Chapter 974 - Start the Money Printers (1/2)

The construction of the submarine transmission cable from Ange Island to Malaysia was half complete. Construction had also begun for the cable to Australia. The cable from the New Malaysia Special District to India had also entered the preparation stage of the project.

As Jiang Chen had planned, the global power grid plan was progressing.

Only due to the accidents in Europe did Jiang Chen have to end his trip ahead of schedule. In the list of first countries that joined Celestial Trade’s global power grid, the name South Korea won’t be a part of it.

But it didn’t matter. Jiang Chen couldn’t travel the world for several cables.

When other countries see the benefits of importing electricity from Xin, they will naturally come to negotiate.

At that time, it will no longer be a buyer market, but an absolute seller market.

Promoting the electrification of society, drastically reducing the cost of industrial electricity, improving the energy structure, and reducing the burden of thermal power generation on the environment… These were all visible benefits. Jiang Chen also believed that most countries would not turn a blind eye to this.

After returning to Xin, the first thing Jiang Chen did was convene a Xin Reserve shareholders’ meeting and put forward a resolution that had a profound impact on the country.

Without any precious metals as a guarantee, the Xin Reserve announced that it will issue a total of 14 trillion XND in three batches this February according to the annual GDP data announced by the Xin National Bureau of Statistics. And in the next five years, the Xin Reserve will relax the restrictions on currency issuance to meet the needs of the market.

Does the market really need it?

When Jiang Chen proposed this resolution at the shareholders’ meeting, everyone was rattled.

It was not just printing banknotes, it was simply flooding the market!

Bankers and capitalists of Xin sat in the meeting, most of whom were directly or indirectly supported by Future Group. Of course, many of them also emigrated from other countries in the Commonwealth. After all, in history, this island was once a British colony.

When they heard the resolution proposed by Jiang Chen, someone immediately stood up and raised objections.

“It’s too crazy! The economy of Xin is finally stable. Printing money on such a large scale will undoubtedly cause a large-scale devaluation!”

“This is not printing banknotes, but a bubble!”

“What is the use of printing so many banknotes? I can’t see any benefit except inducing inflation!”

“I don’t have any opinions on printing money, but the figure of 14 trillion is simply whimsical! The total amount of money we are currently issuing is only 13 trillion Xin New Dollars, and the currency circulation is less than 500 billion—”

“Is it crazy?” Standing in the meeting, Jiang Chen looked around at the shareholders. “Ladies and gentlemen, our currency circulation is close to one-third of the total amount of money, which means what? This means we have this strength.”

“Bubble? I want to ask you, how much of our GDP is a bubble? Which of the many businesses of Future Group became a Fortune 500 company through real estate or financial speculation?”

“I want to ask you, how much of the 90% of GDP I contributed is a bubble?”

In a domineering speech, all the shareholders were speechless.

As Jiang Chen said, 90% of the GDP of the country was directly related to the two companies, Future Group and Celestial Trade, and the remaining 10% was basically indirectly related to this man.

After all, four years ago, people on Pannu Islands were still fis.h.i.+ng and farming. Today, more than four years later, they not only built the longest submarine tunnel in the world but even built an elevator to the geosynchronous...o...b..t and established a colony on the distant moon.