The Economics of Prophecy

that the information is a product of the new city. What time, how much, and how much is the last object of the information? It is the futures market that generates it. I wait for the explanation to penetrate the venue.

Almost simultaneously a number of hands went up. Q&A time.

"I call it a public deal. I don't think anyone's free to buy or sell wheat, except for the bondage of the guild."

Jean was the first to open his mouth. I answer.

"Pricing information is not the same as being public and being able to participate in a transaction. You will manage eligibility in the form of membership for each product."

"What happens to non-cereal foods?

D'Argan is listening.

"The products handled will gradually expand. Meat may also be possible in the form of preserveable salting or smoking. Even if it's just wheat, the existence of reference pricing information can be beneficial for other products."

"Buyers are smaller than grain sellers. It's hard to see our benefits yet."

"We believe that not only stability of supply, but also stability of quality will be brought about. An even white campus is easier to paint, isn't it? If there is a flow of information gathered in the futures market, it will also be easier to obtain information such as rare fruits. It is also expected to increase the color of the paint"

I said as I remembered the white mousse that Prla put out at the Shaoxian Festival.

I feel like cocoa was also traded in the original world, but I can't afford it. The Empire seems to have a cocoa, but the details are still unknown.

".................. Oh, that. It's like tea..."

Shelley raised her hand to such things as horror.

"It's a hand job when it comes to preferences. Lend me your wisdom if you can. However, the preference market will expand significantly if the overall size of the business increases."

Assuming the wheat trade goes from 100 to 120, the trade in preferences such as tea can go from 1 to 2. Belmini deals with even more rare green tea.

"Even when it comes to membership, it becomes a deal with a far wider opponent than ever before. What about the collateral on your credit?

Kenwell's chairman opened his mouth as he returned to me.

"The Exchange will keep it in the form of margins"

"Then the funds will be tied. You can't just paste money comparable to the whole deal for insurance."

"The deal will be made by money. For example, if you buy or sell 100 pieces of money, you can offset it. If you trade 100 pieces and 110 pieces, you can only move 10 pieces of money to the other party."

Money trading should be the reason why Dojima US Hall was said to be a modern futures market run.

"What's the actual exchange of things?

Giverney said. He himself is dominated by land transport, but he also has to be passed on to river luck.

"The deal itself doesn't move things in deed buying and selling. It is only when it is handed over to you on the due date that you will be taken out of the warehouse. Still, a large variety of goods will be transported in cities. Therefore, we are currently standardizing the loading boxes."

"You thought about putting him on the boat, and you said to go ahead and standardize the trunk."

Giverny roared. We must be very helpful in the construction and operation of the giant warehouse group.

"I thought it was too lame for individual merchants to do business outside the country. If the system takes care of you that far...... Mm-hmm. So, what are we going to do about working capital for the futures market itself?"

"(i) For each transaction concluded, a fee will be charged for issuing the deed. Instead, we will take on the clearing of earlier money transactions on the Exchange"

I answer one answer at a time. As I said, issuing and buying and selling deeds is an even bigger bomb, but it's not something you talk about at a stage when the futures market isn't ready.

Our understanding will be extended to the faces of older participants who answer the questions. Information, credit, gold. You should be able to imagine it all tied together. Originally, merchants are professionals who deal with things like gold and information intermediate.

It mediates the trade of less liquid objects with highly liquid gold. But if they're not caught in shapely objects, their role is to communicate the information itself. Money only takes the form of credit information.

And if you move the easiest information to move, it accelerates all the movement of money, things and people. That means economic growth.

"I want to hear one thing"

When the fever in the venue began to rise, the voice of a dignified woman rose. The merchants who were bothering shut up at the same time. The head of the kingdom's largest aristocracy, the Grand Duke of Bertoldo Euphilia, opened his mouth.

Euphiria is in a completely different position than we are, a land whose noble foundation cannot be moved and a people who do not want to move.

"I mean, wouldn't food go to the empire if the empire put a higher value on it, even if the people of the kingdom are hungry"

Doubts have arisen about being an exchanger. Naturally...... no, I should say that it is reliable to have this sense of crisis in a kingdom that has continued to grow abundantly in recent years.

"I won't deny it. However, there are objections"

"Let's hear it."

Euphilia's eyes are not laughing. Craig, who stood on eagle fry until just now on the side, is also adding sharpness to his gaze at me. The vibrancy of earlier vanishes from the venue, and tension dominates the venue.

Foreign body sitting on a commercial guild. The next king and the greatest aristocrat with the highest power of the kingdom. I take the word from the king and the prime minister that I will run the new city, but these two have as much power as they can override.

"First and foremost, information accompanied by fast and guaranteed by futures markets reduces the incidence of hunger itself. I will give you materials organized by Meer on this later. If you look at the record of past hunger, you can see that the damage has increased as a result of the panic of inaction stopping transportation and trading, even if there is enough food."

Even the large-scale famine that took place on the planet, the situation that food did not exist throughout the country, was auspicious. It happens to say that there is not enough food in one region and not enough in another. If, for example, you fail, everyone squeezes information as well as objects.

Simply put, suspicious ghost. As a result, as long as the information is available, the transactions that are concluded will be cut off everywhere and it will be chained. In financial terms, it's a systemic risque, but it can also happen in food.

From an aristocratic standpoint, it is not only a year of inaction, but also a major blow from which tax revenues are reduced over the long term.

"The futures market will release food shortage information before anyone else. It is the current market that sells at this price. Or at this price, you can get it. It helps to remove the biggest cause of hunger: suspension of trade."

"What if, on the contrary, you abuse it and run to buy up or something?

"The advantage of having a public trading aspect is. Anyone who tries to make such a deal in a national crisis will be exposed to the public. Records of transactions are essential in the case of public transactions."

It makes it difficult for merchants to tie price cartels together in a Chamber of Secrets. Of course, I can't prevent everything.

"On the contrary, what are the chances that abundant crops will stop you from teething at the price drop?

"It will be easier for new demand to be pioneered if the price is communicated to be lower. It will also be easier to take measures such as increasing stockpiles. Your Eminence the Grand Duke of Bertoldo's concern is that by finally having information, we can spread the confusion."

Euphilia nodded at my words.

"It can be. So we make the situation controllable by narrowing the source of the information down to one point: the new city. The location at the point of contact between the kingdom and the empire helps."

Policy experiments in isolated special zones. Same as Bertoldo's workshop.

"I also said they are away from the noisy Wang capital..."

"That's a joke...... It's not. In order to fulfil the functions just described, the involvement of the State in the futures market needs to be based on rules. If the state power distorts the information, it will undermine the functions I have just said. Conversely, measures such as the suspension of the market are acceptable once the procedure is based on the rules"

The education level of the people is different from that of the Earth. Even to the extent of my previous life living in a well-educated modern day, financial panic happened.

"As a matter of fact, the policy instruments of the exchangers also pass on quickly. On the contrary, if the state announces that it will release stockpiles, it will be able to sedate price hikes through the futures market."

I'll add. When Euphiria took the feather fan in her hand, she concealed her mouth and thought.

"... I'm not saying that the information that the futures market creates is neutral in itself. If you use it in every position, it fits right where it fits."

"Yes, we think we're closer to that than we are now."

Euphiria's high understanding spreads relief on the merchants' faces. But......

"It was quite an interesting story"

Tension runs again with further big man remarks.

"You're a boulder Ricardo. Everyone here had a hard time swinging around. If I'd been with Ricardo, I'd have been seated next king sometime."

Craig is a smile that can be described as the usual sumptuous. The venue has a laugh on the royal joke.

"Actually. When I first heard this story, Ricardo thought he might want his country away from the kingdom and from the empire."

Craig continued looking interesting. Hey, the next king won't be treason certified or anything. See, the merchants I was laughing at earlier are freezing their smiles like, "Should I laugh or should I laugh? That's the problem."

"But that's not what I'm talking about right now. I heard merchants rule both kingdoms and empires. Let me know what happens to the state."

Oh, it's broken.