[Voiceover]
"When the campaign for Yi Province first began, Liu Bei's confidence wavered. To win his soldiers' trust, he made a staggering vow:
'If we take Yi Province, I, Liu Bei, shall not touch a single coin from the public treasury.'
Although the conquest proved far less arduous than he had feared, Liu Bei kept his word. When Chengdu fell, he even allowed Liu Zhang to retain all his personal wealth and official seals.
He distributed the entire treasury among his soldiers and took nothing from Liu Jiyu's private coffers. The result? The treasury was left so bare that, as later generations joked, if a mouse moved in, it would have to bring its own lunch."
Pang Tong inhaled sharply.
To fight a war and not only fail to profit, but lose money—this was sheer folly. Worse still, they now had to feed, clothe, and arm an army of thirty thousand men. With the Hanzhong campaign looming within a year, they were starting from nothing?
Liu Bei gave a sheepish smile, while Kongming's calm expression betrayed only the faintest flicker of concern as he studied the screen.
[Voiceover]
"At this critical juncture, Liu Ba stepped onto the stage.
Years before, Liu Biao had sought repeatedly to recruit the man from Lingling, but Liu Ba held an exalted view of himself—he simply ignored every summons.
After Liu Biao's death, Jingzhou fell into chaos. Some followed Liu Cong in surrender to Cao Cao's 'Grand Army'; others followed Liu Bei south to resist.
Liu Ba chose neither path. Instead, he went straight to Cao Cao and introduced himself."
"Liu Zichu has long been famed for his integrity," Liu Bei said warmly, his eyes bright with admiration. "I heard of his name in Jingzhou. His grandfather served as Prefect of Cangwu, his father as Prefect of Jiangxia. My brother Jingsheng often lamented that he knew of Liu Ba's talent but could not employ it. A true regret indeed."
"Then your lordship may rest easy," Pang Tong replied. "The screen shows that Liu Zichu eventually entered your service after all."
[Voiceover]
"Perhaps it was a test—or perhaps Liu Ba's tongue was too sharp.
Cao Cao gave him a mission to prove his worth: to persuade the three commanderies of Changsha, Lingling, and Guiyang to surrender.
Naturally, the task was impossible. Liu Ba drifted south to Jiaozhou, clashed with the local warlord Shi Xie, and finally journeyed through Zangke into Yi Province to serve under Liu Zhang.
Because he repeatedly warned Liu Zhang not to welcome Liu Bei, he soon wore out his welcome and withdrew into isolation.
When Liu Bei besieged Chengdu, he issued an order: 'Whoever harms Liu Ba shall see his entire clan executed.'
When Liu Zhang surrendered, Liu Bei at last obtained the man he had sought."
"Liu Zichu truly endured hardship in Yi Province," Jian Yong said, chuckling softly. "I drank with him often back then. He was full of resentment. He said he wished to follow Heaven's will, yet could not return to Cao Cao and had no face to face our lord. Between Shi Xie's arrogance and Liu Zhang's weakness, he felt his years were wasted."
Jian Yong sighed at the screen. "And yet, in the end, he still served the Lord. What a long road—years spent wandering, only to return to where he belonged."
The assembly sighed with him. To circle the world only to end up where one was meant to be—what a waste, yet what a destiny.
[Voiceover]
"When Liu Ba took office, he was greeted by an empty treasury.
To resolve the crisis, he issued the 'Value-One-Hundred' coin decree:
'We shall cast coins valued at one hundred, stabilize the prices of all goods, and establish state markets for their regulation.'
In ancient times, due to limited understanding of economics, Liu Ba's reform was little discussed. But in modern scholarship, it has sparked intense debate—was it a visionary policy far ahead of its time, or a predatory scheme that exploited the people?"
Liu Bei's heart sank. He remembered the uploader's earlier remark—that some of his later actions during Yiling might "offend" future generations. Could this be one of those actions?
Instinctively, his eyes turned to Mi Zhu. If anyone understood wealth and trade, it was Zizhong.
Mi Zhu swallowed and spoke with care. "My lord, when Dong Zhuo issued his small, inscription-less coins, that was outright robbery. But this 'Value-One-Hundred' coin is paired with a state market. That implies a regulated exchange system. It… may be feasible."
Liu Bei caught the uncertainty in Mi Zhu's tone but smiled encouragingly and turned back to the screen.
[Voiceover]
"Some modern scholars describe the Han economy as a precious-metal system—what we would call a Gold Standard.
They point to 'Hoof-Gold' as evidence and claim that if a coin isn't pure copper and yet its value is artificially marked up a hundredfold, that amounts to stealing from the people and wrecking the market.
They love to quote Gresham's Law: 'Bad money drives out good.'
But let's be realistic—the Gold Standard only existed because an empire that 'never saw the sun set' monopolized global gold production two centuries ago, upheld by an invincible navy and unmatched industry.
Our ancestors had no such advantage. Scholars now classify all pre-Ming dynasties as operating under a bimetallic system of silver and copper, which shifted toward a Silver Standard only at the end of the Ming."
[Live Comments]
NoobSlayer99: ['Empire where the sun never sets'—sounds like a final boss.]
PentaKill_Enjoyer: [Liu Ba = first central banker of the Three Kingdoms. Respect.]
GachaLife_4Ever: [Imagine explaining inflation to Zhang Fei: "This coin is worth a hundred coins because I said so."]
AFK_Farmer: [The state market is the key. Without it, the coin's just scrap metal. Liu Ba was 5head.]
X_DarkShadow_X: [Gold Standard in 200 AD? Please. Read a book, touch grass.]
Mi Zhu listened intently, his merchant's mind running through every possible scenario. The logic on the screen was sharp as a blade; he could almost see the flow of currency before his eyes.
"'Bad money,'" he murmured. "It's like an old, worn Five-Zhu coin from the dynasty's start and a fresh one newly minted. They differ in weight and wear, yet both buy the same amount of grain."
Liu Bei nodded. "So the people hide the new coins and spend the old ones. Thus, the markets flood with only the 'bad' currency."
"As for this 'Standard,'" Mi Zhu continued, brow furrowed, "that needs study. But this 'Empire where the sun never sets'—such arrogance!"
Kongming's fan opened with a soft snap. "An empire eighteen centuries in the future lies beyond our imagination," he said serenely. "Just as a nation sixteen hundred years hence lies beyond theirs. If the future speaks of 'aircraft carriers,' then dominion over the seas must be the cornerstone of their power."
The generals exchanged puzzled looks. Mastery of the sea? They would need to defeat Cao Cao on land before even dreaming of that.
[Voiceover]
"Before the Ming, the world recognized only three true standards: grain, cloth, and copper. For Shu-Han, there was a fourth—Shu silk.
Liu Ba was not the first to attempt monetary reform. Liu Bang had his 'Elm-Seed' coins; Emperor Wu his 'Red-Edged Five-Zhu'; even Wang Mang his 'Large Spring Fifty' and 'Gold-Inlaid Knives.' All were 'fiat' currencies—money defined by decree rather than metal.
Using Gresham's Law to judge Shu is like using a modern sword to execute an ancient official—it ignores two key truths:
First, sufficient volume of currency must circulate; second, both 'good' and 'bad' coins must be accepted as legal tender.
In fact, Gresham's Law appeared most clearly after the Four Chancellors of Shu died—when inferior coins flooded the market and drove Liu Ba's issue out.
The genius of Liu Ba's system lay in its second half: the state markets. By tying the coins to state-controlled salt and iron, he secured their value.
To be factual, the 'Value-One-Hundred' coin was neither good nor evil—it was a tool.
And by its results? Under the Prime Minister's governance, the fields were tilled, the granaries filled, the blades sharpened, and the reserves abundant.
It was a policy custom-built by the economic prodigy Liu Ba for a copper-starved state."
Liu Bei released a long breath of relief. He might not have followed every technical detail, but the conclusion was clear enough: it had not been an evil act.
"Zichu's brilliance transcends the ages!" he declared, smiling broadly. "To be honored by the future—what greater testament to a man's genius?"
Kongming allowed himself a satisfied smile. It was he who had first recommended Liu Ba. To see the man's wisdom vindicated by the light-screen filled him with quiet pride.
Mi Zhu, however, sat in stunned silence. Slowly, he rose and moved behind Ma Liang, studying the words transcribed upon the paper. He read them again and again, sometimes laughing softly, sometimes shaking his head in awe. Finally, he exhaled a deep, reverent sigh.
"So… that is the nature of money."
[Voiceover]
"Because these coins were backed by Shu-Han's state markets, they soon circulated across the Three Kingdoms.
And thus began a most fascinating little currency war…"