In the past dynasties, whenever the money ban was opened, a large number of bad coins would inevitably be produced. In order to obtain the maximum value, people reduced the copper content of copper coins, such as adding cheap lead and tin, or reducing the size. This is common sense, Shi Jingtang would not know it. Facts have proved that the people of the later Jin Dynasty were also like this.
So why does Shi Jingtang insist on opening up?
If you look at this historical problem from a financial perspective, it will be easily solved. Simply put, control the exchange rate and shear the sheep.
The Khitan's economic invasion was backed by military strength. Shi Jingtang knew the harm but was powerless. Therefore, financial problems can only be solved by financial means.
Actively creating "bad currency" actually means actively devaluing the currency. For example, the original copper coin weighed 5 grams and contained 5 grams of copper. Now, I mixed lead and tin, reduced the size, and cast a 3-gram copper coin, containing 2.5 grams of copper (for the convenience of description, the numbers are only (understood, not of scientific value), that is to say, I turned the original one coin into two coins, and in this way, the wealth in my hand was directly doubled.
To understand it from the current concept, the central bank of the later Jin government implemented a "quantitative easing" policy. Simply put, it turned on the money printing press and printed money like crazy.
Shi Jingtang used the money "printed" out of thin air to pay Khitan's "protection fees" and purchase large quantities of Khitan products. For Hou Jin, this is a "half price for all products" promotion. But the Khitan people were still in the dark.
After a period of circulation, the market will automatically adjust and prices will fluctuate accordingly. The intuitive reflection is the general price increase of commodities. Commodity prices rise, wages rise... Gradually, prices will infinitely approach the actual supply and demand relationship, such as the above example. Over time, people's wages will double, and all commodities will also double. In other words, the central bank The "quantitative easing" and money printing methods are self-deceiving and cannot solve the fundamental problem.
Just like some people may ask this question, why doesn't the country turn on the money printing press and print money 24 hours a day? The more we print, the richer the people will be soon?
Of course you can, Zimbabwe and Germany have done this before.
On the surface, Shi Jingtang liberalized the "money ban" among the people, but in fact, he built plank roads openly and secretly in Chencang, which gave the Khitans a trick to devalue their currency. The currency of the Later Jin Dynasty depreciated, but it was given to the Khitans as before the devaluation, allowing the currency to slowly evaporate in the hands of the Khitans.
As mentioned above, over time, the market will slowly be impacted by excessive currency issuance. Therefore, Shi Jingtang suddenly stopped it just six months later.
Before the money had time to flow back, it was blocked by Shi Jingtang and died in the hands of the Khitan people. The dividends of currency devaluation were enjoyed by the people of the later Jin Dynasty, while the accompanying side effects of inflation were borne exclusively by the Khitan people.
I remember that the lighthouse countries once unreasonably and angrily accused our country of manipulating the exchange rate, actively devaluing the currency, etc. Although their accusations were groundless, from their strong reactions, we can also see the power of using exchange rate scissors to truly It kills people invisible, causing the other party's wealth to evaporate and shrink without even realizing it.
One more thing to mention, in today's world, it is the lighthouse countries that really control the exchange rate. Especially after World War II and the establishment of the "Bretton Woods System", the lighthouse country was like a greedy vampire, stealing the blood and sweat of people around the world. After the collapse of the system, it continued to shear the world's wool through "petrodollars". In the end, he bites back and calls the thief to catch the thief. It is really shameless.
In just six months, Shi Jingtang suddenly announced the lifting of the ban, and then suddenly announced the re-ban, leaving the Khitan people unaware of what was going on. The Khitans are strong men, capable of riding and shooting. I admit that they can crush the Central Plains militarily, but in terms of politics, especially finance, he is just a younger brother.
When it comes to financial warfare, the Chinese are the ancestors.
Four, sparks of fire
Strengthening the local area and weakening the central government is the way to constant chaos.
From Li Siyuan to Shi Jingtang, we often use the word "weak" to describe the newly enthroned emperor. The weakness of imperial power is mainly reflected in the strength of local forces. The most typical one is Li Conghou. Representatives of the "strength faction" include Li Congke, Shi Jingtang, Fan Yanguang, Zhao Dejun was ready to make a move, and finally Li Congke took the lead in raising the flag of rebellion.
After Shi Jingtang came to power, the original "powerful factions" Fan Yanguang and Zhao Dejun and their son still posed a huge threat to the later Jin regime. Moreover, Li Congke's court also gave birth to emerging powerful factions and became the "new cutting-edge faction".
Shi Jingtang relied on the support of the Khitan people and sat on the throne of the emperor. This set an example for the old and new powerful factions. They saw a shortcut to success, and gave them an official reason to change the "rebellion". Put on the gorgeous cloak of nationalism and patriotism.
Numerous rebellions began on the day Shi Jingtang ascended the throne, and intensified until Shi Jingtang's death.
In short, during Shi Jingtang’s period, everything that should be rebelled was rebelled, and everything that should not be rebelled was also rebelled.
1. “Ex-boyfriend” disrupts the situation
Zhao Dejun is a veritable "strength man". He is from Youzhou, good at riding and shooting, quite armed, has a very keen sense of politics, and is as slippery as a loach. Liu Shouwen first, Liu Shouguang later, Li Cunxu voluntarily surrendered when he attacked Yan. In the third year of Tongguang (925), he was appointed by Li Cunxu as the military governor of Youzhou Pinglu Army, and he has been in charge of Youzhou ever since.
After Li Siyuan ascended the throne, he married his daughter to his adopted son Zhao Yanshou to win him over, "so Dejun is particularly important to rely on". Even Mingzong Li Siyuan did not dare to touch him, which shows that he is deeply rooted in Youzhou and cannot lose his tail.
During his tenure in Youzhou Jiedu, Zhao Dejun had great achievements in civil and martial arts. As mentioned above, under his governance, the economy of Youzhou region developed and the military defense system was improved, making it easy for the Khitan to dare not go south from Youzhou.
We dare not say that Zhao Dejun built Youzhou into an iron wall, but the fact is indeed worthy of praise. For example, the Khitan took advantage of the chaos in the royal capital of Dingzhou to join forces from Youzhou and move south. The result was a disastrous failure and almost the entire army was wiped out. The main generals were captured alive by Zhao Dejun and sent to Luoyang to claim their merits and receive rewards.
When the Khitan went south to help Shi Jingtang, they also went directly south from the Daibei area and returned directly north from Luzhou. The Khitan army never dared to cross the Taihang Mountains and enter the Youzhou ground guarded by Zhao Dejun; Li Congke's group proposed to send Yelu Bei back. In the end, because of fear of Zhao Dejun, he decided to go north along the Taihang Mountains, preferring to pass through the Khitan camp rather than forcefully break into Youzhou.
These two examples are enough to show how solid Zhao Dejun's management of Youzhou is.
