As many of you may know, the Song Dynasty saw the popularization and development of fiduciary currency (paper money). This development had great potential to develop into a proto-credit, proto-capitalist tradition, and indeed the Song at the same time saw a great rise in production, land development, and registered population. Unfortunately, the side effects included rampant hyperinflation. This, combined with the gentry’s mass accumulation of land and resentment of the New Policies, which may have stifled growth while exacerbating hyperinflation and causing artificial problems such as food crises, was perhaps a major cause of the crises that caused the Song to lose the north after the Jiankang incident and again of the Song loss to the Mongols. Was there a way for Song monetary policy to be more informed and linked to the private sector? Was there a way to avoid disastrous hyperinflation? What would he consequences of this be?