The Rebirth of the Financial Hegemon

Bangkok.

Bank of Thailand headquarters.

Central Bank Governor Sonny stood upstairs looking at the people marching in the street.

His face was full of exhaustion, and his eyes were full of sadness and anger.

The Thai baht collapsed.

When the central bank announced that the baht would implement a floating exchange rate system, the baht began to plummet.

In just one week, it fell from 23 US dollars to 1 US dollar to 38 US dollars to 1 US dollar.

Unstoppable, the entire Thailand fell into huge panic and chaos.

After the collapse of the Thai baht, more than 100 foreign-funded companies have withdrawn their capital and relocated out of Thailand.

In Thailand, more than one-fifth of the companies have declared bankruptcy.

More than two million people have lost their jobs and more than 300,000 people have become homeless.

Prices are soaring and skyrocketing.

Food, daily necessities, daily necessities, and industrial products are all skyrocketing.

Prices have increased by almost half, making the Thai people overwhelmed.

The chaos was beyond control.

Every day, thousands of crimes are committed across the country.

Robbery, theft, smuggling...

Even though Thailand's major prisons are overcrowded, they still cannot prevent the crime rate from increasing.

Throughout Thailand, people took to the streets to demonstrate on their own initiative.

Even the door of the Prime Minister's Office was surrounded by angry people.

Amid the increasingly chaotic security environment and widespread unemployment, Thai people launched attacks and demonstrations against the Prime Minister's Office.

They carried banners, held up the head of Chavali who had been splashed with blood, and shouted.

"Get out of office, you damn corrupt criminal."

"We want to change the prime minister and let Chavalit go."

"Chavali, get out of here, we don't need a corrupt criminal like you."

"We want stability. The incompetent Chavalit has plunged the country into hell. We don't need scum like you."

"..."

The Royal Thai Police has been dispatched.

But even though a large amount of tear gas has been used, it still cannot stop the people from attacking the Prime Minister's Office.

In front of the bank, people were also photographed who could not see the side.

Every day, a large number of people take Thai baht to banks to exchange for US dollars.

In panic, the whole of Thailand is already in panic.

Everything made Sonny sad and angry, angry and remorseful.

What he blames himself for is that as the governor of the Bank of Thailand, his responsibility is to ensure the security of the domestic monetary system.

However, during his tenure, the country's economic system collapsed across the board.

Sadly, he knew the baht was bound to collapse but was unable to do anything about it.

He watched helplessly as Thailand sank into hell step by step.

That's why Sonny has suppressed anger amid sadness and self-blame.

Because he knows very well why Thailand got to where it is today step by step.

"Bang bang...".

There was a knock on the door.

At the knock on the door, Sonny had to put away his emotions.

He knew very well that any negative emotions would not help now.

Only by facing it bravely can we save today's Thailand.

After a knock on the door, Kuan, the vice president of the Bank of Thailand, hurried in.

Kuan was startled.

Today's Sonny no longer has the heavy demeanor of the past.

His hair was as messy as straw.

A suit clung to his body in rumples.

The eyes are red like a rabbit.

It was obvious that Sonny hadn't rested for a long time.

After being stunned for a moment, he had to speak.

"Sonny. You have to take care of yourself. You must not fall down now."

Sonny smiled bitterly.

"It's okay. How's the contact going?"

Kuan hesitated for a moment, but finally sighed.

"As you guessed, we can no longer borrow any money. Except for Standard Chartered's response, other banks have rejected our request. What's even more disgusting is that Sumitomo Bank and Fuji Bank also asked us to repay as soon as possible. loan owed,

otherwise..."

In the end, Kuan couldn't bear to say any more.

He understood that even if he didn't say it, Sonny also understood what the consequences would be.

After listening, Sonny closed his eyes tiredly.

These damn capitalists.

Now is the most difficult time for Thailand, and it is also the time when it needs the most help.

But banks that have made a lot of money in Thailand are actually shrinking their loans at this time.

This is simply trying to drive Thailand to death.

The current floating exchange rate of the Thai baht can be maintained for some time with the central bank's reserves.

But if you repay the loans from Sumitomo and Fuji, you will no longer be able to exchange them for Thai baht circulating in the market.

If you can't get the money out, the baht will completely sink into the bottomless abyss.

Fifty, one hundred, even sink again and again like a ruble.

These damn bankers.

"Sonny. What should we do? If not, let's ask the IFM for help."

IFM.

English name,.

That is the IMF.

It was established in Washington on July 27, 1944 in accordance with the Agreement of the International Monetary Fund signed at the Bretton Woods Conference in July 1944.

It was established at the same time as the World Bank and is listed as the world's two largest financial institutions.

Its responsibilities are to monitor currency exchange rates and trade conditions among countries, provide technical and financial assistance, and ensure the normal operation of the global financial system.

The earliest IMF was part of the reconstruction plan after World War II.

Later, in order to establish a more stable financial system, the IMF established the Special Drawing Rights of member states in 1969.

This special drawing right is allocated based on the shares subscribed by member states.

When a member country encounters a balance of payments deficit, it can use it to exchange for foreign exchange from other member states designated by the Fund to repay the balance of payments deficit or repay the Fund's loans. It can also serve as an international reserve like gold and freely convertible currencies.

Thailand is also a member of the IMF.

So Thailand also enjoys the right to this special drawing right.

Now, when overseas commercial banks are pressing for debt, the best way is to apply for rescue from the IMF.

From a financial perspective, Kuan's proposal is not wrong.

But after Sonny thought about it for a moment, he shook his head.

He spoke.

"We cannot go to the IMF unless we have to."

He was stunned for a moment and said doubtfully.

"Why?"

"Although IFM is a third-party organization, if we apply for special drawing rights, we will inevitably be subject to monitoring and restrictions from all aspects."

"It's better than continuing like this. If we don't stabilize the baht as soon as possible, we will be in big trouble."

"I know. But once we accept aid, everything in our country will be exposed. The price is too high!"

"..."

Kuan was silent.

He already knew what Sonny was trying to say.

Although IFM is a third-party financial institution, in principle it is in the most impartial position.

However, just because an institution is neutral and impartial does not mean that the people in the institution are also impartial and impartial.

Thailand accepts IFM assistance and must be supervised by IFM according to the requirements of the agreement.

This regulation is very harsh.

From fiscal revenue to trade exports to all economic operations, IFM must track the entire process.

But once these things fall into the hands of other countries, they will pose a great hidden danger to Thailand's future development.

After thinking about this, Kuan sighed.

"So what do we do now?"

"You just said that Standard Chartered Bank responded. How did it respond specifically?"

Under Sonny's question, Kuan's expression became a little strange.

After a long time, he spoke.

"Standard Chartered Bank is willing to provide us with US dollar loans at peer lending rates. The amount is within US$4 billion. However, I always feel that there is something wrong with this."