is one week away from the day of national bankruptcy, what will you do at
?
is a hero and turns the tide,
is a businessman and speculates.
is still the real person , can do nothing.
23 years ago, the IMF agreement, which was called "Korea's national shame" by the movie, , was adapted into a movie and moved to the big screen
-"The Day of National Bankruptcy"
won the annual box office championship in the same year. The
film is adapted from a real historical event, the 1997 Asian financial crisis.
On July 2, 1997,
Thailand announced the abandonment of the fixed exchange rate system and the implementation of a floating exchange rate system. On the day of
, the exchange rate of Thai baht to USD fell by 17%, and the foreign exchange market and financial market were in chaos.
The Philippines, Indonesia, Malaysia, , and
, which have close trade ties with Thailand, also fell into chaos due to the depreciation of the Thai baht, and international short-selling capital and speculative capital came in chaos.
triggered a financial crisis that swept across Asia.
Beginning in 1997, large Korean companies went bankrupt one after another.
first became the 14th largest industrial group in South Korea, Han Baosteel, went bankrupt, and then the 26th-ranked Sammi Group also declared bankruptcy, followed by
Hantai Group and South Korea’s New Core Group. They declared bankruptcy one after another.
, a symbol of South Korea's national industry-Kia Group, also declared bankruptcy in 1997. The bankruptcy of the leading manufacturing industry of
caused the bank financial system to be full of bad debts, and the national financial system was in jeopardy.
The following is the movie content
In November 1997, Han Shixian, head of the currency and currency team of the Bank of Korea, submitted a financial report to the governor. In the process of
in the process of industrialization and modernization, the company has absorbed a large amount of international investment, but these Investment is not in the form of shares, but in the form of "borrowing."
At the same time, in order to increase the competitiveness of Korean companies in the international market, the upper-level acquiesced in the behavior of corporate borrowing and leverage, so that many Korean companies "continuously borrow money to expand and expand" the way of borrowing money, even without hesitation Take "debt to debt".
South Korea’s total foreign debt is 110 billion U.S. dollars, while its U.S. dollar reserves at this time are only 9 billion U.S. dollars.
The financial turmoil that swept Asia has hit South Korea hard.
International Financial Capital Group sold won and , and the upper level had to use foreign exchange reserves to buy won in order to stabilize the exchange rate.
However, the Federal Reserve is specialized in printing money, and it is impossible for foreign exchange to stabilize prices.
Treasury is empty, but the crisis is still expanding.
According to Han Shixian’s calculation: There is one month left before the country’s bankruptcy.
When this uninterested report is seen
- is only one week away from the day of national bankruptcy.
Han Shixian and the leaders report to each level, but this is far from "fighting fire". The upper level of
is unwilling to release the news of "economic collapse". They are afraid of causing panic among the masses.
is like an animal running away in an earthquake. Although it has not spoken out, there have been "possibly foreseeable" events.
A large number of small and medium-sized companies went bankrupt, trade was blocked, and workers could not get wages....
However, the pace of the entire society is still accelerating its expansion.
Yin Zhengxue, who works in a financial company, smelled a sense of anxiety,
decided to resign, and he wanted to slam his fist in the financial crisis. When Yin Zhengxue resigned, his minister also laughed at him:
"You are a complete conspiracy theorist" "The people around
laughed at him, how comeIs someone so stupid that the country will go bankrupt?
After Yin Zhengxue resigned, he called and brought in his old customers. At the
meeting, he sternly pointed out: The country is about to go bankrupt, and the stock market is full of corpses.
Yin Zhengxue is a good manager. He also helped the rich wife who was sitting under him manage money and earned a building in , Jiangnan District, .
But no one believes that the country will go bankrupt.
On November 17, 1997, the exchange rate of the Korean won to the U.S. dollar fell to a record high of 1008:1, which was the limit for two consecutive days.
After the opening of the financial foreign exchange market on November 19, 1997, it fell 23 won again, a drop of 2.27%.
On December 28, 1997, the foreign exchange reserves were less than 10 billion U.S. dollars.
faced huge foreign debts and was only left from bankruptcy. In the next seven days, the people began to panic.
Although ordinary people have been called by the authorities,
tried to donate gold to save the Korean won. According to the BBC report, as of March 1998, 3.5 million Koreans had donated 227 tons of gold.
But 227 tons of gold and strong patriotism were vulnerable to the real dilemma. They lost the exchange rate war.
The capital chain broke, large enterprises went bankrupt, the first 30 enterprises of
fell 19 instantly, small and medium-sized enterprises died and injured countlessly, and the economy was paralyzed.
Faced with the storm crisis that swept the Asian financial markets, the
authorities had to turn to for help from the IMF (World Monetary Fund) to resolve the crisis.
Of course, the IMF also put forward 7 harsh conditions:
1, let 11 Korean financial companies declare bankruptcy,
2, raise Korean bank interest rates
3, open the Korean market, and allow foreign investors to merge and acquire Korean companies
4 in any form and reason. Disclosure and review of all information of reserve financial institutions
5, financial institution adjustments
6, improvement of corporate governance and structural systems
7, the softening stage of the Korean labor market
implies that the IMF's conditions are seeking "financial sovereignty."
If the authorities want to save the paralyzed economy, they must restart the industrial and commercial machines. The
state treasury is empty, and it takes money to run the industrial and commercial machines.
and the state treasury is already empty. Impoverished, the big capitalists made huge profits.
Those privileged classes who support the IMF have become agents of the "big capital". The Yin Zhengxues represented by
as speculation have also completed the class leap in this crisis and realized the freedom of wealth.
is more of us who are ordinary people in the economic crisis, but is busy selling houses to pay off debts, busy being cut leek.
You may want to ask, is there no other institution besides the IMF? Of course there is
, but the question is, where will other institutions be better in a world where the word profit takes the lead?
Changing the soup without changing the medicine will treat the symptoms but not the root cause. History of
, but it’s being repeated.
After the authorities accepted the IMF's assistance,
international capital ceased the war, and the international financial capital also "generously" extended US$50 billion in loans to restore the economy.
Soon thereafter, the authorities made a wise choice:
closed loss-making banks and reorganized them to actively promote the semiconductor industry and the cultural industry.
and these two industries have also benefited it so far. After
's drastic reforms,
South Korea once again bloomed as the first of the four dragons in Asia. The annual economic growth rate of
from 1999 to 2012 reachedAt 4%, it broke the highest record in OECE countries.
just, these economic growth has nothing to do with most people.
The financial crisis, the sequelae caused by the IMF agreement are still there,
the gap between the rich and the poor, the chaebol in power, sexism, gender recognition, workplace oppression...
The public is just the wage earners of international financial capitalists. Annual wages, and capitalists earn 10 million a year...In the wave of the
era, some people are speeding up and some are reversing their fate, but more people are still knocked to the ground.
When I watched many people commenting on "The Day of National Bankruptcy", I mentioned: The idealistic ending of the
movie reveals a kind of "nationalism" atmosphere, which binds reality and provides the audience with a temporary A window that can be escaped, but in fact nothing has changed.
But those authors who criticized them are still standing and talking:
We are a mainland country with 5000 years of civilization, and our heart is always with ourselves,
and they were the vassal state of the Chinese feudal dynasty for the first five hundred years. In the next two hundred years, it was invaded and colonized by Japan.
They are extremely inferior, but extremely arrogant.
If you have also studied in Korea or talked with their scholars,
and their intellectuals are well aware of the current situation and tragic destiny. Scholars in our country also call this cultural psychological phenomenon "Hate" culture,
is easy to make questions, but difficult to solve, how can it be so easy to change with a few words.
People are idealists and want to be heroes who can turn the tide.
is reality. How should the national self-confidence and national self-esteem that have nowhere to be placed?
really think that it is enough to close the country and not recognize foreign debts?
Well, even if people don't do anything to your rogue, they can exclude you from the global system.
On the basis of the necessary exchange of the US dollar as the world currency, the paper currency in your hand is a piece of waste paper when it goes abroad.
, even if you return to the primitive era of exchanging goods, other people’s oil is directly linked to the US dollar and settled with you. Yes,
you don't have dollars in your hand, and they won't give you oil.
Petroleum is the heart of industry. Without oil, industrial manufacturing will be developed.
Okay, even if you want to reserve US dollars now, no matter how much
you earn, does someone from the Federal Reserve Bank print faster?
Some film critics really don’t have a backache while standing and talking,
, is this their own problem? Don't the director and screenwriter know the tragic reality? People know that the problem is that they can't solve it. The
purse determines the butt, but no matter how big the purse is, it can’t be better than someone opens a printing press to print money for you.
Hegemony is not important, but no hegemony is important to us.
I am
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