Chapter 164
Usually, a harbinger occurred before an economic crisis. For example, the interest rates may have increased or decreased to a great extent, companies’ debt might have soared, a bubble could have formed in a business sector, a current account balance ended up deteriorating, or the country or major firms were unable to control the amount of money in circulation anymore… However, the current European economic crisis happened entirely out of the blue.
Hong Ju-Hwan was giddy. Korea had overcome the IMF crisis, escaped the recession and finally swung back to positive growth. However, he was bewildered by the sudden economic crisis in Europe as Korea was slowly thriving.
“I don’t think it’s necessary to revise the current structure of foreign currency reserves.”
“If the Goldstein Group comes up with a quick response, the problem will be resolved.”
“One thing we have to admit is that the European economic crisis has made the financial markets sensitive. On the flip side, the oil futures market is rising, and an increase in oil prices is inevitable.”
The officials were having an emergency conference under the leaders.h.i.+p of Hong Ju-Hwan.
Hong Ju-Hwan addressed one man, “Professor Jeong.”
The professor nodded. “Yes.”
“Let’s leave everything else behind and weigh the impact on our country. What do you think?” Hong Ju-Hwan asked.
The professor responded, “Korea will be unaffected and remain stable for the time being. If this lasts for a long time, it will definitely spread around the world. However, the crisis is currently limited to the eurozone.”
“So you consider this crisis as more of a political than financial problem. I feel the same, but…” Hong Ju-Hwan trailed off before continuing, “I hope we can continue to keep an eye on them instead of feeling relieved that it hasn’t affected us yet. Thanks in advance for your hard work, professors and officials.”
The long meeting came to an end. Oil prices had been soaring due to the Venezuelan crisis and the Iraq War, but now the European crisis had accelerated the rise of the prices. Although Korea relied solely on imports of crude oil, it was bearable compared to the large-scale crisis in Europe.
Sigh.
Hong Ju-Hwan breathed out in relief. Like everyone else in the economic department, he began dealing with urgent tasks. The European crisis started when the German Central Bank ordered banks not to postpone the loan payment of the Goldsteins. A never-ending number of reports about this were coming in, and his eyes stung from looking at them. He put in some eye drops and closed his eyes.
They would have known the entire eurozone would shake if they bombed the Goldsteins. What the h.e.l.l were the German authorities thinking…
Hong Ju-Hwan thought about calling Wigor von Karjan, the Minister of Economy in Germany, but decided not to as he didn’t need to get in touch with someone so far away. In fact, there was someone in Korea who was closely-related to this incident. Furthermore, this person had the highest social position out of all of them, and he would likely have the greatest interest and the most impact on this crisis as well.
Hong Ju-Hwan yelled to someone outside, “Check Chairman Colton’s schedule. Focus on when he’s planning on departing.”
The incident had occurred on the day Colton arrived, so Hong Ju-Hwan felt like the chairman would be busy preparing to return to Germany urgently. He had to have a meeting with the man before he left the airport, even if it only was for an hour or two.
The person responded quickly, “He has no plans to leave Korea.”
“...Really?”
Hong Ju-Hwan couldn’t believe it because Colton was not only the director of the EU but also a member of the Goldstein family.
Aren’t the Goldsteins suffering the most in this crisis?
“Can you set up a meeting now?” he quickly asked.
“I have already asked the chairman’s secretaries about that, but they said they can’t for now.”
Hong Ju-Hwan frowned slightly. “Then, where is he?”
“He is at the headquarters of Jeon-il Group.”
“Why?” he asked.
“Pardon me?”
He shook his head. “...Nothing. Thank you though.”
What the heck?
Hong Ju-Hwan scratched the back of his head. Colton had entered Korea to attack the Jeon-il Group. It was obvious because the Goldstein family had been pressuring VIPs and the economic ministries to attack them. Despite all of those previous actions, Colton was now meeting with his family’s enemy and was neglecting the damages that the Goldsteins were suffering.
What is going on…
At that moment, Hong Ju-Hwan remembered the young Jeon-il employee he had briefly encountered on the riverside of the Han River. Now that he thought more closely, he realized that everything had started after the solo meeting between that young employee and Colton. The timing was exquisite, but there was only so much he could guess at no matter how much he thought about it.
How can I find out which major capital forces are moving behind the scenes?
Thanks to the previous government, the Jeon-il Group was completely out of the country’s radar. They were the evil left by the previous regime and were like hoodlums who had engulfed this country. The former administration was also a democratic government like it was now, but their failure at ruling had ruined Korea. That was an undeniable fact.
Hong Ju-Hwan’s fist trembled. On one hand, he wished that the Goldsteins would remove the evil Jeon-il Group. Although the repercussions would be as devastating as a North Korean nuclear missile bombing Seoul, he truly believed that the Jeon-il Group was a foreign capital that had to be removed. His thought came to that point and smirked.
Then Hong Ju-Hwan, you are also going to die with this country. An economic powerhouse? That’s bulls.h.i.+t.
His eyes turned to the Taegeukgi[1], and thought…
TheJeon-il Group’s logo probably should be in that frame, not Taeguekgi. d.a.m.n it.
***
(From Seon-Hu’s perspective)
This was a huge event that had never happened in my previous life, but my calculations ended there. The decline in the European stock index was led by the stocks of Goldstein’s, Karjan’s, and Rothschild’s Group. Of course, there was a possibility that the war could lead the market in the wrong direction as Gillian’s capital had been added on top of those three Groups’.
It was most likely that the French crisis would deepen. The heat from the Goldstein family would spread to French companies, and the entire French economy would then enter a recession. People were claiming that the economic crisis had already begun in Europe, but if the French economy collapsed, that would be the true start of the recession.
However, their suffering would help my long-term plan. My draft was largely focused on two stocks: the crude oil market and the North American real estate market including mortgage loans. The investment capital in Europe would move toward North America when the economic crisis deepened, and they would enlarge the bubble in North American real estate. If the U.S. government took the European crisis seriously, they would lower the interest rates again, and the bubble would inflate once more. In other words, the European economic crisis wouldn’t impact my long-term proposal, and that was the conclusion I came to.
If the subprime mortgage crisis of 2008 was guaranteed to happen, I no longer needed to cling to the past history for anything else. Our group could lead the world forever in this time period.
***
I said, “I don’t want you to consider this as a memorandum without legal validity. I’ll execute it by myself.”
Colton and Jamie were checking the memorandum of implementation. Colton was calm as he had made up his mind, but Jamie’s nostrils were flaring. She seemed frightened. The memorandum was written on the a.s.sumption that Colton would become head of the Goldstein family. Once that happened, I planned on transferring their core business interests to the French branch of Jeon-il Group.
However, I didn’t touch their promising businesses because the Goldsteins needed a valid reason to remain in the Bilderberg Club. Of course, they had to step down from their position as one of the core families of the Bilderberg, but Colton knew that being able to stay in the club was already a tremendous feat. He signed his signature on the paper, and silently a.s.sented to the memorandum.
When he put down the pen, Jamie looked at him in astonishment. Then, she glanced between his face and his signature on the page several times in a row. She finally picked up her pen. I put the memorandum with their signatures in order.
“Ca.s.sandra must be removed in order for you to become the head. Do you agree with this?” I asked.
Colton replied, “I have a favor to ask you. If you hold her, I’ll deal with… her last moment.”
Jamie flinched at our conversation.
I raised an eyebrow. “Are you saying that you want to let her go painlessly? She didn’t seem to care if you were tortured or murdered. But you’re acting like you care quite deeply about your sister.”
“Please, Master.”
Jamie flinched again when she heard Colton’s distressed voice. He wasn’t a n.o.body. Colton Spencer Goldstein was the director of EU, but he had just sold his family out and called me Master.
“Your sister had tried to harm my parents and killed innocent civilians for no reason.”
He immediately responded, “If you take her to court, I’ll be the witness.”
“We can’t tarnish the Goldstein family’s reputation. You have to maintain your family’s standing to a certain extent while it is under my command, but it won’t be as much as it used to be,” I said firmly.
He hesitated before replying, “Master… She is my sister.”
“I’m going to be clear. You’ll like my way much more.”
From Jamie’s perspective, we were plotting a murder. Even though she was the one who had to deal with the deaths of the other Na Seon-Hus, she couldn’t repress her astonishment at our conversation. Her shoulders slumped, and her head drooped down as if she was exhausted.
“You’ll see. Our discussion is now over. You can either go back to the hotel or go sightseeing in Seoul. Do whatever you want. Things are going as I planned no matter how long you hold on to me,” I said.
“I’ll see you tomorrow then.”
Colton left, and only Jamie’s breath filled the silence. When I called her name, she lifted her head reflexively. Her face was empty and desolate like the moon, but that was just for a brief moment. Fear soon spread across her face again.
“Don’t tremble,” I said.
“Who are…. you? How could this happen? I… I… I’m… scared of you.” Her voice shook.
“Do you want to stop here?” I asked.
Jamie swallowed hard. With all of this wealth and power in her hands, she would never be able to stop here. No one in her position would be able to do so.
“After we absorb the Goldstein family’s business, public attention will be focused on our group. Find all the records that the government had seized regarding the group’s past,” I ordered.
“Okay. Ethan… No, Seon-Hu… Should I call you Master, too?” she asked seriously.
“Ethan. You’re not up to my standards now, but you should call me Master from the moment you join the Bilderberg Club.”
“The Bilderberg Club?”
I gave her a look. “Isn’t it obvious? Establish a European corporation under Jeon-il. It wouldn’t be a bad idea to name the firm after yourself.”
Jamie widened her eyes.
“Jamie Corporation,” I added.
“E…Ethan?”
“I hope you’ve done enough preparations during the past six years.”
Soon, Goldstein"s great name would be subordinated to Jamie’s. She was my loyal rubber stamp.
1. Korean national flag. ☜