Iron Sonata of World War II

Fortunately, in this plane, so far, Mustache has not shown any signs of going crazy.Helena has already made up her mind that she will not stop Germany from launching a war, but if Mustache continues to go crazy and engage in extreme nationalism like the previous plane, then even if she struggles to complete the mission, she does not want to mess with these pig teammates Yes, after all, it is a kind of mental torture for Helena to lead a pig teammate to a team battle!

So Germany on this plane, don't let me down, Helena thought.

……

Closer to home, compared with native Jews, about [-] Eastern European Jewish refugees are a very suitable "export" target.For Germany, the Eastern European Jewish refugees did not have the rich wealth and high level of knowledge as the native Jews in Germany, and leaving Germany for Palestine would not bring any loss to Germany.Not only is there no loss, but it can even bring certain potential benefits: first, it can alleviate the tension of employment in German cities to a certain extent, and second, it can reduce public security risks to a certain extent.After all, most of the Jewish refugees in Eastern Europe live at the bottom of society, and they will inevitably compete with the bottom people in Germany for those already very poor jobs, and it is not uncommon for these refugees to take risks when their lives are unsustainable.

Now that we choose to "export", how can we export these Jews to maximize the interests of Germany?There are two main suggestions from Helena to Mustache: the first is to increase the added value of "export" through "deep processing" of these Jews; the second is to "bundle sales" of German unsalable goods and old By the way, in exchange for valuable foreign exchange reserves.

Helena's specific operation suggestions are as follows:

First, all Jewish refugees who are willing to settle in foreign countries need to register with the German immigration department according to the principle of voluntary registration. After registration, they can obtain the status of immigration volunteers.

Second, led by the Zionist Organization, Anglo-American Jewish financiers need to provide a loan of no less than 5000 pounds or more to each Eastern European Jewish volunteer who is about to go to Palestine. The loan must be in the form of pounds or gold It is held in a "special account" with the German government, which guarantees the loan.

Third, all volunteers going to Palestine, who are between the ages of 14 and 50, regardless of gender, must first enter the "security training camp" and receive no less than four months of military training. The training standards will be completely based on those of Germany. Wehrmacht standards.Training costs are transferred from a "special account".

Fourth, the funds in the special account prepared by the German government for Jewish immigrants after deducting military training expenses must be used to purchase industrial equipment and other commodities in Germany.

Through the above operations, the Zionists have gained a lot of benefits:

First, it has obtained a large number of Jewish refugees, which can greatly enrich the Jewish population in Palestine.

Second, the school-age population in this group of new immigrants has all received special German-style military training. As long as they are given weapons, they can immediately pull up a powerful national armed force!

Third, although Germany requires that the loans provided for immigrants can only be used to purchase German industrial equipment and commodities, these equipment and commodities are second-hand and slow-moving goods, and the prices are higher than the international market prices.However, Germany expressed its willingness to help smuggle some "abnormal" products while selling normal equipment products, many of which are difficult to buy with money.

But in contrast, Germany has benefited even more:

First, the disposal of some unsalable goods and old industrial equipment is conducive to increasing employment and completing the renewal of fixed capital, thereby activating the faltering economic cycle.

Second, Germany will obtain valuable foreign exchange reserves and gold, which can improve the precarious balance of payments.

Third, Germany can imprint the Jewish national armed forces with a deep German brand through the military training of the Jews. In this way, the right-wing radical forces among the Jews who advocate the use of force to oppose the British colonists will naturally lean towards Germany politically.

Fourth, this transaction will lead to the flow of capital from Britain, the United States, France and other countries to Germany, which is equivalent to indirectly delaying the economic recovery process of potential opponents.

In short, this is a plan that is beneficial to both Zionism and Germany. No wonder Schacht just proposed it to the Zionists and Anglo-American Jewish financiers, and immediately received a warm response from the other party!Soon a secret agreement called "Hawala Project" was released. "Hawala" means "transfer" in Hebrew.The content of this agreement basically copied Helena's suggestion completely, but made some adjustments in the specific implementation details.

Although Hitler did not have a background in economics, with the natural sensitivity of a politician, Mustache still saw the potential benefits that Germany could obtain in the "Hawala Plan" at a glance!In order to further cooperate with the implementation of Helena's "Hawala Plan", Hitler even ordered the further liberalization of restrictions on Polish Jewish immigration so that the business could continue.Now that Germany has a more efficient and sustainable means of using Jews to make money, the probability of the previous level facing local Jews killing chickens and eggs is actually very small.

Chapter 89 The Curse of Gold

In 1896, the United States was in the midst of an economic crisis. William Jennings Bryan, a Democratic presidential candidate, once delivered a very famous campaign speech when he participated in the 1896 presidential election. This is what later generations Economists often refer to the "golden cross speech".

In his speech, Bryan lashed out at the gold standard monetary system, declaring, "If they blatantly shield the gold standard as a good thing, we will fight them to the death. We have the nation and the world behind us." The productive masses of the world, we have the support of business, labor and hard-working people everywhere, so to their demand for a gold standard our answer will be: Don't you try to force this crown of thorns on the working people. forehead, do not crucify mankind to a golden cross."

Although this speech did not make Bryan elected President of the United States as he wished (the man failed to run for president three times in 1896, 1900, and 1908), but this speech made a very important economics Proposition: Curse of the Golden Cross.

In the 20s, the currency system generally implemented in the world was the gold standard.Under this system, banknotes issued by various countries have a certain gold content, and this gold content is endorsed by the gold reserves held by the central banks of each country (or foreign exchange that can be converted into gold, such as the pound sterling).

Since the gold content of banknotes in this era must be endorsed by gold, gold and foreign exchange reserves that can be converted into gold are the basis for currency issuance.The so-called foundation is weak, and the earth is shaking. Once paper money loses the support of gold and foreign exchange reserves, its actual value is almost the same as a piece of waste paper. After all, gold contains a lot of undifferentiated human labor, while paper money is nothing but A bunch of colorful paper mass-produced by cheap printing presses.

At this point someone might be puzzled: Doesn't the gold standard sound like a good idea, now that you've said it?You see: Under the gold standard system, countries dare not issue paper money indiscriminately, otherwise the economic collapse of Weimar Germany would be the end.So why is the gold standard such a curse?

To answer this question, we only need to look at the predicament Germany is facing now to understand the pitfalls of the "golden curse":

From 1929 to 1933, due to the protectionist trade policies adopted by all countries, the original unified international market was destroyed.Against this backdrop, Germany's balance of payments was completely disrupted.In just four years, Germany's gold reserves and foreign exchange reserves dropped sharply from 1929 billion marks in 26 to around 1933 million marks in 4.The foreign exchange that Helena received through the Jewish refugee export program only temporarily prevented the depletion of Germany's foreign exchange reserves.

Lacking sufficient gold and foreign exchange reserves to back it up, the Bundesbank finds itself in a dilemma:

If you choose to issue large-scale currency, the monetary system will become highly unstable due to the lack of support from gold and foreign exchange reserves.With the consequences of hyperinflation in Weimar Germany still in sight, who would dare to risk the world?

Conversely, if no additional currency is issued, the shortage of funds in the domestic market will not be alleviated, and the economy will not be able to recover.We know that if the money supply in a market is insufficient, it will bring about deflation, and deflation will lead to a further decline in product prices, a further decline in the willingness of enterprises to produce, and a further reduction in workers' wages...

In short, under the monetary framework of the gold exchange standard, facing the serious shortage of gold reserves and foreign exchange reserves, if the Bundesbank issues excessive currency, it will lead to the instability of the monetary system; if left unchecked, it will further deepen the severity of the economic crisis.

Chapter 90 Employment Money Order

In many military forums in the last plane, there has been a specious statement widely circulated, saying that the reason why Nazi Germany attacked Poland in 1939 and launched World War II was because Nazi Germany borrowed a lot of money to revitalize the economy. If the war had not been launched in 1939, the debt crisis of the government of Nazi Germany would have surfaced, so the reason why Germany launched the war was to cover up the imminent debt crisis.

Before traveling through, Helena believed in the above statement for a time. However, in the process of studying the historical data provided by the "Hearts of Iron" system, Helena found that this statement did not completely conform to the facts.

上个位面的1938年，德国的国民生产总值（GNP）是1045亿帝国马克。1937年9月至1938年9月财年，德国政府收入是139亿帝国马克。同期德国政府的总债务是多少呢？截止到1938年9月，德国政府总债务是312亿帝国马克。

同样是上个位面的1938年，美国的国民生产总值（GNP）是865亿美元，同年美国财政收入为148亿美元。那么同期美国的国债余额又是多少呢？截止到1938年6月底，美国联邦政府债务余额是372亿美元。

In terms of the proportion of GDP, the balance of U.S. national debt accounts for as much as 43% of GDP, while the balance of German government debt accounts for only 29.9% of GDP; in terms of the ratio of debt to fiscal revenue, the debt of the U.S. federal government is 2.51 times its fiscal revenue. Germany's government debt is 2.24 times its fiscal revenue, which is also lower than that of the United States in the same period.

To sum up, even in 1938, when the war was imminent, the German government's debt did not expand to the extent that it was out of control. If you must compare which country's finances are closest to collapse.Then Roosevelt's America will definitely be ranked ahead of the mustache Germany. After all, Germany's fiscal revenue accounted for 1938% of GNP in 13.3. As long as it is willing to increase taxes, the potential for fiscal revenue growth is also higher than that of the United States, whose fiscal revenue accounts for 17.1% of GNP. bigger.Therefore, when we talk about the reason why Mustache started the war in 1939, we cannot simply attribute it to the fact that the German government will go bankrupt if it does not start the war.

One point to be specifically stated here is that Helena does not think that there were no problems in the German economy in 1938. On the contrary, Helena believes that the problems in the German economy in 1938 were still very prominent.At the same time, Helena does not think that Germany's motivation for launching the war has nothing to do with its own economic problems. On the contrary, Helena believes that Germany's internal motivation for launching the war is also closely related to its own economic problems.However, the time has just reached 1933, and Helena plans to save this issue for later analysis. Now Helena is more concerned about the immediate issue.

One might ask: Since the German government's debt burden is lighter than that of the United States, how does the outcome of Germany's economic recovery compare with that of Roosevelt's New Deal in the United States?Regarding this question, Helena can make it very clear: At the same time, Hitler's economic recovery achievements in the previous plane were enough to make Roosevelt feel ashamed!

Still look at the data: In the last plane, Germany under Hitler's rule had a GDP in 1938 that was 1928% higher than that in 41!In contrast, the United States under Roosevelt's new presidency, the GDP in 1938 was only 1928% higher than that in 8!You know, when Roosevelt came to power, the economic cards of the United States were much better than those of Germany.After all, more gold reserves and a larger domestic market alone are enough to make the mustache with a handful of bad cards drool with envy...

Why was Hitler able to achieve a faster economic recovery with a lower government debt ratio after he came to power?Helena believes that the most critical factor is the efficiency of money creation.In terms of monetary policy, Roosevelt only devalued the U.S. dollar and terminated the free convertibility of the U.S. dollar in the United States, while Nazi Germany directly created a new type of bill called "job creation bill" out of thin air, which can actually function as a legal tender. This is the famous "Meifu Coupon"!

一说到“梅福券”，玩过P社出品的策略类游戏“钢铁雄心4”的同学脑海中肯定会第一时间蹦出一串金灿灿亮闪闪的游戏buff：军用工厂建造速度+25%、海军船坞建造速度+25%、海军基地建造速度+25%……化学合成厂建造速度+25%。

Indeed, in the previous plane, Hitler entrusted Halma Schacht, the president of the Bundesbank and the head of the Ministry of Economic Affairs, to create the "Mefu Bonds" for the direct purpose of reducing unemployment by investing in military industry and heavy chemical industry.But if you think that the charm of "Melford Coupons" lies only in the buffs in "Hearts of Iron 4", then you will underestimate this great financial creation.

The real abnormality of "Meifu Coupon" is that this thing can be created out of thin air! There is no precious metal support behind the "Meifu coupons", not even any definite physical support!Schacht’s “Ground Rent Mark” in the 20s was backed by real estate as collateral, but there was nothing behind the “Meyfook Bonds.” credit to its endorsement.

So how exactly does the "Meifu Coupon" work?

It turns out that the German government first let Krupp, Rheinmetall, Henschel, and Mauser Metalworking Co., Ltd., the four military giants, jointly establish a leather bag company with a registered capital of only 100 million marks——Metallurgische Forschungsge-sellschaft, Germany The text is abbreviated as MEFO (Meifu).

The name of this company translated into Chinese literally means "Metallurgical Research Association". However, this "non-business" company does not do metallurgical research at all. Its real role is to purchase goods and services on behalf of the government.However, when purchasing, what the "Metallurgical Research Society" pays to the company is not the mark, but a discountable bill of exchange created out of thin air. This kind of bill of exchange is what we lock up as "Mefu coupons".

So if the enterprise will be willing to accept this kind of money order printed out of thin air?It doesn't matter, the government has promised that you can exchange this paper into mark cash when you take this paper to any bank in Germany!So why would the bank accept this paper?The reason is that this piece of paper can also be "rediscounted" at the central bank, that is, converted into cash.

At the beginning, industrial enterprises and banks were a little trembling when they got the Meifu coupons, so they rushed to exchange the Meifu coupons into stable cash, but later everyone found that this paper was really endorsed by the central bank, and could be redeemed anytime, anywhere. Capped, the word of mouth thief is good.In this way, everyone has confidence in this thing, and they are even unwilling to exchange it into mark cash. After all, there is still 4.5% interest on the face of the Meifu coupon.

The result of this is that when the "Melford coupons" printed by the money printing machine are circulated in the market, they are no different from those marks backed by real money, and the "currency" is created out of thin air. The "curse of the golden cross" was thus easily untied.

"Meifu coupons" are essentially the same as RMB, in fact, they are a kind of "credit currency".In the last plane, after the disintegration of the Bretton Woods system, with the decoupling of the US dollar and gold, the currencies of all major countries have also cut off the last ties with gold.The world currency market has truly entered the era of "credit currency".

However, in the 30s, none of the major countries dared to really abandon the gold standard, otherwise your currency would have no purchasing power in the world. Therefore, in the previous plane, the "Meifu coupon" as a credit currency and the gold standard currency Mark actually exists side by side in the market.With the trump card of "Meifu coupons", Germany can completely get rid of the constraints of gold and foreign exchange on currency issuance. As long as the German government's credit is not bankrupt, it can continue to print "Meifu coupons" to inject blood into the economy.

Therefore, the great financial innovation of "Meifu coupons" is the greatest magic weapon for Germany in the last plane to achieve economic recovery faster than the United States.

Helena, who was proven to be effective by the history of the previous plane, must persuade Mustache to quickly add this buff, but Helena is also planning to use Mev Coupons to do something in rural Germany.

Chapter 91 Release Size

In the office of the German general manager's office, Schacht, the newly appointed president of the German central bank, is arguing fiercely with the general manager Hitler.They seemed to completely ignore the presence of a third person in the office.The neglected transparent person Helena is sitting leisurely on a chair by the window with a teacup, sipping the green tea in the cup, and watching The annual economic drama.

The main topic of debate between Hitler and Schacht was the "employment bill" proposed by Helena, that is, the historical Meifu bond. Under the influence of Helena, this plane was proposed earlier than the previous plane. more than a month.However, the focus of the debate between Hitler and Schacht was not whether to issue "employment bills" but how many should be issued this year.

"This year we can only issue employment bills of 30 billion marks at most, and we really can't issue more." This is Schacht's voice.

"30 billion marks is not enough, Mr. President. Our unemployed army has nearly 600 million people! 30 billion marks are distributed to each unemployed worker with only 500 marks! What is this money enough for?" Hitler seemed a little excited. He suddenly stood up from his chair, shook his five fingers and said, "The quota of 50 billion marks! There can be no less. We need to act immediately. The German economy can no longer wait!"

Seeing Mustache and Schacht blushing, Helena couldn't help but secretly sighed: It seems that the dispute that happened in the previous plane still happened in this plane, which makes people sigh. The inertia of the body is really powerful!

Some people may ask here: Didn’t you say that Meifu coupons are actually a kind of credit currency?Since it is a credit currency, shouldn't it be infinitely issued theoretically?

If you look at the 2008 international financial crisis in the previous dimension, in order to save the economy, the central banks of all countries almost unscrupulously engaged in monetary easing and injected liquidity into the market.Why in Germany in 1933, did Hitler and Schacht still haggle over the amount of Meifu coupons issued?In this regard, Helena said that the problem does not lie in the credit currency itself, but in the rigid redemption of the credit currency Mefl notes and the gold standard currency Mark.

The reason why Meifu bonds, which have no physical support at all, can act as a credit currency lies in the credit endorsement of the government and the central bank.They promised that any individual or enterprise holding the Mefel coupons can obtain mark discounts in any bank, and any bank holding the Mefel notes can also obtain mark rediscounts at the German Central Bank.

I don't know if you have found something wrong with it?That is: the Meifu bond purely backed by government credit and the mark backed by gold can be paid rigidly!In the past, if the German central bank wanted to create the mark, it could only use gold, foreign exchange reserves, and long-term national debt as the base currency.And now there is another so-called Meifu coupon in the base currency basket.

The nominal term of the Meifu coupon is three months, but it can be extended multiple times, up to five years.Once the five years are up, the Meifu coupons will disappear in smoke after being redeemed. It can be said that they were born in nothingness and finally turned into nothingness.

However, the question arises, the Meifu coupons as the base currency have been cancelled, but what about the credit created by the Meifu coupons?We know that the mark is a gold standard currency, and its gold content is backed by gold and foreign exchange reserves.Now the Meifu coupons that created these marks have been cancelled, but the credit demand created by it is still there, and this part of the credit demand also needs gold or foreign exchange reserves to endorse it!

This is the reason why Schacht refused to issue too many Meifu coupons. In the plan of Schacht, a financial genius, Germany can first use the Meifu coupons to activate the economy. After the economy is activated, the energy will continue to flow Earn gold and foreign exchange reserves from the international market as much as possible, so that after five years Germany has earned enough gold and foreign exchange to support the marks created by the Meifu bonds. Everything is so perfect.

In the last plane, although Mustache put pressure on Schacht time and time again, Schacht still accurately calculated the new gold and foreign exchange reserves that Germany could obtain every year, and carefully prevented Mefo Coupons out of control.In Schacht's view, by doing so, he can fill in the hole after the cancellation of the Meifu coupon without anyone noticing, and the price ratio between Mark and gold will remain as stable as Mount Tai.

However, Schacht's prudent approach made Mustache very dissatisfied. In the four years from 1933 to 1936, Schacht only issued 172 billion marks of Meifu coupons. This "expert at spending money" is satisfied. After all, the miraculous economic effect brought by Meifu coupons has already fascinated Mustache, the "National Idol".

As a result, in 1937, Hitler removed Schacht from his position in the Ministry of Economic Affairs, and the issuance of Meifu bonds in Germany reached a huge amount of 120 billion marks that year!In 1938 and 1939, it was 120 billion marks per year!That is to say, after Schacht stepped down as the head of the Ministry of Economic Affairs, the issuance of German Meifu bonds was completely out of control.

In the past four years, only 172 billion marks were issued, and now 360 billion marks have been issued in three years. Still shrinking! At the beginning of 1938, Germany's foreign exchange reserves were only 6 million marks. If it hadn't been for the 5 million marks of gold that had been seized from the Austrian treasury after the annexation of Austria, the international credit of the mark would have collapsed at that time...

In order to prevent the financial adventures of Mustache, in January 1939, Schacht, who was still the governor of the central bank, began to refuse to discount the newly issued Meifu bonds, so Mustache simply removed Schacht from the position of governor of the central bank So far, Schacht, a financial wizard, was completely fired by Hitler. Fortunately, this also allowed Schacht to escape the post-war trial.

In fact, in the previous plane, in 1933, Schacht issued only 10 billion Marks of Meifu coupons. The reason why Schacht increased the amount to 30 billion marks in this plane was also considering the "Hawa" reached with the Jews. The foreign exchange that Helena and the shareholders of the "Peace Fund" can bring to Germany, as well as the gold and foreign exchange that Helena and the shareholders of the "Peace Fund" can bring from overseas capital return.However, Schacht's steady attitude towards the issuance of Meifu bonds has not changed compared to the previous plane.

Here Helena finished recalling the past from the previous plane, and the tea in the cup was completely cold, while Schacht over there was still trying to persuade Mustache not to be too impulsive. Beard finally no longer insisted on the issuance scale of 50 billion marks.

"40 billion marks, 40 billion marks is always okay?" Mustache tried to make the last struggle.

Schacht said to Hitler earnestly: "We can't just consider the domestic situation when issuing employment bills. In fact, I am not worried at all about the domestic inflation caused by Meifu bonds. As long as the production comes up, there are enough commodities in the market." Supply, no matter how much money is issued, it will not cause hyperinflation, and what I am worried about is Mark's international credit problems."

Schacht went on to say: "At home, we can implement strict gold and foreign exchange controls, terminate the free exchange of marks with gold in the country, and even force residents to hand over their gold and foreign exchange. But we can also do it internationally. do that?"

Seeing Mustache bowed his head in thought, Schacht strikes again while the iron is hot: "If we issue too many Meifu bonds and cannot find enough gold to back them up, Mark's international credit will go bankrupt, and all countries will reject Mark! In that case, our foreign trade It will be hit hard, and the German economy will fall into crisis again due to the shrinkage of foreign trade!"

Helena knew that Schacht was right. Due to the lack of resources and the small domestic market, the operation of the German economy was very dependent on the import of raw materials and the export of goods, and a healthy trading environment must be guaranteed by a stable exchange rate.In this era, under the gold exchange standard system, the currencies of all major industrial countries revolve around gold, just like planets revolve around the sun. If it is decoupled from gold alone, the mark will really become an outcast of the currency solar system, wandering The earth is not so easy to be...

Schacht went on to say: "At home, we have guns in our hands. As long as there is no problem with the supply of goods, we can force everyone to recognize the credit currency of employment bills. But internationally, gold is still the center of the international monetary system. The country will not recognize the mark without gold backing. Therefore, we cannot issue bills of exchange indiscriminately, which will make the gold standard of the mark unmaintainable, and Germany has no market and no resources, and has no ability to break away from the gold standard currency system to create its own.”

Seeing that Hitler stopped talking, Schacht felt that he had almost convinced the mustache, so he finally concluded: "In short, as long as Germany wants to get along well in the international trading system, the price ratio between the mark and gold must remain stable! Employment Money orders cannot be issued casually! If we can’t find enough gold and foreign exchange to plug the hole in the employment bill after five years, then Mark’s international credit will collapse! The economic cycle between Germany and the outside world will be destroyed!”

Schacht took a breath and said: "At that time, everyone will not accept the mark, and we have no gold and foreign exchange. Would you let Germany use force to snatch the market and raw materials? But doing so will lead to a new world war. Yes, your Excellency, General Manager, you don’t want to see Germany become the source of a new world war, do you?”

"I'm not! I'm not! Don't talk nonsense!" Hitler quickly waved his hands, denying: "Do you think I look like such a crazy person?"

Chapter 92 The President in Crisis

Helena, who had been leaning on the chair by the window and drinking tea leisurely, saw that the debate between Hitler and Schacht had finally come to an end, so she subconsciously ended the state of eating melons and watching the show just now.Helena straightened up, then put the empty teacup back on the tea tray in front of her.

Hearing the faint sound of teacups touching tea trays coming from the window, Hitler and Schacht seemed to have just realized that there was a third person in the office, and a look of surprise appeared on their faces for a moment.After the two of them realized that they had just patronized the argument and ignored Helena on the other side, they both felt a little embarrassed, and the atmosphere in the office became a little awkward for a while. After all, Helena was specially invited by them to ask for opinions.

Hitler was the first to react. While calling the waiter to replace Helena with new tea, he asked Helena's opinion on the content of the argument between him and Schacht.In fact, in Hitler's psychological expectations, Helena's views probably would not be much different from Schacht's, but out of politeness, Hitler decided to ask.

Helena, who had seen enough of the show, did not take the snub just now as an offense.After receiving the new tea from the waiter and thanking her, Helena said leisurely, "I think it is completely feasible to issue employment drafts with a quota of 40 billion marks or even 50 billion marks this year. Manager's opinion."

When Helena said this, both Hitler and Schacht were taken aback.Hitler did not expect that Helena would support him, but Schacht did not expect that Helena would be so "non-economic."Seeing Helena supporting him, Mustache's enthusiasm that had just been extinguished by Schacht's pot of cold water was rekindled!

"Quick, tell me your reason!" Hitler asked eagerly, staring at Helena with burning eyes.

"Okay, Your Excellency, General Manager." Helena nodded to Mustache, and then turned her gaze to Schacht. Schacht was looking at Helena with disapproval at this moment, and the resentful eyes seemed to be blaming Helen. Na: "Moustache doesn't have a background in economics, so it's okay to be eager for success for a while, Helena, you know how to do it, how can you fool around with Moustache?"

"I completely agree with President Schacht's idea of ​​issuing bills of exchange in a stable manner." Helena said, seeing that the expression on Schacht's face turned into doubt, Helena continued: "President Schacht's suggestion The issuance quota of bills of exchange is based on the forecast of the growth of my country's gold reserves and foreign exchange reserves in the next few years, mainly based on the potential of our exports to earn foreign exchange and the potential of overseas capital return, am I right?"

Seeing Shakht nodding, Helena smiled and said, "Have you noticed the new President Roosevelt on the other side of the Atlantic Ocean? Didn't he send us a large sum of money as soon as he took office? Just watch, soon The United States will send us the second and third tranche of money, and no matter how big the hole in the employment bill is, that kind president will fill it in for us!"

In the U.S. presidential election in November 1932, Franklin Delano Roosevelt had just defeated the incumbent President Hoover and ascended to the presidency. On March 11, 1933, Roosevelt was officially sworn in as President of the United States.The new president, who has shown an image of reform, has just taken office, and the market confidence in the United States has been greatly boosted immediately. The Dow Jones index recorded the largest increase in several years at that time.Franklin Roosevelt, the longest-serving president in American history, has been closely associated with the term "Roosevelt's New Deal" since his first day in office.

The economic circles of later generations disagree on how the "Roosevelt New Deal" played a role in the recovery of the US economy.Some economists believe that "Roosevelt's New Deal" avoided the worst from happening, and to some extent saved the American democratic system; Good, not only the stimulus effect is not good, but also destroys the self-healing ability of the market, leading to the protracted economic crisis.

Helena didn't want to get involved in the debate about whether Roosevelt's New Deal was useful or not. After all, economists had been discussing it for so many years and they couldn't figure out why.But one thing Helena can be sure of is that in the United States under Roosevelt's New Deal, the recovery speed of its real economy and capital market is uneven, and this is an opportunity that Germany can take advantage of.

上个位面中，1932年美国工业产值占世界的比重为31.8%，1938年这一比例则下降到28.7%。从这个数字上我们不难看出，罗斯福新政下的美国工业产值的增长速度是不如同期的世界平均水平的。同一时期，德国的工业产值占世界的比重从1932年的10.6%增加到1938年的13.2%，德国和美国的工业产值对比则从1932年占美国的33%增加到1938年占美国的46%。同期苏联的工业产值增长幅度则更为惊人，1938年占世界的比重已经提高到了17.6%。

During Roosevelt’s New Deal period, the recovery of the real economy was relatively weak, but Roosevelt’s strategy of depreciating the dollar against gold greatly stimulated the recovery of the capital market. By 1937, the U.S. stock market had risen by 300% relative to the bottom.Of course, this kind of bubble-style rise that is divorced from economic fundamentals will eventually show its original shape. In 1937, the U.S. stock market once again ushered in a collapse. Then in 1938, the U.S. economy, which had only recovered for four years, fell into shrinkage again.

In the previous plane, it was not until after the outbreak of World War II that the U.S. economy rebounded due to the stimulus of the "war economy", and the U.S. economy really returned to the normal growth track only after the end of World War II with the dividends of the victorious countries.

Although the bubble that Roosevelt inflated in the US capital market will eventually burst, this is not the focus of Helena. What Helena cares about is how to benefit from the "Roosevelt New Deal". It was the last chance to make a fortune before.

……

Ten minutes later, Helena explained her plan to Schacht.

"Well, I can agree to the issuance quota of 50 billion marks this year, but if President Roosevelt does not depreciate the dollar significantly as you said, I will reduce the issuance of money orders next year." Schacht said.

Chapter 93 Quantitative Easing

On the German side, after discussions among Hitler, Schacht, and Helena, the quota for the issuance of employment bills in 1933 was determined in this way.In the United States, President Roosevelt is also preparing to start the third round of monetary "quantitative easing" after the crisis.At this time, some people will ask why it is the "third round". Is it possible that there are still two rounds ahead?

That's right, in fact, President Hoover, who has just resigned from office, has already engaged in two rounds of quantitative easing.