Chương 11: CH11 - All IN
[Hadouken!]
[Tatsumaki Senpukyaku!]
Bam!
[Tatsumaki Senpukyaku!]
Whoosh. Bam!
Seok-won knocked down Roy's Ken, who was attempting a somersault kick, cornering him in the game. What followed was a dazzling combo! Seok-won, controlling Guile, unleashed a series of sonic booms and somersault kicks, leaving Roy's Ken unable to retaliate and suffering a one-sided beatdown.
"W-Wait a minute!"
Roy frantically mashed his controller, but Ken's health bar continued to deplete rapidly. Soon enough, Ken collapsed with a scream, and Roy, in defeat, fell face-first onto the floor.
"Noooo!!!"
On the other hand, Seok-won calmly set his controller down on the floor, unfazed.
"I told you, didn't I? Come back after ten more years of practice. Though, judging by your skill, it probably won't be easy even then."
Despite his numerous victories, Seok-won appeared somewhat bored. He nonchalantly brushed off his words and began to stand, while Roy, who had been fuming, slumped his shoulders, completely deflated. Given his abysmal record of 50 losses in 50 matches over the past few days, it was understandable. Seeing Roy so downcast, looking like a drenched puppy, Seok-won couldn't help but feel a twinge of sympathy.
'Was I too harsh?'
A part of him felt a bit sorry, but he decided to leave things as they were. If he didn't set things straight now, Roy would just keep pestering him in the future.
"Hey, look outside. It's already dawn."
As Seok-won grabbed his backpack from the bed, he gestured toward the window. Having woken up early for other matters, Seok-won hadn't realized that the sun was already rising, thanks to Roy dragging him into another game.
"The sun isn't even fully up yet. Where are you going?"
Fearing that Roy might beg for another round, Seok-won quickly turned his head, avoiding eye contact.
"I have other things to do."
"Yeah… okay…"
Roy, who had been sulking, suddenly seemed to make up his mind and sprang to his feet. He pulled out a sheet of A4 paper from his desk drawer and thrust it in front of Seok-won.
"Hey, sign this before you go."
"What is it?"
Seok-won frowned as he looked over the paper he was handed.
"What the heck is this?"
"Can't you tell? It's the registration form for the upcoming Street Fighter tournament."
"Why are you giving it to me?"
"I was planning to enter myself, but after thinking it over, I figured you should be the one to compete."
Placing his hands on his hips, Roy spoke with a serious tone as if making a grand concession.
"Go out there and crush those MIT guys. With your skills, you can do it!"
He said this with a determined expression as if making a declaration of war, but Seok-won was simply bewildered.
"What kind of nonsense is this? Forget it, you go."
Seok-won shook his head in disbelief and tried to hand the registration form back.
"What? Why won't you compete? I hate to admit it, but with your skills, you could really crush those MIT guys!" Roy immediately clung to him, refusing to let go.
"You absolutely have to compete! There's no one else who can take them down!"
"Do you have some kind of grudge against MIT…?"
Seok-won put a hand to his forehead, clearly exasperated. He regretted not ignoring Roy the first time he suggested playing games together, but it was too late to undo that now.
"Listen carefully. I'm not interested in game tournaments, and I certainly don't have the time for them."
Though Seok-won firmly rejected the idea, Roy only became more excited.
"What are you saying?! Letting that talent go to waste is a crime! What do you mean you don't have time? Just skip your lectures! The tournament is way more important than some stupid class!"
"Agh, you're like a leech!"
Seok-won tried to shake him off, but Roy dropped to the floor, stretching his limbs out in protest.
"You're not leaving! If you're going, you'll have to step over my body!"
"Who says I won't?"
"Ahhh! Wait, wait!"
As Seok-won seriously considered stepping over him, Roy quickly got up and clung to his leg.
"I'm not letting go until you sign the registration form!"
"Ugh… why am I even dealing with this…"
Rubbing his face with his palm, Seok-won finally gave in and nodded reluctantly.
"Fine! I'll enter the tournament, okay?"
He immediately pulled out a pen and scribbled his name on the registration form.
"Happy now?"
Roy, taking back the form with a satisfied grin, chuckled with delight.
"Yep."
"I knew I should've never started playing with you."
Before Roy could bother him further, Seok-won quickly grabbed his backpack and left the room. After bickering with Roy since dawn, he already felt exhausted.
"That guy is seriously annoying."
Shuddering, Seok-won made his way to where he had parked his bike. Although he had signed the registration form, he had no intention of actually participating in the tournament.
'I'll just come up with some excuse and drop out during the preliminaries. That should stop Roy from pestering me any further.'
Thinking this, Seok-won unlocked his bike and mounted the seat. The campus was still quiet, with hardly anyone around since it was early morning. The cool, crisp morning air brushed past him as he cycled toward the cafeteria, which was a bit further away. He craved caffeine, but it was too early for the cafeteria to be open, so he reluctantly settled at an outdoor table that had become something of a designated spot for him.
He had a lecture in the morning and another in the afternoon, but today was a crucial day, so he planned to skip them. He wasn't like Roy, who skipped classes as easily as eating a meal. Given his consistent attendance, he figured missing a couple of classes wouldn't hurt his grades.
"Phone battery should be good to go."
Seok-won checked his phone, ensuring the extended battery was fully charged. He also confirmed that the spare battery he had packed in his backpack was there, just in case. Today, he would be on the phone all day, so the last thing he needed was a dead battery.
"This is a bit of a hassle."
In his previous life, there were plenty of places like cafes where you could charge your phone, but back in this time, that wasn't the case, making it quite inconvenient.
'Well, I guess that makes sense. It's a time when not many people even have pagers, let alone cell phones. Having charging stations would be more unusual.'
Indeed, whenever Seok-won used his cell phone on campus, it often drew curious stares from those around him.
Flipping open his phone, Seok-won used his thumb to dial Cox in New York.
Over the past few days, the battle between the Bank of England and global hedge funds over the pound had intensified. As a result, traders on Wall Street, including Cox, were on high alert, monitoring the pound's movements day and night. Today was particularly important, and Cox, who had come to the trading floor earlier than usual at Seok-won's request, picked up the phone after a few rings.
[Yes.]
"It's me."
[I was expecting your call.]
As the day began to break, Seok-won asked, "What's the exchange rate now?"
[It's $1.3900 per pound.]
Despite the Bank of England's efforts to defend the exchange rate, the pound had fallen another cent.
"Let me know immediately if it breaks $1.3850."
[Understood.]
After hanging up, Seok-won set his phone down and exhaled softly.
Today was the day he intended to bring the Bank of England to its knees, and the thought of it made him unconsciously tense up. Seok-won took a moment to calm his nerves, trying to maintain his composure.
He recalled an old memory of Mr. Oh, who had often shared tales of the stock market and legendary investment successes on Wall Street while Seok-won polished his shoes.
----
That day, as Seok-won applied polish to a shoe with a cloth, he had casually asked Mr. Oh, a regular customer, "Aren't you busy?"
Mr. Oh, who was casually flicking his foot up and down, replied, "Why do you ask?"
While expertly applying the polish, Seok-won said, "I was just wondering if it's okay for you to be out here when it's still working hours."
Back then, before his promotion, Mr. Oh was still a junior manager, and he waved off Seok-won's concern with a casual hand gesture.
"It's fine. The market's closed, and sometimes you need to take a breather to work better."
Mr. Oh was a charming man with a handsome face and a silver tongue. Sometimes, it seemed like he'd have been better suited as a department store salesman than working in stocks, given his gift for gab. It was likely because of this outgoing personality that he didn't hesitate to strike up conversations and befriend someone like Seok-won, who was just a shoe-shiner.
As he continued polishing the shoe, Seok-won glanced up at Mr. Oh.
"You're not out here hiding from your boss's nagging, are you?"
Mr. Oh chuckled, "You caught me, huh?"
"This is my secret hideout. Don't tell anyone, okay?"
Shaking his head in mock disapproval, Seok-won continued, applying heat to the polished shoes with a portable gas burner to bring out a shine so bright it made the shoes' toes gleam like glass.
"Wow, you're really getting the hang of this spit shine."
Wiping the black shoe polish from beneath his nose with the back of his hand, Seok-won allowed himself a moment of pride.
"I've been at this long enough that this is a piece of cake."
"Wow, it feels like just yesterday that you were a clueless rookie running errands, and now look at you."
"Hehe."
Grinning, Seok-won scratched the back of his head.
Mr. Oh had been a special figure for Seok-won ever since he first started shining shoes in Yeouido. Not only did he look out for him, but he also shared interesting stories, making him feel like an older brother at times.
"Tell me more about that story you were telling last time. You had to cut it short because you were busy."
"Ah, right."
Mr. Oh looked at Seok-won with a proud expression before lighting a cigarette and preparing to continue his tale.
"You remember how I was telling you about how Soros took down the Bank of England with a strategy that was different from the usual hedge fund approach?"
"Yeah, you said he didn't just gradually build up his position but instead dropped a bomb all at once."
"That's right. Typically, the standard approach is to gradually build up a position to guide the situation in your favor, but Soros and Quantum Fund opted for a short-term blitz."
"Why did they do that?"
Taking a drag from his cigarette, Mr. Oh lowered his voice as if revealing a crucial secret.
"Because it was the surest card he had."
Seeing the look of confusion on Seok-won's face, Mr. Oh continued explaining.
"I mentioned how it was virtually impossible for the UK to maintain the ERM given their economic difficulties, right?"
"Yes."
Seok-won nodded.
"So, Soros was confident in launching an attack on the Bank of England, but even though the lion was old and toothless, it was still the British government he was up against. If the UK government got desperate and asked the US for help, bringing in a massive influx of foreign currency, what do you think would happen?"
"Even if Soros is a big player on Wall Street, and even if he has global hedge funds backing him, it would still be a tough fight."
"Exactly."
Mr. Oh snapped his fingers.
"That's why they went for a knockout punch in a short-term battle, aiming directly for the jugular."
"Ah."
It finally clicked for Seok-won.
"They wanted to take them down before their friends could get involved."
"Something like that."
Mr. Oh, now crossing one leg over the other, flicked his cigarette casually.
"I mentioned before that the ERM had specific exchange rate fluctuation limits that had to be maintained, right?"
"You said it was 2.25% above or below the base exchange rate."
"Correct. The UK and Italy were special cases, with their fluctuation margins allowed up to 6%."
"...."
"So if the exchange rate fell below the critical point of 2.7780 marks per pound, the Bank of England would have to step in and buy up every sell order that came through."
Mr. Oh took another drag from his cigarette.
"Soros and the global hedge funds had a very simple strategy: keep dumping pounds until the Bank of England could no longer cope."
It was nothing less than a relentless carpet bombing.
The strategy was akin to flying a massive bomber and dropping pounds like bombs in an all-out scorched-earth campaign.
"Ugh. That must've been terrifying for those on the receiving end."
Mr. Oh chuckled as he watched Seok-won shudder at the thought.
"I'd say so. The money in their coffers was draining fast, and the sell orders just kept coming. I wouldn't be surprised if the Bank of England's officials felt their blood dry up while they were under attack."
"I would have too."
Mr. Oh smirked, raising an eyebrow as he continued.
"The day when the Bank of England, desperately clinging to the pound, finally buckled under the weight of Soros and the hedge funds' relentless bombardment was September 16."
As he exhaled a puff of smoke, Mr. Oh recounted the outcome of the battle in a calm tone.
"Not only did the UK withdraw from the ERM, but this day also marked the end of the pound's status as a reserve currency."
Then, with a wry grin, he turned to Seok-won.
"Hey, you won't hear this kind of stuff in a college lecture."
His voice, tinged with laughter, echoed in Seok-won's ears like a lingering memory.
----
Today was the September 16 that Mr. Oh had talked about.
Beep beep! Beep beep!
The shrill ringing of his phone snapped Seok-won out of his reverie. Quickly, he grabbed the phone from the table.
"Hello."
The voice of Cox, sounding slightly tense, came through the receiver.
[The pound just broke below $1.3850!]
Realizing that Soros and the hedge funds had finally unleashed the decisive blow, Seok-won tightened his grip on the phone and gave his order.
"What is the trading volume?"
[It's already well over 500 million. The sell orders keep pouring in, and this doesn't seem normal.]
As soon as he heard the news, Seokwon instinctively felt that the moment he had been waiting for had arrived."
"Sell all remaining $400 million!"
[Are you sure you want to empty the entire balance?]
Cox asked in shock, and Seok-won replied urgently.
"Yes."
[Understood.]
As Cox confirmed the order, Seok-won licked his lips, feeling the tension build up in his dry mouth.
TL/n -
The Hadoken is a special attack that originated in Street Fighter.
The Tatsumaki, commonly referred to as Hurricane Kick, is a special attack in the Street Fighter series.
The Shoryuken, commonly referred to as the Dragon Punch, is a special attack in the Street Fighter series.
***
For Non-Finance People =>
The European Exchange Rate Mechanism (ERM) was like a club for European currencies. The idea was to keep the exchange rates (the value of one currency compared to another) stable.
Here's how it worked:
Fixed Range: Each country in the ERM agreed to keep their currency's value within a certain range compared to a central currency, which was the German mark.
Intervention: If a currency's value got too high or too low, the country's central bank would step in to adjust it by buying or selling their currency.
Goal: The main aim was to reduce big swings in currency values and create a stable economic environment.
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