Episode 24 06. I became Banco’s assistant #3(6)
Carter agreed to the word that he was a young father.
At the same time, I thought about what Rockefeller had suggested.
‘It’s something I can’t do even if I die. I don’t have the guts to do that.’
It was the same this time, but unless someone came forward and filled the gun in his place, it was just a dream story for him.
After pondering for a while, Carter decided to grant Rockefeller’s request.
After all, baby, if I could make more money than I do now, I’d be satisfied with just that.
“good night. If it succeeds as per your request, I will give you half of the proceeds. instead of that. I have absolutely nothing to do with this. I don’t know anything and I’m just being taken advantage of by you. Don’t ever gossip about it later. Seriously, I am the only one who agrees with you.”
“Thank you, uncle.”
“What are you thankful for? If only I could make money, I would be grateful.”
To carry out his grand plan, Rockefeller continued.
“Mister Carter. In that sense, I will take my first salary with this deed of loan written by the Lord.”
Most of the money taken as a daily wage was silver coins or gold coins for high-income earners.
Because that was the only real ‘Money’.
But when Rockefeller offered to take the lord’s deed in lieu of the money, Carter had no choice but to question it.
“You’re not going to take it in gold coins, but you’re going to take the IOU instead?”
There was another problem here.
“Isn’t the IOU too big for that? That’s a ridiculous amount for a paycheck you’re going to get.”
“It is. So, I’m going to take this shop’s IOU, which was issued as collateral for this lord’s IOU.”
“This store’s IOU?”
“What do you mean?”
Rockefeller once again showed him the loan issued by the lord.
“Come on, look. Since this is a 100-talent deed written by the lord, we use this as collateral to issue about 100 ‘1 Gold’ deeds of borrowing in the name of this store. I will take some of them.”
“Not 1 IOU, but 1 Gold?”
“Yes, usually, when you deposit one talent at our store, we issue a paper IOU called ‘1 IOU’, right?”
“However, if we issue 1 IOU with the Lord’s IOU as collateral, we get confused with the existing IOU, so we issue a completely new IOU in the form of 1 Gold. Instead, the difference is that, unlike the existing ones, this 1 Gold IOU is guaranteed by the IOU issued by the lord, not our store directly.”
Carter’s eyes seemed to understand.
“Oh hey. therefore?”
“We also guarantee the Lord’s IOU, so if people bring this 1 Gold I’ll exchange it for 1 talent. Literally, as long as we guarantee the Lord’s IOU.”
“Then what if we don’t guarantee it?”
“Then we can’t guarantee it. In other words, even if you bring 1 Gold to us, this shop does not exchange it for 1 talent. In that case, people who have a IOU of 1 Gold will have to claim their gold coins on this IOU issued by the Lord, right?”
“I see. If we do not guarantee the IOU that the Lord wrote, the new IOU issued with the IOU will have to be held responsible for the IOU written by the Lord, not us.”
“The important thing is that we have to clearly state this in the IOU of 1 Gold. That way, if something goes wrong later, we can avoid liability.”
“Let me ask you something.”
“Yes, ask anything.”
Carter had a question.
It was not immediately possible to calculate what could actually be achieved by doing such things.
“What are you hoping for while issuing a 1 Gold IOU?”
“Did I tell you before? In order to be held responsible for the IOU that the lord issues without thinking, several people need to have the IOU.”
“The IOUs written by the Lord are large and there are many things that are too inconvenient for ordinary people to transact. We’re here to help. The right to the deed written by the lord is given to everyone in the territory.”
Rockefeller raised his index finger.
“The important thing here is that we eat the interest because we have the Deed of Loan written by the lord, but since the right has already been split and sold to other people, if it becomes a problem later, we can quietly get out of the business. Because what we gave people was not our gold coins, but a paper IOU called 1 Gold.”
“Hoo… … I see But will you be okay? People usually prefer gold or silver coins to their paychecks over IOUs. Because that’s real money.”
“To be honest, it’s a bit embarrassing. but uncle. Since I came up with this idea, I have to take the lead, and then, won’t everyone follow suit like me? If I intentionally avoid the IOU, who would follow me and spend it like money?”
Rockefeller gave him a rather meaningful smile.
“And this is just the beginning.”
From Carter’s point of view, Rockefeller’s idea was so ingenious that he stood for a while and repeated what he had to say.
‘It’s an amazing idea no matter how you think about it. How the hell do you even think like that? Instead of directly transacting the IOUs written by the lord, they circulate them indirectly and shift the responsibility. And then we eat the interest again. What a genius idea.’
To Carter, Rockefeller had never looked so great.
Because the idea of having such an idea in the first place was not ingenious, it was genius.