<div class="chapter-content">
 <div align="center">
 <script src="/d/js/ad/page_01.js"></script>
 </div>
 Spiritual stones contain spiritual energy inside, and are necessary precious consumables for Jiuzhou cultivators to break through and upgrade, kill people, seize treasures, and participate in auctions. According to ancient legends in the cultivation world, cultivators in ancient and medieval times directly used spiritual stones as currency.
 However, using spirit stones as currency soon revealed huge drawbacks: spirit stones are special commodities with dual attributes of high-end consumer goods and financial products. There is also a commodity with very similar properties on earth, and that is Feitian Moutai.
 Although these types of commodities are hard currency, they are naturally not suitable for use as currency. The reason is very simple:
 The essence of currency is a medium of exchange.
 Theoretically, the amount of currency issued by the monetary policy authorities should be determined based on the total market demand for currency. The total amount of currency issuance should also be adjusted according to the actual needs of economic development. It cannot be more or less.
 But regardless of gold, spiritual stone, Bitcoin, or Feitian Moutai, they all have fatal flaws as currencies, that is, the growth rate of output cannot be controlled independently, so the social money supply cannot grow in sync with the total economic volume. The mismatch between the monetary aggregate and the economic aggregate will undoubtedly have disastrous consequences.
 Let’s give a theoretically inappropriate, but simple and intuitive example of the gold standard:
 Suppose there is only one kind of wealth on earth - flour; there is only one currency - gold; there are only 100 tons of gold and 1 million tons of flour in the world, then at this time, each ton of gold is worth 10,000 tons of flour.
 With the development of the global economy and the improvement of labor productivity, assuming that the world has a wealth of 2 million tons of flour in a few years, but if the total amount of gold is still 100 tons, then one ton of gold is now worth 20,000 tons of flour. .
 In this process, flour was obviously created by workers, but as a result, the wealth of those who hoarded gold increased and appreciated 100% out of thin air.
 This example of flour and gold is not theoretically accurate, because the total supply of money is also related to the rate of currency circulation, but it still roughly illustrates the reason why the gold (spiritual stone) standard system will inevitably collapse: that is, with the With economic development, if the total global gold (spiritual stone) production cannot keep up with the economic growth rate, gold will naturally appreciate in value, thus encouraging everyone to hoard gold instead of creating wealth, creating a negative incentive for workers.
 Workers will find that they have worked hard for a long time to make flour, and the result is to make a wedding dress for the person who hoards gold. In this case, who will work to create value? Wouldn’t it be great if everyone went to speculate in gold?
 In this case, the outbreak of currency and financial crisis is the inevitable result.
 Just like the collapse of the earth's gold standard, the Lingshi standard currency system also quickly triggered a strong deflationary effect in the short term because the total amount of currency issuance (Lingshi production) could not adapt to the needs of economic development.
 Lingshi is similar to Feitian Moutai. They are high-end consumer goods that are very easy to hoard. The higher the price, the easier it is to be hoarded. However, because downstream consumer demand is always very strong, this leads to the deflation trend of Lingshi being more violent than that of gold. And quickly detonated the first Lingshi financial crisis.
 In order to solve the Lingshi financial crisis, successive generations of cultivation economists have successively launched the [Three Standard Currency System] in which Lingshi, gold, and silver are linked to each other, and the [Kyushu Monetary Union System] similar to the Bretton Woods System on Earth.
 These two generations of currency systems were ultimately destroyed by the second financial crisis and the third financial crisis because the standard currency was never completely decoupled from the currency. The [Lingshi Credit Currency System] in the Kyushu cultivation world today is the fourth generation cultivation currency system established based on the balance sheet of the Lingshi Reserve Bank during the third Lingshi financial crisis. Its underlying logic is very close to the mainstream currency system on earth, and its issuance is basically not restricted by the spirit stone itself.
 The chief architect of the fourth generation of Cultivation Monetary Policy, known to everyone in the Kyushu Cultivation world, is none other than Lu Yang, the founder of Lingshi Reserve Bank, known as the "Emperor of Cultivation Finance". He is also the latest 500-year-old in the Cultivation world One of the three immortals who ascended to heaven in the past few years.
 Now Li Qingyang, the third president of Lingshi Reserve Bank, is the registered disciple accepted by President Lu Yang.
 Li Qingyang was originally from the Golden Blade Sect, a little-known sect in Zhongzhou. It is said that when the Golden Knife Sect was in its lowest state, only Li Qingyang was left as the polished commander. In addition, Li Qingyang's cultivation aptitude was only poor, and the entire sect was facing the crisis of being cut off.
 But just like the protagonist of the online article, Li Qingyang has shown outstanding talents in mathematics and finance since he was a child. After he just entered the middle stage of Qi refining, he was fortunate enough to be highly appreciated by President Lu and became President Lu's right-hand assistant.
 His personal resume can also be described as luxurious.
 From the economics and mathematics consultant of the Wuliang Sword Sect, to the director of the research department of the Xiuzhen Financial Supervisory Committee, and then to the assistant to Li Rui, the second president of the Lingshi Reserve Bank, he returned to the Xiuzhen Financial Supervisory Committee as the chairman, and finally succeeded the president Li Rui. Became the third president of Lingshi Reserve Bank and held the highest authority in Cultivation Finance for two hundred years.
 According to rumors, on the eve of Governor Lu Yang’s ascension to the immortal world, such an interesting incident happened:
 Someone asked President Lu Yang: "After you ascend to heaven, who is qualified to manage the Lingshi Reserve Bank?"
 President Lu replied: "Li Rui, the Supreme Elder of the Nascent Soul Stage of the Infinite Sword Sect, can do it."
 Someone else asked: "Elder Li doesn't have much life left. After he passes away, who can serve as the president of the Lingshi Reserve Bank?"
 President Lu replied: "Li Qingyang of the Golden Blade Sect can do it."
 Someone else asked: "What will happen when Li Qingyang's life span is exhausted?"
 President Lu just smiled: "Don't ask me about such a distant matter. The younger monks will handle it themselves."
 This plot of "Lu Xingzhang Tuogu" is a household name in the Kyushu cultivation world, and the plot itself is not fabricated out of thin air.
 After all, the president of the Lingshi Reserve Bank is the core position of the Wuliang Sword Sect, and is even as important as the head of the Wuliang Sword Sect.
 But Li Qingyang never formally joined the Wuliang Sword Sect, and even served part-time as the head of the Golden Sword Sect for more than 300 years, developing the Golden Sword Sect from a small sect with few people to a second-rate sect among the top ten in Zhongzhou.
 Although Li Qingyang is the most famous cultivation economist in the Kyushu cultivation world today, for him to serve as the third president of the Infinite Sword Sect Lingshi Reserve Bank as an expatriate monk, he still needs a strong person to overcome all objections. And there are only a handful of big figures with such prestige who have traversed the history of Kyushu cultivation world.
 Considering the early relationship between Mr. Li and Mr. Lu, the credibility of the joke "President Lu Tuo Gu" is quite high.
 It's a pity that President Li Qingyang's cultivation talent is really limited. Even if the Wuliang Sword Sect fully provides him with cultivation resources, and even if he gains immeasurable merit and virtue by taking charge of cultivation finance, his cultivation is still at the early stage of the Golden Core.
 For the inferior spiritual root cultivators, this kind of cultivation is unprecedented and unprecedented. It is not an exaggeration to say that Li Qingyang is the most powerful inferior spiritual root cultivator in the history of Jiuzhou cultivation world. However, even for early-stage Golden elixir cultivators, their maximum lifespan would not exceed 600 years, not to mention that Li Qingyang only had the first level of Golden elixir cultivation.
 After hundreds of years passed, this legendary cultivation economist finally reached the end of his life!
 It's just that President Li Qingyang has been in charge of the highest financial authority in Kyushu's cultivation world for hundreds of years. He is like a figure who defines cultivation finance, and his prestige is higher than that of the heads of the seven major sects in Kyushu.
 Suddenly hearing the news that he was about to pass away, even an ordinary Haiya City drinker would inevitably have an unacceptable feeling.
 As soon as the news came out, people immediately gathered around the newsgirl. Everyone just threw the spirit stone coins into her hand without even asking the price, just to be the first to know the details of this big news. The heavy newspaper bag carried by the newspaper seller was quickly sold out.
 Before she could recover from the surprise, Yang Lu shrugged at her and said, "What did I tell you? It's much better to reveal a little bit of information to whet everyone's appetite than to hide it. This sales method is called hunger marketing!”
 At this moment, two more newsboys came from the corner of the street through the snow.
 Obviously, these low-level newsboys are not short of smart people, and there are many people who can think of coming to the tavern to sell newspapers.
 Unfortunately, because the newspaper girl dropped the bombshell first, almost all the drinkers now have a newspaper. The remaining two newsboys looked around and saw no one in need of newspapers, so they had no choice but to leave with a sigh.
 Seeing the desolate figures of the two newsboys slowly disappearing into the wind and snow, the girl selling the newspaper felt only grateful.
 She didn't know that Yang Lu was actually a prostitute, and thought she was lucky enough to have an expert to guide her. Thinking that if Yang Lu, an expert, hadn't secretly given her some advice, she might have been the unlucky one, and the newspaper-selling girl couldn't help but feel a little scared.
 <div align="center">
 <script src="/d/js/ad/page_02.js"></script>
 </div>
</div>

<div class="content">
 This is a highly realistic high-demon society. Even though the civilization has experienced three social crises, its socio-economic system has still not been able to form a stable state. Faced with the imminent fourth round of crisis, the overlord of the cultivation world, the Wuliang Sword Sect, has adopted radical reform measures. It touches the interests of everyone from mortals to cultivators. 
 The earth fund manager Yang Lu traveled to the world of cultivation on the eve of the crisis. He will use the advanced knowledge of the earth, starting from a chamber of commerce in Haiya City, to maneuver among interest groups with different demands, achieve the road to immortality, and lead the entire cultivation The transformation and rebirth of civilization.
</div>

<div class="content">
 After the Silver Star Empire was shattered, the interstellar war broke out. 
 Under the starry sky, mecha masters, cyborgs, genetic warriors, superhumans, mechanics, and battleship commanders stepped onto the stage one after another. 
 Xu Mo has had many identities, extraordinary person, genius mecha master, battleship captain, base builder, and librarian, but there is only one who impresses the world most, Wang's man!
</div>

<div class="content">
 This novel is also known as The World Is A Wasteland: I Obtained A Top Tier Shelter 
 The meteorite destroyed the world, and the global people traveled to the wasteland world! 
 The monstrous flood, the ice age, the advent of alien beasts, the plant plague… 
 Under the random disaster once every seven days, if you want to survive, you must build a higher-level shelter! 
 Lin Yue awakened the 100% treasure chest system, and since then he has opened up a completely different style of painting from others. 
 Others: “The explosion rate of the treasure chest is too low? I still haven’t killed fifty mutant creatures!” 
 Lin Yue: “There are too many boxes and there is no room in the inventory. Do I have to upgrade the shelter to build a warehouse? Oh, it’s so annoying.”
</div>

<div class="content">
 In the year 2024, Earth's destiny becomes intertwined with a benevolent outer civilization, leading humanity to explore outer space with advanced technology. Different races unite and form a coalition to fight back against a common enemy, Eternity, who seeks universal domination. Humanity evolves and forms a united Earth under a single governing body. In 99820, corruption threatens the coalition's progress and Eternity launches a counteroffensive, pushing the coalition to the brink of decline. In 230,029, a battle between the coalition and Eternity looms as humanity prepares for an epic showdown. What will happen in the future, nobody knows.
 P.S. – Even though it is related to outer space, the novel’s main focus is mages and warriors.
</div>

<div class="content">
 Su Wei traveled through time with a bragging system... 
 Awesomeness 2: "I am a martial arts master with eighty years of internal strength." Trust: 0/50000 
 Awesomeness 3: "I have three million on my card." Trust: 0/30 
 "I have more than three million in pocket money on my card, isn't this a small amount of money?" 
 "Why are you pretending? V me 50 and see my strength." 
 "Tsk~ I'll give you five hundred! Line up, everyone has one!" 
 "Fuck, really rich guy!" 
 [Three million has been credited. 】 
 Su Wei breathed a sigh of relief: "Finally it's done!" 
 What? You ask why there is no awesomeness 1? 
 "I was young and ignorant... Forget it, let's not talk about this."
</div>

<div class="content">
 Under the daily routine, at the end of rationality, outside the world you are familiar with - it is a landscape you have never imagined. 
 When Yu Sheng opened the door for the first time, the world he was familiar with collapsed. 
 And the "truth" that goes straight to the root of the world came to him.Author's Other NovelsXiling EmpireThe Record of Unusual CreaturesDeep Sea EmbersSword of Daybreaker
</div>

<div class="content">
 Su Xiao is a cold-blooded young adult who’s seeking vengeance for the death of his family, yet things ended up badly for him. 
 As he was taking his last breaths, he heard a voice calling him from dimensions, it was a strange system reaching him, asking him if he wanted to be saved, to be Reincarnated. 
 He just needed to accept a contract, Su Xiao didn’t have any choice but to do so, but he didn’t know what he signed up for!! 
 Travelling through worlds, doing extremely dangerous missions, collecting special items, levelling up, and even killing Protagonists… 
 But Su Xiao wasn’t any ordinary Contractor, Su Xiao was a Hunter! 
 The MC crosses over to: One Piece, Tokyo Ghoul, Naruto, Fullmetal Alchemist, Attack on Titans… and Author’s Original Worlds… 
</div>

<div class="content">
 The moment the earth exploded, the fear of death finally turned into physical suffering, and the pain of being burned was imprinted in the deepest part of Yang Ming's memory. 
 "The universe is the abyss." 
 Yang Ming whispered in the starlight. 
 [PS: Non-game text, there will be a complete logical explanation in the early game setting mid-term. Change the track and start again. It is not the style of the past, so I will not promote it in old books. Just read me as a newcomer. I am new to interstellar sci-fi, and welcome to correct me in detail. There is already a short story seriously sci-fi-oriented "Afterglow", and sci-fi readers can check the goods first. 】
</div>

<div class="content">
 The era changed, the Heavenly Dao created the world, and all races in the heavens and the worlds traveled into the new world. 
 At the beginning, each person had a piece of land, building houses, farming, taming animals, mining, and preventing attacks... 
 Every creature needs to work hard to build its own survival base so that it can survive. 
 Luo Yu got the magical skill [Taichu Critical Hit], which can critically hit everything in the world! 
 [Collecting ordinary strawberries to trigger critical hits: get Zhulong Fruit] 
 [Buying ordinary stone knives in the mall to trigger critical hits: get Tiangong Knife] 
 Building houses, building bridges, mining, and taming animals can all be triggered, and critical hits can create miracles! 
 The cat girl wants to be his pet, the elves think he is the reincarnation of a god, he is called an insecticide by the world, and is considered by the earthlings to be a pre-Qin sword fairy... 
 While everyone is still trying to survive, Luo Yu has built his own castle, and he is on the road to becoming the supreme power!Author's Other NovelsDivine Wish System for Total Domain Domination (All-field Godly Wish System)Super Game Upgrade Summoning System
</div>

<div class="content">
 [Rise of Humanity] [Invincible] [Fast-paced] [The heroine is enchanting + the little aunt Venina + the witch Liu Qiyue] 
 Chen Fan fell from the Jade Emperor's Summit, traveled through the devouring starry sky, and gained the golden finger of top understanding and unlimited upgrades! 
 "Great Speaker Chen Fan, you were successfully elected as the first speaker of the Ares Palace and Planet Palace last night. What do you want to say to the world?" 
 Chen Fan: "I am in this world, so you can rest assured!" 
 Before leaving, Chen Fan added: 
 "Our journey is the vast starry sky!" 
 In this era where all kinds of monsters are ready to move and may break into the city at any time, 
 The appearance of Chen Fan brought hope to the whole world! 
 … 
 Countless epochs later, it stands tall on the long river of time. 
 Chen Fan suddenly looked back. 
 The recruit who came out of the Great Nirvana Era has become the supreme lord standing side by side with Yuan, Luo Feng, Xue Ying, Xing Mang, and Jin. 
 I, Chen Fan, am the strongest lord in the world! 
 This book is also called "Crossing the Devouring Starry Sky, I am Invincible!" 》《I, the top level understanding, devour the invincible hand in all directions! 》 
 "Cross the Devouring Starry Sky and Rise with the Earth!" 》
</div>

<div class="content">
 “You say you are strong?”
 “Whether you believe me or not, you may die!”
 With Superman’s system, Chu Yang counterattacked and smashed heaven and earth …
</div>

<div class="content">
 In the most popular 3D keyboard online game “Tomorrow”, an ordinary player, Zhang Zhiyin has a less common hobby–that is to visit Dr. Y, the ultimate boss – giving him gifts and hugs.
 As a game produced NPC, the other side naturally has no response, but Zhang Zhiyin still insisted on visiting him rain or shine for 363 days. Until one day he decided to give up the game, the result was being hit by a car.
 Since then, he has been dreaming every night in which he will cross into the realistic world of ‘Tomorrow’ and return to the magical journey of normal life during the day.
 ****
 “From the moment he fell in love with this person, he had chosen insanity.”
</div>

<div class="content">
 Humans around the world have participated in a “Game of the Demon Kings and Warriors”.
 Billions of people will be descended into another world to play the role of “devil” and “warrior”. Everyone must choose their initial race at the beginning.
 After Zhang Mu was matched to the demon king’s camp.
 He found that he could see hidden information that no one else could see.
 [Slime Demon King], the blood of the lower Demon King…not recommended!
 [*Head Demon King], the bloodline of the lower Demon King…not recommended!
 [Dark Elf Demon King], medium demon king blood…you can choose!
 [Bloody Giant Demon King], the blood of the high demon king… it is recommended to choose!
 [Abyss Dragon Demon King], the strongest initial bloodline… It is strongly recommended to choose!
</div>

The Fourth Financial Crisis

Chapter 3 President Li Qingyang

You'll Also Like

BoomNovels - Explore Fan-Fiction Novels Online Free!

The Fourth Financial Crisis

Chapter 3 President Li Qingyang

You'll Also Like