Darkstone Code

Chapter 1479: Chapter 1477: Lynch’s Overwhelming Dominance

When an ordinary Lemar resident walks into the National Bank lobby with their property deed, they can easily apply for a mortgage and receive the funds on the same day, which just shows how tempting this is for people!

Now, most people need money, and the material shortages in society are gradually becoming apparent. This is no longer an era of barter.

It’s not like you can take something you think is valuable and exchange it for what you want from someone else.

You need money to make it work!

This is also the inevitable result of social evolution. Fundamentally speaking, using currency to buy goods is essentially a form of barter because we all know that currency itself is a commodity.

This commodity is very special; it transforms purchasing power to a certain extent and directly manifests in the product itself. Therefore, this commodity as a reference has become increasingly important.

The bank is willing to lend, and more and more people are walking into the bank, to the point where the money it can mobilize is getting less and less!

The President of the National Bank cursed and swore at the loan business supervisor from top to bottom. If it weren’t for his decent self-restraint, he might have resorted to physical action.

When people make decisions, their shift in position and attitude can be more determined than others imagine.

Just like a woman.

When she loves you unconditionally, you can insult her while pulling her hair aggressively from behind, yet she thinks as long as you’re happy, she will be happy too.

But when she doesn’t love you, in her eyes, you’re like a maggot. If she could stomp you to death, she wouldn’t mind raising her high heel.

On certain issues, the change in people’s stance and the firmness of their attitudes exceed what people can imagine!

After the last couple of days, the loan business supervisor decided to leave a good impression on the new boss. Facing the President of the National Bank now, he was not panicked at all.

"President, no administrative document informed me that we should stop loan services, so I just followed my job description and did what I should do..."

Of course, there’s no way an administrative document saying, "Because we’re fucking out of money, stop fucking giving out loans randomly" could be released. That’s impossible to do.

Moreover, the President is certain that he had informed this loan business supervisor to stop approving loan services during this period.

His defense unexpectedly calmed the President down. He stared at this subordinate as if meeting him for the first time.

He scrutinized him carefully, his gaze full of discovery, disbelief, and disgust.

He pursed his lips, "I understand, you’re fired. Hand over your work."

The loan business supervisor was also stunned. He didn’t expect the President to so decisively relieve him from his duties. He tried a little, "Dismissing me from my position requires a meeting discussion. You don’t have the authority to do this."

The President sneered, "Then from now on, you’re on vacation. When you return to work, wait for my notice. Any problems now?"

In personnel management, including work and vacation arrangements, the President has significant authority. His order posed no difficulty at all.

The loan business supervisor pursed his lips, looking at him for a few seconds, and then complied with this decision.

"If this is what you wish, then I’ll take a rest..."

Before he could finish, the President pointed at the door with a relatively calm yet slightly trembling voice, "Get out, get out of my room!"

The voice was suppressed with an anger that was about to burst. His right hand pointed at the door, while his left hand clenched into a fist.

The loan business supervisor took a few steps back, then turned and left.

He originally wanted to say a few nice words or something, but after seeing the President’s gaze, he decided to keep his mouth shut.

As soon as he left the office, the President collapsed into his chair as if exhausted, his body suddenly devoid of all strength.

For a while, he struggled to pick up the phone; at that moment, he felt as if he had been hungry for a week, utterly drained of energy.

The other end of the phone was the Grand President. After the call connected, the Grand President had already spoken, but the President didn’t know what to say.

He held the phone, listening to the Grand President’s voice going from slightly impatient to completely impatient, until the call was hung up. His actions remained unchanged throughout.

The busy tone on the phone continued for a while and then lost sound completely, indicating a complete end, the line closed.

He looked at the receiver in his hand, somewhat confusedly placing it back.

What should he do now?

He sat in the chair, asking himself.

He initially wanted the President to issue an announcement, and then the bank would issue another announcement, as there were some newly printed notes in the warehouse that could be of some temporary use.

But quickly, he abandoned this idea.

The invisible enemy had already gripped the bank’s throat. Once a run on deposits started, everyone would be the bank’s enemy!

This was no longer something that printing more New Coin could solve, unless the Grand President could authorize printing hundreds of billions, but clearly, that was not possible.

No matter what idea he came up with at this time, it was futile.

An hour later, the Lemar National Bank suddenly announced that the annual interest rate on savings would be adjusted from 7.79% to 26.9%, more than tripling the original rate!

This news quickly brought a brief calm to the still-chaotic Lemar society.

What does this mean...?

Simply put, if someone deposits a thousand dollars in the bank for a year, they’ll have a total of 1,269 dollars, principal plus interest, after a year.

Last year, the best hedge funds in Bail Federal didn’t exceed an 11% return, and that was just an estimate.

But in the bank, it’s this exact value!

Some people started entering the bank with intentions to deposit their money because if this money wasn’t spent, it would remain the same amount in their hands forever.

But putting it in the bank could yield more.

Others began applying for larger loans; with deposit interest rates adjusted while loan rates weren’t, it made sense to take out a loan and deposit it in the bank — a smart move.

However, it was evident that after the President’s intervention, all loan services were once again halted.

After noon, just after twelve, people from the President’s office found the President of the National Bank, who then spoke with the Grand President.

"The call this morning was from you, right? What happened, and why adjust the bank’s interest rate so high?"

The Grand President’s voice was marked with fatigue; if the Paradise Island resort doesn’t resume construction for a day, the workers won’t let him off for a day.

Since wages were paid daily, these people had had no income for several days, and there was little money left in their pockets.

This feeling of almost falling into a situation where there’s no money to use at any time made everyone resentful. They could only cause trouble for the President because it was all due to him.

Now a bigger problem arose.

The National Bank raising the rate was one thing, but what about those private banks?

After the National Bank’s interest rate reached a frightening level, depositors at private banks would withdraw their money and deposit it in the National Bank.

Unless private banks also raise their interest rates alongside the National Bank, the gap can’t be too wide; a few decimal points might be acceptable.

Otherwise, private banks will soon face a run on their deposits as well.

To put it bluntly, private banks are in compliance, operating under officially sanctioned capital raising practices, but the money of these depositors isn’t honestly sitting in the bank’s vaults.

This money is also taken out by the operators of private banks to develop real industry or for financing financial products, and sometimes it’s not even kept domestically!

They lack the ability to withstand risks. More troubling is that those standing behind these private banks are often the peak of Lemar’s wealth or power.

Their dissatisfaction gave the Grand President a severe headache. Now, these banks can only first stabilize their depositors, requiring the Grand President or the National Bank to explain the situation. The best way is to announce externally that the interest adjustment was wrong, and revert to the original rate.

Otherwise, their only choice is to match the National Bank’s interest rates, which they cannot sustain.

They haven’t achieved such high net returns on the utilization and profitability of depositor funds; they absolutely cannot afford such high deposit returns!

So, the Grand President demanded accountability.

The President had a lot to say, but he didn’t know how to start, just holding the receiver dumbly, standing there.

About three to five minutes later, a sigh opened his mouth.

"We’ve been fooled, Mr. President, Lynch and the Federation’s trap."

"Raising the interest rate is the only self-saving measure we can take now. Once the Federation begins to destroy the National Bank, by that time, not only I but even you will be affected!"

The Grand President was utterly puzzled, his mind filled with the shrill cries of seagulls, "I don’t understand!" meaning he wanted the President to clarify.

And the President, naturally, understood clearly.

"The loan we gave to Lynch was in the New Coin, which from our perspective is like counterfeit money..."

The Grand President suddenly interrupted him, "How can it be counterfeit money? Wasn’t this money printed by the mint?"

The President’s voice rose, "But there’s no document proving its existence, Mr. President. Do you understand what I mean?"

"There are no documents that support its existence within our understanding, what else could it be but counterfeit?"

"Even if we supplement some paperwork now, it’s too late. If I’m not mistaken, the Federation should also be preparing to crush our economy, finance, and currency."

"I’m so foolish, I actually forgot how they dealt with Nagariel..."

"Mr. President, we are finished!"

```

Visit and read more novel to help us update chapter quickly. Thank you so much!