How digital currency promotes RMB internationalization
Publish: 2021-05-09 00:22:20
1.
the so-called digital currency is the RMB with monetary nature issued by the central bank. The reason to accelerate the promotion of digital RMB is to make the digital RMB form an international financial pattern, improve China's financial efficiency, and bring new development opportunities in the process of development
when it comes to digital currency, you may immediately think of virtual currency such as bitcoin. In fact, there are differences between digital currency and virtual currency. Those virtual currencies are affected by too many factors, and there will be inflation or very large fluctuation of stocks. Now, digital currency has a real purchasing nature, It is the same as paper currency. It only exists in the form of paper, and the other is in the form of numbers. We must not compare it with the wallet in Alipay or WeChat, because every digital currency has its own banknote code, that is, it can trace its source and use.
in addition to the above disadvantages and advantages, there will be no inflation in the process of issuing digital currency. But it's still in the testing stage, so we'd better use paper currency or some apps to pay first
2. The core value of CBDC can be summarized as four points: first, the original purpose is to let the central bank better manage money creation and supply, enhance the effectiveness of monetary policy transmission mechanism and better deal with the business cycle. Second, the construction of payment and clearing infrastructure based on blockchain related technologies can rece costs and increase efficiency. Digital currency can greatly rece the cost of currency issuance, circulation, use and other links, and realize banknote free transactions, which is also in line with the current trend of rapid development of electronic payment. Third, it has given the central bank stronger control over the monetary system, such as KFC, anti money laundering, anti-terrorism financing, and some targeted policies. Before the launch of Libra, the central bank attached importance to CBDC mainly for the above three purposes. But now, the significance of CBDC in promoting the internationalization of RMB has become more important than ever. This is the fourth purpose of the central bank. Judging from the current progress of RMB internationalization, there are indeed many difficulties. One is the US led encirclement and interception, and the other is the turbulence in the stock and exchange markets. In order to break the encirclement led by the United States, realize the normal development of the stock exchange market and the foreign exchange market, and realize the internationalization of RMB, it is really a good way for the central bank to issue digital currency. On the 10th anniversary of RMB internationalization, RMB internationalization has made remarkable achievements. 13 international financial institutions around the world began to pay attention to China's bond market. In the tide of interest rate rection in developed countries, negative interest rate has become a conventional means, and China's bonds are very competitive in the world. As of the second quarter of 2019, 38 countries have signed currency swap agreements with China, with a total amount of 3.67 trillion yuan. The one belt, one road, which one belt, one road to push forward, is continuously creating demand for RMB internationalization, and the export of RMB has become an important means of "one belt and one road" internationalization of RMB. In addition, RMB is one of the most active currencies in the global foreign exchange market, and London has surpassed Hong Kong as the world's largest offshore RMB foreign exchange trading center. With the steady development of China's economy, RMB assets will continue to be favored by all countries in the world< One belt, one road or other friendly country, was also shared by the Central Bank of China when it issued the CBDC. It shared some of the mint rights with br />
CBDC. How to participate? Including the following two cases, let's take Kazakhstan as an example. The first is that Kazakhstan can issue RMB denominated Kazakh government bonds. The issuer is Kazakhstan, but the RMB denominated bonds are sovereign bonds for Kazakhstan, which can also be sold to the Central Bank of China in exchange for CBDC. The second is that Kazakhstan issues treasury bonds denominated in its own currency, which are issued by Kazakhstan and priced in its own currency. This method is the easiest for Kazakhstan, because this is their own national debt, which is sold to the Central Bank of China, which gives it CBDC. The similarities between the two lie in that they both sell treasury bonds to the Central Bank of China, but the issuers of treasury bonds are not the same, and the pricing currencies of treasury bonds are not the same, so the requirements for Kazakhstan are not the same. In theory, these ways can be used as a political tool to influence and regulate the relationship between the Chinese government and Kazakhstan<
4 digital currency will become the biggest magic weapon of RMB internationalization
China is now facing the biggest challenge, in terms of currency, in fact, the internationalization of RMB. The monetary settlement system based on US dollar has brought great problems to the decision-makers outside the US dollar. The best way to rece the status of US dollar is to replace us dollar with a global digital currency to end the dominant advantage of US dollar. The Chinese version of CBDC is likely to become the biggest magic weapon to promote the internationalization of RMB and end the hegemony of US dollar. The opportunity for RMB internationalization lies in the trend of de dollarization. Therefore, we need friendly countries other than US dollars to participate in China's digital currency. Taking the lead in the use of digital currency in block trading and financial settlement to bypass the restrictions on trading in US dollar will certainly realize the development of de dollarization and form a new currency trading system dominated by China and participated by many parties. So how to achieve it? In essence, it is to transfer benefits, so that non dollarized friendly countries can participate in the issuance process of CBDC, and even share the seigniorage of RMB. It is the most effective magic weapon to embody the spirit of democratization and benefit sharing of blockchain and bitcoin in the design of sovereign currency, which is also the most practical way to realize the internationalization of RMB.
CBDC. How to participate? Including the following two cases, let's take Kazakhstan as an example. The first is that Kazakhstan can issue RMB denominated Kazakh government bonds. The issuer is Kazakhstan, but the RMB denominated bonds are sovereign bonds for Kazakhstan, which can also be sold to the Central Bank of China in exchange for CBDC. The second is that Kazakhstan issues treasury bonds denominated in its own currency, which are issued by Kazakhstan and priced in its own currency. This method is the easiest for Kazakhstan, because this is their own national debt, which is sold to the Central Bank of China, which gives it CBDC. The similarities between the two lie in that they both sell treasury bonds to the Central Bank of China, but the issuers of treasury bonds are not the same, and the pricing currencies of treasury bonds are not the same, so the requirements for Kazakhstan are not the same. In theory, these ways can be used as a political tool to influence and regulate the relationship between the Chinese government and Kazakhstan<
4 digital currency will become the biggest magic weapon of RMB internationalization
China is now facing the biggest challenge, in terms of currency, in fact, the internationalization of RMB. The monetary settlement system based on US dollar has brought great problems to the decision-makers outside the US dollar. The best way to rece the status of US dollar is to replace us dollar with a global digital currency to end the dominant advantage of US dollar. The Chinese version of CBDC is likely to become the biggest magic weapon to promote the internationalization of RMB and end the hegemony of US dollar. The opportunity for RMB internationalization lies in the trend of de dollarization. Therefore, we need friendly countries other than US dollars to participate in China's digital currency. Taking the lead in the use of digital currency in block trading and financial settlement to bypass the restrictions on trading in US dollar will certainly realize the development of de dollarization and form a new currency trading system dominated by China and participated by many parties. So how to achieve it? In essence, it is to transfer benefits, so that non dollarized friendly countries can participate in the issuance process of CBDC, and even share the seigniorage of RMB. It is the most effective magic weapon to embody the spirit of democratization and benefit sharing of blockchain and bitcoin in the design of sovereign currency, which is also the most practical way to realize the internationalization of RMB.
3.
China's digital currency is as long as there is a mobile phone, no network, as long as the touch can be paid, and with detailed transaction records, it is very helpful to combat money laundering crime; This currency is mainly aimed at grabbing shares for Alipay, WeChat and POS terminals. It can also pave the way for RMB internationalization. Digital currency is not only safe and endorsed by the state, but the global central bank is pushing digital money. Now the digital currency is still in the testing stage. What time will it be popularized? It will have to wait until the Beijing Winter Olympic Games in February 2022 to fully promote the use
China's central bank's digital currency can be used for daily micro payments. Because it will be more stable with the endorsement of the state, the central bank's digital currency is different from bitcoin and Libra launched by Facebook. I give digital currency legal effect, and indivials can't refuse to accept it. At the same time, it is very convenient to use. It can be paid without binding any bank account. Digital currency will not cause inflation. Now it can be implemented and used in Shenzhen, xiong'an, Cheng, Suzhou and other cities. It also shows that the era of paperless is coming. Digital currency is a new concept with high technology content. In the future, RMB will enter the 3.0 era. Although the current digital currency is more powerful, it is still unable to put an end to money laundering and corruption
4. At present, the RMB has basically been peripheral. In Southeast Asia, RMB has become another "hard currency" next only to us dollar, euro and Japanese yen. In southwest border areas, RMB is known as "small US dollar" and used as a hard currency; In Northwest China, RMB mainly circulates in five Central Asian countries, Russia and Pakistan; In Northeast China, RMB mainly flows to Russia, North Korea and Mongolia; Hong Kong has the largest cross-border circulation of RMB, which can be freely convertible through various channels. In addition, RMB is also widely used in Macao
as for the regionalization and internationalization of RMB, we can graally seek monetary cooperation within the framework of ASEAN 10 + 1 pseudo economic cooperation. We can fix their respective exchange rates and float jointly with foreign countries. When the time is ripe, we can use strong RMB to replace other currencies or take RMB as the dominant currency to create a single currency and realize monetary unification. Secondly, it can expand to ASEAN 10 + 3 on the basis of ASEAN 10 + 1 and unite with Japan and South Korea. At that time, RMB will really grow into an international currency with far-reaching influence, just like the euro to Europe and the US dollar to America
secondly, in terms of monetary function, we should promote the internationalization of RMB in three steps, that is, adhere to the three-step strategy of RMB settlement currency, RMB investment currency and RMB reserve currency. In this process, we should steadily promote the process of RMB capital account convertibility, actively and steadily carry out offshore financial business, and graally implement the target area management of exchange rate
historically, which country's currency becomes a valuation currency in international trade and capital flow will take the initiative in international economic transactions. Take capital export as an example. Among the three capital flow centers in the world, when Britain and the United States were capital exporting countries, they all used their local currency as the valuation currency, while after the 1970s, when Japan was the capital export center, they used US dollar as the valuation currency. result; Japanese enterprises and financial institutions are very passive in dealing with the exchange rate risk in the foreign exchange market. When the yen rose sharply, these enterprises and financial institutions suffered huge losses. This is considered by many people as one of the important reasons for Japan's economic recession for more than a decade
for a large economic country, if the local currency can not comply with the trend of domestic trade growth and become the pricing currency of the open international financial market and trade, then the national currency will not become one of the major international reserve currencies. This means that the domestic currency has not obtained the international currency status which is relative to the total economic volume and the total trade volume. In order to deal with the macro financial risk of exchange rate fluctuations, the government must hold a large number of foreign exchange reserves. In today's international monetary system, US dollar and euro are the main pricing currencies in the international financial market, so US dollar and euro have become the main reserve currencies in the world. Correspondingly, the foreign exchange reserves of the United States and the European Union are very small. By the end of June 2007, the value of foreign exchange reserves of the United States was only US $41.5 billion, and that of the European Central Bank was only 41.4 billion euros. In contrast, in Asia, although Japan and China are among the top countries in the world in terms of economic aggregate, neither the Japanese yen nor the RMB has gained the status of an important pricing currency in the international financial market. As a result, China and Japan have the largest foreign exchange reserves in the world
with the development of China's economy, it should be our long-term goal to take corresponding strategies to graally integrate RMB into the international reserve currency system, break the current reserve currency pattern of the western world dominated by US dollar and euro, and promote the construction of multipolar reserve currency system. In this process, China should adopt a consistent graal strategy to promote the internationalization of RMB through the regionalization of RMB. At the same time, we should develop an open international asset market valued in RMB and provide more choices of RMB financial assets for foreign investors. Only after such a stage can RMB really gain the status of reserve currency, and we can get rid of the trouble of worrying about the amount of foreign exchange reserves.
as for the regionalization and internationalization of RMB, we can graally seek monetary cooperation within the framework of ASEAN 10 + 1 pseudo economic cooperation. We can fix their respective exchange rates and float jointly with foreign countries. When the time is ripe, we can use strong RMB to replace other currencies or take RMB as the dominant currency to create a single currency and realize monetary unification. Secondly, it can expand to ASEAN 10 + 3 on the basis of ASEAN 10 + 1 and unite with Japan and South Korea. At that time, RMB will really grow into an international currency with far-reaching influence, just like the euro to Europe and the US dollar to America
secondly, in terms of monetary function, we should promote the internationalization of RMB in three steps, that is, adhere to the three-step strategy of RMB settlement currency, RMB investment currency and RMB reserve currency. In this process, we should steadily promote the process of RMB capital account convertibility, actively and steadily carry out offshore financial business, and graally implement the target area management of exchange rate
historically, which country's currency becomes a valuation currency in international trade and capital flow will take the initiative in international economic transactions. Take capital export as an example. Among the three capital flow centers in the world, when Britain and the United States were capital exporting countries, they all used their local currency as the valuation currency, while after the 1970s, when Japan was the capital export center, they used US dollar as the valuation currency. result; Japanese enterprises and financial institutions are very passive in dealing with the exchange rate risk in the foreign exchange market. When the yen rose sharply, these enterprises and financial institutions suffered huge losses. This is considered by many people as one of the important reasons for Japan's economic recession for more than a decade
for a large economic country, if the local currency can not comply with the trend of domestic trade growth and become the pricing currency of the open international financial market and trade, then the national currency will not become one of the major international reserve currencies. This means that the domestic currency has not obtained the international currency status which is relative to the total economic volume and the total trade volume. In order to deal with the macro financial risk of exchange rate fluctuations, the government must hold a large number of foreign exchange reserves. In today's international monetary system, US dollar and euro are the main pricing currencies in the international financial market, so US dollar and euro have become the main reserve currencies in the world. Correspondingly, the foreign exchange reserves of the United States and the European Union are very small. By the end of June 2007, the value of foreign exchange reserves of the United States was only US $41.5 billion, and that of the European Central Bank was only 41.4 billion euros. In contrast, in Asia, although Japan and China are among the top countries in the world in terms of economic aggregate, neither the Japanese yen nor the RMB has gained the status of an important pricing currency in the international financial market. As a result, China and Japan have the largest foreign exchange reserves in the world
with the development of China's economy, it should be our long-term goal to take corresponding strategies to graally integrate RMB into the international reserve currency system, break the current reserve currency pattern of the western world dominated by US dollar and euro, and promote the construction of multipolar reserve currency system. In this process, China should adopt a consistent graal strategy to promote the internationalization of RMB through the regionalization of RMB. At the same time, we should develop an open international asset market valued in RMB and provide more choices of RMB financial assets for foreign investors. Only after such a stage can RMB really gain the status of reserve currency, and we can get rid of the trouble of worrying about the amount of foreign exchange reserves.
5.
I think there are several reasons for the country to accelerate the promotion of digital currency:
first, digital currency is an important part of national security{ RRRRR}
although we have not yet seen the true face of digital currency, I believe that China's digital currency will shine in the world
6. Rece the exchange rate risk and promote the development of China's international trade and investment. With the rapid development of foreign trade, foreign trade enterprises hold a large number of foreign currency claims and debts. Due to the large currency exposure risk, the fluctuation of exchange rate will have a certain impact on the operation of enterprises. After the internationalization of RMB, foreign trade and investment can be priced and settled in domestic currency, and the exchange rate risk faced by enterprises will also be reced, which can further promote the development of China's foreign trade and investment. At the same time, it will also promote the development of RMB denominated bonds and other financial markets.
7. 1. Accelerate the implementation of the "going out" strategy. There are many problems in the process of "going out", such as small investment scale, uneven benefits and weak risk management. Therefore, it is particularly important to improve policies and measures and increase support. For example, financial institutions can provide all-round and diversified financial services for "going out" enterprises, such as financing and settlement convenience, centralized and unified management of domestic and foreign funds, rection of operating costs, avoidance of investment risks and financial value-added services“ The rapid development of "going out" enterprises will create a more favorable environment for promoting the internationalization of RMB
2. Sign currency swap agreements. Currency swap is not a step of currency internationalization in a strict sense, but a financial arrangement serving the bilateral real economy. Its purpose is to promote the development of bilateral trade, avoid financial risks, and rece financing costs and export costs. The positive significance of this move is as follows: firstly, the signing of the agreement shows that China's trading partners recognize the status and stability of the RMB, which improves the international status of the RMB to a certain extent. Secondly, its role has gone beyond the scope of bilateral trade, and RMB has begun to become the settlement currency and even reserve currency recognized by all parties
3. Carry out RMB international trade settlement. Under the current condition that RMB capital account is not freely convertible, how can we not only open RMB capital account in a hurry, but also seize the opportunity to promote the process of RMB internationalization? One feasible way is to make full use of the favorable conditions of China as a major international trading country, bypass the US dollar in international trade and promote RMB trade settlement. The settlement of goods trade with relevant trading partners in RMB indicates that RMB has begun to play the role of regional settlement currency, which may be an important step towards the regionalization, internationalization and free exchange of RMB
4. Issue RMB bonds. Issuing RMB bonds has at least three advantages for China: first, recing the growth rate of foreign exchange reserves; Second, the United States should bear part of the losses caused by the depreciation of the US dollar; Third, it will help China to promote the internationalization of RMB without significantly liberalizing capital account control. This will expand the scope of the use of RMB, improve the efficiency of the use of RMB funds, and then enhance the international status of RMB
5. Play the role of an international financial center. Make full use of the role of Hong Kong as an international financial center. In the process of internationalization, RMB needs to establish its function of serving international trade and investment. These functions can be tested in Hong Kong to lay a foundation for further comprehensive promotion and rece risks. Hong Kong International Financial Center is an important channel to promote the internationalization of RMB and the best "experimental place" for RMB to move towards regionalization and internationalization. China can consider adopting the "double track" reform mode to promote the internationalization of RMB. In the process of financial reform in the past few decades, the mainland has repeatedly adopted the "al track" reform mode. This model can be used in the process of RMB internationalization. One is in the mainland, opening the capital account according to the macro situation and its own pace; The first track is in Hong Kong, with a fast but controllable pace to realize the non resident convertibility of RMB. In line with the process of RMB internationalization, it can be divided into two steps. The first step is to encourage Hong Kong and foreign enterprises to use Hong Kong's banking system for RMB trade financing and settlement. The mainland releases water into the reservoir of Hong Kong. Through our international banking network, it provides RMB trade settlement, financing and other services, pushing RMB to Asia and even the world.
2. Sign currency swap agreements. Currency swap is not a step of currency internationalization in a strict sense, but a financial arrangement serving the bilateral real economy. Its purpose is to promote the development of bilateral trade, avoid financial risks, and rece financing costs and export costs. The positive significance of this move is as follows: firstly, the signing of the agreement shows that China's trading partners recognize the status and stability of the RMB, which improves the international status of the RMB to a certain extent. Secondly, its role has gone beyond the scope of bilateral trade, and RMB has begun to become the settlement currency and even reserve currency recognized by all parties
3. Carry out RMB international trade settlement. Under the current condition that RMB capital account is not freely convertible, how can we not only open RMB capital account in a hurry, but also seize the opportunity to promote the process of RMB internationalization? One feasible way is to make full use of the favorable conditions of China as a major international trading country, bypass the US dollar in international trade and promote RMB trade settlement. The settlement of goods trade with relevant trading partners in RMB indicates that RMB has begun to play the role of regional settlement currency, which may be an important step towards the regionalization, internationalization and free exchange of RMB
4. Issue RMB bonds. Issuing RMB bonds has at least three advantages for China: first, recing the growth rate of foreign exchange reserves; Second, the United States should bear part of the losses caused by the depreciation of the US dollar; Third, it will help China to promote the internationalization of RMB without significantly liberalizing capital account control. This will expand the scope of the use of RMB, improve the efficiency of the use of RMB funds, and then enhance the international status of RMB
5. Play the role of an international financial center. Make full use of the role of Hong Kong as an international financial center. In the process of internationalization, RMB needs to establish its function of serving international trade and investment. These functions can be tested in Hong Kong to lay a foundation for further comprehensive promotion and rece risks. Hong Kong International Financial Center is an important channel to promote the internationalization of RMB and the best "experimental place" for RMB to move towards regionalization and internationalization. China can consider adopting the "double track" reform mode to promote the internationalization of RMB. In the process of financial reform in the past few decades, the mainland has repeatedly adopted the "al track" reform mode. This model can be used in the process of RMB internationalization. One is in the mainland, opening the capital account according to the macro situation and its own pace; The first track is in Hong Kong, with a fast but controllable pace to realize the non resident convertibility of RMB. In line with the process of RMB internationalization, it can be divided into two steps. The first step is to encourage Hong Kong and foreign enterprises to use Hong Kong's banking system for RMB trade financing and settlement. The mainland releases water into the reservoir of Hong Kong. Through our international banking network, it provides RMB trade settlement, financing and other services, pushing RMB to Asia and even the world.
8. I only have the original version in English. What has just been published is forbidden to be published even after translation. This is the Convention
9. Why did Germany develop so fast after World War II? The reasons are as follows: first, the German nation belongs to the deep forest nomadic people. It is strong by nature and never fears anyone.
Second, although Germany was defeated in World War II, who knows how much it robbed ring World War II and how much its economy retained before World War II. Anyway,
Third, like Japan, Germany did not recover very quickly after World War II, It is still in the division of nations. However, ring this period, Germany strategically courted the rest of the world and gained the initiative. After a few years of storage, it used the technology, instry and old capital that had been preserved and made a lot of money through capitalism
Fourth, Germany is located in the center of Western Europe, which is a key commercial road and concive to the development of Commerce. It can be traded all around and has a large throughput.
fifth, Germany's old instry can make a lot of money, and its heavy instry is also very developed, specializing in processing exports.
sixth, after joining the European Union, Germany's political status has also been improved< Why didn't the World War I treaty bind Germany? The reasons are as follows: indemnity problem: indemnity is calculated by German kinmark, but since 1920, the Deutschmark has been devalued wildly. Even if the indemnity is paid in full, its real value is not much
International Political Balance: it is best for France to want to weaken Germany, or even let Germany fall to the ground. However, the United Kingdom and the United States do not want France in the European continent to be a dominant country and secretly acquiesce in the rise of Germany<
Communist Movement: after World War I, European countries were very afraid of the surging communist movement. Because of the failure of the war, the fall of the German Emperor and the collapse of the economy, the Communist movement was surging in Germany. European countries did not want a communist Germany, so they secretly supported Hitler to come to power, attacked communism, and further curbed the Soviet Union to the East<
basic problems: World War I did not hurt the instrial base of Germany, on the contrary, it stimulated the development of heavy instry. A large number of excellent engineers and technicians were not lost in the war. During the period between the first World War and the Second World War, Britain and France had no obvious advantage over Germany in technology
military issues: after World War I, Germany's military building thought was advanced, its training was strict, and its military tactical guiding ideology far surpassed that of Britain and France<
economic problems: because of the super terrible inflation, the property of the German people was destroyed overnight, and all of them became proletarians, a piece of white paper is easy to draw. The sharp loss of property also stimulated the German people's spirit of hard work. On the other hand, in order to curb the development of communism in Germany and grab huge profits, the international financial oligarchs also gave Hitler a lot of financial support in the early days
on the other hand, if Germany did not experience huge inflation and paid the war reparations in full, then it would be a second rate country like Poland and the Czech Republic, the biggest beneficiary would be France, and the biggest loser would be Britain. Don't forget, before the rise of Germany, Britain and France were feuds. Therefore, the rise of Germany was in line with the highest interests of Britain, the world's largest power at that time, and then the appeasement policy can be understood.
Second, although Germany was defeated in World War II, who knows how much it robbed ring World War II and how much its economy retained before World War II. Anyway,
Third, like Japan, Germany did not recover very quickly after World War II, It is still in the division of nations. However, ring this period, Germany strategically courted the rest of the world and gained the initiative. After a few years of storage, it used the technology, instry and old capital that had been preserved and made a lot of money through capitalism
Fourth, Germany is located in the center of Western Europe, which is a key commercial road and concive to the development of Commerce. It can be traded all around and has a large throughput.
fifth, Germany's old instry can make a lot of money, and its heavy instry is also very developed, specializing in processing exports.
sixth, after joining the European Union, Germany's political status has also been improved< Why didn't the World War I treaty bind Germany? The reasons are as follows: indemnity problem: indemnity is calculated by German kinmark, but since 1920, the Deutschmark has been devalued wildly. Even if the indemnity is paid in full, its real value is not much
International Political Balance: it is best for France to want to weaken Germany, or even let Germany fall to the ground. However, the United Kingdom and the United States do not want France in the European continent to be a dominant country and secretly acquiesce in the rise of Germany<
Communist Movement: after World War I, European countries were very afraid of the surging communist movement. Because of the failure of the war, the fall of the German Emperor and the collapse of the economy, the Communist movement was surging in Germany. European countries did not want a communist Germany, so they secretly supported Hitler to come to power, attacked communism, and further curbed the Soviet Union to the East<
basic problems: World War I did not hurt the instrial base of Germany, on the contrary, it stimulated the development of heavy instry. A large number of excellent engineers and technicians were not lost in the war. During the period between the first World War and the Second World War, Britain and France had no obvious advantage over Germany in technology
military issues: after World War I, Germany's military building thought was advanced, its training was strict, and its military tactical guiding ideology far surpassed that of Britain and France<
economic problems: because of the super terrible inflation, the property of the German people was destroyed overnight, and all of them became proletarians, a piece of white paper is easy to draw. The sharp loss of property also stimulated the German people's spirit of hard work. On the other hand, in order to curb the development of communism in Germany and grab huge profits, the international financial oligarchs also gave Hitler a lot of financial support in the early days
on the other hand, if Germany did not experience huge inflation and paid the war reparations in full, then it would be a second rate country like Poland and the Czech Republic, the biggest beneficiary would be France, and the biggest loser would be Britain. Don't forget, before the rise of Germany, Britain and France were feuds. Therefore, the rise of Germany was in line with the highest interests of Britain, the world's largest power at that time, and then the appeasement policy can be understood.
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