Make France Great Again

"Your Majesty!"

Count Arcourt, President of the Bank of France, paid respects to Jerome Bonaparte with a serious expression, and then tactfully dissuaded him: "The role of the Bank of France is to cover other banks when they go bankrupt. Rush to the market If the loan is released, the French market may fall into a temporary prosperity stage. After the tide recedes, the French market may face a greater threat."

Although Earl Algou had no systematic understanding of Keynesian theory, based on the keen financial intuition he had cultivated over the years in charge of the Bank of France, he felt that the use of financial means to stimulate industry as mentioned by the President is ultimately like giving a Like a weak person injected with opium, the patient will become hyperactive due to the influence of opium in a short period of time. After the opium stimulant passes, the originally sick person will become more sick.

"Count Algou, in the long run, people are going to die!" Jerome Bonaparte showed a sneer, and he used the most classic metaphor of later Keynesian theory to refute the conservative Count Algou: "It's like If a person is sick, you don’t prescribe medicine for him. Instead, tell him that people are going to die! The side effects of medicine may cause the patient to face danger later. Should we give up treating the patient because of the dangerous properties of the medicine itself? Do we have to pray that the patient's body is strong enough to survive?"

A series of questions from Jérôme Bonaparte caused Count Arcourt to fall into deep thought. Not only Count Arcourt, but also the brothers Achilfold, Magne, and Perel also fell into deep thought.

In particular, brothers Achilfurd and Perel, who believed in Saint-Simonism, felt that the theory the president said had many similarities with Saint-Simon's theory, and there were also some differences.

"Your Majesty, please trust France!" Earl Algou pleaded to Jerome Bonaparte: "Small fluctuations cannot break the French market, and France can rely on its own adjustment mechanism to resist!"

"Mr. Arcourt!" Jerome Bonaparte stopped giving the President of the Bank of France a respectful title. He said coldly: "Tell me, what happened to the disaster a year ago? The French you mentioned Where is the self-regulating mechanism! I only see massive bankruptcies and massive factory closures.”

Count Arcourt was silent, he could not refute Jerome Bonaparte's remarks. The change a year ago made the directors of the Bank of France still afraid.

The large-scale bad debts brought about by the large-scale bankruptcies, coupled with the fact that the Bank of France itself has no plan to rescue the market, led to more companies facing bankruptcy. In the chaos, all kinds of bonds plummeted wildly, and the large-scale plunge of bonds directly affected the overall operation of the Bank of France. The Bank of France had to sell a batch of reserves in an attempt to save the world, but what happened to the Bank of France, which missed the best rescue time? The opponent of the entire financial trend in Paris, the Bank of France, which has thrown out 1/3 of its reserves, discovered that the Paris stock exchange did not stop the downward trend at all, but swept towards France at a faster speed.

For the purpose of self-protection, the Bank of France could only announce the suspension of exchange, and the angry Parisians wanted to attack the Bank of France to take back their property.

If the government at that time hadn't considered that the bankruptcy of the Bank of France would bring greater disaster to the whole of France, the Bank of France would have been turned into ruins in the torrent.

It is precisely because Lamartine and others have used administrative means to force the Bank of France to stop the exchange, so that while the Bank of France is relieved, it still has the power to spread the influence of receiving a batch of bankrupt banks to the Bank of France to the secondary cities of France. .

"Your Majesty, the previous year was due to the turmoil brought about by the combination of political and economic issues!" Count Argou boasted to Jerome Bonaparte: "I believe,

Under your leadership! France must not be in such a position! "

Count Arcourt's flattery did not make Jérôme Bonaparte feel the slightest bit of joy. He thought that Count Arcourt was just responding to himself in a evasive way.

Medieval financial thinking has tightly entwined France from beginning to end, and France under conservative finance will only invest all their money in more profitable places.

"Your Majesty, the Bank of France cannot conjure up money out of thin air!" Achillefurd on the side also said euphemistically: "Even if we put the funds into the market, the market will face a run because it can't bear it." possibility!"

"Minister Fuld, haven't you considered this?" Jerome Bonaparte pulled out a bank note worth a thousand francs: "If we can lower the standard, issue 50 francs, or even If it is 10 francs, then we can have more ways to stabilize the market and suspend the run. The economic weakness is only temporary. We only need to stabilize employment when the economy is weak so that there will be no large-scale unemployment. Wait By the time the economy recovers, the currency we issue will be offset by the recovery.”

Historical experience tells Jerome Bonaparte that the industrial revolution can offset part of the crisis caused by excessive currency issuance.

After World War II, in order to compete with the Soviet Union, the capitalist world had to provide its citizens with a high-welfare system. Such a high-welfare system brought obvious disadvantages, that is, the capitalist world had to use money printing machines to plunder world wealth on a large scale .

With the joint efforts of all countries in the capitalist world, Keynesianism lasted for more than 30 years before it produced marginal benefits.

Both the capitalist powers and the Soviet Union have experienced weakness. The consequences of excessive currency issuance have been partially alleviated after the disintegration of the Soviet Union, and then the third information revolution has also eliminated some of the consequences of Keynesianism. .

It made Keynesianism last for more than 30 years, until Jerome Bonaparte's previous life, Keynesianism was still beating the drums.

The issue of currency issuance caused by the first industrial revolution can be partially solved by the second industrial revolution, not to mention that there are still many undeveloped areas in the world.

The evil consequences caused by Keynesianism can completely be solved by relying on the third world.

Of course, Achilfold waited unaware of Jerome Bonaparte's plans, and they also could not imagine that the world would develop faster than they imagined.

The productivity that broke out in more than 200 years surpassed the sum of the previous thousands of years. With its huge productivity and vitality, the bourgeoisie crushed the shackles of the nobility and pushed the world to a new height.

In Arcourt's view, Jerome Bonaparte's set is a complete plunder of the "nation", and what is even worse is that this plunder is named "the country".

"Your Majesty, doing so may cause prices to rise!" Earl Argoud did not dare to reprimand Jerome for plundering the people. He could only cautiously dissuade Jerome Bonaparte from giving up his thoughts: "Every time Paris Price fluctuations can lead to a revolution!"

"Then just use administrative means to keep Paris from raising prices!" Jerome Bonaparte said nonchalantly.

The history of France is a history of distribution according to the noise. Keeping prices in Paris from rising does not mean that other cities are not allowed to rise.

Just let other cities suffer instead of Paris.

"Mr. Arcourt, compared with rising prices. I think unemployment is more fatal!" Jerome Bonaparte responded to Count Arcourt.

"Your Majesty, this will cause panic in the exchange, and more people will sell their bonds!" Earl Argou responded to Jerome Bonaparte.

"If necessary, some means can be used to maintain stability!" Jerome Bonaparte said nakedly to Count Argou.

Everyone present knew the subtext of Jérôme Bonaparte, that normal means of trading would not work, and guns would be a good way.

In Count Argout's opinion, Jérôme Bonaparte's theory no longer belongs to the traditional financial category. This theory is entirely based on the administrative order as a guide to reverse the will of the entire financial level of Paris.

The shadow of Emperor Napoleon reappeared in Earl Algou's mind, and he showed a wry smile.

"Of course, what I mean is that it is necessary! We can take a market break!" Jerome Bonaparte appeased the Earl Argou, he didn't want the president of the Bank of France to be pissed off by his remarks.

"Your Majesty, if you insist on doing this, then please dismiss me!" Earl Argout resorted to his last trump card. As a conservative, he really couldn't imagine that after implementing Jérôme Bonaparte's policies, he would What kind of influence did France bring.

Although he still lingers on his career as president of the Bank of France, he is even more reluctant to implement Jérôme Bonaparte's near-suicidal policy.

According to the constitution of the French Republic, the president has the power to nominate the president of the Banque de France.

However, one of the conditions required to become the president of the Bank of France is to become one of the French board of directors.

The only banker that Jerome Bonaparte took out was Achilfold, who was a member of the board of directors, but it was impossible for him to be the president of the Bank of France as the Minister of Finance.

The pros and cons of choosing a guy whom Jerome Bonaparte didn't know would make an impression.

Instead of facing a central bank president whose pros and cons are unknown, it is better to choose the Earl Argut in front of him.

At least before Jerome Bonaparte completely usurps the throne, he is unlikely to cause too much turmoil to the Bank of France.