1979, Manager Kim is Inheriting Dictatorship! - Chapter 88



Only Krnovel

Episode 88

January 1997.

Eventually, Thailand raised the white flag and declared national bankruptcy.

It was just over 30 days after hedge funds from the United States and South Korea began their attacks.

And the crisis of national bankruptcy in Thailand, which had achieved remarkable economic growth for over 10 years, naturally spread to neighboring countries.

In Malaysia, the Philippines, and Indonesia, all relatively large countries within Southeast Asia, signs of crisis are starting to emerge one by one.

In the case of Malaysia, the leader in Southeast Asia, it actually overcame the foreign exchange crisis in just one year without even receiving IMF bailout funds.

But Malaysia has not been able to do so in this history.

The reason, as with Thailand, was Korea.

This time, it was not just American hedge funds that were attacked, but Korean hedge funds as well.

The endless foreign currency hoarding through years of maddening austerity measures has eventually pushed Malaysia, Southeast Asia’s largest economy, to the brink of national bankruptcy.

[Malaysia, Southeast Asia’s largest economy, finally goes bankrupt. Asks IMF for bailout. – Wall Street]

[Thailand, then Malaysia, how far will the Southeast Asian foreign exchange crisis spread? Is Korea okay? – Tongil Daily]

Because things were happening so quickly, the media was unable to properly grasp the facts and instead worried about Korea, the aggressor.

With these two major axes of the Southeast Asian economy collapsing, it was even easier to collapse other countries.

As the two major countries collapsed, the economies of other nearby countries began to shake severely, and just as companies went bankrupt one after another during the original IMF foreign exchange crisis in South Korea, Southeast Asian countries began to collapse one after another.

It took even less time to collapse other countries than it did when Thailand first collapsed.

Thailand 37 days, Malaysia 17 days, Philippines 13 days, Indonesia 6 days.

In just over two months, the smaller countries in Southeast Asia have all collapsed.

And this arrow slowly began to approach China and Japan.

* * *

“Chief Economic Secretary, I heard that the Philippines has just declared national bankruptcy!”

The vice president of the hedge fund that is at the forefront of this project and is attacking it reports to the chief economist, who is actually in charge of this project.

Although this hedge fund did have a president, he was in fact a government-appointed puppet president, and the real power was held by the chief economic secretary, so all reports were made to the chief economic secretary in this way.

“Okay. So we’ve covered Thailand, Malaysia, the Philippines, and Indonesia. So, what’s left is… … .”

Although all the major Southeast Asian countries have collapsed, it has not yet reached a level where it can deal a decisive blow to Japan and China.

Although Japan had several securities firms go bankrupt and its economy actually took a hit, it was still able to hold on because its basic economy was so solid.

And China was also relatively less affected because it was still less open to finance.

Both countries suffered blows, but not enough to constitute a crisis.

But there were still three countries left that could deliver a decisive blow to these two.

The vice president speaks with a meaningful expression.

“Now we are left with Taiwan, Hong Kong and Singapore.”

Taiwan had close ties to the Japanese economy, while Hong Kong and Singapore had close ties to China.

In particular, Hong Kong was now less than a year away from being returned to China.

As relations with China were becoming increasingly close, it was clear that if economic red flags were raised in these three countries, both Japan and China would suffer a major blow.

However, these three countries’ economies were clearly stronger than those of countries like Thailand, Malaysia, and Indonesia.

These were not countries that would easily collapse.

The vice president asks, seeming anxious.

“Chief, these three countries are obviously huge. They won’t collapse easily. Is that okay?”

The vice president’s intention was to ask if there were enough bullets.

Because it was clear that attacking these three countries would require a much larger amount of dollars than could be imagined.

“Don’t worry. Korea has more foreign currency than you might expect.”

The chief reassures the vice president, telling him not to worry.

Still, the chief asks the chief if something is bothering him.

“Sir, do these American hedge fund guys have no intention of attacking Korea at all? They attack Japan and China, but there are no signs of attacking Korea at all.”

These American hedge funds were actually already making small attacks on both China and Japan.

However, Japan was relatively less affected by hedge fund attacks because its economy was so solid, and China was not affected by the Southeast Asian foreign exchange crisis because the country itself defended its financial market. Similarly, direct attacks by U.S. hedge funds also had relatively little impact on both countries.

One thing that is clear is that these two countries have also been attacked by American hedge funds.

But not a single attack has been committed against Korea.

The senior manager speaks to the vice president with a confident expression.

“Why would they fight a losing battle? As I said, our country’s foreign exchange reserves are far greater than you might think.”

The amount of liquid assets held by Korea, including foreign currency and gold, had already surpassed that of Japan.

Ultimately, an attack on the value of a country’s currency only benefits that country if it defaults, making it impossible to defend its currency.

If this fails, it will ultimately result in huge losses.

And although unethical, the economic attacks on Southeast Asian countries ultimately resulted in huge gains for South Korea’s foreign exchange reserves as these countries went bankrupt.

There were no fools who would attack Korea in a situation where such damage was obvious.

The vice president nods in agreement.

“okay…….”

Then, after a while, he bows his head to the chief and says hello.

“Then we will go in and immediately attempt to attack Hong Kong.”

“Oh, wait a minute. Take this. It’s the one from last time.”

The chief economist hands a few pieces of paper to the hedge fund vice president who is about to leave.

“If it was that last time… … .”

“It’s the same content as last time, so watch carefully how Hong Kong responds and respond accordingly.”

The vice president unfolded a piece of paper that described how Hong Kong would respond in the future.

[Hong Kong government to invest $2 billion in emergency relief on March 4.]

[Hong Kong government to invest $4 billion in emergency relief on March 8.]

“Thank you. If I have this, I will be able to attack more reliably and without any damage!”

It wasn’t anything special.

But the accuracy of what was written on this paper was beyond imagination.

The information written on this paper was also of great help in the previous attacks in Thailand, Malaysia, the Philippines, and Indonesia.

“Sir, who on earth gives this information?”

The vice president, unable to contain his curiosity, asks the chief.

Because someone with this level of insight would want to be in a relationship with him too.

“Well, I don’t know either. I know he’s from the government, but only the president knows his true identity. However, I heard that his role was really important in bringing the South Korean economy to where it is today.”

“okay…….”

The vice president is disappointed that they cannot meet.

But there was nothing to regret.

There was no such person in the first place.

This is because President Kim Jong-guk wrote down the content reflected on his smartphone and then processed the blind by paying points.

These two weapons, a huge dollar and predictions about the future, were already closing in on the necks of the three countries that were considered to be the most economically advanced countries in Southeast Asia.

* * *

At the senior secretaries’ meeting, when the attacks on Hong Kong, Taiwan and Singapore were in full swing, I spoke about our ultimate goal after this economic attack on Southeast Asia.

“Hey, are you really going to try this?”

The chief secretaries, including the chief secretary, were shocked when they heard my story.

“Yes. What do you think, sir?”

What I told them was that I would create an Asian economic community centered around Korea.

If the foreign exchange crisis that originated in Southeast Asia spreads to China and Japan, Korea, as a creditor country, will eventually be put in a vulnerable position.

Then, we, as a creditor nation, are demanding the creation of an Asian economic community like the EU under the pretext of a bailout.

The biggest reason to create an Asian economic community is currency.

Continued increase in exports and economic growth in Korea.

However, the problem that arose here was that the value of the Korean won continued to rise.

In the end, if the value of the Korean won rises like this, the export surplus will eventually decrease and eventually turn into a deficit.

So the best way is to keep the currency value at a certain level.

The best way to do this is for several countries to use a common currency.

The exchange rate of the common currency ultimately rises and falls based not only on Korea’s domestic economic situation but also on the economic situations of neighboring countries, so even if Korea’s economic power simply increases, the rate of increase in the value of the currency is relatively small.

The ones who actually benefit most from this economic community currency are the largest economies within that economic community.

It is not for nothing that they say, ‘The EU is a community for Germany.’

In fact, the one who has benefited the most from the EU and paid services is none other than Germany, the so-called European powerhouse.

Germany has had a huge export surplus since the 2000s, as the currency value has been maintained continuously due to the use of paid services in its original history, and as a result, Germany, which was called the sick man of Europe in the early 2000s, once again stood tall as an economic powerhouse.

Of course, there was no intention of uniting all of Asia and moving beyond an economic community like the EU to a single country-like community.

This Asian community was literally intended to remain only an economic community.

‘In the first place, Korea, China, and Japan are not countries that are close enough to unite as one.’

The chief economic official who contributed most to the recent attack on the Thai baht says:

“If this is realized, it will certainly be a huge benefit to Korea. The trade surplus will be larger than you can imagine, and it will not be just a dream for Korea to play an active role as a leader in Asia.”

The leader of Asia.

In fact, before modernization, the leader of Asia was China, no matter what anyone said.

And after modernization, Japan actually played that role.

Although Russia’s territory was largely in Asia, most of its influence and public perception was closer to Europe, so most Asian countries were dependent on China or Japan.

But now I want to break away from that stereotype and see Korea stand tall as a leader in Asia.

“That’s right. That’s why we absolutely need to create this economic community. Now, if Hong Kong, Taiwan, and Singapore collapse, Japan and China will naturally suffer a huge blow. Then, we can approach them as if we are their saviors and propose an economic community.”

The idea of ​​an Asian Economic Community was grandiose, but our ultimate goal was to turn our neighboring countries into economic colonies.

‘They won’t have a choice anyway.’