I Became Park Jeong-ui’s Nephew - Chapter 75



Only Krnovel

He became Park Jeong-ui’s nephew. – (75)

[The US spent $2.2 billion on the war with China, of which $500 million went to Korea. And $300 million of that went to the Korean government’s foreign exchange reserves. This time, too, the US filled Korea’s pockets.]

This is America,

A paper presented at a university shook American society.

It is widely known that American public opinion is now more interested in making money than in world hegemony, and that the US has invested heavily in Korea.

The problem is that the scale of the investment has not been clearly disclosed, and the university calculated the amount of money invested in Korea based on information that has been made public so far.

It’s just an estimate, but the results are surprising,

During the last Shanghai War, the United States poured 500 million dollars into Korea.

So how did Korea use this money?

About $200 million was paid to the soldiers as consolation money, and it is unclear how the remaining $300 million was spent.

University officials speculate that this money is likely to have been the slush fund of the South Korean president.

They say it’s 300 million dollars. Does it make sense that this much money would go into a person’s bank account?

They made a huge profit by producing military supplies and supplying them to the Allied Forces, but they received an additional $500 million from the US government.

In addition, Korea gained the economic and military advantage of Shanghai-Taiwan.

If we exaggerate a little, it means that the US went to war for Korea, and Americans were furious.

Why did the US government invest $500 million in Korea?

The argument that if that money had been invested in American society, the lives of Americans would have been better has gained traction.

So the question here is, is Korea really a country that cannot function without American support?

A counterargument to this also came from the United States.

[The Korean government has so far loaned 48.8 billion won to the top 10 conglomerates. This is 28% of the current Korean currency issuance, 21% of the total currency supply, and more than half of the 96.2 billion won outstanding loans from financial institutions.

Although the U.S. economic advisory group expressed concern over economic development centered on large corporations and urged the Korean government to liberalize finance, the president simply adjusted interest rates.

South Korea’s economic development project was outside of American control from the start.

If we give special privileges only to some companies, how will the rest of the companies develop?

The U.S. advisory group opposed the investment, saying that it would deform the Korean economy and focus on large corporations, but the Korean government only adjusted the lending interest rate.

And that’s not all.

The loans provided by the United States were also used in a way that was completely opposite to what the United States had intended.

[The U.S. government hoped that Korea would borrow money and develop its economy. At the time, the bank interest rate was as high as 12%, but the interest rate on the loan provided by the U.S. was only 7%. However, Korea borrowed money from banks and invested it in the economy.]

As explained above, the Korean government invested more than half of the 96.2 billion won in loans from financial institutions in large corporations.

Why did you borrow money from a bank with an interest rate of 12% when you have foreign loans with an interest rate of only 7%?

This is a work that has political intentions of the Korean government.

Because being tied to foreign loans could make the economy dependent on foreign powers, the country secured independence and autonomy of capital even by increasing debt.

The problem is that Korea is a poor country.

Where did they get that 48.8 billion?

The source is the Japanese assets that they left behind in Korea. Originally, they were supposed to be sold to various companies, but Korea placed them all under government control.

It would be nice if as many companies as possible could benefit, but is Korea in a position to diversify its investments?

So, we’ve been giving some of our assets to some companies that have potential.

However, the economic development fund was still insufficient.

“Should I borrow money from the bank?”

“What kind of money do they have? The current Korean savings rate is less than 10%. They don’t have any money either.”

“I have to pull something out, I can’t just suck my thumb.”

After liberation, the savings rate of Koreans was only 7%, and naturally, banks did not lend money to just anyone.

How much money will there be in the banks if people don’t save?

This is why banks can only lend money to governments and large corporations under their control, which have some credibility.

Is it wrong that Korea’s financial industry is completely centered around the government and large corporations?

Looking back at Korean history, this was an extremely normal course of action.

After the opening of the country, what percentage of Joseon’s total budget did it procure domestically?

In 1895, only 9% of the total budget was raised domestically.

How can the government collect taxes when its people are so poor?

This is why 91% of the budget depended on loans, and at a time when corruption was rampant in Joseon, the introduction of loans was one of the means to increase the wealth of Emperor Gojong, Empress Myeongseong, and government officials.

“A loan? The interest rate isn’t that high. Let’s just borrow it and use it.”

“You can pay it back later when your finances improve.”

Joseon, which has increased its loan without any real countermeasures

The result is known to all.

Korea, which was liberated from Japanese rule but was still extremely poor,

Even if the US provides a loan, no one knows how the Korean dictator will use it.

Who knows if he will increase his wealth by borrowing money like Queen Min and King Gojong?

So, the amount of loans that the US provided to Korea over the five years did not exceed 60 million dollars, and the US did not expect that Korea would achieve economic development with the loans.

“Yes, we can’t live just looking at you, America.”

“We’ll just take care of it, don’t get in our way.”

In this way, Korea secured funds for economic development through its own independent path while receiving support from the United States.

The state monopolized all of the country’s funds and finances, and nationalization of land was an extension of that.

That’s how the legend began.

From 1950 to 1954, foreign companies invested only $8.14 million in Korea, but in the past five years, American companies have invested about $264 million in Korea.

How can such a miracle happen?

Korea’s great leap forward surprised even American experts

Americans say that the US raised Korea, but experts say that is a mistake.

“It is true that the United States contributed greatly to Korea’s development. It is true that it transferred all of its assets to the Korean government and provided loans at a 7% interest rate. However, Korea did not act only as the United States intended. Although the economic advisory group opposed economic development centered on large corporations, Korea pushed ahead with it, and minimized the introduction of loans while thoroughly unifying the national economy around the state.”

This is the correct answer,

So, let’s go back to the beginning here.

The United States paid about $500 million to Korea during the Shanghai War, of which $200 million went to the soldiers.

So the remaining $300 million was gulped down by the Korean president?

Considering the actions of the Korean government so far, that is speculation.

“Where did you spend your $300 million? Did the Korean president swallow it?”

“Proof? Do you have any proof?”

“You… You’ve been full from the money you received from America, right? No?”

“The amount of loans Korea has received from the US so far is only 80 million dollars. Oh, but there was an investment of 260 million dollars from an American company.”

“So where are you going to use the remaining $300 million, aside from the $200 million given to the military?”

“Why should we tell you that? Are you trying to take back what we gave you?”

This is the full story of what has happened so far.

Korea, which poured a lot of manpower and money into the Shanghai War for the United States,

Was it a waste for President MacArthur to invest $500 million in a country like this?

Is the South Korean president an incompetent person who is getting fatter with money dropped by the US?

This is evidence that American society still does not have a proper view of Korea.

Is it any wonder that American companies invested $260 million in Korea and the U.S. government invested $500 million?

American public opinion was in disarray.

***

“Your Majesty, this is our birthday gift to you.”

“What is this?”

“Your Majesty, this is your favorite. I am sure you will like it.”

The same routine that repeats itself today,

I met Jewish businessmen who had come over from Shanghai.

Recently, the Korean government invested 60 billion won in Shanghai, and thanks to this, the Jewish state of Aleph is gaining momentum in economic development.

There are many areas that need investment, not only in the economy but also in administration and the military, so where are we going to borrow money from?

The answer lies only in Korea.

The US government has closed its wallets, saying it only wants to live well, so do you think Jewish businessmen will pay huge amounts of taxes to the government?

If the government had control of all the country’s assets and finances like in Korea, that would be possible, but Aleph, like a Jewish state, places the highest priority on corporate interests.

So, we rely more on Korea,

I invested 60 billion, so shouldn’t I get something in return?

$6.5 million (about 82.8 billion won in the era) poured out of 54 bags of money.

The staff at the presidential office were speechless at the unrealistic sight of the office being filled with money.

But I just keep a calm expression,

He kept saying things he didn’t mean, saying that it was too much.

“I don’t know if I can accept this much.”

“This is nothing compared to the kindness you have shown us so far. Please continue to take care of us in the future.”

I nodded.

It is only natural to return what you have received, so he gave instructions to the chief secretary.

“Invest another 20 million dollars in Shanghai.”

“All right.”

This is possible because I monopolize all finance and assets in Korea. If I say something, all banks and companies have to do the same.

Who helped a major corporation borrow 48.8 billion won to expand its business?

If we did as the Americans say, big companies would have been doing business paying off loans at the same interest rates as small and medium-sized companies.

That logic is still valid today,

Any company that is uncooperative with the government can be blown up.

That’s why even the Shanghai Jews are embarrassed in front of me. With America in such a state, who can you trust?

When I spent a whopping $20 million, everyone nodded.

‘Yes, being president should have this kind of joy.’

Even politicians can only work happily when their pockets are full.

The people only demand integrity from public officials, but how many people will do their best at their jobs while receiving a salary lower than that of corporations?

Separate payments were also made to the staff of the Presidential Office.

“Director Kim, let’s leave work early today and have a drink with the employees.”

“Is that… okay?”

“Yeah, and since this is a performance-based pay, distribute it among your employees as you see fit. Don’t eat it all by yourself. A boss who eats all by himself is the worst.”

“Thank you, Your Majesty.”

The amount paid to the Chief Secretary was 3 billion won in cash.

He received 82 billion won as a birthday present, so shouldn’t he give this much? He didn’t stop there, and gave 8 billion won in political funds to the Korean People’s Party.

The remaining funds are deposited in my personal safe.

Thanks to the birthday gift, his total wealth increased to 518 billion.

‘America would be shocked if they knew I had this much money.’

The US estimates my assets to be between $270 billion and $400 billion.

But that’s underestimating me.

When you work in government, you tend to get dirt on your hands, and if your pockets are full, people will spend more.

Aren’t politicians who pretend to be clean actually amassing their wealth through corruption, stock trading, and embezzling public funds if we look closely?

Compared to those things, I am an honest person,

So what if they just squandered the taxes paid by the people?

I certainly enjoyed what I could from my position.

“Don’t you need more investment capital?”

“I also want to invest more in Korea.”

Now, American investors are also rushing to put in money.

This time, American companies spent about 7.5 million dollars on lobbying. I distributed this evenly among my neighbors and took the rest.

Currently, there is about 14 billion won in cash stored in the presidential office.

This fact was shared only with me and a very small number of close associates.