The strongest eldest son of the Ming Dynasty

Chapter 92 Dad, let's speculate on Ming Dynasty banknotes together!

Zhu Yao had long seen through it all; his father was a staunch supporter of the Hongwu system, a die-hard fan of Zhu Yuanzhang.

This is quite normal. Zhu Yuanzhang built his empire with a broken bowl, so he had many die-hard fans not only in this era but also in later generations hundreds of years later.

After Zhu Yuanzhang finished speaking, Zhu Yao slowly opened his mouth.

"Father, the initial intention of this system is excellent, but the loopholes are far greater than you can imagine."

"The Ming Dynasty's paper money had no gold backing, so the court could print it whenever it wanted without any restraint. This was its biggest weakness."

"The world's goods are limited, but paper money can be issued indefinitely. Prices will only rise year after year, and paper money will only continue to depreciate."

"It may seem to be still in circulation now, but in a few years, the credibility of the paper money will completely collapse, and in the end it will be no better than waste paper on the ground."

"In the end, this is not currency at all, but merely a personal credit loan certificate issued by the imperial court in the name of Emperor Zhu."

"Personal...credit? Loan certificates!?"

Zhu Yuanzhang froze on the spot, his eyes wide open, completely dumbfounded.

He was stunned for a moment, then quickly shook his head, forcibly calming himself down, and tried to argue.

"You're exaggerating! As long as the imperial court strictly controls the issuance volume and regulates circulation, this chaos won't occur!"

Seeing this, Zhu Yao did not refute, but patiently softened his tone and explained it in the simplest terms.

"Father, human greed is the hardest thing to control. Money is needed everywhere, from the officials in the court and the inner palace to military expenses and disaster relief."

"When silver and copper are scarce, the simplest solution is to print more paper money, and no one can resist this convenience."

"If we print 100,000 today and 1 million tomorrow, over time, the paper money will flood the market and credit will inevitably collapse."

To make sure his father fully understood, he simply gave a simple and easy-to-understand live demonstration on the spot.

"To give an example, in previous years, one string of paper money could be exchanged for one bushel of rice, and the people were still willing to accept it."

"Now the amount of paper money has tripled, but the goods have remained the same. Three strings of paper money can only be exchanged for one shi of rice, which means it has depreciated by 30%."

"In a few years, when ten or a hundred strings of cash can be exchanged for one shi of rice, the paper money will be worthless. Which common people and merchants will still be willing to accept it?"

A straightforward and easy-to-understand demonstration is right in front of you.

As Zhu Yuanzhang listened, he became increasingly alarmed, and a fine layer of cold sweat gradually appeared on his back, flowing down his spine.

He then suddenly realized that his proud and timeless system actually harbored such a hidden danger that could bring down the country.

Zhu Yao spoke at the opportune moment, his tone somewhat tentative, asking softly.

"Father, you wouldn't have exchanged all the gold and silver in the palace for Ming Dynasty banknotes and stored them away, would you?"

Zhu Yuanzhang froze, instinctively shaking his head repeatedly while stubbornly arguing his case.

"How could that be! We...how could we be so foolish? Of course we know what we're doing!"

Even so, he was already in a panic. It was no exaggeration to say that the inner treasury was piled high with precious paper money.

Zhu Yuanzhang quickly composed himself, lowered his posture, and eagerly pressed for answers.

"Yao'er, now that the precious paper money has suffered such a terrible disaster, how can we remedy the situation? Please teach your father!"

Zhu Yao's eyebrows curved slightly as he looked at him with a half-smile.

"Father, tell me the truth, do you have a huge amount of Ming Dynasty banknotes locked up in your hands?"

Zhu Yuanzhang nodded subconsciously at first, then quickly shook his head to cover it up, looking flustered.

"It's...not much, just a little bit, not worth mentioning."

Seeing this, Zhu Yao didn't expose him, but went straight to the point and revealed an extremely daring way to make money.

"Father, don't be afraid. As long as you listen to me, you won't lose money. On the contrary, you can make a fortune. The method is very simple: first, drive up the market price of the banknotes."

"We secretly used our connections to create a public opinion that the imperial court would strictly control the issuance of banknotes and buy them back with large sums of money."

"This led wealthy merchants and powerful families in the government and the countryside to mistakenly believe that the paper money was about to appreciate in value, and they all followed suit and hoarded it."

"Once the market price is driven to its peak and everyone is frantically buying, we will immediately sell all of them."

"In an instant, they were all converted into real hard currency such as gold, silver, fertile land, and real industries."

"If we operate safely and speculate several times, my son and I can make a fortune."

Liu Bowen, who had been listening quietly to the news, was shocked to the point of death. His face turned deathly pale and he cried out in alarm.

"Young Master, you mustn't! This is tantamount to manipulating the world's currency by creating artificial momentum!"

"With wealthy merchants and powerful figures across the country rushing in, the entire Ming Dynasty's monetary system will completely collapse amidst the wild price fluctuations!"

"At that time, the court and the people will be in turmoil, and trade will be in chaos. The consequences will be unimaginable, and it will bring disaster to the whole country!"

Zhu Yao looked calm, smiled faintly, and spoke frankly.

"Making a profit in business is all about individual ability; what's shameful about it?"

"I don't cheat ordinary people or harm the common folk; I only speculate on the wealth of aristocratic families, wealthy merchants, and powerful gentry."

"These people have already made a fortune by hoarding and speculating on land, so there is nothing wrong with taking advantage of them."

Zhu Yuanzhang stood there, dumbfounded, completely stunned.

He stared blankly at his son, muttering wildly to himself.

Good heavens, while others might only seek profit for one region, you're trying to fleece all the powerful and wealthy of the entire Ming Dynasty!

This isn't about making money; it's about throwing the court order that your father has worked so hard to maintain into chaos!

If you weren't our son...our own son! We would have drawn our swords and killed you right now!

Liu Bowen frowned, his face grave, and quickly stepped forward to earnestly dissuade him.

"Young master, you are mistaken. Although aristocratic families and wealthy merchants are indeed rich, the world's trade is interconnected."

"Once the currency fluctuates violently and prices soar or plummet, the burden will ultimately be passed on to the grassroots people."

"People's livelihoods are already difficult, and they cannot withstand such turmoil. This method is too dangerous."

Upon hearing this, Zhu Yuanzhang immediately nodded repeatedly, instantly steadfast in his moral stance, and looked at Zhu Yao with a serious expression.

"Yao'er, Bowen is right! Even if we are engaged in business and seeking profit, we must have a bottom line and never cause chaos in people's lives."

Zhu Yao shook his head slightly, his expression calm and clear, unmoved by the two men's persuasion.

"The continuous devaluation of the Ming Dynasty's paper money will inevitably harm the people; it's better to end it now than suffer a long, drawn-out pain."

"Moreover, with me in charge, I can maximize the protection of ordinary people while reaping the profits from wealthy merchants and nobles!"

He paused for a moment, then proceeded with clear and logical reasoning, slowly recounting the devastating chaos that would unfold over the next few decades.

"Now the imperial court is printing money without restraint; in the early years, one string of paper money could be exchanged for one shi of rice."

"Years later, the 'one-string paper money' became worthless, and the people were forced to pay taxes in paper money, causing their hard-earned money to shrink completely."

"Farmers till the fields, craftsmen work, and after a year of hard work, they end up with a pile of waste paper, with no harvest and no savings."

"This is a slow exploitation, like boiling a frog in lukewarm water, squeezing the blood and sweat of the people day after day."

At this point, Zhu Yao's tone was somewhat blunt and undisguised, revealing his true feelings.

"In the end, this is no one else's fault but Old Zhu's own."

"Thinking that once you sit on the throne, you can do whatever you want, and that a piece of paper with a pattern on it can be worth more than real gold and silver."

"Old Zhu was an emperor on earth, holding the power of life and death over the world, but he was ultimately not a god."

"The world's wealth is predetermined; how can one conjure gold from thin air based on personal desires?"