I Became Park Jeong-ui’s Nephew - Chapter 298



Only Krnovel

He became Park Jeong-ui’s nephew. – (298)

[Korea serves as a balancing force in the world economy.]

This is America, and economists are predicting the future of the world economy.

China has suffered from a long civil war, but it still needs to engage in economic activity.

Each business tycoon, including Lian Xiang, printed money to stimulate the economy.

However, the increase in the money supply led to an excess supply of money, falling interest rates, and capital outflow, creating a vicious cycle in which prices and exchange rates rose simultaneously.

The problem is that this phenomenon is not unique to China.

The United States also temporarily increased the money supply to stimulate the economy, but according to the ‘overshooting’ theory, even if the government prints money, prices will return to their original state over time.

The secret is interest rates,

The current global dollar/won exchange rate is fluctuating around 500 won.

In August, the dollar/won exchange rate widened by more than 20 won, but in October, the gap narrowed to less than 10 won.

Isn’t it funny that the US stimulated the economy by releasing dollars, but the dollars that flowed out of the world are coming back to the US due to interest rate fluctuations?

This problem also applies to China,

Although Chinese companies’ trade surplus shrank due to rising raw material prices, companies actually benefited as the dollar/won exchange rate fluctuated.

The secret is that Korea released the won to support China’s economic development, and based on this, Chinese companies were able to issue corporate bonds.

Last year, China’s corporate bond issuance was less than $1 billion, but this year, it exceeded $7 billion in the second quarter.

As China, which had been playing separately from the rest of the world for the past 30 years, became included in the global economy, the side effects of quantitative easing were resolved, and experts predicted an economic boom.

“If we are going to issue corporate bonds, now is the time.”

“We have to hurry up and do it quickly.”

In addition, November and December are the North closing period.

During this period, companies are reluctant to change their book profits or losses.

This means that if not now, the corporate bonds cannot be issued.

As the power plants go up and the economy starts to fluctuate, why not issue corporate bonds?

In October alone, corporate bonds poured in at about $3.8 billion, and this saved America.

They did print money to stimulate the economy, but wouldn’t it be better to invest it in a proper place so that it could be recovered later? Fortunately, with the emergence of China, an investment place, the money printed by the US didn’t lose its place.

If China continues to grow, the US will profit from interest rate fluctuations alone.

As a result, Korea grabbed the US economy by the scruff of the neck and pulled it up.

As for the dollar/won exchange rate, who controls it so that the US dollar does not lose its place?

But the world economy cannot be sustained by such policies forever.

If the US continues to print dollars in the future, will Korea have to clean up that shit?

The United States is a country that accounts for 28% of the world economy, and if it collapses, it will have a huge impact on the world, so Korea is just reluctantly following along with the United States.

To fix this problem, we need a single world currency.

The discussion began as early as 1988.

[Within the next 30 years, everyone in the world will use a single currency.]

The magazine that contained this content was The Economist, founded in England in 1843.

It is not just a simple magazine company, but the Italian automobile tycoon Agnelli family and the American Rothschild family have shares in this magazine company.

Countries around the world are artificially changing the value of their currencies to maximize trade profits, but do you think companies will continue to sit by and watch that happen?

Now that China has emerged as an investment destination, the shit (dollars) printed by the US are acting as currency, but if this gangster behavior is repeated, it will be the companies in each region that will ultimately suffer.

The foreign exchange market will be disrupted, market prices will be distorted, and the resulting trade disputes will ultimately hinder exchanges and trade between companies.

Even as the world economy stabilized, backlash against the United States grew more intense over time.

“The problem is that the government is printing money!! Politicians think they can stimulate the economy by printing money without doing anything!!”

“They think they are smart if they profit from manipulating the exchange rate!! In the end, the US is eating away at the world economy!!”

Who will answer their claims?

Professor Richard Cooper of Harvard University proposed a currency union to each country’s government.

He advocated the creation of a currency that would integrate the world economy within ten years.

“I propose a radical solution for the world. All the nations of the world should establish a single currency system, establish a single issuing bank, and implement a unified monetary policy. The United States may resist this, but in the long run it will ensure a brighter future.”

Doesn’t this mean we should abandon the dollar hegemony?

Of course, the U.S. government, which has recently enjoyed the fun of currency manipulation, is unlikely to agree with this claim.

The problem is that companies are no longer willing to be fooled by America’s tricks.

Now that Korea has emerged as a counterweight, companies no longer need to rely solely on the United States.

If you think about it, is there anyone who doesn’t know that the US economy was saved by Korea and that Korea cleaned up the mess that the US made and sent it to China?

Paul Goldman, AOPR’s economic secretary, also predicted the creation of a single currency.

“Unifying the currency may sound uncomfortable at first. However, it is time to discard ‘unnecessary currencies’ to stabilize the world economy. Since the United States abandoned the Bretton Woods system and severed the link between the dollar and gold, various currencies circulating around the world have lost their claim on real goods.

Now, the dollar is nothing more than a piece of trash that the U.S. government can print out whenever it needs to. In the past, the U.S. and South Korea negotiated with each other to forcibly maintain the value of the dollar, but now that has reached its limit. AOPR will no longer sit idly by and watch this problem.”

Paul Goldman has described the dollar as “unnecessary money.”

The reason the US dollar gained credibility was because it was based on gold convertibility.

But when there wasn’t enough gold to distribute to the world, the United States gave up on gold convertibility and just started printing more.

Yet the world believed in the dollar, or rather, in the United States.

Because we believed that the US would not print enough dollars to ruin the world economy, but that expectation was completely shattered.

The United States, which keeps printing dollars,

The United States, which needs to maintain the value of the dollar to gain the world’s trust, has repeatedly done the same thing by releasing money, manipulating exchange rates and interest rates, and then sucking up the profits again.

Why is the dollar’s status shaken?

That’s because America has been playing the world’s thugs.

Companies say they can’t stand this anymore, and the U.S. government has reached a point where it can no longer afford to pay the mounting debt.

Above all, how long can the US maintain its dollar hegemony when an alternative to the US, Korea, has emerged?

America’s position was further weakened as even businessmen joined the push for a single currency.

***

“What about companies printing money?”

“A company?”

“Yes, if you think about it, stocks are also currency issued by companies. Aren’t they? Did I say something too stupid?”

This is Geumneung, and I met with businesspeople from all over the world.

There is even talk of overthrowing the US dollar hegemony, so should we just push for a single currency?

But the dollar’s influence is still enormous, and if it were to be destroyed overnight, it’s unclear what would happen.

So what we came up with was corporate currency.

Even in the future I lived in, this issue was hotly debated for and against.

“Are coins issued by companies currency or stocks (or securities)?”

Coins issued by companies are generally not treated as currency.

But why can’t it be recognized as currency?

The US government prints currency without any basis and gives it value, so why can’t companies do the same?

First, each government did not recognize the coins as currency and treated them as ‘securities’, but the SEC (US Securities and Exchange Commission) refuted the claim, saying ‘there is no reason to view virtual currency as a security’.

If it’s something that a lot of people use and trust, can’t it be treated as currency?

The US government prints money without any basis, but corporations have assets and liabilities and issue corporate bonds based on these.

In reality, the US is just printing money while continuing to raise the debt ceiling, and if a company does that, they are immediately attacked by investors.

It may be difficult right now, but wouldn’t a currency issued by a company be more trustworthy than one issued by an irresponsible government?

I suggested to businessmen that they issue currency.

“Don’t get me wrong, I’m not trying to give you a magic wand to print money. I’m trying to make it clear that the people who use corporate currency are shareholders, consumers, and participants in the company.

If you print money to issue corporate bonds, how is that any different from what the US does? The first priority for a company is to gain the trust of its consumers. I’m watching to see if you can do that.”

The company officials nodded.

By simply purchasing currency issued by a company, customers become shareholders, investors, and consumers of the company. If this plan is successful, companies will be able to lead the economy in the future, free from government.

Are you going to approach this venture with the mindset of ‘let’s make some money’?

As the case of Daehan Transportation has shown, we live in a world where corporations must act as the government, and in order for corporations to be recognized as the government, they must also show consumers a level of trust.

I just put businessmen on that test bench,

If this fails, I will simply issue a single currency centered on a world government.

That’s how the corporate currency business started.

First, corporate currency was issued based on 100 million shares of Daehan Transportation stock.

[Now, customers are shareholders and participants of the company. While existing currency is produced by the government and the people are drawn into it, the moment you purchase corporate currency, you become a shareholder of the company.]

This incident turned the world upside down.

Are companies issuing currency these days?

The problem is that this is starting to work, and is there anyone who doesn’t know that Daehan Transportation is a global company?

In addition, it has already been proven that the currency printed by the United States is garbage that maintains its value through exchange rate manipulation.

Compared to that, Daehan Transportation’s stocks are no different from virtual gold bars. What’s the problem with printing money based on those gold bars?

In fact, investors evaluated the currency issued by Daehan Transportation as stocks, paid money without any hesitation, and even started trading.

Other companies also started producing money based on capital and debt, and of course, the government protested when companies started printing money.

The only thing a government with no productivity can do is issue currency, but if corporations take over even that, what reason does the government have for existing?

The government declared that corporate currency was invalid, but this was blocked by consumer backlash.

“The money you print is fine, but the money that companies print is garbage?” “You have to make sense. You print money indiscriminately, but companies are not!! They issue money based on capital and debt!!”

This is the fear of public opinion,

Until now, the government has maintained the economy by printing money, causing inflation, and exploiting the people.

Who would want such an exploitative structure?

Compared to that, with corporate currency, you can become a shareholder of a company simply by purchasing it, and it was obvious which way public sentiment would choose.

In this way, Daehan Transportation grew into a company that even controlled the world’s currency.

The governments of each country began to lose their power little by little.