Chong Sheng 1977Nian Cong Zhi Qing Kai Shi

Super-sovereign power is terrifying, and whoever dominates it will have world economic hegemony and win the greatest economic benefits.

Obviously, neither the old hegemon Britain nor the war upstart America will give up this opportunity. In 1941, Roosevelt and Churchill jointly issued the Atlantic Charter. It is suggested to establish the United Nations with the victorious country as the core after the war to stabilize the international political order.

Establish a World Trade Organization (WTO) to form a balanced and stable international economic order. In fact, an economic hegemony without gunpowder has already been undercurrent surging, and the war between Britain and the United States has begun.

On July 1, 1944, the Mount Washington Hotel in the Washington Forest was overcrowded. 730 representatives from 44 countries stayed here to witness the birth of the first international currency agreement in human history - the "Bretton Woods Agreement".

But at that time, there were actually only two people in the spotlight. One was Keynes, an economist who advocated on behalf of the United Kingdom and had a great influence on modern economic policies, and the other advocated on behalf of the United States, Assistant Secretary of the Treasury of the United States, White.

They brought their own plans and started a heated debate, while the representatives of other countries were just spectators and passive recipients of the final plan.

The two proposals of the United Kingdom and the United States both advocate the creation of an international monetary institution, the world's central bank, and the International Settlement Union (the predecessor of the IMF). A consensus was quickly reached on this general direction, but the core is super-sovereignty for international trade valuation and settlement Who should the currency be?

The plan proposed by White is naturally the U.S. dollar, but the plan proposed by Keynes is not the British pound. He proposed a new currency "Banker"-a currency basket composed of sovereign currencies of various countries, and then the Banker is issued by the Union for International Settlements; Kerr is pegged to gold, and currencies of other countries are pegged to banker; international trade is priced and settled in banker, and is allocated and used according to the capital contribution ratio of each country and the scale of international trade.

Looking at past events from later generations, we can clearly know that Keynes failed. After 22 days of desperate struggle, on July 22, 1944, the final plan surfaced, and the US dollar won the title of international currency in Bretton Woods at the foot of Mount Washington. King's laurel crown.

There are two cores of the "Bretton Woods Agreement", one is the "General Agreement on Tariffs and Trade", which tries to unify the trade policies of all countries and restrict countries from adopting incentive trade measures to harm the trade interests of other countries; the other is the Bretton Woods currency System, trying to establish an internationally recognized exchange rate system, to avoid individual countries through active currency depreciation to stimulate exports, triggering vicious export competition.

What is the Bretton Woods monetary system?

First, the currencies of various countries are pegged to the U.S. dollar, with a fluctuation of no more than 1%. Second, the U.S. dollar is linked to gold. Countries can exchange U.S. dollars for gold at any time, and the price of gold is fixed at $35 per ounce. Third, the establishment of the International Monetary Fund as the world’s central bank, The IMF provided liquidity for some countries that experienced a temporary shortage of US dollars. Fourth, the International Bank for Reconstruction and Development (the predecessor of the World Bank) was established to provide infrastructure reconstruction loans to war-torn countries.

Since then, the US dollar has stood at the center of the international monetary system and has continued to the present.

The two world wars allowed the United States to make a lot of money, and the Bretton Woods system made the United States stand at the top of the food chain in the jungle of global interests.

On May 8, 1945, the Allied and Soviet armies met in Berlin, thus proclaiming the end of World War II. Just like after the end of World War I, the United States also experienced a crisis of overproduction, but the United States has learned the lessons of World War I and has made special institutional arrangements in the Bretton Woods system. The United States indirectly provides import credits to Europe through the World Bank for the purchase of U.S. commodity.

By early 1947, lending through the World Bank had become too "restrained." US Secretary of State Marshall visited Moscow, and then walked around. He found that the European economy was still weak.

After Marshall returned to the United States, referring to the Dawes Plan after World War I, he formulated a European recovery plan, known as the Marshall Plan in history. According to this plan, the United States bypassed the World Bank and began to provide more loans directly to Europe. These loans not only helped the allies, but also helped Germany and Japan.

In fact, Britain, France, and the United States have been analyzing the lessons of World War I. Their consensus is that harsh war reparations cannot actually be realized, which eventually led to the economic chaos after World War I. Therefore, the allies after World War II, apart from putting war criminals on trial, the victors did not raise the issue of war reparations.

The reason for this is that Germany and Japan will be the future export markets of the United States.

At this time, the United States was greedy for export interests in the traditional sense. From the perspective of later generations, the trade competition among the great powers was actually a surplus competition. Through credit to Europe, while digesting the production capacity of the United States, it obtained huge trade benefits.

More importantly, a large amount of U.S. dollar loans were invested in Europe, which cultivated the habit of Europeans using U.S. dollars and established the unparalleled status of U.S. dollars in the entire Western world. The United States has stood at the top of the food chain in the economic jungle. It only needs to issue a large amount of currency and export loans, and American goods can be exported overseas on a large scale.

With the excess profits brought about by trade, Wall Street also swept away the gloom of the 1930s. In contrast, the New York branch of the Federal Reserve, the executive body for the issuance of U.S. dollars, is extremely busy. The supply of U.S. dollars has continued to increase significantly, and behind this growth is the influx of gold from all over the world into the United States.

The famous Marshall Plan made Americans rich quickly and accelerated the economic recovery of Europe. Two years later, in October 1949, the gold reserves of the United States had reached more than 40 billion US dollars, accounting for 78% of the gold reserves of all countries in the world.

On June 25, 1950, after the outbreak of the War to Resist U.S. Aggression and Aid Korea, President Truman of the Donkey Party of the United States who walked into the White House in the footsteps of the Bretton Woods system felt really uneasy.

The United States, which has repeatedly failed on the battlefield, began to blockade China economically. One of the first things it did was to freeze all the assets of China in the United States, but unexpectedly, this move frightened the Europeans.

Firstly, a large amount of US dollar income in Western Europe comes from trade with Eastern Europe, so Western Europe is afraid that the United States will also freeze its US dollar assets; secondly, the United States, which is deeply involved in the Korean War, has begun to run a fiscal deficit. Will US dollar assets depreciate as a result?

At this moment, the UK sees an opportunity to restore London's status as a financial center. As a result, the UK adopted a series of measures, such as regardless of the source, tax incentives, etc., in an attempt to attract Eurodollars to London, forming the world's largest dollar market outside the United States.

This trick is effective. Not only do European countries no longer need to borrow from the United States to transfer to London for the dollars they need, but at the same time, some American companies put their overseas earnings in London in order to avoid high domestic tax rates.

This trend has continued to this day, and the City of London is not only the Eurodollar market, but also the world's largest currency trading market.

There is no doubt that there must be two prerequisites for maintaining the Bretton Woods system: one is that the United States must maintain sufficient gold reserves to maintain the balance of international payments and other countries unconditionally exchange gold at US$35 per ounce; the other is that the US dollar remains strong, Maintain world confidence in the dollar.

But with the emergence of the Eurodollar market, more and more dollars are leaving the United States, which is bound to threaten the Bretton Woods system.

Europe in particular is recovering from the ashes of war with newer and more advanced machinery and better and cheaper manufactured goods than America. Therefore, under the combined forces of war, industrial obsolescence, and European competition, the global trade pattern began to reverse.

In terms of trade, the U.S. trade surplus has turned into a deficit; in terms of finance, the U.S. can only increase the amount of U.S. dollar currency in order to make up for the deficit, but more and more money, gold no longer flows into the U.S., which shakes the foundation of 35 U.S. dollars per ounce of gold. The expectation of a depreciation of the dollar has hurt the world's confidence in the dollar.

In 1958, the world's skepticism about the dollar finally turned into a sell-off.

On January 2, 1960, Kennedy announced in front of 300 supporters in the secret chamber of the Senate that he would run for the 35th President of the United States. The price of gold in London rose to US$41.5 per ounce, which means that the US dollar has depreciated by more than 20%.

In this year, attracted by the average return on investment in Europe of 16%, twice as high as that of the United States, US$47 billion of US capital flowed to Europe, compared to only US$25 billion in 1957; this year, the decline in US gold reserves accelerated. In 1950, its total value was more than 40 billion U.S. dollars, and at this time there were less than 20 billion U.S. dollars left;

This year, the U.S. fiscal deficit exceeded 20 billion U.S. dollars, exceeding the total value of gold reserves for the first time in history; this year, U.S. industrial output fell by 14%, exports shrank, coupled with a large amount of capital spillover, the U.S. international balance of payments showed 2 billion U.S. dollars. dollar deficit.

This is the first crisis of the US dollar after the establishment of the Bretton Woods system. The United States, feeling terrified, immediately invited the United Kingdom, France, Germany, Italy, the Netherlands, Belgium, Sweden, Canada, and Japan to hold an emergency summit meeting to discuss how to deal with the crisis. .

At the meeting, the heads of state accepted the proposal of the United States to pool their respective gold reserves and build the famous "Gold Reserve Pool of 10 Countries" in history. At the same time, all parties signed a currency swap agreement - mutual loan agreement, and through this agreement, nine European countries provided 20 billion US dollars in loans to the United States.

Under a series of measures, the dollar barely tided over the difficulties.

In January 1961, Kennedy entered the White House. In the same year, the 28-year "Cold War" between the United States and the Soviet Union officially kicked off.

However, another wall of the Cold War has also been formed inadvertently. Given the dominance of Keynesianism, the competition between industrial capital and financial capital for policy resources has created a huge gap.

Kennedy is very concerned about the sound development of the real economy in the United States. He believes that the real economy is the foundation of a country's economy, the source of wealth creation, and the cornerstone for more people to move into the middle class. However, Kennedy's road to industrial rejuvenation was very bumpy, because he encountered resistance from many financial power groups.

At the same time, Kennedy also encountered another big trouble. The European and American markets have long been actually connected by financial giants, and the Bretton Woods system actually built a fixed exchange rate system. Under this background, the US monetary policy was basically abolished.

That is to say, if the U.S. cuts interest rates or injects a large amount of base money, capital will flow to Europe with high interest rates; if interest rates are raised or money supply is reduced to prevent capital flight, the U.S. real economy is bound to be further suppressed.

On July 18, 1963, the helpless Kennedy could only hope for fiscal policy. He insisted that Congress pass a bill imposing a heavy tax of 15% on outward capital. As soon as the words fell, Wall Street cursed, and the bill was strongly opposed by British and American financial giants.

After 127 days of debate, Kennedy did not have a chance to see the bill passed. It was not until about ten months after his death that the relevant bill was approved by the U.S. Congress. To prevent the free flow of capital.

It is said that after World War II, Latin American countries adopted an import substitution industrialization strategy, encouraged the development of their own manufacturing industries, and exported a large amount of primary products rich in domestic resources, so these countries developed rapidly economically.

Especially from the mid-1950s to the 1960s, the average annual industrial growth rate of Latin American countries was more than 8%, the average annual GDP growth rate was 6.5, and the per capita GDP increased from more than 400 US dollars to more than 1,000 US dollars in just over 10 years. The Latin American Miracle.

In order to achieve industrialization faster and catch up with developed countries, these Latin American countries adopted expansionary economic policies and borrowed on a large scale to increase government spending on public utilities.

On the one hand, the two oil crises in the 1970s led to a sharp rise in crude oil prices, and the oil exporting countries gained a huge amount of dollars in income. There was a strong demand for asset appreciation and preservation, and the supply of dollars in the international market was sufficient.

On the other hand, the Federal Reserve’s monetary policy is generally loose. Except during the oil crisis, the federal funds rate remained at a low level. The average interest rate in 1970 was 7.2%, and it fell back to 5.8% in 1975. The low interest rate environment reduced the borrowing of Latin American countries. cost.

With the process of global financial integration, European and American commercial banks have increased their credit extension to Latin American countries.

One side wants to lend money, and the other side needs money. The two sides naturally hit it off. As a result, Latin America has borrowed more than 20 billion U.S. dollars. However, the borrowed money lacks good planning and management, and a large amount of foreign debt is used for investment projects with long cycles, low efficiency, and liquidity. Large-scale public utilities with poor performance and liquidity, and some of them are used for non-productive expenditures, such as making up for losses of state-owned enterprises and purchasing arms.

In order to promote the implementation of the import substitution strategy and stimulate rapid economic development, major countries in Latin America have implemented deficit finance and expansionary monetary policies for a long time, thus becoming the region with the most serious inflation in the world.

In 1976, the growth rate of Argentina’s GDP deflator reached 438%, and the CPI reached 444% year-on-year. Severe inflation, economic recession and political instability stimulated the outflow of funds from some companies and private individuals in Latin American countries. The shortage of funds further strengthened the Motivation of Latin American countries to borrow foreign debt.

The scale of external debt continued to expand, and the proportion of short-term debt rose rapidly, raising debt risks.

In terms of total volume, the external debt of Latin American countries expanded rapidly in the 1970s, and the ratio of external debt to GDP continued to rise. In 1970, the average external debt balance of Mexico, Argentina and Brazil was US$6.3 billion, while in 1980 the average external debt balance had soared to US$52.3 billion.

Around 1980, the economies of the United Kingdom and the United States were in trouble, and they implemented "financial shock therapy" one after another. In order to cope with stagflation and attract the return of international capital, the Federal Reserve has continuously raised interest rates since August 1980. Most of the foreign debts borrowed by Latin American countries are at floating interest rates. The sharp rise in international borrowing costs and the intensified debt burden ignited the fuse of the debt crisis.

In terms of income, the Federal Reserve’s interest rate hike triggered a continued appreciation of the dollar, a drop in global commodity prices denominated in dollars, a sharp drop in export revenues from Latin American countries, and the destruction of the foundation for debt repayment.

From the perspective of expenditure, the rise in lending rates in the international financial market has led to rising borrowing costs for Latin American countries and a rapid increase in interest payments. Under the dual pressure, Latin American countries' solvency has declined sharply.

The rate hike in the United States will naturally induce the outflow of international funds invested in Latin America, and this will exacerbate the shortage of funds in Latin America, and then the balance of payments will deteriorate, capital outflows will intensify, and the currencies of Latin American countries will be forced to depreciate.

Argentina, located in Latin America, is a country rich in products. It used to be the world's granary and meat depot. Its national income is comparable to that of the United States, and its social welfare is as good as that of Northern Europe.

Some people say that when the welfare of the people in a country is guaranteed, they will naturally be keen on consumption. Argentine people who enjoy high welfare do so. They have no habit of saving and usually spend a lot of money. When someone asks, there are usually not a few cents left in their pockets.

Argentina's domestic commodity production relies heavily on foreign investment. After the international funds were withdrawn, Argentina could only increase its foreign imports. Therefore, under the triple pressure of weak exports, surged imports, and maintaining high welfare, in 1981, Argentina's external debt The amount jumped to the third place in the world, as high as 34 billion US dollars. Coupled with the appreciation of the US dollar under high interest rates, Argentina's external debt burden is increasing day by day.

Faced with such a situation, Argentina over-issued currency to devalue the peso in order to stimulate exports and exchange currency to repay debts. However, at that time, major developed countries were suffering from economic recession and severe unemployment. Even if Argentina provided a large number of cheap goods, they could not afford to consume them.

Therefore, this move not only failed to revive the Argentine economy, but also caused serious inflation, with the inflation rate as high as 230%. The actual income of workers was only equivalent to 50% of that in 1970, and the unemployment rate of the national labor force was as high as 30%.

As a result, the Argentine economy fell into a vicious circle. On the one hand, the currency devaluation policy did not bring about an increase in exports, let alone sufficient foreign exchange income;

On March 31, 1982, massive protests took place in the Plaza de Mayo in Buenos Aires, the capital of Argentina, and quickly spread to the whole country. People accused the Galtieri military government of bringing the Argentine economy into a quagmire.

When the country was in dire straits, Galtieri, who was a soldier, quickly set the solution to the problem on "war"-recovering the Malvinas Islands by military means and diverting domestic conflicts.

Fortunately, Galtieri succeeded.

On April 2, 1982, the news of the recovery of the Malvinas Islands reached Argentina, and the whole country celebrated. It was still in the Plaza de Mayo, and there was still a large-scale parade, but this time it was an action in support of the government. 12 people in Argentina The political parties and the Federation of Trade Unions vowed to unite around Galtieri regardless of the past.

Such actions by Argentina have naturally stimulated Britain's nerves. Downing Street is very clear and very worried. If the United Kingdom is frightened by Argentina's move to recover the Malvinas Islands and does not do anything, Argentina will renege on its debts in the next step. We know that many of Argentina's foreign debts are in the hands of the United Kingdom.

If there is one, there will be two, and if there is A, there will be B. It is easy to form a chain reaction. Therefore, the 42nd Assault Battalion of the Royal Marine Corps, a small army SAS and the Royal Navy Special Boat Commando ate fish and chips and hummed. Go to the island to fight the bandits.

After the war ended, the follow-up work of both Britain and Afghanistan was carried out according to the standards of the war. There was no exchange of a word about the economic crisis in Argentina. Both sides knew what each other’s ideas were. I don't respond either.

After the Falklands War, the mess in Latin America remained the same.

Four months later, in August, at the United Nations General Assembly, Mexico, which was already unable to pay its foreign debts at that time, took the lead. President Portillo publicly stated: "Mexico and many third world countries cannot abide by the original repayment plan." Deadline. We in the developing world don't want to be vassals, cripple our economy, or plunge our people into greater disaster by paying off debt.

What's more, the interest on these debts has tripled, and such high interest was imposed on us without our knowledge, so it is not our responsibility at all.

Our efforts to fight hunger, disease, ignorance, and vassalage are not the cause of this international crisis. "

The attitude of Latin American countries towards high-interest foreign debts has strongly stimulated the City of London and Wall Street. They must force Latin American countries to obey and accept "capital" debt repayment arrangements.

Also on October 1, 1982, there was a showdown between creditors and debtors.

The IMF changed its previous low-key and lack of presence, and prescribed four good medicines for Latin American countries:

First, the governments of Latin American countries have come forward to take over domestic private debts, under the guise of preventing the bankruptcy of enterprises from causing losses to the national economy, but in fact it is a debt preservation measure; second, the government budget has been drastically cut, and the government’s food and living subsidies for the people have been cancelled. , save financial resources to repay foreign debts;

Third, let the currency depreciate in order to increase exports and earn foreign exchange to repay debts; fourth, the IMF will carry out debt restructuring for debtor countries in Latin America.

Mexico, Brazil, Argentina, and all the countries included in the IMF list played the role of Wu Dalang, and listened to the gentle voice: "Dalang, be good, drink your medicine."

In order to pay off their debts, debtor countries in Latin America are saving money, and almost all social welfare has disappeared. Due to the serious shortage of imported medicines in Mexico, the infant mortality rate has risen sharply. Although the debtor countries are probably actively repaying their debts, the debts are still increasing. In 1982, the total debt was 839 billion U.S. dollars. By 1987, this figure had become 1.3 trillion U.S. dollars.

It is not difficult to see that IMF is like chemotherapy. Although there are a few cases cured by chemotherapy, it is not worth mentioning compared to the large number of failure cases. As long as chemotherapy is used, the disease will not be cured. To lose half life.

For Nanyi, the evil side of the IMF has nothing to do with him. He just wants to get in touch with the cute side of the IMF. Nan’s birth was untimely and he missed the feast in Latin America. The feast in Southeast Asia can’t be missed .

Ma Shimin of Nanguo Bank: "At present, Thailand's total external debt is 68.9 billion US dollars, of which one-year short-term debt is 18.7 billion US dollars, while Thailand's foreign exchange reserves are 35.45 billion US dollars. Thailand is unlikely to break out of debt crisis this year.

According to the current known data and the short-term debt that Thailand may increase in the next 10 months, when the time enters April 1996, the short-term debt that Thailand needs to repay within one year will exceed 40 billion US dollars.

This is a relatively conservative estimate, and the actual figure will most likely exceed US$40 billion. "

"Simon, what is the high probability you said?" Nan Yi asked.

Ma Shimin: "I will write 80% in the written report."

Nanyi: "Talk about your true inner thoughts, even without data support."

Ma Shimin: "More than 95%."

"Poetry."

Zhao Shixian: "I support Simon's opinion. Most of Thailand's short-term foreign debts are in the stock market and real estate. These two are almost unsustainable. As long as Thailand's short-term foreign debts exceed foreign exchange reserves, someone will push it lightly, Bomb!"

Nanyi: "Simon, how much loan do we lend in Thailand?"

Ma Shimin: "US$7.2 billion, US$900 million due in half a year, US$2.1 billion due in one year...All loans will mature within 19 months."

Nanyi smiled, "Is the collateral enough?"

Ma Shimin: "If the Thai baht depreciates, the value of the collateral will not be enough."

"Nanguo Bank is a creditworthy and humane bank. If you don't have to do the loan reminder in advance, you won't do it. However, the collateral must be provided according to the contract, and our customers will make up for the shortage."

Nanyi knew in his heart that once the Thai baht depreciated, most of the Thai customers who borrowed from Nanguo Bank would not be able to repay the collateral at all.

At the time of loan, the customer needs to explain the purpose of the loan, such as investing in the production capacity upgrade of the factory, then the customer has to spend every penny on this, otherwise it will be a breach of contract, and Nanguo Bank has the right to call for the loan in advance.

The reason is simple. Nanguo Bank only lends out money when it trusts customers to do certain things to ensure income. People and things are bundled together. Once customers use their money for other purposes, this foundation of trust will be gone. , capital risk will also soar sharply.

Usually, the bundling requirement will appear on a relatively large amount of customer assets, for example, a customer with assets of 1 million wants to loan 700,000 yuan, or a loan project with an amount exceeding US$100 million; for a loan project with good credit, the loan amount only accounts for a small amount of its assets Loan projects with a value of the amount generally only look at the person, not the matter, and the money is borrowed for what you love.

Less than half of the loans issued by Nanguo Bank in Thailand are used according to the "specified purpose", and the rest are used in the stock market, futures, real estate and other fields. Most customers have already violated certain terms in the loan contract. I don’t know, when the crisis in Thailand breaks out, Nanguo Bank will be more benevolent and not enforce its own rights to call for loans in advance, just to ensure the safety of funds and let customers make up the difference in collateral. This is not an exaggeration.

If you can make up all the money, then wait until the loan is due. If you can repay it, you have to distinguish how to repay it. Repay the loan by tearing down the east wall to make up for the west wall. It is listed as an honest customer, and repaying the loan by profit is a super high-quality customer. Think about it later. Loans will be very simple.

If it is not yet available, it is still necessary to analyze specific issues in detail, and it is impossible to confiscate the collateral directly.

If it is not completed, it is a high-risk loan project, and it must be urged, at least the part that exceeds the mortgage value of the collateral should be urged back first, and the loan risk level should be lowered first.

All in all, Nanguo Bank is rushing to annex high-quality industries in Thailand, but it is impossible to be too naked in the execution process. If a bitch wants to do it, a memorial archway must be established. It must create a tragic situation where Nanguo Bank received non-performing assets with tears—— Thailand, a place where money comes and may never come back.

"OK."

Nanyi clapped his hands, "Okay, let's talk about our theme today, Shixian, what do you think?"

Zhao Shixian: "In 1990, the IMF had already intervened in Thailand's foreign exchange affairs, and a considerable amount of Thailand's external debt came from the World Bank."

"So you think Thailand will turn to the IMF?"

Zhao Shixian: "Yes."

"Simon, what about you?"

Ma Shimin: "I agree."

"Hmm, let's discuss Malaysia and Indonesia next, let's start with... wait a minute, I'll take a call."

Nanyi first muted the satellite phone, picked up the mobile phone on the table and connected it, and walked to the bathroom. After sitting for a long time, even if the phone didn't come, he was about to turn on the switch to release the water.

"Liu Zi, what's the matter?" Nanyi clamped the phone on his shoulder, and his hands were rustling.

"Master Nan, I'm in trouble."

"What trouble?"

"Zheng Wanwan stepped on it."

Zheng Wanwan is not a person’s name, but a company’s name. It used to be a state-owned department store cultural goods wholesale station in Shangdu. Later, it underwent shareholding reform and became Zheng Wanwan Co., Ltd., and its business was also changed. It no longer focuses on cultural goods. , but entered the field of color TV.

Zheng Wanwan is not engaged in production, but distribution. He is one of the largest color TV distributors in China, and the super VIP of Wuchuan Changhong.

When it comes to Zheng Wanwan's profit model, it can be said to be very simple. Because of the large volume of goods purchased, and the help of Changhong, Zheng Wanwan's price with added profits is lower than the cost price of other small dealers. Needless to say, Where there is Zheng Wanwan, other dealers have to stand aside.

"The capital?" Nan Yi frowned.

"Shanghai."

"Um?"

Jingxi.com is a benchmark in the home appliance industry in Beijing and one of the big distributors of home appliance companies. It has a large warehouse in the capital. After retailing, it will help home appliance companies act as a middleman, mainly radiating North China, earning a little money, and incidentally Collect a little information about friends and merchants, so that when friends and merchants need help in the future, they can accurately hit the rocks.

"Master Nan, I just signed a new contract with TCV last month. North China, Lu, Hui, Suzhou, Shanghai, and Jingxi Tesco can all step on it. It's not like our people are in Shanghai and Zheng Wanwan. We bumped into each other, played two games, we won, and Zheng Wanwan's Li Fukun announced that he would enter the capital."

"Don't tell me that 'dry' is a fight."

"Uh... just a fight."

"Tell me what happened."

"There is a Haipai electrical appliance firm in Zhaojiabang. Our people had just finished negotiating the supply there, and Zheng Wanwan's people also came. The two sides met. It was nothing at the time. Later, the boss of Haipai may have changed our price. It was revealed to Zheng Wanwan's people, and they didn't know what happened, they found the guest house where our people lived, and they had a few arguments and started fighting."

"One Changhong, one TCV, what's the fuss about?" Nanyi asked suspiciously.

"Master Nan, we are also Changhong's distributors." Six sons' voice trembled.

Nan Yi zipped up, walked to the washstand, and turned on the faucet, "Did you hurt someone, or did you get hurt?"

"It's on both sides, it's not serious, it's just a bruise and a swollen face."

"Are we right?"

"Yes...no, our people moved first, and we crossed the line."

Nan Yi wiped his hands, walked out of the bathroom with the phone in his hands, and said with a smile: "Liu Zi, you are capable. You are also free. Jingxi Tesco is only a middleman to better maintain the relationship with the manufacturer. Who made you work so hard?"

"Master Nan, you don't know. This year, the profits of many electrical appliances have dropped. There are so many people in Jingxi Tesco. I don't want to find a way to earn more. I can't support myself."

"Come on, don't complain. I don't blame you. It's just that it doesn't make much sense to fight Zheng Wanwan now. If we beat him down, the benefits will not fall into our hands." Nan Yi thought about it and said: "Call Li Fukun and make peace first."

"Master Nan, Li Fukun is not easy to talk to, maybe he won't be able to admit he is cowardly."

Nan Yi thought for a while, "Let's make peace first. It's best if you can talk about it. If you can't talk about it, then talk about it. However, there are some things you have to do first."

"Master Nan, tell me."

"Stable the rear, don't be drawn from the bottom."

"Master Nan, you mean the brothers of the Huang family?"

"There are also internal and home appliance manufacturers. If you don't fight, if you want to fight, you must prepare as much as possible. You must win and pay more attention. You should know that business wars will kill people. Don't let the person who dies be you. "

"It won't be me who died."

"Um."

After hanging up the phone, Nan Yi walked back to the desk, turned off the mute, "Continue."

...

You said that I was half-baked in the last chapter (half-watered at most). If you have no idea about the IMF, some of the content in the following may not be easy to understand. Forget it, no more explanation, there will be no more water in the back.