[Lightscreen]
[At the beginning of the Yizhou campaign, Liu Bei lacked confidence, so he made a grand promise: If Yizhou is taken, the wealth of its treasury, I, Liu Bei, will not take a single coin.
Although the conquest of Yizhou did not turn into the grueling struggle he had imagined, this promise was ultimately fulfilled.
After securing Yizhou, Liu Bei's treatment of Liu Zhang was as follows: All his wealth was returned to him, along with his former seal and ribbon of General Zhenwei, Liu Zhang.
The treasury, meanwhile, was another story.
After the soldiers had received their rewards, the place was apparently left considerably poorer.
Which gives us a very simple way of describing the situation:
Liu Bei conquered Yizhou, paid his army, returned Liu Zhang's personal fortune, and left the treasury looking like a rat had arrived five minutes too late to collect his own share.]
Pang Tong's first reaction was to suck in a sharp breath.
Winning a war yet not only failing to profit, but actually ending up at a loss. And beyond that, still needing to sustain the provisions and equipment of his lord's 30,000 troops.
And within just a year, there would be another prolonged and exhausting campaign for Hanzhong.
Under such circumstances... they had no money?
Pang Tong slowly turned to look at Liu Bei.
"Ahhh... my lord, this is hell level difficult."
Liu Bei's smile turned slightly awkward. He cleared his throat.
"That is another me in that timeline. Shiyuan, do not look at me like that... hehe."
Zhuge Liang's expression remained calm, though even he could not entirely conceal a trace of concern.
"Shiyuan, please always keep our lord in check."
"No worry, Kongming. It is our duty."
Liu Bei raised both hands in surrender.
"Hey, hey, I am not that bad..."
[Lightscreen]
[At this point, Liu Ba stepped onto the stage.
Years earlier, Liu Biao had repeatedly tried to recruit him. Liu Ba was already famous despite his young age, and apparently he was not particularly impressed by the idea of working for Liu Biao.
He rejected the appointments again and again, even turning down Liu Biao's recommendation of him as a Maocai.
So when Liu Biao finally died and Cao Cao marched into Jingzhou, Liu Ba faced a rather interesting choice.
Liu Bei was heading south, and a large number of Jingzhou's scholars and officials followed him. Liu Cong, meanwhile, surrendered to Cao Cao.
Liu Ba chose neither and instead went directly to Cao Cao to recommend himself.]
"Liu Zichu is well known for his talent," Liu Bei said, his face filled with appreciation. "I had heard of him back in Jingzhou. His grandfather once served as Administrator of Cangwu, and his father as Administrator of Jiangxia."
"Brother Jingsheng often lamented to me that he recognized Liu Ba's talent but could not employ him. A true regret."
"Then my lord may rest at ease," Pang Tong said. "From the Lightscreen's words, Liu Zichu ultimately entered your service."
[Lightscreen]
[Perhaps Cao Cao wanted to see what Liu Ba was actually capable of.
He gave him a very straightforward assignment: go south and persuade the commanderies of Changsha, Lingling, and Guiyang to surrender.
Unfortunately for Liu Ba, Liu Bei had already arrived first.
By the time Liu Ba reached the area, the three commanderies were already under Liu Bei's control. There was not much left for him to negotiate, and, unable to return to Cao Cao with any good news, Liu Ba headed south toward Jiaozhou.
His journey only became stranger from there. He eventually came under the protection of Shi Xie, but the two did not get along, so Liu Ba continued westward and eventually made his way into Yizhou, where Liu Zhang recognized his abilities and brought him into his service.
Then Liu Bei appeared on the horizon.
Liu Ba strongly opposed Liu Zhang's decision to receive him and repeatedly warned Liu Zhang against bringing Liu Bei into Yizhou. Liu Zhang ignored him, and Liu Ba responded in the most Liu Ba way possible: he shut his doors and claimed to be ill.
Which, considering how the story eventually ended, was probably the most accurate medical diagnosis available.
Liu Bei took Yizhou anyway.
And now came the awkward part.
The man who had spent years avoiding Liu Bei, supporting Cao Cao, and warning Liu Zhang against him was suddenly sitting inside Liu Bei's newly conquered territory.
Yet Liu Bei did not kill him.
When Liu Bei besieged Chengdu, he issued an order: Anyone who harms Liu Ba shall have three clans exterminated.
In the end, Liu Zhang surrendered, and Liu Bei obtained Liu Ba.]
"Liu Zichu did not have an easy time in Yizhou."
Jian Yong smiled, though there was a hint of sympathy in his eyes. "I once drank with him there. His words were full of bitterness."
"He told me he wanted to follow the mandate of heaven and the people, but he could not return to Cao Cao, and he felt he had no face to see you, my lord."
"Shi Xie was discourteous. Liu Zhang was weak. He could only waste his years in frustration."
Jian Yong glanced again at the Lightscreen and shook his head with a chuckle. "And in the end, he still came to serve our lord. All those years, spent wandering in vain."
The others could not help but sigh as well.
After wandering in a great circle, he had returned to the starting point. Had he joined earlier, he would surely have achieved merit long ago.
[Lightscreen]
[The moment Liu Ba took office, he was faced with an utterly empty treasury.
Confronted with this situation, Liu Ba issued the policy of the Zhi Bai Qian, the Direct Hundred Coin.
Simply cast coins worth a hundred, equalize the prices of goods, and appoint officials to manage the public markets.
In ancient times, limited by their understanding, there was not much discussion about Liu Ba's methods.
But in the modern era, a debate has raged over whether the Zhi Bai Qian was a super-advanced, beneficial policy or a predatory one that exploited the common people.]
Liu Bei immediately recalled that when those later descendants had spoken at his shrine, their words about the Yiling campaign had carried a hint of reproach.
Could this truly have been a harmful policy?
Almost instinctively, Liu Bei's gaze shifted toward Mi Zhu. When it came to wealth and commerce, Zizhong was undoubtedly the most knowledgeable present.
Mi Zhu could only brace himself and speak. "My lord, although Dong Zhuo once minted small, debased coins, that was an act of competing with the people for profit."
"This Direct Hundred Coin, however, includes official markets. That suggests it may be workable..."
Liu Bei could hear the uncertainty in his voice, and could only offer a reassuring smile before turning back to the Lightscreen.
[Lightscreen]
[One school of thought simply treats Han currency as a precious metal currency.
This argument often uses Horseshoe Gold as evidence, suggesting the Han was on a gold standard.
They argue that if you have a coin that is not pure copper yet label it with a hundredfold value, you are looting the people and disrupting the market!
This is often accompanied by the classic Gresham's Law: Bad money drives out good.
But frankly, the gold standard was established because 200 years ago, the Empire on which the sun never sets monopolized global gold production.
Its maintenance relied on that empire's invincible fleet and world-leading factories.
None of these existed in ancient China. Scholarly understanding now refers to pre-Ming China as having a silver-copper bimetallic standard.]
Mi Zhu watched with intense focus, even mentally simulating certain scenarios, and felt deep admiration.
The Lightscreen's explanations were remarkably concise. One only needed to compare them with practical experience in trade to grasp their meaning.
So when Liu Bei glanced at him again, Mi Zhu spoke first.
"Bad money is like a worn-out Five-Baht coin from the start of the dynasty still circulating in the market. Good money is like the newly minted Five-Baht coins from last year. Their wear and weight differ, but they buy the same amount of goods."
Liu Bei nodded in understanding. "In that case, the people would hoard the new coins and spend the old ones, and the marketplace would be filled with inferior currency."
"As for this concept of standard..." Mi Zhu hesitated. "I will need to study it further."
"But this Empire on which the sun never sets, what massive arrogance!" Zhang Fei grumbled, his usual defiance flaring up.
Zhuge Liang, however, remained composed.
"We cannot imagine the power of the world 1,800 years from now. Likewise, we cannot imagine an empire 1,600 years hence."
"If it relies upon an invincible navy, and later generations speak also of aircraft carriers, then ships that traverse the seas must be of utmost importance."
The others exchanged glances.
But what good is knowing this? These are matters to consider only after defeating the Cao thief.
[Lightscreen]
[Before the Ming, there were only three primary standards of currency: grain, cloth, and copper. Shu Han likely also included Shu brocade, that is, silk.
Liu Ba's policy was not without precedent. Under Liu Bang there were elm-seed coins, under Liu Che there were red-edged Five Zhu and the three grades of white gold.
Under Wang Mang there were Daquan Fifty, Qi Dao Five Hundred, and gold-inlaid knives. From the perspective of precious metal currency, these were all token currencies.
Applying Gresham's Law to judge Shu policy is using a modern blade to judge ancient officials, because it ignores two conditions:
First, there must be sufficient currency in circulation. Second, both good and bad money must be legal tender.
After the deaths of Shu Han's Four Ministers, even worse-quality Direct Hundred Coins were minted. These inferior coins drove Liu Bei's earlier Direct Hundred Coins out of circulation. That is the true demonstration of Gresham's Law.
The most important part of Liu Ba's policy lies in the latter half: Shu Han's Direct Hundred Coins were backed by official markets.
Through these markets, the coins were directly linked to state-controlled salt and iron, thereby ensuring their value.
Thus, judged pragmatically, the Direct Hundred Coin was neither a good policy nor a bad one.
If evaluated by its results: this economic policy did not lead to widespread suffering or public resentment. Instead, under the Prime Minister's administration, fields were opened, granaries were filled, tools were sharp, and reserves abundant.
This was the most suitable economic policy crafted by the economic genius Liu Ba for a copper-deficient Shu Han.]
Liu Bei let out a long breath of relief.
He had not understood much of the theory, but he understood the conclusion.
As long as it was not a harmful policy, that was enough.
Then he praised sincerely, "Zichu's talent bridges past and present. Even later generations commend him. Truly a great talent."
Zhuge Liang gently waved his feather fan.
It was he who had recommended Liu Ba to Liu Bei. Though Liu Ba had not yet been fully utilized, hearing him praised by the Lightscreen still brought him deep satisfaction.
Mi Zhu, however, stood there in a daze.
Then suddenly he rose and stood behind Ma Liang, staring intently at the copied text.
He read it again and again, going over every line, even reading aloud at times. Sometimes he laughed, sometimes he shook his head, until at last he sighed deeply.
"So this... is what money truly is."
[Lightscreen]
[With Shu Han's official markets guaranteeing its value, the Direct Hundred Coin circulated across the Three Kingdoms, even sparking a small-scale currency war.]