. According to the Red Star Daily, an organ of China's GCD in northern China, the so-called economic prosperity in the areas ruled by the Nationalist Government is nothing more than a combination of American capital, German technology, Chinese coolies, and Chinese resources. The so-called "vast market" does not actually exist, because due to the introduction of various modern machinery and production technologies, the labor productivity of Chinese workers is currently growing rapidly, and is expected to increase by about 100% in five years, while the income of Chinese workers has not increased accordingly, so it is obviously impossible for the purchasing power of consumers to keep up with the increase in production. In other words, in the next few years, when all the current investment projects are put into operation, the terrible economic surplus and crisis will sweep across the whole of South China, and the only way out is GCISM**

The situation written in this article seems to correspond to reality, and it is not just the prosperity of China, but the prosperity of the whole world at present, which has no real basis after the First World War, thanks to the various technologies of mass production, the labor productivity of workers per hour has increased by more than 40%. With such a large amount of goods produced, it is clear that the purchasing power of consumers needs to be increased accordingly, that is, wages. But in the 20s of the 20th century, the income of workers did not increase in proportion to the increase in productivity. Even in 1929, the year of the Golden Age, economists at the Brookings Institution calculated that a family needed to earn $2,000 a year if it wanted to obtain the minimum necessities, but more than 60% of American households could not reach this figure in that year. In a word, purchasing power cannot keep up with the output of goods. (The above is the view from the book "Glory and Dreams," which is written by a six-year-old American Shota.) ）

At that time, the economic community did not realize the consequences of the sudden increase in production, and the solution was to maintain the apparent prosperity by expanding credit by banks and issuing loans indiscriminately, encouraging speculation of all kinds, and creating economic bubbles. It seems that the U.S. banking industry has been keen to create all sorts of credit bubbles to sustain false prosperity? The same seems to have happened in the US subprime mortgage crisis decades later. Moreover, the regulation of the banking sector in the United States is now almost completely blank, and the moral character of all people, including politicians and ordinary people, entrepreneurs and bankers, seems to be overly optimistic, and in the absence of supervision, the banking industry can naturally use the multiplier effect of money to magnify the leverage of the entire industry to the maximum extent possible, thereby "making" the dollar that almost floods the entire world. Germany, Britain, France, Eastern Europe, and South China, which now seems to be booming, are full of "talkative" American bankers who seem to be "very easily" able to borrow large sums of dollars from them until the day disaster strikes

At present, the wheel of history has rolled to February 1928, and there is only one year and eight months left before the historical Wall Street stock market crash in October 1929.

At present, the gross domestic product of the United States is as high as 100 billion US dollars, while the GDP in the areas ruled by the Nationalist Government is at most only 20 billion legal currency, which is equivalent to 6 billion US dollars, which is only a few percent of the people's GDP. It looks really weak to the extreme...... And even this GDP is also spurred by the rolling of dollar capital. But after October 1929, how should this southern China respond?

Although Luo Yaoguo did not study economics in his previous life, he was still very clear about the disaster on Wall Street and the Great Depression in the United States. After all, it was this catastrophe that put an end to the prosperity of the twenties and provided the soil for Germany and Japan to finally embark on the road of fascist aggression and expansion. In other words, the real trigger of World War II was the Great Depression in the United States that began in October 1929...... And the only way he could come up with his poor knowledge of economics was to borrow money

Uh, wasn't that Great Depression just a lack of money? During the Great Depression, the amount of money shrank to such an exaggerated level that all the American banks seemed to have no money to borrow, and now that money is overflowing, the less responsible American bankers seem happy to lend money to a "rising" China. If that's the case, why not borrow more while people are willing to borrow a lot of money? Well, take long-term loans, such as the one that takes 10 to 15 years, or even 20 years to repay the principal, and borrow as much as possible, and then form a China Heavy Industry Promotion Fund, save the money temporarily, and wait until the Great Depression breaks out to lend to enterprises that lack foreign exchange loans because of the credit contraction. Of course, local currency (fiat) loans are not a problem, and the Kuomintang reactionaries are very good at printing money.

As for the question of whether there is a market for the final product...... Then learn the method of the "Führer" by investing in the government on a large scale, expanding armaments, and then starting a world war to pass on the economic crisis. This is almost the only economic knowledge taught in military academies in later generations (taught in military history class)

……

Consulate General of the Republic of China in New York, New York, USA, February 15, 1928.

Washington in the twenties seemed to be an inconspicuous city, and although it was the capital of the United States, all the major decisions seemed to be made in the financial center of New York. Therefore, the delegation of the Ministry of Armaments represented by Luo Yaoguo did not go to the US capital...... In fact, no one invited them to go either. Instead, he stayed in the consulate in New York, and it very happened that in this consulate, there is now a financial delegation from China led by Song Ziwen and Kong Xiangxi. They are coming and the US Treasury Secretary Andrew. Mellon negotiated the peg of the fiat currency to the U.S. dollar, and by the way, borrowed money from the U.S. government to maintain the fiat currency exchange rate.

In the living room of the consulate, a few teas, the tea was fragrant, and Luo Yaoguo was dressed in a loose Chinese robe, sitting leisurely in the sofa. Song Ziwen and Kong Xiangxi were sitting side by side on the sofa opposite. An informal consultation on China's economy is underway. Natalie and Qu Ying, two beauties, were busy in and out, helping to bring tea and water, so that Hahakong, who had a fierce wife, was greedy.

Luo Yaoguo took a sip of the tea that Natalie fiddled with, smiled with satisfaction, picked a thumbs up at the beauty, and praised: "My third aunt Taiyuan is an expert in fiddling with coffee, and even the tea brewed is of the first-class level now, so you two can also taste it, right?" ”

Song Ziwen and Kong Xiangxi also took a sip each, then looked at each other and smiled slightly, Song Ziwen sighed softly: "Brother Fuwen's Yanfu is the first in our Kuomintang, and we only have envy." ”

Kong Xiangxi waved his hand and said with a smile: "Oh, it's not us, it's just that Brother Ziwen is envious, I'm not envious."

As soon as these words came out, all the people in the room laughed with the scene, and the two beauties also laughed like silver bells, which made people listen to it very comfortably. The atmosphere in the living room suddenly relaxed a lot, Kong Xiangxi put down the teacup and smiled bitterly: "This time I am the most bitter, now the newspapers in Beijing have almost scolded me as a traitor and traitor, I don't understand, this joining the 'dollar group' is promoted by the three of us together, why do these newspapers scold me one?" Does my old Kong look easier to bully? ”

Song Ziwen pointed at Luo Yaoguo and scolded with a smile: "Speaking of which, the culprit is you Luo Fuwen...... At present, it seems that all the economic policies of our national government are all your ideas, right? That uncle of yours listens to you for everything, and has no idea at all. ”

Luo Yaoguo smiled and waved his hand indifferently: "Isn't our economy quite good?" Moreover, at the moment of economic prosperity in the world, and the Americans are willing to lend us money, my opinion is that we should seize this opportunity to borrow more...... By the way, you guys and Andrew. How's Mellon's talk? How much are they willing to borrow? How long is the deadline? ”

Song Ziwen frowned slightly, and said in his heart: "You rat-loving dog is going to dictate our economic policies again......"

Kong Xiangxi didn't care, his dough-like face smiled, and his facial features seemed to be screwed together: "The Yankees want to lend us 500 million US dollars, a ten-year loan, and five cents of interest." I discussed it with Ziwen and felt that 300 million US dollars was enough. ”

"Well, people are willing to borrow more, why don't we want to?" Luo Yaoguo put down the teacup and raised his head to look at them with a confused expression.

Song Ziwen smiled coldly: "Brother Fuwen doesn't know, the money of Americans is not so easy to borrow, and there are political conditions attached." And the more we borrow, the more political conditions are attached. This time, the Americans want us to use the official shares of the China Railway Company as collateral, and they also want us to open up the markets in Gansu, Qinghai, and Xinjiang in the northwest, especially the 'Xinhai' (Xinjiang-Lianyungang) railway that runs through China to allow American capital to participate. Oh, if your Ministry of Armaments can open up the aluminum mines in Guangxi and the iron mines in Nanjing to American companies, they can borrow another amount of money, but it will be a commercial loan. That Andrew. Mellon's family has invested heavily in Bethlehem Steel and Alcoa......."

Luo Yaoguo picked up the teacup and turned it gently, thinking in his heart: "Mr. Ziwen, it doesn't seem that this American's request is unacceptable...... I think the railroad to Xinjiang could involve American companies. As for their request for the official shares of the railway company, I think it is quite reasonable. Why not? ”

Song Ziwen smiled bitterly and shook his head: "You Luo Fuwen is thinking too simply, we in China have suffered too much losses in borrowing foreign debts since the end of the Manchu Qing Dynasty until now, and now the public opinion of the whole country is not optimistic about borrowing foreign debts, and we have borrowed one sum after another, and you say that there is no problem, but other people's newspapers will not say this, people say that we have sold mines, sold industry, sold customs, and sold currency...... Now he is going to sell the railroad again, and he is completely a traitor and traitor."

Luo Yaoguo was stunned when he heard this, and was silent for a long time: "Mr. Ziwen, don't we have news control?" Which newspaper would dare to publish this kind of article? ”

"You're a ****, aren't you beautiful?" Song Ziwen seems to equate studying in the United States with the democrats in his heart.

"Hahakong" on the side laughed and explained: "Of course, the newspapers in our Kuomintang-ruled areas dare not write, Xie Huisheng (Xie Zhi)'s Political Department of the Military Commission, and Wu Ziliang's Military Intelligence Bureau are not so easy to talk to. It was all published in the newspapers in the concessions of Shanghai and Hong Kong in the north. But well...... The mouth of the people, even more than the defense of Sichuan, this kind of thing is indeed very troublesome, but your armaments department has no one to scold at the moment, I don't know what's going on? It stands to reason that you are a traitor to the country and sell more fiercely than us? Why is public opinion so good to you? ”

Speaking of this, Kong Xiangxi shook his head in confusion...... How did he know that this was not that public opinion was good for Luo Yaoguo, but that GC International's instructions were good. Most of the projects of the Ministry of Armaments are "Sino-German joint ventures" and are currently helping the Soviet Motherland to build battleships

"It's okay, it's okay" Luo Yaoguo shook his head with a smile: "If we don't let us say it in the south, we can't say it, **whatever**let** and don't hinder anything." If Japan and the Soviet Union come to the door, we don't have heavy industry, we don't have aircraft, artillery, warships, it will be bad, since public opinion in the north is open, then whatever they say, what if...... The two did not dare to borrow more. Then our Ministry of Armaments will come forward to borrow it, and let the Ministry of Armaments organize a 'China Heavy Industry Promotion Fund' to use mines, railways, and other things to borrow money from the United States as collateral, and as for the matter of opening up the three northwestern provinces, I have agreed to it, and I can also do half of the 'Xinhai Railway,' and the main can be opened to American capital. ”

"Huh...... Aren't you afraid of being drowned in a spitting star? Kong Xiangxi lifted his round glasses and frowned.

A trace of disdain flashed on Luo Yaoguo's face, and he calmed down as usual in the blink of an eye. He picked up the teacup and took a sip, and sneered: "Public opinion and the people's will always worship heroes, and if we who despise the losers retreat now, we will lose the war with imperialism in the future, and then we will still be stinking for 10,000 years. As long as we can become the victors of the war, are we afraid that public opinion and popular will will not be on our side? ”

"War with imperialism?" Song Ziwen twisted his eyebrows, and his face was slightly gloomy. A strange thought suddenly formed in his mind, he felt that the easy-going Luo Yaoguo in front of him was the legendary imperialist, and the future war with imperialism might be started by Luo Yaoguo himself......

"So how much money is your 'China Heavy Industry Promotion Fund' going to raise? And how are you going to work? And...... Does the Ministry of Armaments have a mandate in this regard? At this time, Kong Xiangxi threw out a bunch of questions one after another, and it seemed that he had approved of Luo Yaoguo's idea. In any case, the central bank is not responsible for this matter, and there is no harm to his interests.

Luo Yaoguo nodded and said with a smile: "The responsibility of our Ministry of Armaments is to use everything possible to promote the development of China's heavy industry and military industry, which is in the organizational regulations of the Military Commission. Therefore, the establishment of the 'China Heavy Industry Promotion Fund' should also be included, and as for the specific authorization, I would like to have the three of us jointly propose it to the Military Commission and the Executive Yuan. However, the Ministry of Armaments is responsible for all external affairs, and the Ministry of Finance, the Central Bank, and the Ministry of Armaments are jointly responsible for the management of funds. What do you two think? ”

Kong Xiangxi was stunned, looked up and glanced at Luo Yaoguo, and immediately thought about it in his heart. This 'China Heavy Industry Promotion Fund' is expected to raise a huge amount of money...... I wonder if there can be hundreds of millions of dollars in this money managed by the Ministry of Armaments, the Central Bank, and the Ministry of Finance, isn't this just Luo Yaoguo, Song Ziwen, and Kong Xiangxi in charge? When the time comes, what kind of company this money will be invested in, it will all depend on the three of them, as long as there is a little leakage in it, it will be ......

Thinking of this, Kong Xiangxi replied quietly: "Brother Fuwen is right, it is indeed very important to promote the development of China's heavy industry, I fully agree with this, Brother Ziwen, what do you think?" ”

Song Ziwen looked at Kong Xiangxi and Luo Yaoguo in a daze. His eyes were rolling, and his heart was trying his best to calculate the gains and losses.

Luo Yaoguo clapped his hands and smiled: "With the help of Mr. Yongzhi, China's rejuvenation is hopeful." I guarantee that our Armaments Department will definitely not live up to Mr. Yongzhi's trust at that time, and will inevitably let Mr. Yongzhi gain fame and fortune, and he will not suffer a loss in face. ”

Hearing Luo Yaoguo's assurance, Kong Xiangxi naturally smiled. Song Ziwen didn't hesitate, of course he wasn't as greedy for money as Kong Caishen, but he also believed in Luo Yaoguo's personality. When have the things that he done by his hands over the years been smashed? Isn't it all face-saving?

"Fuwen, I can support this matter. But...... I'm going to have to say ugly things ahead. This one has been borrowed, and it must be used under the strict supervision of our Ministry of Finance, and we will never allow anything to enrich our own pockets. Speaking of this, Song Ziwen glanced at Kong Xiangxi, who was sitting solemnly beside him.

Luo Yaoguo smiled and arched his hand: "Mr. Ziwen, rest assured, there will be a way to satisfy all parties, and Mr. will never be embarrassed when the time comes." ”。