Chapter 441 Building Momentum: Kind-hearted People
Tang Yicheng served in the military, and he still approaches things with a military mindset.
What is war all about? There are three possible outcomes.
One method is to physically eliminate the enemy, simply destroying them completely.
Another method is to defeat the enemy so badly that they surrender.
The last method is to subdue the enemy without fighting, where the enemy directly launches an internal uprising.
So what if he loses? Sorry, for him, there is no such thing as losing, only death.
"Thailand isn't a monolithic entity either." Tang Yicheng flipped through a pile of documents on the table and found the data he needed.
In early March, Thailand exposed its own problems by pointing out issues with ten financial institutions, triggering market panic. Within just a few days, investors withdrew 30 billion baht from these institutions, and the stock market plummeted.
In April, Moody's downgraded the credit ratings of three major Thai banks—Ayutthaya, Kyoto, and Nakhon Sit—once again, further damaging market confidence.
In early May, Texas Instruments withdrew its investment from the Thai market, triggering a large-scale sell-off by international investors.
Time and again, and with repeated falsehoods, confidence in the Thai market has reached a precipice.
Unfortunately, things went from bad to worse. In mid-May, Bangkok Commercial Bank could no longer hold on and was on the verge of collapse. To prevent the situation from escalating, the Thai government had no choice but to inject funds directly into the bank.
When the incident was exposed, public opinion was in an uproar, and depositors were terrified, hastily withdrawing 10 billion baht from the bank.
The Thai government certainly hopes its citizens will keep their money in banks and avoid any disturbances, so that they can pool their resources to resist attacks from international short sellers.
But ordinary Thai people also need to make a living, and they will definitely try their best to protect the safety of their property.
From this perspective, the interests of the Thai people and the government are not entirely aligned.
Tang Yicheng wouldn't go so far as to accuse the Thai people of being ignorant and failing to unite as one in a critical moment.
Just because ordinary people don't betray the government doesn't mean they will be treated well; it's more common for the government to betray the people.
Let's take the ruble as an example, without going too far away.
At the time, the Russian government also urged its citizens not to frantically exchange their money for US dollars.
As a result, the ruble plummeted, depreciating by thousands of times.
Those obedient and honest Russian people just watched helplessly as the rubles they had painstakingly saved up their whole lives turned into worthless paper.
No one gave them an explanation or compensation.
On the contrary, those clever and disobedient individuals exchanged their rubles for more stable US dollars or yuan at the first opportunity, thus protecting their assets to the greatest extent possible.
See, bullying honest people is the lowest-cost and lowest-risk option, and that's what governments love to do.
After Tang Yicheng finished his reflections, he remembered that Belikov, a financial advisor to the Russian Federation government, was also standing in the room. He quickly winked at the person next to him, signaling that they should not translate it carelessly.
So Wang Xiao simply said, "The Thai people don't entirely believe that the country can maintain the exchange rate."
Belikov nodded in agreement, then admitted his own shortcomings: "Indeed, we cannot easily believe it. When the ruble was devalued, the government did not expect it to depreciate so drastically."
How is Wang Xiao supposed to respond to that?
Wang Xiao simply stopped answering and changed the subject, asking Zhou Liang, "Given the current situation, what do you think we should do?"
Zhou Liang hesitated and said, "Strike...strike, further undermine market confidence."
Wang Xiao nodded: "The Thai government is at its wit's end. If they had any other tricks up their sleeve, they wouldn't have done something like killing 800 enemies while losing 1000 of their own."
Tang Yicheng laughed and sighed, "It's only because Thailand lacks the confidence to withstand it. If it could withstand it, this would truly be a brilliant move."
Why do I say that?
Thailand has blocked both the front and back doors, essentially dragging international speculators from the high-and-mighty satellite era back to the primitive society, where everyone is fighting fist to fist and tooth to tooth, seeing who can bite off a piece of flesh from the other.
Tang Yicheng laughed as he continued, "A novice can defeat a master with a flurry of punches; only a country like Thailand could pull off such a tactic. If it were Britain, it definitely wouldn't work."
Why? Because developed capitalist countries have already established this set of financial rules.
We can't compare to developing countries; they don't have as many rules to begin with, and if you piss them off, they can just flip the table.
Wang Xiao sneered and rolled her eyes at him: "Why don't you go and cheer them on? Give them a boost, and let them really take it down in one fell swoop?"
Tang Yicheng was overjoyed, but shook his head with a hint of regret: "No, they don't have a strong government."
Countries that want to implement democracy—in fact, those that have only recently started implementing democracy—generally share a common problem: the opposition party and the ruling party are locked in a bitter struggle.
The former keeps a close eye on the latter. As long as the latter makes any move that undermines its moral principles, it will be seen as a once-in-a-lifetime opportunity to launch a full-scale attack.
To put it bluntly, they are weak and petty, not even as good as the five permanent members of the UN Security Council, who know to unite against external forces and safeguard their core interests in critical moments.
Wang Xiao turned to Zhou Liang and reminded him, "Did you hear that? The enemy of my enemy is my friend. We share common interests, and the opposition party in Thailand is also our ally."
Zhou Liang nodded repeatedly.
Wang Xiao frowned when he saw Tang Yicheng laughing beside him and taking out a cigarette, ready to go outside for a smoke: "That's all you got? You should at least teach him properly."
Tang Yicheng almost wanted to raise his hands and beg for mercy: "I really don't know, I really don't understand finance."
"Is finance just a purely financial matter?" Wang Xiao said discontentedly. "You should pay more attention and properly teach him what it means to make more friends and fewer enemies."
Tang Yicheng had no choice but to put the cigarettes back in the pack and reminded Zhou Liang, "Take a look at who this Thai ban will affect?"
Such a sweeping generalization, resulting in widespread criticism and complaints, is definitely not just about short selling.
Zhou Liang explained the answer methodically: "It can inadvertently harm normal business activities. Multinational corporations also use these financial instruments to hedge against exchange rate risks associated with their investments in Thailand."
This is common; businessmen in developed capitalist countries often do this.
Tang Yicheng nodded: "Then that settles it, doesn't it? Who will compensate foreign businesses for the losses they cause by forcibly closing down like this? This is the kind of friend we can team up with."
As he spoke, he turned to leave, but seeing Wang Xiao's forced smile, he could only sigh and turn away helplessly. "Anything else?"
Zhou Liang explained, somewhat like squeezing toothpaste, "Thai companies themselves also need to use the financial derivatives market to hedge foreign exchange risks. For example, importers need to lock in future dollar payment costs. Thailand is a country highly dependent on foreign trade."
Tang Yicheng clapped his hands: "Then that settles it, right? They're our allies too. Alright, stop saying one thing at a time and just say the rest."
Zhou Liang mustered his courage and began to analyze: "The International Monetary Fund and other global financial institutions will not be happy about this. It has broken the rules. Unless it leaves this circle altogether, it will have to abide by the rules of the circle."
"Yes, that's it, creating public pressure."
As Tang Yicheng took out another cigarette, he reminded him, "Once this public pressure is built up, it won't be the Thai government that will be pressured first. They definitely have their own financial experts, and they can't possibly be unaware of the huge international uproar this ban will cause. They just don't care now and pretend they can't see it."
"But ordinary people don't have confidence. When they see the international reaction, they think, 'It's all over. We're surrounded by enemies. This country is going to go bankrupt. It's going to collapse.'"
"Once they have this idea, what will they do? They'll rush to the bank to withdraw money, exchange it for gold, exchange it for US dollars, anything to preserve its value."
“In Thailand, about 80% of workers have an education level of primary school or below, and such people are easily swayed by what others say.”
"But it was they who were able to fire that bullet that hit the heart of the Thai government."
He finished speaking in one breath, put the cigarette in his mouth, took out a lighter, and finally confirmed with Zhou Liang, "Now you know what to do, right?"
Zhou Liang nodded repeatedly.
Wang Xiao laughed and clasped his hands together: "I told you, you should keep pestering your brother Tang. Your brother Tang has a lot of hidden treasures."
Tang Yicheng once again begged for mercy, "Alright, alright, it's getting late, boss, you should go to sleep."
He knew Wang Xiao was giving him face. If she hadn't reminded him, how would he have known the intricacies of finance?
Sigh, I still have to keep learning, even at my age.
As Wang Xiao saw them out of the room, she suddenly remembered to ask Zhou Liang, "Have you started shorting the Malaysian Ringgit?"
Zhou Liang was bewildered: "We still need to short the Malaysian Ringgit!"
Wang Xiao said helplessly, "What else can we do? How big is Thailand? Soros alone has prepared $15 billion to invest. Add to that the other short sellers, and that's a huge amount. With so many people, we can't even get a few sips of soup, let alone eat meat. This piece of cake is too small; we need to add something else."
Tang Yicheng fiddled with the lighter in his hand, raising his eyebrows in surprise: "Wow! That's quite a show of force."
If Malaysia is added, then the entire Southeast Asia will be included.
Wang Xiao nodded: "Of course, everyone's problems are similar, it's just that Thailand is more typical. Wall Street speculative capital has been fighting since January, and it's impossible for them to be satisfied after swallowing Thailand. Everyone in this circle will have to take a few punches."
Tang Yicheng immediately became interested: "Count me in, I'll buy too. How do we buy them all?"
The last time I invested with my boss was in 327 government bonds, right? Wow, we actually made money.
Wang Xiao shrugged: "How would I know? You should ask Manager Zhou."
Zhou Liang pressed on, asking, "Are you only buying Malaysian Ringgit short?"
"No, buy them all: Malaysia, the Philippines, Indonesia, and Singapore."
After seeing the person out and closing the door, Wang Xiao took a shower, lay down on the bed, and fell asleep without a care in the world.
The bodyguards and assistants did the same; they quickly took showers and went to bed.
You've been on a plane for nearly 20 hours, thinking first class would be comfortable? No, when it comes to sleeping, you still need a bed.
Ask them if they feel guilty for coming here with their boss, taking a piece of flesh from Thailand, and now sleeping on their territory.
Xiao Gao and Xiao Zhao can speak on behalf of the group: No, absolutely not.
Isn't speculating in finance the same principle as doing business?
Does Shuanghui feel guilty for defeating Chundu, causing Chundu to go out of business and leaving a lot of people unemployed?
Of course not.
Once you're on the battlefield, you have to accept the consequences.
Wang Xiao was equally carefree, slept soundly until dawn, and then got up and enthusiastically followed Tang Yicheng to the morning market in Bangkok.
As for Zhou Liang? Sorry, after calling the air shuttle for the boss, you'd better stay and work obediently; he still has to keep an eye on the market.
As the airbus climbed into the sky, Wang Xiao suddenly realized why, despite the frequent occurrence of telecom fraud cases in Southeast Asia and the government's warnings, many people were still willing to travel to Thailand.
It is beautiful, truly beautiful, a breathtaking beauty.
Bangkok in June is already quite hot, but the azure Gulf of Siam, with its gentle sea breeze and the golden South Asian sunlight, truly exudes a kind of gentle and compassionate beauty.
In that instant, Wang Xiao even thought of what she had learned in her high school Chinese textbook: When a kind of beauty is so beautiful that it leaves us feeling overwhelmed, we become aware of our own limitations. (Note ①)
Seeing her overwhelmed by the sights, Tang Yicheng smiled and exclaimed, "Isn't it beautiful?"
Wang Xiao nodded and breathed a sigh of relief: "As expected of a Buddhist kingdom."
Tang Yicheng had arrived a few days earlier and was much more familiar with the area than she was. He even took the initiative to act as a tour guide, pointing down and saying, "This is the famous Chao Phraya River."
Wang Xiao wasn't very good at geography and didn't know if the Mekong River and the Chao Phraya River were the same river. She was just about to take a closer look when her eyes were pierced by something.
Good heavens, what is this? Where did these silvery bands come from? The reflections are so bright they hurt my eyes.
Tang Yicheng burst out laughing: "Cars, these are all cars. Bangkok, Bangkok, it's the slow valley. In any decent place here, the traffic jams are terrible."
He sighed, "Teresa Teng said that she encountered traffic jams in Chiang Mai, and the ambulance couldn't get there in time, delaying the rescue. But when is Chiang Mai ever free of traffic jams? Bangkok is even worse."
Wang Xiao's first reaction was to give South Africa a point, since South Africa's transportation infrastructure is much better than Bangkok's now, and there isn't such a traffic jam that even ambulances have to wait two hours on the road.
She took out her binoculars and curiously looked down at the traffic. Wow, there were quite a few luxury cars on the road. Thailand truly lives up to its reputation as one of the Four Asian Tigers; its people are quite wealthy.
According to Tang Yicheng, Bangkok, with a population of 8 million, has 4 million cars, which is equivalent to every household owning a car.
In developing countries, cars are something that only middle-class families would consider buying. Buying a car requires an initial investment, and once you have one, you have to maintain it. Without a stable income, how can you afford to maintain it?
“Thais think differently from us,” Tang Yicheng remarked from the side. “You’re asking us to borrow hundreds of thousands of baht just to buy a car? Aside from business people who need to maintain appearances, who else would do that? No one.”
If someone really gets carried away like that, they'll definitely get scolded to death by their elders, relatives, and friends—it's one thing to be a show-off if you have money, but if you don't have money, why are you being so show-off?
"I don't think this is a matter of rich or poor. Hong Kong is richer than Thailand, right? I've never seen Hong Kong people borrow money to buy a car; it's more like they borrow money to buy a house."
Wang Xiao nodded in agreement: "Everyone has their own way of living. It seems that Thailand does have a strong concept of advanced consumption."
Tang Yicheng slapped his thigh and laughed: "That's right, what kind of country raises what kind of citizens. If the government borrows so much foreign debt, won't the people follow suit?"
Wang Xiao stared intently at the convoy below, but what he was thinking was how these people would repay their car loans when the financial crisis broke out.
If they can't pay back their money, will their cars be taken back? Or if they aren't, they might not be able to afford to drive them at all.
So what will people rely on for transportation at this time? A three-wheeled motorcycle, a low-speed electric vehicle, or something even simpler like an electric bicycle?
Hmm, that's a good option.
For mainland China today, electric bicycles are considered an improved mode of transportation. For Thailand, however, they represent a reluctant choice due to a decline in consumer spending.
But at this moment, the people going up the mountain and those going down the mountain meet, and electric bicycles are the most suitable for them.
Wang Xiao pondered how to expand the market in the future while feeling a mix of emotions.
Thailand is indeed a Buddhist country. She looked through her binoculars for a long time and found that even though the traffic was so congested, there was no road rage on the streets.
Every driver and passenger stuck in the crammed-in car is used to it.
Schoolchildren pulled their homework out of their bags and continued writing by pressing their faces against the car window.
The adult driving simply took out a newspaper and took the opportunity to browse the news.
Some women even took out their handicrafts and slowly started making it.
Indeed, the environment shapes the people.
The airbus crossed the Gulf of Thailand, flew over traffic, and then stopped near Chinatown.
If we take a taxi for the rest of the way, who knows how long we'll be stuck in traffic? We might as well walk.
As soon as Wang Xiao got off the plane, he instinctively covered his nose.
Oh my god! This smell is absolutely awful.
Especially since she had just come from Cape Town, which is known for its air quality, she really couldn't get used to such pungent air.
Not only her, but the bodyguards also unanimously agreed that the air quality here was even worse than that of Beijing, which is known for its black ash.
Tang Yicheng quickly handed them the masks and said with a smile, "It's an inevitable part of economic development; there's nothing we can do about it."
If it's not a heavily polluting business, would they be willing to move to your location?
Wang Xiao shook his head: "Car exhaust is too much. If this isn't controlled, the air quality will never be good."
Fortunately, the Yuehua Restaurant where they had their morning tea was not far from where they got off the plane. They walked quickly and arrived at their destination in just 10 or 20 minutes.
In that short time, the June weather in Bangkok was enough to turn everyone into roasted pigs, with everyone covered in oil and sweat.
Wang Xiao once again missed South Africa, and even the snow in Cape Town seemed so charming and lovely in her mind.
What a tragedy! If it weren't for human greed, she wouldn't have had to suffer such misery in Southeast Asia.
Fortunately, the Yuehua Tower had a nice environment and was very air-conditioned. They went in, barely alive, and the cool air helped them come back to life.
Tang Yicheng's good interpersonal skills and easygoing nature were on full display the moment he entered the building.
Immediately, someone came up to greet him: "Hey! Boss Tang, you're late today! We were worried you wouldn't come!"
Tang Yicheng cupped his hands and laughed, "That won't do. They have to come even if it means being stabbed, otherwise I won't be able to live a peaceful day."
As it turns out, the female protagonist in the novel doesn't inherently possess an aura of dominance, nor does she become the center of attention wherever she goes.
At least for now, none of the customers in this Cantonese dim sum restaurant run by an old overseas Chinese gave Wang Xiao a second glance.
No one was curious about the Russian bodyguards she was with.
Because the regulars in the building now know that this wealthy businessman, Mr. Tang, who came from Hong Kong, is doing business with the Russians, and it's especially lucrative.
The people watching Tang Yicheng now only care about one thing: "Mr. Tang, my property development is truly exceptional, such a prime location. If it weren't for my family urging me to go back and get married, and if I weren't here overseeing things, I wouldn't trust them to make a mess of it, and I would never have sold this property!"
Yes, Tang Yicheng came to Bangkok at this time, and the official reason given was that he was going to buy up properties in Bangkok at rock-bottom prices.
Speculators all operate this way: they sell at high prices and buy at low prices, profiting from the price difference.
Thailand's real estate market is now on the verge of collapse. At the end of March, the country's largest real estate developer announced that it was unable to fulfill its obligation to repay interest due to the inability to obtain bank loans.
Even large real estate developers are struggling, and small and medium-sized developers are in even worse shape. Everyone is focused on finding someone to take over their properties as quickly as possible.
Tang Yicheng, a wealthy Hong Kong businessman looking to buy up assets at rock-bottom prices, naturally became a hot commodity in their eyes.
As soon as one person spoke, the other immediately retorted, "Forget it, yours won't work. Your debt problem is too complicated. Mr. Tang, I won't mince words with you. My situation is simple. You can handle it as soon as you take over, without having to deal with anyone."
Tang Yicheng remained calm and composed, recommending dishes to Wang Xiao and the others while laughing, "I dare not accept any of these now. How do I know when the Thai government will lift the ban? If I want to continue building houses, do I have to import timber, steel bars, and cement? With the ban in place, how can I import them? Forget it, let's all keep things to ourselves."
The real estate developer panicked: "This won't affect anything. I can introduce you to familiar suppliers who won't arbitrarily raise prices. Oh, are you worried about the exchange rate? Don't worry, the Thai government will protect it; the government has already made it public."
The rice noodle rolls were already on the table. Tang Yicheng picked one up with his chopsticks, put it in his mouth, and laughed, "Of course I believe the government is sincere when they say that. But back then, Chiang Kai-shek claimed he would defend Nanjing to the death. And what happened? He kept changing his mind, and ended up killing so many soldiers and 300,000 civilians. They were just thrown into the pit like that."
Everyone around pricked up their ears. Yuehua Tower was originally one of the main bases for exchanging information between local Chinese and foreign Chinese businessmen, including those from Hong Kong and Taiwan.
The ban issued by the Thai government on June 2nd was bad news for all foreign businesses and became the focus of everyone's attention.
Now that this topic has been brought up, someone immediately chimes in: "Do you think the Thai government is going crazy?"
Tang Yicheng shook his head, vehemently denying it, and sighed heavily: "It's all unavoidable. The government certainly didn't want to come to this. But what can it do? In order to develop the economy, it has accumulated a mountain of foreign debt, and most of it is short-term debt. Debts have to be repaid. How much of its foreign exchange reserves can it burn through? Singapore is the same. How long can we support it? It's tough! I think the Thai government has it really tough."
No matter how anyone asked him later, Tang Yicheng always expressed his understanding and sympathy for the Thai government.
It is no easy feat for a country to develop to this point in just a few decades.
It's normal to accumulate many problems.
Even a horse can stumble; a long-established empire like Britain has been robbed of a piece by Soros, let alone a newly emerging nation like Thailand.
Even if they lose, it doesn't prove that the Thai government is incompetent; it only shows that the enemy is too cunning.
He remains optimistic about the future recovery of the Thai economy, but now seems too early to buy at the bottom.
So he wants to take a look first and wait.
Dear real estate developers, please don't rush him.
Xiao Gao and Xiao Zhao were amazed. Tang Ge was still Tang Ge!
Listen to every word that comes out of his mouth; it sounds like encouragement, tolerance, and affirmation.
But in reality, which sentence is divorced from the major premise? The premise is—this time, Thailand is really going to suffer a defeat.
Tang Yicheng is truly a kind-hearted person. Even though he can't get involved himself right now, he still cares about other businessmen: "Hey, haven't you asked the government when the ban will be lifted? If it's not lifted, how will your foreign trade continue? I think the current situation is quite precarious, and foreign trade is not easy to do."
Immediately, someone joined in the chorus of complaints, saying that life had been tough since last year, and this year was even tougher. If things continued like this, everyone would be living on sea air.
Tang Yicheng was anxious for them: "You can't wait like this. If you keep waiting, the person will die. What will happen then? You have to report the situation to the government."
Someone nearby became alert: "Hey, Mr. Tang, you're such a nice guy. You seem to care a lot about Thailand's economy. How much short selling have you done?"
Tang Yicheng immediately held up two fingers and swore on the spot: "If I ever shorted a single Thai baht coin, may I be struck by lightning and killed right now!"
Everyone was shocked, and the store manager rushed over to smooth things over: "You can't talk nonsense, no one should talk nonsense, we don't want our beautiful Yuehua Pavilion to be blown up."
The diners burst into laughter. Tang Yicheng laughed as he continued to assure them, "It's not like I'm the one who caused this mess. I don't even trade stocks in Hong Kong. Why would I come here to speculate on Thai baht? Do you think I'm just wasting my time? I'm here to speculate on real estate. Of course I care about the Thai economy. If it doesn't recover quickly, when will the real estate market pick up again?"
He's already made himself so clear; if anyone questions him now, it's like publicly severing ties and offending him to the death.
In business, harmony is paramount. No successful businessman would be so idle as to do something so foolish.
Everyone chatted and laughed, and then the topic turned to when the government would lift the ban.
Someone suddenly realized: "Could it be that they're leaving the people behind to fill the hole while they run away first?"
Someone immediately chimed in, "What's impossible about that? It's always been like this throughout history. Which high-ranking official didn't buy their ticket first, withdraw their cash from the bank, pack their bags, and then flee with their whole family? Before they left, they would give a final appeal, urging everyone to unite as one, stand firm, and never back down."
Many people nodded in agreement.
They're business people, and they're more sensitive to money. The fact that Thailand has pulled in the Singaporean government to contribute foreign exchange proves what? It proves that Thailand's foreign exchange reserves are already insufficient.
If the public loses their composure and all rush to banks to exchange their money for US dollars, how can this limited foreign exchange reserves sustain the economy?
If the common people stay put and let the elders leave first, things won't descend into chaos in an instant.
The diners at Yuehualou were having an increasingly lively discussion, but Tang Yicheng didn't mention the financial situation again. He only asked several real estate developers for detailed information, saying he would study it carefully when he got back, and then put down his chopsticks.
Wang Xiao wiped his mouth and followed suit, leaving.
Before leaving, I packed up shrimp dumplings, pork siu mai, and char siu buns to take back to the people who stayed behind.
Look, she's such a kind-hearted and good boss.
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[Let me see] Good morning! Happy first day of the ninth month. The article mentions the massive traffic jams in Bangkok in the 1990s. References include "Bangkok's 'Traffic Jam Culture'" in the September 1998 issue of "Negotiation Forum" and "Economics Stumbles, Cars Run Fast" in the April 1998 issue of "Contemporary World," etc., which I will not list one by one.
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