Free Web Novel“Yes, yes. I understand.”
Lee Yonghyeon, the Chairman of Cheongpunghoe, was on the phone, holding the receiver with both hands respectfully.
A moment later, he hung up and sank into serious thought, his face grim.
“Chairman, Candidate Choi Changgung has arrived.”
“Is that so? Let him in.”
The door opened, and in walked one of the current presidential candidates—Choi Changgung.
He approached Lee Yonghyeon and gave him a deep, respectful bow.
“Chairman. I hope you’ve been well.”
“It’s been a while. How’s the presidential campaign going?”
“Thanks to your support, I’ve been given a great opportunity. I’m truly grateful.”
It was Lee Yonghyeon who brought Choi Changgung into the fold after he lost the ruling party’s nomination and created a new party to launch him as a presidential candidate.
“Chairman, Candidate Seong Daegyu has arrived.”
At the mention of that name, Choi Changgung lifted his head and looked at Lee Yonghyeon.
But Lee paid no attention to the stare.
“Let him in.”
“Yes, sir.”
The door opened again, and in walked Seong Daegyu, the presidential candidate from the ruling Conservative Party.
Unlike Choi Changgung, Seong Daegyu didn’t bow deeply, but he did lower his head in greeting.
“Sir, it’s been a while.”
“Hahaha. I never thought I’d see you running for president. Sit here. Changgung, you too—get up and come sit.”
Lee Yonghyeon sat at the head of the table. To his left sat Choi Changgung, and to his right, Seong Daegyu.
The two men glared at each other with barely concealed hostility.
Watching them, Lee Yonghyeon slowly opened his mouth.
“Gentlemen. Enough of the staring contest. Listen to this old man.”
“Yes, Chairman.”
“Yes, sir.”
As if they hadn’t been glaring at each other moments ago, both focused their attention on him.
“So, Seong. You became the ruling party’s nominee, but the current president isn’t supporting you at all, is he?”
“...”
Seong Daegyu didn’t answer, but the displeasure was plain on his face. Lee smirked.
“Haha. Come now, would I summon you here just to talk nonsense? Changgung, your approval rating’s stuck too, isn’t it?”
“...Yes, sir.”
Looking between the two, Lee clicked his tongue.
“If you two keep going at it, that progressive candidate will win by default. You both realize that, don’t you?”
Neither answered.
“The progressive is leading all the polls. If the administration flips, you two will be laughed at for the rest of your lives. It’ll be no different from what we did to the opposition back during the Fifth Republic.”
They both knew it.
It was Lee Yonghyeon who uprooted lawmakers and party members from the ruling party to form a new party and push Choi Changgung forward as a candidate.
No one dared to point it out.
“Unify your campaigns.”
“Chairman!”
Choi Changgung raised his voice before he could stop himself.
“Changgung... did you just raise your voice to me?”
“N-no, that’s not...”
“Hahaha. Living long enough, you see all sorts of things.”
Though he laughed, his eyes were cold. Choi Changgung quickly bowed.
“Chairman... I’ve committed a grave offense.”
“No, no. When you get old, you’re supposed to die. Isn’t that right?”
“...I’m sorry.”
Choi Changgung stood and dropped to his knees.
“Get up. A man aiming to become president shouldn’t kneel so easily.”
“Please forgive me.”
“Alright, alright.”
“Thank you, Chairman.”
Choi returned to his seat, his expression downcast.
“And you, Seong—what do you think?”
“I don’t know what you’re thinking, sir.”
“What I think doesn’t matter. What matters is you. If the president won’t support you, you’ll need mine. Don’t you think?”
“...What do you want from me?”
“Let that guy have this election. You just do a few things I ask. It’ll bring you one step closer to the presidency. You can manage that much, right?”
At Lee’s words, Seong glanced at Choi, then lowered his head.
“...Understood. I’ll follow your guidance.”
“Hahaha. Good man.”
Nobody cared what Choi Changgung thought anymore. Lee continued speaking as though the merger was already settled.
“The economy’s rotting. You know that, right?”
“Yes, sir.”
“Starting next month, all the Japanese money will pull out. That’ll cripple us. The president’s been way too hostile toward Japan. Korea can’t win against them, you know. He’s a fool.”
Lee wasn’t exaggerating.
This administration had taken a fully anti-Japan stance—launching campaigns to trace the assets of pro-Japanese descendants and even tearing down the old Government-General building.
After Japan’s prime minister made inflammatory remarks about Dokdo, the Korean president capped it off at a press conference:
‘Japan has made this kind of idiotic statement at least thirty times since our founding. It’s time we finally corrected their bad manners. This government must show them we’re not the military dictatorship of the past—we have dignity and morality.’
After that statement, Korea-Japan relations plummeted.
“If you become president, I’ll help secure large-scale dollar loans from Japan. You’ll go down in history as the man who revived Korea’s economy—the one ruined by the current president. Doesn’t that sound nice?”
“Thank you, sir.”
Seong Daegyu replied politely, and Lee burst out laughing.
“Hahaha! Don’t thank me—thank Japan. Just don’t go too hard on them. Pretend you’re tough, but only enough that the people believe it.”
“Yes, sir. I’ll be mindful.”
“Good. Let’s keep this quiet for now. Once the election heats up, we’ll play the unification card.”
“Understood.”
“You can go. I need to speak more with this rascal Changgung.”
“Yes, sir. I’ll visit again soon.”
Seong stood, bowed, and left.
As the door shut, Lee turned to the still-bowed Choi Changgung.
“Even if you’re upset, swallow it. This is what Japan wants. I had no choice. Do you think I wanted [N O V E L I G H T] to give up on you?”
“...But—”
“I know. I understand how you feel. But you’ve secured a promise for next time. Once this is over, return to the Conservative Party and take control. I’ll back you.”
“Yes, sir.”
“You’ll be next. Trust me. Have I ever lied to you?”
“No, Chairman. I believe in you.”
The future Kim Muhyuk knew was changing.
The small tremors he’d caused had turned into a storm heading his way—one he could no longer predict.
* * * freēwēbnovel.com
Indonesia, the Philippines, and Malaysia had all fallen to the Hedge Fund Coalition.
Malaysian Prime Minister Mahathir launched fierce attacks against “George Soros,” whom he named as the mastermind behind the currency attacks.
Thailand eventually filed for emergency IMF support, and the East Asian financial crisis exploded like a nuclear bomb—striking Korea, Taiwan, and Hong Kong.
—Hey. U.S. markets are crashing too.
“I know. Let them. They’ll recover.”
—The drop’s bigger than expected.
“Why the sudden concern?”
—The staff’s getting anxious.
“Don’t get eaten by fear. Investors have to beat fear. Just have the team ready to deploy in Hong Kong. Forget the stock.”
—Got it.
August 1997. The Hedge Fund Coalition was preparing to strike Hong Kong.
—They say we should join this time too.
“Of course we should.”
—How much?
“Just put in 10 billion.”
—Just?
He was briefly speechless.
Ten billion dollars was “just”...?
“Hyung... that’s ten billion. Not ‘just’.”
—Sorry. I’ve gotten so used to tossing around tens of billions I’ve lost all sense of scale.
“Be careful. You keep going like this, and you’ll end up bankrupt and floating in the Han River.”
—Alright, I’ll say we’re putting in ten billion.
“Good. Let’s stay agile and respond as we go.”
History was full of irony.
There was no real connection, but the collapse of the Thai baht—which signaled the start of the Asian financial crisis—came exactly 24 hours after Hong Kong was handed back to China.
Hong Kong’s inflation rate was significantly higher than America’s. Speculative capital was always applying pressure. fгeewebnovёl.com
Its fixed exchange rate was a double-edged sword.
—All set. We start the attack tomorrow.
“Tell the staff to mirror the hedge funds’ moves. You and I will bet on the stock market crash.”
—Got it. One sec.
On the other end of the line, I could hear Han Kyungyeong barking orders in English.
—Forget going home. You’re sleeping at the office. Once this is over, you’ll get sweet vacations and cash. Just hang in there.
Screams or cheers rang out faintly in the background. I couldn’t help but smile at how confidently he now commanded his team.
“This is the beginning. Even if we take losses, we keep betting on the fall. Don’t flinch, even if we lose every penny in that shell company.”
—You’re terrifying. You’re basically saying we go in ready to lose it all.
“Exactly. But in the end, it’ll bring massive profit.”
If history stayed its course, Hong Kong would abandon the stock market and focus all its might on defending the currency.
But I had interfered. Who knew what would happen now?
That’s why I didn’t touch our U.S. firm’s capital. I planned to burn every dollar from the offshore shell company first.
Soon after, the Hedge Fund Coalition and global speculators launched their full-scale assault on the Hong Kong dollar.
The Hong Kong government, counting on China’s support, threw everything they had into defending their currency.
—Ugh... this is insane.
“Don’t worry. It’s not over yet.”
From August to October, our bet on the Hong Kong market’s collapse had already cost us over 30 billion dollars.
The market was dipping, but not nearly to the level we were targeting.
We’d resorted to borrowing stocks from global firms for short-selling to try nudging prices down—just to minimize losses.
If history was repeating, then soon the Hong Kong Monetary Authority should make its move.
I didn’t say anything to Han Kyungyeong, but I was burning up inside.
Is this my fault? Did I twist history?
But it was too late to back out now.
—What should we do? Keep going?
“Wait. Let me think.”
Maybe they were holding out thanks to their solid foreign reserves—but even that had to be running low.
The hedge funds’ goal was simple.
They’d bet on the Hong Kong dollar falling via the futures market. Then, they’d dump Hong Kong dollars into circulation, hoping the Monetary Authority would break the peg and devalue the currency.
But Hong Kong had a unique monetary system.
When U.S. dollars came in, they adjusted interest rates to maintain the Hong Kong dollar’s value.
And when interest rates rise, stock and bond prices fall. Basic financial logic.
“Hyung, take everything in the U.S. firm. Bet it all on market crashes in the U.S., Japan, and Europe.”
—What?
“Don’t make me repeat myself. Short every major index.”
—...Are you insane?
“It’s an order. I make the calls. Don’t forget our deal.”
Han Kyungyeong didn’t reply.
“Hyung?”
—Fine. I don’t know anymore either.
If this gamble failed? I’d just start over.
I still had the $100 billion slush fund—and the $30 billion bet against Korea.
Han Kyungyeong faithfully carried out my instructions.
Even as his staff protested, he took full responsibility.
October 23.
According to history, it would be today.
I couldn’t focus on anything.
I sat still on the bed, watching the time tick by.
Then—my phone rang.
A wave of dread washed over me.
“Hello. This is Kim Muhyuk.”
—Muhyuk! It’s bad!
It was Han Kyungyeong.
< Hong Kong’s Decision > End
