As the nominal editor-in-chief of "Tongguang Quanshu", Shao Shude devoted a considerable part of his energy to writing books.

After going to Leyouyuan to appease the people who moved westward, he quickly returned to the palace and began to write a book.

Of course, his book was not written from scratch. In fact, during the long-term education of his sons, he had prepared many lecture notes. What he needed to do now was to string them together and explain them systematically.

The first book he compiled was called "Currency".

The content is not very deep, because his understanding is also very limited, but it was probably enough for the classical era. Later generations will still have the opportunity to innovate and develop new theories on this basis.

Queen Yue Liduo of Khitan and Queen Shao of Gaochang were on the side helping to organize the lecture notes.

Queen Bohai Gao Rou is polishing ink.

Empress Dowager Changhe and Mengshi are still alive...

She gave birth to a son in August, and cried bitterly after the birth, feeling like she was surviving a disaster.

Shao Shude wanted to say that having a baby in his early forties was not that scary, but he thought about it. The evil he had done was to put it in a woman's body when he felt comfortable, never caring about the consequences. So Haosheng comforted her and said that he would not let her give birth in the future.

, Montessori cried with joy again.

At this moment, she was preparing the paper, with a relaxed and expressive expression on her face. When Shao Shude finished writing a page, she took it away and let it dry. After the book was completed, she would sew it into a book by herself.

Mrs. Lian is preparing snacks.

After witnessing Montessori's experience, she had long given up any illusions.

In October of the fifteenth year of Jianji (915), she gave birth to a daughter in the Gaochang Palace, but she knew this was not the end.

Because even if the saint was intimate with another woman, he would always end up inside her body, and as expected she was pregnant.

Does it make you feel so proud to have the Queen Mother of a country pregnant?

After sighing softly, he carefully prepared the delicious food, and when the saint was tired of writing, he sent it over.

Atie was making tea, and her two daughters were helping.

I just gave birth to a daughter in June this year.

Among so many women, she was the least educated, knowing only Uighur and not Chinese. Moreover, after Satuk's death, the saint seemed not to be very interested in her.

Maybe, this isn't a bad thing.

Shao Shude didn't care what the "trophies" were thinking, but took advantage of the feeling and the opportunity for literary thoughts to flow freely, and he wrote non-stop - because many words are difficult to explain and are quite inconsistent when used in the context of ancient prose.

, so he wrote directly in vernacular.

"I call gold, silver, and copper precious metals. But precious metals themselves are not currency or money. Only after they are cast into coins of a prescribed format can they have monetary properties. In theory, this is a perfect currency - in fact it is very

It’s hard to tell…”

"Assuming the outflow of precious metals during foreign trade will reduce the amount of currency on the market and cause prices to fall. Until imports decrease, exports increase, and currency returns."

"The way that causes currency reduction is not just import and export. Casting Buddha statues, burial of gold and silver, hiding in treasury, etc., may cause such fluctuations, which will lead to large changes in prices."

"Take grain as an example. In the same peaceful years, the same good weather, in the same place, in just a few years, the price of a bushel of corn may jump from three qian to 30 qian, and then back to 10 qian. Facts

During this period of time, the cost of food production has not changed much, and consumption has not changed much, but prices have changed dramatically. Why? Money supply is inseparable. Simply put, what appears on the market

The number of copper coins fluctuates."

…

"Now let me talk about the impact of money supply on exchange."

"In recent years, the amount of silver produced in Japan has increased year by year. According to businessmen from Mingzhou who went to Japan to trade, the prices of many domestic commodities in Japan are rising. Although the range is not very large, they are rising every year very resolutely. The reasons are as mentioned in the previous section.

As stated, the money supply increased significantly."

"I assume an ideal and extreme situation. Japan uses silver coins as its only currency, and their commodity production capacity and consumption capacity have not changed. Silver mines are continuously mined, and cart after cart of silver ingots are minted into coins and put into the market.

After that, the prices of various commodities they produced generally rose rapidly, but the usage attributes of the commodities did not change in any way. One hundred kilograms of grain can only produce the effect of one hundred kilograms of grain, and only the price has changed."

"In this case, Japanese silver coins actually depreciated."

"Assuming that during this period, my country's silver production, which also uses silver coins, did not increase, and the circulation of silver coins on the market was constant, then Japanese silver coins also depreciated significantly relative to Daxia silver coins, because they 'over-issued currency', which I call for 'inflation'."

"Suppose that Japanese merchants must exchange Japanese silver coins on hand for Bactrian silver coins when conducting trade in Bactria. In such a situation, due to currency depreciation, the Japanese must exchange more Japanese silver coins for Bactria.

Silver coins, this will put them at a disadvantage in exchange. It involves a concept, exchange rate, which can be found in the appendix."

"As mentioned before, silver ingots are not currency, silver coins are. But unfortunately, many people equate gold nuggets and silver ingots with gold coins and silver coins, which gives Japanese businessmen great convenience. They hold Japanese silver coins, and as long as they weigh

It is enough, and can often have the use value of Daxia silver coins of the same weight. This understanding has caused the exchange rate between Daxia and Japan to be fixed at 1:1 all year round, which is actually detrimental to our country's business."

"I would like to ask a simple question here. If silver coins are stored in the treasury and not used, is it a silver ingot or currency? The answer is in the next section."

…

"Yes. If silver coins are gathering dust on the shelves of the treasury instead of being put into the market, then they are equivalent to silver ingots. Again, silver ingots are not currency, silver coins are. Silver coins locked in the treasury can only be

Treated as 'capital', it can only be regarded as 'currency' when it is put into the market."

"Based on this understanding, the Ministry of Accounts can artificially adjust the price of goods and the exchange rate of currency by increasing or decreasing the number of silver coins put on the market. But I want to emphasize that if you do not have an accurate way to judge the amount of currency on the market

, it’s best not to do this, it will only cause disaster.”

…

"Assume another situation. Suppose that Shouzhou of Huainan Province purchased a large amount of felt cloth from Lingzhou of Guanbei Province, causing a large outflow of local currency and a sharp decline in the prices of various commodities. And Lingzhou sold a large amount of felt cloth and a large amount of currency inflow, causing commodity prices

Then they purchased a large amount of tea from Shouzhou, and the currency flowed out again. Commodity prices in Lingzhou plummeted across the board. Due to the influx of a large amount of currency in Shouzhou, commodity prices rose in retaliation after hitting the bottom..."

"This kind of sudden rise and fall in a short period of time is harmful to people's livelihood. So how to avoid it?"

"I put forward an idea. Setting up a depository institution will affect the large-scale commercial transactions of currency circulation in a place. Buyers and sellers will open a vault here. When paying or entering accounts, the currency will flow between different vaults without having to

to actually be present in the market to avoid drastic disruption.”

"The name of this depository institution can be called a 'bank'. In fact, this 'clearing bank' mechanism has been around in various cities for many years. It operates well, has considerable 'capital', and is trustworthy.

There is no doubt about its cashing ability. At this time, some things can be further simplified. The 'depository receipts' (silver dollar bills) issued by the bank can be directly used for transactions. The bank does not even need to move the currency in the vault, it only needs to see the bills.

Instant redemption guarantees credibility.”

…

Shao Shude became more and more excited as he wrote, and his literary thoughts surged like a spring.

He tried his best to explain various economic phenomena in very simple and essential language.

The various nouns that appear in it have to be explained or defined in a special appendix. In fact, the workload is not small.

When you are tired of writing, you can wave and call a queen or queen mother at random.

They automatically unbuttoned their shirts and sat in Shao Shude's arms.

After some wanton kneading, I regained my energy and continued writing books. It can be said that work and rest are combined with high efficiency.

"Do you know this?" Seeing that it was getting late, Shao Shude was tired, so he put down his pen and took out two silver coins.

One is a gold dinar coin, and the other is a dirkhan silver coin, both of which were seized from Persia - including the time when they paid the ransom fee.

"Persian...currency." Mr. Shao had been reading Shao Shude's manuscript nearby. He was so absorbed in reading it that he didn't even notice that his skirt was missing.

Normally, she would have resisted.

Now, she may have noticed it, but facing this new book with refreshing and shocking content, she felt that she didn’t need to resist this time.

The saint's talents are indeed much stronger than Pi's. Besides, I can't resist. The more fierce the resistance, the more humiliating the final posture will be.

"Persian goods." Shao Shude nodded and said: "There is a small country in the southwest of Persia called 'Safar'. There is a place in the country called the 'Panjshir Valley', which is rich in silver. It has been mined for decades. The output

Never dropped."

"Panjshir" means "Five Lions" in Persian and is surrounded by the Hindu Kush Mountains. The terrain in the valley is flat, with rivers, lakes, and fertile soil. Most of the people who lived here in later generations were Tajiks and belonged to Afghanistan.

.

Since the era of white food, two things have been abundant here: silver and gems. In the 21st century, the Tajiks are still using the silver and emeralds produced in the valley to exchange resources with the outside world - silver mines that have been mined for a thousand years

, simply...

"When I was in Gaochang, I also saw a lot of Persian silver coins, but I didn't expect them to be collected from this valley." Mr. Shao was a little surprised.

She calmly lifted up her skirt which had fallen to her ankles.

"The war with Persia will not last long." Shao Shude said, "I expect they will come to ask for peace sooner or later."

"Why?" Mr. Shao blinked and asked.

"Don't you hear that 'when fighting foreign affairs, you must first settle the domestic affairs'?" Shao Shude said: "The Persians' peace proposal is just a temporary measure. Free up your hands first to solve internal problems, and then make calculations. Otherwise, you will be troubled at home and abroad.

too difficult."

"That's it." Mr. Shao nodded.

"When you were in Gaochang in the past, Pijia didn't let you participate in state affairs?" Shao Shude asked.

"No, he only let me read Buddhist scriptures. But I like reading miscellaneous books, I like them very much." Mr. Shao felt slightly unnatural.

First, she heard her husband's name, and second, because her skirt fell to her ankles again, and the subsequent movements were indescribable——

Just like the Panjshir Valley in winter, it is repeatedly swept by strong cold winds, and the sparse vegetation is destroyed. Only the underground hot springs are gurgling, showing a different kind of spring.
To be continued...