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Chapter 874: Chapter 759: Capital Awakening (Subscribe Please!)
Before this.
Myanmar Kyat’s foreign exchange reserves were originally low, and the currency itself was not valuable, making it extremely difficult to transfer assets. Moreover, the economy was backward; everyone was not exactly destitute, but their wealth was akin to that of a rural landlord.
They were worldly, yet the times were outdated, incapable of dazzling innovations.
The appearance of Ling, the introduction of the Asia Dollar, and the landing of a 160 billion RMB loan, coupled with the production operations during this period, opened up a new world for them.
It turns out, I could be this wealthy.
It turns out, the outside world is so wonderful.
It turns out, there are such ways to acquire assets.
It turns out, printing money is such an intriguing affair.
It turns out, asset transfer isn’t solely dependent on the Myanmar Central Bank anymore.
...
Many, many more.
Now, the major interest groups in Myanmar seemed as if they had suddenly awakened.
This too is the awakening of capital. 𝓃𝓸𝓋𝓅𝓊𝒷.𝓬𝓸𝓂
The world of capital.
Once the guts to make money are set loose, they can never be withdrawn again, especially for these interest groups; unlike individuals who have limited courage and capabilities, the courage of these groups can grow large enough to cover the heavens.
Actually, they felt a bit nervous when submitting the budget report.
But then they thought about the currency issuance by the Myanmar Central Bank during this period, which was already mixed with plenty of "private goods"; they issued at least 100 billion more in Myanmar Kyat than originally planned.
Their nervousness significantly decreased.
You must understand.
As long as a country’s government controls its central bank,
Even by printing money,
That government can keep going indefinitely.
Therefore.
This "free ride on printing money" these "private goods" were exactly what made the Myanmar government feel great and happy over this period, and the backing of the Asia Dollar practically swallowed this portion of "growing pains."
Since there was a first time.
Why not use such methods a few more times? After all, everyone is acting for the good of the country, improving people’s livelihoods, developing the economy. Obviously, the more investment, the better, and it’s all clearly stated in the report.
It’s all "necessary" investment.
In the conference room.
Everyone else was in high spirits.
Only two people had no expression on their faces.
One was Ling.
The other was Kan Qin.
He felt that Lang Cai was gambling now, betting against Ling, and Lang Cai, who believed himself to have the upper hand, thought he could win stably. However, Ling seemed to be as calm as if he were just sitting and fishing, unperturbed, as if it had nothing to do with him at all.
Looking around.
Kan Qin felt that this ship,
The helm might no longer be in the hands of the person who should be occupying that vacant seat, because the crew members seemed to have developed an interest in throwing a party, ready to squander some wine on board, as another ship nearby was selling "wine" in large quantities.
Shortly.
Lang Cai arrived three minutes before the scheduled meeting time.
Observing that Lang Cai’s complexion was not good.
The people below immediately clammed up, as Lang Cai’s health had been poor during this period. They did not know if it was due to physical reasons or because of the report they had submitted.
As soon as he sat down.
The secretary announced that everyone was present.
Lang Cai then said, "Let the meeting begin."
After a pause.
Lang Cai, with a grim face, said, "I have reviewed the annual budget report you submitted. I really want to ask, has Myanmar become so wealthy already? Are we to begin a new round of investment even before the first batch of investments has fully landed?
Don’t you know our financial situation? Ah, the total amount you submitted has already exceeded last year’s fiscal revenue by tenfold. Even if we subtract the Huaxia loan portion, it’s still five times as much.
What are you trying to do? Where am I supposed to find so much money for you? Are we to start up the printing presses again? Tell me, how can I agree to this? If this continues, do we even care about maintaining the value of the Myanmar Kyat anymore?"
The massive amount of printing money during this period caused the international exchange rate of the Myanmar Kyat to plunge dramatically, which provoked extreme dissatisfaction amongst several Kyat-holding states. The pressure on Lang Cai was immense.
Fortunately, he stabilized those few countries, promising to settle imports and exports at the original prices, of course, such promises could only be made privately, not publicly.
Because holding a particular currency signifies bearing its depreciation risks, no country dares promise that holding their money will maintain its value forever. However, to preserve a few allies of the Myanmar Kyat, Lang Cai didn’t mind these minor issues.
As soon as Lang Cai finished speaking.
The word "expected" arose in everyone’s minds.
About that.
They had certainly prepared in advance.
President Lang Cai knew the probability of passing the budget was fifty-fifty; without a backup plan, they wouldn’t deserve to sit here.
President Lang Cai had just finished speaking.
The person in charge of infrastructure then spoke up.
"President Lang Cai, there was no other choice. Only by actually building it could we realize how far behind our infrastructure development was. Many projects, once explored in detail, faced significant cost overruns.
Also, during the process, we identified many deficiencies in our plans. We thought of completing the constructions in one go, and the new planning suggestion report from the ’Myanmar Economic Development Committee’ mentioned building an economic zone at the county level."
"We thought we could start with the transportation portion, beginning the construction of rural roads so that farmers and rural areas could more directly experience the changes and benefits brought by this policy."
So much was said.
He then passed the ball to Ling.
President Lang Cai rolled his eyes.
This guy was essentially talking nonsense, merely trying to pass the buck.
He looked towards Ling.
Ling remained expressionless.
"The planning for the economic zone at the county level is a plan that can only be economically feasible in another three years. Currently, our financial situation cannot support it, as mentioned in the suggestion report. However, starting the construction of the transportation part earlier can also be beneficial."
Great.
He said nothing decisive again, giving an ambiguous response.
President Lang Cai felt that he shouldn’t have let Ling speak. Every time someone tried to shift blame onto Ling, it seemed to have never succeeded so far.
Straight after.
The departmental grievance conference began.
Is education important?
Important.
Is medical care important?
Important.
Is transportation important?
Important.
...
The departments did everything they could, presenting facts, making logical arguments, listing data, and some even began telling sad stories, crying and sobbing. President Lang Cai was overwhelmed; he obviously knew what these people wanted.
But.
Could he agree to it?
He had been very firm before, but now he wasn’t so sure anymore.
Everyone had valid points.
To oppose them was unreasonable.
What to do?
President Lang Cai felt powerless.
In the face of these people, no matter how authoritative he was, he couldn’t simply eliminate all his subordinates. Even ancient emperors didn’t dare to kill or dismiss all the scholars and warriors of the court, as they represented familial and regional powers.
Without them.
An emperor would be nothing.
He wasn’t an emperor anyway, just a president with somewhat greater influence.
Confronted with ’officials offering advice’.
President Lang Cai was outnumbered and, if he refused sternly, he couldn’t foresee the consequences, as these people essentially represented Myanmar’s ruling class.
"Everyone, if we start the currency printer again, the devaluation of the Myanmar Kyat will continue for a longer period, which would severely affect the economic operations in society—Inflation, skyrocketing asset prices, shrinking public deposits; these are all very serious issues." Kan Qin finally stood up.
President Lang Cai looked at the composed Kundun.
Then at Kan Qin.
He sighed.
Pleased with Kan Qin’s attitude, yet frustrated with Kundun’s calmness.
Clearly, Kundun represented the interest groups.
"Vice President Kan Qin is a bit overcautious. Inflation already exists, and the rise in asset prices is due to inflation. But people’s incomes have increased. Facts have shown that Myanmar’s economy has not encountered any problems till now. The operations of enterprises have not been greatly affected, and the public has not strongly opposed this stimulus policy. Everything is moving in a good direction," a Vice President spoke up.
Kan Qin became agitated; only a fool could say such foolish things, and he blurted out, "That’s only because the Asia Dollar is backing them up, giving them an alternative currency safety net."
Upon these words.
The conference room fell silent.
Kan Qin’s straightforward words.
Hit their Achilles’ heel.
Others then turned their gazes towards the quiet Ling. It wasn’t that such words shouldn’t be said, but now that they had been, Ling, as a participant in this incident, could no longer remain a bystander.
