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CH211 | GSI
🕑 Added 2025-03-12 05:37:51 +0000 UTC"Did you say nouveau riche standing on the edge of a cliff?"
Receiving the gaze, Soros curled his lips into a sly smile and said,
"Or perhaps the expression 'a flock of sheep covered in thick wool' might be more fitting."
"……."
Leaving Rodney, who seemed to understand his words with a sparkle in his eyes, Soros rose from the sofa and headed toward the home bar in one corner of the study.
Opening a bottle of whiskey, he half-filled a tumbler with ice before turning to Rodney and asking,
"Would you like a drink as well?"
"Yes."
Soros prepared another glass and returned, holding one in each hand.
He handed the glass in his left hand to Rodney, then crossed one leg over the other as he sat back down on the sofa opposite him.
Taking a sip of the cold whiskey, the ice clinking softly, Soros resumed the conversation that had been briefly interrupted.
"I came across something quite interesting while looking at the latest statistics from the World Bank."
"What is it?"
"It turns out that in just the first half of this year, investments in developing countries have increased by 20% compared to last year."
"Well, given the rapid economic growth of developing countries like China in recent years, it's only natural that investment funds are flowing in, isn't it?"
Leaning back into the plush sofa, Soros gave a slight nod.
"You're not wrong. After all, money naturally gravitates toward places with growth and profit potential."
"……."
"Intrigued, I dug a little deeper into the data and found that nearly half of the total investment—260 billion dollars—was concentrated in just four Asian countries: China, Indonesia, Thailand, and Malaysia."
"You're saying that much was invested in just the first half of the year?"
"That's right."
"……That's no small sum."
Hearing the figure, a faint trace of surprise crossed Rodney's face.
"What’s even more interesting is that a significant portion of the funds invested in these Asian countries came from private sources rather than public funds."
Rodney shrugged lightly.
"For countries like Mexico and others in South America, much of the funding comes from bailout loans issued by the World Bank or the IMF. But for Asian countries, it's money invested purely to reap the benefits of economic growth. The nature of the investment is entirely different."
"Exactly. But what do you think is the reason these Asian countries have been able to enjoy such a booming economy over the past decade?"
Rodney thought it wasn’t a particularly difficult question and answered immediately.
"After the Plaza Accord, the appreciation of the yen led to a decline in demand for expensive Japanese products, allowing exports from other Asian countries to surge. On top of that, they benefited from low oil prices and interest rates."
Among the countries that reaped the most significant benefits from this so-called "three lows" boom (a weak dollar, low interest rates, and low oil prices), South Korea stood out as a prime example.
Young people who graduated from college between the late 1980s and the mid-1990s—often referred to as the "386 Generation"—experienced such an economic boom that the concept of a job shortage was virtually nonexistent. They could afford to pick and choose their preferred workplaces.
"In the World Bank's statistics, I noticed that South Korea was missing from the list of developing Asian countries. When I checked, I found that it had graduated from the developing category and been reclassified as an emerging economy. That alone shows how rapid the economic growth of Asian countries has been."
As he spoke, Soros's expression turned meaningful.
"But no matter how grand the party, it always has an ending."
Fixing his gaze on Rodney, who was sitting upright and listening intently, Soros continued.
"I checked this morning, and the dollar-yen exchange rate was around 103.10 yen."
Rodney, focused on Soros’s words, immediately grasped the implication and let out a quiet exclamation.
"With the yen weakening and the Federal Reserve shifting its policy toward a strong dollar, the three lows that had driven Asian economic growth have now collapsed."
As if confirming Rodney’s statement, Soros swirled his whiskey glass with a faint smile.
"A weaker yen means that Asian countries, which had benefited from favorable exchange rates, will now see their export competitiveness decline."
"If exports shrink, yet they continue expanding production without scaling back investments… It’s only a matter of time before problems arise."
Seeing how quickly Rodney—an exceptional talent he had personally recruited—recognized the ticking time bomb within Asian economies, Soros looked pleased.
Taking a sip of whiskey, he continued,
"If the economic situation in Asian countries deteriorates rapidly, the fact that most of the invested funds come from private sources will become a major Achilles’ heel."
"Unlike public funds, private investors will rush to pull their money out at the first sign of instability."
"Exactly."
Soros smirked.
"Even if Asian countries have built up substantial foreign exchange reserves, what do you think will happen if tens or hundreds of billions of dollars start flowing out all at once?"
"It would be incredibly difficult to manage."
"Precisely. And if that happens, the foreign exchange crisis Mexico recently faced could repeat itself across multiple Asian countries."
Rodney fell into deep thought, seriously contemplating Soros's words.
Meanwhile, Soros leisurely sipped his whiskey, waiting patiently.
After a brief silence, Rodney finally raised his head and looked straight at Soros.
"As you mentioned earlier, these Asian countries have grown thick with wool thanks to their economic expansion. If things unfold as expected, this will be a financial crisis on a scale far beyond what happened in Britain or Mexico."
"So… does that scare you?"
"There's no way I'd be afraid."
Rodney grinned, flashing a smile in response to the teasing question.
"If the stakes are high, the returns will be enormous when we win. Just thinking about it already gives me a thrill."
Noticing the anticipation in Rodney's eyes, Soros burst into laughter.
"Haha! I feel the same way."
Rodney leaned forward slightly, his voice tinged with excitement.
"If we succeed, we’ll once again make history on Wall Street."
"Indeed. But this time, we won’t be betting on just one country—we'll be taking on several at once."
"Does that include Hong Kong?"
"Of course. If Asian countries start to falter, Hong Kong, as a regional financial hub, won’t be able to remain unaffected."
"That makes sense. On top of that, with the upcoming handover to China, the uncertainty in Hong Kong makes it even more vulnerable to a crisis."
After winning the Opium War, Britain had claimed Hong Kong Island as spoils of war, later expanding its control by leasing the Kowloon Peninsula and surrounding territories for 99 years. This placed Hong Kong firmly under the influence of the British Empire.
Eventually, negotiations between the two nations led to an agreement that, upon the lease’s expiration in 1997, the entirety of Hong Kong would be permanently returned to China.
"If we bring down the Bank of England, Japan, and now Hong Kong, you'll achieve a Triple Crown in the financial world and go down as a true legend of Wall Street."
"Haha, a Triple Crown, you say? I hadn’t thought of it that way, but hearing you say it makes me want it even more."
Soros chuckled leisurely before his eyes suddenly turned sharp.
"For now, we’ve only seen a slight opening. Stay prepared to act at a moment’s notice, and keep a close watch on the situation in each Asian country."
"Understood."
The thought that this could be the biggest investment play of his career made Rodney's heart race.
There was no other thrill quite like this.
Soros, having drained his whiskey glass down to the last remaining ice, set it down on the table and said,
"When exports from developing Asian countries start to plummet, and trade deficits continue to rise—that will be our signal to begin the hunt."
* * *
December 21, 1995
Oahu, Hawaii, USA
After the doctor warned that the end was near, Barack Obama's mother’s condition deteriorated rapidly. She didn’t last more than two days before passing away in a VIP room at the hospital.
A modest memorial service was held in the garden behind the East-West Center at the University of Hawaii, where she had studied and spent much of her life. Family, close friends, and acquaintances gathered to pay their respects.
Afterward, they took her cremated remains to a scenic overlook near Koko Head on the southern coast of the island, where they scattered her ashes into the vast blue Pacific Ocean.
Once the funeral was over, Obama, looking noticeably gaunt from the past few days, exchanged a few quiet words with the priest before approaching Seok-won, who stood in a black suit.
"Thank you for staying with me until the end."
Seok-won clasped Obama’s hand and offered words of comfort.
"I'm sure she’s in a better place now, so please don’t grieve too much."
"I'm sure she is. I always felt guilty for not being by her side despite knowing she was sick. If it weren’t for you, I wouldn’t have even been able to say goodbye before she passed. I'm truly grateful."
Obama’s face was filled with sincerity.
"I will never forget this kindness."
Obama tightened his grip on Seok-won's hand as if making a solemn vow.
The red marks beneath his eyes were still visible, proof of how much he had grieved his mother's passing.
His mother had lost consciousness and fallen into a coma shortly after Obama arrived in Hawaii on the private jet Seok-won had arranged for him.
And within just a few hours, she had passed away. If not for Seok-won, Obama wouldn’t have even had the chance to say his final goodbye.
Though she had been too weak to speak properly, barely able to communicate through the oxygen mask, just being there with her in her last moments was enough.
So, his gratitude toward Seok-won was immeasurable.
"I also heard from my sister that, without telling me, you covered the hospital bills and even arranged for a caregiver."
"Jillian told you something she didn’t have to."
Jillian was Obama’s younger half-sister, born from his mother’s remarriage after divorcing his biological father.
"If it weren’t for you, Jillian would have had to care for our mother all on her own. That would have been incredibly difficult for her."
Obama looked at Seok-won with warmth in his eyes.
"I feel guilty for not being there as much as I should have, but you stepped in where I failed. I'm truly grateful."
"Friends help each other in difficult times. That’s what friendship is. So, please, no more of that talk."
At that, Obama offered a faint smile.
"You’re right. I may have lost my mother, but I feel like I’ve gained a true lifelong friend."
The deep trust in Obama’s eyes was unmistakable.
Through this experience, it was clear that Obama now saw Seok-won as someone as close as family.
Seok-won, feeling satisfied with the bond they had forged, naturally shifted the topic.
"I heard you’re heading straight back to Chicago?"
Obama let out a small, bitter smile before answering.
"As you know, I’m in the middle of my campaign. I’d love to stay by my grandmother and Jillian’s side, especially now, but once you start something, you have to see it through."
Seok-won, who had been worried that this event might throw Obama off course, sighed in relief internally.
"Your mother was proud of your decision to run for the Senate. I’m sure she’d want you to keep going."
"I think so too."
Obama sighed, his face a mix of emotions.
He had just laid his mother to rest, and now he had to return to Chicago, stand in front of crowds, give speeches, shake hands, and smile. It was no doubt a difficult thought.
"There’s a private jet waiting at the airport—the same one you arrived on. You should take it."
"That seems like too much to ask."
"If you don’t take it, it’ll just fly back empty. Better to use it than waste the fuel."
At Seok-won’s second offer, Obama finally nodded.
"Alright then, I’ll take you up on that one more time."
"A wise decision."
Obama gave Seok-won a final firm handshake before moving on to say goodbye to other friends and relatives.
Seok-won watched him silently for a moment before lifting his gaze to the cloudless sky. After a brief moment of reflection, he reached for his sunglasses and put them on.
Then, turning away, he walked toward the black Cadillac Escalade parked nearby, accompanied by Baucus.
