Subtitle of this chapter: Bad money, good money, show-off.

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

"You have memorized it all? Dr. Yuan, what......"

Professor Herbert J Davenport couldn't help frowning, thinking that this Chinese was too exaggerated. But he was quite generous and was ready to whine casually as if he didn't hear it.

"Wow, we all know that Dr. Yuan is a respectable gentleman. He can definitely recite it if he dares to say this..."

Before the current AEA chairman could speak, someone came in next to him.

The person who was in his fifties was about the face of a passerby uncle, but his shiny half-bald head was quite impressive.

He walked over with a smile, stretched out his hand and said, "Dr. Yuan, I have heard of your name a long time ago. Let me introduce myself, I am..."

Yuan Yan smiled slightly and interrupted, "You are Dr. Jacob Harry Hollander 1871–1940."

The other party was shocked and blurted out: "Dr. Yuan, how did you know me?"

"Dr. Holland, why did I know you..."

Our Master Yuan said in his heart, it is naturally because of the Master Ball.

Our Master Yuan said: "Of course, it's because I have read your recent publication of "Debt War (European War), "Debt Report of Santo Domingo (the capital of Dominican), and "Federal State Tax Research"..."

The semi-bald doctoral graduated from Johns Hopkins University, but he took the route of studying and becoming an expert.

After getting Phd in 1894, Dr. Holland served as a U.S. federal government official and accepted the appointment of the short-lived President McKinley as the Secretary of Treasury in Puerto Rico, the U.S. custody country, and a senior financial adviser to the Dominican Republic. He then returned to the U.S. Treasury as an arbitrator for labor disputes.

And he will serve as the chairman of the AEA in 1921.

In fact, there is nothing to be a "chairman". Do you think you can make money from the society established by a group of economists? It's enough to be a year.

Hearing this Chinese person's clear words, the expression on the next AEA chairman's face was also a little wrong.

Daoketo Holland is not as generous as Professor Davenport. He was a little unhappy when he heard this Chinese man being so arrogant, so he jumped out to give Daoketo Yuan an ugly look.

But now it seems that I am getting ugly.

Yuan Yanshu continued excitedly: "I especially like the "The Financial History of Baltimore" written by Dr., in 1899. By the way, this was written by you when you were Secretary-General of the Bimetallic Commission." (The author's note: The content about Professor Davenport and Dr. Holland is indeed historical facts.)

As the name suggests, the complex system is the system in which two precious metals, gold and silver, are both standard currencies.

This monetary system actually existed very early. In some eras, copper was also a basic currency that could be paralleled by gold and silver. For example, in most of the periods in ancient Cyris, gold, silver and copper, were currencies that had unlimited legal compensation at the same time.

However, there is a natural flaw in the replica system, that is, Greshin's law of "bad money drives out good money".

The United States was an excellent example in the first half of the nineteenth century.

When the United States implemented the replicate system in 1792, the statutory gold-silver casting ratio was 15:1, but in the 39 years from 1795 to 1833, the actual value comparison between gold and silver in the international market was 15.6:1.

As a result, silver coins became "bad coins" in the United States and gold coins became "good coins". It is conceivable that silver flowed into the United States in large quantities from abroad, while gold was transferred from the United States to foreign countries, and the United States became a de facto single-silver standard country.

By 1834, the United States changed the minting ratio to 16:1, and the actual ratio of gold and silver in the international market was 15.7:1. The good and bad coins of gold and silver in the United States were transformed, and the United States became a de facto single-gold standard country.

However, some people in the United States have been striving to restore the gold and silver system.

Do you still remember the "great civilian", the three-term Democratic presidential candidate, William Jennings Bryan, who allowed five states to pass the anti-evolution proposal?

He led a "free silver coin movement". This movement wanted to limit the gold-silver ratio to 16:1, and anyone could mint silver coins in unlimited amounts.

This is because American capital controls 66% of the world's silver production and 77% of silver smelting. So this committee was founded to study how to restore the standard at the heyday of the gold standard.

And silver production is important for Utah, Idaho, Arizona, Montana, Nevada, Colorado and New Mexico, the western seven states.

Later, senators from these seven silver-producing states controlled one-seventh of the voting rights in the Senate. With the members of these states, especially those of the Democratic Party, as the core, and producers of silver such as copper, lead, and zinc, forming the so-called silver bloc.

That's why FDR came up with the famous Silver Act under the lobbying of the Silver Group in the 1930s.

"Well, I remember the beginning of this book is written like this..."

"Do you want to have the memory of Mr. Yuan Yanshu's camera? Yuan's quick memory method, only 888. After paying 888, the CD will be sent home!"

"Are you still worried about your child's poor grades? Yuan's secret recipe, eight walnuts. Mr. Hongjian's memory comes from his ancestral secret recipe - eight walnuts!"

"You urinate frequently and urgently..."

——Excerpt from "Advertising"

Our Master Yuan’s back made the people around him look shocked and admirable, and also turned the attention of everyone indoors to him.

"Dr. Holland, your first chapter...is it right?"

"Well..." The next AEA chairman scratched his half-bald head awkwardly, nodded reluctantly, "Dr. Yuan, you know better than I remember!"

"Ba,ba,ba..."

After hearing what he said, others had to applaud and express their admiration. After all, it is still rare to have a human-shaped bookcase that is lively and handsome.

Hearing such applause, Dr. Holland's face became even more ugly, and he couldn't help but mutter in a low voice: "What's so great about endorsement..."

"Yes, Dr. Holland. There is nothing amazing about endorsement!"

Yuan Yanshu's perception now is 13 points, which is much sharper than that of ordinary people. Therefore, he heard the half-bald doctor's words clearly and immediately took it.

He greeted everyone around him with his eyes and nodded, and said politely: "Compared to my memory that is not 'magnificent', Dr. Holland is quite incredible to explain the ins and outs of the gold standard system clearly..."

"Hahaha..." Everyone chuckled, some praising Dr. Yuan's gentlemanly demeanor, and some teasing Dr. Holland for taking a slap.

"So, I have some questions about the gold standard and want to ask Dr. Holland..."

He turned his eyes to the half-bald doctor's face and talked happily: "I think this issue is also the issue that we economic workers are most concerned about in recent years..."

"How to restore the gold standard..."

Our Master Yuan noticed a slutty old man with a mustache and a middle-parted hair. He nodded to the other person and continued, "Or how to replace the gold standard..."

………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

Tomorrow is Murong's birthday... I'll say it first, there is no update, and it will be updated at 7:00 pm. What else can I add when I think about being one year older?

I opened a public account and placed it in the works updated tomorrow. It is considered a gift from Murong to the patients... Let me agree first, there is nothing in it at the moment. Why do you die if you think about being one year older?

So if you don’t subscribe, please subscribe if you want to add it. Thank you... Let’s say it first, don’t blame me if you don’t see some chapters in the future.
Chapter completed!