Reborn since 1993

Chapter 813 The rumbling wind
"Many billionaires including Siam Srivastava declared bankruptcy!"

"More than 56 banks, insurance companies, investment banks and securities companies in Siam have declared bankruptcy!"

"The Philippine Peso, Singaporean Peso, Korean Dollar and other Southeast Asian currencies have fallen sharply today!"

Just like an avalanche, the originally calm Southeast Asia suddenly became a mess. Without any warning at all, Soros led a group of international hedge funds and began to rush into the Philippines, Malaysia, Singapore, South Korea and other places.

At the same time, the tragic situation in Siam began to be widely reported by the media throughout Asia.

A number of Siam's wealthy people, as well as banks and other institutions, went bankrupt or even became heavily in debt and had to make a living by setting up stalls on the streets.

As for the Siamese, even more people went bankrupt. Many Siamese people saved their entire lives' money in banks, but it has now become a piece of waste paper. The money was originally intended for retirement, but now they have to stand up again to make a living.

Prices throughout Siam were skyrocketing. When everything was in chaos and people could no longer survive, homeless people began to appear on the streets in large numbers. Various violent crimes such as robbery, shop smashing, arson, etc. began to occur, and the public security in the whole of Siam deteriorated rapidly.

The news about the Siamese tycoon who couldn't accept the blow and jumped from a building is no longer news. The media no longer reports it.

Not everyone has the mentality and ability to make a comeback. When they turn from billionaires into debt-ridden beggars overnight, many Siamese people lose their minds and simply choose to jump off the roof.

When a currency collapses and a modern country's economy completely collapses, it is like a scene devastated by war, happening in front of the world. That is the first time that people see what the tragedy is like.

Soros's move is actually a psychological attack, telling people in the Philippines, Singapore, Malaysia, South Korea and other places that if they don't run away now, they will suffer the same fate as the Siamese people!
This psychological warfare is indeed effective. People tend to seek benefits and avoid harm. Who would want their life's worth to vanish overnight and then run to the street to become a homeless person?
This resulted in the fact that even though Soros had not yet attacked South Korea, Malaysia and other places, people in these regions began to flee and exchange their money for US dollars to seek refuge.

Because now in the entire Southeast Asia region, only the US dollar is reliable, and other currencies are facing risks. For example, the Thai baht has fallen by 90% against the US dollar in one month and has become like waste paper. Who can tolerate this?
When the wealthy in Korea and other places began to cash out on a large scale, they cashed out their bank deposits, stocks, and properties, and then converted the Korean won in their hands into US dollars.

When countless people are doing something, a bank run will occur. If it happens in other industries, it would be fine, but if it happens in a bank, once a bank run occurs, it can be fatal!

When the news of countless people queuing up in front of Korean banks to withdraw money and exchange them for US dollars appeared on television news in Korea and other parts of Asia, the news of the Korean bank's bankruptcy began to spread widely.

This attracted more Koreans to rush to banks to withdraw money and then exchange it into US dollars. The foreign exchange originally used by the entire Korean country to stabilize its currency began to decrease on a large scale. In other words, before the war with hedge funds even started, a large amount of ammunition in Korea and other places had been consumed.

The news came out too suddenly and happened too quickly. Siam had just been conquered and the entire country was almost short-sold and bankrupt. On the other side, in the Philippines, Singapore, Malaysia and other places, foreign exchange, stock and property markets began to plummet, and banks began to be run. People had no time to react.

The entire Southeast Asia region is in panic, and no one knows which region Soros's group of vultures will attack next.

All parts of Southeast Asia have become panic-stricken. The local currency exchanged for the US dollar changes several times a day. The exchange rate is normal in the morning, but it plummets by 30% or even more in the afternoon. Under such circumstances, foreign trade cannot continue at all.

Because the losses might not be as great as those from selling to others, the foreign trade and overseas orders in the entire Southeast Asian region are basically paralyzed.

In China, companies that have trade relations with Southeast Asia also suddenly felt the arrival of a cold winter.

Because before, many domestic media and financial experts had been advocating that the current situation is very good and Siam was just an accident. It was because it had problems that international hot money found a loophole. There is no way that there would be any problems in other parts of Southeast Asia. As for the domestic situation, there is no need to worry!

Therefore, the domestic market did not pay much attention to Southeast Asia, and many companies were not prepared at all. Then they suddenly saw news that Southeast Asia collapsed overnight.

"The orders for motorcycles sold from the mainland to Siam, Malaysia, Bangzi and other places are expected to suffer heavy losses!"

"The domestic home appliance industry estimates that this year's orders to Southeast Asia may lose more than 70%!"

Inside Jinyang Electronics Company, Lin Yekang was anxiously watching the large-scale news reports about Southeast Asia that suddenly appeared on TV.

Motorcycles, color TV sets, refrigerators, washing machines, VVDs and other home appliances are the main products exported from China to Southeast Asia. Although they are not completely wiped out now, at least they cannot be traded.

Agents in Siam, Korea and other places were trying every means to save their lives at this time. They desperately borrowed US dollars to repay their loans, otherwise they would go bankrupt and would not have any extra money to import from the domestic market.

As for domestic companies, they dare not export at this time because of the unstable exchange rate. It is very likely that something originally worth ten dollars will be shipped over there, but the exchange rate will depreciate, and only one dollar will be left after the exchange. They will lose so much money that their pants will fall off!

Li Dongling once predicted that the domestic motorcycle industry would fail in Southeast Asia, but no one expected that it would happen in such a dramatic way. This year, domestic motorcycle exports to Southeast Asia were basically wiped out. A large number of local companies went bankrupt, countless people lost their jobs, and bank deposits became worthless. What was the point of having motorcycles?
In other words, no matter how cheaply domestic motorcycles are sold locally, locals have no money to buy them. If the foreign exchange of places like South Korea collapses again, it is hard to say whether the entire Southeast Asian motorcycle market can recover this year.

Lin Yekang became increasingly uneasy as he watched the news reports on TV. Jinyang Electronics has been working hard to expand its production capacity during this period. It has added several production lines just to meet orders for electronic dictionaries from companies such as Oz, LG, and Citizen.

Jinyang Electronics' cash flow had long been spent, and Lin Yekang also borrowed a large sum of money from the bank and mortgaged the factory to the bank.

"Ask Manager Meng from the marketing department to come over!" Lin Yekang said to the secretary.

Meng Rongcheng, general manager of Jinyang Electronics' marketing department, hurried into Lin Yekang's office.

"Manager Meng," Lin Yecheng said without further ado when he saw Meng Rongcheng, "Go and urge the payment from Haojixing, Noah's Ark and other companies to be collected in advance. Even if you can't collect all of it, you have to get some of it back. The company's funds are very tight right now, and the prices of some raw materials are rising..."

As he spoke, Lin Yekang saw that Meng Rongcheng seemed to be in trouble. Lin Yekang frowned and said, "Manager Meng, what's wrong?"

"Mr. Lin!"

Meng Rongcheng moved his lips for a while, and finally said with a stiff upper lip, "LG, Citizen and other overseas companies have just sent us a notice to temporarily stop purchasing from us, and the products they purchased before will be returned to us!

Domestic electronic dictionary companies such as Haojixing, Noah's Ark, Wenquxing, as well as orders from VCD, repeater, and television manufacturers have also suspended purchases, and previous payments have also been temporarily delayed!"

"What did you say?"

Lin Yekang was breathing heavily, his eyes seemed to be spitting fire as he shouted at Meng Rongcheng. It was obvious that he was extremely angry at the moment, and under his anger, panic and fear appeared in his eyes.

What does temporary delay mean? Isn't it just that there is no money to pay? If it is delayed, it is hard to say whether it will be paid in the future.

"I don't care what method you use, just get the money back from me!"

Lin Yekang's mood and expression at this moment are exactly the same as the "Uncle Dong" in a certain TV series, who said that Uncle Dong was very happy, but the tone of your words and the look of Uncle Dong who didn't like it very much, that is, "Tell me, where is my money?!"

After Meng Rongcheng left, Lin Yekang sat down on a chair. At this time, he felt limp all over. Thinking of the goods that filled the warehouse, Lin Yekang felt dizzy.

Then, Lin Yekang seemed to remember something and hurriedly took out his phone, "Notify the production department to stop production immediately. Stop all production lines!"

At this moment, Lin Yekang suddenly remembered Dongling Hi-Tech’s previous notice and Dongling Hi-Tech’s risk announcement. Lin Yekang sat there as if he had lost his parents.

Not only Jinyang Electronics, but also domestic foreign trade companies that have trade relations with Southeast Asia have suddenly become silent as if the pause button was pressed.

There was chaos in the Haojixing company at this moment. In the conference room, Zhou Zhiyuan sat there expressionless, being besieged by a group of suppliers in the conference room.

"Boss Zhou, please have mercy on us. We are waiting for our wages to be paid. If you don't pay us for the goods, we can't even go home!"

"Yes, Boss Zhou, we don't want the full payment. Just give me one-third or one-quarter of the payment. I promise that once I leave this door, I will never come back!"

"We delivered the goods here because we trusted Mr. Zhou. Mr. Zhou, you can't be so disloyal and really force us to death!"

"Boss Zhou, if you don't give us an explanation today, we will jump from here!"

Facing a group of suppliers in an uproar, Zhou Zhiyuan, with a dejected look on his face, was almost a completely different person from the man who shouted a month ago that he would dominate the electronic dictionary market.

"I don't have money, but I have my life. Now I have the goods in the warehouse. Either I sell them and pay you, or you can take them away and pay for them!"

(End of this chapter)