57. Duon sixty nine
On the back-to-back bus.
“Are you going to go early today without having to go to bed?”
Youngmi nodded her head in response to my question.
“I have to go to the funeral. My father’s company boss is dead.”
In-cheol said at Yeong-mi’s words.
“But do you have to go to the funeral too?”
“Yeah, you’re the uncle who really liked me when I was young. My dad thinks of me almost like a big brother, so we all decided to go to the funeral.”
“I see.”
After a while we got off the bus and walked towards the school.
As I was walking down the street, a pharmacy caught my eye, and I told In-cheol and Yeong-mi.
“You guys go to school first. I have a bloated stomach, so I’m going to buy some Whal Myung Soo to eat.”
read at noblemtl.com
Northwest Pharmacy.
I paid the bill and told the pharmacy owner.
“Pharmacist, is there any company called AK Pharma?”
“AK Pharma?”
“Yes, I heard that they make medicines for gastroenteritis and diabetes medicine.”
“There are so many different types of gastrointestinal drugs, so I don’t know much about them, and there are only a few companies that make diabetes drugs, hmm… .”
The pharmacist thought for a moment and then continued.
“Maybe that… Is it a foreign company?”
“No, I said it was a Korean company.”
“okay? To make a diabetes treatment, the company would have to be quite large, but I’m not sure because it’s the first company I’ve heard of.”
When I met Team Leader Kim Jung-soo last week, I asked if he had found a new job, and AK Pharmaceuticals was the company he said he was working for at the time.
It was the first company I had ever heard of.
Out of curiosity, I made an inquiry to 114, and the answer came back, as it must be, that the company does not exist.
So, just in case, I asked the pharmacist.
Isn’t this a ghost company?
Still, he’s a former police officer from the criminal department… Are you sure you haven’t been scammed?
It was national time.
The teacher’s sharp voice echoed through the classroom.
“About the Ganghwa Treaty, there is something you must memorize. This is a must for exams, so take it easy and write it down, okay?”
“yes!”
The teacher started writing on the blackboard.
Starting with the content of Korea’s first modern treaty and unequal treaty, the main provisions of the Ganghwa Treaty were summarized.
After a while, the teacher explained the written contents one by one and pointed to Article 7 of the Ganghwa Treaty as a teaching guide.
＜Article 7. Japan can survey the coast of Joseon.>
“Why the hell did the Japanese put this clause in?”
“… ?”
“Once upon a time, the Japanese invaded our country, and there was a time when it was completely blown off by the sea, who knows what it is?”
“The Imjin War.”
“right! Admiral Yi Sun-sin swept all the Japanese out of the sea during the Imjin War, and of course, there is a reason why Admiral Yi Sun-sin’s abilities are incredible, but another reason this was possible is that the Japanese did not know the currents in the coast of Korea or the topography of the seabed.”
“… .”
“For reference, seawater flowing at low tide or high tide is called a tide, but anywhere in the world, there is no place in the world where the tide is as strong as the west coast and the south coast of Korea. Besides, the sea is shallow and there are many reefs, so the sea itself is nothing less than a natural fortress.”
“… .”
“But after the Ganghwa Treaty, Japan has all the information about our seas. Guys, can I tell you an interesting story?”
“yes!”
“Japan started the Imjin War 500 years ago, devoured the Korean Peninsula about 100 years ago, and invaded China 60 years ago to establish Manchukuo. And 40 years ago, the country that attacked Pearl Harbor, Hawaii. ruler–! Will the Japanese invade our country within the next 200 years or not?”
“… .”
“I think the chances are very high. If Japan invades Korea in the future, then why would they know where the reef is in our sea, where the current is strong, as if looking into the palm of their hand.”
“I! Teacher!”
The eyes of the students were focused on the main character of the voice sitting in the back seat of the classroom.
“Then where is the information about our seas stored in Japan?”
The student who asked the question was none other than Incheol.
At Incheol’s question, the teacher said with a bewildered expression.
“Is it stored in the Japanese government?”
“Where is the Japanese government?”
“Well. Japanese Self-Defense Forces? if not… In Korea, wouldn’t it be kept in an intelligence agency such as the Ministry of Security and Security?”
Incheol nodded his head with a serious expression.
2 weeks later.
Friday, October 24.
S&P has downgraded Korea’s national credit rating.
Three days later, on Monday, October 27,
Another rating agency, Moody’s, also downgraded Korea’s credit rating.
Three days later, on October 30, the exchange rate started to soar along with the stock price crash.
Unlike the atmosphere of imminent economic crisis felt in newspapers, ordinary daily life seemed to continue as before in schools and neighborhoods.
Friday evening a week later.
When the night self-study was over, we were packing our bags and leaving the school building.
Youngmi said, stabbing me in the side.
“Jeongho, do you have to go to the Yoonseong Soft office tomorrow as well?”
“Yeah, I think it should.”
“Then how long will you work tomorrow?”
While hesitating on how to respond, Incheol said.
“I am not very busy these days. Maybe it’ll all be over before three o’clock?”
Youngmi’s expression brightened at Incheol’s words.
“Then will you come to my house after work there?”
“… .”
“My mom and dad said it’s been a long time since I’ve seen you, and if it’s not lunchtime, they always tell me to come at dinner.”
“Uncle?”
Youngmi said with a bright expression.
“Yeah, my dad said he wanted to see you and told you to bring him.”
next day.
In front of Youngmi’s front door.
Until three months ago, it was a place I would come to and from my house, but now my heart is pounding with tension.
I took a deep breath and rang the doorbell.
I said hello to Young-mi’s parents, and Young-mi’s father said to me with a broad smile.
“Jeong-ho, it’s been a while. My computer is having trouble in my study, can you take a look at it now?”
Before I could answer, Yeong-mi’s mother said.
“Honey, I’ve been waiting since the morning for Youngmi to study together, can’t we do that later?”
“ah… ! It will take a while.”
I followed Yeong-mi’s father into the study, and the uncle closed the study door and told me.
“Let’s take a seat first.”
“yes.”
After a while, the old man carefully opened his mouth.
“Last Monday, I received the leather fabric at Busan Port.”
“… .”
“At that time, Jung-ho, if you hadn’t changed the payment date, there would have been a riot in the company right now.”
The total amount owed to Cuerpino is $177,000.
After subtracting the $80,000 that came from Kicksports in the United States at the end of October, we need another $97,000.
If you calculate $97,000 at the end of October at the exchange rate, it is about 70 million won, and if you calculate it at the current exchange rate, it is about 100 million won.
In other words, if I hadn’t changed the settlement date of the purchase contract, Balhae Sports would have suffered a loss of about 30 million won.
When I changed the payment settlement date of the purchase contract three months ago, I had all the financial details of Balhae Sports in my head, but I was short of about 30 million won until the new settlement date I changed.
In other words, it is the fact that, in the end, it is a matter of 30 million won.
In other words, my prediction was wrong.
I expected the exchange rate to rise to 2,000 won per dollar at once in November, but looking at the current situation, the real exchange rate bomb is likely to explode in late December.
I shook my head when my uncle said that if it wasn’t for me, there would have been a chaos in the company.
“No, uncle. I was rude. Even if I hadn’t changed the settlement date, the amount I lost at Balhae Sports would have been the same in the end, around 30 million won.”
Hearing my words, my uncle opened his mouth with a slightly startled expression.
“then… You mean you knew that 30 million won would not be enough?”
“yes.”
My uncle nodded his head in response.
“I expected it, but you were reading the entire financial situation of our company. By the way, that’s not the case.”
“Isn’t it?”
“Three months ago, 30 million won wasn’t that much money for our Balhae Sports. But now… .”
The old man continued with a short sigh.
“Right now, our company is not in a situation where we can afford 30 million won.”
“… !”
“You said Yeong-mi, you read the economic newspaper every day?”
“yes.”
“Isn’t there a lot of bankruptcy news in the newspapers these days?”
“yes.”
“Those companies… It’s not about going bankrupt because of big money. There are more cases of bankruptcy than we thought because we couldn’t stop a bill worth a few million won.”
“ah… !”
My uncle patted my shoulder and said.
“Anyway, it must not have been an easy decision… Have you been through a lot of trouble? And I’m sorry that I got so angry last time.”
“no. And I wasn’t even mad.”
My uncle nodded his head and said.
“Thank you for thinking that way. And actually, I have a few questions to ask. It was August when you revised the purchase contract, so from then on, were you expecting the exchange rate to rise in November?”
I started talking about how the economic crisis in Mexico three years ago and the current situation in our country are very similar, and when my long explanation was over, my uncle nodded and said:
“Then you could have explained it to me the way it is now… .”
“then… I thought you wouldn’t believe me. sorry.”
“no no. No apologies.”
The old man let out a long sigh and continued.
“You’re right. Who would have believed such a statement three months ago?”
“… .”
“Then let me ask you one more question. Actually, I’ve been wanting to ask this for a while… How do you think the exchange rate will change in the future?”
I do not know the exact exchange rate fluctuations.
But two facts are certain.
If Kim Jung-soo is right, the won-dollar exchange rate will peak at 2,000 won, and considering the fact that many people in the past called the 1997 economic crisis the IMF, it is that IMF loans will be introduced in the future.
Two days ago, there was an article in a press conference that the Deputy Prime Minister was considering applying for a bailout from the IMF.
The fact that the word “IMF” came out of the mouth of the Deputy Prime Minister means that under-the-hood contact has already begun.
Considering the current situation in which it is impossible to borrow large amounts of dollars from the US or Japan, the only way to prevent a surge in the exchange rate is with an IMF loan.
However, the International Monetary Fund (IMF) is an international bailout organization, and it is practically no different from a usury.
The IMF will demand a large-scale market opening using the loan as a bait, and negotiations will proceed with the Korean government to minimize opening.
If an agreement is reached through negotiations, the IMF will hold a board meeting to begin the process of approving the loan.
Considering this series of processes, it will take approximately 2-3 weeks for the IMF loan to arrive, and the exchange rate will draw an upward curve until just before the loan arrives.
I cautiously opened my mouth to the question of how the exchange rate would change in the future.
“It will keep getting worse. And I think it will continue to rise until the end of December and peak around 2,000 won.”
The serious expression of the uncle concentrating on my words.
He seemed to trust me completely.
“It’s Jeongho.”
“yes.”
“Tomorrow is Sunday, are you busy? In English and American language, they say that they go to a computer venture company every weekend… .”
“I’m just helping a little bit, I don’t have to go there.”
“ah… ! so? Then why don’t you go to my company tomorrow with me? I have something to show you.”
I said with a smile.
“like.”
“Yes, thank you. and… .”
That was then.
With the sound of a knock, Yeong-mi said as she leaned her head into the study.
“Dad! I have to do homework with Jungho… not there yet?”
“Hey, my daughter. Did you wait long? It’s all over now.”