Inwangsan, blanketed in pure white snow, stood like a folding screen in the background as a black Maybach glided to a smooth stop in front of the Blue House's main building.
When Seok-won stepped out of the back seat, a familiar senior secretary approached and gave a respectful bow.
"Welcome. The President has instructed us to escort you directly to his office."
Seeing Seok-won give a small nod, the senior secretary turned and took the lead.
"This way, please. Follow me."
Seok-won, as instructed by the senior secretary, set off toward the Blue House's main building together with Han Ji-sung.
The moment they entered the central lobby, the soaring ceiling and the magnificent staircase leading up to the second floor dominated his field of vision.
Hanging from the ceiling were several massive chandeliers, their shapes reminiscent of the eaves of traditional Korean houses, pouring down brilliant light.
Along the second-floor corridor, which they reached by stepping on the red carpet, stood Joseon-era white porcelain and antique wooden furniture.
The heavy silence, with not a single person passing by, seemed to declare that this was not a place just anyone could enter.
When the senior secretary arrived in front of the large, solid-wood doors, he signaled to the guards standing watch on either side.
At that, the guards each took a handle and pushed the doors open from both sides.
Leaving Han Ji-sung outside, Seok-won went in alone. Inside, he saw President Kim Jae-chun sitting on a sofa in the spacious office together with Chief of Staff Woo Chun-il.
Hearing the doors close again behind him and seeing Seok-won approach, President Kim Jae-chun rose to his feet and greeted him with a smile.
"Chairman Park. It's been a long time."
Seok-won stepped forward and bowed his head in a polite greeting.
"Have you been well all this time?"
"As for me, I'm always the same."
President Kim Jae-chun said it in an exaggerated, half-complaining tone as he took Seok-won's hand in a handshake.
"People said things would get easier once I moved into the Blue House, but it feels even harder and more exhausting than when I was in the opposition."
"You are carrying the weight of leading fifty million citizens. How could that burden be light?"
"Haha. That's true. For now, let's sit and talk."
"Thank you."
When President Kim Jae-chun took the seat of honor in the center, Seok-won naturally moved to the empty seat on his left. He also exchanged a brief nod of greeting with Chief of Staff Woo Chun-il sitting across from him.
Just then, there was a light knock, and a female secretary entered. Sitting with one leg crossed, President Kim Jae-chun looked at Seok-won and asked.
"What would you like to drink?"
"I'll have coffee."
At that, President Kim Jae-chun turned his head while remaining seated on the sofa and said,
"Bring three cups of coffee."
"Yes, sir."
After the secretary replied briefly and left, President Kim Jae-chun looked at him with gentle eyes.
"I heard you pulled off another major investment this time. There probably isn't another Korean who's been on the cover of Time as many times as you."
Chief of Staff Woo Chun-il, who was on friendly terms with Seok-won, chimed in with a smile.
"His investment skills are impressive, sure, but he's also handsome enough to rival any Hollywood actor, so putting him on the cover makes for a great picture, doesn't it?"
"Hahaha. That's true. Chairman Park is good-looking enough that anyone who doesn't know him might mistake him for a model or a movie star."
As they exchanged light, casual remarks, the female secretary returned, set the coffee she had brought on a tray, and left again.
As the fragrant aroma of freshly brewed beans gently spread through the office, President Kim Jae-chun leaned back comfortably against the sofa and spoke.
"Since you're here anyway, there's something I'd like to ask you, Chairman Park."
"Please, go ahead."
"We've finally crawled out of the foreign exchange crisis, and just when it feels like the economy might be picking up a bit, that Argentina situation that broke out recently has been really bothering me."
Seok-won met the gaze of President Kim Jae-chun, who now wore a serious expression, and asked,
"Is it because of the exchange rate?"
"That's right. Because of the fallout from the Argentina situation, the exchange rate jumped again today and broke past 1,315 won per dollar."
President Kim Jae-chun continued in a voice filled with concern.
"On top of that, foreigners are dumping stocks in large numbers one after another. With the pain of the foreign exchange crisis still so vivid, I can't help but feel uneasy."
Although the IMF debt had been fully repaid, the suffering from the foreign exchange crisis was still ongoing in many ways, so there was no choice but to respond sensitively to a sudden surge in the exchange rate.
Moreover, just as during the last crisis, not only the yen but Asian currencies as a whole were being shaken, making the situation all the more nerve-racking.
'And with a national event like the World Cup coming up next year, he must be even more on edge.'
Seok-won took a sip of his coffee, set the cup down, and said in a firm, decisive tone.
"Argentina's situation has certainly dealt a blow, but it won't last long. Things will calm down soon, so there's no need to worry."
At his confident reply, President Kim Jae-chun straightened up.
"You wouldn't be saying that without reason. What's your basis for seeing it that way?"
Chief of Staff Woo Chun-il also looked at him with interest, and Seok-won answered without hesitation.
"Because the United States won't just sit back and watch Argentina, which is practically their own backyard, keep shaking like this."
"Like they did during the last Asian financial crisis, you're saying they'll step in with the IMF and provide a bailout?"
"That's right."
At that, Chief of Staff Woo Chun-il slightly furrowed his thick eyebrows and said.
"With the war in Afghanistan still ongoing and plenty of internal issues over economic stimulus, does the U.S. really have the leeway to worry about Argentina?"
"You're right, it's not an easy situation. But even so, they know very well that if South America, right at their doorstep, starting with Argentina, falls into chaos, it won't be good for the United States either. That's why they'll definitely take action."
"Hmm."
Watching President Kim Jae-chun stroke his chin with one hand, Seok-won explained the reason it had to be that way.
"Above all, if Argentina collapses as things are, it could trigger a financial crisis in the United States as well, so they'll try to block it at all costs before it reaches that point."
"Argentina declaring default leads to the U.S. facing a financial crisis? What do you mean by that?"
At President Kim Jae-chun's question, Chief of Staff Woo Chun-il also looked at him with a puzzled expression.
"Do you know that as soon as the Argentina situation broke out, the stocks of major U.S. banks like JP Morgan and Citigroup plunged sharply?"
"No, that's the first I've heard of it."
Despite having gone through a national crisis as massive as the IMF bailout, the Korean government was still insensitive to movements in the global financial markets, and Seok-won clicked his tongue inwardly at that.
But this was not the place to point such things out, so he kept it to himself and continued.
"That's because the Argentine government bonds and loans held by major U.S. banks amount to tens of billions of dollars."
President Kim Jae-chun looked genuinely startled.
"So U.S. banks really lent that much money to Argentina?"
"And that's not all. More than half of the banks in Argentina have been directly invested in by foreign financial institutions or have a majority of their shares owned by them. If the situation worsens further and banks start collapsing in a chain reaction, the shock won't be contained within Argentina. It will spread in all directions."
Confronted with facts they had not known at all, President Kim Jae-chun and Chief of Staff Woo Chun-il listened to Seok-won with keen interest.
"After already taking a big hit from Enron's collapse, if they fail to recover the debts they lent to Argentina and have to write them all off as losses, then no matter how big the Wall Street banks are, they won't be able to avoid being shaken."
Grasping the meaning of his words, President Kim Jae-chun slapped the armrest of the sofa he was sitting on with his palm.
"Ah, I see. So to keep U.S. banks from losing their money, they have to help Argentina."
"That's right. And with the midterm elections ahead, the White House will do whatever it can to prevent this from turning into a banking crisis."
True to his reputation as a seasoned fox of the Yeouido political scene, Chief of Staff Woo Chun-il's eyes began to gleam.
"If the economy turns bad before an election, the ruling party always suffers, whether it's Korea or the U.S. So as Chairman Park says, there's a strong chance it will play out that way."
"I think so too."
President Kim Jae-chun nodded in agreement.
"If the IMF and the United States step in with a bailout and the Argentina situation settles down, the exchange rate that's shot up will return to where it belongs."
"I really hope it turns out the way you say."
Since these words were coming from none other than Seok-won, the world's richest man and someone known on Wall Street as having the Midas touch, President Kim Jae-chun found them all the more convincing. The anxiety that had been weighing heavily on his chest seemed to ease a little.
"It may stay high until early next year, but after that it will drop sharply. In the second half of the year, it will hit the 1,200-won-per-dollar range and continue weakening from there."
"You're saying it'll fall by more than 100 won?"
"That's right."
Once again, faced with his unwavering confidence, Chief of Staff Woo Chun-il leaned forward in his seat.
"I understand that once the bailout is carried out, what went up because of the Argentina situation will come back down. But why do you think the dollar will keep weakening after that?"
At that, Seok-won shrugged and replied,
"It's simple. Because the U.S. government is going to print an enormous amount of dollars."
"…!"
"It failed to pass this year because of opposition resistance, but considering how the U.S. economy keeps getting worse, in the end, they'll have no choice but to implement a massive economic stimulus package."
True to his reputation as a veteran politician who had been through every kind of political battle, President Kim Jae-chun quickly saw through the situation.
"If the White House shifts the blame for the worsening economy onto the opposition that blocked the stimulus, it would only hurt them in the midterm elections, so that's what they'll do."
Seok-won accepted that with a faint smile.
"There may be some variation depending on how the two parties reach an agreement, but roughly around one hundred billion dollars in new money will be released into the system."
"One hundred billion dollars is…"
"At the current exchange rate, that's 131.5 trillion won."
"Good grief."
At the staggering figure, President Kim Jae-chun let out a hollow laugh, and Chief of Staff Woo Chun-il shook his head.
"To spend more than our entire annual budget on an economic stimulus… that really is America."
A trace of envy crossed Chief of Staff Woo Chun-il's face.
Just a few days earlier, after much struggle, next year's Korean government budget had passed the National Assembly at 111.9767 trillion won, so the comparison was inevitable.
"On top of that, carrying out the ongoing war on terror will cost an enormous amount of money. To cover all of that, they'll have no choice but to keep printing dollars like crazy."
President Kim Jae-chun nodded, his expression showing agreement.
"Every bullet fired and every fighter jet launched costs money. And when you're talking about the U.S. military moving aircraft carriers and pouring in massive amounts of matériel, it really does become a black hole that just devours money."
"If dollars start flooding the market like that, their value will naturally fall, and the dollar will have no choice but to weaken, right?"
"That makes sense. Listening to you, it feels like the mess in my head has finally cleared up."
President Kim Jae-chun said this with clear admiration.
"If I'd known it would be like this, I should have met you and talked much earlier."
"I'm glad if I was of any help at all."
Always humble as ever, Seok-won's attitude made President Kim Jae-chun look at him with eyes full of trust. Then, as if something had just occurred to him, he asked,
"By the way, you said you had something you wanted to talk to me about?"
At that, Seok-won straightened his posture and brought up the reason for his visit today.
"I have a proposal regarding the Ieodo Ocean Research Station that is currently under construction."