Yuan

When I read through the material (during the meeting), it appeared seminal how the Yuan Empire respond to the ever increasing financial deficit.

Well, in short, there were two parties:

One group, generally believed to be led by Xu Heng (許衡) advocated a drastic cut in government expenditure and the number of Mongolians eligible for pension.

The other was represented by Ahmad Fanakati, the Muslim financial minister of Kublai Khan (忽必烈). The idea is simple: The government should monopolize those profitable business (for example, the trading of salt), and the treasury should print more paper money.

It all sounds familiar, eh?

There is nothing new under the sun. It has all been done before.

PS. Did you ask which party win?

Jove, do you think it is easier to cut down your own expenditure, or to induce inflation so that what you own the creditor becomes worthless?