EP20 只印不收的KPI — 朱元璋，搞纸币却主动废掉信用根基

1. 大明宝钞的悲剧从发行第一天就注定：朝廷只把它当财政提款机，从来没给持有人留兑换出口。 2. 本期核心案例与结构问题（见时间戳） 3. 完整对谈见各平台「薄酒胜茶」 01:22 第一部分洪武财政的底色 04:06 第二部分只发不收 06:00 第三部分贬值曲线与民间自救 09:12 第四部分从未正式废止 11:13 第五部分谁被伤得最深（收束） 11:55 第六部分评价史

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EP20 只印不收的KPI — 朱元璋，搞纸币却主动废掉信用根基

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This episode was published on June 16, 2026.

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