This Is How I Became a Chaebol

063 : Let’s spill everything

Blue house

“Imja, how did this happen? Haven’t the steelworks, highways, and vital infrastructure been left out?”

President Park did not look at the report presented by the chief of staff, but expressed her anger.

There was dam construction and port construction, but it was obvious that a Japanese company would be in charge of the design and materials.

What was much more desperate and helpful to the Korean economy were steel mills and highways.

“This is an agenda currently being negotiated through diplomatic channels. The Japanese government wants to change its use as per the report.”

“Does it make sense to come and repurpose it now? The ratification of the National Assembly is right around the corner.”

The Korea-Japan Agreement was signed in June and was scheduled to be ratified and entered into force in December.

However, to change the use only now was beyond diplomatic rudeness.

No matter how poor Korea’s financial situation is, it was a great disappointment to President Park that the negotiations were pushed back so unilaterally.

“The Japanese government’s logic is that it will give priority to farming and fishing villages that have been severely damaged by exploitation in the past. Therefore, for free aid items, they say they will provide general clothing, fertilizer, and small ships.”

“When did they say it wasn’t colonial indemnity but independence celebration money, and they changed their words to their advantage? Is negotiating a kid’s game?”

“They said they would also keep the nominal name of the Independence Celebration Fund.”

The president was devastated.

The use of the name “independence celebration money” rather than colonial compensation money meant that it was not clear that the past 36 years were not the annexation of Korea but the Japanese colonial rule.

It was obvious that it would be an excuse to make all sorts of absurd remarks such as ‘Korea-Japan relations were good-neighborly relations’, ‘Korea-Japan annexation contributed to Korea’s development’, and ‘Japan is Korea’s father’.

bang!

“That makes sense! This is the right to claim. You have to give the victim what he wants, is giving the perpetrator what he wants to be an attitude of reparation!”

“I’m sorry, Your Excellency. However, it is not unreasonable for Japan to step forward like this. In the negotiations three years ago with Central Minister Kim Jeong-pil and Japanese Foreign Minister Ohira, there was a clause stating that grants and grants go through consultations between the two countries.”

“Damn it, that toxin clause! Very fed up.”

President Park inevitably sharpened it.

Kim Jeong-pil was President Park’s nephew-in-law and right-hand man, but not everything was neat.

In particular, it always seemed to be lacking in some numbers regarding diplomatic matters.

‘Kim Jeong-pil… a guy called Japan Tong…’

The president shook his head.

It was irreversible anyway.

It was more urgent to come up with a countermeasure than regret.

“Japan’s position is that some concessions are possible in commercial loans if the use is changed. He said he would build a fertilizer factory and a machine shop in the future.”

“After? You know when that will be.”

President Park did not believe their words.

The words that came out of the mouth and the inside were different.

There was no one to follow the duplicity.

Playing with people was their specialty.

“I have also been told that if an agreement is reached, a small amount of government money may be provided. Of course, this is an unofficial opinion.”

President Park frowned, but couldn’t immediately shout at her, saying that these words were useless.

He also desperately needed slush funds for the presidential election.

The easiest and fastest way to raise slush funds was to siphon off some of the foreign loans.

bang!

“A certain amount of government money? …… Say it’s all over the place!!”

President Park hit the desk a beat later and screamed loudly.

However, the chief secretary only bent his back more with a firm expression. Eventually, the head of the secretary straightened his back, took a deep breath, and spoke with difficulty.

“Your Excellency, if you look at the current treasury, the dollar is only $45 million. If this continues, the national economy will collapse… If the Korea-Japan agreement hits a wall, it is impossible to extend the maturity of short-term foreign debt.”

President Park was not unaware that the Korean economy was in crisis. Far from repaying the principal, it was at the level of barely paying interest due to the Vietnam special.

The only way out of this crisis was to increase exports while delaying the repayment of foreign debt as far back as possible.

If Korea-Japan relations were strained right away, it was obvious that either Japan or the United States would come forward to recover the principal.

In that respect, the establishment of diplomatic ties between Korea and Japan, which cost hundreds of millions of dollars, was a vital economic issue for the Korean government.

“How many concessions have we made so far! In addition to civil claims, the fishing zone was reduced to 12 nautical miles in the Korea-Japan Fisheries Agreement. Even claiming sovereignty over Dokdo has become difficult. Does it make sense to give up the steel mill and the highway!”

President Park threw the report away.

“However, there is nothing quite like this for a business that will raise large dollars. From the ratification of the National Assembly by moving the ruling party…”

The chief of staff was vague, but President Park fully understood the meaning.

bang! bang! bang!

“After all, money! money is the problem Even if we had 100 million dollars, no, 50 million dollars in surplus funds, we wouldn’t have been pushed back like this.”

President Park trembled while holding the desk.

If this is the case, there is nothing to say even if people say that they are pro-Japanese and traitors to the nation.

“Your Excellency… I’m presumptuous, but how about calling the mainstream unemployment?”

“Top Unemployment? Woo Chan-soo, you mean that guy?”

“Yes. It is said that not only the logs he brought in from Vietnam, but also the surplus supplies he received from the US military are quite large. If you sell it abroad, tens of millions of dollars will be enough. Well, I’m out of breath for a while…”

President Park’s mind flashed at the chief of staff’s words. Yes, I said that the Jinhae Naval Base was piled up with logs that could not handle it.

“Okay, tell President Wu to stop what he’s doing and come in for a moment, right now!”

“Yes, Your Excellency. But, just in time, President Woo is coming to Gimpo.”

The secretary’s office kept an eye on Woo Chan-soo’s movements. There was no person like Woo Chan-soo to make up for the currently empty dollar in Korea.

“He’s coming in?”

“Didn’t His Excellency tell us to actively support the Mekong River operation? It is said that President Woo made great achievements there.”

“What? great achievement? Didn’t I say that a year would be enough? Are you saying the operation has already been completed?”

“Yes. They say it was. Thanks to this, South Korean military supply has increased, and the US military has also announced its intention to hand over two LSTs to the South Korean Navy. It looks like he is returning home for a while to prepare everything.”

It was amazing. What kind of achievement was it that he obtained an additional LST in addition to the military supply expansion?

‘It’s amazing, he’s a guy with ability as expected. Van Fleet didn’t just say he would watch.’

The Chief of Staff added many more words, but those words did not reach President Park’s ears.

“Okay, it’s all good, so hurry up and bring Woo Chan-su first. Right at the airport!”

“Yes, Your Excellency.”

***

Gimpo International Airport,

“Wow, Dad!!! Dad!!!”

“Oh, my son. A lot of birds I haven’t seen have grown up.”

“Honey, can’t you see me?”

“Oh, I thought I was someone I didn’t know. When did my wife become so pretty? Ha ha.”

When I got off the plane and entered the arrivals hall, the families of the employees were waiting.

Seeing them calling each other names, hugging each other and shedding tears, both Chansu and Sambok’s hearts were moved together.

Even to the looks of it, everyone was well-nourished, dressed, and much better. Fortunately, life seems to be getting better.

He looked quite different from when he was seen off at Busan Port a few months ago with a dry pimple on his face.

They were busy talking about where they bought a house in groups of three or five, how much money they had saved, how their school grades were, how their parents were doing in the countryside, and what they had been up to.

“Isn’t there anyone who welcomes us?”

“Shouldn’t you have been nice to the Seongsu-dong staff? If I told you to buy me food, I would have come.”

“Arthur, you must be so busy that you can’t even breathe?”

“Ha, anyway, it’s nice to come to Korea. First of all, you’ll be able to eat rice cake soup properly.”

As Sambok and I were exchanging jokes out of pride, a group of people walked in front of us.

They were people in black suits.

“President Woo Chan-soo.”

“What’s the matter, the chief secretary came out to meet you?”

It’s not because I’m happy to see you, the president must have something to see. it’s fast

“His Excellency is calling.”

“let’s go.”

“Why don’t you ask why?”

“It must be because of the Korea-Japan negotiations, isn’t ratification just around the corner?”

At my words, the chief of staff kept his mouth shut.

I think I’ve had a similar situation before… Is it déjà vu?

“Let’s go.”

“Is this okay? The boss just arrived. The company is also busy with work.”

Sambok said something, but the chief of staff didn’t even blink.

“The country takes precedence over the company.”

It was like the 60’s.

He always tied the people up, saying that the nation should take precedence over the individual.

It was the best weapon and shield of the dictatorship.

Far from serving the people, things that only wish for the people’s unilateral sacrifice. It was jingling.

Today I’m going to test whether President Park really is that kind of person, or if there is even a little bit of hope.

Risky, but had to be done.

How can I cope with my future work only when I am afraid of this level?

“I’ll go to Seongsu-dong soon, go first and wait.”

“Chansu-ya…”

“Stop saying anything and go to work. hurry.”

I patted Sambok on the shoulder and pushed him to the other side of the secretary.

I don’t know, but Sambok should never hate them. I am going to gamble today.

I am not sure what will happen to me.

“what are you doing. Let’s go.”

“Yes, this way.”

I took the official car and went straight to the Blue House.

To be honest, I wanted to take a shower first, but I wasn’t in the mood to talk about it.

**

Blue house

“Has the owner come?”

“Yes. Did you call?”

“Wasn’t it difficult to come?”

“I arrived comfortably because they sent me a car to the airport.”

“I’m sorry I didn’t let you take a break, but I think it’s for the country. Sit down.”

“thank you.”

President Park handily offered me a seat.

“Do you know why I was looking for you?”

“I heard it was because of the Korea-Japan agreement.”

“right. Our diplomats are not doing their job properly.”

“It’s not a diplomat problem, isn’t it because the barn is empty and you can’t say what you want to say?”

At my words, the president flinched.

Did I speak too directly?

Does not matter. There is no time to waste.

“It’s embarrassing to be so direct.”

“I apologize.”

“No, you were like that. I need to understand, what can I do?”

Is this the merit of President Park, whom we have only heard about?

Experts said that even though he was a man of omnipotent power, it seemed to be true to some extent so far.

In a way, I don’t know if it’s the magnanimity of a person in power who says, ‘I have to save the guy who works under me.’

“How will I, who am lacking, help the Korea-Japan agreement?”

“I need your log. I need to sell it abroad to make some dollars.”

“It would be a loss if we sold raw wood as it is. Wouldn’t it be better to build a factory, process it, and sell it?”

“No, I don’t have time for that. I need dollars right now. In order not to be pushed back in negotiations with Japan.”

It was a firm speech. It was like an order.

“I have plenty of time. Show me the report. I would like to know what the current national treasury situation is.”

“President Woo Chan-soo, you dare… in front of Your Excellency.”

The chief of staff glared at me, but I didn’t care.

My opponent was the president, not the chief of staff.

“President, you can see if I can help or not.”

“Imja, what are you doing? Bring it.”

“Go… Your Excellency.”

“Even if I bring it down!”

Since the president supported me, the chief of staff had no choice but to follow. The president himself took me into the next room.

It was the president’s office.

There was a heap of papers on the desk, and a financial report was spread out in the middle.

“See what you want to see.”

“thank you.”

At a glance, the tax and foreign debt situation was organized in a table. The more I looked at it, the more frustrated I got.

The tax collected for a year was only 180 billion won, and more than 28% of the money was spent on defense, and only 16% was spent on economic development.

The trade situation was even worse, with the current account deficit reaching 1.04 billion dollars, or 280 billion won.

The trade deficit is bigger than a country’s annual tax.

In addition, short-term foreign debt worth 268 million dollars was due in March next year.

Most of the short-term foreign debt was from Japanese funds, with an interest rate of as much as 6.5%.

Wasn’t 6.5% a high interest rate at that time?

It is crazy to manage such short-term foreign debt while seeing a trade deficit, whether at high or low interest rates.

Or am I not aware of the 60’s?

In order to postpone the maturity schedule, the interest rate must be raised even by 0.1%, and negotiations must be completed three months before the maturity date.

In this situation, Korea will have no choice but to grab Japan’s crotch.

The word “total crisis” came out of nowhere.

It even made me think that not declaring default was useful in this economic situation.

‘Short-term foreign debt is 268 million dollars. I didn’t know it would be this big…’

There is a degree of removing the lower stone and putting the upper stone on top.

This is why the Korean government has no choice but to respond humiliatingly to the Korea-Japan agreement.

Besides, the Korean government would have begged for political slush funds, so I wonder if the Japanese guys were conceited.

“How can I try?”

“The situation is worse than I thought.”

“Do you understand now that the Korea-Japan Agreement is our lifeline?”

“It’s not a lifeline, it’s an excuse.”

“excuse?”

At my words, the corners of the president’s eyes went up.

If I said it was a cowardly excuse, I would have been dragged away right away.

“Chansu Woo!!!!”

“Chief Secretary, please leave. I will have a private meeting with the President.”

The chief of staff tried to grab me by the collar, but I threw it away. I gained a lot of muscle in Vietnam.

“You bastard!”

“get out! Get out now!”

“dismissal!”

“Can’t you hear me telling you to get out right away!”

President Park shouted loudly.

“Loyalty!”

At the president’s shout, the chief of staff quickly saluted and went out.

“Uh… Chansu… Hey, now… you’ve crossed the line. You will have to choose your next horse very well.”

The expected time has come. Stay calm.

We need to stimulate this nobleman, but we must never cross the line.

It doesn’t matter whether the president’s strategy is pro-Japanese or not.

From now on, I will drive you to a situation where you can never be pro-Japanese.