The Fourth Financial Crisis

However, in the Kyushu world of cultivation, due to the emergence of Lu Yang, the financial development history of the entire cultivation world was completely chaotic. This is why Yang Lu felt a huge sense of dissonance when he first traveled to the Kyushu world.

When the third spiritual stone financial crisis broke out, the cultivator community urgently needed a new credit currency with stable currency value to replace the spiritual stone certificates similar to the U.S. dollars in the Bretton Woods system. However, the key to the problem was that the cultivators of Kyushu attributed their power to themselves, and traditional commercial credit The development of the system was seriously lagging behind, and commercial banks did not even exist. In other words, in order to properly resolve the third Lingshi financial crisis, Governor Lu Yang had to create a central bank without commercial banks.

Faced with this seemingly impossible request, Governor Lu Yang chose the most frenzied but the only feasible solution, which was to directly introduce the concepts of quantitative easing and the Infinite Sword Sect's debt distribution, and directly use the seven super spiritual stones to The official authority of the mineral veins and the seven major sects of Kyushu directly created a credit system from scratch.

In other words, the normal financial development history should be like this:

Human productivity continues to develop - the demand for commercial transactions continues to increase - transactions create demand for credit - commercial banks emerge - in order to stabilize currency values, some commercial banks become central banks - central banks and precious metals (spiritual stones) Decoupling turned to the issuance of credit currency - credit currency is derived from commercial credit - in order to stimulate the economy, central banks began quantitative easing to derive credit through direct purchases of assets.

However, in the Kyushu cultivation world, due to the unique operating logic of the cultivation society itself and the intervention of the earth traveler Governor Lu Yang, the history of financial development has become like this:

Human productivity has been stagnant for a long time - the demand for commercial transactions is not enough to create commercial banks - but cultivators still need mortals to collect cultivation resources - so there is still a need to find stable currency - but spiritual stones are not enough to assume the function of currency - the entire economy The system began to collapse from the bottom - the time traveler Lu Yang directly planned to establish the Lingshi Reserve Bank to turn the tide - the Lingshi Reserve Bank actively purchased Lingshi Mine stocks through quantitative easing to support currency credit - forcing the emergence of commercial banks.

The idea was genius, but also extremely risky.

Because the normal financial system evolved naturally and has a solid foundation, but Governor Lu Yang's financial reform is like erecting a building first, and then starting to lay the foundation after people move in. As long as the foundation is crooked by one step, such as a screw in the wrong order, the entire building will collapse.

If it were not for the full support of Ma Tianyi, the strongest man in Kyushu who gambled the fate of the Infinite Sword Sect, he would even use the strongest killing move of the Six Path Sword to kill on the spot the Supreme Elder of the Yuan Ying period of the Shenhuo Sect who was trying to sabotage the preparations for the Lingshi Reserve Bank. , Lingshi Reserve Bank may just take the first step, and it will die without a burial place.

Therefore, some cultivation economists have also pointed out that although Lu Yang personally founded the Lingshi Reserve Bank, Ma Tianyi, who was the head of the Wuliang Sword Sect at the time, was the real father of the Lingshi Reserve Bank. Therefore, Lu Yang cannot be said to have His academic contribution exceeds that of Bo Nanke and Ye Lun, because at least half of Lu Yang's credit should belong to Ma Tianyi.

From Yang Lu's perspective, he still couldn't figure out why Ma Tianyi fully supported Lu Yang.

Yang Lu believed that even Governor Lu himself might not be sure in advance whether his currency reform would be successful. However, even so, Ma Tianyi still chose to risk everything to support him.

The same time traveler, the same low-grade spiritual root disciple, and the same financial knowledge of the earth, Yang Lu did not ask for help from Lin Jianxing, the leader of the Wuliang Sword Sect, even if he really became the great-grandson-in-law of Li Qingyang, the president of the Lingshi Reserve Bank, Li Qingyang It is absolutely impossible to support him in undertaking such a currency reform venture with a very low success rate.

It can’t be that Ma Tianyi is also an earth traveler!

And in Yang Lu's view, President Lu's reforms are not completely successful, because the cultivation world simply does not have enough demand for commercial credit. The emergence of commercial banks like Haiya Bank was completely forced out by the emergence of Lingshi Reserve Bank. , which leads to the fact that commercial banks are not so much operating entities as they are arbitrage entities.

Since Xiuzhen Bank's credit assets have a low return rate and a high bad debt rate, a large amount of Haiya Bank's assets are deposited back to Lingshi Reserve Bank in the form of reserves. Therefore, the profits of Haiya Bank and Lingshi Reserve Bank are technically coins. Taxes, rather than the benefits of risk pricing, have widened the gap between rich and poor in the cultivation world.

And due to the lack of reasonable supervision, Su Yuanfeng, the president of Haiya Bank, has even begun to use Haiya Bank as an unlimited cash machine. Although this dangerous operation has not yet caused problems, Yang Lu always feels that it will happen sooner or later. event!

In any case, the "Lu Yang Currency Reform" during the third Lingshi Financial Crisis completely rewritten the economic structure of the Jiuzhou cultivation world, and had a far greater impact than the "Bo Nanke Currency Reform" and "Yelen Currency Reform" It is more profound, so it is understandable that some people compare it with the two crises of heaven.

But regardless of whether the last five hundred years can be regarded as the fourth era of the world of cultivation, most of the social systems and social phenomena in the world of Kyushu today were established during the second crisis of heaven, which is different from the Kyushu of the medieval and ancient times. There is almost no connection at all in the world of cultivation, and there is even a clear sense of separation. With a few exceptions such as the Seven Major Sects of Kyushu, most of the vassal sects such as the Sea Cliff Sect and the Mountain Eagle Sect only emerged after the second Tiandao Crisis. were established one after another.

Li Qingning's voice was very pleasant, and the history itself was also very interesting. Yang Lu was listening with great interest, but his eyes were unconsciously attracted by a strangely shaped mountain peak in the distance.

Different from other peaks, this peak seems to have experienced a violent explosion. The entire upper half of the peak was blown away, and there are radial explosion traces at the fracture. It is in the headquarters of the Immortal Sword Sect with a fairy atmosphere. , such a ruin-like mountain suddenly appeared, and it was difficult for Yang Lu not to notice it.

So he pointed at the mountain peak and asked, "Miss, does this lonely peak have any special history?"

Looking in the direction of Yang Lu's finger, Li Qingning suddenly showed an expression of realization: "This half-collapsed lonely peak was once the spiritual stone storage warehouse of the Kyushu Monetary Alliance. Starting from the head of Bo Qing 7,000 years ago, From the later leader Bo Nanke to the last leader Ma Tianyi, successive leaders of the Wuliang Sword Sect would set up their retreats here to protect the safety of the inventory of spiritual stones of the Wuliang Sword Sect as the leader and prevent the sect from stockpiling. The spiritual stone was stolen."

"What happened next?"

"Later, due to the establishment of the Lingshi Reserve Bank, the Wuliang Sword Sect no longer needed to accumulate so many Lingshi inventories to cope with the potential redemption pressure of Lingshi Vouchers, so this place gradually became deserted!"

Yang Lu pointed at the solitary peak that had completely collapsed, and asked with some confusion: "But why did the whole mountain collapse? I see that there are obvious traces of explosions in the fractures of this solitary peak!"

Li Qingning said with a matter-of-fact expression: "Because Ma Tianyi, the former head of the Infinite Sword Sect, came to the Immortal Realm here!"

Yang Lu was surprised and said: "Does it take a tribulation to ascend to the immortal world? He actually blew up an entire mountain!"

Speaking of Ascension in the Day, Li Qingning was obviously hesitant: "Who can say anything about Ascension in the Day? In the past, the process of Ascension in the Day by the three Ascension Immortals felt a little different, and the commotion they made was also very different. Small. Now everyone is speculating that the process of ascension for each cultivator may be different..."

(Chapter 236 was assigned to the wrong volume. I accidentally clicked on volume 4. I am contacting the editor for revision)