Reborn Resource Tycoon

Chapter 519 The Abandoned Ally

Original Chapter 519 Abandoned Allies

On November 5th, Philip contacted Hua Mining again and asked to meet Fang Mingyuan again, but was told by the other party that Fang Mingyuan was no longer in Hong Kong, and if he wanted to meet, he had to make another appointment. [-] Philip asked when the next one could be arranged, but the answer he got was at least one week later, it was possible!Philip was so angry that he almost smashed the phone against the wall on the spot.I greeted Fang Mingyuan's female relatives of several generations in English countless times in my heart!

From Philip's point of view, this must be Fang Mingyuan's intention to intimidate people like himself, trying to force them to retreat in this unrefined way!In fact, Philip wronged Fang Mingyuan this time. Fang Mingyuan was really not in Hong Kong. At this time, he had already gone to South Korea to personally experience the financial crisis sweeping South Korea!

With the stabilization of Hong Kong's financial situation, because the mainland does not have the conditions to attack, and Taiwan's Taiwan dollar has taken the initiative to depreciate, international financial speculators can only quickly move to South Korea!After entering November, South Korea's financial market has also become turbulent!International financial speculators repeated their old tricks in South Korea and launched an attack on the Korean won!

This has made countries all over the world nervous. As one of the four Asian tigers, South Korea's economic scale is larger than that of Thailand, Indonesia, and Malaysia combined!If the financial crisis in Thailand and other Southeast Asian countries can only have a slight impact on the world economy, then once South Korea falls into trouble and spreads to Japan, the Southeast Asian financial crisis will escalate into the Asian financial crisis, and may Further spread to other countries in the world!

At this time, South Korea, although the economic level is developing well, but while the economy is growing rapidly, the country is full of crises.With the increase of domestic labor costs and the intensification of market competition, the export-oriented development advantages are constantly declining.However, South Korea failed to make effective adjustments to its economic growth mode and economic structure, which resulted in a decline in the competitiveness of domestic products, slow growth in foreign exports, and high current account deficits.In 240, South Korea's balance of payments current account deficit was 500 billion U.S. dollars!And its foreign debt is as high as more than [-] billion US dollars!Most of them are short-term projects!

Moreover, the profitability of Korean banks is relatively poor.The return on equity of general commercial banks is less than [-]%, which is only half of that of American commercial banks.This has also had a serious negative impact on the Bank of Korea's resistance to financial risks.

"From November [-]th, people in the South Korean foreign exchange market began to sell a large number of Korean won, and by November [-]th, the exchange rate of Korean won against the US dollar had dropped by [-]%, and the South Korean government began to intervene, using foreign exchange reserves Buy Korean won, but to be honest, even if we haven't launched it yet, I'm not optimistic about the South Korean government's side!" Aso Xiangyue brought a cup of coffee and put it in front of Fang Mingyuan, who took advantage of the opportunity to sit on Fang Mingyuan's side arms.

Fang Mingyuan put his arms around her delicate body, leaned close to her ear, sniffed deeply, leaned his head on her shoulder, and said vaguely: "The foreign debt is too high, and the foreign exchange reserves are too low. The Americans wanted to take this opportunity to open the door to the Korean market. Instead of helping the Koreans resist international financial speculators, they secretly made trouble for the Koreans. If the sticks can defeat the international financial speculators in such an unfavorable situation, I would suspect that this place belongs to North Korea!"

"Why? It's impossible!" Aso Xiangyue looked at Fang Mingyuan in surprise and said.South Korea is one of the most important allies of the Americans in Asia. It was also a staunch military ally of the Americans during the Cold War. To this day, the Americans still station a large number of troops in South Korea. How could the Americans sit idly by and ignore the crisis South Korea is facing?South Korea's economy has collapsed. What good will it do for Americans?

"Why is it impossible?" Fang Mingyuan asked back, "The cold war is over, and polar bears will no longer be able to challenge the Americans for a long time! Compared with the Soviet Union, China is beaten by the United States in terms of military strength." It was a few streets away, so Americans think that South Korea, an ally, is already an insignificant partner to them. Since it has no military value, the Americans will of course be rude! If you don’t believe it, wait until When the IMF puts conditions on South Korea’s aid, you get it!”

"Americans would be so merciless?" Aso Xiangyue still felt a little unbelievable, "Haven't they considered the consequences of doing so?"

Fang Mingyuan shrugged, spread his hands and said, "It's not that the Americans haven't thought about it, but they think that no matter how angry the Koreans are, they have no other way to go! Hehe, the Americans are full of confidence now." when!"

Although it is said that when the financial crisis in Southeast Asia occurred, the inside story was unknown to ordinary people except those high-level people.However, after the financial crisis in Southeast Asia, it was the era of rapid development of the Internet, and countless secrets and inside stories were exposed in the Internet turmoil!

At that time, when South Korea was involved in the financial turmoil, it sent a request for help to the United States. Regarding the request of the Koreans, there was a fierce conflict within the U.S. government at that time. The official opinion is that we should reach out to our allies. After all, South Korea is also an important trading partner and a staunch military ally of the United States.But government officials headed by U.S. Treasury Secretary Rubin firmly oppose it!

In Rubin's view, the outbreak of the financial crisis is an excellent opportunity for American capital to enter South Korea!Although the Koreans are said to be staunch allies of the United States militarily, but economically, the Koreans have set up heavy obstacles to the entry of American capital.For example, Koreans do not allow American banks to establish bank branches in South Korea, and foreign companies entering South Korea can only own 20.00% of the shares of listed companies. Satisfied.But now, Koreans are asking for others, how could they miss this opportunity?

For this reason, Treasury Secretary Rubin was extremely tough at the time, and even reprimanded Albright for not understanding economics in front of US President Clinton!

Finally, under the pressure of Wall Street capital, US President Clinton obeyed the opinion of the Ministry of Finance!

With the official permission of the President of the United States, Treasury Secretary Rubin immediately ordered the IMF to treat the Koreans with harsher conditions than before. Under the heavy pressure of the Americans, the IMF must not The aid proposed by South Korea has been imposed with harsh conditions, including that the South Korean government must resolve all trade disputes between South Korea and the United States on terms that are favorable to the US government, otherwise, it will refuse to send South Korea provides aid funds!

The International Monetary Fund has so many conditions for the United States and the measures are so severe that Koreans have issued angry accusations that the International Monetary Fund is always serving the United States!

In later generations, the chief economist of the World Bank and an American scholar who once served as the chief economic adviser to US President Clinton once publicly expressed his opinion that the reason why South Korea fell into the financial crisis and was unable to extricate itself was largely due to the fact that the US Treasury Department In the years before the crisis, they tried their best to force South Korea to carry out a comprehensive and rapid opening of the financial capital market!And this kind of openness has no real help to the security interests of the United States at all, and will only benefit the capitalists on Wall Street.And when South Korea fell into a financial crisis, the extremely harsh conditions of the United States pushed South Korea into the fire pit!

"But... South Korea can still ask Japan for help!" Aso Xiangyue hesitated for a moment.Although the current financial situation in Japan is not good, but a thin camel is bigger than a horse, and there is always the power to pull South Korea.Moreover, once the Korean financial market collapses, it will inevitably affect Japan, and the relationship between the two is completely cold.

Moreover, not long ago, the Japanese government put forward a proposal to establish an "Asian Monetary Fund" of up to 1000 billion US dollars, hoping to maintain regional currency stability in a timely manner when the financial crisis breaks out, slow down the spread of the financial crisis, and reduce the Reliance of countries in the region on IMF funding.

Fang Mingyuan shook his head slightly and said: "Don't pin your hopes on the Asian Monetary Fund, the Americans will never allow Ri himself to start anew!"

The International Monetary Fund is said to be an international organization, but the actual leadership has always been in the hands of European and American countries, especially the Americans. It is a sharp weapon used by the US government to suppress developing countries.How could the Americans allow Ri himself to establish another Asian Monetary Fund in Asia to divide his power?Moreover, the Americans both support and suppress Japan, not only to make it a vanguard against the former Soviet Union, the current Russia and China, but also to be vigilant all the time whether Japan will backfire.

Japan's proposal to establish an "Asian Monetary Fund" certainly has the side of maintaining regional currency stability, but why not follow the example of the International Monetary Fund, so that Japan can control the financial discourse power in Asia?

How could the Americans agree!

Aso Xiangyue opened her mouth. Although she wanted to make a rebuttal, she also understood that what Fang Mingyuan said was likely to come true.

"By the way, Xiangyue, how are the reporters I asked you to arrange to interview in Indonesia next year?" Fang Mingyuan patted Aso Xiangyue's leg, it was soft and smooth, and it felt great!

"I have already negotiated with two well-known media in Russia. They will send an interview team to Indonesia at that time. As for the Japanese media, I think you should wait for Lin Lian to come and ask her in person!" To be continued