In the afternoon of that day, Lu Yang and the other two came to another hall in the sect to learn the most mysterious course of the Wuliang Sword Sect, and it was also the course that Lu Yang was most interested in - "Advanced Spirit Stone Monetary Science".

Before the lecturer arrived, Lu Yang also saw the legendary spirit stone for the first time from Xuefeng.

The standard water spirit stone in Xue Feng's hand is her entry-level benefit. The second standard water spirit stone will take another three months to receive it.

On the surface, the standard water spirit stone is like an ordinary blue stone, but Lu Yang, who has reached the realm of inducing qi into the body, sensed through the sixth sense the existence of a rich spiritual energy inside the spirit stone, almost reaching thousands of times the concentration of spiritual energy in the ordinary environment.

"Chenxi, can you tell what this standard water spirit stone works?"

"There are about 0.005 units of the Galaxy standard energy stored in a four-dimensional space adjacent to this spirit stone. These galaxy standard energy anchors its own four-dimensional coordinates with this stone in some way."

Lu Yang finally understood why Lily didn't feel anything strange when she first came into contact with the spirit stone.

Because this spirit stone itself does not contain any spiritual energy, all the spiritual energy is stored in a four-dimensional space that almost completely overlaps with this stone. At that time, Lily had not yet drawn the energy into her body, and could not feel the sixth sense of the standard energy of the Milky Way in the adjacent four-dimensional space, so she naturally thought that the spirit stone was just an ordinary beautiful stone.

0.005 unit of standard energy is almost equivalent to 10,000 kilowatt-hours of electricity. In theory, only 1,000 standard spirit stones are needed to collect, which is enough to complete the task of turning into a regularity in Chenxi.

For Lu Yang, if the spirit stone can recharge the morning light, it will definitely be a huge benefit!

But the problem is that the standard energy of the Galaxy stored inside the spirit stone is similar to the standard energy of the Galaxy generated by the Well of Origin. They are stored in four-dimensional space outside the three-dimensional universe, and the morning light seems to be unable to be used directly.

Despite this, Lu Yang asked with a try attitude: "Chenxi, can we use spirit stones to recharge your body?"

As expected, Chenxi gave a negative answer: "The standard energy of the Galaxy in the spiritual stone and spiritual environment does not exist in this three-dimensional universe and cannot be directly charged for the machine. It only uses a small amount of energy residues scattered into the three-dimensional universe, and the charging efficiency is even lower than that of the well of origin of the abundant star."

Speaking of this, Chenxi suddenly changed his mind: "However, if the standard energy of the Galaxy is first guided into the body of the cultivator, and then the cultivator provides energy to the machine, it is theoretically completely feasible!"

Chenxi's words immediately made Lu Yang's mind liven up.

I have just reached the state of inducing gas into the body, and I can charge two kilowatt-hours of electricity in one hour. The charging power is about 2kw, which is equivalent to the energy consumption of a large air conditioner. Lily is a small state higher than herself, and the charging power is almost 30% higher than myself.

According to this calculation, Ma Tianyi, a 10-level cultivator of the Nascent Soul who also practiced the Heavenly Level Practice "The Infinite Heart Sutra", is nearly 40 small level higher than himself. With Ma Tianyi's blue bar and blue return speed, in an ideal state, his charging power should be at least 70,000kw, which is equivalent to the rated power of at least 14 Xipanjiang Power Stations, and its energy consumption is comparable to the largest heavy carrier rocket on Earth.

Of course, because Ma Tianyi's charging speed is too fast, it is easy to evacuate the spiritual environment in a large area nearby. Therefore, it is necessary to have spiritual stone assistance to achieve this theoretical charging speed.

But even if it is 30% off, the charging efficiency is far beyond any available charging mode Lu Yang currently has.

So... can you consider trying to fool the head of the Wuliang Sword Sect and deceive him into being a human charger for himself?

If you can get a sufficient number of spirit stones and a Nascent Soul cultivator is used as the standard energy adapter of the Galaxy, you will no longer have to worry about energy shortage in the future!

The more Lu Yang thought about it, the more he felt moved. If it weren't for his lack of strength, he would even want to rob the Wuliang Sword Sect's Spirit Stone Library, then knock Ma Tianyi out with a stick, tie him to the earth to work for himself.

Just as he was thinking about it, the lecturer of "Advanced Spirit Stone Monetary Science" also came to the teaching hall.

The lecturer was carrying a sword box and wearing a blue and white robe with extraordinary demeanor. He was no one else, but Lu Yang's old acquaintance, Mo Yunlan, the proud disciple of the Supreme Elder Li Rui.

This time, Mo Yunlan returned to Wuliang Mountain and also handed over the position of inspector elder. After that, Li Rui personally ordered the general and arranged it to teach the most important course in the economics of cultivation.

From this point alone, we can see how much Li Rui attaches importance to "Advanced Spirit Stone Monetary". In contrast, the lecturers in other courses are all from Foundation Establishment disciples. In order to get to "Advanced Spirit Stone Monetary", Li Rui actually selected a Jindan-stage cultivator who is the core backbone of the sect.

Mo Yunlan did not disappoint Lu Yang. The first lecture he gave was "In-depth Analysis of the Jiuzhou Monetary Alliance System".

As Li Rui's personal disciple, Mo Yunlan has a very solid theoretical foundation. Through his detailed explanation, Lu Yang finally thoroughly understood the great monetary system founded by Bo Nanke.

As he had previously guessed, the biggest contradiction in the monetary system of this world of cultivation is the contradiction between the growing population and economy and the spirit stones that are constantly being consumed.

In the Jiuzhou Cultivation Realm, spirit stones are the general equivalent with the highest credit and strongest liquidity. However, if spirit stones are used directly as the primary currency, the total issuance of currency will be subject to the total reserve of spirit stones in the entire cultivation realm.

Spirit stones are a consumable product that makes the more more good. If the currency issuer uses spirit stones as collateral to issue currency, it will inevitably face huge repayment pressure. Therefore, it is theoretically impossible to directly over-issuance of currency.

The Jiuzhou Monetary Union system is a currency system similar to the Bretton Woods system. By manually increasing the difficulty of currency exchange, it has achieved a certain degree of currency over-issuance.

There are seven different attribute spirit stones in this world, namely gold, wood, water, fire, earth, wind, and thunder. All of these seven attribute spirit stones are produced from seven super spirit stone veins, and the annual output is stable.

Cultivators with different spiritual roots can only directly absorb the spiritual energy contained in the corresponding attribute spirit stones. If a cultivator wants to use the spiritual energy in other attribute spirit stones, he must indirectly use it by building a spirit gathering array. There is an additional transformation process in the middle, which is relatively more troublesome to apply.

These seven super spirit stone veins with different attributes are controlled by the seven major sects, and they are also the foundation of the seven major sects in Jiuzhou.

The Wuliang Sword Sect in Zhongzhou controls the water spirit stone veins, the Guiyi Sect in the East Wilderness, the Earth Spirit Stone Mineral, the Shenxiao Sect in the West Jizhou controls the Leiling Stone Mineral, the Yufeng Sect in the Borao Prefecture controls the Fengling Stone Mineral, the Wanhua Valley in the South Manzhou controls the Wood Spirit Stone Mineral, the Zijin Pavilion in the North Mozhou controls the Golden Spirit Stone Mineral, and the Shenhuo Sect in the Fire Yunzhou controls the Fire Spirit Stone Mineral.

As for Antarctic and Arctic states, due to the cold climate, sparse population, and no spiritual stone veins, there was no overlord of the seven major sects, and only some small sects existed sporadically.

During the second spiritual stone financial crisis, under the coordination of Bo Nanke, these seven major sects used the spirit stones produced by their sects as collateral to issue spirit stones on other continents as circulating currencies, forming a unified monetary alliance.

To give a simple example, the Wuliang Sword Sect uses the spirit stones in the sect’s water spirit stone library as collateral to issue water spirit stone coupons. The water spirit stone coupons of the Wuliang Sword Sect are only issued outside Zhongzhou.

Anyone who holds a water spirit stone coupon can come to the headquarters of the Zhongzhou Wuliang Sword Sect to exchange for equal water spirit stones.

In other words, the water spirit stone coupon must be obtained on several other continents, but if you want to actually exchange it for water spirit stone, you need to bring the water spirit stone coupon to the Wuliang Mountains of Zhongzhou.

By the same token, Donghuangzhou Guiyimen used its own inventory of earth spirit stones as collateral to issue earth spirit stone coupons, but it was only issued outside Donghuangzhou.

If the earth spirit stone voucher wants to be exchanged for earth spirit stone, the cultivator must go to the headquarters of Donghuangzhou to return to the first gate.

In this way, the spirit stone coupons circulating on each continent can basically be exchanged for real spirit stones in other continents, which significantly reduces the pressure of the spirit stone coupons redemption. After all, the journey between major states is long, and the travel expenses and time costs between the continents are a considerable investment.

Since major sects have set up spiritual barriers on the borders of the provinces to protect the local area from invasion by foreign enemies, even if the cross-state spirit stone coupon arbitrage players are too rampant, the Jiuzhou Monetary Alliance can also prevent cross-border foreign exchange arbitrage transactions by limiting the upper limit of spirit stone coupons that each outbound monk can carry.

Under such a genius monetary system, the current issuance of spirit stone coupons in the market has almost reached more than three or four times the actual spirit stone reserves of various major sects, and the price comparison relationship between spirit stone coupons and spirit stones has remained relatively stable for a long time.

This monetary system is not so much a cultivation version of the Bretton Woods system as a strange credit monetary system. In a sense, the principle behind it is somewhat similar to Bitcoin:

Regardless of whether the spirit stone coupon can be replaced with a spirit stone in the end, as long as the seven schools draw a cake and make everyone believe that it can, it will have the value of the spirit stone.

Even Lu Yang was amazed by this unique monetary system of cultivation: Mr. Bo Nanke, even if he was placed on the earth, can be regarded as a top central banker!

Speaking of this, Mo Yunlan asked the students another question: "Senior Bo Nanke is a genius, and the Jiuzhou Monetary Alliance has been successfully operated for more than 1,500 years, but in recent years, there have been more and more problems in the operation of this currency system. Does anyone know where the weaknesses of this currency system are? If you answer correctly, I can reward him with 10 sect contribution points."

The Supreme Elder Li Rui's lineage of cultivation and economics attaches great importance to academic immortal cultivation talents. Therefore, under his special approval, Mo Yunlan, as a lecturer in spiritual stone monetary science, has a certain degree of autonomy and can reward outstanding students with some contribution points.

Although the number of contribution points of the reward sect is not large, it can also provide certain incentives for the students and encourage everyone to conduct academic research.

However, the question of Mo Yunlan is simple to say, but the connotation is extremely mysterious.

The problems and weaknesses that arise in the operation of the monetary system are two concepts: one is the result, one is the cause, one is the appearance, one is the essence, one can be felt intuitively, and the other can only be grasped abstractly. It is not an exaggeration to see the essence through phenomena and grasp the main contradictions of things. This ability is called "dragon-slaying technique".

Most of the students who came to "Advanced Spirit Stone Monetary" only received basic school education and did not systematically master the relevant theories of monetary policy, so they were mostly confused. The few students who were jealous of the contribution points and tried to answer the questions with force did not answer the questions at all, and Mo Yunlan shook his head repeatedly when he heard them.

Lu Yang could not break through the barriers of existing monetary theory and create a monetary system that never existed in the history of the earth. Fortunately, the level of monetary theory in this world of cultivation is still at the beginning of the 20th century on Earth, and the historical experience of the earth has given him a sufficiently advanced vision.

So Lu Yang stood up and took the initiative to take on the question: "Bretton Woods... Oh no, the Jiuzhou Monetary Union system still uses spirit stones as the basic currency, and there is no essential difference from the three-primary system of Ye Lun's senior. It is just a monetary reform that treats the symptoms but not the root cause.

"The main reason is that the exchange of cross-continental spirit stone coupons cannot be completely prohibited. After all, the reason why everyone recognizes the value of spirit stone coupons is that these paper money can be exchanged for spirit stones in other continents. Once the spirit stone coupons are not allowed to leave the country, the credit of the spirit stone coupons will be completely destroyed. The obstacles to the exchange of spirit stone coupons across continents can only partially block exchange demand. Therefore, under the Jiuzhou Monetary Union system, the proportion of currency over-issuance is limited. As the population of cultivating immortals continues to grow, the demand for currency is increasing day by day. Continuing to over-issuance of currency will cause this system to collapse itself.

"In addition, the widening of the gap between the rich and the poor also challenges the foundation of the Jiuzhou Monetary Alliance system. When the exchange ratio of spirit stone coupons and spirit stones is stable, cultivators tend to retain a certain proportion of spirit stone coupons to facilitate daily transactions. If a few cultivators hold too many spirit stone coupons, they naturally tend to exchange most of the spirit stone coupons for use-value, rather than choosing to hold a large number of spirit stone coupons that have no actual use value, just for easy trading.

"If the gap between the rich and the poor is not large, then everyone will keep a certain number of spirit stone coupons for daily trading, and the overall redemption pressure of spirit stone coupons will be relatively small. However, if most spirit stone coupons are gradually concentrated in the hands of a few people, the redemption pressure of spirit stone coupons will increase day by day, further limiting the proportion of over-issuance currency.

"What's more dangerous is that once the currency issuance stagnates, the spirit stone will begin to appreciate irreversibly. The spirit stone itself is a consumer product and is suitable for storage, so this process will continue to strengthen itself. The more the spirit stone appreciates, the more people like to stock up on spirit stones; the more people like to stock up on spirit stones, the more they will appreciate further. Until deflation triggers a tsunami-like financial crisis, causing the credit of the spirit stone coupon to collapse completely, and the entire cultivation economic system is completely paralyzed, and it is not even ruled out that everyone will retreat back to the original man mode of bartering! I call this vicious cycle the 'reflexive principle'."

As a time traveler, Lu Yang plagiarized the theoretical achievements of many predecessors on Earth, including Keynes (decreasing marginal consumption tendency), Soros (reflexive principle), and others without hesitation.
Chapter completed!