"Liberate... consumption and productivity?"

Dumbledore and Grindelwald exchanged glances, seeing the bewilderment in each other's eyes.

As representatives at the pinnacle of the wizarding world, they might have extensive experience in human relations, magical power, and social education, but the financial field was indeed their weak point—a gap of several centuries in the magical world that could not be filled in a day or two.

For a considerable period, wizards never concerned themselves with the superficial calculations and flows behind those Galleons; they only focused on the results.

Perhaps only little Ellena could understand the meaning in the goblins' words.

"I'm a bit confused. Gringotts goblins are giving up the right to mint coins, right?"

"That's right."

"And for the sake of transparent and fair accounting, they will gradually transform from industry owners into employees of wizards?"

"Obviously, basic positions such as accounting, auditing, and taxation are very suitable for goblins."

"Then..."

Grindelwald frowned, tapping his fingers on the table with a rhythmic cadence.

"If I understand correctly, even if there is more money in the market in the future, Gringotts will not be able to profit from it as before. As for what you said about expanding production and introducing a more diversified consumer market, I don't understand the significance of these things even more..."

"What can they gain from paying so much?"

The essence of Gringotts Wizarding Bank's greed and profit-seeking was a brand etched on every Galleon.

Grindelwald would not naively believe that goblins suddenly turned into house-elves who regarded money as poison overnight.

Ellena's position in Gringotts certainly had some elements of force, but if she wanted to command goblins smoothly, exercising power like a true "Goblin Queen," Ellena must have convinced the goblins with a deeper level of "benefits."

"Very simple, social value and social status, and of course, their legitimate rights to individual wealth."

Ellena spread her hands and answered quickly without hesitation.

Scanning the two old wizards with increasingly puzzled expressions, a sly look flashed in Ellena's eyes, and she continued to explain unhurriedly.

"When we talk about goblins, people often unconsciously treat them as a whole—just like when we instruct house-elves, unless it involves a clear assignment of work content, we mostly call them by their race name rather than their individual names."

"In fact, if you focus on individual goblins, they will obviously value personal wealth more than collective wealth."

"As the identities of the Gringotts Wizarding Bank goblins change, their individual efforts and income will be more clearly settled."

"These changes seem significant, but wizards have not taken away any goblin's personal assets, just like if one day we sell Hogwarts to Durmstrang—cough, just an example—if you really mind, then change it to Hogwarts acquiring Beauxbatons..."

Ellena glanced at the headmaster, whose lips were moving as if trying to say something, and comforted the old man's emotions with a cute and well-behaved face.

"Whether for Beauxbatons or Hogwarts students, as long as homework doesn't increase, it's not a big problem."

"So, the only ones who might lose out are the Gringotts executives..."

Grindelwald nodded thoughtfully, a dangerous and satisfied expression appearing on his face.

"And as far as I know, after these months of 'communication,' those stubborn old goblins shouldn't object, right?"

"That's right. As for social value and social status, that's even easier to understand... Also, you don't need to emphasize it."

Ellena glared at Grindelwald, who was implying something, with annoyance.

After so long, this old Dark Lord still hadn't given up on his plan to groom her as his successor.

"The prosperity of the wizarding civilization and the flourishing of the market economy will create more accounting needs and economic activities."

"The industrial structure of Gringotts Wizarding Bank in the magical world has always been quite deformed, lacking normal lending and investment activities, which is unimaginable in the non-magical world. If the magical world can open up a free trade market and gradually expand the consumer group, it will obviously be more attractive to Gringotts Wizarding Bank and the goblins than rigid and monotonous savings exchange business."

"Wait, expanding the free trade market, I can roughly understand this..."

Dumbledore cleared his throat, looking at Ellena with some confusion, his glasses gradually becoming serious.

"But you should be very clear about the population level of the wizarding world. Even if all the wizards in the world are added together, they may not be comparable to the ordinary people faced by the British non-magical world. The International Confederation of Wizards will never allow magical products to enter the Muggle world—"

"What if it's produced and processed by wizards, but non-magical Muggle goods without magical power? For example..."

Ellena raised her eyebrows, her gaze sweeping over the wool socks revealed on Dumbledore's ankles, and continued with a light smile.

"Handmade, high-precision Scottish wool socks, or harmless scented soaps after careful fragrance blending, or high-quality Scottish large potatoes grown in magical greenhouses... As long as the magical government puts more effort into production qualification review and product factory review, the advantages of the industrialized production line with wizard participation are too many. As for after-sales risks, aren't there the Weasleys..."

Different from the focus on Gringotts Wizarding Bank, Ellena had thought about how to respond to Dumbledore before leaving Gringotts.

Before the advent of the era of universal magic, the pitiful population base of the magical world was an important issue restricting the capitalization of the magical world.

Therefore, if the "applied magic" and "industrial magic" of the Hogwarts Research Institute and the Human 理存续保障机构·Apocalypse (Human Rì Cúnxù Bǎozhàng Jīgòu·Apocalypse) plan to promote them in the civilized world by relying on physical carriers, then the meager magical population alone cannot support the term "civilization."

The birth of a graded system for magical industrial products is inevitable.

In fact, the meeting process for adding a Magical Market Management and Supervision Bureau has been approved.

If there are no accidents, the Ministry of Magic will announce the establishment of the new department in the newspaper at the beginning of next month at the latest.

The Magical Market Management and Supervision Bureau is under the jurisdiction of the temporarily named International Magical Cooperation Department. Since the work of the Magical Market Management and Supervision Bureau is unclear, at the beginning, the work here will mainly be the responsibility of Mr. Barty Crouch, the Director of the International Magical Cooperation Department.

After all, before this, the only department of the Ministry of Magic related to trade was the International Magical Trade Standards Association of the International Magical Cooperation Department.

"Open free trade? Is this what the goblins want?"

Dumbledore glanced at Ellena and shook his head with a wry smile.

"Honestly, you might have to think of other ways. The Ministry of Magic and the International Confederation of Wizards are not so easy to convince—"

"Of course, there are other ways, um, I mean, without violating the International Statute of Secrecy."

Ellena shrugged her shoulders, counting earnestly with her fingers, "House-elves, centaurs, merpeople, giants, harpies... There are quite a few intelligent species in the magical world, right? I specifically consulted the Ministry of Magic's definition of 'person' and 'Fantastic Beasts and Where to Find Them'. If we don't just focus on wizards and look at the real magical world, then the size of the magical market is still very large."

"Uh, house-elves?"

"Yes, house-elves have no salary and no consumption concept—but if it's the master's task, it's different."

Ellena said seriously, taking out a financial statement from her chest and placing it on Dumbledore's desk.

"You should also know about the 'Round-Faced Chubby Chicken Delivery' service during the summer vacation last year, right?"

"Hogwarts house-elves earned this year's salaries for all teachers in the school in two months."

"Since Hogwarts house-elves can go out to work, why can't house-elves from other wizarding families go to work? And working requires payment, which is paid to the house-elf's master... right?"

"So, if we let house-elves work and let them use the rewards to buy food, cleaning supplies, and daily necessities—"

Ellena shook her fingers, her delicate and lovely face flashing with demonic capitalist light.

"And on this basis, there is even a high probability of house-elf trading and investment—when they become an option that can create extra wealth, some wizards will start to consider the cost-effectiveness ratio, and we can gradually increase and divide the house-elf's rewards."

"You see, hasn't the scope of the magical market expanded a lot all of a sudden?"

"In addition, there are too many intelligent species, goblins are responsible for accounting and supervision, wizards are responsible for formulating..."

"Cough cough—"

Before Ellena could finish speaking, Dumbledore cleared his throat.

He looked at Ellena with a complex expression.

Even without fully understanding the world Ellena described, Dumbledore still felt a chill from the depths of his heart.

Compared to this cute and well-behaved "Goblin Queen," the cunning, cruel, and shrewd goblins of Gringotts Wizarding Bank were as simple as newborns. No wonder Gringotts Wizarding Bank, which has lasted for thousands of years, would fall into her hands in just over a year.

And the more critical point is that Dumbledore doesn't even know if this child has even more terrible plans.

For no reason, Grindelwald's previous warning inadvertently reappeared in his mind.

If...

If Ellena stood on the opposite side of the wizards when choosing sides.

Then how vast the non-wizarding forces she had influenced were, then how vast the enemies of the wizarding world would be.

Dumbledore didn't want Ellena to have several titles similar to "Elf Queen," "Mermaid Princess," "Veela Queen," "Giant Conqueror," and "White Wolf King"... in addition to the identity of "Goblin Queen."

Judging from past experience, the possibility of these things happening is not small.

"House-elves, cough, let's talk about this later..."

After a moment of silence, Dumbledore rubbed his aching eyebrows and asked softly.

"You just said, open free trade market, right?"

"Tomorrow, I will first go to the Ministry of Magic and the International Confederation of Wizards to discuss it, and try to persuade them to pass some 'magic factories' facing Muggles first. And from your point of view, which Muggle city would be more suitable for us to start the pilot project..."

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Hooray!