Chapter 77: Ye Shi Yun

…

When Ye Shi Yun opened her mouth, Zhao Yu felt a headache coming: "Again?!"

When Zhang Chun and Li Lin first met Zhao Yu, from his perspective, their behavior was more outrageous than the last, simply like they were there to make a comedy.

To be honest, if Zhao Yu hadn't exerted every ounce of effort to posture and accommodate them, the two sides could never have successfully connected.

Sometimes, Zhao Yu couldn't help wondering: if one day the five women found out he was also a transmigrator, would Zhang Chun and Li Lin be so ashamed remembering their ridiculous behavior around him that they'd dig a hole and crawl into it?

Now it was Ye Shi Yun's turn; Zhao Yu had originally thought that someone called a prodigy since childhood would make it slightly easier for him to connect with her.

But unexpectedly, Ye Shi Yun's tone was just as grandiose.

She even brought up Qian Yi.

Zhao Yu didn't know much else, but one thing he was very clear about: with money, you could solve the vast majority of historical problems, including dynastic decline.

Shang Yang's reforms in the Warring States period, Wang Anshi's reforms in the Song dynasty, Zhang Juzheng's reforms in the Great Ming, and the Qing dynasty's land-tax consolidation—all boiled down to one thing: how to better help the state extract money.

Extracting money has been an age-old challenge; countless dynasties have collapsed over it.

And yet, Ye Shi Yun boldly claimed that extracting money was easy?

"These transmigrators, why are they all so self-important?"

"Uh, wait—I'm also a transmigrator…"

Suppressing his annoyance, Zhao Yu assumed his posture, ready to receive Ye Shi Yun's connection attempt:

"Oh? I'd like to hear your good strategy."

He wondered whether Zhang Chun had led this little team astray—Li Lin had followed her in playing mystic tricks, and even Ye Shi Yun, who used to be logical, now spoke in riddles.

Ye Shi Yun spoke with an air of profound mystery: "Your humble servant has three strategies—upper, middle, and lower. Which one, Your Majesty, would you like to hear?"

Zhao Yu endured patiently and replied: "What is the upper strategy?"

Ye Shi Yun bluntly uttered seven characters: "Salt administration financialization reform."

Ye Shi Yun explained; Zhao Yu summarized; the general implementation steps were threefold:

First, upgrade Cai Jing's historical "salt certificate system" into tradable, divisible salt futures contracts, allowing salt merchants to buy and sell salt certificates at the Dongjing Bianliang exchange.

Second, issue five-year "Gold Salt Bonds," promising an annual six percent salt interest.

Third, use the Shaanxi Jiechi salt fields as collateral to presell three million certificates (each certificate redeemable for 300 jin of salt) to wealthy merchants in the Jiangnan region.

The economic principle: asset securitization solves the government's immediate cash flow problem, intertemporal arbitrage attracts capital across regions, and collateralized securities enhance financing credit.

Ye Shi Yun swore confidently: "If Your Majesty adopts this strategy, projected first-year revenue increase: three million guan."

Zhao Yu had expected Ye Shi Yun to propose something absurd, but she spoke with perfect logic.

Moreover, according to Zhao Yu's knowledge, during the Chongning era, salt tax revenue had already reached twenty-four million guan, accounting for fifty percent of state revenue. The Song Huiyao records that in Zhenghe Year Two, salt certificate trading exceeded five million certificates, with Jiangnan salt merchant capital exceeding twenty million guan—indicating Ye Shi Yun's plan was likely feasible.

As for whether Ye Shi Yun's plan would actually work?

Zhao Yu didn't need to worry—he could simply act as a messenger, shift the blame, and present her strategy to his ministers for discussion.

By the way, wasn't this Cai Jing's idea? Let Ye Shi Yun and Cai Jing face off—this would almost certainly succeed.

All he had to do was act as their mouthpiece. So easy!

"Among these women, at last one is sensible."

After hearing Ye Shi Yun's idea, Zhao Yu immediately said: "This strategy is excellent. Shi Yun, draft a detailed memorial and submit it soon—I'll take it to the chancellors for deliberation."

But unexpectedly, Ye Shi Yun pouted and squeaked: "Your humble servant is not skilled at writing memorials—what should I do~?"

The other four women nearby couldn't stand her act; they thought: "This seductress, just arrived and already flirting! She's past her prime, flashing her eyes at a child—doesn't she feel ashamed?!"

Zhao Yu deliberately indulged her: "I'll have Xiao Jiao take you to Pei Sui and pick out several maids skilled in writing—whomever you like, take them; however many you like, take them—how's that?"

Hearing this, Zhang Chun squeaked even louder than Ye Shi Yun: "Your Majesty, I have no maids either~!"

Zhao Yu laughed: "Everyone gets one!"

Hearing Zhao Yu say this, the four women—except Ma Xiao Jiao—felt their suffering had finally ended; they could now live the life transmigrators deserved.

Even if this plan works, it'll take at least a year and a half.

And distant water cannot quench immediate thirst.

So Zhao Yu asked Ye Shi Yun again: "Shi Yun, what is your middle strategy?"

Ye Shi Yun answered: "Religious franchise auction…"

According to Ye Shi Yun's idea, Zhao Yu should issue an edict dividing the nation's twenty-eight thousand temples into three grades and nine ranks, auctioning the appointment rights for abbots of each rank (five-year terms), while also opening public applications for the Purple Robe Master title (five thousand annually, each costing three hundred guan).

The economic logic: religious market regulation creates administrative monopoly rents; rigid religious demand supports the price system; non-tax revenue avoids scholar-official resistance.

Ye Shi Yun declared confidently: "If Your Majesty adopts this strategy, projected annual revenue increase: one million five hundred thousand guan—and it's stable and controllable."

This strategy had historical precedent: in Daguan Year Four, the state sold thirty-four million ordination certificates (each at one hundred thirty guan); during Xuanhe, the black-market price for Purple Robe Master titles reached two thousand guan. The Song Criminal Code stipulated three years' imprisonment for unauthorized ordination of monks and nuns.

As for whether this strategy would work, Zhao Yu still needed to consult his ministers.

Zhao Yu asked Ye Shi Yun again: "And what is your lower strategy?"

Ye Shi Yun said: "The lower strategy is an overseas trade options system."

Ye Shi Yun elaborated: "Establish a Maritime Trade Options Bureau in Guangzhou or Mingzhou, issuing South Sea trade monsoon options (spring and summer seasons); each option priced at two thousand guan, redeemable for cargo space on a two-thousand-liao merchant vessel."

Zhao Yu vaguely remembered that during Xuanhe, Cai Jing had used this tactic.

Then Ye Shi Yun concluded: "If Your Majesty implements all three strategies together, first-year funding can reach six million five hundred thousand guan: prioritize salt reform to absorb Jiangnan capital, then use religious auctions to harvest northern wealth, and finally deploy maritime trade options to redirect capital overseas. What does Your Majesty think?"

Zhao Yu thought all three of Ye Shi Yun's strategies were quite sensible; whether they'd work or not still needed consultation with his ministers, since policies must adapt to circumstances.

But one thing was certain: none of Ye Shi Yun's three strategies offered immediate results. Zhao Yu now needed to take a hard line against the Liao and Western Xia—how could he mobilize troops or boost morale if he didn't pay the soldiers' overdue wages?

So Zhao Yu, in his "greed," asked: "Shi Yun, do you have any strategy that can instantly earn me a few million guan?"

…

(End of Chapter)