Chapter 395
Translator: crow
Chapter Title: Loan Sharks
While Korea was in an uproar over the Taeu incident, the Third World countries were abuzz with scandals involving private loan companies backed by Japanese lenders.
“Shinjang, Shinjang, Shinjang Money. Shinjang, Shinjang, you can trust us, oh yeah, no worries~!”
A catchy logo jingle accompanied the ad.
But the results it produced were anything but upbeat or fun.
It only bred gloom and misery.
“Ah. I really want to die. When am I ever going to pay back this money?”
Japan’s notorious lending companies had expanded into Third World nations, bleeding ordinary people dry with ruthless high interest rates.
Shinjang Money, the most infamous among them, charged an annual rate of 140%.
Once you borrowed from them, bankruptcy was a given.
“How does the interest jump to 140,000 won in just one year?”
“Check the interest rate. That’s what you signed up for.”
Even as Japanese lenders raked in horrific profits through these private loans, the Third World governments were powerless to act.
“Our opponent is EA. One wrong word, and they’ll crush us.”
The Japanese lenders cleverly leveraged their status as part of EA.
But did that mean Japanese companies relied solely on EA?
Not at all.
They had also forged tight ties with local politicians.
They didn’t just provide political bribes—they offered all sorts of favors.
“Minister! I hear your kids are heading abroad to study? We’ve secured a nice apartment for them.”
“Oh, you didn’t have to go to all that trouble.”
That’s how Japanese lenders strutted around the Third World like invincible kings.
It got to the point where their loan volumes surpassed those of banks.
Japan’s noble houses, flush with massive capital from years of accumulation but finding no good investments at home (thanks to high labor costs), eagerly lent money to these outfits for a cut of the profits.
“Just lend it out, and the money multiplies! Why wouldn’t you?”
Even banks weren’t exempt.
In fact, Korean banks had no qualms about lending to these Japanese companies either.
“Why bother lending domestically for peanuts when you can make bank with these guys?”
These lenders had started aggressively expanding in the early 1980s, when EA shifted into a boom, reaching their peak in the early 1990s.
“We could buy out major corporations with cash soon enough.”
Their annual loan volumes exceeded 10 billion won, a staggering scale.
The societal damage they inflicted was equally severe.
“No money? You planning to stiff me? Get me my cash!”
The lenders resorted to illegal collections and debtor harassment without hesitation.
“If you’ve got nothing else, cough up a kidney or your retinas.”
“What? What do you mean?”
“Don’t worry. You won’t die missing just one or two.”
Gruesome as it sounds, the loan sharks even trafficked in human organs.
Yet the issue hadn’t blown up because within EA territory, the lenders operated with extreme caution.
Korea’s Financial Supervisory Service had conducted a long investigation and grasped the full extent of the private lending racket.
But the culprits weren’t in Korea—they were Japanese.
The Korean government couldn’t easily intervene.
In the end, the matter landed with Bae Seong-jun, the real power broker.
The National Intelligence Service, which had been playing global chess against rivals, viewed this as a critical issue.
“Director, if the loan shark problem worsens, it’ll shake public sentiment across the Third World.”
“I agree.”
Bae Seong-jun strongly felt the need to address it.
Pushing diplomatically risked a major rift with Japan, the pillar of EA.
His solution was straightforward.
“First, let’s stir up public opinion in the countries where loan sharking is rampant.”
For that, he chose drama as the weapon.
“The title? War of the Coins works.”
At Bae Seong-jun’s direction, a 20-episode series called War of the Coins—aimed squarely at the lenders—was produced.
Since War of the Coins had been made for export from the start, it was dubbed into Japanese and other languages, then distributed immediately to each country.
Free of charge.
Some Third World nations grumbled about airing it.
“This drama targets loan sharks. Won’t Shinjang Money get upset if we broadcast it?”
Politicians fretted first about the lenders who greased their palms.
But,
“Oh, Prime Minister, think about it. This came straight from Pyongyang. If we don’t air the weapon they made to take down Japanese lenders, what will they think?”
Japan versus Korea.
No contest.
Even if Japan weren’t a fractured federation of 68 states but a single unified nation, it would still be a puny country compared to Korea.
Irking Korea to placate one Japanese loan shark?
It didn’t add up on any ledger.
“W-well, you’re right.”
After crunching the numbers, the Third World countries aired the drama right away.
In prime time, no less.
Soon after it aired, chaos erupted everywhere.
“Is that what’s happening in our country? What kind of psychos are these?”
The Korean drama demolished the lenders’ image so thoroughly that people spat curses at the mere mention of loan sharks.
“So that’s what loan sharks are? Filthy scum, not even human.”
It was a direct hit on the industry, and it didn’t take long.
“I’d rather kill myself than deal with loan sharks.”
The lenders realized the shift had been triggered by the drama and felt dismayed.
“Why the hell did Korea make that trash to attack us?”
One thing was clear: Korea didn’t like them.
‘Looks like we’re the targets, whatever the reason.’
The lenders quickly adapted, bowing to the new reality.
Going toe-to-toe with Korea was suicide.
“We’ll lower the interest rates.”
The maximum rate plummeted to 65% overnight.
Politicians and lenders alike bent under public scrutiny.
Thanks to their bloodied noses, Korea recovered from the image hit it took over the Taeu affair.
“Korea really is the leader of the Third World. They actually care about stuff like this.”
Korea didn’t stop there.
“65% is still too high.”
Under sustained Korean pressure, the lenders had to keep slashing rates.
“You trying to bankrupt us?”
Japan fumed over it, but with Korea holding the moral high ground and public opinion, they couldn’t protest officially.
Of course, Korea had no intention of pushing Japan off a cliff.
“Let’s negotiate.”
Korea laid out terms to Japanese federation officials.
“You can cap rates at 40%. In exchange, demanding body parts is illegal.”
“But how are we supposed to do business?”
In the Third World, where principal repayment was spotty, 40% barely broke even.
Banning organ sales hurt too.
“You want to trash EA’s image just to turn a bigger profit?”
“Well...”
“Let me be clear: We won’t tolerate actions that undermine Third World unity.”
Faced with Korea’s firm stance, the Japanese backed down for now.
It seemed the loan shark issue was settled, but things were never that simple.
“If we can’t go legal, we’ll go underground.”
A significant number of Japanese lenders slipped into the shadows.
Hiding in the vast underbelly of the Third World, they figured Korea couldn’t touch them.
“Here, our word is law.”
Underground, rates like 1,000% were commonplace.
When the loan shark problem persisted, Korea played its ultimate card.
“Fine, if that’s how you want it, we’ve got plans too.”
Korea pivoted to directly funding Second and Third World countries’ non-bank financial sectors.
“If we flood the legit market with cash, who’d touch illegal lenders?”
Korea pumped in nearly 20 billion won.
“What? 20 billion?”
It was enough to eclipse the entire underground lending market.
The Japanese illegal lenders collapsed in screams within a week.
“We’re refinancing.”
Japan was furious, but when War of the Coins hit theaters at home, they were forced to shut up.
“Public opinion hates loan sharks. If we side with them...”
“I know.”
Japan’s leaders stayed silent on the issue.
Still, icy tension flowed between Japan and Korea like never before.
“We should’ve shown Japan more consideration while handling this.”
The Foreign Ministry argued for a more cautious approach.
“What nonsense. Treating a crisis like this delicately? Utter bullshit.”
Bae Seong-jun sneered at the Foreign Ministry’s naive view.
‘This shows Koreans still lack awareness as a hegemonic power.’
A true hegemon didn’t just look after itself.
It had to care for the nations under its umbrella too.
‘In that sense, Korea has a long way to go.’
Long-term, it needed to instill a “global citizen” mindset in Koreans, like the original America.
That’s what it took to reign as a true king.
Bae Seong-jun resolved to pay attention to that as well.