Xiao Yi looked at the memorial sent from Japan.
After looking at it for a while, he said: "Third brother did a good job. There is no need to reason with the Japanese people. The people here are more barbaric than the northern barbarians."
"It's impossible to reason with them just for fun."
This is good news.
Xiao Yi put down the memorial, picked up another one, looked at it, and frowned slightly.
"Summon Daiguang to come for an audience!"
He never thought that a good national debt could be like this.
Just a moment.
Dai Guang arrived.
Xiao Yi said directly: "Take a look."
The issuance of national bonds was originally intended to be used as IOUs to borrow money from the people during wartime when the country needed a lot of money to pay for the military.
Originally, it was considered a temporary means of making money, and it was also intended to solve the problem of empty national treasury and fiscal deficit.
As a result, this memorial describes several cases in which IOUs were stolen, their names were changed, and they were falsely claimed.
Because when buying national bonds at that time, it was indeed a signature and a pledge, but this method was not rigorous enough at this time.
Others can completely fake it.
From the beginning, Xiao Yi also asked the Ministry of Industry and the Ministry of Household Affairs to think of a way to prevent others from making fake products with the highest precision.
If a national debt can be created directly out of thin air, wouldn't the imperial court suffer losses in the future?
Now, it is indeed impossible to create fake currency by ordinary means, but there is a case where someone steals other people's national debt, changes it to their own name, and changes the place where the signature is signed, and it becomes a real national debt, and then the Ministry of Accounts Without taking a closer look, he cashed in the national debt.
So much so that the real owner went to the Ministry of Accounts, took out his household registration, and said that his national debt had been stolen.
"The original intention of Gu's issuance of national bonds to raise funds was to temporarily deal with the emptiness of the national treasury. Now that Daqian no longer has this difficulty, naturally it rarely issues national bonds, so Gu does not pay too much attention to it."
"Who knew something like this could happen again."
Dai Guang said quickly: "I apologize, the Ministry of Revenue failed to supervise it properly, so that such a flaw occurred, which caused people who purchased national bonds to lose a lot of money, and also affected the reputation of the imperial court."
"I am willing to spend some money myself to make up for their losses."
"Then, please ask the Jin Yiwei to investigate the matter thoroughly, catch the thief, and punish him with a canonical punishment to serve as a warning to others."
This is what Xiao Yi originally thought. Thieves are hateful. Several officials from the Ministry of Household Affairs who cashed in national debts also had some negligence and will be held accountable.
It must be an explanation to the people. Even if these people have money to buy national bonds, they are not short of money.
But this is also related to the reputation of the Daqian court!
If you still want to sell national debt in the future, you must ensure that there is no problem with the creditworthiness of the national debt.
"Um."
"The Jinyi Guards will go to arrest the thieves, and the officials in charge of the national debt in the Ministry of Revenue will also be punished."
Dai Guang bowed and said, "Here."
Xiao Yi waved his hand and asked Dai Guang to go down.
He continued to review the memorials.
Dealing with these things every day.
We should also take a look at the results of handling certain matters in various places, as well as the spying information of the supervisory censors and imperial guards on some major local events, etc.
In short, always pay attention to Daqian everywhere.
the next day.
Under Cai Wenji's service, she put on her imperial robes and went to court in the morning.
Morning pilgrimage once every five days.
Used to deal with major events in various places, as well as some important memorials.
Then.
It’s still a small classroom.
"Continuing with yesterday's topic, do you think that the imperial court's increase in taxes will cause resistance among the people?"
Di Yan was the first to stand up and said: "I think it is different. It is definitely not as simple as raising taxes and causing rebellion, but I can't figure out where this pass will be for a while."
Xiao Yi nodded and said, "I'll give you some tips just to give you an example."
"Are the logic of imperial taxation and the collection of national debt the same?"
"Assuming that the population of Daqian reaches its peak state, due to the contradiction between man and land, it is difficult for the total population to continue to grow, so it can be regarded as not changing over time."
“Dagan has decided to reduce current taxes on everyone, and the resulting reduction in fiscal revenue will be made up for by issuing Dagan treasury bonds to everyone to ensure that the size of Dagan’s treasury will not change. .”
Xiao Yi asked: "So in the second year after the tax reduction, if Daqian still decides to maintain a balance of revenue and expenditure, what will happen?"
Dai Guang immediately replied: "In the second year after the tax reduction, if we still decide to maintain a balance of payments, in order to repay the principal and interest of Daqian's national debt, Daqian must increase taxes on everyone."
Definitely.
And Dai Guang is indeed the reason why he has not been replaced by Xiao Yi after staying in the current household department for so many years.
Because Dai Guang's arithmetic has improved a lot, and because he is in the Ministry of Household Affairs, he has long been familiar with this concept.
He was able to react quickly and answered Xiao Yi's question.
"Similarly, if the maturity of national debt is a certain number of years, the result will be the same."
“Because holders of Daqian government bonds can obtain bond interest from the government on one hand, and use the principal and interest of these bonds on the other hand to pay higher taxes levied to repay the principal and interest of the bonds. In this case, Replacing taxes with debt will not affect current and future consumption, and the equivalence theorem is established."
“And consumption means spending money.”
The depth and breadth involved in this class is relatively high, and some people are simply confused.
I don’t know what to say.
A little more complicated is that part of the higher taxes imposed by the government to repay debts will fall on future generations, but people care about future generations, so they will still increase their savings to meet debt repayments for the sake of future generations. This is the equivalent meaning of the principle of equivalence. .
According to this principle, the public debt issued by the government due to tax cuts will be regarded as potential future tax revenue. Taking into account the entire budget constraint, in the absence of liquidity constraints, the limits of public debt and potential tax revenue are equal. of.
In this way, the two budget constraints before and after the change are essentially consistent and will not affect people's consumption and investment.
Dai Guang said quickly: "Your Highness, I understand again, whether the current tax reduction is achieved by issuing short-term or long-term national debt, the equivalence theorem can be established."
Xiao Yi nodded and showed admiration in his eyes.
The ministers looked at Dai Guang who was thinking with his head down, and instantly showed envious eyes. If they had such a brain, they would definitely be reused.
He is worthy of being the crown prince of the prison country. Outsiders say that he has the ability to recognize people.
Indeed.
Dai Guang was originally promoted as the Minister of the Ministry of Finance after the prince directly killed the Minister of the Ministry of Finance.
They can't compare to this kind of brain.
Dai Guang thought for a moment, then bowed and said: "Your Highness, there is a problem here. If some or all disasters such as plague, war, or floods occur in a certain place, the people who bought the Ming Dynasty's national debt will have to repay it at the court. Those who died before the National Debt was enacted. These people not only enjoyed the benefits of the tax reduction brought by the court's borrowing of debt instead of taxation, but also did not have to bear the resulting future taxes. Therefore, their spending behavior during their lifetime was the same. Isn’t it going to change?”
The officials didn't understand the principle of equivalence, but they understood Dai Guang's concern.
Di Yan also reacted.
yes.
If the people died because of the plague or natural disasters.
The imperial court has not repaid their Dagan national debt, so this Dagan national debt is equivalent to the imperial court taking it directly.
Isn't there some benefit from taking advantage of the common people?
Di Yan also thought: "What should we do if someone dies?"
People died.
Debts and other things will naturally be eliminated.
Of course, if there are still descendants, the national debt can be inherited by the father and the son can continue to claim the national debt with proof of household registration and identity.
But the story today is not about whether national debt is good or bad.
Because after Xiao Yi proposed the national debt, Daqian had been issued for two years, and there had been no major mistakes. The people did not become dissatisfied with the imperial court because of the national policy of national debt, and then began to rebel.
This shows that national debt is good.
If it is good to the court, it can quickly fill the emptiness of the treasury and can be used to pay salaries, military pay, wages, etc.
It is also good for the people. The people can buy national bonds to make the money in their hands earn interest, and then after the specified time expires, they can exchange the principal with interest for money.
This is another income.
What we are talking about now is the principle of equivalence, which is about consumption, tax increases, national debt, and the country's overall economy.
It can be said.
Xiao Yi also intended to slowly raise the awareness of civil and military officials so that they could also accept the enlightenment from five thousand years of culture.
Faced with this year's reduction in tax burdens, ordinary people's reaction will not be to increase their own spending, but to save the large-scale national debt they purchased.
If he dies before the Daqian National Debt matures, this Daqian National Debt will be left to his descendants as a legacy to pay the court's increased taxes due to the increase in the principal and interest burden of the Daqian National Debt. It is assumed that during the lifetime of his descendants , the Daqian national debt has not yet matured, so they can continue to be left to their descendants in order to pay for the increased taxes when the Daqian national debt matures.
Therefore, national debt and taxation can also play a complementary role and can be used to complement each other.
Harsh government is fiercer than a tiger.
It is impossible for Da Qian to let the court become a tiger and steal money from the people.
But for the development of the country, we must hold a whip behind us and drive the people to actively engage in production.
Instead of choosing to lie down after having money.
However, the key point of this equivalence theorem is that if all ordinary people feel that the Daqian national debt needs their future taxes to repay, then the Daqian national debt in their hands is actually meaningless, so it will not be repaid. If it is regarded as part of one's own wealth, it will not be used to spend money. In this way, the currency flow will naturally not accelerate.
This is also a problem.
It depends on how the court balances the interests of the treasury and the people to make the optimal solution.
This is why Xiao Yi opened small classes, just to make officials realize this.
Xiao Yi naturally knows that the speed of money circulation is directly proportional to the speed of social development.
The slower the circulation of money, the slower the social development.
The slow development of society has also led to a decline in productivity, and more people will live in a life where men farm and women weave.
This kind of life seems very stable, and it can be regarded as living and working in peace and contentment, with no worries about food and clothing.
However, society will definitely develop.
Because the population is slowly increasing, but the land is always the same.
In addition, the dynasty system itself is the biggest factor of instability. How can there be a long-term living environment in which men farm and women weave?
The simple life of men farming and women weaving is actually more fragile and will be affected by various factors.
Therefore, we can only promote the development of society and create more hierarchies and more production relations.
Only then can the entire trunk be made into a net from top to bottom.
A single move affects the whole body.
Everyone makes their own plans and develops within this network of relationships, thereby making this network stronger and stronger.
Thus.
Wouldn’t it be possible to have the prototype of an eternal foundation?
This small class did not end until noon.
The officials arrived at each official office and began to process official documents. At the same time, the lunch ordered by the court was also prepared by Tongfu Inn and delivered to each official office.
After finishing lunch, Xiao Yi and others came to the Dongyuan Nuan Pavilion, looked at the slim girl, and said softly: "Are you feeling bored here in the East Palace?"
Yang Yuyao's clear eyes were bright and clear under her willow-leaf eyebrows, and she replied: "I am very happy to have my sister, Wenji, and Yan'er with me."
Xiao Yi came to the girl's side, held her slender hair, and said, "That's good."
Yang Yuyao's face turned red. She didn't dare to look at Xiao Yi. She just stood there with her head lowered and said warmly: "Sister said that His Highness is deeply affectionate and loyal to her and treats her very well. I can also see that His Highness dotes on my sister very much. For my sister, Happy."
Xiao Yi said: "My woman must be pampered by me."
After saying that, he directly pulled Yang Yuyao into his arms. In the Nuan Pavilion, he was wearing much less clothes. He could hold a big snow pear with his hand, which immediately caused the girl in his arms to moan.
At this time, Yang Yuhuan, Cai Wenji and Xiao Yan also entered the Nuan Pavilion. Yang Yuyao jumped away like a frightened rabbit and straightened her clothes.
Yang Yuhuan and Cai Wenji have long been accustomed to this.
The reason why Yang Yuhuan brought his sister into the East Palace was not to be a concubine for His Highness the Crown Prince.
It is equivalent to the empress Ehuang.
She felt that it would be better for her sister to go to those heartless people outside and let His Highness dote on her.
Her kindness to His Royal Highness is so great that she will never be able to repay it in this lifetime.
My sister will also enjoy happiness when she comes to the East Palace.
Xiao Yi was thick-skinned and stood up to tease Xiao Yan with a smile.
Wait until Xiao Yan is coaxed to take a nap.
The four of them went to the side to separate, chatting, playing games like horse cards, or painting, painting some paintings that would make people blush and heartbeat.
Not to mention, Yang Yuyao's paintings are of very high standard.
