Most people in the world attribute the shame of Jingkang to the emperor's ignorance and the decline of the country. However, a closer look at the official history reveals that many anomalies coincide with the interests of the country. Huizong's New Deal directly targeted the fundamental interests of the Jiangnan gentry. After the Jingkang catastrophe, the old system was restored and the gentry's rights and interests returned to the old track. Rather than saying it is a national crisis, it is better to regard it as a shocking conspiracy to use the hands of foreign enemies to liquidate the imperial power and safeguard the interests of the gentry group. Using this as a basis, we can write down the dark truth about the intertwining of power and interests behind the fall of the Northern Song Dynasty.