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00:00:04,785 --> 00:00:10,455
Sync and corrections by Blue-Bird™
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Modify by Blue-Bird™
(https://subscene.com/u/1191276)
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This film is based on actual events.
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However, all characters
and incidents depicted
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00:00:50,625 --> 00:00:52,616
are fictitious and not
exact re-enactment.
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00:00:55,125 --> 00:00:58,059
As of December 22, 1977,
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Korea reaches $10 billion in exports...
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00:01:03,708 --> 00:01:08,434
City of Seoul will build a
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00:01:08,458 --> 00:01:11,476
new mega apartment complex
for 20,990 families...
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00:01:11,500 --> 00:01:16,393
I announce the opening
of Seoul Olympic Games.
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Sampoong Department Store!
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00:01:18,333 --> 00:01:26,333
Automobiles, semiconductors,
and shipyards are the top exporters...
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00:01:27,708 --> 00:01:32,202
Korea's per capita income
has surpassed USD 10,000.
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00:01:32,292 --> 00:01:33,934
Credit card approval in just one day.
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00:01:33,958 --> 00:01:36,575
Generation X is
leading the fashion trend.
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00:01:48,458 --> 00:01:55,330
I wish to share my joy with the nation.
17
00:01:58,750 --> 00:02:03,074
5 Nov 1997 East Asia Division
Morgan Stanley Headquarters, Wall Street
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00:02:35,417 --> 00:02:39,331
LG advances to the Korean Series
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00:02:41,000 --> 00:02:43,833
Finance Reform Bill likely to pass
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00:02:44,042 --> 00:02:45,226
15 Nov 1997
21
00:02:45,250 --> 00:02:47,101
KOSPI 583.8 Ms. Han...
22
00:02:47,125 --> 00:02:48,934
Won-Dollar exchange rate 792 won
Ms. Han!
23
00:02:48,958 --> 00:02:51,620
Foreign exchange reserves $15.8 billion
Oh. Let's go.
24
00:03:04,875 --> 00:03:07,643
The Bank of Korea raised
its growth forecast to 7%,
25
00:03:07,667 --> 00:03:11,434
despite the economic crises
occurring in East Asia.
26
00:03:11,458 --> 00:03:12,809
Damn hangover...
27
00:03:12,833 --> 00:03:14,434
Due to admittance to the OECD
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00:03:14,458 --> 00:03:16,790
and stability in exchange
rates and exports,
29
00:03:17,000 --> 00:03:21,619
national per capita income
remains above $10,000.
30
00:03:22,375 --> 00:03:25,743
The government has submitted the
budget proposal for next year.
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00:03:26,000 --> 00:03:28,742
- Sorry, I'm late.
- Morning, Mr. Kim!
32
00:03:29,000 --> 00:03:29,893
Did you have breakfast?
33
00:03:29,917 --> 00:03:31,828
- Yes, sir.
- How about you?
34
00:03:33,208 --> 00:03:36,976
According to a Gallup Korea poll,
35
00:03:37,000 --> 00:03:42,325
85% of Koreans consider
themselves middle class.
36
00:03:42,792 --> 00:03:46,893
The President has announced that
with the accession to the OECD,
37
00:03:46,917 --> 00:03:50,831
the public consciousness
should be raised accordingly.
38
00:03:51,208 --> 00:03:54,351
The government dismissed any
rumors about economic crisis,
39
00:03:54,375 --> 00:03:57,101
saying that the foundation
of Korean economy is solid.
40
00:03:57,125 --> 00:03:59,742
What are we listening to?
41
00:04:02,542 --> 00:04:03,407
That's better.
42
00:04:05,792 --> 00:04:08,079
It's nice. I like that.
43
00:04:13,583 --> 00:04:19,909
Welcome aboard.
Here's to our bright future!
44
00:04:26,667 --> 00:04:28,783
Can you turn the volume up?
45
00:04:29,250 --> 00:04:31,708
Korea Merchant Bank Corp.
New Employee Training
46
00:04:32,875 --> 00:04:33,831
Attention!
47
00:04:37,875 --> 00:04:43,700
Thank you, new employees, for
choosing Korea Merchant Bank Corp.
48
00:04:47,208 --> 00:04:53,124
To prevent you valuable people from
getting kidnapped by other companies,
49
00:04:53,417 --> 00:04:56,125
I will temporarily lock you in here.
50
00:04:58,625 --> 00:05:01,059
I heard some companies give money
51
00:05:01,083 --> 00:05:03,700
so we won't go to other job interviews.
52
00:05:04,583 --> 00:05:06,290
Do you offer something like that?
53
00:05:20,458 --> 00:05:25,032
If you take this money and still
go elsewhere, it's foul play.
54
00:05:26,875 --> 00:05:29,947
Governor, Bank of Korea
55
00:05:40,792 --> 00:05:44,114
Tell Ms. Han to immediately
come to my office!
56
00:05:50,333 --> 00:05:55,533
Mr Johnson? This is Jeong-Hak from
Korea Merchant Bank Corporation
57
00:05:55,708 --> 00:06:03,286
I heard that your fund decided
to cancel a big amount...
58
00:06:04,292 --> 00:06:05,202
Hey, driver!
59
00:06:05,375 --> 00:06:07,958
- Yes?
- Turn off the music!
60
00:06:09,625 --> 00:06:12,913
I'm so sorry.
Your fund canceled in Korea...
61
00:06:12,958 --> 00:06:13,914
I'm sorry, I'm in the
middle of a meeting
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00:06:13,958 --> 00:06:14,413
Johnson?
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00:06:14,458 --> 00:06:15,163
Bye.
64
00:06:17,500 --> 00:06:19,832
Freaking impatient bastard...
65
00:06:27,375 --> 00:06:28,351
This makes no sense.
66
00:06:28,375 --> 00:06:31,822
Many listeners wrote in again.
67
00:06:32,250 --> 00:06:35,993
'The mother's had no customers for days,
68
00:06:36,208 --> 00:06:39,906
and the brother hasn't
been getting his salary.'
69
00:06:40,208 --> 00:06:43,997
It seems the economy is
really tough these days,
70
00:06:44,125 --> 00:06:46,742
and many are going through a hard time.
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00:06:47,583 --> 00:06:51,076
This story caught my eye.
72
00:06:51,458 --> 00:06:56,077
She wrote about her father's business.
73
00:06:57,500 --> 00:07:01,744
'My father's business went under,
so we were forced to move.'
74
00:07:01,792 --> 00:07:03,328
'We were never rich, but
75
00:07:03,375 --> 00:07:06,493
- Hello? Mr. Yoon?
- at least, I had my own bedroom.'
76
00:07:07,083 --> 00:07:08,915
What show is this?
77
00:07:08,958 --> 00:07:11,199
Son Sook's Women's Era.
78
00:07:13,583 --> 00:07:15,824
'How can we escape this situation?'
79
00:07:16,875 --> 00:07:18,991
Hello, Mr. Lee. It's been a long time!
80
00:07:20,750 --> 00:07:21,956
Really?
81
00:07:22,458 --> 00:07:24,449
Wow, that's...
82
00:07:25,000 --> 00:07:26,490
Alright, thank you!
83
00:07:33,250 --> 00:07:33,990
Gap-Su.
84
00:07:35,125 --> 00:07:38,117
Our bowls... they want us
to supply them at Midopa.
85
00:07:40,125 --> 00:07:41,411
The department store?
86
00:07:42,250 --> 00:07:43,115
Yeah!
87
00:07:46,875 --> 00:07:47,934
Are you serious?
88
00:07:47,958 --> 00:07:49,289
Don't I look serious?!
89
00:07:52,667 --> 00:07:53,953
It's a hit!
90
00:08:02,417 --> 00:08:03,657
Ms. Han, let me call you in first...
91
00:08:03,708 --> 00:08:05,415
I was asked to come.
92
00:08:13,333 --> 00:08:14,368
Is this true?
93
00:08:20,000 --> 00:08:21,559
Why didn't you tell me right away?
94
00:08:21,583 --> 00:08:24,701
You've been too busy with
the Financial Reform Bill.
95
00:08:24,792 --> 00:08:26,783
It's been 10 days since I
submitted the first report.
96
00:08:26,875 --> 00:08:30,072
More precisely, 253
hours and 25 minutes.
97
00:08:30,167 --> 00:08:32,559
I have reported six updates since.
98
00:08:32,583 --> 00:08:36,656
Fine, fine! But that's
not what's important.
99
00:08:38,833 --> 00:08:40,574
We need to think.
100
00:08:44,083 --> 00:08:48,202
That's what we need to do. Think.
101
00:08:49,000 --> 00:08:50,115
So, now we...
102
00:08:50,500 --> 00:08:52,161
Hold on. Let's think this through.
103
00:08:53,042 --> 00:08:54,077
Okay, now...
104
00:08:54,125 --> 00:08:55,957
First, you have to call a meeting with
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00:08:56,875 --> 00:08:58,661
the Senior Presidential
Secretary for Economic Affairs.
106
00:08:58,917 --> 00:09:01,625
That's right! You mean, right now?
107
00:09:03,083 --> 00:09:04,790
Okay.
108
00:09:07,542 --> 00:09:11,786
Find out where the Presidential
Secretary for Economic Affairs is.
109
00:09:14,083 --> 00:09:14,993
Let's go.
110
00:09:17,708 --> 00:09:18,994
Aren't you coming?
111
00:09:27,083 --> 00:09:28,118
Monetary Policy Team
112
00:09:28,583 --> 00:09:29,539
We are a go.
113
00:09:31,792 --> 00:09:34,204
You're keeping up with the
currency crisis in Southeast Asia?
114
00:09:34,250 --> 00:09:34,990
Yes.
115
00:09:36,833 --> 00:09:39,074
Get me a summary on the
hot money roll-over.
116
00:09:39,125 --> 00:09:39,990
Okay.
117
00:09:40,500 --> 00:09:41,456
The dollars injected
118
00:09:41,500 --> 00:09:43,241
to defend our currency,
119
00:09:43,292 --> 00:09:45,124
organize a report by days.
120
00:09:45,167 --> 00:09:46,373
- Ma'am.
- Huh?
121
00:09:48,375 --> 00:09:51,493
We've been through this
more than 100 times.
122
00:09:52,500 --> 00:09:53,786
We're prepared.
123
00:10:04,792 --> 00:10:05,953
Foreign Currency Crisis
and the Korean Economy
124
00:10:11,125 --> 00:10:13,457
What about supervising loan
status of commercial banks?
125
00:10:13,500 --> 00:10:16,618
Put it on hold for now.
After today, things will change.
126
00:10:16,667 --> 00:10:18,578
Our report is finally getting accepted?
127
00:10:18,625 --> 00:10:21,333
The country is about to go bankrupt.
128
00:10:21,917 --> 00:10:23,999
They'd be crazy not to take action.
129
00:10:25,083 --> 00:10:26,665
- Be on standby, everyone.
- Yes, ma'am.
130
00:10:27,750 --> 00:10:29,707
- See you later.
- Break a leg.
131
00:10:33,667 --> 00:10:35,374
Don't think about going home.
132
00:10:36,833 --> 00:10:39,040
Bank of Korea
133
00:10:41,417 --> 00:10:44,990
Yes. I'm on my way there right now.
134
00:10:45,583 --> 00:10:48,416
The situation is quite urgent.
135
00:10:48,917 --> 00:10:50,078
Okay.
136
00:10:50,958 --> 00:10:51,948
Yes sir.
137
00:10:52,000 --> 00:10:55,288
Accession to the OECD,
first step as a developed nation!
138
00:10:57,542 --> 00:11:00,375
No more delays in real-name
financial transactions!
139
00:11:00,417 --> 00:11:04,035
Secure independence for Bank of Korea!
140
00:11:04,083 --> 00:11:05,994
Independence for Bank of Korea!
141
00:11:06,167 --> 00:11:08,033
Withdraw the Financial Reform Bill!
142
00:11:08,083 --> 00:11:09,949
Withdraw! Withdraw!
143
00:11:10,167 --> 00:11:13,831
Down with institutional dictatorship!
144
00:11:13,875 --> 00:11:15,912
Down with institutional dictatorship!
145
00:11:15,958 --> 00:11:19,531
Secure independence for Bank of Korea!
146
00:11:19,583 --> 00:11:21,540
Independence for Bank of Korea!
147
00:11:21,792 --> 00:11:23,533
Presidential Secretary for
Economic Affairs Is it true?
148
00:11:24,000 --> 00:11:24,740
Yes...
149
00:11:24,792 --> 00:11:27,784
We're in big trouble. Big trouble.
150
00:11:33,792 --> 00:11:36,250
Why didn't you tell
me about this sooner?
151
00:11:37,667 --> 00:11:38,998
I'm sorry, sir.
152
00:11:44,125 --> 00:11:46,116
What do we need to do first?
153
00:11:46,708 --> 00:11:47,368
Well...
154
00:11:47,417 --> 00:11:49,624
Please call a meeting with
the Ministry's key officials.
155
00:11:50,083 --> 00:11:50,993
Yes.
156
00:11:53,667 --> 00:11:57,490
Yeah, it's me. Tell these people
to come to my office right now.
157
00:11:57,958 --> 00:11:59,323
First, the...
158
00:11:59,667 --> 00:12:00,657
The Deputy Minister of Finance.
159
00:12:00,833 --> 00:12:03,416
The Deputy Minister of Finance and...
160
00:12:03,500 --> 00:12:04,240
The Bureau Chief of Fiscal Policy.
161
00:12:04,292 --> 00:12:07,785
The Bureau Chief of Fiscal Policy and...
Who else?
162
00:12:08,167 --> 00:12:09,453
That's enough for now.
163
00:12:09,750 --> 00:12:11,115
That's enough for now.
164
00:12:12,042 --> 00:12:13,203
Let's go.
165
00:12:15,042 --> 00:12:16,749
The Hong Kong market crashed today,
166
00:12:16,792 --> 00:12:20,410
giving rise to concerns about
the economic crisis in East Asia.
167
00:12:20,458 --> 00:12:21,698
Bureau Chief of Fiscal Policy
168
00:12:21,792 --> 00:12:25,911
Countries including Malaysia,
Thailand, and Singapore,
169
00:12:25,958 --> 00:12:28,620
which have shown economic
growth in recent years...
170
00:12:28,708 --> 00:12:31,325
Hey, the Minister wants to...
171
00:12:31,375 --> 00:12:33,787
Deputy Minister of Finance
...play golf this weekend.
172
00:12:36,000 --> 00:12:40,824
As the man in charge of monetary policy,
173
00:12:40,875 --> 00:12:44,789
I'm sorry to report this situation.
174
00:12:44,833 --> 00:12:51,705
A detailed account of the matter
will be briefed by Ms. Han Si-Hyun.
175
00:12:52,375 --> 00:12:57,666
I'm sure you're aware of foreigners pulling
out their money, starting in Southeast Asia.
176
00:12:58,542 --> 00:13:01,455
Wait, she's not a secretary?
177
00:13:01,625 --> 00:13:06,995
Due to our inadequate
handling of the Hanbo crisis
178
00:13:07,500 --> 00:13:11,118
and the bankruptcy of Kia Motors,
179
00:13:11,500 --> 00:13:15,368
foreigners began to doubt our
crisis management ability.
180
00:13:15,958 --> 00:13:22,409
Foreign capital started
pulling out since August.
181
00:13:22,875 --> 00:13:26,539
The value of Korean won continues to
fall, but the government is defending it
182
00:13:27,875 --> 00:13:29,786
by injecting $2 billion from
the reserves every week.
183
00:13:30,208 --> 00:13:31,448
$2 billion is used per week to defend
184
00:13:31,500 --> 00:13:33,286
the currency rate of %300 to $1.
185
00:13:33,667 --> 00:13:38,662
Everyone here knows that, but we
can't stop defending the currency.
186
00:13:41,292 --> 00:13:44,159
My team has reviewed
187
00:13:44,208 --> 00:13:48,497
the rate of extension granted for
money borrowed from overseas.
188
00:13:48,792 --> 00:13:53,707
Until late October, the
rollover rate was 86.5%
189
00:13:53,833 --> 00:13:58,282
meaning foreign investors were
willing to roll over their loans.
190
00:13:58,333 --> 00:13:59,823
However, on November 3,
191
00:14:00,667 --> 00:14:03,864
investors simultaneously
refused to grant rollovers
192
00:14:03,917 --> 00:14:08,707
and started demanding payoffs
by the end of December.
193
00:14:10,500 --> 00:14:11,786
Give me the figures.
194
00:14:11,833 --> 00:14:12,698
As of today,
195
00:14:12,750 --> 00:14:15,708
the Ministry announced $15.8
billion in foreign reserves.
196
00:14:15,958 --> 00:14:18,575
But these aren't accurate figures.
197
00:14:19,208 --> 00:14:21,745
Considering the rejected rollovers
198
00:14:21,792 --> 00:14:25,490
and dollars owed on forward exchange,
199
00:14:27,792 --> 00:14:30,204
the actual amount calculates
to below $9 billion.
200
00:14:31,000 --> 00:14:35,244
The fact that the foreign
reserves is below $9 billion means
201
00:14:35,583 --> 00:14:40,783
the government cannot guarantee
Korea's export and import activities
202
00:14:41,000 --> 00:14:42,832
as you know so well.
203
00:14:42,875 --> 00:14:46,573
If the government cannot guarantee
export and import activities...
204
00:14:48,167 --> 00:14:49,749
It means national bankruptcy.
205
00:14:52,417 --> 00:14:53,999
If my calculations are correct,
206
00:14:55,000 --> 00:14:57,583
the time remaining before
Korea goes bankrupt
207
00:14:57,875 --> 00:14:59,206
is one week.
208
00:15:14,542 --> 00:15:17,250
Chief Presidential Secretary
209
00:15:17,667 --> 00:15:18,828
Is it true?
210
00:15:21,917 --> 00:15:26,332
Mr. President has a lot on his mind.
211
00:15:26,917 --> 00:15:30,865
If you speak in difficult
terms... he'll get angry.
212
00:15:30,917 --> 00:15:31,952
We understand.
213
00:15:34,917 --> 00:15:37,375
Explain to him in easy terms.
214
00:15:37,792 --> 00:15:38,748
In easy terms?
215
00:15:40,083 --> 00:15:42,450
But... how?
Should I take out the figures?
216
00:15:42,708 --> 00:15:44,976
We spent borrowed money like water
217
00:15:45,000 --> 00:15:46,309
hoping to get an extension.
218
00:15:46,333 --> 00:15:48,495
And here we are, Mr. President.
219
00:15:51,333 --> 00:15:53,290
I'll explain it to him
in difficult terms.
220
00:16:03,417 --> 00:16:07,911
The President's son was
granted bail today...
221
00:16:07,958 --> 00:16:11,906
If there aren't enough dollars,
can't you just buy more?
222
00:16:12,083 --> 00:16:15,075
The dollars are going out much
faster than the purchase rate, sir.
223
00:16:15,500 --> 00:16:16,581
Senior Secretary?
224
00:16:16,708 --> 00:16:17,948
Yes, Mr. President.
225
00:16:18,833 --> 00:16:20,323
Didn't you say it would be fine
226
00:16:20,375 --> 00:16:23,037
because Korea's economy
has a solid foundation?
227
00:16:24,167 --> 00:16:25,623
I'm sorry, sir.
228
00:16:26,292 --> 00:16:30,160
The party's over... is that it?
229
00:16:36,500 --> 00:16:38,366
Letter of Resignation
230
00:16:44,000 --> 00:16:45,161
You sure about this?
231
00:16:47,917 --> 00:16:50,033
On a sinking ship,
232
00:16:51,375 --> 00:16:56,290
the first to get out has
the best chance of survival.
233
00:16:57,167 --> 00:17:01,616
In movies, the first
to leave dies first.
234
00:17:06,917 --> 00:17:09,625
Installment savings
reached $200 million!
235
00:17:15,208 --> 00:17:18,405
I'll go my own path.
Please accept this.
236
00:17:19,958 --> 00:17:22,916
Let's hear it. That path you'll go on.
237
00:17:23,125 --> 00:17:24,911
I'm going to invest in the crisis.
238
00:17:25,208 --> 00:17:29,406
I believe the Korean economy...
239
00:17:31,833 --> 00:17:33,915
will go bankrupt soon.
240
00:17:36,125 --> 00:17:38,492
Hey, do you think
241
00:17:39,000 --> 00:17:43,494
there haven't been
others just like you?
242
00:17:44,792 --> 00:17:50,208
During the oil crisis
and debt crisis in 1980,
243
00:17:50,333 --> 00:17:54,372
there were many who
quit their good jobs,
244
00:17:54,667 --> 00:17:56,453
but no matter what happens,
245
00:17:56,500 --> 00:17:58,537
a nation's economy is
bound to withstand.
246
00:17:59,042 --> 00:18:00,373
Don't you read the papers?
247
00:18:01,750 --> 00:18:03,206
The four dragons of Asia!
248
00:18:03,250 --> 00:18:05,161
Powerful, rising countries!
249
00:18:07,083 --> 00:18:10,280
You should think about
investing diligently...
250
00:18:10,333 --> 00:18:15,328
No lectures, please.
Just pay my severance.
251
00:18:16,250 --> 00:18:18,287
Do you know what people call your kind?
252
00:18:19,500 --> 00:18:21,787
A conspirator! You son of a bitch!
253
00:18:22,125 --> 00:18:24,116
Go on. Go your way.
254
00:18:25,375 --> 00:18:28,288
It's conspiracist, actually.
255
00:18:28,333 --> 00:18:29,949
Isn't that what I said?!
256
00:18:32,167 --> 00:18:38,118
Hello, sir. This is Yoon from
Korea Merchant Bank Corp.
257
00:18:40,542 --> 00:18:42,453
The beacon of success!
258
00:18:42,500 --> 00:18:45,663
If you just give me an hour,
I'll present you with the greatest...
259
00:18:45,750 --> 00:18:48,583
Yes, ma'am. Darling? My friend!
260
00:18:49,750 --> 00:18:53,197
List of Top Companies
I don't know what to label it
261
00:18:53,250 --> 00:18:56,538
Task force office
but this will be the control tower...
262
00:18:56,583 --> 00:18:58,870
Task force office
...for preventing national bankruptcy.
263
00:19:00,833 --> 00:19:03,370
Gently! You're stirring up dust.
264
00:19:03,625 --> 00:19:04,740
I'm sorry, sir.
265
00:19:07,333 --> 00:19:09,825
I wouldn't have called
if this wasn't important.
266
00:19:10,750 --> 00:19:13,242
In fact, it's huge.
267
00:19:15,208 --> 00:19:17,996
Only for a few chosen clients...
268
00:19:18,042 --> 00:19:19,908
All you need to do is follow my lead.
269
00:19:22,125 --> 00:19:23,490
Thank you.
270
00:19:26,792 --> 00:19:33,949
While I was working as a
personal assets manager,
271
00:19:34,000 --> 00:19:37,789
I secured all of you good
returns on your investments.
272
00:19:39,000 --> 00:19:41,207
Isn't that right, ma'am?
273
00:19:41,917 --> 00:19:45,285
Of course.
274
00:19:45,333 --> 00:19:48,325
You helped me get a new
building in Gangnam.
275
00:19:48,833 --> 00:19:49,948
Sir, am I right?
276
00:19:50,500 --> 00:19:54,164
I don't think any of us
here doubt your skills.
277
00:19:56,500 --> 00:20:01,791
I believe that Korea
278
00:20:03,417 --> 00:20:05,784
will go broke in a week.
279
00:20:06,917 --> 00:20:10,114
- The country will go broke?
- Is that even possible?
280
00:20:12,417 --> 00:20:16,365
And this is the reason why.
281
00:20:22,750 --> 00:20:28,996
'Yeo' means 'to give',
and 'shin' means 'to trust'.
282
00:20:29,958 --> 00:20:34,373
Or 'loan' in plain language.
283
00:20:34,417 --> 00:20:36,374
When a financial
institution loans money.
284
00:20:38,000 --> 00:20:40,162
This word, trust!
285
00:20:41,000 --> 00:20:45,915
What is exchanged is the trust that
the money will be returned, but...
286
00:20:46,208 --> 00:20:50,156
this trust was a weak, unfounded one!
287
00:20:50,625 --> 00:20:57,122
From the beginning of this year, I
sensed that it was slowly breaking apart.
288
00:20:58,417 --> 00:21:04,413
I'll give you an example.
There's a businessman.
289
00:21:05,583 --> 00:21:07,915
Check the document.
290
00:21:07,958 --> 00:21:12,327
Intent of Purchase He wants to
run a business but has no money.
291
00:21:12,375 --> 00:21:13,991
What can he do?
292
00:21:14,708 --> 00:21:18,372
Expand your factory, change
your car, get a driver.
293
00:21:18,417 --> 00:21:20,408
You should live a better life now.
294
00:21:21,375 --> 00:21:24,333
- No more carrying sheets of steel!
- Thank you.
295
00:21:26,042 --> 00:21:30,036
But... This many?
296
00:21:30,458 --> 00:21:31,243
Is that a problem?
297
00:21:31,333 --> 00:21:35,156
Of course not.
We'll try and match the order.
298
00:21:36,042 --> 00:21:39,489
The payment will be
made in promissory note.
299
00:21:41,500 --> 00:21:42,240
Sorry?
300
00:21:42,542 --> 00:21:44,249
Here's a question.
301
00:21:45,792 --> 00:21:49,956
What kind of a promissory note is this?
302
00:21:51,583 --> 00:21:53,574
This place is not a bank.
303
00:21:54,417 --> 00:21:55,532
Do you have the paperwork?
304
00:21:55,583 --> 00:21:58,166
It is a nonmonetary institution
called a merchant bank.
305
00:21:58,875 --> 00:22:03,324
A promissory note is issued
to the company at a bank
306
00:22:03,375 --> 00:22:06,697
which is then submitted to
the nonmonetary institution.
307
00:22:07,625 --> 00:22:13,416
And what happens next?
I'll count to three.
308
00:22:14,292 --> 00:22:15,077
One,
309
00:22:18,167 --> 00:22:18,998
two...
310
00:22:21,500 --> 00:22:22,285
Three!
311
00:22:23,500 --> 00:22:24,661
Here.
312
00:22:25,125 --> 00:22:26,286
Your loan's approved.
313
00:22:26,708 --> 00:22:29,120
Thank you.
314
00:22:29,208 --> 00:22:31,370
Surprisingly and instantly!
315
00:22:31,708 --> 00:22:34,291
You can borrow
316
00:22:34,333 --> 00:22:37,746
the amount on the bank-issued promissory note.
Loan Contract
317
00:22:37,792 --> 00:22:40,830
Whether or not the note
is effective as collateral
318
00:22:40,875 --> 00:22:43,583
is nobody's concern.
319
00:22:44,042 --> 00:22:45,203
They just give out the loan.
320
00:22:47,417 --> 00:22:53,868
Such promissory notes are
passed on to small businesses.
321
00:22:55,833 --> 00:22:59,246
Sorry, but we've always
received payment in cash.
322
00:22:59,333 --> 00:23:01,916
Who does business in cash these days?
323
00:23:02,500 --> 00:23:03,911
It's all in promissory notes.
324
00:23:05,167 --> 00:23:08,239
- What?
- Who does business in cash anymore?
325
00:23:08,750 --> 00:23:10,036
I have to go.
326
00:23:10,083 --> 00:23:11,869
Call me. I have tons
of orders to handle.
327
00:23:11,917 --> 00:23:13,908
- See you later.
- Drive safe.
328
00:23:14,125 --> 00:23:18,574
If this is the situation for small
businesses, what about conglomerates?
329
00:23:19,208 --> 00:23:26,456
They take loans through foreign banks,
330
00:23:26,500 --> 00:23:29,333
secure them against other loans.
331
00:23:29,917 --> 00:23:35,868
And that debt goes
down to subcontractors.
332
00:23:35,917 --> 00:23:39,114
Down and down.
333
00:23:39,292 --> 00:23:45,789
If the business is successful and the
debt is collected, everyone's happy.
334
00:23:47,625 --> 00:23:49,662
But if any one party falters?
335
00:23:49,708 --> 00:23:52,325
It's a matter of time before
everything comes tumbling down.
336
00:23:53,417 --> 00:23:56,830
Why? But I've never heard of this.
337
00:23:57,375 --> 00:23:58,911
This was a deal made on
the unfounded trust that
338
00:23:58,958 --> 00:24:01,575
'everything will be fine'.
339
00:24:01,625 --> 00:24:07,041
This is the screwed up process Korea's
340
00:24:07,083 --> 00:24:10,201
been running businesses in till 1997.
341
00:24:10,875 --> 00:24:12,616
- Pardon my French.
- Nonsense.
342
00:24:13,875 --> 00:24:19,700
And I reached the conclusion that
343
00:24:20,958 --> 00:24:24,952
this ticking time bomb
will go off this year.
344
00:24:31,042 --> 00:24:36,242
You're overlooking something.
What if the government gets involved?
345
00:24:36,542 --> 00:24:42,823
What if they present a solution
before the bomb explodes?
346
00:24:44,625 --> 00:24:47,617
What kind of solution do we have
347
00:24:47,667 --> 00:24:49,578
in a free market economy?
348
00:24:49,750 --> 00:24:52,913
Send out a warning that the
country's economy is in danger.
349
00:24:55,792 --> 00:24:57,874
Isn't that the first step
to deal with any disaster?
350
00:24:57,917 --> 00:25:00,989
Now why would we do that?
351
00:25:01,708 --> 00:25:03,949
'Dear people of Korea, we're screwed.
352
00:25:04,000 --> 00:25:05,911
We're about to go bankrupt.'
353
00:25:05,958 --> 00:25:07,448
You want to advertise it?
354
00:25:07,708 --> 00:25:12,202
People have a right to be informed
of the government's decision.
355
00:25:12,250 --> 00:25:16,164
What right? Where does it say that?
356
00:25:17,625 --> 00:25:20,367
If the market economy collapses,
we won't be able to do anything.
357
00:25:20,417 --> 00:25:23,580
All this talk of imminent danger
will cause more confusion.
358
00:25:23,958 --> 00:25:25,323
We have to prevent that
359
00:25:25,375 --> 00:25:26,957
and find a way to buy more time.
360
00:25:27,000 --> 00:25:31,369
Who will take responsibility for
the damage incurred in that time?
361
00:25:31,667 --> 00:25:36,116
People have the right to know
about the current situation!
362
00:25:36,167 --> 00:25:37,282
Han!
363
00:25:40,958 --> 00:25:42,414
Ms. Han...
364
00:25:43,708 --> 00:25:46,496
the people's right to know
isn't what matters right now.
365
00:25:46,750 --> 00:25:49,993
What's stopping you?
This is a huge opportunity!
366
00:25:50,042 --> 00:25:52,704
If we get paid with a promissory note,
367
00:25:52,750 --> 00:25:54,491
how do we pay our vendors?
368
00:25:55,375 --> 00:25:57,332
We can ask them to wait for now
369
00:25:57,417 --> 00:26:01,911
and pay once the note matures.
370
00:26:02,917 --> 00:26:04,226
Let's sign the deal.
371
00:26:04,250 --> 00:26:05,351
At least a warning to people
372
00:26:05,375 --> 00:26:09,243
Intent of Purchase
making countless decisions...
373
00:26:10,042 --> 00:26:11,123
that's confusing to you?
374
00:26:11,167 --> 00:26:15,035
What if everyone clears out their
account and cancels their deals?
375
00:26:15,083 --> 00:26:17,700
How can you worry about that?
376
00:26:19,000 --> 00:26:20,456
That's making a soft landing.
377
00:26:22,583 --> 00:26:24,494
The government will
not notify the public.
378
00:26:24,708 --> 00:26:26,324
How can you be so sure?
379
00:26:26,375 --> 00:26:30,915
There have been clear signs
showing how Korea is failing,
380
00:26:31,417 --> 00:26:34,250
and they've been ignoring them!
381
00:26:39,792 --> 00:26:43,740
Sir, we must notify the
public as soon as possible.
382
00:26:44,125 --> 00:26:47,618
No, it'll only cause
unnecessary confusion.
383
00:26:49,625 --> 00:26:51,491
'In difficulty, because the factory
384
00:26:51,542 --> 00:26:54,705
isn't paying my husband's salary!'
385
00:26:55,167 --> 00:26:59,491
'Putting the house up for sale
after the business failed.'
386
00:26:59,708 --> 00:27:02,245
What show is this?
387
00:27:03,000 --> 00:27:04,616
Son Sook's Women's Era.
388
00:27:08,292 --> 00:27:10,624
If we tell the people now,
389
00:27:10,667 --> 00:27:12,783
then the damage can be reduced.
390
00:27:13,917 --> 00:27:15,703
Intent of Purchase
391
00:27:16,875 --> 00:27:17,615
Sign it.
392
00:27:19,833 --> 00:27:22,040
National bankruptcy has already begun,
393
00:27:22,083 --> 00:27:25,701
but the government isn't
doing anything at all.
394
00:27:26,208 --> 00:27:29,746
They are either incompetent or ignorant!
395
00:27:31,417 --> 00:27:34,489
Saying that we're
facing an economic crisis
396
00:27:34,542 --> 00:27:38,911
will only serve the opposition
right before elections.
397
00:27:40,208 --> 00:27:42,074
This is no time to talk politics!
398
00:27:42,125 --> 00:27:47,746
I plan to invest in that
incompetence and ignorance.
399
00:27:48,125 --> 00:27:52,369
What's there to think about? Come on.
400
00:28:04,083 --> 00:28:05,073
Mr. Senior Secretary...
401
00:28:20,792 --> 00:28:22,578
The possibility of
national bankruptcy...
402
00:28:30,875 --> 00:28:33,116
will be dealt with entirely
behind closed doors.
403
00:28:34,417 --> 00:28:37,489
From this point on,
404
00:28:37,542 --> 00:28:40,034
this team will keep
silent about the situation
405
00:28:40,458 --> 00:28:44,372
to the press and those
in the financial sector.
406
00:28:52,375 --> 00:28:53,410
Everything will be fine.
407
00:28:54,667 --> 00:28:55,657
Mr. Senior Secretary!
408
00:28:57,875 --> 00:28:59,741
Sir, please!
409
00:29:00,500 --> 00:29:01,160
Sir!
410
00:29:02,083 --> 00:29:06,407
Sir, if we hide it, people
will suffer helplessly
411
00:29:06,708 --> 00:29:08,619
when the big blow comes.
412
00:29:08,917 --> 00:29:11,500
We have to salvage at
least the healthy SMEs...
413
00:29:12,875 --> 00:29:15,663
Healthy SMEs?
414
00:29:18,292 --> 00:29:20,408
And who's doing the health checkups?
415
00:29:53,750 --> 00:29:55,206
Where's everybody else?
416
00:29:55,875 --> 00:29:58,412
Obviously, they weren't
impressed by my presentation.
417
00:29:59,583 --> 00:30:00,914
No one believes me.
418
00:30:03,125 --> 00:30:08,871
I'll invest in your words about
government's incompetence in crisis.
419
00:30:17,792 --> 00:30:22,832
Man! I was totally blown away!
420
00:30:23,292 --> 00:30:27,115
'They are either
incompetent or ignorant!'
421
00:30:27,958 --> 00:30:29,869
Especially that part.
422
00:30:30,708 --> 00:30:32,039
Hey, how old are you?
423
00:30:32,333 --> 00:30:33,073
Twenty four.
424
00:30:33,125 --> 00:30:34,832
Scram, kid.
425
00:30:36,125 --> 00:30:39,823
Wasn't this a presentation
about an investment opportunity?
426
00:30:42,208 --> 00:30:43,869
I have money. Shitload of it.
427
00:31:02,000 --> 00:31:03,115
1 million dollars.
428
00:31:04,250 --> 00:31:09,199
Why don't you take a seat, sir?
429
00:31:09,250 --> 00:31:10,615
Yes, Mr. Yoon.
430
00:31:20,083 --> 00:31:22,074
- Mom!
- Mom's home!
431
00:31:22,125 --> 00:31:23,035
Hey!
432
00:31:23,083 --> 00:31:24,790
Why'd you come home so late?
433
00:31:24,833 --> 00:31:28,531
Did you miss mommy?
434
00:31:29,667 --> 00:31:35,208
Honey, our bowls... they'll be
in department stores soon.
435
00:31:37,083 --> 00:31:38,073
Really?
436
00:31:39,500 --> 00:31:43,824
It's a huge deal. Worth $500,000.
437
00:31:44,667 --> 00:31:48,490
- Really? That's great!
- Right?
438
00:31:50,042 --> 00:31:54,411
I was worried about tuition fees
when Hyun-ah goes to middle school.
439
00:31:56,042 --> 00:31:56,952
Once we close the deal,
440
00:31:57,000 --> 00:31:57,831
you can quit working.
441
00:31:57,875 --> 00:32:00,458
Let's talk about that
when you close the deal.
442
00:32:01,917 --> 00:32:03,282
You did good!
443
00:32:09,458 --> 00:32:13,372
In response to the claim that the
Korean economy is facing a crisis,
444
00:32:13,417 --> 00:32:16,580
the Deputy Prime Minister
dismissed it as an unfounded rumor.
445
00:32:16,625 --> 00:32:20,198
The economy is entering
a recovery phase...
446
00:32:20,250 --> 00:32:24,995
Based on its solid foundation as
the world's 11th largest economy...
447
00:32:25,042 --> 00:32:28,000
...appears to have
passed the low point.
448
00:32:28,042 --> 00:32:30,830
Korea beat UAE
449
00:32:30,875 --> 00:32:32,365
in the World Cup qualifying round...
450
00:32:32,417 --> 00:32:34,203
...has asked the
national team to play well
451
00:32:34,250 --> 00:32:37,788
in the quarter too.
452
00:32:37,833 --> 00:32:39,393
No, it's not official yet.
453
00:32:39,417 --> 00:32:40,309
Nov 18, 1997
454
00:32:40,333 --> 00:32:41,684
KOSPI 542 .4
455
00:32:41,708 --> 00:32:43,018
Won-Dollar Exchange Rate 843
456
00:32:43,042 --> 00:32:44,874
Won Foreign Reserves $10.3 billion
457
00:32:45,292 --> 00:32:46,953
The Bank of Korea is
unable to provide surety.
458
00:32:48,125 --> 00:32:50,708
No, we cannot confirm that.
459
00:32:51,083 --> 00:32:52,414
The Washington Post wrote that
460
00:32:52,458 --> 00:32:55,905
foreign banks refused to provide
export bonds for Korean companies.
461
00:32:56,042 --> 00:33:00,866
Soros is refusing to roll over
matured investments in Korea.
462
00:33:01,000 --> 00:33:03,583
I don't think it helps to keep silent.
463
00:33:03,792 --> 00:33:06,124
There'll be more vicious rumors.
464
00:33:06,917 --> 00:33:07,748
Let's go out.
465
00:33:07,792 --> 00:33:08,452
Sorry?
466
00:33:08,500 --> 00:33:10,491
We need proof to convince
467
00:33:10,542 --> 00:33:14,115
the ignorant and indolent
in high positions.
468
00:33:14,375 --> 00:33:16,992
We have to gather evidence
they can't refute.
469
00:33:17,542 --> 00:33:20,864
We can look into poor bonds
in nonmonetary institutions
470
00:33:21,125 --> 00:33:23,207
and use them to persuade
people in charge
471
00:33:24,333 --> 00:33:28,076
at the Ministry of Finance,
the BOK, and commercial banks.
472
00:33:28,375 --> 00:33:31,993
Whatever it takes for now.
473
00:33:32,208 --> 00:33:33,573
From now on, we're the system.
474
00:33:33,625 --> 00:33:34,490
Yes, ma'am.
475
00:33:36,083 --> 00:33:38,074
Who is this person we have to meet?
476
00:33:38,750 --> 00:33:39,490
An alumnus.
477
00:33:40,083 --> 00:33:40,993
Alumnus?
478
00:33:53,500 --> 00:33:57,243
This is the bureau
chief of fiscal policy.
479
00:33:57,750 --> 00:33:58,410
Nice to meet you.
480
00:33:58,458 --> 00:33:59,539
Good evening, sir.
481
00:34:00,958 --> 00:34:02,448
He's my alumnus from Harvard.
482
00:34:02,500 --> 00:34:03,990
He'll take a seat in the next cabinet.
483
00:34:04,208 --> 00:34:05,198
It's an honor.
484
00:34:06,000 --> 00:34:07,832
Show respect. Bow deeper.
485
00:34:09,208 --> 00:34:10,414
Thank you for coming.
486
00:34:10,458 --> 00:34:12,449
Stay close.
487
00:34:13,583 --> 00:34:14,573
Hello.
488
00:34:18,667 --> 00:34:19,623
Good to see you.
489
00:34:20,333 --> 00:34:24,406
This is the youngest son of the
Llsung Group's Chairman.
490
00:34:24,458 --> 00:34:27,166
I'm sorry I didn't recognize you.
491
00:34:29,625 --> 00:34:32,333
I came because my father told me to.
492
00:34:33,208 --> 00:34:34,994
What do we talk about?
493
00:34:35,333 --> 00:34:40,908
We give advice and share
information among the alumni.
494
00:34:42,625 --> 00:34:43,911
I see...
495
00:34:44,208 --> 00:34:45,824
Mr. Chairman is in good health?
496
00:34:45,958 --> 00:34:47,198
Yeah, he's well.
497
00:34:49,375 --> 00:34:50,285
So...
498
00:34:53,500 --> 00:34:58,825
Mr. Chairman is no longer in his youth.
You should start training to take over.
499
00:35:00,583 --> 00:35:03,291
Well, I don't know much.
500
00:35:03,917 --> 00:35:06,033
Now, you will have something you know.
501
00:35:08,458 --> 00:35:12,907
What we're about to tell you
will please Mr. Chairman.
502
00:35:14,125 --> 00:35:15,331
How do you mean?
503
00:35:19,167 --> 00:35:22,364
Pretty soon... there will
be national bankruptcy.
504
00:35:22,833 --> 00:35:30,160
Many things will change.
In whatever way, you should be prepared.
505
00:35:32,292 --> 00:35:34,784
Why are you telling me this?
506
00:35:36,958 --> 00:35:38,824
Because we're alumni.
507
00:35:52,042 --> 00:35:55,660
As per the Bank of Korea's
supervision authority,
508
00:35:55,708 --> 00:35:58,370
we'll conduct an emergency
inspection of this bank.
509
00:36:03,875 --> 00:36:06,287
How much did Cheil Bank
lend to Hanbo Steel?
510
00:36:07,167 --> 00:36:09,329
Around $1.08 billion.
511
00:36:09,375 --> 00:36:11,992
How much paid-in capital do you have?
512
00:36:12,042 --> 00:36:13,703
$870 million.
513
00:36:13,750 --> 00:36:17,414
Why did you lend more than
the capital held by the bank?
514
00:36:18,333 --> 00:36:19,323
I'm sorry.
515
00:36:19,958 --> 00:36:22,666
Who reviewed and approved the loan?
516
00:36:22,875 --> 00:36:25,162
There has never been a review
517
00:36:25,208 --> 00:36:27,415
of the business plan.
518
00:36:29,667 --> 00:36:31,999
There should've been restraints
imposed by Bank Inspection Board?
519
00:36:32,042 --> 00:36:32,873
No.
520
00:36:33,250 --> 00:36:35,833
Who's in charge of this bank
at the Bank Inspection Board?
521
00:36:36,292 --> 00:36:37,498
Well...
522
00:36:38,458 --> 00:36:39,198
That's me.
523
00:36:39,500 --> 00:36:40,160
What?
524
00:36:40,208 --> 00:36:43,576
I used to be on the
Bank Inspection Board,
525
00:36:44,167 --> 00:36:47,205
then I transferred here right
before the Hanbo scandal.
526
00:36:47,250 --> 00:36:51,039
If I knew Hanbo would go under,
I wouldn't have come here.
527
00:36:52,542 --> 00:36:53,703
I'm sorry.
528
00:36:54,292 --> 00:36:57,159
Why is Hanbo Headquarters
in an apartment arcade?
529
00:36:57,667 --> 00:37:01,365
It was on advice from the
Chairman's fortune teller.
530
00:37:01,583 --> 00:37:05,281
A fortune teller? That's crazy.
531
00:37:05,708 --> 00:37:09,155
My wife and kids are in Canada.
532
00:37:09,208 --> 00:37:11,700
Do you know how much the
exchange rate will go up?
533
00:37:11,750 --> 00:37:15,038
Who made the decision to invest in steel at Hanbo?
Sales, Hanbo Steel
534
00:37:15,083 --> 00:37:16,289
Was it the fortune teller again?
535
00:37:16,333 --> 00:37:19,576
Whoever it was, I know nothing of it.
536
00:37:19,625 --> 00:37:21,241
Did the board of directors approve?
537
00:37:21,708 --> 00:37:22,448
What board of directors?
538
00:37:22,500 --> 00:37:25,913
There are no directors.
539
00:37:26,333 --> 00:37:31,874
The arrangement for the loan
was made by the President's son.
540
00:37:31,917 --> 00:37:34,784
How much is the total
loan Hanbo obtained?
541
00:37:35,833 --> 00:37:39,246
What year did this bitch
enter Bank of Korea?
542
00:37:39,542 --> 00:37:41,158
You can't talk like that.
543
00:37:41,208 --> 00:37:44,121
How much is the total loan
that's not in the record?
544
00:37:44,167 --> 00:37:47,740
How dare you talk like that to me!
545
00:37:47,917 --> 00:37:48,577
Sir!
546
00:37:48,625 --> 00:37:49,786
What!
547
00:37:57,750 --> 00:37:58,740
Hey,
548
00:38:00,417 --> 00:38:02,374
freaking clueless, aren't you?
549
00:38:06,417 --> 00:38:08,624
Because of the billions
550
00:38:08,667 --> 00:38:11,250
you recklessly obtained
by lobbying politicians,
551
00:38:14,000 --> 00:38:17,618
you set off a ticking time bomb.
552
00:38:21,250 --> 00:38:22,832
So, where are we going?
553
00:38:24,125 --> 00:38:25,536
We'll start purchasing dollars.
554
00:38:27,208 --> 00:38:31,873
When Korea's credit level falls, the first
thing to change is the currency rate.
555
00:38:32,125 --> 00:38:38,997
The exchange rate is at 800 won.
Do you think it'll get higher?
556
00:38:39,250 --> 00:38:43,244
Of course. My prediction is...
557
00:38:44,500 --> 00:38:45,365
up to 2,000 won.
558
00:38:46,083 --> 00:38:47,699
2,000 won?!
559
00:38:48,375 --> 00:38:50,491
That's almost triple!
560
00:38:52,250 --> 00:38:54,332
That much won't do for me.
561
00:38:54,625 --> 00:38:55,865
I want a put option that makes money
562
00:38:55,917 --> 00:39:00,707
when the stocks crash and
the currency flares up.
563
00:39:02,208 --> 00:39:03,198
Here.
564
00:39:03,583 --> 00:39:06,075
Stock Options
565
00:39:07,292 --> 00:39:11,035
The currency rate is as high
and the stocks as low as they can get.
566
00:39:11,083 --> 00:39:15,998
You're totally going the opposite way.
567
00:39:16,125 --> 00:39:21,791
If you want to make money with this,
then this country has to go under.
568
00:39:22,292 --> 00:39:25,284
I just do as requested but...
569
00:39:25,333 --> 00:39:27,199
Then do it.
570
00:39:43,083 --> 00:39:45,745
Companies take on businesses
without considering profitability.
571
00:39:45,792 --> 00:39:49,809
Banks lend blindly,
politicians lobby to accommodate.
572
00:39:49,833 --> 00:39:51,684
The inspection board doesn't work.
573
00:39:51,708 --> 00:39:53,726
They all fit perfectly.
574
00:39:53,750 --> 00:39:57,893
The bad loans from Hanbo
alone are worth $5 billion.
575
00:39:57,917 --> 00:40:01,490
No need to criticize others.
Bank of Korea is also responsible.
576
00:40:01,667 --> 00:40:02,623
How come?
577
00:40:02,792 --> 00:40:05,329
How is the monetary
policy team responsible?
578
00:40:05,625 --> 00:40:09,914
When Hanbo went bankrupt,
when Kia went bankrupt...
579
00:40:10,000 --> 00:40:12,241
we submitted tons of analysis reports.
580
00:40:12,625 --> 00:40:14,241
They never listened.
581
00:40:16,167 --> 00:40:20,912
Foreign investors are selling fast,
causing the stock price to plummet.
582
00:40:20,958 --> 00:40:23,825
...dropped by 20
points within 10 minutes.
583
00:40:23,875 --> 00:40:26,287
Only 5 minutes into trading,
foreign dumping began...
584
00:40:26,333 --> 00:40:27,601
Nov 19, 1997 Since selling
over $300 million last month,
585
00:40:27,625 --> 00:40:29,059
KOSPI 509.4 Won-Dollar Since
selling over $300 million last month,
586
00:40:29,083 --> 00:40:30,018
Exchange Rate 909 won Since
selling over $300 million last month,
587
00:40:30,042 --> 00:40:30,768
Foreign Reserves $8 billion
588
00:40:30,792 --> 00:40:34,809
foreigners have sold
$580 million this month,
589
00:40:34,833 --> 00:40:38,326
as of today.
590
00:40:39,292 --> 00:40:42,059
With foreign investors dumping stocks,
591
00:40:42,083 --> 00:40:44,324
the exchange rate is flaring up.
592
00:40:44,833 --> 00:40:48,952
The foreign exchange market
ceased all transactions after 5 minutes.
593
00:40:49,375 --> 00:40:50,351
The currency rate flared up,
594
00:40:50,375 --> 00:40:55,996
causing the market to
close after just 5 minutes.
595
00:40:56,083 --> 00:40:58,825
The money exchange services
have come to a de facto halt.
596
00:40:58,958 --> 00:41:03,623
The interest rate for promissory notes
has gone up by 0.87 % overnight.
597
00:41:04,833 --> 00:41:07,495
Right now, the administration
is preparing a statement.
598
00:41:08,375 --> 00:41:09,976
The situation is only temporary
599
00:41:10,000 --> 00:41:12,287
and will not lead to a state of panic!
600
00:41:12,917 --> 00:41:14,373
This is not a serious situation.
601
00:41:14,417 --> 00:41:15,248
Hang up.
602
00:41:15,792 --> 00:41:20,643
The aftershock of the financial crisis
in Southeast Asia is hitting hard again.
603
00:41:20,667 --> 00:41:23,625
The currency crisis that began in Thailand
and spread across the Philippines,
604
00:41:23,667 --> 00:41:29,948
Indonesia, and Hong Kong
is now threatening our financial market.
605
00:41:30,083 --> 00:41:33,351
The currency rate
has reached an all-time high again.
606
00:41:33,375 --> 00:41:37,073
Mr. Yoon, it's come
true. It's happening!
607
00:41:38,167 --> 00:41:40,374
I can't freaking believe this!
608
00:41:40,625 --> 00:41:43,822
Listen! Tell them it's not true.
609
00:41:45,083 --> 00:41:46,949
Don't say anything else!
610
00:41:49,125 --> 00:41:51,207
Just tell them everything
is under control!
611
00:41:51,417 --> 00:41:52,248
We have breaking news.
612
00:41:52,292 --> 00:41:57,913
Midopa Department Store
is facing bankruptcy.
613
00:41:58,083 --> 00:42:01,826
I repeat. Midopa is facing bankruptcy.
614
00:42:02,083 --> 00:42:05,656
Midopa is seeking emergency funding,
615
00:42:05,833 --> 00:42:12,910
as well as holding talks with its
partners to renegotiate business terms.
616
00:42:53,292 --> 00:42:53,952
Mr. Lee!
617
00:42:54,708 --> 00:42:56,851
There's Lee. Get him!
618
00:42:56,875 --> 00:42:58,741
Mr. Lee!
619
00:43:14,083 --> 00:43:17,496
Wait. Let go!
620
00:43:19,000 --> 00:43:19,740
Mr. Lee!
621
00:43:20,042 --> 00:43:20,907
Lee!
622
00:43:21,583 --> 00:43:22,698
It's not true, is it?
623
00:43:23,250 --> 00:43:24,490
It's not going bankrupt, right?
624
00:43:24,583 --> 00:43:26,018
Just give me a little more time.
625
00:43:26,042 --> 00:43:27,309
You knew about this!
626
00:43:27,333 --> 00:43:28,559
No! Honestly.
627
00:43:28,583 --> 00:43:29,914
What are you gonna do about it?
628
00:43:32,208 --> 00:43:34,324
Lives depended on that money!
629
00:43:36,375 --> 00:43:37,726
Midopa has $310 million in debt
630
00:43:37,750 --> 00:43:39,226
with commercial banks,
631
00:43:39,250 --> 00:43:42,601
as well as $215 million
with nonmonetary institutions.
632
00:43:42,625 --> 00:43:45,947
Midopa in debt Total $827.5 million.
633
00:43:46,125 --> 00:43:49,018
Midopa will file for
composition tomorrow,
634
00:43:49,042 --> 00:43:51,268
but if the creditors reject,
635
00:43:51,292 --> 00:43:53,784
they will be forced to
go into receivership.
636
00:43:54,125 --> 00:43:56,207
Halla Group has gone bankrupt.
637
00:43:56,792 --> 00:43:57,873
Halla
638
00:43:58,083 --> 00:43:59,434
Taeil's filed for bankruptcy.
639
00:43:59,458 --> 00:44:00,351
Taeil Precision
640
00:44:00,375 --> 00:44:02,286
New Core has filed for bankruptcy!
641
00:44:03,917 --> 00:44:04,782
What?
642
00:44:06,250 --> 00:44:07,240
Sir!
643
00:44:08,750 --> 00:44:10,991
Daewoo's in danger.
644
00:44:11,667 --> 00:44:12,281
What?
645
00:44:12,708 --> 00:44:15,746
Chairman Kim Woo-joong
wants a special meeting.
646
00:44:16,708 --> 00:44:18,574
647
00:44:19,292 --> 00:44:22,125
Han! Where did Han go?
648
00:44:33,708 --> 00:44:38,498
Please relax and come down, sir.
649
00:44:38,833 --> 00:44:41,495
Come down and talk to me.
650
00:44:41,917 --> 00:44:44,830
Many are going through a
difficult time. Please.
651
00:44:45,250 --> 00:44:48,868
Think about your family.
652
00:44:49,042 --> 00:44:51,909
Please come down, sir.
653
00:44:52,625 --> 00:44:54,616
Come down please!
654
00:45:08,958 --> 00:45:14,579
Haetae Group has gone into bankruptcy.
655
00:45:14,750 --> 00:45:17,893
Kia's creditors filed
for court receivership.
656
00:45:17,917 --> 00:45:20,226
...New York Times expressed
concern on Korea's capability
657
00:45:20,250 --> 00:45:22,582
to pay off its short-term loans.
658
00:45:22,667 --> 00:45:24,976
...unprecedented bankruptcy
of a financial institution.
659
00:45:25,000 --> 00:45:26,331
Korea Merchant Bank
Clients Left Hopeless
660
00:45:27,750 --> 00:45:32,074
Today alone, 20 out of the top 100
companies have gone bankrupt.
661
00:45:32,292 --> 00:45:34,768
If you include smaller companies,
662
00:45:34,792 --> 00:45:37,226
we estimate around 200 companies.
663
00:45:37,250 --> 00:45:41,448
Merchant banks' low-interest bonds
from Southeast Asia are being retrieved.
664
00:45:41,583 --> 00:45:45,781
If they go bust,
their promissory notes will become void.
665
00:45:46,333 --> 00:45:49,476
If that happens,
commercial banks may become insolvent.
666
00:45:49,500 --> 00:45:53,289
Korea's bankruptcy is reported as
an established fact in Wall Street.
667
00:45:54,000 --> 00:45:55,184
Starting with Korea Merchant Bank,
668
00:45:55,208 --> 00:45:56,994
commercial banks are also at risk.
669
00:46:07,417 --> 00:46:09,499
Korea Merchant Bank Corp.
670
00:46:15,708 --> 00:46:16,948
Damn! We were right!
671
00:46:17,292 --> 00:46:21,365
The stocks are crashing, right?
672
00:46:21,917 --> 00:46:25,911
The Korean won is going down,
and the dollar's going up, right?
673
00:46:26,125 --> 00:46:29,243
We're making a shitload of money, right?
674
00:46:31,208 --> 00:46:33,495
Korea is screwed.
675
00:46:34,167 --> 00:46:35,749
We're rich, man.
676
00:46:37,208 --> 00:46:38,915
We're stinking rich now!
677
00:46:41,958 --> 00:46:44,495
Mr. Yoon!
678
00:46:45,167 --> 00:46:50,708
I don't think it's time to buy
dollars or stocks or any of that.
679
00:46:51,083 --> 00:46:53,745
Then what should we do?
680
00:46:55,167 --> 00:46:57,078
It's time to change our lives.
681
00:46:57,500 --> 00:47:00,572
In life, you have moments
that change you forever.
682
00:47:03,167 --> 00:47:05,625
One of those moments is right now.
683
00:47:06,083 --> 00:47:11,578
My life... my position... my status...
684
00:47:14,750 --> 00:47:17,082
All of that is about to change for good.
685
00:47:20,292 --> 00:47:25,162
Hey! Go get more money.
686
00:47:26,875 --> 00:47:28,893
But from now on,
keep two things in mind.
687
00:47:28,917 --> 00:47:31,124
Don't talk to me like I'm your friend...
688
00:47:36,083 --> 00:47:38,370
and don't get excited
about making money.
689
00:47:51,167 --> 00:47:53,784
Please, share your thoughts.
690
00:47:59,750 --> 00:48:03,493
It's not like we have no options at all.
691
00:48:03,917 --> 00:48:04,998
What else is there?
692
00:48:05,417 --> 00:48:06,907
We can go to the IMF.
693
00:48:07,083 --> 00:48:08,164
What?
694
00:48:09,000 --> 00:48:12,823
If we go to IMF, it
could get very painful.
695
00:48:13,208 --> 00:48:16,906
By nature, good medicines taste bitter.
696
00:48:17,958 --> 00:48:20,120
It's a very simple matter.
697
00:48:20,500 --> 00:48:23,434
When Choheung Bank has no money,
they borrow from Hanil Bank.
698
00:48:23,458 --> 00:48:26,101
When Hanil doesn't have money,
they borrow from somewhere else.
699
00:48:26,125 --> 00:48:31,245
The problem is that our foreign reserves
are almost depleted
700
00:48:31,375 --> 00:48:34,476
when we have to pay back bad loans
or short-term loans.
701
00:48:34,500 --> 00:48:36,601
Let's get a bailout from IMF.
702
00:48:36,625 --> 00:48:39,083
That's the surest and cleanest solution.
703
00:48:39,208 --> 00:48:44,434
You know the IMF
doesn't just lend money.
704
00:48:44,458 --> 00:48:47,601
They'll make demands
about running our economy.
705
00:48:47,625 --> 00:48:52,995
I know. I know.
But we have to put out the fire first.
706
00:48:53,333 --> 00:48:57,577
Does it matter whose
extinguisher we're using?
707
00:48:57,792 --> 00:48:58,702
No.
708
00:49:00,208 --> 00:49:03,951
We can't go to the IMF.
That's not the answer.
709
00:49:05,750 --> 00:49:07,582
The IMF is not a bank.
710
00:49:08,292 --> 00:49:10,518
In return for a bailout loan,
711
00:49:10,542 --> 00:49:12,158
they'll require unreasonable conditions
712
00:49:12,417 --> 00:49:15,018
and even take control
over our own economy.
713
00:49:15,042 --> 00:49:20,101
We can use this opportunity
to make fundamental improvements.
714
00:49:20,125 --> 00:49:24,198
No! The question of
improving the Korean economy
715
00:49:24,542 --> 00:49:28,331
should be considered separately
from the foreign reserves issue.
716
00:49:28,542 --> 00:49:29,657
Miss bank teller...
717
00:49:34,917 --> 00:49:40,959
this is completely different
from the petty cash you count.
718
00:49:41,250 --> 00:49:44,038
This is policy and politics.
719
00:49:44,833 --> 00:49:50,909
You're the one who reported
about these problems firsthand.
720
00:49:51,083 --> 00:49:55,281
And now you say that it's excessive?
That we should separate the issues?
721
00:49:58,042 --> 00:50:00,158
What is your solution then?
722
00:50:00,917 --> 00:50:06,788
We can take care of the urgent foreign
loans by borrowing $10 billion from
723
00:50:06,833 --> 00:50:09,825
government-run banks in Japan,
U.S., and European countries.
724
00:50:09,917 --> 00:50:11,157
Then what?
725
00:50:11,333 --> 00:50:12,915
After that...
726
00:50:14,125 --> 00:50:17,476
What happens after we put out the fire
with the borrowed $10 billion
727
00:50:17,500 --> 00:50:20,618
when the country's debt
is almost $100 billion?
728
00:50:20,792 --> 00:50:23,659
We consider ABS option
issuing overseas bonds,
729
00:50:23,708 --> 00:50:27,497
using government-owned
assets as security.
730
00:50:40,750 --> 00:50:42,582
Am I the only one
who finds that hilarious?
731
00:50:45,375 --> 00:50:51,075
I didn't realize it but
you're an emotional person, Ms. Han.
732
00:50:51,292 --> 00:50:54,614
So far, you've presented
numbers and evidence,
733
00:50:54,792 --> 00:50:58,865
but have you been making decisions
based on your emotions?
734
00:50:59,500 --> 00:51:02,208
ABS? Backup facility?
735
00:51:04,917 --> 00:51:12,119
Do you really believe that
will solve this situation?
736
00:51:14,542 --> 00:51:17,934
If we fail to seek a bailout loan
737
00:51:17,958 --> 00:51:20,996
from IMF in time
738
00:51:21,167 --> 00:51:23,829
and end up declaring
national bankruptcy,
739
00:51:23,917 --> 00:51:26,705
will you take all the responsibility?
740
00:51:27,917 --> 00:51:28,768
This is why there are
741
00:51:28,792 --> 00:51:30,248
no women in high government positions.
742
00:51:30,500 --> 00:51:33,743
They can't be rational
at critical moments.
743
00:51:38,208 --> 00:51:40,666
You see, women are emotional.
744
00:51:40,917 --> 00:51:43,158
That was unnecessary.
745
00:51:43,375 --> 00:51:45,616
Sir, you have to think carefully.
746
00:51:45,833 --> 00:51:48,746
Ms. Han is unable to grasp the
gravity of the situation.
747
00:51:49,167 --> 00:51:53,851
It was wrong to bring on board a woman
748
00:51:53,875 --> 00:51:55,582
who writes reports and punches numbers.
749
00:51:55,708 --> 00:51:57,119
Deputy Minister!
750
00:51:57,333 --> 00:51:59,495
Alright, that's enough.
751
00:52:00,083 --> 00:52:02,700
I'll make the decision. Let's take five.
752
00:52:07,208 --> 00:52:09,226
Don't just stand there.
Bring me some coffee.
753
00:52:09,250 --> 00:52:10,911
That's enough.
754
00:52:11,000 --> 00:52:12,240
Asshole...
755
00:52:12,708 --> 00:52:14,494
You've got great teamwork going on.
756
00:52:27,042 --> 00:52:29,955
Isn't going to the IMF a bit excessive?
757
00:52:31,625 --> 00:52:32,911
It Is.
758
00:52:33,750 --> 00:52:34,490
What?
759
00:52:34,625 --> 00:52:37,788
To turn this country inside out,
an excessive measure is necessary.
760
00:52:38,292 --> 00:52:41,910
Then this wasn't just
about foreign currency but-
761
00:52:41,958 --> 00:52:44,040
You can always pay back money.
762
00:52:44,292 --> 00:52:47,580
As Han said, we can
put out an urgent fire,
763
00:52:50,500 --> 00:52:53,697
but I believe we shouldn't let
this opportunity pass by.
764
00:52:55,500 --> 00:53:00,495
The way I see it, this is the moment
Korea can really change.
765
00:53:02,333 --> 00:53:05,934
The labor union bastards
whine and go on strikes all the time.
766
00:53:05,958 --> 00:53:08,950
I think this is an opportunity
to change this country in a single blow!
767
00:53:10,208 --> 00:53:12,791
An opportunity to build a
brand new Republic of Korea.
768
00:53:18,292 --> 00:53:22,018
Tell the Minister to bring in
the Managing Director of IMF.
769
00:53:22,042 --> 00:53:22,907
Yes sir.
770
00:53:24,167 --> 00:53:25,032
Excuse me?
771
00:53:28,000 --> 00:53:29,786
The U.S. is already on the move.
772
00:53:32,042 --> 00:53:34,158
We have no choice but to follow.
773
00:53:46,958 --> 00:53:48,289
I've reached a decision.
774
00:53:48,792 --> 00:53:51,409
No matter how bad it is,
going to the IMF is not an option.
775
00:53:51,583 --> 00:53:54,041
Let's try whatever we can.
776
00:53:54,667 --> 00:53:55,498
Yes sir.
777
00:53:55,750 --> 00:53:57,893
Ms. Han, contact Japan to see
778
00:53:57,917 --> 00:54:00,124
if a currency swap is possible.
779
00:54:00,333 --> 00:54:04,372
Even though we're late,
let's take care of things one by one.
780
00:54:06,333 --> 00:54:07,368
Let's go.
781
00:54:14,583 --> 00:54:16,870
Promissory Note
782
00:54:20,917 --> 00:54:23,909
So, what the hell is happening?
783
00:54:25,375 --> 00:54:29,073
We have a crisis, but why isn't
anybody telling us anything?
784
00:54:32,083 --> 00:54:34,324
How much do we owe
our partners right now?
785
00:54:36,917 --> 00:54:40,114
$100,000 to the steel company,
$150,000 to the sand company,
786
00:54:40,375 --> 00:54:42,036
and $100,000 to Mr. Chung.
787
00:54:42,792 --> 00:54:46,114
We wrote out a check to these companies.
788
00:54:48,583 --> 00:54:52,247
If we don't pay by the
deadline, we'll go to jail.
789
00:54:52,708 --> 00:55:00,365
It's temporary. The government and
the media all say it'll be fine.
790
00:55:02,917 --> 00:55:05,750
Let's get together cash
and company assets we've got left.
791
00:55:06,167 --> 00:55:09,614
I'll put my house up for sale
if necessary. Don't worry.
792
00:55:13,417 --> 00:55:17,206
Urgent Sale
793
00:55:18,250 --> 00:55:19,490
Geez...
794
00:55:22,708 --> 00:55:23,539
Hello.
795
00:55:25,500 --> 00:55:26,786
Please take a seat.
796
00:55:27,417 --> 00:55:31,081
There have been many houses
put up for sale recently, right?
797
00:55:31,292 --> 00:55:36,287
Yes. From about three months ago.
798
00:55:36,583 --> 00:55:39,416
Mostly small and medium sized?
799
00:55:39,625 --> 00:55:40,911
That's correct.
800
00:55:44,833 --> 00:55:46,665
Put the sale on hold. I'll buy them.
801
00:55:49,500 --> 00:55:53,915
Excuse me? With my money?
802
00:55:54,250 --> 00:55:58,164
The prices will drop
further by 10 to 15 percent.
803
00:55:59,208 --> 00:56:02,371
I'll buy them all then.
804
00:56:02,625 --> 00:56:04,787
Yes sir.
805
00:56:12,125 --> 00:56:15,684
It's like I've climbed on the back
of a running tiger.
806
00:56:15,708 --> 00:56:17,619
What do you think will happen next?
807
00:56:17,708 --> 00:56:19,745
The government?
808
00:56:22,833 --> 00:56:25,951
They must be busting
each other's brains out
809
00:56:27,125 --> 00:56:31,824
about whether or not to go to the IMF.
810
00:56:33,167 --> 00:56:34,908
The IMF...
811
00:56:35,375 --> 00:56:39,949
Where is... IMF?
812
00:56:44,083 --> 00:56:45,198
Just pour me a drink.
813
00:56:50,583 --> 00:56:54,976
There could be a way
to overcome this crisis
814
00:56:55,000 --> 00:56:56,809
without going to the IMF.
815
00:56:56,833 --> 00:56:59,450
Of course there are other options.
816
00:57:01,583 --> 00:57:04,351
But if they don't,
these bonds will become garbage,
817
00:57:04,375 --> 00:57:09,791
and you and I will
be out on the streets.
818
00:57:12,667 --> 00:57:20,667
Still, I put my money on them
eventually going to the IMF.
819
00:57:24,500 --> 00:57:25,490
Why is that?
820
00:57:26,500 --> 00:57:29,333
The decision makers have a lot to lose.
821
00:57:29,667 --> 00:57:31,829
They'll choose a way out of this
822
00:57:32,500 --> 00:57:39,076
that doesn't hurt big
companies and conglomerates.
823
00:57:40,167 --> 00:57:42,704
Which means there's only one solution.
824
00:57:43,625 --> 00:57:51,625
Receive aid from the IMF,
carry out restructuring, and...
825
00:57:54,292 --> 00:58:02,120
set the game anew
in favor of themselves.
826
00:58:02,500 --> 00:58:07,245
Such policy decisions
won't go down well with the public.
827
00:58:07,333 --> 00:58:09,916
They'll say something ridiculous like,
828
00:58:13,042 --> 00:58:14,934
'The economy collapsed
829
00:58:14,958 --> 00:58:17,325
because all of you overspent' or...
830
00:58:17,667 --> 00:58:20,739
'You spent money recklessly'.
831
00:58:22,125 --> 00:58:25,493
But I won't be deceived.
832
00:58:28,667 --> 00:58:32,035
I'll never let them fool me.
833
00:58:36,000 --> 00:58:40,949
Somebody must be spending
a sleepless night.
834
00:58:47,667 --> 00:58:48,907
It'll be fine.
835
00:58:52,208 --> 00:58:53,824
It's alright.
836
00:58:59,208 --> 00:59:00,869
Everything will be fine.
837
00:59:18,083 --> 00:59:19,893
Despite economic crisis,
838
00:59:19,917 --> 00:59:23,893
people's love for foreign brands
doesn't seem to subside.
839
00:59:23,917 --> 00:59:26,101
As luxurious overseas trips
are on the rise...
840
00:59:26,125 --> 00:59:31,040
Lavish overseas trips
are drying up foreign currency.
841
00:59:36,625 --> 00:59:42,576
The 8 O'clock News will run
a special on the economic crisis...
842
00:59:42,667 --> 00:59:43,601
What the hell is this?
843
00:59:43,625 --> 00:59:44,268
Nov 201997
844
00:59:44,292 --> 00:59:45,143
KOSPI 460.3
845
00:59:45,167 --> 00:59:46,999
The Senior Secretary's
office isn't answering.
846
00:59:47,042 --> 00:59:48,123
Won-Dollar Exchange Rate 1,076 won
847
00:59:48,167 --> 00:59:49,202
Foreign Reserves $5.1 billion
848
00:59:49,292 --> 00:59:50,059
Hello?
849
00:59:50,083 --> 00:59:51,143
Blue House Cabinet Reshuffle - Senior
Secretary for Economic Policy Axed
850
00:59:51,167 --> 00:59:53,625
We can't confirm that information.
851
00:59:56,042 --> 00:59:57,282
Good morning.
852
00:59:59,750 --> 01:00:04,495
It was your doing, right?
853
01:00:05,042 --> 01:00:08,410
Why'd you change the head
of the task force team?
854
01:00:12,125 --> 01:00:13,081
You bastard.
855
01:00:16,625 --> 01:00:18,707
You're trying to go to IMF.
856
01:00:23,917 --> 01:00:29,162
You bank clerks are unbelievable.
857
01:00:30,958 --> 01:00:34,997
Look, I'm the Deputy
Minister of Financial Policy.
858
01:00:35,333 --> 01:00:40,624
That's no way for someone
like you to address me.
859
01:00:41,583 --> 01:00:44,059
This is what happens
when a bitch like you runs the team.
860
01:00:44,083 --> 01:00:46,199
- Son of a bitch!
- Don't do that.
861
01:00:46,750 --> 01:00:47,809
Back off!
862
01:00:47,833 --> 01:00:49,870
- Please!
- Let him do it.
863
01:00:49,958 --> 01:00:51,198
Say it again!
864
01:00:51,917 --> 01:00:54,500
You bastard!
865
01:00:54,792 --> 01:00:57,250
What are you doing?
We're on the same side!
866
01:00:58,625 --> 01:01:01,993
Even the opposing parties
work as one in a time of crisis!
867
01:01:04,417 --> 01:01:06,684
How are you running your team, Ms. Han?
868
01:01:06,708 --> 01:01:10,326
- Sir, I...
- I'm sorry. It's my fault.
869
01:01:10,500 --> 01:01:13,663
I believe teamwork is
the most important thing.
870
01:01:14,708 --> 01:01:17,666
Get out. You don't belong here anymore.
871
01:01:21,208 --> 01:01:22,790
I'm sorry.
872
01:01:26,583 --> 01:01:29,780
We're dealing with a calamity.
873
01:01:30,292 --> 01:01:35,018
The fate of 40 million
people hangs in our hands.
874
01:01:35,042 --> 01:01:35,907
Yes sir.
875
01:01:36,375 --> 01:01:40,744
From now on, this task force
is an IMF negotiation team.
876
01:01:41,333 --> 01:01:44,200
The country cannot go bankrupt
during this administration,
877
01:01:44,958 --> 01:01:47,245
so we've decided to seek aid from IMF.
878
01:01:47,375 --> 01:01:50,226
With all due respect, that
option was discarded.
879
01:01:50,250 --> 01:01:52,332
The decision's been made.
880
01:01:52,917 --> 01:01:57,707
Before we miss the golden time,
we'll obtain the bailout loan.
881
01:01:58,750 --> 01:02:02,351
It'll take some time for the
IMF team to arrive in Korea...
882
01:02:02,375 --> 01:02:03,240
They're here.
883
01:02:05,167 --> 01:02:05,872
What?
884
01:02:07,083 --> 01:02:08,289
They're already here.
885
01:02:14,208 --> 01:02:18,476
- The negotiations...
- It'll remain in strict confidentiality
886
01:02:18,500 --> 01:02:20,116
until the right time comes.
887
01:02:20,625 --> 01:02:22,662
Welcome to Korea.
888
01:02:22,708 --> 01:02:25,450
The negotiations will take
place at the Grand Hilton.
889
01:02:25,750 --> 01:02:29,414
The IMF Task Force Team
will set up office at the hotel.
890
01:02:31,083 --> 01:02:33,370
We appreciate you traveling
all the way to Korea.
891
01:02:33,542 --> 01:02:37,866
That's quite alright. I've
always wanted to visit Korea.
892
01:02:44,625 --> 01:02:46,036
C'est magnifique.
893
01:02:47,750 --> 01:02:48,831
Very beautiful.
894
01:02:50,292 --> 01:02:51,908
He's checked into the hotel.
895
01:02:52,375 --> 01:02:56,289
No need to drag out the
negotiations. Quickly and swiftly.
896
01:02:56,417 --> 01:02:59,705
Negotiate, get the money,
and wrap up fast.
897
01:03:01,292 --> 01:03:04,250
Reporters are waiting
outside. What'll you say?
898
01:03:04,333 --> 01:03:05,744
That it's not happening.
899
01:03:06,667 --> 01:03:08,203
You must strongly deny it.
900
01:03:08,375 --> 01:03:11,413
When I say it's not true, they
will take my word for it.
901
01:03:14,750 --> 01:03:16,332
There he is!
902
01:03:17,792 --> 01:03:19,999
Senior Secretary! Over here!
903
01:03:20,125 --> 01:03:22,787
Is it true that we're on the
verge of national bankruptcy?
904
01:03:22,958 --> 01:03:24,039
It's not true.
905
01:03:24,125 --> 01:03:27,351
Are we facing the worst
financial crisis in history?
906
01:03:27,375 --> 01:03:28,331
That's not true.
907
01:03:28,375 --> 01:03:31,163
Is it true that Korea will
receive aid from the IMF?
908
01:03:31,375 --> 01:03:35,790
No! Korea is not going to the IMF!
909
01:03:36,042 --> 01:03:39,285
The newly appointed Senior
Secretary for Economy
910
01:03:39,333 --> 01:03:44,499
has officially dismissed
rumors about an IMF bailout.
911
01:03:44,708 --> 01:03:47,370
He stated that IMF is the last resort.
912
01:03:47,417 --> 01:03:49,624
Get me an appointment with father.
913
01:03:49,750 --> 01:03:50,785
Yes sir.
914
01:03:51,667 --> 01:03:54,910
The government announced
they're not going to IMF!
915
01:03:54,958 --> 01:03:59,226
Don't be swayed by them.
You just gotta trust me.
916
01:03:59,250 --> 01:04:01,893
They're denying everything.
No crisis and no bankruptcy!
917
01:04:01,917 --> 01:04:04,409
They're just bullshitting!
918
01:04:04,625 --> 01:04:06,851
They're flat out lying to people!
919
01:04:06,875 --> 01:04:08,912
If they contain the
situation as they say...
920
01:04:13,167 --> 01:04:18,162
You think you can
fool me? No... not me...
921
01:04:20,708 --> 01:04:22,665
You're looking at about $150,000.
922
01:04:22,833 --> 01:04:27,828
150? I bought it for 180 3 years ago.
923
01:04:29,333 --> 01:04:33,406
You said with a redevelopment plan,
the price would go up for sure!
924
01:04:33,625 --> 01:04:36,822
People who need money are
putting their houses up for sale.
925
01:04:37,417 --> 01:04:40,375
More than 10 new houses
are coming out every day.
926
01:04:40,833 --> 01:04:43,268
I can't sell at that price.
927
01:04:43,292 --> 01:04:48,037
Considering how much I
need... No. Absolutely not!
928
01:04:48,500 --> 01:04:50,143
It's not my call.
929
01:04:50,167 --> 01:04:51,123
This is ridiculous!
930
01:04:51,167 --> 01:04:55,491
I wanna put my house
up for sale. It's urgent.
931
01:04:55,958 --> 01:04:58,495
You need to bring the
price down quite a bit.
932
01:04:58,625 --> 01:04:59,660
How much?
933
01:05:00,000 --> 01:05:01,991
You should be prepared to lose $30,000.
934
01:05:11,708 --> 01:05:13,949
Overdue Payment Reminder
935
01:05:17,833 --> 01:05:19,494
Excuse me, sir.
936
01:05:19,833 --> 01:05:20,698
Hey.
937
01:05:20,917 --> 01:05:24,911
We haven't gotten our paycheck.
938
01:05:25,208 --> 01:05:27,074
Oh! Today's payday, isn't it?
939
01:05:28,833 --> 01:05:30,059
It was two days ago.
940
01:05:30,083 --> 01:05:35,908
That's right! I'm sorry.
You'll all be paid today.
941
01:05:36,250 --> 01:05:39,743
Is everything alright?
942
01:05:40,500 --> 01:05:41,410
Why?
943
01:05:42,000 --> 01:05:47,040
There are so many confusing rumors,
and the work was put on hold too.
944
01:05:47,375 --> 01:05:48,957
We're all worried.
945
01:05:49,208 --> 01:05:52,434
Factories close when business is bad,
946
01:05:52,458 --> 01:05:55,291
and when it's good, you work overtime.
947
01:05:57,250 --> 01:05:58,285
Don't worry.
948
01:06:01,167 --> 01:06:06,082
Right? We trust you,
and we'll be on standby.
949
01:06:13,750 --> 01:06:17,101
He says not to worry.
Everything is fine.
950
01:06:17,125 --> 01:06:19,082
Good job. Well done.
951
01:06:23,875 --> 01:06:28,073
I put my house up for sale.
If it sells for $150,000,
952
01:06:29,125 --> 01:06:31,332
we'll pay the sand company first.
953
01:06:38,792 --> 01:06:39,953
Here...
954
01:06:43,417 --> 01:06:44,327
it's $100,000.
955
01:06:44,875 --> 01:06:48,197
Let's pay the steel company with this.
956
01:06:48,708 --> 01:06:52,030
Did you borrow from a loan shark?
957
01:06:52,417 --> 01:06:55,830
No way! It's my wife's family...
958
01:06:57,417 --> 01:07:00,375
They stood surety for the loan.
959
01:07:02,208 --> 01:07:04,700
Good evening, gentlemen.
960
01:07:06,208 --> 01:07:07,164
Mr. Chung!
961
01:07:07,833 --> 01:07:10,120
We're so sorry, Mr. Chung.
962
01:07:10,500 --> 01:07:13,868
Now, now, don't be like this.
963
01:07:14,167 --> 01:07:20,684
Whatever happens, we promise
we'll make the payment.
964
01:07:20,708 --> 01:07:23,075
Please give us a little more time.
965
01:07:23,208 --> 01:07:27,953
Come on. I'm not here for the money.
966
01:07:28,125 --> 01:07:31,914
When you run a business,
things can get bad at times.
967
01:07:32,042 --> 01:07:34,909
I'm staying afloat for now.
You can take more time.
968
01:07:36,875 --> 01:07:37,893
Thank you, sir.
969
01:07:37,917 --> 01:07:41,239
It'll all get better. This
can't be the end of it.
970
01:07:41,375 --> 01:07:44,948
Everything's gonna be fine,
so let's just hang in there.
971
01:07:45,042 --> 01:07:45,768
Thank you so much.
972
01:07:45,792 --> 01:07:49,956
Come on. Chin up. Don't be so miserable.
973
01:07:50,417 --> 01:07:51,976
- I'll see you later.
- You're going?
974
01:07:52,000 --> 01:07:52,831
Mr. Chung...
975
01:07:52,917 --> 01:07:56,660
No need to see me off. See you later.
976
01:08:30,667 --> 01:08:31,893
November 20
977
01:08:31,917 --> 01:08:33,874
Negotiation team's
first unofficial meeting
978
01:08:46,667 --> 01:08:49,705
The IMF has kept a close
eye on the situation in Korea,
979
01:08:49,917 --> 01:08:52,018
but before we proceed,
980
01:08:52,042 --> 01:08:54,393
we need assurance that
the Korean government is
981
01:08:54,417 --> 01:08:56,726
truly committed to moving
forward with the bailout.
982
01:08:56,750 --> 01:08:58,411
We are very much committed.
983
01:08:58,708 --> 01:09:01,518
We only ask you to
keep the talks private
984
01:09:01,542 --> 01:09:03,499
to minimize any social chaos.
985
01:09:03,750 --> 01:09:06,268
If we reach an understanding today,
986
01:09:06,292 --> 01:09:08,829
we will announce it
as early as tomorrow,
987
01:09:09,042 --> 01:09:12,476
and we can start the
negotiations right away.
988
01:09:12,500 --> 01:09:14,332
Good, so you're on board.
989
01:09:15,458 --> 01:09:17,620
But as a sign of your commitment,
990
01:09:18,083 --> 01:09:19,351
we would like a statement that says
991
01:09:19,375 --> 01:09:23,073
that our agreement will
not be amended nor nullified.
992
01:09:24,333 --> 01:09:25,915
A statement by whom?
993
01:09:26,375 --> 01:09:28,958
I hear the elections
are coming up in Korea.
994
01:09:30,083 --> 01:09:33,621
I need the signatures of the
top 3 presidential candidates.
995
01:09:34,042 --> 01:09:37,455
No statement, no negotiation.
996
01:09:39,208 --> 01:09:40,243
Okay.
997
01:09:41,708 --> 01:09:42,994
Okay. No problem.
998
01:09:43,958 --> 01:09:46,916
They can't demand a
statement before the negotiation.
999
01:09:47,167 --> 01:09:49,078
We don't have much of a choice.
1000
01:09:49,750 --> 01:09:51,684
We don't know what we'll agree on.
1001
01:09:51,708 --> 01:09:53,949
How can the candidates
sign the statement?
1002
01:09:54,167 --> 01:09:56,625
I will get those signatures for you.
1003
01:09:59,917 --> 01:10:02,184
Well, then...
1004
01:10:02,208 --> 01:10:04,495
Now that we know you're committed...
1005
01:10:10,667 --> 01:10:12,453
How much do you need?
1006
01:10:15,792 --> 01:10:16,851
21 Nov 1997
KOSPI 415.2
1007
01:10:16,875 --> 01:10:17,976
Won-Dollar Exchange Rate 1,103 won
Foreign Reserves $3.5 billion
1008
01:10:18,000 --> 01:10:21,163
As of today, the government has
accepted IMF's recommendations
1009
01:10:21,583 --> 01:10:25,406
and will officially request
a bailout loan of $20 billion.
1010
01:10:25,792 --> 01:10:30,662
In order to overcome the foreign
currency crisis we're experiencing,
1011
01:10:30,958 --> 01:10:37,159
we'll request a liquidity
adjustment fund.
1012
01:10:38,417 --> 01:10:42,786
The government has been negotiating
with the IMF through multiple channels.
1013
01:10:43,000 --> 01:10:47,870
Korea has admitted de
facto national bankruptcy
1014
01:10:48,042 --> 01:10:52,787
in order to seek economic revival with
the help of international institutions.
1015
01:10:52,917 --> 01:10:56,226
In the press conference,
Senior Secretary Kim announced
1016
01:10:56,250 --> 01:11:00,494
that IMF agreed to
actively support Korea.
1017
01:11:01,833 --> 01:11:04,120
As crisis deepens
in the financial sector,
1018
01:11:04,167 --> 01:11:07,476
Nara Merchant Bank with
a net asset of $2.5 billion
1019
01:11:07,500 --> 01:11:11,768
was acquired by Bosung
Corp. worth $ 250 million,
1020
01:11:11,792 --> 01:11:13,601
signaling a massive restructuring.
1021
01:11:13,625 --> 01:11:19,906
The government will begin talk
with the IMF on the terms.
1022
01:11:20,042 --> 01:11:26,288
The bailout loan is estimated
to be around $20 billion...
1023
01:11:26,375 --> 01:11:28,912
Top 90 Korean companies
1024
01:11:32,625 --> 01:11:35,492
November 22 - Second
negotiation meeting
1025
01:11:38,792 --> 01:11:40,351
This is what we've come up with.
1026
01:11:40,375 --> 01:11:42,207
From A to F.
1027
01:11:42,583 --> 01:11:43,914
A to F.
1028
01:11:44,167 --> 01:11:47,990
So... there are 6 conditions?
1029
01:11:48,208 --> 01:11:50,996
Actually, there is a precondition.
1030
01:11:51,792 --> 01:11:56,161
The 11 institutions serving
as merchant banks in Korea...
1031
01:11:56,292 --> 01:11:58,829
we want you to suspend their operations
1032
01:11:59,333 --> 01:12:00,789
and declare them bankrupt.
1033
01:12:00,958 --> 01:12:03,700
The merchant banks may be
going through rough times,
1034
01:12:04,083 --> 01:12:07,201
but they loan money to a
lot of companies and people.
1035
01:12:07,333 --> 01:12:09,768
Declaring them bankrupt
will hurt the working class
1036
01:12:09,792 --> 01:12:11,999
and drive smaller
companies out of business.
1037
01:12:12,083 --> 01:12:15,518
I'm afraid we can't discuss
any of the 6 conditions
1038
01:12:15,542 --> 01:12:18,000
without agreeing to this precondition.
1039
01:12:26,125 --> 01:12:28,583
Why ask us to declare
the banks bankrupt?
1040
01:12:29,292 --> 01:12:32,159
It's a way for them
to minimize the risk.
1041
01:12:32,458 --> 01:12:34,393
Just accept it.
1042
01:12:34,417 --> 01:12:36,518
We gotta deal with merchant
banks sooner or later.
1043
01:12:36,542 --> 01:12:40,285
We might as well get rid of them now.
1044
01:12:42,750 --> 01:12:45,393
Could we give you our
answer after we hear out
1045
01:12:45,417 --> 01:12:46,828
the 6 conditions?
1046
01:12:47,208 --> 01:12:49,791
Well, as I've said,
this is a precondition.
1047
01:12:49,917 --> 01:12:51,059
If you don't agree to it,
1048
01:12:51,083 --> 01:12:53,199
I'm afraid there is no negotiation.
1049
01:12:54,292 --> 01:12:55,202
Fine.
1050
01:12:55,375 --> 01:12:58,242
We'll suspend the 11 institutions.
1051
01:12:58,542 --> 01:12:59,282
Good.
1052
01:13:03,708 --> 01:13:05,324
Condition A.
1053
01:13:05,958 --> 01:13:08,726
Korea is to raise its interest rate
1054
01:13:08,750 --> 01:13:11,583
as soon as it receives the IMF fund.
1055
01:13:11,833 --> 01:13:15,872
To 30% from its current 12.5%.
1056
01:13:18,417 --> 01:13:21,393
Loans are what got us in
this mess in the first place.
1057
01:13:21,417 --> 01:13:24,864
More than doubling the interest
rate will only make things worse.
1058
01:13:25,000 --> 01:13:27,601
Companies are already buried in debt.
1059
01:13:27,625 --> 01:13:29,992
This will drive them out of business.
1060
01:13:31,125 --> 01:13:32,115
Listen...
1061
01:13:32,500 --> 01:13:34,116
We've looked into this,
1062
01:13:34,375 --> 01:13:36,601
and we're proposing the
conditions and funds
1063
01:13:36,625 --> 01:13:37,990
needed to save the Korean economy.
1064
01:13:38,125 --> 01:13:40,332
The funds you asked for.
1065
01:13:41,167 --> 01:13:46,617
And even though we're willing to
negotiate the details of the conditions,
1066
01:13:48,625 --> 01:13:49,809
may I just remind you that
1067
01:13:49,833 --> 01:13:52,120
you're not exactly in a
position to make a deal?
1068
01:14:04,083 --> 01:14:05,494
Condition B.
1069
01:14:06,250 --> 01:14:08,726
Korea is to open its capital market
1070
01:14:08,750 --> 01:14:10,976
as soon as it receives the IMF's fund.
1071
01:14:11,000 --> 01:14:13,768
You can start by raising
the foreign investment cap
1072
01:14:13,792 --> 01:14:17,535
from 7% to 50%.
1073
01:14:18,000 --> 01:14:21,163
Moreover, regulations must be amended,
1074
01:14:21,792 --> 01:14:27,663
allowing acquisition of Korean financial
institutions by foreign entities.
1075
01:14:28,417 --> 01:14:33,207
You have until June of 1998.
That's next year.
1076
01:14:33,708 --> 01:14:36,518
Allow foreigners to set up
securities firms in Korea,
1077
01:14:36,542 --> 01:14:40,786
which means, of course, allowing more
foreign capitals in the bond market.
1078
01:14:41,083 --> 01:14:46,123
Also, allow hostile
takeovers by foreign capital.
1079
01:14:46,500 --> 01:14:47,365
Wait!
1080
01:14:48,083 --> 01:14:53,704
What you're suggesting is a direct violation
of the very reason the IMF was established.
1081
01:14:54,500 --> 01:14:57,393
No international organization
has a right to infringe
1082
01:14:57,417 --> 01:15:01,018
on the economic autonomy of
a nation in exchange for a bailout.
1083
01:15:01,042 --> 01:15:01,893
Excuse me.
1084
01:15:01,917 --> 01:15:02,393
Han!
1085
01:15:02,417 --> 01:15:04,226
No, no, no. Please, please. Let her be.
1086
01:15:04,250 --> 01:15:05,285
Let her speak.
1087
01:15:05,667 --> 01:15:08,768
You know what? I like people like you.
1088
01:15:08,792 --> 01:15:11,659
And I believe we'll be
great negotiating partners.
1089
01:15:44,500 --> 01:15:47,413
Moody's and the SandP have downgraded
Korea's credit rating once again.
1090
01:15:47,708 --> 01:15:49,119
To B minus...
1091
01:15:50,625 --> 01:15:53,976
Everyone, it seems like we have breaking
news from the other side of the world.
1092
01:15:54,000 --> 01:15:57,493
So let's take five and
catch up on updates.
1093
01:15:57,958 --> 01:16:02,907
Credit rating of B Minus
is the grade right before junk bonds.
1094
01:16:04,500 --> 01:16:07,618
Meaning that Korean currency
is about to become worthless.
1095
01:16:07,750 --> 01:16:10,143
I hope this news helps you
make the right decisions
1096
01:16:10,167 --> 01:16:11,623
in this negotiation.
1097
01:16:27,250 --> 01:16:28,786
This is driving me nuts.
1098
01:16:29,458 --> 01:16:31,059
The promissory notes held
as collateral at merchant banks
1099
01:16:31,083 --> 01:16:32,323
must be huge.
1100
01:16:34,000 --> 01:16:35,851
Whether it's a large
or a small company,
1101
01:16:35,875 --> 01:16:38,617
all of them did business,
involving a merchant bank.
1102
01:16:43,208 --> 01:16:50,205
At this point, it's impossible to save
all the large and small companies.
1103
01:16:50,750 --> 01:16:52,240
Consider the big picture.
1104
01:16:53,083 --> 01:16:56,184
In the end, it's the conglomerates
that will provide for Korea.
1105
01:16:56,208 --> 01:16:58,745
Accept the closing of merchant banks and
1106
01:16:59,083 --> 01:17:04,101
grant exemption for the
conglomerates' promissory notes
1107
01:17:04,125 --> 01:17:05,581
with the merchant banks.
1108
01:17:06,375 --> 01:17:07,331
By exemption, you mean...
1109
01:17:07,417 --> 01:17:13,288
Not holding them responsible for
promissory notes already issued.
1110
01:17:27,583 --> 01:17:30,416
Sorry for asking to meet so late.
1111
01:17:30,583 --> 01:17:31,948
That's okay.
1112
01:17:33,375 --> 01:17:36,208
Actually, this is a better time for us.
1113
01:17:55,250 --> 01:17:59,744
Credit rating of B Minus is the
grade right before junk bonds.
1114
01:18:00,042 --> 01:18:03,309
I hope this news helps you
make the right decisions
1115
01:18:03,333 --> 01:18:04,994
in this negotiation.
1116
01:18:58,167 --> 01:19:01,205
U.S. Deputy Secretary Brown Martin
1117
01:19:23,042 --> 01:19:24,851
November 22 - Third negotiation meeting
1118
01:19:24,875 --> 01:19:27,867
C. Information Provision
and Program monitoring
1119
01:19:29,458 --> 01:19:32,325
D. Financial Sector Restructuring
1120
01:19:34,792 --> 01:19:38,581
E. Corporate Governance
and Corporate Structure
1121
01:19:39,667 --> 01:19:41,476
And finally, Condition F.
1122
01:19:41,500 --> 01:19:44,851
Enhance the flexibility
of the labor market.
1123
01:19:44,875 --> 01:19:47,458
Once again, as soon
as you receive the fund.
1124
01:19:48,083 --> 01:19:49,824
You mean a mass layoff?
1125
01:19:50,458 --> 01:19:52,184
It's not limited to layoffs,
1126
01:19:52,208 --> 01:19:55,018
just a change in the overall
employment structure.
1127
01:19:55,042 --> 01:19:59,643
For instance, allowing more non-regular
workers and indirect employment.
1128
01:19:59,667 --> 01:20:00,893
We just want the labor market here
1129
01:20:00,917 --> 01:20:02,809
to be more vitalized.
1130
01:20:02,833 --> 01:20:06,406
And by that, you mean easier dismissals.
1131
01:20:09,417 --> 01:20:10,623
What is she saying?
1132
01:20:11,458 --> 01:20:13,074
Stop talking, Ms. Han.
1133
01:20:14,250 --> 01:20:15,240
Han.
1134
01:20:17,000 --> 01:20:18,786
Sit down!
1135
01:20:23,083 --> 01:20:28,658
Why is the U.S. Deputy Secretary of
the Treasury staying at this hotel?
1136
01:20:29,083 --> 01:20:30,684
That has nothing to do
with this negotiation.
1137
01:20:30,708 --> 01:20:35,123
And why is he staying on
the same floor as you?
1138
01:20:38,125 --> 01:20:40,059
Is it true that the Deputy Secretary
1139
01:20:40,083 --> 01:20:42,575
is behind this negotiation with the IMF?
1140
01:20:45,458 --> 01:20:49,184
Is it true that the Deputy Secretary
went to the leading candidate's house
1141
01:20:49,208 --> 01:20:52,121
and demanded his signature
on the statement?
1142
01:20:53,292 --> 01:20:56,990
Raising the interest rate to
drive companies out of business,
1143
01:20:57,458 --> 01:21:00,976
opening the market to give
easier access to foreign investors,
1144
01:21:01,000 --> 01:21:04,914
and letting them take over bankrupt
Korean companies through hostile MandA's...
1145
01:21:05,292 --> 01:21:08,739
As the BOK's head of monetary policy,
1146
01:21:09,292 --> 01:21:12,250
I cannot agree to these terms.
1147
01:21:12,625 --> 01:21:18,951
Furthermore, I have reason to believe that you
may be taking orders from the U.S. government.
1148
01:21:20,958 --> 01:21:27,830
Tell me, why is the IMF suggesting a mass
layoff as a condition for the bailout?
1149
01:21:30,292 --> 01:21:34,035
Why ask us to open our capital market?
1150
01:21:35,667 --> 01:21:38,559
Am I wrong in thinking
that the U.S. is seeking to
1151
01:21:38,583 --> 01:21:41,905
fulfill its own interests
from this negotiation?
1152
01:21:47,875 --> 01:21:50,037
You're the chief negotiator, right?
1153
01:21:52,667 --> 01:21:53,498
Yes, I am.
1154
01:21:53,833 --> 01:21:55,449
So, it's simple.
1155
01:21:55,833 --> 01:21:59,076
Life is a series of choices,
and so is a negotiation.
1156
01:21:59,375 --> 01:22:01,992
We would like to add
another precondition.
1157
01:22:02,667 --> 01:22:04,018
Either we end the discussion
1158
01:22:04,042 --> 01:22:05,783
and you send us home or
1159
01:22:06,292 --> 01:22:10,115
you send home the member of your
delegation who doesn't want to negotiate.
1160
01:22:12,583 --> 01:22:15,245
And this is our third precondition.
1161
01:22:19,167 --> 01:22:21,579
Sir, please halt the negotiation.
1162
01:22:21,792 --> 01:22:23,248
You're way out of line.
1163
01:22:25,583 --> 01:22:27,290
Who do you think you are?
1164
01:22:29,167 --> 01:22:31,033
Leave this room.
1165
01:22:31,917 --> 01:22:33,954
Which side are you on?
1166
01:22:36,333 --> 01:22:37,869
This negotiation lacks legitimacy.
1167
01:22:38,083 --> 01:22:40,666
You have to call it off!
1168
01:22:44,208 --> 01:22:47,280
I know we can reach
an amicable agreement.
1169
01:22:48,042 --> 01:22:49,828
Sir, you must call off this negotiation.
1170
01:22:53,333 --> 01:22:55,950
No matter what you do...
1171
01:22:58,500 --> 01:22:59,706
Han.
1172
01:23:01,792 --> 01:23:02,998
It won't change anything.
1173
01:23:03,500 --> 01:23:06,037
No matter what you try.
1174
01:23:18,000 --> 01:23:19,582
Gap-su...
1175
01:23:23,667 --> 01:23:26,989
The rise in exchange rate
doubled the cost for materials.
1176
01:23:27,333 --> 01:23:29,574
The money I borrowed
1177
01:23:32,500 --> 01:23:35,822
didn't cover even half of
the materials we bought.
1178
01:23:39,625 --> 01:23:43,118
What happened to that promissory
note Mr. Lee gave us?
1179
01:23:44,042 --> 01:23:47,956
If that clears, we can at
least put out an urgent fire.
1180
01:23:51,333 --> 01:23:53,165
Lee's company...
1181
01:23:53,333 --> 01:23:54,164
Yeah?
1182
01:23:57,333 --> 01:23:58,698
Samho Distribution...
1183
01:23:58,792 --> 01:23:59,748
What about it?
1184
01:24:02,417 --> 01:24:03,999
It closed its business.
1185
01:24:04,667 --> 01:24:07,580
What about our promissory note?
1186
01:24:11,792 --> 01:24:13,123
This is just a piece of paper.
1187
01:24:15,000 --> 01:24:16,206
Oh my god...
1188
01:24:20,917 --> 01:24:23,079
I asked my wife's family for that money.
1189
01:24:24,917 --> 01:24:26,828
What's gonna happen to my children?
1190
01:24:30,667 --> 01:24:32,078
Seizure
1191
01:24:44,208 --> 01:24:47,655
Korea joins the OECD Global Korea!
1192
01:25:16,125 --> 01:25:19,143
Mr. Chung. It's me, Gap-su.
1193
01:25:19,167 --> 01:25:21,499
Mr. Han! Times are tough, right?
1194
01:25:21,625 --> 01:25:24,037
Well, yes...
1195
01:25:25,625 --> 01:25:27,059
It's hard for you too, right?
1196
01:25:27,083 --> 01:25:31,452
I'm barely getting by every day.
But let's hang in there.
1197
01:25:31,917 --> 01:25:33,533
We gotta stick it out.
1198
01:25:33,625 --> 01:25:36,822
Yes, of course.
1199
01:25:38,792 --> 01:25:42,365
I will stick it out no matter what.
1200
01:25:42,792 --> 01:25:47,726
I want to make the payment now.
1201
01:25:47,750 --> 01:25:50,242
Really? You can really do that?
1202
01:25:51,917 --> 01:25:53,954
I'll make the payment.
1203
01:25:56,250 --> 01:25:58,412
Please send one of your employees.
1204
01:26:24,250 --> 01:26:26,491
Wow! Nice apartment!
1205
01:26:28,417 --> 01:26:29,953
Good-sized rooms.
1206
01:26:36,042 --> 01:26:37,828
Shit!
1207
01:26:38,875 --> 01:26:40,331
There's a dead dude...!
1208
01:26:41,625 --> 01:26:42,831
What the hell?!
1209
01:26:42,917 --> 01:26:45,409
Let's get out of here quickly!
1210
01:26:47,833 --> 01:26:48,698
Why?
1211
01:26:49,333 --> 01:26:52,530
What do you mean by 'why'?
We have to call the police!
1212
01:26:55,125 --> 01:26:56,866
Why should I get out?
1213
01:26:58,250 --> 01:27:02,414
This is my house now.
1214
01:27:13,833 --> 01:27:17,451
Contribute to the development
of Korean economy
1215
01:27:18,750 --> 01:27:21,742
by establishing and enforcing
monetary and credit policy.
1216
01:27:26,333 --> 01:27:28,540
The founding purpose
of the Bank of Korea.
1217
01:27:31,208 --> 01:27:32,744
Somehow I forgot about it.
1218
01:27:38,917 --> 01:27:41,329
We get paid to serve this country.
1219
01:27:43,000 --> 01:27:45,412
So, let's do our job and contribute.
1220
01:27:50,875 --> 01:27:52,457
We'll stop this negotiation
1221
01:27:53,167 --> 01:27:58,333
and declare a national bankruptcy.
1222
01:27:58,708 --> 01:28:03,077
Declare a moratorium and
acknowledge that Korea is bankrupt.
1223
01:28:04,333 --> 01:28:06,074
When the moratorium is declared,
1224
01:28:06,500 --> 01:28:08,787
the obligation to pay
debt will disappear.
1225
01:28:08,875 --> 01:28:09,785
No.
1226
01:28:10,333 --> 01:28:12,934
It's just too extreme a measure...
1227
01:28:12,958 --> 01:28:15,199
What do creditors fear the most?
1228
01:28:17,625 --> 01:28:20,913
What is the last thing a debtor can do?
1229
01:28:21,542 --> 01:28:23,393
IMF is representing the U.S. interest,
1230
01:28:23,417 --> 01:28:24,953
and we'll use it against them.
1231
01:28:25,125 --> 01:28:27,992
We'd rather go bankrupt than
go through with this negotiation.
1232
01:28:28,042 --> 01:28:30,830
We can't pay back the money
borrowed from American funds.
1233
01:28:31,875 --> 01:28:36,199
This could change the IMF's attitude.
1234
01:28:36,292 --> 01:28:37,407
We can't do that.
1235
01:28:37,625 --> 01:28:40,743
Moratorium... national
bankruptcy... it doesn't matter now.
1236
01:28:40,958 --> 01:28:43,495
We could declare a national bankruptcy,
1237
01:28:44,833 --> 01:28:46,790
but if you declare it yourself,
1238
01:28:50,083 --> 01:28:52,245
you will certainly lose your job.
1239
01:28:58,833 --> 01:29:00,790
That's not what matters.
1240
01:29:03,542 --> 01:29:05,783
We still have one last card left.
1241
01:29:18,875 --> 01:29:24,496
With swift actions of the creditors and
fast recovery of the bankrupt country...
1242
01:29:24,542 --> 01:29:29,601
But on the downside, by raising
the dollar interest rate too high...
1243
01:29:29,625 --> 01:29:34,518
It posed a considerable threat
to global finance institutions.
1244
01:29:34,542 --> 01:29:38,309
The international creditors swiftly
1245
01:29:38,333 --> 01:29:40,870
adjusted debt to minimize damage.
1246
01:29:41,042 --> 01:29:45,957
The countries that borrowed
heavily from overseas funds
1247
01:29:46,375 --> 01:29:49,083
ended up in enormous debt.
1248
01:29:51,375 --> 01:29:53,707
Post National Bankruptcy
Korean Economy Predictions
1249
01:30:23,375 --> 01:30:27,949
A world where the poor get poorer
and the rich keep on getting richer...
1250
01:30:29,083 --> 01:30:30,559
A world where it's easier to fire people
1251
01:30:30,583 --> 01:30:32,244
and have more non-regular workers,
1252
01:30:32,625 --> 01:30:34,616
where unemployment is the norm...
1253
01:30:37,458 --> 01:30:40,496
We must not let IMF
take us to that world.
1254
01:30:41,500 --> 01:30:44,934
Are you saying that the government
knew about the crisis
1255
01:30:44,958 --> 01:30:46,448
but didn't inform the people?
1256
01:30:46,750 --> 01:30:50,101
Not only that, they tried
to deliberately hide it.
1257
01:30:50,125 --> 01:30:53,868
And negotiations with the IMF
are being handled hastily?
1258
01:30:54,042 --> 01:30:55,032
That's correct.
1259
01:30:56,000 --> 01:30:59,914
IMF's unreasonable demands
are being forced as preconditions.
1260
01:31:00,042 --> 01:31:05,958
Mass dismissals, interest rates, issues
regarding labor, and investments
1261
01:31:07,375 --> 01:31:11,664
are being manipulated behind closed doors by
a handful of people not thinking thoroughly.
1262
01:31:12,792 --> 01:31:18,083
This government's economic
officials are neglecting their duties.
1263
01:31:19,500 --> 01:31:23,323
They have no will to evacuate
people from a sinking ship.
1264
01:31:23,917 --> 01:31:31,074
They're deciding the future of this
country based on their individual values.
1265
01:31:33,333 --> 01:31:36,906
From the beginning of the catastrophe,
1266
01:31:37,417 --> 01:31:38,782
during the process,
1267
01:31:40,792 --> 01:31:42,703
and to the end.
1268
01:31:47,583 --> 01:31:48,643
3 Dec 1997
1269
01:31:48,667 --> 01:31:50,101
KOSPI 379.3
1270
01:31:50,125 --> 01:31:51,393
Won-Dollar Exchange Rate 1,610 won
1271
01:31:51,417 --> 01:31:52,434
Foreign Reserves less than $2 billion
1272
01:31:52,458 --> 01:31:53,414
Thank you.
1273
01:31:57,583 --> 01:31:59,324
It's not in any of the papers.
1274
01:32:08,292 --> 01:32:09,953
I can't believe this.
1275
01:32:12,625 --> 01:32:17,040
The bailout negotiation with
the IMF was finalized today.
1276
01:32:17,167 --> 01:32:20,205
We'll receive a $55 billion fund
1277
01:32:20,292 --> 01:32:24,832
but our economy will be placed
under an IMF receivership.
1278
01:32:24,875 --> 01:32:27,976
We don't want to be self-deprecating
1279
01:32:28,000 --> 01:32:31,573
but this'll be recorded as a
day of humiliation for Korea.
1280
01:32:31,667 --> 01:32:33,249
A $55 billion IMF fund will be injected
1281
01:32:33,292 --> 01:32:34,999
Today, we'll have a special class.
1282
01:32:35,083 --> 01:32:36,369
What is IMF?
1283
01:32:36,958 --> 01:32:39,450
Let's watch this video
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01:32:40,250 --> 01:32:44,915
and think about what we can do. Okay?
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01:32:45,125 --> 01:32:46,581
Yes, Miss.
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01:32:46,875 --> 01:32:52,101
Save water and electricity.
Sharpen your pencils...
1287
01:32:52,125 --> 01:32:56,393
Under IMF supervision,
wages will be cut by 15%.
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01:32:56,417 --> 01:32:59,143
IMF demands the raising
of interest rates...
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01:32:59,167 --> 01:33:02,101
Restructuring strikes all industries.
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01:33:02,125 --> 01:33:07,450
Companies are laying off employees to meet
the government's urge for restructuring.
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01:33:07,875 --> 01:33:11,493
From today, we are unavoidably
taking voluntary resignation.
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01:33:11,625 --> 01:33:14,993
This document is for the resignation,
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01:33:15,125 --> 01:33:16,035
Application for Voluntary Resignation
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01:33:16,167 --> 01:33:21,116
and this one is consent to transition
to non-regular employee.
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01:33:26,958 --> 01:33:28,995
Why did he kill himself?
1296
01:33:29,458 --> 01:33:32,476
His business partner
gave him a bad check.
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01:33:32,500 --> 01:33:35,947
His business couldn't
recover from the damage.
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01:33:37,250 --> 01:33:41,369
He waited in good faith,
but his trust backfired.
1299
01:33:42,708 --> 01:33:47,202
After his apartment was foreclosed, he
made his family leave and hanged himself.
1300
01:33:58,292 --> 01:34:02,081
Yoon! I knew you'd pull it off!
1301
01:34:02,500 --> 01:34:04,787
All thanks to you for trusting me.
1302
01:34:04,917 --> 01:34:08,455
You led the way. We only followed.
1303
01:34:10,417 --> 01:34:13,000
This key is too freaking high!
1304
01:34:14,708 --> 01:34:16,790
Sing with me!
1305
01:34:16,875 --> 01:34:19,309
Okay! Sing us a song, Yoon.
1306
01:34:19,333 --> 01:34:20,434
No, I can't.
1307
01:34:20,458 --> 01:34:23,041
Don't be shy. Come on!
1308
01:34:58,625 --> 01:35:04,951
Korea becomes 29th member of OECD
1309
01:36:24,375 --> 01:36:25,991
Hyun-ah and Hyun-su's bedroom
1310
01:37:16,375 --> 01:37:18,787
Hyun-ah and Hyun-su's bedroom
1311
01:38:23,875 --> 01:38:25,161
Ms. Han.
1312
01:38:27,042 --> 01:38:28,328
Ms. Han?
1313
01:38:44,458 --> 01:38:45,914
This is unbearable.
1314
01:38:48,625 --> 01:38:50,411
IMF is not the way.
1315
01:38:52,208 --> 01:38:54,643
You know what happened to
Thailand and Indonesia
1316
01:38:54,667 --> 01:38:57,534
after they got IMF money?
1317
01:39:01,000 --> 01:39:03,412
If you do something wrong,
you pay by getting punished,
1318
01:39:04,417 --> 01:39:07,990
but at the IMF, they kill you
without giving a second chance.
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01:39:10,542 --> 01:39:14,080
There are still ways to fight this.
1320
01:39:15,042 --> 01:39:16,874
But you're getting...
1321
01:39:20,750 --> 01:39:24,823
Come on. Your dinner will get cold.
1322
01:39:42,750 --> 01:39:46,243
Record of IMF Negotiations
1323
01:39:58,042 --> 01:40:00,955
Letter of Resignation
1324
01:40:21,375 --> 01:40:22,615
Hey...
1325
01:40:23,208 --> 01:40:27,907
How's my little sister doing?
1326
01:40:28,542 --> 01:40:29,782
Why...
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01:40:32,167 --> 01:40:33,828
What brings you...
1328
01:40:35,917 --> 01:40:37,453
Something wrong?
1329
01:40:48,458 --> 01:40:50,290
I have a favor to ask you.
1330
01:40:52,625 --> 01:40:57,870
You know people in high
positions at banks, right?
1331
01:40:59,833 --> 01:41:03,622
I'm really sorry but please help me.
1332
01:41:04,625 --> 01:41:09,199
Help me get a loan.
1333
01:41:11,708 --> 01:41:14,245
You're the only person left.
1334
01:41:16,333 --> 01:41:18,791
I don't care if I get jailed
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01:41:19,917 --> 01:41:25,083
but think about my wife and kids.
1336
01:41:28,875 --> 01:41:32,038
I wouldn't have come to you
1337
01:41:33,042 --> 01:41:34,624
if I had a choice.
1338
01:41:37,000 --> 01:41:38,331
Please.
1339
01:41:41,375 --> 01:41:43,082
I beg you, Si-hyun.
1340
01:42:59,292 --> 01:43:04,018
On December 3, 1997,
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01:43:04,042 --> 01:43:06,204
Korea signed the IMF's
negotiation agenda,
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01:43:06,292 --> 01:43:10,206
and IMF management began.
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01:43:10,375 --> 01:43:14,309
The next year, the number of
unemployed soared to 1.3 million.
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01:43:14,333 --> 01:43:18,351
Suicides rose by 42%,
1345
01:43:18,375 --> 01:43:23,018
the highest rate among OECD countries.
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01:43:23,042 --> 01:43:24,851
Citizens donated gold to help
1347
01:43:24,875 --> 01:43:27,476
recovery of the nation's economy.
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01:43:27,500 --> 01:43:30,018
$2.2 billion worth of gold
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01:43:30,042 --> 01:43:33,239
was collected in just 4 months.
1350
01:43:34,250 --> 01:43:41,532
Donated gold was used to
pay down corporations' debt.
1351
01:43:51,958 --> 01:43:54,871
Crises recur.
1352
01:43:54,958 --> 01:43:55,789
20 years later
1353
01:43:55,875 --> 01:43:58,492
Korea seems to have changed
a lot in the last 20 years.
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01:44:00,792 --> 01:44:02,248
Not at all.
1355
01:44:03,417 --> 01:44:08,412
Now, we're exposed to even bigger risks.
1356
01:44:09,542 --> 01:44:14,412
Sir! I was deeply touched
by your lecture today.
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01:44:14,625 --> 01:44:18,198
I'd like to treat you to a meal.
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01:44:20,750 --> 01:44:24,823
It's $5,000 for lunch
and $10,000 for dinner.
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01:44:25,042 --> 01:44:27,768
Lunch is 60 minutes. Dinner is 90.
1360
01:44:27,792 --> 01:44:29,533
Wire the money to my bank account.
1361
01:44:34,625 --> 01:44:37,822
But you must regard increased
crises as opportunities.
1362
01:44:39,083 --> 01:44:43,281
It means you get more
chances to change your life.
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01:44:46,083 --> 01:44:47,244
Morning, Mr. Yoon!
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01:44:50,042 --> 01:44:53,034
Thanks for the good tip this morning.
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01:44:53,208 --> 01:44:59,250
The hedge funds in the U.S.
are continuously changing.
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01:45:01,042 --> 01:45:03,283
Should I follow them?
1367
01:45:04,833 --> 01:45:09,031
Of course! Keep following.
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01:45:09,167 --> 01:45:10,407
Okay!
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01:45:12,250 --> 01:45:16,434
And indeed, as you predicted,
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the real estate in Gangnam
is responding first.
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01:45:19,542 --> 01:45:20,782
I told you...
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01:45:24,333 --> 01:45:26,870
They can't fool me.
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01:45:28,625 --> 01:45:32,198
Dad, it's me. I'll do well today.
1374
01:45:32,542 --> 01:45:36,080
All right. Remember
what I always tell you.
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01:45:36,292 --> 01:45:39,535
I know. Never trust a
person who's good to you.
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01:45:39,583 --> 01:45:41,393
Not just those who are good to you.
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01:45:41,417 --> 01:45:43,954
You can't trust anybody.
1378
01:45:44,292 --> 01:45:46,329
Trust only yourself.
1379
01:45:47,000 --> 01:45:48,957
Yourself only. Got that?
1380
01:45:49,208 --> 01:45:51,620
Got it, dad.
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01:45:51,708 --> 01:45:52,539
Okay.
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01:45:53,083 --> 01:45:54,198
Hassan!
1383
01:45:54,875 --> 01:45:55,865
Hassan!
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01:45:56,458 --> 01:45:58,290
Quick! Quick!
1385
01:46:00,333 --> 01:46:03,405
SandJ Finances open recruitment
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01:46:03,458 --> 01:46:04,789
candidates No. 231 to 235.
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01:46:08,042 --> 01:46:10,784
If I get this job, I'll...
1388
01:46:12,750 --> 01:46:14,866
CEO Park Dae-young
Former Deputy Minister of Finance
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01:46:20,458 --> 01:46:22,018
Hello, Chairman!
1390
01:46:22,042 --> 01:46:24,625
Congratulations! I heard you're
at an investment bank now.
1391
01:46:25,042 --> 01:46:27,033
It's all thanks to you.
1392
01:46:27,375 --> 01:46:31,699
There's talk of reform these days.
1393
01:46:32,458 --> 01:46:38,329
Give them what they want,
they'll go quiet soon.
1394
01:46:41,083 --> 01:46:42,619
Oh, you've heard the news?
1395
01:46:46,917 --> 01:46:48,123
Soon...
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01:46:56,333 --> 01:47:00,782
20 Years Since IMF
Bailout, Aftermath Persists
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01:47:00,958 --> 01:47:05,247
Conglomerates Get Bigger
While Households Suffer
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01:47:19,625 --> 01:47:21,992
I heard she's got quite a personality.
1399
01:47:22,333 --> 01:47:26,031
Who cares about personality? She
just needs to be competent in her job.
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01:47:27,208 --> 01:47:29,870
Financial Capital Monitoring Center
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01:47:33,708 --> 01:47:35,915
Are you Director Han?
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01:47:40,542 --> 01:47:41,953
Yes... and?
1403
01:47:43,625 --> 01:47:46,117
I am the Deputy Minister
of Strategy and Finance.
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01:47:48,375 --> 01:47:53,541
Nothing's concrete yet,
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01:47:54,208 --> 01:47:56,768
but we might need your assistance.
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01:47:56,792 --> 01:47:58,749
So we came in person.
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01:48:02,625 --> 01:48:05,788
You just want me to be the
old person sitting in the back...
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01:48:07,083 --> 01:48:08,244
Why should 1?
1409
01:48:13,958 --> 01:48:17,030
This is a report on how the household
debt will cause panic within this year.
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01:48:17,125 --> 01:48:21,699
This is a report on the mass unsold
properties in the metropolitan area.
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01:48:22,083 --> 01:48:23,869
The authorities aren't taking action.
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01:48:25,042 --> 01:48:30,458
You left a report on IMF
when you left Bank of Korea.
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01:48:30,875 --> 01:48:33,458
It was the only and
most accurate report.
1414
01:48:33,917 --> 01:48:37,706
Please... help us.
1415
01:48:38,625 --> 01:48:43,791
The bomb is ticking, and no one cares.
1416
01:48:53,042 --> 01:48:54,624
I work as a team.
1417
01:48:57,500 --> 01:48:59,116
Crises recur.
1418
01:48:59,750 --> 01:49:01,601
But in order not be helpless again,
1419
01:49:01,625 --> 01:49:03,036
we must not forget.
1420
01:49:04,208 --> 01:49:07,405
Keep asking questions and check facts.
1421
01:49:09,625 --> 01:49:12,617
Do not take a simple thing for granted.
1422
01:49:14,583 --> 01:49:19,532
And always watch the
world with open eyes.
1423
01:49:21,250 --> 01:49:24,743
Because I'm not gonna lose again.
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01:50:22,455 --> 01:50:27,785
Modify by Blue-Bird™
(https://subscene.com/u/1191276)
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Sync and corrections by Blue-Bird™