The Genius Grandson of the Loan King - Chapter 85 (85/840)
< Hong Kong's Choice. >
#85
Hong Kong's Choice.
"Yes, yes. I understand."
Yi Yonghyun, the chairman of the Cheongpunghoe, held the phone respectfully and was talking to someone.
A moment later, after hanging up, he fell into deep thought with a serious expression.
"Chairman, Candidate Choi Changgeun has arrived."
"Is that so? Let him in."
The door opened, and Choi Changgeun, one of the presidential candidates, entered.
Approaching Yi Yonghyun, he bowed deeply.
"Chairman, are you well?"
"It's been a while. How's the presidential campaign going?"
"Yes, thanks to you, I've had a good opportunity. Thank you again."
Yi Yonghyun was the one who brought Choi Changgeun, who had been defeated in the ruling party's primary, and formed a new party, making him the presidential candidate.
"Chairman, Candidate Sung Daegyu has arrived."
Choi Changgeun, who had been bowing his head at the mention of Sung Daegyu's name, looked up at Yi Yonghyun's face.
Yi Yonghyun paid no attention to Choi Changgeun's gaze.
"Let him in."
"Yes."
The door opened, and Sung Daegyu, the presidential candidate of the ruling conservative party, entered.
Unlike Choi Changgeun, Sung Daegyu did not bow deeply but bowed his head in respect.
"Sir, it's been a while."
"Hehehe. I never thought you'd become a presidential candidate. Sit over there. Changgeun, you also stand up and come over here."
Yi Yonghyun sat at the head of the table, with Choi Changgeun on his left and Sung Daegyu on his right.
Choi Changgeun and Sung Daegyu glared at each other with hostile eyes.
Watching them, Yi Yonghyun slowly spoke.
"Listen up. Stop glaring at each other and listen to this old man."
"Yes, Chairman."
"Yes, sir."
They both focused on Yi Yonghyun as if they had never glared at each other.
"You're the presidential candidate of the conservative party, but you're saying there's no support from the president?"
"......"
Sung Daegyu did not answer but looked displeased. Yi Yonghyun chuckled.
"Haha, my friend. Do you think I called you here to just talk nonsense? Changgeun, your approval ratings aren't rising easily, right?"
"Yes......"
Yi Yonghyun, who had been observing them alternately, clicked his tongue.
"If you two keep fighting, the probability that the progressive party's guy will benefit is high. You know that, right?"
Sung Daegyu and Choi Changgeun did not answer.
"In the opinion polls, the progressive party's candidate was in first place. If the government changes suddenly, you'll be ridiculed for the rest of your lives. What you're doing is no different from what we did to the opposition party during the Fifth Republic."
Yi Yonghyun was the one who had uprooted ruling party members and formed a new party, making Choi Changgeun the presidential candidate.
Sung Daegyu and Choi Changgeun both knew this fact, but no one pointed it out.
"Unite."
"Chairman!"
Choi Changgeun involuntarily raised his voice.
"Changgeun, are you shouting at me now?"
"N-no, that's not it."
"Hehehe. You've lived long enough to see this."
Yi Yonghyun was smiling, but his eyes were cold. Choi Changgeun bowed his head.
"Chairman, I have committed a grave sin."
"No, you die when you're old. Isn't that right?"
"I'm sorry."
Choi Changgeun stood up and knelt in front of him.
"Stand up. Can a man who wants to be the president of a country have such a light knee?"
"Please forgive me."
"Alright, alright."
"Thank you, Chairman."
Choi Changgeun, looking dejected, stood up and returned to his seat.
"What do you think, Daegyu?"
"I don't understand your thoughts, sir."
"What's important is not my thoughts but yours. If there's no support from the president, you should at least get my support. Isn't that right?"
"......What do you want from me?"
"Give the next term to that guy. And just do a few things I ask. It will bring you one step closer to the presidency. Can you do that?"
Sung Daegyu turned to look at Choi Changgeun and then bowed his head.
"I understand. I will follow your instructions, sir."
"Hehehe. Thank you."
No one paid attention to Choi Changgeun's opinion. Yi Yonghyun continued as if the unification was already decided.
"The economy is in bad shape. You know that, right?"
"Yes, sir."
"Starting next month, all the money coming from Japan will likely leave. That will be a fatal blow to our country. The president has been too confrontational with Japan. Korea can't win against Japan. He's acting like a fool."
As Yi Yonghyun said, the current government had taken a thoroughly anti-Japanese stance.
They had not only pursued historical justice and traced the assets of pro-Japanese descendants but also demolished the Government-General of Korea building.
The final nail in the coffin was the statement made at a press conference after the Japanese Prime Minister's remarks on Dokdo.
"If Japan keeps making such statements, it's like they've been doing it thirty times since the founding of the country. We must finally correct Japan's bad behavior. We need to show Japan that this government is morally upright and different from the military government."
After this press conference, the relationship between Korea and Japan rapidly deteriorated.
"If you become president, I'll help you borrow a large amount of dollars from Japan. You'll be remembered as the president who saved Korea's economy. You'll revive the economy that the current president has destroyed. Doesn't that sound good?"
"Thank you, sir."
Sung Daegyu spoke respectfully, and Yi Yonghyun burst out laughing.
"Hahaha. What do you have to thank me for? You should thank Japan. Don't be too confrontational with Japan. Just pretend to be tough, enough for the people to understand."
"Yes, sir. I will keep that in mind."
"Good. Don't spread this yet. When the election atmosphere heats up, we'll play the unification card."
"I understand."
"Go ahead. I need to talk to this guy, Changgeun, a bit more."
"Yes, sir. I'll see you next time."
Sung Daegyu stood up, bowed again, and left.
As the door closed, Yi Yonghyun looked at Choi Changgeun, who was bowing his head deeply, and said,
"Swallow your dissatisfaction. I can't do anything about what Japan wants. Do you think I wanted to abandon you?"
"But......"
"I know, I understand. I know how you feel. I've already promised you the next term. After the unification, return to the conservative party and take control of it. I'll support you."
"I understand."
"You can become the next president. Trust me. When have I ever talked nonsense?"
"Yes, I only trust you, Chairman."
The future that Kim Muhyeok knew was changing. The small changes he had made were turning into an unpredictable storm approaching him.
* * *
Indonesia, the Philippines, and Malaysia all lost to the hedge fund coalition.
Malaysia's Prime Minister Mahathir Mohamad harshly criticized 'George Soros' as the mastermind behind the speculative attacks.
Thailand eventually had to apply for emergency financial assistance from the IMF, and the economic crisis in East Asia became a nuclear bomb that fell on South Korea, Taiwan, and Hong Kong.
β Hey, the U.S. stock market is also plummeting?
"I know. Leave it alone. It will go back up."
β The decline is bigger than expected.
"Why are you suddenly so worried?"
β The company employees are getting anxious.
"Don't be consumed by fear. Investors must overcome fear. Have all the employees prepare to be deployed to Hong Kong. Don't worry about the stocks."
β Okay.
In August 1997, the hedge fund coalition was preparing to attack Hong Kong.
β Should we participate this time?
"Of course, we should."
β How much?
"1 billion."
β Just 1 billion?
He was speechless, finding it unbelievable.
Just 1 billion dollars......
"Bro...... 1 billion dollars. It's not just 1 billion."
β Sorry. Lately, 1 billion dollars is easy to throw around, so I've lost my sense of money.
"Be careful, bro. You might end up a penniless beggar on the Han River."
β Got it. I'll say we're putting in 1 billion dollars.
"Sure, let's see how it goes."
History was ironic.
Though there was no connection, the collapse of the Thai baht, which marked the start of the Asian financial crisis, happened exactly 24 hours after Hong Kong's return to China.
Hong Kong's inflation rate was significantly higher than that of the United States, always under the pressure of speculative capital.
Hong Kong's fixed exchange rate was a double-edged sword.
β Ready. We start the attack tomorrow.
"Tell the employees to follow the movements of the hedge funds and bet on the stock market crash with me."
β Got it. Hold on.
Through the phone, Han Kyungyeong's voice giving instructions in English could be heard.
β Give up the idea of going home for a few days. Stay at the company and wait. After this is over, a sweet vacation and money will be waiting for you. Just bear with it a little longer.
Voices that sounded like screams or responses came from the background. A small smile appeared at the sight of Han Kyungyeong skillfully managing the employees.
"It's starting now. Even if we incur losses, keep betting on the decline. Don't be afraid even if we lose all the money in the company."
β Your words are scarier. You're saying to be prepared for losses.
"Exactly. But it will ultimately bring us great gains."
If history repeats itself, Hong Kong will abandon the stock market and focus all its efforts on defending the currency.
But since I've intervened, I don't know how history will change.
That's why I plan to use the money in the shell company, not the capital in the U.S. company.
Soon, the hedge fund coalition and global speculative capital began their attack on the Hong Kong dollar.
The Hong Kong government, trusting China, was using all its resources to defend the currency.
β Phew...... I'm going crazy.
"Don't worry. It's still early."
From August to October, the amount we had bet on the decline of the Hong Kong stock market had already exceeded 3 billion dollars.
The market was gradually declining, but it wasn't the level we had bet on.
We were borrowing stocks from global securities firms and selling them short to gradually induce a decline, thereby reducing our losses.
If history repeats itself, the Hong Kong Monetary Authority should start taking action soon.
I didn't say anything to Han Kyungyeong, but I was also on edge.
'Is history being twisted because of me?'
But I couldn't give up now.
β What should we do? Keep going?
"Wait. I need to think."
Thanks to the substantial foreign exchange reserves, they were still holding on, but it was clear that this would soon reach its limit.
The goal of the hedge funds and global speculators was simple.
Invest in the future decline of the Hong Kong dollar in the forward exchange market, flood the market with a large amount of Hong Kong dollars, and force the Hong Kong Monetary Authority to abandon the fixed exchange rate and devalue the Hong Kong dollar.
Hong Kong has a slightly different monetary system from other countries.
When U.S. dollars flow in, they adjust the interest rate to maintain the value of the Hong Kong dollar.
And when interest rates rise, the stock market and bond market fall, which is a basic financial principle.
"Bro, bet all the funds in the U.S. company on the crash of the U.S., Japanese, and European stock markets."
β What?
"Don't make me say it twice. Bet on the decline of all countries' stock markets."
β ......Are you crazy?
"It's an order. I decided to make all the choices. Don't forget our agreement."
Han Kyungyeong didn't respond.
"Bro?"
β Yeah, I don't know anymore.
If this gamble fails? I can start over from the beginning. I still have 1 billion dollars in slush funds and 3 billion dollars bet on the collapse of Korea.
Han Kyungyeong faithfully followed my instructions.
Despite the employees' objections, he took full responsibility.
October 23. This was the day it was supposed to happen according to history.