226. loan
IT.
In other words, information and communication technology (ICT) is the technology field with the greatest potential to create explosive innovation no matter where it meets.
However, if someone asked Hoyoung to point out one field that had the best synergy among them, Hoyoung could answer without hesitation.
It’s called ‘automobile industry’.
‘In the first place, most of the papers I submitted when I was pursuing my Ph.D. were also related to autonomous driving.’
Unlike studying IT technology related to automobiles in graduate school, after getting a Ph.D., he did not go to a research position, but lived a life as a developer he wanted.
Hoyoung saw the great potential of the automobile market.
To be honest, even in 1988, when he first returned to the past, it wasn’t that he didn’t stop thinking about the automobile industry.
However, at that time, Hoyeong’s capital was too small.
‘Because the automobile industry is not a business that costs a penny or two.’
So, from then on, Hoyoung made a plan.
1997.
While waiting for the time to come when it is easiest to start the automobile industry with money in Korea.
Even now, I already had a Samryong car, but it was still not enough.
Samryong wasn’t the only car company that Hoyoung wanted to own in the first place.
‘Kia car.’
Hoyoung decided to start working in earnest to successfully make the Kia car his own.
.
.
.
November 1997.
Korea has entered a cold and cold winter in earnest.
Not only was the temperature low, but it was also so in an economic sense.
The economy of the Republic of Korea was literally in a state of ruin.
Although it is said that Ho-young prevented the Reverse Plaza Agreement and defended to some extent Wall Street’s attack on Thailand, this historic movement of Korea’s economic crisis was not something Ho-young alone could reverse.
At least, it can be said that Hoyoung has been working hard for several years, so it has stopped at this point.
Compared to the original history, only about half of large corporations went bankrupt.
As a result, naturally, only half of the small and medium-sized enterprises subcontracting under the conglomerate were wiped out, and of course, the number of unemployed was also about half.
However, all of these were thoughts that Ho-young could have made because he had seen the future.
Originally, it was half of the aftermath of the IMF crisis, but it was an unchanging fact that the current situation was also extremely serious.
For those who do not know the future, it was in the midst of news that large companies that seemed to last forever were collapsing one after another, and that small companies around them went bankrupt every day.
I heard that Cheol-su’s father next door had lost his job, that the factory where the bachelor worked in the upper house was closed, that the uncle next door had closed his business, and so on.
The atmosphere in Korea was grim.
And the atmosphere was desperately felt not only by the common people, but also by the government.
bang-
President Kim Il-sam could not overcome his anger and hit the desk hard.
“So, isn’t that what you mean when you say there is no way?”
“Go, Your Excellency…”
“I have to repay short-term foreign debt to Japan right now, but there is no money in the country right now. What the hell did you do during the economic boom until last year?!”
President Kim Il-sam and Deputy Prime Minister Noh Ho-seong did not even think to raise their heads.
To be honest, since this year, no, since the end of last year, he has been one of the people who have warned the president of the economic crisis in the Republic of Korea.
As the president who had not listened to his advice until now and only listened to the words of his confidants who gave only optimistic reports, he felt resentful, but he did not show it at all on the outside.
“Corporate debt ratios are abnormal. 1000% and 1500% are basic, and some companies even approach 3000%. As the economy shrinks, people do not spend money, and companies cannot make profits, so they cannot even pay interest on their loans. So the factory is stopped, production is stopped, and exports are not possible.”
“under···.”
The Deputy Prime Minister for Economic Affairs closed his eyes tightly and reported the contents.
He thought that the president’s disapproval order would fall once more, but contrary to his expectations, only the sighs of President Kim Il-sam could be heard.
“And that’s not the only problem now.”
The Deputy Prime Minister for Economy decided to pour out everything he wanted to say while the opportunity arose.
He quickly continued when President Kim Il-sam did not respond.
“The most serious problem is that domestic banks are about to collapse all at once. If a business goes bankrupt, the bank that lent it to the business cannot get its money back. If you are lucky enough to be acquired by another company, you may be able to save your money, but it is safe to say that there is no company in Korea that has enough room to acquire such companies.”
The Deputy Prime Minister for Economy spoke in a rather serious voice, and President Kim Il-sam’s face turned pale.
If the bank collapsed, it meant that things could be much worse than now.
Banks were very important to President Kim Il-sam.
The fact that he was able to receive the highest support ever from the people, even if it was once, was because of the real-name financial system that he boldly implemented.
After the real-name financial system, trust in banks among the common people skyrocketed.
I didn’t have to keep the cash at home while worrying, and even gave me money for free in the name of interest.
Therefore, it was common for most people in modern times to deposit most of their assets in banks.
‘What if all the banks went bankrupt…?’
President Kim Il-sam felt goose bumps all over his body.
Business collapse is just one symptom of a deteriorating economy.
The problem with companies going bankrupt is not that one company collapsed, but that hundreds or thousands of people who made a living in that company became unemployed overnight.
The state is made up of the people.
When all the people become poor, that is the moment when the country becomes poor.
However, when a bank goes bankrupt, at the same time, the people’s money deposited in the bank is scattered like dust.
If that happens, it wouldn’t be strange if there were real riots, not just demonstrations.
“then···. What are we going to do?”
President Kim Il-sam’s voice was mixed with a metallic sound.
While listening to the Deputy Prime Minister for Economic Affairs, he seemed to have grown old for a while.
In fact, what the Deputy Prime Minister said was absolutely not unknown to President Kim Il-sam.
This is because it has been a topic that has been brought up at every cabinet meeting ever since, and his anxiety has grown like a snowball when he sees large corporations collapsing since January of this year.
But he made one of the most unforgivable mistakes as a president.
complacency.
He was optimistic about the economy of the Republic of Korea, and the results were coming back like this.
“Isn’t it impossible to create money that doesn’t exist?”
“That’s right.”
“In the end, is there only the IMF?”
“Yes… It is.”
IMF.
The abbreviation of ‘International Monetary Fund’, which will never be forgotten by the people of the Republic of Korea until the day they die.
In simple terms, it can also be called an international bank.
However, if there is a difference from a bank, it is a place where there is a scary aspect that you have to follow the economic policy directed by the bank from then on when you borrow money.
But what can I do, there is no clear way other than that.
“Isn’t it possible that each large company can contribute?”
“As you know, even large corporations have a difficult debt ratio. This happened because large corporations couldn’t pay off their debts to banks, and it would be difficult to generate money to pay to the country.”
President Kim Il-sam felt a headache coming on.
He also felt that there was no other way than to borrow money from the IMF, so his head hurt even more.
“Okay. We will discuss the details at the ministerial meeting.”
“yes. dismissal. I’ll see you in the meeting room at the West Annex in the afternoon.”
Kim Il-sam nodded lightly.
The Deputy Prime Minister for Economic Affairs quickly left his office after noticing him for a moment.
Perhaps it was difficult to endure this air any longer.
“Is this how it ends…”
President Kim Il-sam let out a deep sigh.
he was very young
He is a person who has dreamed of becoming the president ever since he was in elementary school.
I even wrote ‘My goal is the president’ on the head of my desk and studied intensely while looking at the words.
Entering politics at a young age, going through all sorts of twists and turns, how did you get to where you are…
“I’m going to be the worst president in history.”
It was only a few years ago that approval ratings seemed to pierce the sky, but it felt distant as if decades had passed.
smart-
Then I heard someone’s urgent knocking.
‘Who is it?’
President Kim Il-sam looked at the door with puzzled eyes.
It was to the point where I couldn’t even remember how long it had been since someone knocked on the door directly.
– Your Excellency, that’s Juminsik.
‘Chief of political affairs?’
The person who knocked on the president’s door was none other than Jo Min-sik, senior secretary for political affairs.
“Come in. What the hell is going on?”
“Ugh···. Ugh···. thank you dismissal. It’s a bit urgent, so… sorry.”
Jumin-sik caught his breath for a moment, probably running out of breath.
President Kim Il-sam did not give any instructions to the senior secretary for political affairs because of the recent collapse of the economy of the Republic of Korea.
So, I wondered why Juminsik found him in such a hurry.
“Okay, so tell me what happened.”
“I think you should try answering a phone call.”
“telephone?”
President Kim Il-sam could not bear the slight frown.
It was the first time I had been in such a hurry to change my phone.
Did he get a phone call from the president of the United States? I even heard the thought.
“Who the hell is calling?”
“That’s Hermes… No, I am Yun Ho-young, the chairman of Gaia Investment.”
“Chairman Yun Ho-young?”
President Kim Il-sam was even more surprised by the unexpected name.
.
that afternoon.
Hoyoung was driving Miru’s car and was heading to the Blue House.
‘I thought there was originally a cabinet meeting in the afternoon, but it seems they canceled that too. It looks like they’re in a bit of a hurry.’
President Kim Il-sam, who received Ho-yeong’s phone call as he thought, called Ho-young to the Blue House, even canceling all of today’s schedules.
In fact, Hoyoung barely managed to stop him from saying that he would come to Gangnam right away.
“President. It should arrive in 10 to 15 minutes.”
The car driven by Miru glides past Gwanghwamun.
Hoyoung glanced at the statue of Yi Sun-shin, who seemed to be proudly guarding Gwanghwamun, and smiled as he recalled the conversation with the president a while ago.
.
“dismissal. hello. This is the first time I’m calling you directly like this.”
– Chairman Yun Ho-young. I had to say thank you for helping me so far, but I couldn’t properly repay you because the situation was such. What did you call about?
“Looking at the current situation, it seems that you must be very worried. Isn’t it a bad situation on a national level due to the lack of foreign currency in Korea?”
Hoyoung deliberately talked about the main topic from the beginning.
Because I thought there was no need to drag it out.
– Nope. That’s right. Now the government is trying to come up with a way.
“Isn’t that borrowing money from the IMF?”
– What, what did you say?
President Kim Il-sam was a man with a deep heart, but he stuttered as if he hadn’t expected that Ho-young would poke the core like this.
“By the way, Your Excellency. You know what? Borrowing money from the IMF is good, but instead of lending money, the IMF lets them run the country in the direction they want.”
– I already know that. However···. What do you mean there is no way?
A voice that gave up on everything.
Hoyoung said something that would open the ears of President Kim Il-sam.
“If you are going to borrow money anyway, do you really need to borrow it from the IMF? Gaia Investment, no, can I lend some money to Korea?”
