Feeling that the "nameless ancestor" fell into silence as usual, Xiao Huang asked uneasily: "Ancestor, why did you suddenly contact me in advance this time?"

"The Unknown Ancestor" said slowly as usual: "I feel something in my heart recently, and I slowly recall some fragments of past memories, but these long-standing memories are still very confusing. Therefore, I want you to help me recall them together, and maybe I can find more memories of the past. I have a premonition that if I can retrieve all my memories, even if I help you ascend in the day, it will not be difficult for me."

Xiao Huang looked ecstatic after hearing this.

Ascend in the sun!

This is the ultimate pursuit of the entire cultivation world for thousands of years!

Even Bo Nanke, a genius, has never realized this ideal in his entire life!

Xiao Huang believed in the words of the Wuming Ancestor. After all, the Wuming Ancestor is so powerful when most of the memory is missing. If he finds all his memories, wouldn’t he be invincible in the world?

In fact, he had suspected more than once that the true body of the Unknown Ancestor was the ancient immortal who survived the "Immortal and Demon War" in the first Heavenly Dao Crisis!

So he quickly replied: "If you have something to do, please tell me. I will definitely tell you everything I know and say everything!"

"Do you know what the Kyushu Monetary Union is?"

Xiao Huang was also stunned when he heard the "nameless ancestor" suddenly ask such an academic question.

He has been a very simple playboy since he was a child. Except for his parents who forced him to go to school for several times, he has never done anything related to learning.

As a typical failure of "nine years of compulsory education for cultivation", he is simply incomparable to these theoretical knowledge.

What's more, the mysterious knowledge of "spirit stone monetary science" is afraid that the school teachers themselves will not be able to explain it clearly.

Xiao Huang scraped his stomach and his face turned red. He finally said: "The Jiuzhou Monetary Alliance system should have been created by his predecessor Bo Nanke. It replaced the three-primary monetary system founded by Ye Lun, the founder of the world-class cultivation school. It successfully turned the tide in the second Lingshi financial crisis and resolved a major disaster in the cultivation world..."

Hearing Xiao Huang memorized such common sense that almost everyone knows, the nameless ancestor just said "hmm" without comment, and didn't know if he could hear it.

Xiao Huang wiped the cold sweat from his forehead and continued to introduce respectfully: "It is said that before Ye Lun founded the World-Entertainment Sect, the cultivation world only used spirit stones as currency. For hundreds of thousands of years, this spirit stone currency has not made any mistakes. But after the second Heavenly Dao Crisis, for some reason, there was a problem with the spirit stone currency system. This problem... This... I can't tell very clearly what this problem is. Anyway, the first spirit stone financial crisis occurred...

Then Ye Lun founded the three-primary monetary system, including three different currencies: gold, silver and spirit stone. Moreover, the price comparison relationship between these three currencies was determined by Ye Lun himself. At the beginning, this three-primary monetary system was operating well, but after thousands of years, the second spiritual stone financial crisis broke out. As for why the second financial crisis occurred, I can't say it well... By the way, Bo Nanke once commented on Ye Lun's three-primary monetary system, saying that it is a superficial article that treats the symptoms but not the root cause...

Then there is Bo Nanke. In order to deal with the second spiritual stone financial crisis, he personally established the Jiuzhou Monetary Alliance system. This Jiuzhou Monetary Alliance system includes seven different attribute spirit stones, seven different attribute spirit stone coupons, as well as two auxiliary coins of gold and silver, with a total of 16 base currencies. Theoretically, each spirit stone coupon can be exchanged for the corresponding spirit stone with equal face value, and the exchange location is the headquarters of the Seven Sects. However, due to the extra exchange process, the value of the spirit stone coupons is generally slightly lower than the corresponding spirit stone. As for the specific exchange rules, it is decided by the regular meeting held by the Monetary Policy Committee of the Jiuzhou Monetary Alliance...

Today, even the founder Bo Nanke has exhausted his lifespan, but the Jiuzhou Monetary Union system is still in operation and has been operating stably for more than 1,500 years. However, it is said that Bo Nanke predicted during his lifetime that although his Jiuzhou Monetary Union system is more advanced than any previous monetary system, it is not a complete solution and can only solve the temporary difficulties. What are the specific problems... I can't tell you very clearly, and even the teacher in the school may not know. Probably this is the case. I didn't study "Spirit Stone Monetary Science" very well, and I hope my ancestors will forgive me."

As a complete poor student, Xiao Huang could not answer the most core question of cultivating the theory of monetary theory at all, and could only make ambiguous words.

Fortunately, he talked about the process of the two Lingshi financial crises at least.

Xiao Huang's introduction, which barely reached the level of popular science, finally answered some of Lu Yang's questions, but the doubts brought more.

The biggest question is why the spiritual stone-based monetary system that has been used for hundreds of thousands of years has suddenly become unworkable in recent thousands of years, and so many problems have suddenly appeared?

What the hell is the crisis of heaven that can actually have a subversive impact on the monetary system in the cultivation world?

According to Xiao Huang's statement, the three-standard system proposed by Ye Lun should be similar to the gold and silver double-standard system of the earth and the holy empire.

Since Bo Nanke dared to openly criticize Ye Lun's system for treating symptoms but not root causes, it is obvious that his Jiuzhou monetary alliance system has not simply added 13 basic currency categories compared to the three-primary system.

Lu Yang speculated that the monetary system designed by Bo Nanke should have some institutional arrangement similar to the "Bretton Woods System" on the earth, but it will definitely not be completely consistent.

Judging from the existing information, the spiritual stone vouchers that can be exchanged directly for spirit stones in the cultivation world should be similar in principle to the pound, US dollars and francs that can be exchanged directly for gold in the 19th century.

In human history, the most essential reason why the gold standard finally disintegrated is that the output of gold cannot keep up with the growth rate of human wealth.

According to the principles of modern monetary science, under the ideal state, the total wealth of human beings should match the total amount of money.

If the total amount of currency issuance in the world cannot keep up with the growth rate of human total wealth, then the wealth represented by each unit of currency will increase accordingly, which will lead to global deflation.

In other words, the currency itself has a strong and stable self-appreciation trend.

In this case, people will slowly find that the wealth growth of those who work hard is not as fast as that of those who hoard money.

Let me give you a theoretically inappropriate but the simplest and most intuitive example of the gold standard:

Suppose there is only one wealth on the earth - flour; there is only one currency on the earth - gold; there is only 100 tons of gold and 1 million tons of flour in the world, then at this time, each ton of gold is worth ten thousand tons of flour.

With the development of the global economy and the improvement of labor productivity, assuming that the world will have wealth of 2 million tons of flour in a few years, if the total amount of gold is still only 100 tons at this time, then one ton of gold is now worth 20,000 tons of flour.
Chapter completed!