Resource Tycoon Reborn

Chapter 519: Abandoned Ally

On November 17, Philip contacted Huaxin 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. If he wanted to meet, he would have to make an appointment again. Philip asked where the nearest one could be arranged

At that time, the answer he got was that it would be possible at least a week later! Philip was so angry that he almost smashed the phone on the wall on the spot. He greeted Fang Mingyuan’s female relatives of several generations in English countless times in his heart!

From Philip's point of view, this must be Fang Mingyuan deliberately trying to make people like him cold, trying to force them to retreat in this unsavory way! In fact, Philip wronged Fang Mingyuan this time. Fang Mingyuan was really not in Hong Kong. At this time,

He has personally traveled to South Korea to experience first-hand the financial crisis sweeping South Korea!

As Hong Kong's financial situation stabilizes, because the mainland does not have the conditions to attack, and Taiwan's New Taiwan dollar has actively devalued, international financial speculators can only quickly move to South Korea! After entering November, South Korea's financial market has also become turbulent.

Get up! 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 we talk about the financial crisis in Thailand and other Southeast Asian countries, it has

The world economy can only have a slight impact. 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, although South Korea's economy was developing well, at the same time as the economy was growing rapidly, there were many domestic crises. As domestic labor costs increased and market competition intensified, the advantages of export-oriented development were increasing.

South Korea has not been able to effectively adjust its economic growth mode and economic structure, which has resulted in a decline in the competitiveness of domestic products, slow growth in foreign exports, and a high current account deficit. In 1996, South Korea's international revenue

Its current account deficit is US$24 billion! And its foreign debt is as high as more than US$150 billion! Most of which are short-term projects!

Moreover, the profitability of Korean banks is relatively poor. The return on equity of general commercial banks is less than 6%, which is only half of that of U.S. commercial banks. This has also had a serious negative impact on Korean banks' ability to resist financial risks.

"Starting from November 12, people in the Korean foreign exchange market began to sell Korean won in large quantities. By November 16, the exchange rate of the Korean won against the U.S. dollar had fallen by one percent. The Korean government began to intervene and use foreign exchange reserves.

Buy Korean won, but to be honest, even if we haven't launched it yet, I am not optimistic about the Korean government!" Aso Xiangyue brought a cup of coffee and placed it in front of Fan Mingyuan, who took advantage of the situation and sat down on Fan Mingyuan's side.

In arms.

Fang Mingyuan hugged her delicate body, came close to her ear, sniffed deeply, rested his head on her shoulder, and said vaguely: "Bangzi's foreign debt is too high, and his foreign exchange reserves are too low.

, the Americans want to take this opportunity to open the door to the Korean market. Instead of helping the Koreans resist the international financial speculators, they are secretly causing trouble for the Koreans. If the sticks can still frustrate the international financial speculators in such an unfavorable situation,

I would suspect this is North Korea!"

"Why? This is impossible!" Aso Xiangyue looked at Fang Mingyuan in surprise. South Korea is one of the important allies of the Americans in Asia and a staunch military ally of the Americans during the Cold War. To this day, Americans are still stationed in South Korea.

With a large number of troops, how could the Americans sit back and ignore the crisis facing South Korea? If South Korea's economy collapses, what good will it do to the Americans?

"Why is it impossible?" Fang Mingyuan asked, "The Cold War is over, and polar bears will no longer be able to challenge the Americans for a long time! And China, compared with the Soviet Union, is surpassed by the United States in terms of military strength.

It even left a few streets, so the Americans think that South Korea, an ally, is no longer an insignificant partner to them. Since it has no military value, of course the Americans will be rude! If you don’t believe it,

When the International Monetary Fund sets out the conditions for South Korea to receive assistance, you will understand!"

"Would the Americans be so merciless?" Aso Xiangyue still found it a bit unbelievable, "Have they not considered the consequences of doing so?"

Fang Mingyuan shrugged, spread his hands and said: "It's not that Americans haven't considered it, but they think that no matter how angry the Koreans are, there is no other way to go! Hey, Americans, they are very confident now.

when!"

Although when the Southeast Asian financial crisis occurred, no ordinary person knew these inside stories except those at the top. However, after the Southeast Asian financial crisis, it was an era of rapid development of the Internet, and countless secrets and inside stories were exposed in the Internet boom.

Nothing left!

When South Korea was involved in the financial crisis, it sent a request for assistance to the United States. Regarding the Koreans' request, there was a fierce conflict within the U.S. government at that time. Some U.S. government officials headed by then Secretary of State Albright

Officials' opinion is that they should reach out to their allies. After all, South Korea is also an important trading partner and staunch military ally of the United States. However, government officials headed by U.S. Treasury Secretary Rubin are firmly opposed!

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 staunch allies of the United States militarily, economically, the Koreans have setbacks for the entry of American capital.

There are many obstacles. For example, the Koreans do not allow American banks to establish bank branches in South Korea, and foreign companies entering South Korea can only own a maximum of 25% of the shares of listed companies. This makes Wall Street represented by

American capital has long been dissatisfied with this. But now, Koreans are asking for help. How could they let go of this opportunity?

For this reason, Treasury Secretary Rubin's attitude at the time was extremely tough, and he even scolded Albright for not understanding economics in front of U.S. President Clinton!

In the end, under the pressure of Wall Street capital, US President Clinton listened to the views of the Treasury Department!

With the official permission of the US President, Treasury Secretary Rubin immediately ordered the International Monetary Fund to treat the Koreans with even more excessive conditions than the already very harsh conditions in the past. Under heavy pressure from the Americans, the International Monetary Fund

They had to put forward stringent conditions for the assistance proposed by South Korea, 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

Provide aid funds to South Korea!

The IMF has so many conditions and harsh measures against the United States that Koreans issued angry accusations - the IMF 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 U.S. President Clinton once publicly stated that the reason why South Korea fell into a financial crisis and was unable to extricate itself was largely due to the U.S. Treasury Department.

In the years before the crisis, they tried their best to force South Korea to fully and quickly open up its financial capital market! However, this kind of opening will not be of any substantial help to the security interests of the United States and will only benefit Wall Street capitalists.

When South Korea fell into a financial crisis, the U.S.'s outrageously harsh conditions pushed South Korea into a pit of fire!

"But... South Korea can still ask Japan for help!" Aso Xiangyue hesitated. Although Japan's current financial situation is not good, a skinny camel is bigger than a horse, and the power to pull South Korea is always there.

Yes. Moreover, once South Korea's financial market collapses, it will inevitably affect Japan. The relationship between the two is completely tense.

Moreover, not long ago, the Japanese government proposed the establishment of an "Asian Monetary Fund" of up to 100 billion US dollars, hoping to maintain regional currency stability in a timely manner when a financial crisis breaks out, slow down the spread of the financial crisis, and reduce

The dependence of countries in the region on funds from the International Monetary Fund.

Fang Mingyuan shook his head slightly and said: "Don't place your hopes on the Asian Monetary Fund. The Americans will never allow the Japanese to start a new business!"

The International Monetary Fund is said to be an international organization, but its actual leadership has always been in the hands of European and American countries, especially the Americans. It is a weapon used by the US government to suppress developing countries. How could the Americans allow the Japanese to operate in Asia?

How about setting up an Asian Monetary Fund to divide their own power? Moreover, the Americans also support and suppress Japan. They want to make it a vanguard against the former Soviet Union, current Russia and China, and at the same time, they are always vigilant.

I wonder if the Japanese will bite back.

Japan's proposal to establish an "Asian Monetary Fund" is certainly intended to maintain regional currency stability, but why not imitate the International Monetary Fund in order for Japan to have a financial voice in Asia?

How could Americans agree?

Aso Xiangyue opened her mouth. Although she wanted to put forward a rebuttal, she also understood that Fang Mingyuan's words were likely to come true.

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

"I have reached an agreement with two well-known media in Russia. They will send an interview team to Indonesia. As for the Japanese media, I think you should wait for Lin Lian to come and ask her in person!"

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