After broadcasting the ancient times live, I handed the system over to the state.

Even if there were other figures involved before Tumu Fortress, Zhu Qizhen's knocking at the door was a real event, and the later temples erected for Esen and Wang Zhen were also genuine.

White rushing into black, it's either gray or black!

Some people say that Zhu Qizhen was framed, but that's just an excuse.

"So how did the Tumu Crisis, a war that even affected the fate of the nation and dragged the Ming Dynasty into a quagmire and vortex, impact the economy and paper money?"

Huang Yu then wrote several words on the blackboard with a series of claps.

1. Central Authority

2. Fiscal crisis

3. Social unrest

He followed each title with an ellipsis, and these three topics immediately made the expressions of the people below even more serious.

In fact, they had more or less guessed it.

The issuance of paper money relied on the government's credibility. However, with Zhu Qizhen captured and forced to study abroad, the Ming Dynasty's elite army was wiped out, creating a power vacuum in the central government. Naturally, the people began to doubt the government's credibility.

At this time, the imperial court was busy with the defense of Beijing and the ascension of Emperor Jingtai to the throne. Who had time to manage the issuance of paper money? Nor did anyone care about the ban on gold and silver among the people.

What Huang Yu said was similar to what they had thought. Moreover, Huang Yu found a table that confirmed that during the Jingtai era, people were rapidly abandoning paper money and turning to silver or barter.

"Furthermore, the war depleted the national treasury. In order to solve the funding problem, the government relied more on printing paper money, which led to the old problem of over-printing and excessive issuance."

"The war also led to the abandonment of large tracts of farmland in the north, population loss, and a sharp decline in government tax revenue. The return of the paper money was heavily dependent on taxation. If the tax system was in chaos, how could the paper money be recovered?"

"War also leads to social unrest and economic damage. What is hard currency during wartime?"

Huang Yu asked the people below.

Someone has already mentioned it: "Grain, cloth, and so on."

Zhu Qinggu also knew the saying that antiques were valued in prosperous times and gold in chaotic times. Under the sky, there were even more people who had suffered from war or displacement, and they deeply agreed with this.

“That’s right,” Huang Yu nodded. “At this time, as a currency lacking physical backing, Treasure Notes were regarded as worthless paper by many people, and even fewer people were willing to use them.”

The trend of silver monetization that Huang Yu mentioned later is nothing new.

Zhu Yuanzhang grew angrier as he listened, feeling that he hadn't been lenient with him back then. He thought, "Why should I be lenient? He should be punished!"

Empress Ma, who was standing nearby, noticed this and gently patted him, which calmed Zhu Yuanzhang down.

"What did we find here?" Huang Yu asked again.

His expectant gaze swept across the students below. After all, these weren't the dull students he usually taught; quite a few responded with their eyes.

Huang Yu then called on Yu Qian to answer the question. When Yu Qian stood up, the classroom fell silent.

“After the Tumu Crisis, the Ming Dynasty’s national strength declined, and it was unable to control the situation,” Yu Qian sighed.

Zhu Qiyu looked at Yu Qian and was surprised to see that Yu Qian's temples had turned gray. He sighed, thinking that since he knew about the seizure and restoration, perhaps the emperor and his minister could still go on together, but they could not walk together as before.

“That’s right, it all comes down to the decline of the Ming Dynasty’s national strength.” Huang Yu nodded in agreement, then opened the PowerPoint presentation. “Let’s take a look at a table.”

People below also got used to the fact that later generations always liked to use tables for horizontal or vertical comparisons, which is also very intuitive.

"In fact, the efforts made by the Ming Dynasty were not entirely useless. Comparing the period from the late Xuande period to the Zhengtong period, we can see that the value of paper money has rebounded somewhat. During this period, the paper money system was smoothed in many places, and there was even a phenomenon of reduced tax payment in paper money. However, this phenomenon came to an abrupt end with the Tumu Crisis."

Huang Yu said with some regret that the PPT had jumped back to the title: "On the Dilemma of Decentralized Currency - Lessons Learned and Implications from the Monetary Policy of the Ming Dynasty in China".

This brought everyone back to their senses, and they realized that Huang Yu had just gotten to the point.

All those previous criticisms had lured them up and then hammered them down, over and over again, until they were completely deflated. Now we're just getting to the main point...

Huang Yu's style is completely different from the previous Quan Han Fang, but it is equally captivating.

Sitting in the first row by the window, Mao Hexuan smiled as he observed the people whispering and discussing in the classroom. There was a reason why he chose these people to teach, and the two people in front of him were like a street urchin.

It was easy to lure these people in.

Zhu Qinggu was the same; he was completely absorbed in it, and now he realizes that Teacher Huang Yu is only just getting to the point.

Before getting to the main topic, we talked about national strength. It seems that the difficulties of decentralized currency mentioned by Professor Huang Yu are also related to national strength.

Reflecting on the fiat currencies of later generations, she suddenly realized how the value of currencies in different countries rose and fell. Naturally, it was related to the country's major national events, international image, and economic strength. Wasn't this also a kind of national power?

A strong nation has a high currency value, while a weak nation...

She thought of the Zimbabwean dollar, which is often joked about as being larger than the face value of ghost money.

Due to hyperinflation, the face value of the Zimbabwean dollar is inflated, with some values ​​reaching trillions of dollars.

They are a typical example of a country with a weak economic foundation and low monetary credibility.

……

“My argument differs slightly from that of Professor Quan Hanfang, which we have already analyzed, namely, national strength!” Huang Yu stated the reason directly, his eyes scanning the crowd below once again.

He also wrote the words "national strength" heavily on the blackboard, followed by three exclamation marks.

The stark contrast also sent a chill down the spines of those below.

Many officials who were taking notes wrote down "national strength" heavily in their notebooks and added three exclamation marks, as if it were the most truthful thing in the world!

Isn't this the truth? This is the truth. Think of the Qin Dynasty, think of the Han Dynasty, think of the Tang Dynasty. When a dynasty is strong, everyone yearns for it. But when the country's strength declines to the point of the late Northern Song Dynasty, everyone can bully it. Who understands the resentment of having no way to save the country?

The Chinese people understand this best!

That's why they need to develop high technology, the most powerful weapons, aircraft carriers, and the ability to fly—because they're afraid! Afraid of experiencing that again!

They fear losing their sovereignty and national dignity! They fear losing their dignity and that justice will not be served! They fear that their brothers, sisters, family members, and compatriots will once again be engulfed in gunfire!

Only when the nation is strong can everything be achieved!