"On this day, a cloth weaver named Zhao Qian. He wanted to exchange a piece of cloth for a bag of millet. However, he was a little lazy and didn't want to carry the cloth to the market. So Zhao Qian thought of a way. He carved the three words "A piece of cloth" on a piece of tortoise shell in his house. After the carving, he smashed the tortoise shell in half and took half of it to the market for exchange." Chen Feng said.

After hearing what Chen Feng said, the others became even more interested. Moreover, they all knew that Chen Feng said this must have something to do with Baochao.

Some people are already thinking, is this tortoise shell the original form of currency?

"Zhao Qian left and came to the market. As a result, he really encountered Sun Li who wanted to exchange grain for cloth. So Zhao Qian began to take out the half of the tortoise shell and said to Sun Li: "I will fight this bag of millet first. Hold this half of the tortoise shell and you can go to my house to change a piece of cloth at any time."

"If Sun Li agrees, that's weird." Sanbaonu said from the side. He held half a piece of tortoise shell, even if he had carved the words, so what? Even if the ancients were very honest, I'm afraid they had to think about it seriously?

"Yes, did Sun Li agree?" Tuotuo also asked.

"Sun Li wants to agree, that is, to succeed in this transaction, he must meet certain conditions, such as knowing these two people, or having an intermediary guarantor. Moreover, Sun Li must know that Zhao Qian is a weaving cloth and can afford a piece of cloth. In the end, Sun Li must also know that Zhao Qian is very trustworthy." Chen Feng said.

"So, this first transaction was very complicated. Zhao Qian had a lot of talk and finally asked Sun Li to hold the tortoise shell and resist the corn from this pocket by himself. If he had known this, Zhao Qian would not be so lazy." Chen Feng said, "But the fact is far more troublesome than this, because when Sun Li returned home, he found that his sickle and hoe were broken. Now, he does not need cloth for the time being, but sickle and hoe. However, there is not much excess millet in his hand. In other words, he has to use this tortoise shell and then go to the blacksmith Zhou Wu to change the sickle and hoe."

"That would take even more verbalism." Even Tutuo was attracted by the story and said.

"Yes, Zhou Wu went to Zhao Qian's house in person for this. Zhao Qian was already cooking, and there was half a piece of cloth on the loom. He promised that Zhou Wu could take this tortoise shell and come to his place to change the cloth at any time." Chen Feng continued: "In this way, Zhou Wu finally agreed, took the tortoise shell and gave it to Sun Li's sickle and hoe."

"Now it's time for King Zheng?" Yesen Timur asked.

"Next, after waiting for half a month, Zhou Wu wanted to make clothes. He used this piece of tortoise shell to successfully get a piece of cloth from Zhao Qian." Chen Feng said.

Ye Xian didn't guess correctly and smiled on his face. That's right, if this continues, it will be endless.

"Zhao Qian took back this tortoise shell and felt it was too troublesome and wanted to destroy it. However, his family's food was almost finished, so he had to take the tortoise shell and come to the market again. However, with the last experience, Sun Li immediately agreed to exchange the tortoise shell for his own bag of millet." Chen Feng said, "Then, he used this tortoise shell to give to the person who helped him build the house. The people who built the house could change the cloth, or the millet, and the sickle and hoe. More and more people knew about it, and more and more things could be changed. In the end, no matter who it was, no matter whether he knew Zhao Qian or not, as long as he saw this tortoise shell, he could change things to the other party."

Speaking of this, the answer is about to come out. This tortoise shell is a naked currency.

After listening to the story, the people on the scene came back to their senses and felt like they were fooled. After passing by, they didn’t hear any meaningful or useful information? What does Chen Feng want to express?

"Feng'er, what do you mean?" Tuotuo asked.

"Sir, why is this tortoise shell recognized by everyone?" Chen Feng asked.

"Because you can change a piece of cloth at any time as long as you hold it." Tuotuo said.

"What about our treasure money?" Chen Feng asked.

When Tutuo asked this question, he was speechless. What can Baochao be exchanged for?

At the beginning, Baochao could be exchanged directly for copper coins or silver according to the value of the currency. This is also the reason why Baochao became popular on a large scale, but now...

"The essence of money is IOU, and this is even more so in our treasure banknotes, because treasure banknotes have no value, it is just a piece of paper, unlike copper coins and silver, which has real value. When we issue treasure banknotes, it is actually IOU, which owes the people money. If the people can get into our hands at any time and exchange enough things, such as silver, then this IOU is useful. If the people cannot exchange anything, then the system will surely collapse." Chen Feng said.

The most widely circulated currency in the world in later generations, the US dollar, was originally the Bretton Woods system that exchanged gold. As a result, when the United States continued to consume global wealth and gold dropped sharply, the US dollar system almost collapsed. Later, the US dollar was linked to oil again, which saved the Americans' life. Oil was the lifeline of the Americans, so whoever wanted to break that system would be killed by the Americans with powerful force.

And now, the same is true.

When Tutuo heard this, his heart sank. Why did they issue treasure banknotes and why did they change banknotes? Isn’t it just to save the economy of the court? Now the court has no money, otherwise, it would not have revised the policy at that time and stopped the exchange of silver.

However, when hearing the story Chen Feng told, it seemed very reasonable. This treasure note was actually an IOU written by the court to the people. Whenever the people needed it, they could exchange silver or copper coins with the court, so that they could proceed smoothly. The court said that this treasure note could be equivalent to one thousand coins of copper coins, but if it is not exchanged, then it cannot be proved, and it is worth one thousand coins.

This is simply unsolvable.

Chen Feng ignored Tuotuo. He just told the story and expressed the connotation of the story.

"One day, Zhao Qian's weaving workshop fell down, and he couldn't weave half a piece of cloth." Chen Feng continued, but now people no longer have the relish feeling of listening to the story just now. Everyone is thinking about Chen Feng's story in their minds.

Chen Feng continued to tell the story: "But Zhao Qian was hungry again and had nothing to eat, so he continued to take the tortoise shell and go to the market to find Sun Li to exchange for grain. With the previous relationship, Sun Li quickly gave the millet to Zhao Qian again, and then took the tortoise shell and went to exchange for something else. Finally, when King Zheng took the tortoise shell and asked Zhao Qian to exchange cloth, he found that the tortoise shell could no longer be replaced with cloth."

The meaning of this next story is even more profound. Chen Feng said it very slowly. "Without commodities or items that are exchanged, currency is issued, which is called short currency. People know that the tortoise shell used by Zhao Qian is his, so they can go to him. However, if the court issued these paper money, then there is no commodities that can be exchanged. This part of the paper money is of no value. If mixed in the entire paper money, it cannot show that any part of the paper money is valuable and which part is not valuable, it will only lead to the entire paper money being less valuable, that is, it will depreciate."

Chen Feng knew that some of his terms were economically exclusive, such as depreciation, so he spoke it very slowly, which allowed these people to fully react.

After telling this profound story, Chen Feng felt that he had explained all this knowledge clearly and also explained a truth clearly. If it was done like in history, then the result would be inflation and currency depreciation. Isn’t it like soaring prices?

If you don’t even understand these things, then these people’s IQs will be too low.

However, Chen Feng obviously overestimated the IQ of these people. After he finished speaking, these people were silent for a moment. Wei Zhedu seemed to have not understood the basic principles of economics in later generations at all, and still began to discuss the new treasure banknote plan he had come up with.

Chen Feng was very depressed. It seemed difficult to reason with these people. Of course, it seemed that these people were all pretending to be confused?

Chen Feng sat there, looking at these people coldly. What were they thinking? Did he underestimate the IQ of these people or overestimate their moral standards?

It took more than an hour to go on, and finally, it was getting dark and everyone said goodbye and left.

Chen Feng was about to leave, but Tuotuo was stopped. In the room, Tuotuo and Chen Feng were left, and even Wu Xingke retreated.

"Feng'er, your story is very well told." Tuotuo said.

"Thank you for your praise, sir." Chen Feng said. He knew that since Tuotuo was called the last person in history to turn the tide, he must have understood the story just now.

"In other words, if we want to promote this new treasure banknote, it will definitely cause a new round of soaring prices?" Tuotuo asked.

"If the court can prepare a large amount of treasury silver to realize the exchange of treasure banknotes and treasury silver at any time, then this phenomenon can also be avoided, and the treasure banknotes will be firm." Chen Feng said.

"So, what if there is no silver in the court?" Tuotuo asked, "Now, the treasury is very empty."

"Then it is better to continue the current treasure banknote system than to implement this new banknote system immediately," Chen Feng said.

This is not obvious. It was originally a mess, but as a result, as soon as Tuotuo implemented this policy, it turned from a mess to a mess and was completely scrapped. The people bartered and didn't use this thing.
Chapter completed!