1979, Manager Kim is Inheriting Dictatorship! - Chapter 91



Only Krnovel

Episode 91

“I heard that Thailand has already applied for an IMF bailout, but does it need to receive a loan from Korea?”

“Your Majesty, if Thailand receives a formal bailout from the IMF, it will make many demands on Thailand. If that happens, Thailand will definitely go through a very difficult time.”

I tried to be as polite as possible and explained to Rama IX how difficult it would be for the Thai economy if an IMF bailout were to be implemented.

But even after hearing my story, King Rama IX was somewhat lukewarm about joining the AEU.

Rather, it seemed like they wanted to receive IMF bailout funds.

“What’s the problem with that? If you did something wrong, you deserve to be reprimanded.”

He is fundamentally an intelligent and broad-minded person, but since he does not directly run the government, it seems he does not think about how difficult the national economy would be if he were to receive IMF bailout funds.

“Your Majesty, if a child does something wrong, he should be disciplined. If he is beaten to the point of death, isn’t that wrong? The IMF is not coming to Thailand to discipline them. They are coming to beat Thailand to the point of death.”

“What are you talking about? The IMF does something like that… … .”

‘This guy really thinks he’s coming in to lecture the IMF.’

“As a condition for receiving the IMF bailout, the IMF will make many demands for their own benefit. And if they are implemented, the lives of many Thai people will be ruined, and a huge number of people will die.”

The same goes for Korea, where a huge number of people died due to the IMF bailout.

The IMF bailout was fundamentally the fault of the country, but the IMF clearly gained excessive profits from it.

They are never saviors.

Our government was not Thailand’s savior either, but we had no intention of making as many demands on them as the IMF did.

“…Please wait a moment.”

King Rama IX makes a phone call and returns after a brief conversation.

Perhaps he was trying to confirm what I said with someone like the Minister of Finance.

And then, a little later, he hangs up and starts talking about a bet.

“I’m sorry. What you said was true. I never thought the IMF would make such vicious demands.”

“They are a group that is completely out for profit. They will probably keep making demands on you until they pay you back the money they lent you with interest.”

After listening to my story, Rama IX asked me in a serious voice:

“So, does Korea only want Thailand to join the Asian Economic Community?”

“That’s right. What Korea wants is for Thailand to join the Asian Economic Community. If you do that, we can get through this crisis without having to receive IMF bailout money. And this economic community could actually be beneficial to Thailand. I think Your Majesty, who is wise, has already decided what choice to make.”

I floated him one more time and waited for his choice.

And then Rama IX opens his mouth a little later.

“I will join the Asian Economic Community. I also do not want the Thai people to be unhappy. However, General Suchat’s coup was too hasty. I will not approve it. A new government will come in, and we can discuss the details with them. Is that okay?”

It doesn’t matter who the government is with.

If Rama IX had given his permission, it would have been a no-brainer to negotiate with any government.

It did cost some money to negotiate with General Suchat, but it was only that much money, and spending it again wasn’t a big deal.

“It’s okay. In fact, it doesn’t really matter to our government who comes in. If His Majesty is here, who cares who comes in?”

I tell him something that seems to praise Rama IX as much as possible.

“Hahaha. With such a great president, it’s only natural that Korea is developing so much.”

King Rama IX laughs heartily, as if he is in a good mood.

‘I gave money to General Suchat for nothing.’

* * *

When things had settled down to some extent with Thailand, the first person we contacted was none other than the White House in the United States.

As soon as he picks up the phone, Clinton shouts.

“President Kim! What on earth are you trying to do!”

Clinton successfully resolved his relationship with Lewinsky as I have explained and avoided the adultery scandal, and unlike history, he successfully won reelection.

“Haha. Mr. President. Why are you yelling so hard as soon as you call? Oh, by the way, I was so busy that I couldn’t even congratulate you on your reelection. Congratulations. I think you’ve sorted out the Lewinsky issue.”

“That, that is… … .”

When the Lewinsky story is brought up, Clinton’s voice, which had been shouting passionately, becomes calm.

“By the way, why did you call when you’re so busy?”

When I ask him what he saw, Clinton raises his voice again and tells me:

“An Asian economic community? Let’s say everything else is the same. But an economic community with China? This is a decision that the United States simply cannot understand!”

“If all the countries in Asia become an economic community, wouldn’t it be good for Asia? What’s the problem?”

“… I can understand everything else. But why on earth is China joining this economic community?”

Relations between the United States and China were not bad at the moment.

Before Xi Jinping, China’s basic diplomatic strategy toward the United States was to hide in plain sight and wait for the sun to set.

Dogwangyanghoe.

Hiding the debt of the blade and growing strength in the darkness.

At this time, China was already growing stronger by kneeling under the feet of the United States.

But no matter how much they tried to hide it, the United States also instinctively knew that China would one day become its competitor.

Although such people were still a minority, after the collapse of the Soviet Union, the United States believed that China was the only country that could one day stand against them.

And Clinton was also someone who knew about China’s potential.

That’s why he was so anxious.

I smiled and said to him.

“Hahaha. I think you’ve made a big mistake. Korea is not trying to give wings to China. Rather, it is trying to clip the wings of China, which is trying to fly away.”

“What does that mean… … .”

And then, a moment later, Clinton asks me in a surprised voice, as if he realized something.

“Sir, are you sure you’re not trying to create a common currency to be used within the economic community?”

“Haha. Yes. That’s right.”

Perhaps the United States had not thought of this until now.

The United States seemed to be thinking of a community similar to ASEAN.

I asked Clinton.

“When President Clinton looks at it, which country would benefit most from a common currency in the current situation?”

“… Korea would be the largest exporter. But would China and Japan readily accept that?”

“Well, we haven’t accepted it yet. But we will eventually accept it, right? Some Chinese companies have already started to default on their interest payments.”

Clinton is silent for a moment, then says:

“You are trying to turn all of Asia into an economic colony.”

“Economic colony? We are just trying to become part of the same economic community.”

There was no longer any reason for America to be dissatisfied.

But one uneasiness crossed Clinton’s mind.

‘Surely Korea won’t overtake the US… ?’

* * *

After negotiations with Thailand, Malaysia, and then the Philippines and Indonesia, all negotiations were concluded.

All of them chose to join the AEU rather than receive an IMF bailout.

That would be the case, because if the IMF came in, it would certainly make enormous demands on the economy as a whole.

However, all Korea is demanding is to join the AEU.

Of course, if they join the AEU, there will be many things like the abolition of trade barriers and the use of a common Asian currency, but at least this is something they can accept.

“Then that leaves Hong Kong and Taiwan. Sir, has Singapore declared national bankruptcy yet?”

“Singapore is also likely to declare national default within a few days.”

Hong Kong finally fell after 34 days of defense, and Taiwan surrendered and declared national bankruptcy after only 13 days.

When one country collapses, the economies of surrounding countries begin to become unstable, and so even countries with relatively strong economies begin to falter.

And it was the same in China.

“Your Majesty… …! They say even Singapore is now in danger!”

A man runs into the commentary room and reports hurriedly to Jiang Zemin.

No matter how closed China is in terms of finance and economy, it was inevitable that something like this would have an impact.

In particular, Southeast Asian countries, Hong Kong, and Singapore were countries where Chinese immigrants monopolized wealth.

These were people who clearly had a huge impact on the capital markets in China, and as many of them collapsed economically, the repercussions began to spill over into mainland China.

The trade balance worsened and the Chinese community collapsed.

Due to economic uncertainty, capital was being secretly drained, and overseas remittances were also increasing through black market transactions.

As a result, the value of the won had no choice but to fall.

Even though the party controlled the won, there were some things it couldn’t do.

Ultimately, to solve this situation, we had to hold a large amount of dollars.

But the current Chinese government had no dollars.

Foreign exchange reserves were already hitting rock bottom.

China was still in a developing period.

China in 1997 was not the country that was building up the enormous wealth it will in 2023.

It was still a country with a smaller overall economy than Germany or Japan, let alone Korea.

So, it is not surprising that we are so greatly influenced by neighboring countries.

“So, what’s the most urgent thing… … .”

Jiang Zemin wraps his head and asks his secretary.

“This is the interest on the loan that has to be paid to the Korean side next month. If you add up the interest that the government has to pay, as well as the interest paid by the private sector… … .”

“Enough! Stop it!”

Jiang Zemin knew how much money this was without his secretary saying anything else.

Up until now, we have been paying off the debt without any problems, but when the economy is shaken to this extent, it is a different story.

The loans borrowed from Korea were astronomical amounts of money.

Even though the interest rate was low, it was definitely not a small amount of money.

And if, from now on, interest is delayed for several months, it is clear that there will be pressure on the principal as well.

“First, try contacting Korea… … .”

“all right!”

The secretary hurriedly called the Office of the President of South Korea.

A moment later, a phone call comes in, and South Korean President Kim Jong-un answers.

“Long time no see! How have you been! President Kim Jong-guk!”

President Jiang Zemin greeted him with the happiest voice he could muster.

But President Kim’s voice sounded somewhat indifferent.

“Yes. I’ve been doing well. But what’s going on all of a sudden?”

“I, I shamelessly called you because I had something to ask you.”

“Please? Surely this isn’t about the interest on the loan, sir?”

‘You already know our situation?’

When Kim Jong-guk strikes first, Jiang Zemin is surprised.

After a while, Jiang Zemin sighs and answers.

“Huh, that’s right. How about a little grace period on the interest on the loan?”

‘I guess I’m reaching my limit.’

Japan has effectively signaled its intention to participate.

Now the final piece of the puzzle of this economic community was beginning to come together.