Golden Spoon Investment Portfolio - Chapter 68

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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68. I came to discuss raising interest rates.

January 25, 1994, Washington, D.C.
Dark clouds hung heavy over the city, threatening rain at any moment, as President Philip Davidson sat on the sofa in the Oval Office—the presidential workspace located at the western end of the West Wing of the White House—surrounded by his advisors.
With one leg crossed, President Davidson listened intently to Chief Secretary Huxley, his closest aide, with a stern expression.

“The fallout from the NAFTA signing has caused alarming defections among our core supporters, particularly in the Rust Belt.”
“Is the situation that dire?”

Chief Secretary Huxley, dressed in a brown suit, answered in a subdued voice.

“If this continues, even Pennsylvania and Tennessee—where our current representatives are holding on—are at risk. We could very well lose the Senate to the Republican Party.”

Ben Wood, a middle-aged man who had served as campaign chairman during the last presidential election and now held the position of Senior Advisor to the White House, sat on the opposite sofa and adjusted his glasses before responding.

“The House is in even worse shape than the Senate. The atmosphere is so poor that even the Speaker himself is in precarious standing.”

President Davidson furrowed his brow as he spoke.

“I understand Jimmy has a solid local base—he’s been elected fifteen consecutive times from Washington District 5. Yet you’re saying he’s struggling?”
“That’s precisely how dire the situation has become.”
“Good grief.”

Watching President Davidson let out a groan, Wood continued with a grave expression.

“If we continue down this path, the House dominance we’ve maintained since the 1952 election could be reversed for the first time in forty-two years.”
“This is maddening.”

Seeing President Davidson’s expression turn irritated, Wood inwardly clicked his tongue in disapproval.

‘I warned him so strongly that it would be fatal to the election, yet he insisted on his own way.’

He had not only defeated the incumbent president seeking reelection by an overwhelming margin but had begun his term with great confidence, with his party controlling both the Senate and the House.
However, due to a series of missteps in the intervening period, the political climate had completely reversed in just two years.
Wood, who had been quietly sighing, pushed aside his wandering thoughts and looked at the president upon hearing his name.

“Wood. Is there no way to turn the tide?”

I was irritated by how he created the mess and then left me to clean it up, but since I needed to win the election first, I pulled out the card I’d been preparing.

“The immediate priority is winning back the hearts of our core supporters in the Midwest—the blue-collar workers whose loyalty has deteriorated.”
“Who doesn’t know that? I’m doing this because there’s no sharp solution.”
“There is one approach.”

President Philip Davidson, who had been showing a dismissive attitude, leaned his upper body forward slightly at my words, displaying interest.

“What is it?”

Chief Secretary Huxley, who was present, also straightened in his seat and looked at me.

“Highlight the trade negotiations currently underway with Japan.”

Contrary to what he’d been expecting, President Philip Davidson’s expression grew disappointed at what seemed like nothing particularly special.

“But that’s already ongoing, isn’t it?”
“We should make it more of an issue.”
“I’m not sure that will have much effect.”

Faced with his skepticism, I spoke with utmost seriousness.

“Why do you think the Midwest blue-collar workers—our traditional base—turned their backs on us?”

President Philip Davidson answered with a reluctant expression, as if I were pointing out his own mistakes.

“Are you saying the election has turned against me because I ratified NAFTA?”

The words “Of course not” rose to my throat, but like a seasoned political operator who had rolled through the political arena for decades, I showed no such inclination.

“If you had postponed signing until after the election, that would have been ideal, but I understand it was a necessary decision for the United States.”

As I deftly appeased him, President Philip Davidson’s stern expression softened slightly.

“However, regardless of intent, it’s an undeniable fact that as corporations have massively relocated factories overseas, workers have lost a significant number of jobs.”
“Hmm.”

At this painful observation, President Philip Davidson let out a low groan.

“The Republican Party knows this too, which is why the White House is rattling blue-collar workers with inflammatory rhetoric about how America is losing jobs.”
“Damn those GQP bastards!”

GQP was an abbreviation for “Grand QAnon Party,” a derogatory term for the Republican Party.

“The more the opposition emphasizes the jobs issue and makes NAFTA ratification a focal point in the election, the worse our position becomes.”
“So what do you suggest?”

Ben Wood spoke to President Philip Davidson in response to his irritated question.

“The most reliable method is to bury one issue with another.”

Chief Secretary Huxley, who had been listening quietly, interjected with gleaming eyes.

“Are you suggesting we bury the jobs issue with a trade dispute with Japan?”
“Exactly right.”

Ben Wood’s lips curved into a dark smile.
President Philip Davidson then posed a tentative question with interest.

“Is that even possible?”
“While other sectors have suffered, it’s the auto workers who’ve taken the biggest hit from NAFTA, isn’t it?”
“That’s true.”

President Philip Davidson nodded in agreement.
Seeing Chief Secretary Huxley leaning in attentively beside him, Ben Wood spoke in a measured tone.

“We position Japanese automobiles—which are rapidly gaining market share in America—as the primary culprit behind the Rust Belt’s decline and make it a major issue. That way, we can naturally dilute voters’ focus on the NAFTA ratification problem.”

After hearing this, President Philip Davidson slapped his knee and exclaimed with delight.

“So we redirect the blame away from me and onto Japanese automakers instead. It’s a truly ingenious approach.”

Chief Secretary Huxley then expressed concern with a worried expression.

“Japan, along with Korea, is a key ally in the East Asia region. If relations deteriorate, it could create various problems.”

Seeing President Philip Davidson hesitate as he belatedly grasped the complications, Ben Wood immediately asserted with confidence that there was nothing to worry about.

“Japan is weak against the strong and strong against the weak. Certainly, if we apply enough pressure, there will be resistance, but ultimately they’ll have no choice but to bow to us. Wasn’t that the case with the Plaza Accord in ’85?”

In the mid-1980s, as the United States faced persistent large-scale trade deficits, the American government summoned the finance ministers of France, Germany, Japan, and Britain to the New York Plaza Hotel and forced them to agree to devalue the dollar while raising the value of the yen and the German mark. This agreement became known as the Plaza Accord.
The sharp appreciation of the yen weakened the competitiveness of Japanese corporations, leading to what became known as the Lost Decade—a prolonged economic downturn.

“If we apply strong pressure only until the election and then conclude negotiations at an appropriate level afterward, there’s no reason the alliance should suffer any damage.”

Yet President Davidson hesitated, unable to make a swift decision.
Seeing his reluctance, Ben Wood pressed further, redoubling his persuasion.

“You must think not only of this presidential election but also of your reelection afterward. If you demonstrate strength and recover the support of Midwest blue-collar workers, it will certainly be of great benefit.”

While the midterm elections mattered, President Davidson’s true priority was reelection.
Trade friction would certainly damage relations with our ally Japan, but if it helped secure his reelection, he could easily accept that cost.
True to form, President Davidson, who had been lost in thought with his arms crossed, quickly made up his mind and spoke.

“Fine. Discuss this with Commerce Secretary Vincent and report back to me as soon as possible.”
“Understood, sir.”

Just then, a knock sounded, and a Female Secretary in a two-piece suit entered through the door.

“Pardon the interruption. Monroe, the Federal Reserve Chairman, has arrived. What would you like me to do?”

President Davidson recalled that he had an appointment scheduled with Monroe, the Chairman of the Federal Reserve Board, and spoke to Ben Wood, his senior advisor.

“Has it gotten this late already? Let’s wrap up our discussion here for today.”
“Yes, sir. I’ll take my leave then.”

Ben Wood rose from his seat without hesitation and left the room. President Davidson picked up the teacup before him, took a sip of coffee, and paused to catch his breath before turning his gaze to the Female Secretary waiting by the door.
President Davidson, who had taken a brief pause while picking up the teacup in front of him and taking a sip of coffee, turned his gaze toward the Female Secretary waiting at the door.

“Yes, sir.”
Yes.

It was Monroe, the Chairman of the Federal Reserve Board.
It was Monroe, the chairman of the Federal Reserve Board.

“Welcome, Chairman Monroe.”
“I hope I haven’t stolen your time while you’re so busy.”
“Of all people, if Chairman Monroe asks to see me, I should make the time.”

President Davidson rose with a warm smile to greet Chairman Monroe, gesturing toward the sofa.

“Come now, let’s sit and talk.”
“Yes.”

Chairman Monroe exchanged a light nod with Chief Secretary Huxley, who remained standing, then settled onto the vacant sofa to the left. President Davidson, watching the Female Secretary quickly clear Ben Wood’s teacup, spoke first.
President Davidson asked first while watching the Female Secretary quickly clear away Wood’s teacup.

“Coffee, please.”
I’ll have coffee.

Upon hearing those words, the Female Secretary bowed her head slightly.

I’ll bring it right away.

As the table was cleared, President Davidson leaned back against the plush sofa and looked at Chairman Monroe.

Next Tuesday is the FOMC meeting, so there must be a lot of preparations to make. What’s this urgent matter you need to discuss?

Monroe then faced President Davidson and spoke in a slightly lowered voice about the purpose of his visit.

“…!”
“…!”

* * *

Beneath a cloudless, crystalline sky, a sleek white Gulfstream IV business jet with elegant lines touched down and rolled into the expansive parking area, coming to a halt.
As the cabin door slowly opened, Seokwon emerged in casual attire—a cashmere coat and dark sunglasses—descending the stairs.
Accompanied by the graceful farewell of a model-like blonde Stewardess, Landon Shore, who had come to greet him, approached with a warm smile.
As she descended the stairs with the escort of a model-like slender blonde Stewardess, Landon Shore, who had come to greet her, approached with a smiling face.

Welcome, boss.

Seokwon, who had exchanged a warm handshake, looked up at the brilliantly clear sky.

“They said heavy snow was coming, but it’s stopped now.”
“It seems the heavens themselves are welcoming the boss’s arrival.”

Seokwon let out a soft chuckle at the playful remark.

“Was the journey across the Pacific not too taxing?”
“Since I came on a private jet, I’m not particularly tired.”

Seokwon raised one hand, gesturing toward the business jet behind him.

“You really should acquire your own private jet, shouldn’t you? It must be inconvenient to keep renting one like this every time.”
“I’m actually planning to purchase one if I make a big profit this time.”

Landon Shore’s expression shifted to mild surprise before breaking into laughter.

“Shopping for a private jet instead of a sports car—now that’s impressive.”
“First, I need to hit the jackpot.”
“Of course, sir.”

Landon Shore spoke as he watched the Driver who had accompanied them unload luggage from the business jet and place it in the limousine’s trunk.

“I’ve reserved the Penthouse at the New York Plaza Hotel where you always stay. Shall we go?”

Seokwon gave a small nod and climbed into the back seat of the limousine alongside Landon Shore.

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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