Chong Sheng 1977Nian Cong Zhi Qing Kai Shi

"Our dream town, to be precise, Green Core Development has never sold the idea of ​​dream town, a project that has not yet been laid. Even if it is sold, it can quickly bring us hundreds of millions or even billions of profits. .”

Nanyi moved his body and changed his sitting position, "Mayor Duan, I need to introduce you to our Green Core Development Company. Green Core Development is an investment company. Its nature is somewhat similar to that of a private equity fund, but not entirely .

Our green core development is to invest in projects that can produce cash milk in the long run. The time span of a plan will be very long, five years, ten years, or even twenty or thirty years. Let’s talk about dream towns. Inside us, this is A thirty-year project.

Five-year investment, five-year wait-and-see, if everything develops well, it will enter the five-year growth period; of course, if the project is found to be impossible during the wait-and-see period, then we will find a way to cash out and recover our investment.

Can you understand this, Mayor Duan? "

Duan Wenxuan: "I understand that any investment is expected to get a return. No businessman will continue to hold a project that has no return."

"Yes." Nanyi nodded, and continued: "The contract I personally got is not bad, even if I leave Green Nuclear Development in the future, as long as it is a project I handle, as long as the project is still profitable, I can always Receive dividends from the project.

So, in my personal interest, I want every project I work on to last as long as possible.

Perhaps, in two years, I will switch to Yellow Core Development and Blue Core Development, and continue to strive for similar contracts. Then I only need to work hard for ten years, and then I can retire, sleep late every day, eat, fish, play chess, go Play Tai Chi in the park. "

"Haha, President Nan, it's too early for you to think about retiring now. Ten years later, you won't be at my age. Just when I thought I was making achievements, you thought about retiring." Duan Wenxuan laughed road.

"Mayor Duan, I can't compare with you. I don't have a high level of consciousness, I don't serve the people, and I don't have the idea of ​​spending my whole life on work. My biggest wish in this life is not to work."

Duan Wenxuan picked up the teacup, and while drinking tea, organized his words in his head, "President Nan, in the planning of your dream town project, besides driving the housing prices in the surrounding area, does the Coconut Tree Building have other functions? "

"Of course, a building needs to be built well. The frame and interior decoration will cost more than 100 million yuan. If it is just a gimmick, the price we will pay is too high. The coconut tree building is expected to cover 60-62 floors. Below the 17th floor will be planned as a hotel, above the 17th floor will be an office building, and a 2-story parking lot will be planned underground.

We hope that the coconut tree building will be used for a longer period of time, so we must consider the parking problem after the number of cars increases in the future. Originally, there was a plan to build an underground shopping mall underground, but the budget for the underground project was too high, so we had to give up. "

"When is the building expected to be completed?"

"It's hard to say for the time being, we plan to find top foreign architectural designers to design, considering the seasonal typhoon climate here in Yecheng, we also need to install dampers inside the building, which adds to the difficulty of construction, we have to wait for the design drawings Only when it comes out can the construction period evaluation be carried out.

However, in terms of construction, we plan to learn from Shenzheng. In order to speed up the construction progress, I have invited the general manager of Jingjun Construction to visit Yecheng. Jingjun Construction is a military enterprise of the Beijing Military Region, and the construction efficiency is absolutely guaranteed. "

"Very well, President Nan, please let me know when the construction period is evaluated. If your dream town encounters any difficulties during the 'construction' process, our city government will definitely actively cooperate."

"Okay, Mayor Duan, I won't disturb your work anymore."

"President Nan, I'll see you off."

...

In the afternoon, Nanyi went to Dayingshan Airport to pick up Tang Jiangong. After arranging people to live in him, he entertained him well. The next day, he asked Du Tiangong to take people to see the construction site.

Nanyi himself was not idle, and invited Li Jialong to his office, and the two of them started muttering.

"President Li, take a look. These are the prices of several building materials on the market. 240 load-bearing hollow bricks are 1,632 yuan per 10,000 pieces, three-hole non-load-bearing hollow bricks are 5,390 yuan per 10,000 pieces, and clay red bricks are 1 cent per piece;

The price of steel bars has bottomed out this year. Ordinary steel bars are only 1,500 yuan/ton, and rebar is more expensive, almost 2,000 yuan. Last year, no matter what kind of steel bars, it was around 3,000 yuan or more;

The current retail price of ordinary Portland cement No. 425 paper packaging bags is about 277 yuan/ton. I asked someone about it. We don’t use much paper packaging bags. We mainly need to pack them in bulk. The ex-factory price in bulk is about 183 yuan/ton. Ton;

Cement cannot be hoarded, and we must place an order with the manufacturer. We have to sign a supply agreement with one or two cement factories in advance at the current price. "

"President Nan, do you still have sand and stones?" Li Jialong asked after looking at the price list Nan Yi handed him: "There are also workers, Jingjun Construction undertakes our main projects, and who do other projects?" ?”

"Sand is easy. There is sand in every river in Yecheng, and there are also sand fields by the river. It is good to contact several companies for supply. For stone, there are a lot of volcanic rocks in Shishan Town, and there are also several stone factories there. Just go get in touch.

President Li, today I want to discuss with you the problem of hoarding. The price of steel bars will rise soon, so I plan to bring back the steel bars first. "

"We haven't calculated the amount of steel bars we need yet, and we don't know how much we need." Li Jialong said.

Nanyi waved his hand, "It's okay, pull as much as you can, as much as you can pull, Yecheng will be lively soon, and then everywhere will start work, and when we calculate our own consumption, the price of steel bars will rise again Get up, and we'll throw out the excess."

Li Jialong thought for a while and nodded, "I agree, how much is appropriate to stock up, I mean capital investment."

"Hehe, it's not up to us. Steel is a controlled material. We don't want to pull as much as we want. That's why I said that we can pull as much as we can. Go ahead and find Mayor Duan. Steel bars are a difficulty in construction. He It should help."

"All right, I'll go."

Nan Yi paused, and said: "As for the workers you mentioned, this is also easy, and projects that are not too important and not technically difficult can be outsourced, especially the local construction team, we must find one or two. Large-scale projects do not give locals any benefits, which is easy to cause trouble.

Others include hard hats, labor insurance gloves, labor insurance shoes, and other miscellaneous items that need to be purchased first, and you have to go to the insurance company to ask if it is possible to insure the workers.

Our construction site is too large, and the management is too strict. Workers will complain. If the management is loose, it is easy to have accidents. It is normal for a few people to fall and even die. The construction committee has formulated compensation standards last year. Refer to that, We also need to formulate a compensation standard ourselves, which cannot make people feel cold.

There is also the management specification of the construction site. I think the management in Japan is good. Two Japanese supervisors were recruited. They did not understand the language. "

"Will the Japanese be easily used to stir up ethnic hatred?"

"It's okay, we are Party A, and it's easy to pick on Party B's thorns. Whoever picks things up, we'll show them what money is difficult to calculate and payment is difficult to settle. We can make the project profit a little higher, and set up a separate project fund account, and then hand it over to the city for safekeeping, so that for Party B, the settlement is guaranteed.

With this guarantee, when we sign a contract with the construction team, we can require detailed construction specifications and building specifications, and we can also ask them to advance funds. The material costs are ignored, and at least they have to advance the labor wages;

The standards of the norms should be set higher than what we actually need. As long as we meet the standards we need, we can pass them vaguely, but whoever wants to pick things up, we can use the norms to talk about things, so as not to let them run away. , Don't even think about paying a dime.

By the way, we also need to formulate a rule that the wages of construction workers must be paid on a monthly basis, and must be settled once a quarter at the longest. You can tell Party B that whoever does not comply, we will deduct part of the construction fee and fine each quarter. Ask a construction worker for an investigation. "

"President Nan, isn't it a contradiction to do this? I have known the construction team here in Huaguo. They are all grass-roots teams. The contractors don't have much money. It is very difficult for them to advance funds. They simply can't do the project without settlement. pay workers wages in advance.”

"We don't necessarily need them to pay the workers wages on time. We just need the workers to give us the answer that they have received their wages during the investigation. President Li, since you know the construction team, you naturally know that the workers in the construction team are most likely to be paid. The foreman's hometown folks, the contractor can easily let the workers speak for him.

Every investigation requires workers to sign and confirm that in the future workers who cannot get wages will make trouble, and our responsibility will be cleared. Then, you, a wanderer who has lived abroad for many years, can come forward to solve the workers' wages problem.

Oh, by the way, a little more than the wages that workers should be paid, whether it is the travel expenses to go home, or interest compensation. In short, let people outside understand that our dream town is a company with a sense of social responsibility, love and compassion.

Let us take the good reputation, and let the contractor take the blame. The bigger the pot is, the bigger the cover is. If you want to leapfrog the challenge, they will naturally have to bear high risks. Strictly follow the standard construction. He wants to die. "

Li Jialong wiped away the thin sweat that didn't exist on his forehead, and murmured in his heart, "This Nanyi is too ruthless, I dug a hole in advance and wait for others to jump."

"President Li, go to Mayor Duan and talk about the steel bars. I'll go to see the sand field and the brick kiln. The supply of building materials must be finalized first. I don't want to see workers waiting for building materials during the construction of our project."

"Okay, I'll make a phone call first." Li Jialong answered and left Nanyi's office.

As soon as Longfu from the Li family left, Nan Yi called Zhou Jina to his office.

"Director Zhou, give me a list of labor insurance needs on the construction site before you get off work today. If you don't need us to prepare all of them, please indicate them, as well as the approximate rate of wear and tear. Take them back when you're done. I'll get it from you myself."

The homes of Du Tiangong and Zhou Jina are also located in Longkunxia Village, not far from Nanyi's residence.

"OK."

After arranging things well, Nanyi will go out and walk upstream along the Nandu River estuary, passing many sand mining fields along the way. Every time he reaches a sand mining field, Nanyi will grab a handful of sand and bring it back. Take samples from the boat, and grab a handful from the sand if you don't give it up.

When you get the sand, you can use the method of learning and selling to judge whether the sand is good or bad.

"Grab a handful, if it condenses, it means that the mud content in the sand is too high, and if it disperses into small pieces, it means that the quality is good. The sand should be wet and not too dry. If the sand is very fine and dry, like soil, the same cannot be done. use."

Muttering in his mouth, Nanyi inspected the sand. After passing the initial inspection, he put the sand into a bottle, added water and shook it to see the sedimentation speed of the sand and the turbidity of the water.

If the sedimentation speed of the sand is fast, and the water is extremely clear and can be directly imported, then the sand is first-class. Of course, the construction site does not use the best grade sand, which is used for beach volleyball in the Olympics.

Sampling all the way, testing all the way, with a relatively cheating level of testing, Nanyi selected the sand produced by the sand pits in the coconut head and the river section of Xiapo Village, but he couldn't count the sand, so he had to ask professionals to test it again.

Back in Longkunxia Village, first go to Du Tiangong's house to get the list, and then ask Su Meng to add a pair of chopsticks. Nanyi called Ma Yuyu over.

Ma Yuyu drove a Xiaobawang, and Nanyi didn't prepare wine.

"Old Ma, the land acquisition hasn't started yet. Tomorrow, you should go and find out about the power of the sand quarry here in Yecheng. I don't care who is the boss or the second child. As long as the sand is qualified and the price is low, I can give you an account." period, I will use whoever’s sand.”

"Boss, the sand mining industry here in Yecheng is quite chaotic. Today it is the owner of the sand mining field, but it may not be tomorrow. It is useless for us to talk about long-term supply. We must be ready to talk to newcomers at any time." Ma Yuyu said.

"Will people die?"

"It's not like a dead person, it's just being beaten away."

"That's okay. We only talk about the business license, not with someone. When we check out, we bring a copy of the business license and the official seal to settle the bill. I don't care who comes, I only accept the official seal. Whether they want to kidnap or blackmail, and It doesn't matter to us.

Why is there a billing period? I am worried that half of the supply will be supplied, and the owner of the sand mining site is gone. Who should I turn to? "

As Nanyi said, he took out the list made by Zhou Jina, took a pen and drew circles on some of the items, and then handed the list to Ma Yuyu, "Except for the circled ones, you can find someone to supply them. Well, you should know who to look for."

Ma Yuyu nodded, "I will hand it over to the Labor Bureau."

"There are also decoration materials, garden green plants, vegetables, meat and rice noodles for construction workers, shell boards, and transportation vehicles. You can use them as human favors. An important principle is that I can tolerate higher prices, but I cannot tolerate defective products. Whoever gives the inferior product, I don't mind flipping the table with anyone."

As Nanyi said, he patted Ma Yuyu on the shoulder, "Old Ma, you are older than me, but I still want to tell you that I, Nanyi, never treat my people badly. , I will take you to earn, plus you still have a basic salary of 200,000 a year, it shouldn't be bad to live a small life, don't worry about it if it's too hot.

Eat and get some, I could turn a blind eye and close my eyes, but not now, we are building a house, if the building materials are not up to standard, and the house collapses, how many people will be crushed to death?

Human life is at stake, don't joke about it, understand? "

"clear."

"Do you really understand?"

"Boss, don't worry, I really understand that I will never let defective products flow into our construction site." Ma Yuyu vowed.

"Okay, let's eat."

After eating and seeing off Ma Yuyu, Nan Yi and Su Meng started to reconcile accounts.

I didn't get the chance yesterday, so I had to postpone it until today.

Speaking of reconciliation, in fact, Nanyi is concerned about the changes in vegetable prices, no matter how stingy he is, he will not pay attention to the cost of buying vegetables.

"From May 20 to the end of May, why did the price of chicken increase by several cents?"

"I heard that a boat carrying chickens encountered a big wave, and most of the chickens on board fell into the sea. The price of chickens rose in those days."

"oh."

If there is any doubt, Nanyi will ask, one question, one answer, and it took more than an hour to reconcile the account.

"In the company, there are several elderly people including you who have reached their full year or are about to reach their full year. Pension insurance and medical insurance should also be put on the agenda. Tomorrow, you will call everyone for a meeting and ask for their opinions.

There is no way to pay for the pension, and there is no place to pay if you want to pay, so you can only give subsidies to everyone;

As for medical insurance, it can be a monthly subsidy for everyone, or a medical fund pool can be set up within the company. The company and individuals inject funds into it on a 4:1 ratio on a monthly basis, and get money from it when someone gets sick. Money to reimburse medical expenses.

If it is a serious disease that cannot be borne by the fund pool, it is impossible for the company to bear all of the specific problems, depending on the specific case. "

"What if you resign?" Su Meng asked.

"Calculate the amount of medical expenses reimbursed by the resigned personnel, and the personal part will be refunded to him according to the proportion if there is any surplus. If there is no surplus or overspend, there is no need to make up for it. You decide how much money to inject, and the company will inject it according to the proportion.

Also, you recommend three people to open a joint account, and the fund pool is placed in the account. You should be careful. If the three people join forces and run away with the money, the company will not be responsible. The company only pays money, not Manage and monitor joint accounts. "

"That would allow all the employees to jointly sign...it doesn't seem to work, it will be troublesome if someone leaves."

"Heh, think about it for yourself. I won't participate. Those in Xiangtang don't need to be taken into consideration. I will help them pay the MPF in Xiangtang."

As Nanyi said, he walked into his room, and the replay of "Looking at the Present" has been playing these days. He has never watched this TV series. It is about things in the mainland in the 1960s and 1970s. It was filmed by ATV. The drama continues, which is a bit worth watching.

...

As time goes by, everything in Dream Town is moving forward in an orderly manner.

After communicating with the shareholders, Nanyi transferred Ma Jiayan to serve as the financial director of Dream Town, and found himself a secretary named Zhang Min. She was good-looking and capable, and Nanyi didn't expect her to help him. , as long as it is a vase when it is greeted and sent, the miscellaneous things add up to seven hundred a month, plus a little installation fee, it is like spending money to add some color to your office.

"Mr. Nan, a lady named Liu Xin is looking for you."

One day, when Nan Yi was in the office, Zhang Min's voice rang through the intercom on his desk.

"Please come in."

After a while, Zhang Min took Liu Xin into Nanyi's office, and when Zhang Min took the door to leave, Liu Xin went straight to Nanyi's executive chair, raised her hips and sat on Nanyi's lap, and wrapped her hands around Nanyi's neck.

"Why did you hire a sassy fox as your secretary?"

"How do you know she's a coquettish fox?" Nan Yi pulled Liu Xin's tight hands away and said with a smile.

"Hee hee, I'm a coquettish fox, so I can't smell the same kind? You need a secretary, why don't you let me come?" Liu Xin said coquettishly.

"Seven hundred a month, you come?"

"Being your secretary, don't say seven hundred, I am willing to seventy."

"Stop talking, go down, sit on the opposite side, and tell you something serious."

"oh."

As soon as Liu Xin heard that Nan Yi's words became severe, she immediately sat down obediently across from him.

Nanyi likes Liu Xin who knows how to measure and how to advance and retreat.

"Go to Shenzhen and rent a villa to live in, and then find a way to get close to this person."

Pat, Nanyi threw a stack of documents on the table.

Liu Xin glanced at the information, "Zhang Yu? A woman? Who is she?"

"In terms of seniority, I want to call her Auntie, and you want to be friends with her. I want to know her thoughts, um, about men."

"Huh?" Liu Xin picked up the document and read a few lines before exclaiming in surprise: "Is she from my hometown?"

Nanyi didn't answer, but said directly: "The mistress of Boss Xiangxi, this is your basic character design, and you can play the rest freely."

"Which big boss, you?" Liu Xin raised her head and said.

"Don't care who it is, read the information by heart, don't need to memorize it specially, don't be too deliberate when approaching Zhang Yu, just treat it as meeting a fellow villager by accident, and two lonely souls talk to each other."

"How can this kind of task be entrusted to me? I am a bad mob, not a spy."

"It's very simple. I trust you. Moreover, you also said that you are a coquettish fox, and so is Zhang Yu. It's just that she is coquettish in her bones and doesn't show it."

Liu Xin asked: "Then what about me, where is Sao?"

"I'll slap you twice, and you'll slap it on your face." Nan Yi said with a frown.

"snort!"

Liu Xin quickly took the order to leave, and Nan Yi continued his normal work.

In fact, there is not much work to be said. All the things that should be done have been assigned. Li Jialong and Han Zhenhe, who represents him, are in charge of the overall planning. The communication from the government depends on it. Most of the time, Nanyi only needs to open his mouth and sign. In my eyes, another dog can do a good job.

As October draws to a close, Nanyi begins to run to the Ministry of Armed Forces and the military. Dream Town needs its own security team. It just so happens that the season for retiring from the military is coming soon. Make a good contact in advance. When the time comes, the collar badge will be taken off, and you can wear it here. "Special Service" armband.

There are more and more real estate companies registered here in Yecheng, and there are more and more rich people. When there are more rich people, the law and order will start to change. You can see people with guns, not to mention knives.

In November, after being approved by the foreign affairs department, Richard Schiff, who was sent by Johnny, registered Black Star Defense Company in Coconut City. The office building applies for industrial land and commercial land respectively.

Needless to say, this must be Nanyi's idea.

In the middle of the month, seeing that there was nothing to do, Nanyi launched a global trip to pay public food. The first stop was London. In addition to paying public food, you can also visit your daughter’s city by the way.

Catherine has been learning Chinese for the past few years, and she has used idioms very slickly. Nanyi said that single-mindedness is enough. She is not happy, and good things must come in pairs. Get rich, five blessings come to the door, six and six Dashun.

Fortunately, she hasn't learned how to shine with the seven stars, otherwise Nan Yi would have died on the Tropic of Cancer in London.

"What do you think of this Conservative leadership election?"

When the wind stopped and the rain stopped, the rosy-faced Catherine asked Nan Yi, who was pale and haggard.

"What about you, who do you like?"

"Anyone can, as long as it's not Thatcher, collecting poll taxes and raising interest rates. If she is still in the seat, it will be a disaster for us."

"It's not such an exaggeration. It's the same for anyone who is the prime minister. It's not bad for Thatcher to continue to be in power. Let's not talk about this, let's talk about the economy." Nan Yi sat up and turned up the bedside lamp a little. "I'll go first Look at Kate."

Nan Yi went to Nan Ruojin's room to check, tucked her in the quilt, went downstairs and poured two glasses of milk, went back upstairs, and handed one of them to Catherine.

Catherine took the milk, took a sip, and put the glass on the bedside table.

"Speaking of the economy, I think Britain's economic prospects are very good. Although the past ten years have been talking about the American dream, the Japanese fever, and the British disease, yes, our British Empire, as an old capital empire, has grown from the Second World After the war to ten years ago, its position in the world economy continued to decline.

This situation is essentially related to the rise of the status of the United States, Japan, and Germany, but it cannot be separated from our own mistakes and problems in economic development.

From the end of World War II to the 1970s, due to the belief in Keynesian theory, Downing Street intervened strongly in the economy for many years to ensure that the unemployment rate remained at a low level. This policy played a great role in the economic recovery period from 1945 to 1970.

However, the two oil crises in 1973-1975 and 1979-1981 severely damaged the British economy. On the one hand, it led to inflation driven by rising energy prices; With a decline in unemployment and high unemployment, the UK has thus fallen into a state of stagflation.

Against such a historical background, typical excess liquidity also appeared between 1980 and 1986. However, our British Empire is a very successful case in dealing with economic and financial development under conditions of excess liquidity. "

Nan Yi waved his hand and said, "Just talk about the matter, don't talk about the British Empire, just use us or the United Kingdom, it sounds harsh to me."

"I, Catherine Boleyn, Duke of the British Empire..."

"The poor duke." Nan Yi said sarcastically.

"Shut up, your daughter, Catherine Boleyn II, will also be a duke."

"Nan Ruojin."

"Catherine."

"Okay, let's not argue with you, continue with your economic analysis." Nanyi shrugged, scratched his buttocks and said.

"From the perspective of changes in asset prices, the British Empire from 1983 to 1989... the six-year real estate and stock market bull market in the UK at the same time also meant that there was excess liquidity at that time.

1983 was the inflection point when stock prices and real estate prices accelerated. The Financial Times Index FT100 rose from 800 points at the beginning of 1983 to 2422 points at the end of last year.

The average price of a single house [All house] rose from 26,307 pounds to 61,495 pounds, and the average price of a new house sales [New house] rose from 33,868 pounds to 64,971 pounds, with increases of 202.8%, 133.8% and 91.8% respectively, while the nominal GDP increased over the same period The rate is only 170.0%.

What is more telling is the growth rate of asset prices after inflation adjustment. Whether it starts or ends, the stock market bull market is one year earlier than the real estate bull market, and 1983-1989 is the overlapping period of the two, and the time is long And the magnitude is far from being comparable to other time periods.

The substantial appreciation of asset prices is not mainly determined by fundamental factors. Judging from the price-earnings ratio of the valuation index, 1980 was an obvious inflection point. The price-earnings ratio rose from 5.4 at the beginning of the year to 6.2, and has been rising all the way since then;

By the peak in 1986, it had reached 13.2, an increase of 144.4%. Judging from another valuation indicator "P/E ratio × long-term nominal interest rate", 1981 was an obvious turning point, rising from 86.18 at the beginning of 1980 to 123.67 at the end of the year. It reached its peak at 133.32 in 1986, an increase of 54.7%, and has remained above the 110 level since then.

These data show that the big factor behind the rise in UK asset prices was the excess liquidity at that time.

Judging from the market interest rate of the fund price index, the lower fund price from 1982 to 1989 also meant that the British economy was in a state of excess liquidity at that time.

In terms of nominal interest rates, after the overnight lending rate was raised to a record 15.4% in 1980, the UK entered a cycle of interest rate cuts in 1982. In 1984, the overnight lending rate was reduced to 9.5%. Since the CPI reached 6.1% in 1985, The Bank of England once again raised interest rates to 12.6% in 1985, but soon began to cut interest rates after inflation fell to 5%;

The interest rate was 10.7% in 1986, 9.5% in 1987, and 10.0% in 1988. Since then, due to the intensification of inflation, the UK has entered a cycle of interest rate hikes. At the end of 1989, the overnight lending rate has been raised to 13.6%. It was further increased to 14.7%.

In general, the UK was in a low interest rate cycle from 1982 to 1989, which also reflected the excess liquidity at that time.

The appreciation of the pound against the U.S. dollar from 1985 to 1989 meant that the excess liquidity from outside the UK had become a trend, and the rapid growth of the pound’s foreign exchange reserves meant that this trend had turned into reality. Liquidity input.

The pound began to appreciate against the U.S. dollar at the end of 1985. In 1986, it rose from $1.3/pound to $1.5/pound, an increase of 15.4%. By the end of 1988, it had risen to $1.8/pound, a four-year appreciation rate of 38.5%.

Foreign exchange reserves surged from US$6.971 billion at the end of 1984 to US$41.117 billion at the end of 1988, an increase of 4.9 times in four years. Among them, in 1987, the newly added foreign exchange reserves were 23.669 billion U.S. dollars, equivalent to 14.79 billion pounds, accounting for 33.9% of the total M4 total of 43.62 billion pounds in that year, and this data was still negative in 1984.

Although the depreciation and appreciation cycles of the British pound and the Japanese yen are consistent, in terms of magnitude, the British pound depreciates more than the Japanese yen, while the appreciation is much smaller than the Japanese yen.

From 1980 to 1985, the British pound depreciated by nearly 43%, while the Japanese yen depreciated by less than 20% in the same period. From 1985 to 1988, the British pound appreciated by 38.5%, while the Japanese yen appreciated by 99.7%. The wealth swept away from the UK is not as serious as that of Japan, and this also provides an exchange rate support for the excess liquidity in the UK not to form a bubble economy in the end.

Either from the perspective of asset prices or from the EM indicator of excess money supply, it can be concluded that

The conclusion is that the situation of excess liquidity in the UK will end this year.

It has to be said that Thatcher has made good achievements. The British economy is expected to surpass that of Japan and will turn into a healthy development track, which is mainly reflected in: low inflation, low unemployment rate, stable economic growth, international financial The status rose rapidly. "

Nan Yi scratched his butt again, "Think carefully about the reasons why Britain will have excess liquidity, and I'll take a bath."

"You don't have to go. You are not allergic, but I scratched it. Let me clean the wound for you." Catherine said with a smirk.

"Damn, hurry up and help me deal with it."

"Go get the medicine kit."

After a toss between the two, Catherine helped Nanyi deal with the wound, and the two continued the topic of the British economy.

"There are multiple reasons for the excess liquidity in the UK from 1982 to 1990, but the basic reason lies in the UK itself, the dogmatic Keynesian economic policy, because the changes in the economic situation have severely constrained the economic vitality, resulting in liquidity. In the process of reforming the system to release economic vitality and then solve the liquidity trap, excess liquidity has become a necessary monetary condition for economic reform.

It can even be said that it is precisely because of the transformation of a liquidity trap into excess liquidity that the British economic reform has obtained enough monetary lubricant and the economic reform has been successfully completed.

From the perspective of economic logic, there are roughly two basic ideas to deal with cost-push stagflation, but no matter which way you choose to control stagflation, excess liquidity will be created.

From the perspective of the development of British economic history, the excess liquidity in the UK occurred after stagflation occurred in the UK. In terms of time, the two have a sequential relationship.

From a logical point of view, excess liquidity is not only a response to stagflation in the early stage, but also the inevitable result of the policy of the Thatcher cabinet to manage stagflation.

The first way of thinking is to give priority to the control of unemployment, that is, to implement expansionary fiscal policies first to expand demand, increase output, and increase employment, but at the same time lead to higher inflation. This is the strategy Britain chose to control stagflation in 1970-1980.

This line of thinking does not seem to produce excess liquidity, but an expansionary fiscal policy will cause more serious inflation, thereby increasing people's inflation expectations;

Inflation and inflation expectations will reduce liquidity preferences. Under the condition that the existing liquidity supply remains unchanged or even decreases, the liquidity that was originally held due to speculative motives will turn to purchase asset investment. Store value or buy goods for consumption;

The former is manifested as asset price inflation, while the latter is manifested as high CPI, forming a situation where excess liquidity turns into inflation.

The second way of thinking is..."