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The former Soviet Ruble was once one of the most influential currencies in the world.

Any financial scholar who studies the history of world currencies will inevitably spend a significant amount of energy and time reviewing and learning about the entire "Ruble Scam." As a quantitative economics master's student, Aileen would naturally not miss out on this part.

Compared to so-called prophets, she possessed more than just the results themselves. More importantly, thanks to her diligent attitude in class, Aileen was perhaps the only person in this era who saw through all the behind-the-scenes masterminds.

Due to the sudden collapse of the Soviet Union, without any preparation or market supervision, all former Soviet countries entered a process of financial liberalization and market economy reform almost overnight. The Ruble directly transitioned from its original fixed exchange rate to a dual exchange rate system without any buffer, and the US dollar officially entered the scene.

Subsequently, decided by the Group of Seven leaders headed by the United States, the kind and generous people of the free world would successively provide Russia, Ukraine, and other countries with long-term aid loans ranging from 20 to 30 billion US dollars each year for the next few years—for any field that could stabilize the market finance, except for tangible industrial investment.

As a "testament to friendship" and to better guide the use of these funds, the American economist Jeffrey Sachs proposed a brilliant economic reform plan, the "Five Hundred Days Privatization Program," also known as the "Shock Therapy" in later generations.

According to the beautiful prospects he described to the Yeltsin government and the Russian people, this was an incredibly fair and great decision.

The original state-owned enterprises of the former Soviet Union would be equally divided among everyone. Each former Soviet citizen would receive an additional amount of state-owned assets worth 100,000 to 150,000 Rubles without doing anything—of course, in the form of state-owned enterprise shareholding reforms and securitization.

Stimulated by the windfall, the former Soviet people quickly forgot about the polar bear that had fallen in the snowy night last year, waving the "huge wealth" in their hands, which was documented and denominated in Soviet Rubles, plunging into a national carnival.

At the same time, the capitals that had been observing for a long time swarmed in.

Gringotts, the United States, overseas private institutions… By attracting deposits with high interest rates and bribing officials in various countries with huge sums of money, they massively acquired the Ruble deposits and securitized state-owned enterprises wandering on the land of the former Soviet Union.

Just like what Aileen had once done, they absorbed and plundered the Ruble's market share, while borrowing Rubles from the financial institutions of various former Soviet countries through various means, promising high interest rates that would never be repaid—then, when the time was right, they joined forces to destroy the Ruble's exchange rate, completing the most classic leverage scheme in monetary history.

Of course, this was all in the past, or it could be said that it was the story that should happen in the minds of the Gringotts goblins in the future.

Two months after the "Shock Therapy" was launched, that is, at the end of February after the dissolution of the Soviet Union, the breeze caused by a certain butterfly flapping its wings in this world finally formed a chilling cold storm.

…

London, Diagon Alley, Gringotts Wizarding Bank.

In the deep underground of the venture capital department, the backup archive that had been ordered to be closed by Elder Leos was reopened. Deputy Director Boggart shuttled through the files flying all over the sky, calculating something in his mouth, with a somewhat crazy expression.

As more and more documents were opened by this middle-aged goblin, the expression on his face became more and more terrifying. The exquisite suit buttons had been roughly torn open. After a long time, Boggart finally found the end point of his preset time in the pile of documents like a hill—August 1, 1991. On this day, no large-amount exchange business occurred.

“…Heh, hehe…”

Boggart glanced at the empty archive location, lowered his head and looked at the value calculated in his hand. The entire goblin seemed to have aged dozens of years in an instant, staring blankly at the white paper scattered all over the ground, his eyes instantly losing their brilliance.

As the deputy director of Gringotts Venture Capital Department, mainly responsible for risk accounting and internal audit, even if he does not have the authority to directly view the overall financial statements of Gringotts Wizarding Bank, he can also deduce the current liquid cash range, foreign exchange reserves, and debt ratio held by Gringotts through various values and evaluation coefficients.

Several months have passed. Due to the mortgage agreement with Hogwarts, Gringotts Wizarding Bank's "Galleon cash flow" should have entered a period of monetary tightening, otherwise there would be a serious risk of a broken capital chain.

However, in recent days, the Gringotts Goblin Elder Council is still constantly approving the expansion of capital investment, instead of using the Ruble and other foreign exchange reserves of non-magical countries to fill the gap.

If Boggart remembers correctly, the mortgage agreement signed by the Goblin Elder Council and Hogwarts, in addition to the 400 million Galleons, most of the remaining loan amount was paid in Muggle currencies such as US dollars and pounds—in theory, Gringotts would not directly bear this debt, but would go to the non-magical world for exchange after extracting high commissions.

Even, based on the principle of prudence and value preservation, they should establish value-preserving hedges in the Ruble-Galleon-Dollar exchange rate to ensure that their commission and loan interest are not affected by market exchange rate fluctuations.

However…

Just a few hours ago, the young goblin Andy Serkis, who had once received Albus Dumbledore, told him that Gringotts' non-magical currency cash reserves had been exhausted a week after the "war" began. All their expenditures in the previous month were directly settled and exchanged in Galleons.

It's just that the risk audit warning has been removed, so unless there is too much premium, no abnormalities will be displayed.

Moreover, Galleons alone are certainly far from enough. In addition, the Muggle banks and investment institutions secretly controlled by Gringotts Wizarding Bank in the non-magical world have also invested capital in this crazy competition.

But, the most important thing is…

Click.

The door of the archive room that was open to the outside suddenly closed.

The noisy office area outside was instantly blocked by the thick magical protection door. A familiar old voice came from behind Boggart sitting on the ground, with a hint of bone-chilling coldness.

"That's amazing, Boggart. You are indeed the deputy that Douglas promoted,"

Leos said, leaning on his cane and standing next to the closed archive door, with a complicated tone.

"Ever since you started investigating Gringotts' various funds, we guessed that you would discover that matter, right? Discover that in the mortgage contract a few months ago, the Elder Council took risks for profit and omitted the exchange and hedging process."

"Why, and where did the Galleons we are using now come from…"

The goblin Boggart slumped in place, not looking back, his voice extremely dry.

"You are the deputy director of the Venture Capital Department. Do I still need to answer these questions for you? The so-called all-out war naturally uses all of Gringotts' gold and the small pieces of paper from the Muggle vault—"

Leos's old face, full of wrinkles and spots, moved, and squeezed out a twisted and ugly smile.

"As long as this chaos ends, these costs can be smoothed out, and in fact, we will surely become the ultimate winners—and those traitors and American Muggles are doing the same, otherwise they would have quit the amusement park long ago."

"Elder, this will cause problems! This does not comply with…"

Boggart opened his mouth, making a weak groan like someone who had been rescued after drowning.

Leos snorted coldly and slammed his cane heavily.

"Does not comply with what? Boggart, I think you and Douglas have been too deeply influenced by those stupid Muggles and wizards. You are just learning Muggle financial concepts, and even forgetting our goblin traditions!"

"The rightful owner of anything is its manufacturer, not the buyer. Since we forged the Galleons, then all the Galleons should belong to us goblins. The gold circulating outside is just temporarily rented out by the wizards—at such a critical moment, I will not let a weakling like you ruin Gringotts' battle."

"Notify the Venture Capital Department that Deputy Director Boggart is feeling unwell and needs to rest for a while."

A coldness flashed in Leos's eyes, and he waved his hand decisively.

The goblins in scarlet uniforms who stood by the Goblin Elder silently walked up and stood in front of Boggart.

The scene that happened in the director's office of Gringotts Venture Capital Department several weeks ago was replayed once again in this backup archive full of information as if a strange spell had been cast.

And just in the investment department office area, separated by a door, hundreds of goblins are still enthusiastically implementing various investment plans. One share of former Soviet state-owned enterprise bonds is registered into Gringotts' inventory, and the astronomical number of Ruble deposits is constantly jumping up every second. All the goblins are itching to reap the bear meat one day…

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