[Chapter 940: The Deadly Aftermath]
"Honey, you seem a bit down today. What's going on?"
Why do they say it's good to have a wife who's always around?
They really care about their men, of course, assuming you can support them and don't let them worry about the daily grind of bills and groceries.
"Well, I've realized that the economy hasn't really recovered from the bubble burst crisis."
"Yeah, what's so surprising about that? All those big shots keep saying the economy will get better, but honestly, my friends here don't see it that way."
"Tell me more," William White shifted into a comfortable position, sinking into the sofa, ready for a long story.
"Haha, it's nothing much. It's just that people are earning less, while prices, well, have gone up to some degree."
"Really? This is my first time here, and the prices for food seem the same. I've even thought the prices have been stable all these years."
Suzuki gave him a side-eye. Who eats out for Japanese food every day?
"Honey, if the cost of raw ingredients goes up, but the restaurants keep prices steady, think about it--if I were running the place..."
"Yeah, the only thing that's gone down is wages. But wait, their hourly wage doesn't seem to have dropped."
Suzuki frowned; even if the hourly wage didn't drop, the number of full-time employees had decreased. People won't hire staff for tasks they can do themselves.
"True, so it means the job market hasn't really improved."
"Yeah, part-time jobs can't support a family, and barely enough to support yourself. If you go back to rural areas, there won't be many chances either."
Piercing the bubble didn't help at all. Forget going back to the golden age; the economy still hasn't bounced back.
William White chuckled to himself. Actually, the bubble economy crisis still had an encore.
The worst economic crisis in history was probably the Great Depression of 1929. For the next decade, capitalists around the world were wailing in hell.
So this bubble burst ranks second. Some might say it wasn't such a big deal, just bad luck for that one country.
Well, if that's your view, you might be mistaken.
To William White, the fact that the country got stuck in the bubble mess was the root cause of the widespread Asian financial crisis.
Think of it this way: the economy was like a giant 7-8 pound lobster. You can't eat it all in one sitting. So you make tempura, or congee with the leftovers--nice dishes indeed.
William White wasn't being dramatic. The feast was just huge, and he needed to figure out how to consume it properly without looking strange.
He wasn't like Soros, causing chaos and then packing up for the States. If he could, he'd do a few speeches here and there, make some money, and throw in some feel-good talks.
At first, when the Southeast Asian financial crisis began, the locals didn't take it seriously. Later, they did plan to help.
It wasn't about being saints or conspiracies. When you see your neighbor's house on fire, helping is a natural reaction.
Sadly, when they tried to help, they realized they were critically ill themselves. Forget the neighbor's house--it was their own household burning too.
What happened next, you already know: Soros and other financial speculators swept everything up, swallowing years of development gains.
Then the IMF took away their future.
Honestly, before this, the International Monetary Fund had a decent image--at least on the surface. After the Asian crisis, people saw them differently. They were greedy, greedier than Soros.
Soros was a robber targeting your wallet. The IMF was robbing your future.
Or maybe the initial idea was wrong. The U.S. didn't really care about Southeast Asia or Hong Kong. Their target had always been the country that could potentially surpass them.
The U.S. was bitterly sour about that, and to eliminate that threat and uncertainty, taking down that country became inevitable.
And you dare speak its name? Bold move. Remember, when the boss calls, you better pose just right. If he's not in the mood, you have to play along.
"Why is he going there now?"
"What? Allen, what's wrong? As far as I know, he went with his wife and two daughters, possibly for a vacation."
Greenspan was speechless. You're a college professor, right? Reading those gossip magazines?
"Paul, haven't you noticed that the big money families there have been meeting frequently with William White?"
"You're imagining things, old friend. His moves there don't really involve finance.
Besides, have you noticed credit tightening there?"
"Financing? Paul, you sure you aren't joking? White's assets are huge, but his debt ratio is also staggering. If a systemic risk occurs, this could be the biggest domino."
Greenspan didn't take Paul Volcker's views seriously. To him, the internet bubble was ridiculous hype.
"Haha, you know, some say White Capital will be the top financial group.
What, you don't believe it?"
Top? Greenspan was a bit stunned; Morgan Stanley and Citibank were also a bit stunned. This internet wave was upending Wall Street's values.
You said Netscape was worthless? Now it's worth over $20 billion. Pixar seemed overpriced? Now worth $3 billion. Cisco climbed to a range of $50 billion.
Say more.
Three companies, White cashed out $10 billion. Who now can compete with him in cash?
$10 billion in cash could bury many alive. Most importantly, White's cash-out didn't cause market panic; these three freshly-listed stocks kept surging.
"So, Allen, credit tightens there, and William White is holding a pile of cash."
Greenspan couldn't argue: the internet bubble was undeniable. Too bad no one cared what this former Fed chair said anymore.
He didn't realize this was a label White gave him. Looking at the hot markets now, even he had to admit it.
Two old timers fantasizing missed the point. The banks there feared him paying off early the most. Others' loans might be risky, but White's were solid assets.
No bank would ever offer help free of charge. And about financing? They wouldn't dare. If the U.S. pulled the rug under them, no tears would help.
To some money families, White wasn't a good guy either. A game console company and a comics publisher were just bleeding the country dry. The only relief was the U.S. Department of Justice kicked those companies out of America.
Speaking of game consoles, some big shots were grinding their teeth. The former top performer tried to go independent for some reason.
Now, after leaving the PSP platform, the once promising company had to lay off staff.
You don't tempt fate without consequences. That's truly a lesson learned.
*****
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