—Rustle.

As I walked down the corridor, I continued speaking. Beside me, the former secretary (not anymore) was slapping his own cheeks to stay awake.

“You remember the bond market crash back in ’94, right?”

“Ah, last year... Yes, of course I remember. The juniors from your club always pass along what you teach.”

So he listens intently like some devoted follower. How cute.

Smiling faintly, I asked him another question.

“You also know the Fed cut interest rates on July 6?”

“It was earlier this month, and I believe the rate dropped from 6.00 to 5.75.”

“Oh, correct. Good job.”

That signaled the end of the high-interest era.

—Click.

As the driver opened the car door, I slipped in naturally and continued explaining.

“A high interest rate is a signal of tightening. But if the rate drops, it means the market is heating up again. It's a perfect time to do business.”

As I casually chattered away, laying out what the recent rate cut meant, he listened attentively—though his face still looked a little confused.

—Crunch.

“Mmm, this sandwich is nice. Food always tastes better when I’m working.”

I chewed away happily, knowing I’d soon be stuck with flavorless airplane food. That’s when the senior, seeming to realize something, opened his mouth hesitantly.

“Um... I don’t have a passport, though. What should I do?”

“Oh, right. You couldn’t come on the US trip last time, huh? Well, just serve me until the airport this time, and then head back. Next time, make sure you have a passport.”

Damn. One pillow short. Back then, traveling abroad was still something only the wealthy could really afford.

“I’m sorry, Miss.”

“Mhm, you should be. I told you to get a passport ahead of time. And wasn’t it all free anyway? Weren’t you dating, like, three girls at once? Can’t believe you wasted such a great opportunity.”

He was fairly well-known around school too. Honestly, if he weren’t, I wouldn’t have kept him around in the first place.

After hesitating a moment, he answered quietly.

“Well... It was free, but not entirely. The plane ticket, food, and lodging were covered by the school, but we had to pay for small expenses ourselves. And there was the opportunity cost, too.”

Hearing that, I scanned my memory for a name.

Class 3-2, Park Hyeon-gi...

Ah, right. Both of his parents passed away, and he’s living with his grandparents.

No wonder. He probably knew how intense it was to serve me even just by reputation...

I’d thought he had a thing for me—but I guess it was just about money.

“Hmm, that one’s on me. Sorry. I’ll adjust the travel label to ‘business trip’ next time so you can claim full expenses. You’ll get more than enough.”

“...Thank you.”

Well. Maybe it’s because his situation was similar to mine, but I felt a twinge of guilt.

“Heh. Here, a reward.”

Grinning playfully, I leaned in and licked the sauce off his hand.

“...!”

Seeing his face flush in silence left me feeling a little mischievous... but this much I can afford to do.

After sucking the rest off his fingers and licking my lips, I whispered:

“Oh, and soon you’ll be reassigned to Russia. Uh-huh. It’s a special mission just for you, so keep it strictly confidential, okay? Got it?”

—Wink.

“Y-yes! I understand, I’ll remember, Miss!”

Whether his mind had gone completely blank or been overwhelmed by something else, poor guy didn’t have the capacity left to actually think about what I’d said.

Sorry, Si-hyun said we’re short on staff.

If I’d known sooner, I might’ve let him off... Then again, he’ll be paid plenty, so maybe it’s fine?

They say Russia’s not a bad place to live. Well... aside from the part where men’s average lifespan is about 15 years shorter.

***

—Rattle.

At the American airport, Seo Ji-yeon grumbled as she dragged her suitcase.

“Hmph. See? I knew it—Miss can’t manage without me.”

“Oh, shut it. You came running to the airport before I even called. Didn’t you say you were busy?”

“...That’s that, and this is this! Seeing you with that guy—famous womanizer, by the way—had my heart in knots. It was awful!”

“Hah. Funny. And if I sleep with a guy or host an orgy, what business is that of yours? You belong to me, not the other way around, got it?”

“....”

Still, she’s cute when she’s jealous, so I let it slide.

“Ji-yeon, nothing ➤ NоvеⅠight ➤ (Read more on our source) happened. But don’t meddle too much in my affairs. You don’t have that right.”

“...I never would.”

“Hmm?”

“I would never be disrespectful to you. I do like you, but I have a much stronger feeling than that.”

“Oh...? This sounds interesting. What is it?”

Blushing, biting her lip like she was embarrassed to even say it, she looked away.

“Loyalty. I’ve decided to live my life as your dog. So, I might wag my tail or nip by accident now and then, but I’d never disobey.”

Wow...

She really said that.

I was genuinely impressed. You do have to flatter me this well to be one of my people.

—Clap clap.

“Ji-yeon, let me ask you something. I asked that senior earlier too... The Fed cut rates recently, right? So, what happens next?”

“Eh?”

Caught off guard, Ji-yeon looked around awkwardly, then quickly steadied herself and stood still to think.

“...Um. They’ll probably lower it more. They raised it too aggressively before, right? Plus, there was the Kobe earthquake in Japan and the Mexican peso crisis...”

I nodded.

The Kobe earthquake had a major impact on the global economy. The key thing is, it flipped the trend from a strong yen to a weak yen.

Sounds simple, but it wasn’t. The yen was widely used in East Asia—practically a standard currency.

“Ji-yeon, try to be clearer. Don’t talk so vaguely. Think of it like you’re reporting to me.”

“Ah, yes. Just give me a little more time.”

“Sure, take it slow.”

In the car after sorting our luggage at the airport, Ji-yeon gripped her seatbelt with her small hands and spoke carefully.

“Because of the Kobe earthquake, Japanese government spending spiked. I don’t remember the exact amount, sorry...”

“The damages were estimated at $100 billion.”

That’s far more than my entire net worth.

That’s why I approach nations so cautiously—if they suffer a hit that size, they still function. If I suffer even a fraction of that, I’d be completely ruined.

“...Thank you. So the government had to spend more. That means they needed more yen, so the yen would strengthen...”

She paused. The Japanese government, of course, used yen during the recovery. Demand for yen surged, and the value of the yen rose—enter yen appreciation.

—Clap.

I clapped lightly to refocus her.

“The Japanese government knew that too. That’s why they deliberately triggered yen depreciation.”

“Oh, right. I did read that somewhere...”

Ji-yeon clutched her head in frustration and sighed. I patted her shoulder gently.

“You’re not Yoo Ha-yeon, so it’s fine. Just keep going.”

“Mm, okay. When the yen weakens, yen carry trades become harder. It’s fine to borrow yen at low interest and profit from currency exchange, but if the yen value drops too much, exporters in Japan suffer. That causes a current account deficit, and from a national perspective, it wipes out all the gains from forex arbitrage. Asian countries borrowed lots of dollars or yen for investment...”

With U.S. interest rates now in the 5% range, it’s hard to imagine, but a few years ago, the dollar was a low-interest currency. The yen, meanwhile, was extremely high.

“...So companies in East Asia started to struggle. When you suddenly sent people to Thailand and Hong Kong, I didn’t get it at first... But it was because of this, right?”

“Half-right.”

“Then... will they stop borrowing dollars or yen now?”

“Nope. Interest rates follow growth and inflation. No matter how high U.S. rates go, they can’t match the growth rates of developing countries.”

The dollar, as a reserve currency, has to be held to some degree. You can’t exactly trade in Korean won in some random foreign country.

“Ugh, I see. But now that the Fed is lowering rates again, things should be better, right?”

“That’s your conclusion?”

After a pause, Ji-yeon nodded.

“Yes. With high U.S. interest rates and a weak yen, companies were hurting. But if rates drop again, things should improve.”

Too bad...

“You’re wrong. It’ll get worse.”

“Huh? But lower interest rates should boost the economy, no?”

Ji-yeon widened her eyes and asked.

“Right, low rates are good for business. But that’s true for the U.S.”

“Ah...”

“Rates are still relatively high. They’re not low enough to help East Asian companies. And now, money is getting sucked into America.”

Borrowing dollars or yen is becoming harder.

And people will want dollars. Because I’m going to make sure of it.

“Ji-yeon, this is why we’re here. To create a bubble in the U.S. stock market. Got it?”

What are bubbles made of?

Money. When a bubble bursts and money vanishes, it’s because the bubble itself was made of money.

The NASDAQ rose by 400% from 1995 to 2000—during the dotcom bubble.

“W-wait, Miss... this is...”

Ji-yeon listened blankly, stunned.

Where did all that money come from? Where do people even get that many dollars?

It’s obvious, if you think about it.

[The incredible performance of Windows 95! Computers spreading rapidly... The 21st century will be a whole new world]

[Daehwa Semiconductor leads the D-RAM race]

[CEO of unnamed American chipmaker says, “Are they torturing aliens or something at Daehwa Electronics...? Their development speed is insane.” Later claims it was a joke after public backlash]

[IT stock frenzy—8% increase in one month]

Yes, this wildfire of a bubble will devour every bit of money across the globe.

Even the cash people believed was safely buried deep within forgotten wells.

To be continued.