Di was stunned and asked subconsciously.

Zhu Yuanzhang 'hummed': "Didn't you hear what your elder brother said? The treasure notes we issued curbed the deflation in the early Ming Dynasty to a certain extent.

But in the 22nd year of your Yongle, a treasure note of one string could only be exchanged for more than ten coins. Inflation was so extreme, shouldn't you be beaten?"

Zhu Di pursed his lips: "The treasure notes you have are still valuable, but by the end of the Hongwu period, a treasure note could only be exchanged for more than one hundred copper coins, and the other 90% of the value was inflation."

Zhu Yuanzhang blushed: " What does the depreciation of Baochao in the 31st year of Hongwu have to do with us in the 11th year of Hongwu? Our Baochao is strong now. "

"Okay, you are my father, whatever you say is reasonable."

"You dare to be stubborn?"

Zhu Di felt a little wronged: "Dad, the reason why you are so angry is that I took the throne of Jianwen, right?

He couldn't hold this position firmly. If I hadn't decisively obeyed the will of heaven to quell the rebellion, perhaps the Ming Dynasty would have perished in the second generation like the Qin and Sui dynasties.

Could you please not Are you always holding on to my mistakes? I have been the emperor for more than 20 years. In terms of military achievements, I have made five northern expeditions, conquered the Wolf's Lair, drank from the Hanhai, and governed Jiaozhi.

In terms of civil administration, I have set up a cabinet, compiled the Yongle Encyclopedia, sent Zheng He to the West, and all nations came to pay tribute. Each of these is a great achievement that will go down in history. Isn't it worth your praise? "

Zhu Yuanzhang curled his lips: "No matter how powerful you are, can you be more powerful than your father? Compared with me, the Hongwu Emperor who started as a cowherd and established an empire, what are you, the Yongle Emperor?

Without the Jiang I conquered, Shan, what can you do to help the emperor? Besides, which of the voyages to the West, the compilation of the Yongle Canon, and the administration of the southwest was not done by you?

As for Fenglangjuxu and drinking from Hanhai, haha, it's because I can't spare the time. Otherwise, do you believe that Chang Yuchun, Xu Da, Tang He, Lan Yu and you Zhu Di together are not enough for us to fight?

With just this little achievement, you dare to show off in front of me? You should do what you should do. If you can't do it well, what throne are you fighting for? "

Zhu Di wilted all of a sudden.

Zhu Biao patted his shoulder: "Fourth brother, don't feel wronged. Dad still recognizes your achievements. Otherwise, how can you sit here with peace of mind?

He told you to go to the ward and turn a blind eye to the matter, Zhanji, don't you think so?"

Zhu Zhanji nodded: "Yes, yes, yes. Grandfather Taizu once asked me about the various government affairs of the Yongle Dynasty in detail. Although he did not praise you openly, I think he did not criticize you, which is a compliment.

After all, you were born a rebel. If he praised you, your descendants would have a reason to follow suit."

Zhu Yuanzhang blushed again: "You two idiots, what nonsense are you talking about."

Zhu Di: o(*￣︶￣*)o

Li Zhongfu hesitated to speak.

Zhu Biao said quickly: "Dad, fourth brother, let's listen to Doctor Li continue."

Zhu Yuanzhang's face changed immediately, and his face was full of wrinkles: "Yes, yes, Doctor Li, please continue, how should the issue of Baochao be resolved?"

Li Zhongfu took a sip of tea and continued: "What the prince said is actually correct. Baochao theoretically alleviated the deflation in the early Ming Dynasty.

But its subsequent disorderly issuance did indeed make the economy in the late Hongwu period and even the Yongle period a mess, but it is hard to say whether it caused inflation.

Because Baochao is essentially different from currency, it naturally has nothing to do with inflation and deflation."

Zhu Yuanzhang was confused by Li Zhongfu: "Since it can alleviate the deflation in the early Ming Dynasty, how can it have nothing to do with inflation and deflation?"

Li Zhongfu explained: "Currency is issued by the court. The people are willing to use it for one and only one reason, that is trust."

"Trust?"

"Yes, the people trust the currency and the power of the court behind it, that is, credibility. Although credibility is in the hands of the court, whether to take it back depends on the people themselves, not on the will of the emperor or any official.

Currency is just one form of its manifestation. In addition, there are donations, taxes, etc., which are all forms of credibility.

To put it bluntly, currency without credibility is not currency, but a promissory note from the borrower.

Taxes without credibility are not taxes, but protection fees.

The reason why the treasure notes depreciated rapidly during the Yongle period was because the court had been using troops for years and did not have enough money, so it issued treasure notes indiscriminately.

When the court used the treasure notes that the people did not recognize to buy things from them, it was like a creditor holding a promissory note to ask for money.

But this pot cannot be completely put on Emperor Yongle, because the fundamental reason why the treasure notes were not trusted was that your MajestyPeople are not allowed to exchange Baochao for gold, silver and copper coins.

You yourself do not think that Baochao is money and do not want to accept it. People are not fools. Why do they hold a pile of Baochao as treasure?

I said that Baochao eased deflation at the beginning because people at that time used it as money, but with your operation, people no longer use it as money, and it naturally has little to do with inflation and deflation. "

Zhu Yuanzhang: ...

Zhu Biao: ...

Zhu Di: (#^.^#)

Zhu Yuanzhang: ╭(╯^╰)╮

Zhu Di: o(╥﹏╥)o

"In other words, Baochao must be linked to gold, silver and copper coins, and people are allowed to exchange them at any time?" Zhu Yuanzhang asked.

Li Zhongfu nodded: "Because for thousands of years, everyone has used gold, silver and copper as money, and they feel at ease when holding it in their hands, so only by linking Baochao with gold, silver and copper coins and allowing them to be exchanged at any time can people hold them with confidence. "

"But the Ming Dynasty lacks gold, silver and copper mines. If everyone rushes to exchange gold, silver and copper coins, the court may only have a pile of treasure notes left.

The terrible thing is that if the people can no longer exchange gold, silver and copper coins with treasure notes one day, they may react even more." Zhu Zhanji picked up the teapot and refilled everyone with a cup of tea, and said after putting down the teapot.

Li Zhongfu said: "In theory, such a situation will indeed cause the collapse of credibility, but if there are enough gold, silver and copper reserves, after a long time, everyone will definitely prefer to use treasure notes. My previous country used paper money for a period of time, and there was no problem. Later, it was all digital currency. "

Zhu Di asked: "What is digital currency?"

"Digital currency is just like the subtitles on TV. If someone gives me money, I just need to transfer a number. The total amount on his side will decrease accordingly, and my side will increase accordingly. "

Everyone stared at them, totally unable to understand this operation.

Li Zhongfu did not expect them to understand: "In short, the future of Baochao is very broad, provided that the court can operate it well and regain the trust of the people.

This involves anti-counterfeiting, waterproofing and other details. You can discuss the details with the officials.

When everything is ready, the amount written on the Baochao is how much money it is. For example, if it is written as one thousand strings of coins, it is one thousand strings of coins.

When this is done, it will not be a problem to continue to link it with gold, silver and copper coins. You can also officially start to try to regulate prices, currency and economy to avoid inflation or deflation. "

After a pause, Li Zhongfu suddenly smiled evilly: "Regarding the current problem of insufficient gold, silver and copper mines, I actually have a very good solution. "

Zhu Yuanzhang and the others all looked at Li Zhongfu: "What solution?"