Chapter 166: The US President's Proposal
Chapter 166: The US President's Proposal
The crashes of Roona and Tay came as a sudden massive shock to virtual currency investors.
〈Tay, Roona Plunge: "Concerns Over Loss of Trust in Virtual Assets."〉
〈Crypto Experts Declare, "Roona Will Never Recover."〉
〈Coin Exchanges Sequentially Delist Roona and Tay〉
〈Kwon Do-jin: "95% of Coins Will Collapse." Prophecy from Days Ago Fulfilled on Himself〉
―What happens to Roona now?
―People holding Roona might as well think their money's gone.
―Thanks for the clean wrap-up.
―Easy for you to say. Do you have any idea how crushed Roona investors feel right now?
Roona investors posted on coin message boards, but they found no sympathy.
The investment boards were cold-hearted, but there were reasons for it.
―Why should we care?
―Kim Shin hyung explained it when he slapped them with F grades. He said a death spiral was waiting.
―It's their own judgment in investing. They ignored all the good advice, so they have to deal with the consequences.
―There are people who won't believe there's a rock ahead even if you tell them, and go smash their heads into it?
―Fr, but Kim Shin hyung made us money, kept us from losing it. Saved a bunch of people from the brink of death too.
―Yeah yeah, Koreans hyped it as a national pride coin and it skyrocketed. Lucky for those who got out at the end.
―Lost 5 million won on Roona. But when it dropped over 20%, I was gonna average down with 10 million won. Kim Shin hyung's warning popped into my head, so I held back. Saved my money thanks to him.
―Dude saved 10 million won lol
―Fr, I'm wiping sweat off my chest.
For a week after the Roona incident broke, virtual currency prices plummeted across the board.
Hundreds of billions of dollars in assets evaporated into thin air.
The silver lining was that coins rated C or D by Earth Resource held their value well.
"Sir, the number of customers signing up for Earth Resource's exchange is surging."
"Yeah?"
"Seems like we've earned their trust with this coin rating announcement."
Customers from other coin exchanges were flocking to Earth Resource.
Low-rated coins were announcing future update plans and such to try boosting their evaluations.
"I think Earth Resource's exchange could claim the number one spot by the end of the year."
"That's great news."
Since they supported coin trading right on the Earth Resource homepage, the exchange didn't have a separate name.
It had started as just a support page for smooth Source Coin trading.
'A exchange that brings in hundreds of billions in profits a year, and it still doesn't even have a proper name.'
They'd brainstormed things like Earth Exchange at first, but nothing really clicked.
The namelessness had become its own feature, so they left it as is.
"Right now it's coins, but who knows what else we might trade later. Let's keep our options open and watch."
"Yes, understood."
No need for promotion either—it drew people to the Earth Resource homepage when they came to trade coins.
〈Earth Resource, Which Announced Coin Ratings, Receives Customer Praise〉
〈Did Earth Resource Foresee This Incident?〉
Earth Resource basked in media praise while new users rushed to sign up.
Roona was now worth only a single dollar.
Kwon Do-jin's SNS, as CEO of Tayform Labs, was flooded with hate.
'Lost the keyboard battle, but won the war.'
Perhaps it was simply the joy of victory.
Having wrapped up this big deal, he figured he deserved some rest.
There was also the constant stress of running a company.
He also had to upload videos to Earth Channel and maintain his social-media presence as a celebrity.
〈Fed Chair Powell: "Deeply Concerned About Inflation."〉
〈US Tapers Tapering Amid Weak Job Growth〉
〈US Citizens Stunned by Nearly Doubled Gasoline Prices〉
〈Powell: "No Need to Panic Over Inflation. Deemed Temporary Due to Supply Chain Issues and Economic Recovery."〉
His takes always showed up in inflation or Powell articles.
Ellie had mentioned it, but it felt like not just Wall Street—his contrarian views on the Fed were drawing way more media and public attention.
'The current stock indexes are bubbly, no doubt...'
Last year into this one, it had been a sweet bubble.
Learning economics late, he knew the bigger and prettier the bubble, the crueler the burst.
'Has the US economy fundamentally changed? Or is it shifts like modern monetary theory?'
It was an intriguing world, without question.
A timing when investors could bet their luck and lives.
If Father were alive, wouldn't he call it the prime time to bet on the economy?
"Jong-yeop."
"Yes, sir."
"Book a flight to Korea for next week."
"You're going to Korea?"
"Yeah. Soo-ah's getting summer vacation, so I'll go date her. Got some things to sort out too."
* * *
The US administration was keeping close tabs on Elon Musk and Kim Shin.
"Musk being too close to China is concerning."
"From his interviews, he doesn't hesitate to take China's side."
Elon Musk, leading America's EV industry.
To the public, Elon Musk was a quirky genius, but to the government, he was a persistent headache.
American entrepreneurs backing parties or speaking on politics wasn't rare, but Musk was far bolder.
"China has emerged as the global leader in the digital age."
"China has achieved tremendous economic prosperity and built massive infrastructure."
"Chinese companies have top-tier global competitiveness."
"China's future will be great."
Elon Musk openly praised a rival nation and cultivated its favor while pouring enormous investments into its market.
Not welcome from the US administration's view.
By comparison, Kim Shin appeared far more cooperative.
"Why did China block Earth Channel? I'm not curious. They'll slap on some fake excuse anyway. I think fair markets aren't open in China."
"Chinese people criticizing me? Totally possible. They're getting duped by bogus media reports."
Kim Shin said exactly what America wanted to hear.
Not leaning one way, just stating facts as they were.
"Kim Shin has secured absolute influence in pop culture."
"He supplied the US with vaccines the fastest too."
"Operating a business in San Francisco shows he's friendly to America, right?"
Elon Musk's ventures: EVs, reusable rockets for space, Starlink for global comms.
Those were the major leagues of modern industry.
Kim Shin built an internet content empire to 600 million subs fast, heading to 700 million soon.
Teens hadn't watched TV in ages.
From teens to 60s, Earth Channel gave him massive cultural sway, public fame, self-made economic feats, cozy media ties.
Only a few months earlier, Kim Shin had been no match for Musk, but his recent growth had been dazzling.
"Creating a rival for arrogant Musk sounds good."
"How? Money-wise maybe, but business fields are too different."
"We can pave the way, right? Policy-wise."
"White House pushing him? Kim Shin's Korean."
"That's the snag. He's planning a Korea trip soon."
The administration tracked Kim Shin's public moves.
They spotted his Korea flight booking right away.
"Kim Shin's businesses operate in the US. His remaining Korean family are distant relatives, barely in touch."
"Securing Kim Shin firmly for America is priority."
If he returned to Korea or moved elsewhere, America would lose massive wealth.
"We'll have to ask the President to visit San Francisco again."
"He loves popularity and approval ratings, so he'll like it."
* * *
President Biden returned to San Francisco.
"Friend, long time no see!"
The President grinned and shook hands warmly.
"Come on in, Mr. President."
Not thrilled, but who turns down the US President?
Secret Service checks were much lighter than last time.
They scanned for bugs or bombs in the mansion, but didn't comb every inch for hours like before.
Still handled building sweeps, guard placements, the works.
"Hyung, word is the President ordered security procedures simplified as much as possible."
"Yeah?"
Lee Jong-yeop passed on what he'd heard from Secret Service.
"Said something like Kim Shin's way more important than an old President like him."
"......"
They ate a simple dinner and then shared beers alone in the garden.
The aged President projected a young, energetic vibe on purpose.
"San Francisco's great. Feels like the city driving tech forward."
"Yeah. That's why I like it here."
After thirty minutes of conversation about the city and Earth Channel, Biden finally came to the point.
"I have a cautious proposal for my friend."
"A proposal?"
He figured Biden came to boost ratings or make news.
Young folks crazy for coins, so opportunity spotted.
"You know the 'America's Back' foreign policy I ran on."
"Yes."
Politics and foreign policy were not my forte.
I knew that Trump had pushed America First aggressively, creating friction with other countries.
Biden emphasized allies on the world stage?
Biden's diplomacy amounted to telling the allies that America was back while ultimately asking them to align with the United States.
"I'm also pushing Buy America."
Buy America.
Like old Buy Korea ads urging stocks and funds.
'Good thing I've heard of Buy America lately.'
The idea had come from my messenger conversation with Vice Chairman Seon Jae-yong.
―Vice Chairman Seon Jae-yong: Might need local factories in US due to Buy America policy.
―Kim Shin: Buy America?
―Vice Chairman Seon Jae-yong: Buy American products campaign. Needs US assembly or enough US parts for gov subsidies.
―Vice Chairman Seon Jae-yong: EVs, semis, bio. Ignore US gov, lose serious competitiveness.
Sell US-made products, build US factories.
'A blatant US eats it all policy. Trump's America First or Buy America—just word swap.'
Biden no different from Trump, he thought.
Personalities aside, both politics for America's gain.