The Next Day.
Seok-won, lying in the New York Plaza Hotel penthouse where he always stayed, didn't get up right away. Instead, he savoured the soft feel of the bedding for a mont.
The bed was large enough for three or four people to sleep comfortably, and the faint scent of soap lingering in the sheets truly lived up to the reputation of a top-tier hotel, making him feel at ease.
After allowing himself that brief mont of indulgence, Seok-won pulled back the sheets and got up.
He grabbed a thin robe, draped it over his shoulders, and walked toward the window.
As he pulled back the double-layered curtains, the flood of bright sunlight made him instinctively squint.
"What a sight."
Outside the window, the vast expanse of Central Park was covered in pristine white snow from the night before.
Watching the snowploughs already clearing the roads, Seok-won took in the scenery for a while before turning away and heading to the en-suite bathroom for a shower.
After changing into soft cotton pants and a shirt, he dried his damp hair neatly and stepped back out. A glance at the clock told him that the room service he had ordered in advance should be arriving soon.
Ding-dong—
At the sound of the doorbell, Seok-won opened the door to find a hotel staff mber standing in the hallway with a room service cart. The employee gave a polite nod upon seeing him.
"Good morning, sir. Your room service order."
"Co in."
"Thank you."
The staff skillfully wheeled the cart inside and began setting up the al on the table by the window.
"Would you like cream and sugar in your coffee?"
"No, black."
"Understood."
On a usual day, he would have had his al out on the penthouse's private terrace, but with the weather still cold and fresh snow covering everything, he decided to eat inside the warm suite instead.
The table was soon filled with an abundant spread—freshly baked bread, bacon, an olette, a variety of fresh fruits, and salad.
"Thank you."
As the staff poured his coffee, the rich aroma of freshly brewed beans rose into the air. Seok-won took out a $20 bill from his wallet and handed it over.
Receiving the tip with both hands, the staff smiled even more warmly.
"Thank you very much. Is there anything else you need?"
"No, I'm good."
"Then, please enjoy your al."
After the staff exited, rolling the empty cart away, Seok-won took a sip of his coffee first.
The bread, freshly baked, was crisp on the outside and soft on the inside, filling his mouth with the rich flavours of butter and grains.
Stabbing a sausage with his fork, he took a bite while picking up the New York Tis, which had been left alongside the room service.
His eyes were imdiately drawn to the front-page headline.
[President Bill Clinton Considers Bailout for xico Amid Economic Crisis]
The Clinton administration is reportedly pushing for a $20 billion ergency aid package to support xico, which is facing an economic crisis due to a shortage of foreign currency.
xico has long struggled with chronic trade deficits, heavy reliance on foreign capital, and an overvalued peso, fueling economic instability.
Amid growing dostic political unrest since last year, rapid capital outflows have triggered a financial crisis.
So critics argue that this bailout is not ant to save xico but rather to protect Wall Street investors from losses after their high-risk speculative bets.
However, President Clinton has stressed that financial aid is necessary to prevent the crisis from spreading across Latin Arica, signalling his intent to push ahead with the plan.
anwhile... ]
"So, the White House is finally making a move."
In truth, a large-scale bailout from the U.S. was an inevitable step.
If xico collapsed, the NAFTA (North Arican Free Trade Agreent), which President Clinton had personally signed into effect not long ago, could falter before it even had a chance to take off.
Furthermore, if the crisis spread across Latin Arica, it could spiral out of control, forcing the U.S. to abandon its high interest rate and strong dollar policies before they could even take full effect to curb inflation.
"For President Clinton, who is aiming for re-election, both scenarios would be disastrous."
That was why they had no choice but to pour in dollars to contain the situation.
As Seok-won was lost in thought, the doorbell rang again, announcing another visitor.
Setting the newspaper down, he stood up and checked who it was before opening the door wide.
"Co on in."
"Excuse ."
Standing in the hallway lined with a red carpet, Landon was dressed impeccably in a tailored suit, as always.
Following Seok-won into the room, Landon glanced at the al set on the table by the window and spoke with a hint of apology.
"I must have arrived too early. Were you in the middle of breakfast?"
"It's fine. If you haven't eaten yet, why don't you join ?"
"I appreciate the offer, but I've already had breakfast. I'll just have so coffee."
"Suit yourself."
Landon picked up the silver pot from the table and poured himself a fresh cup of coffee.
Then, naturally, he settled into the seat across from Seok-won.
"Hmm, the coffee is quite good. As expected from a luxury hotel—they must use quality beans."
"It suits my taste too," Seok-won replied, spreading orange marmalade onto his bread with a flat knife.
Sipping his coffee, Landon glanced at the newspaper on the table before speaking.
"President Clinton is set to implent a $20 billion bailout package for xico soon."
"I just read the article myself," Seok-won responded in a calm tone, wiping his hands with a napkin.
"There seems to be significant criticism that this bailout is rely a way to cover the losses of Wall Street's big investors. But it looks like they're pushing forward regardless."
"xico's situation is dire, but they also want to wrap this up quickly before opposition grows any stronger."
"Well, dragging it out wouldn't benefit the White House or the U.S. governnt either."
"The IMF has also announced plans to provide approximately $17.8 billion in aid. However, it cos with conditions—xico must maintain high interest rates to prevent foreign capital from fleeing and implent budget cuts and tax increases to curb its reckless governnt spending."
"So, the U.S. is pulling the strings behind the scenes again?"
The International Monetary Fund (IMF), often referred to simply as the IMF, was an international organization comprising 190 mber countries, each contributing funds to oversee exchange rates, balance of paynts, and financial systems.
One of its key roles was providing financial assistance to countries suffering from foreign exchange shortages, helping them stabilize their economies.
Voting power within the IMF was distributed based on the amount each country contributed, with the U.S. holding nearly 20% of the total share.
Essentially, this ant that the IMF's major decisions were heavily influenced by U.S. interests.
Landon, gauging Seok-won's reaction, hesitated slightly before carefully speaking up.
"If both the U.S. and the IMF are providing large-scale financial assistance, wouldn't that give xico's struggling economy so breathing room?"
"You're suggesting we liquidate our position before that happens?"
Leaning forward, Landon quickly responded.
"Exactly. We've already made a significant profit, and now that the news has broken, the peso and xican governnt bonds have hit rock bottom and are starting to rebound. It wouldn't be a bad idea to exit now."
Indeed, the exchange rate, which had soared to 6.5 pesos per dollar, had dropped back to 5.5 pesos as soon as the bailout news broke.
With their average selling price at 3.1 pesos, they were still in a profitable range, but it was understandable that impatience might start creeping in.
However, Seok-won leaned back in his chair and spoke with a different perspective.
"You've heard the saying 'There's no such thing as a free lunch,' right?"
Caught off guard by the unexpected remark, Landon blinked before replying.
"Of course."
"The U.S. and the IMF aren't lending that much money without expecting sothing in return."
"That's why the White House has openly demanded xico maintain high interest rates and adopt strict fiscal policies."
"Exactly."
Seok-won gave a small nod and continued, his voice slightly lower.
"When you lend money, it's only natural to keep a tight grip on the borrower to ensure repaynt."
"...."
"Moreover, with public criticism already high over the large-scale bailout, if these conditions weren't attached, the financial aid itself might not even be possible."
Landon looked at Seok-won with an expression that seed to ask, Why is that a problem? Seeing this, Seok-won slightly deepened his tone.
"But will that truly help xico overco its crisis?"
"If high interest rates are ensured, foreign investors, including Wall Street, will once again find xico attractive, and the exchange rate will stabilize, won't it?"
"That may be true. But what about the xican people and dostic businesses?"
"...?"
"Even if foreign capital returns and the exchange rate stabilizes, struggling xican businesses and citizens will suffer even more under high interest rates."
"...!"
"If the flow of money tightens, companies will start going bankrupt one after another, and naturally, unemploynt will skyrocket. To prevent this, the governnt would need to spend money to stimulate the economy, but under the watchful eyes of the U.S. and the IMF—who provided the bailout—they won't be able to do so. That ans the country will have to endure imnse hardship for quite so ti."
The sa thing happened just a few years later when South Korea faced its financial crisis.
Thousands of companies collapsed, millions of people lost their jobs overnight, and countless families were torn apart, suffering the pain of forced separation.
The IMF crisis had left such an indelible scar on South Korea that people often spoke of the country as being divided into pre-IMF and post-IMF eras.
Recalling those bitter mories, Seok-won quickly brushed away his thoughts and spoke again.
"Seeing all the sacrifices they will have to make, do you think the xican people will simply accept it?"
"Mm… That won't be easy."
Landon let out a low sigh.
"There will certainly be strong opposition, especially from the opposition party and labour unions. But with the crisis pressing down on them, the xican governnt won't have the luxury to convince the public—they'll try to push it through by force."
At that, Landon's eyes glead as if he had found a thread of understanding.
"If that happens, conflict will be inevitable, and xico's already unstable dostic situation will worsen even further."
"Exactly. And as anxiety grows, the exchange rate—despite its brief surge—will plunge again."
Seok-won took a sip of coffee and smirked.
"The peso rebounded on the hope of a bailout. But once disappointnt sets in, it will fall even harder than before."
Landon was deeply impressed by Seok-won's ability to foresee not just one step but two or three ahead.
"I didn't expect you to anticipate that far ahead. I wasn't thinking broadly enough."
"This upcoming drop will be the real bottom. Once the peso breaks above 7 per dollar, we'll liquidate all our positions."
"Seven pesos?"
Landon's mouth fell open in shock.
"My God! That would more than double our profits!"
"We've been working on this for over six months. We should at least make that much."
"Maybe for you, boss, but most people wouldn't think that way at all."
Landon clicked his tongue in amazent at Seok-won's nonchalant grin.
"Shall we also sell off our positions in xican bonds along with the peso?"
"Yes, do that."
"Understood."
Landon responded with a bright smile.
"It's been a long journey, but it looks like we're finally wrapping up our investnt in xico."
Seok-won nodded in agreent before naturally shifting the topic.
"By the way, Tom is arriving in New York tomorrow, right?"
"Yes. As you instructed, I sent the company's private jet to San Francisco, where Silicon Valley is. He'll be taking that flight over."
Now, it was ti to reap the rewards of the seed they had planted in Netscape.
Seok-won's eyes glead with anticipation at the thought of how much profit it would bring.
"Good work."
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