1953 Bare-handed Tycoon - Chapter 373



Only Noblemtl

373 – The human mind

The keynote speech was to understand Chairman Park’s feelings and gently persuade him.

Chairman Park was a stubborn but soft-hearted person, and if you just blindly opposed something, you could end up going astray.

To understand his mind, we must first consider the situation that had befallen him.

Chairman Park would have been in a situation where he couldn’t do anything right now.

He has already spent a whopping $4.5 million on currency reform.

Around April, the full payment for printing was made to De La Rue, a British company that would produce the new currency, and the new currency printed in Britain would have arrived at the Port of Busan on a cargo ship.

The boxes containing the six types of new currency were marked as , , , , , and to maintain secrecy, and were to be stored under strict security by the airborne troops under the command of Cha Ji-cheol.

Chairman Park must be confused now.

It was a project that was pursued with the hope that spending 4.5 million dollars would have a greater effect, but in reality, evidence was increasingly emerging that this would not be the case.

It was also revealed that there was not much underground money among the overseas Chinese, and the financial market was also ruined as private funds disappeared into thin air due to the stock market crash.

But since we’ve already spent 4.5 million dollars, shouldn’t we release the new currency into the market?

Shouldn’t we implement ambitiously prepared policies, whether it leads to death or food?

It was something to worry about.

Everyone was similar.

When serious sunk costs arise, you tend to keep pushing forward even though you have a gut feeling that something is wrong.

However, if the deposit confiscation occurs along with the currency reform following the stock market crash, the Korean economy will fall into a serious swamp.

The financial crisis continued and a foreign exchange crisis was expected to occur next year.

Those who suffered the most from the ensuing crisis were the poor.

Kijo looked up at the ceiling of the Blue House office, lowered his head, smiled broadly and said.

“Mr. Chairman, I was originally one of those who wanted to reform the currency.”

Chairman Park’s eyes widened at the unexpected tone of the answer.

“Why did you want currency reform?”

“First of all, I like the unit called Won (圓) better than the unit called Hwan (圜). Hasn’t the Republic of Korea used the Won since its foundation? I wish the Won would come back. Hwan feels like money from the Joseon Dynasty.”

When the keynote speaker gave an absurd reason for agreeing, Chairman Park snickered.

“Why is that? Like children.”

When Chairman Park laughed, Kijo continued speaking while laughing himself.

“And, I wish they would reduce the 10-hwan to around 1 won.”

“Why is that?”

“Prices are so high that everything you buy costs 100 or 200 won. Wouldn’t it be better if it were 10 or 20 won, so that people would feel like they’re spending less money? Also, wouldn’t it feel better for people who lost money in the stock market to say they lost 3 million won rather than 30 million won?”

“People really… … .”

As Kijo continued to babble nonsense, Chairman Park leaned back on the sofa and laughed.

The harsh voice has also softened a lot.

Hearing opinions in favor of what he was trying to do made him feel at ease.

The keynote speaker hoped that he would continue to listen to his story with an easy mind.

“Is that really the only reason?”

“Do you want to know why I really wanted currency reform?”

“Tell me.”

“I wish someone would change the bills I am using now. The people ousted President Rhee Syngman through the April 19 Revolution, and he is now in Hawaii, but isn’t the face of Dr. Rhee still printed on the money we use? I wonder how the bereaved families who lost their sons and daughters in the April 19 Revolution feel when they see their hard-earned money. That’s what I thought.”

When Kijo half-jokingly and half-seriously explained why he wanted to change the banknotes, Chairman Park nodded as if he had a point.

“Well then. If you were to reform the currency, what policy would you adopt? Other than erasing Dr. Syngman Rhee’s face from the currency.”

In response to Chairman Park’s question, Kijo asked directly.

“Mr. Chairman, are you preparing for a currency reform?”

Chairman Park averted his gaze when asked the keynote speech.

I said he half-admitted it and didn’t press him further.

Instead, he answered a question posed by Chairman Park.

“If it were me, I would only change the currency denomination and the design of banknotes and never do anything else. As President Lee Byung-chul said, I think it would have a serious negative impact on the national economy.”

Chairman Park listened to the keynote speech and then became silent before asking.

“If we are going to change the currency, wouldn’t it be better to implement innovative economic policies to match it?”

The keynote speech smiled.

Chairman Park was now asking questions on behalf of his own position.

“Mr. Chairman, you said before that you wanted to extract the voice funds of the overseas Chinese?”

“That’s right.”

“I was also curious about how much capital the overseas Chinese had. But I was surprised that even with the chairman’s measures, not much overseas Chinese money came out.”

“Yeah, that surprised me too.”

The keynote speech gradually awakened Chairman Park to reality.

“I think that the amount of capital held by domestic investors has been identified to some extent by watching this recent stock market crash. I heard that the daily trading volume was around 200 billion won. As the stock market boomed, hidden funds were exposed in large quantities… However, unfortunately, most of that money seems to have disappeared due to the stock market crash.”

The keynote speaker paused for a moment and then continued.

“If 200 billion won came and went in the stock market and then disappeared into thin air, no matter how innovative the policy is, it will be ineffective.”

Chairman Park slowly nodded his head at the keynote speech’s painful point.

Chairman Park also seemed to realize that the attempt to tie up private funds through currency reform and use them as a driving force for economic development had been undermined by the stock market crash.

The largest amount of deposits the government expected it could block throughout history was 300 billion won.

However, the actual amount of deposits blocked was only 97.6 billion won.

The keynote speech predicted that around 200 billion won would disappear from the stock market, so the government’s estimate was roughly correct.

The revolutionary government, unaware that the damage from the stock market crash would be so serious, hesitated and eventually lifted the deposit blockade after only one month.

It was the moment when the grand dream of developing industry with national (domestic) capital was shattered.

Chairman Park sighed as he put out his cigarette.

“I mean, I want to rebuild the economy with our own capital without borrowing money from the United States or Japan.”

It was a good idea, but it was an empty dream.

In history, it is only after paying expensive tuition fees that we realize that our dreams are in vain.

The keynote speech was to remind us that while the self-reliant and autonomous economic path is not fundamentally bad, reality does not support it.

“Mr. Chairman, you said before that after the revolution succeeded, you felt like you had taken over a house that had been broken into by thieves?”

“That’s right.”

“I also think that the situation in our country is exactly the same. When it came to the Korean language, we were exploited by the Japanese for 35 years in a weak state, so wasn’t there no opportunity to form national capital?”

Chairman Park nodded in agreement.

The keynote spoke to him, looking slightly discouraged.

“What if we borrow money from the US or Japan while complaining? It may be dirty and sad to borrow money from Japan while bowing to them, but one day, when we develop to the point where the Japanese will beat the ground and regret having lent money to Korea for nothing, that’s fine.”

The keynote reminded Chairman Park of the question he had asked himself.

“The chairman asked me what policy I would pursue if I were to reform the currency?”

“okay.”

“As I said earlier, there will not be much domestic capital, so we will end the currency reform by simply changing the public sentiment, and focus more on attracting foreign capital.”

“how?”

“If you want to borrow money or attract investment from foreigners, credit comes first, and credit comes second.”

“Yes. Whether it’s a country or an individual, you need credit to borrow money or receive investments.”

I explained to Chairman Park, who agreed.

“Foreign governments and companies will also pay close attention to how their governments handle their citizens’ money. For example, if a country misuses its citizens’ property, wouldn’t they expect the Korean government to do the same to them someday?”

Chairman Park looked a little embarrassed.

He avoided the keynote’s gaze again.

“In 1946, the Japanese government prevented citizens from withdrawing their savings and confiscated all their money. The purpose was to prevent severe inflation and supplement the government’s insufficient finances.”

The keynote speech was confident that Chairman Park was also aware of the incident.

It was a time when Chairman Park was studying Japanese economic history, insisting that one must understand the economy.

“Some people say that the Japanese government was able to develop its economy through that measure, but I see it differently. The decisive moment that saved the Japanese economy was the Korean War. This was because the United States entrusted Japan with the production of military supplies and poured a huge amount of dollars into it. It was the dollars that came from the United States that changed Japan.”

The keynote speech emphasized that even Japan, the most successful country in Asia, grew thanks to foreign capital rather than domestic capital.

“Back then, Japan and now, we are in a situation where we need to import resources and technology from abroad. But what if the country doesn’t have dollars? Even if the country has a lot of domestic money, it’s useless. We need dollars to buy raw materials and pay technology fees.”

“yes….”

“If there had been no Korean War, Japan would not have survived. No one would have invested in Japan. How could anyone trust a country whose government took the people’s money?”

Chairman Park was speechless.

With this, Kijo tried to end his persuasion of Chairman Park.

I thought that talking at length would only increase Chairman Park’s resentment.

Chairman Park remained silent.

The keynote speech was that he was concerned that his policies would not only fail to attract domestic capital but also block foreign investment.

After a long time, Chairman Park coughed, “Hmm, hmm.”

It was a look of realization on his face that he had been silent for too long, lost in deep thought.

The keynote speech gave the impression that he had realized from his expression that measures such as deposit blocking could have serious side effects.

I felt relieved that my persuasion had worked to some extent.

Chairman Park changed the subject slightly and asked the keynote speaker.

“But sir, if a new currency is introduced, what kind of design would you like to see on the banknotes?”

Kijo pretended to think for a moment and then said.

“I would like it to be a building that embodies our culture, such as Sungnyemun, Dongnimmun, or Cheomseongdae.”

Chairman Park chuckled.

I knew why he was laughing.

The design object that the keynote mentioned was actually the building that Chairman Park decided to include on the new currency.

“When I meet Janelle and talk to her, sometimes I laugh in unexpected places.”

Chairman Park, who was smiling, asked again.

“Really, would the people be happy if former President Syngman Rhee’s face disappeared from the banknotes?”

“Of course. What citizen would dislike the fact that the chairman is doing April 19th once more?”

Chairman Park smiled at the words that the people would like it.

It was a smile that I wasn’t even aware of.

Then, suddenly, he felt that he had gone too far and lightly criticized the keynote speaker.

“Hey, when did I say I would reform the currency? Be careful. You shouldn’t carelessly publish the stories I shared with you in an article.”

“Of course.”

After finishing his conversation with Chairman Park, Kijo left the Blue House.

I think we’ve done enough with currency reform.

A smile unconsciously appeared on Chairman Park’s face at the mention that the people would like it.

It was a face that contrasted with his appearance in his later years.

Chairman Park in 1979 looked lonely and tired. He often showed an expression of sternness.

It was a time when the people’s livelihoods were worsening due to two oil shocks, and the number of people who were becoming increasingly fed up with the long-term dictatorship following the Yushin era was increasing.

Even at that time, Chairman Park took the stance that he would push through to the end if it was for the good of the country, even if the people opposed him and disliked him.

It was clearly the attitude and expression of a person who realized that he was not receiving as much public support as he used to.

but.

Is there anyone who wants to be hated by others?

The keynote was that it was not so.

It is human nature for everyone to want to be respected, recognized, and loved by others.

Even the keynote speaker himself was like that.

After much preparation, I returned, but if Pilgrimage and Yeongsu hated and despised me, I might have lost my original mindset and lived as I pleased.

That’s how important the affection and recognition of others were to humans.

Kijo walked slowly along the path surrounding Gyeongbokgung Palace, which was covered with lush greenery.

It was a bright and sunny day, making me feel good.

As I got closer to the company, more and more people recognized me.

Kijo entered the company, greeting everyone who recognized him.

At work, I climbed the stairs briskly while receiving bright greetings from the employees.

When we arrived at the 4th floor and entered the secretary’s office, Hyun-kyung asked if we were hot and offered us a cold drink, taking care of the mood.

Kijo went into the representative’s office, asking for just a glass of water.

I was drinking a glass of water that Hyun-kyung brought me and working when I got phone calls from here and there.

It was a thank you call from a business partner.

―Thank you for providing funds in advance. We are truly grateful for your trust and business with us.

– Thank you very much, Mr. President. You are our company’s benefactor.

―I don’t know what to say. I was so touched that I couldn’t focus on anything for a while because I thought you trusted me and the company.

The keynote speaker responded to the business partners’ presidents as follows:

“The Cheongsan Group is also growing steadily thanks to your company. Please purchase three months’ worth of raw materials in advance with the funds I sent you.”

Kijo felt his life enriched as he took care of people and received their thanks.

That day, after work, instead of going to the Hankook Ilbo, I went straight home.

After persuading Chairman Park, there was no longer any need for the Hankook Ilbo to work against the currency reform.

When we got home, Pilgrimage took the keynote bag and smiled brightly and said,

“You’re here. Are you tired? I’ll prepare dinner while you wash up.”

Even though I see her face every day, I wonder what’s so great about it, but I’m grateful for her unchanging pilgrimage.

Pilgrimage had never once greeted him with a frown when he returned from work.

The three children also came down from the veranda, stood in a row, and bowed to Gijo.

“Welcome back, Father.”

As soon as the greetings were over, Yeong-eun and Yeong-jun ran over and hugged Gi-jo’s legs one by one, expressing their delight.

Kijo laughed and left the children behind, washed off his sweat in the yard, and came into the room.

The children sat quietly at the table, waiting.

“Thank you, honey.”

Kijo did not forget to thank Pil-seong for setting the table.

“Okay, let’s go.”

Kijo first picked up a spoon, scooped up some cucumber soup, and put it in his mouth.

The refreshing taste of cold soup whetted my appetite.

Only after Gijo put down his spoon did Pilgrimage and the children pick up their spoons.

Although it may seem like a tedious custom and nothing special, Kijo, who was an old person, felt respected and loved by his family because of it.

Being the eldest wasn’t much of a big deal.

No matter how much money you earn, if you don’t receive true support and recognition from your family, you’re just a money-making machine, an old man who just sleeps at home.

The keynote was that he was happy to be recognized as a husband and father.

That made me happiest of all.

I didn’t even realize how good I was to my family, and I was just grateful to them.