CH381 | Heir

Oil prices were falling every day.

The Financial Tower was letting out happy cries day by day.

But little did I expect I would make a similar sound.

“Did you say you even added an automatic translation feature to the video conferencing program?”

“You can’t really just call it a video conferencing program. It’s used in various fields like meetings, gaming, and lectures. That’s why we added the translation feature.”

One of the few people to astonish me was Director Chun.

Once again, she amazed me with her ingenious idea.

I had entrusted the remote video conferencing system to Director Chun to prepare for the future, and the system was named ‘Connect.’

“Having a translation feature isn’t bad at all. I’ve heard that all Taewoo Group affiliates are actively using Connect. It would be useful when communicating with foreign staff.”

“Beyond Taewoo Group, it’s now widely used in Korea and the U.S. The number of subscribers has surpassed six million.”

“Although it’s used in various fields, it’s mainly for corporate use, right? Has the number of subscribers increased that much?”

There was nothing bad about increasing subscribers.

It allowed total dominance of the remote video conferencing market.

But the rapid growth exceeded my expectations, and the current number of subscribers was hard to believe.

“These days it’s used more for gaming than for remote meetings. As you know, teamwork is important in games, and since communication happens by voice, it’s become popular.”

“Isn’t the program heavy and uncomfortable to use while gaming?”

“In the last update, we added a feature that allows using only the communication part for gamers.”

They even added a voice messenger feature?

I knew Director Chun was someone who accomplished ten things for every one task, but this time she completely exceeded expectations.

She probably felt inconvenienced while gaming and made that update.

“It’s good that it’s used in various fields. But did you perhaps also add the translation feature for gamers?”

“Nowadays, games don’t really have national boundaries. The person matched with you on the same team could be American or Chinese. So we thought adding a translation feature might improve communication.”

“I thought so.”

“And for future updates, the translation feature is currently only available in chat, but we plan to add voice translation. If you speak in English, you’ll be able to hear it in Korean through synthetic voice.”

That was also a feature for gamers.

When playing games, there’s little time to read chat, so they must have thought of translating through synthetic voice.

“You must have worked hard with such little time.”

“I worked on it during my free time after work. I developed it so that it never disrupts other projects.”

“Who says no? If there’s a feature you want to add to Connect, add it anytime. Even if it costs billions, I’ll invest.”

“Is it okay to invest that much in a program that’s free to use?”

“It’s free at first, but once we monopolize the market, we’ll implement partial pay models. At that point, we can recover the investment in one go.”

“Who would pay to use a video conferencing system? Taewoo Group works remotely, but other companies rarely do.”

That’s true now.

But a time will come when remote work is imposed.

Due to the virus called COVID-19 that struck the world.

We had built the video conferencing program in preparation for the COVID era, and Director Chun was creating a far better program than I expected.

“One day like that will surely come. Whether it’s in ten years or a hundred, Taewoo Group can wait, so invest boldly without worry.”

“So I can do whatever I want?”

“Of course. As center director, you can use the funds without reporting to anyone.”

Director Chun smiled broadly.

Then suddenly, her expression changed and she whispered.

“Novo Nordisk took the bait. They bit it all at once and swallowed it.”

“They must have coveted the AI technology.”

“Though they secretly tried several routes to steal the AI technology, we confirmed the data moved to Novo Nordisk’s headquarters and was stored there. We even secured irrefutable evidence they can’t deny.”

“The AI program moved to Novo Nordisk can be remotely controlled, right?”

“As long as it’s online, it can be remotely controlled anytime.”

The initiative had now shifted to us.

That didn’t mean we could just seize the armed new drug outright.

We had to make Novo Nordisk voluntarily relinquish the new drug, and then take ownership.

That task would be done by the hijacked AI technology.

As long as remote control was possible.

Corrupting the new drug data was a piece of cake.

Since David had even managed to sway Novo Nordisk’s chief researcher, swapping out the new drug data was not a difficult task.

“By the way, Novo Nordisk really seems to think they have us by the short hairs. They’re buying up shares released to the market, apparently wanting to swallow Centurion too.”

“Chairman, didn’t you deliberately create that situation? You planted hope in Novo Nordisk that they could acquire Centurion.”

“Director Chun is sharp as ever. Pre-work is essential to winning a war.”

It was the start of a new war.

We planned to wage three wars simultaneously.

The oil war, the Saudi succession war, and the new drug war.

So much was at stake in every one of these battles that none could be deemed more important than the others.

If we could win all three wars?

If that were to happen, not only would Taewoo Group climb to become the world's number one group, but it would have the driving force to survive forever.

“Start the data corruption operation immediately.”

“We’ll reduce the new drug’s effectiveness and increase side effects.”

“If we corrupt the data for about a year, Novo Nordisk will try to abandon the new drug on their own.”

“I’ll make sure it happens within six months.”

The new drug that would make Novo Nordisk the top company in Europe.

We created an opportunity to reap an instant fortune worth at least 100 trillion won.

***

Two months had passed since the oil war began.

Oil prices were still falling daily, and the sound of champagne popping echoed every day in the Financial Tower.

“Finally, crude oil futures prices have broken below $100 per barrel. And the stock prices of oil companies have fallen more than 10%. Especially for shale gas-specialized companies, some have fallen more than 15%.”

“There isn’t going to be fighting over scarce resources, right?”

“The Financial Tower shares a massive pie with plenty to spare. Not only in the US but also in Europe and Asia, the stock prices of oil-related companies are all being smashed. There are even cases where companies that cannot consume it all end up sharing.”

Financial firms were selfish places.

They never shared the information they held with others.

Even if their stomachs burst from having too much, financial firms gripped information tightly in their hands.

But the situation was different in the Financial Tower.

There was food scattered everywhere, and everyone was in the same boat, so they shared information with each other.

“Are there still companies sticking to their stubbornness?”

“Companies that had only been watching have all bet on falling oil prices. But now, some financial firms are starting to think the oil price decline is about to end.”

The party had lasted for two months.

Everything has its beginning and end.

There’s a famous saying in gambling: when you have eaten enough, you should know when to leave.

One could say the financial industry was a kind of gambling den.

So, naturally, the thought might arise that it’s time to collect money and leave the gambling den.

“There are financial firms with insider information. We didn’t do all that preparatory work just to make such a small gain.”

“I think so too. We expect oil prices to fall at least to $60.”

“You aren't that naive either. This is a war in which all oil-producing countries, including Saudi Arabia and the US, have joined. When companies start a chicken game, it ends only when one surrenders. Countries are no different.”

The chicken game ends when one party raises the white flag.

But countries are groups with stronger pride than companies and never surrender lightly.

Surrendering usually leads to loss of support, and rulers cannot easily make such choices.

“Do you then expect prices to fall below $50?”

“They could fall to the mid-$40s.”

“If it falls that low, not just companies but entire countries will go bankrupt.”

“Venezuela will be such a country.”

The oil war was, quite literally, a war.

Through this war, some countries were destined to fall—and they became our prey.

“Under the lead of Quantum Fund, we are conducting an operation on Venezuela. It’s a concentrated strike on Venezuela’s currency.”

“Venezuela’s inflation will rise about 100% within a year. And after around three years, it could soar to 1,000%.”

“That’s why this operation is conducted only with a few select financial firms. The prime cuts are best shared among those who know.”

Should we call them special cuts?

They’re delicious but in limited quantity, so they can’t be shared with everyone.

So, Taewoo Securities, Quantum Fund, Fintech Bank, and other closely related financial firms decided to share it among themselves.

“I heard many American oil companies invested heavily in Venezuela?”

“Venezuela nationalized the oil drilling companies, but many American oil companies have also entered the market.”

“It would be a severe blow to American oil companies. If oil prices drop below $60, I may need to make another trip to the US. Looks like I’ll be going to the States once more before the year ends.”

“There are only about four months left this year. Do you think prices will drop to $60 within four months?”

“That will happen. Saudi has sent signals that they will further increase oil production.”

I was regularly reporting royal family information to Salman.

Salman was also metaphorically passing internal information to me.

Through David, I was obtaining US intelligence, and info from Russia, China, and others flowed in as well.

The more information, the more reliable the forecasts.

With added pre-regression memories, I could make more accurate predictions than anyone.

“If crude oil prices fall to $60 within this year, profits will multiply at least tenfold.”

“Taewoo Group will never run out of money again.”

A well that never runs dry.

And instead of water, it was filled with money.

“Even if we suffer losses in underground resource investments and rockets for over ten years, it won’t show.”

“That’s why we’ll invest in new areas. We’re planning investments on a different scale than before.”

“I’ll have to work hard to make money. You says it’s a different-scale investment, so I’m already scared.”

With an inexhaustible well, what can’t we do?

I was ready to make enormous investments for Taewoo Group’s future twenty years from now.

TL/n -

Why did global oil prices fall sharply in 2014–15?

Several big factors came together at once:

• U.S. Shale Boom:

The U.S. discovered new drilling technologies (fracking and horizontal drilling).

This suddenly made the U.S. one of the largest oil producers in the world.

More supply = downward pressure on prices.

• OPEC Decision (Saudi Arabia’s role):

Normally, OPEC (led by Saudi Arabia) cuts production when prices fall.

But in 2014, Saudi Arabia refused to cut output because they wanted to protect market share and weaken competitors like U.S. shale.

This kept supply high even as prices dropped.

• Global Demand Weakness:

China’s economy slowed down around 2014.

Europe was still struggling after the Eurozone debt crisis.

Less demand for oil + more supply = crash.

• Geopolitics:

U.S. and EU sanctions on Russia (Crimea crisis) and Iran nuclear talks added uncertainty, but overall the market was oversupplied.

👉 Result: Prices plunged from ~$110/barrel (mid-2014) to below $40/barrel (early 2016).

For Venezuela, which depended on oil for 95% of export earnings, this was catastrophic.

+++

What is Hyperinflation?

Hyperinflation = when prices rise so fast and uncontrollably that money loses its value almost daily.

• Normal inflation: Prices rise slowly over years.
  Example: A chocolate bar costs $1 this year, maybe $1.05 next year.
  

• Hyperinflation: Prices explode within days or weeks.
  

+++

Venezuela’s Macroeconomic Crisis of 2015–2019

2015 – The Tipping Point

• Oil price collapse (2014–2015): Venezuela was highly dependent on oil exports (over 90% of foreign earnings). When global oil prices fell sharply in 2014–15, government revenue plummeted.
  

• Fiscal deficit and money printing: To cover deficits, the Maduro government began excessive monetary expansion through the central bank.

• Shortages begin worsening: Price controls and exchange rate distortions (multiple exchange rates) created black markets, leading to widespread shortages of food, medicine, and basic goods.
  

• Inflation takes off: By the end of 2015, annual inflation reached ~180%, one of the highest in the world.

2016 – Recession and Hyperinflation Signals

• GDP contraction: Economy shrank by over 16%.

• Imports collapse: Without oil dollars, imports of food and medicine fell drastically.

• Cash shortages: Physical bolívar bills became scarce; queues at banks grew.

• Hyperinflation warning: Inflation soared past 700%. Economists began warning Venezuela was entering hyperinflation territory.

• Political tensions: Opposition gained control of the National Assembly, intensifying conflict with Maduro’s executive power.

2017 – Hyperinflation and Default

• Formal hyperinflation begins: Inflation surpassed 1,000%, marking entry into textbook hyperinflation.

• Debt default: Venezuela defaulted on some of its foreign debt. International creditors began seizing overseas assets.

• Sanctions: The U.S. imposed financial sanctions, limiting Venezuela’s access to new borrowing.
  

• Parallel exchange rate collapse: The black-market dollar rate exploded, eroding purchasing power.

• Humanitarian crisis deepens: Food insecurity and medicine shortages worsened, leading to mass emigration.

2018 – Currency Collapse & Migration Crisis

• Inflation reaches astronomical levels: Estimated 1,700,000% annual inflation by year’s end.

• Currency redenomination: Maduro introduced the “sovereign bolívar” (Bolívar Soberano), slashing five zeros from the old bolívar. This failed to stop hyperinflation.
  

• Oil industry collapse: Crude oil production fell to its lowest levels in decades due to mismanagement and underinvestment.
  

• Migration crisis escalates: Millions of Venezuelans fled to Colombia, Brazil, and other Latin American countries.
  

2019 – Political & Economic Breakdown

• Inflation still catastrophic: IMF estimated 10,000,000% inflation in early 2019.
  

• Dollarization from below: As bolívar lost value, many transactions shifted to U.S. dollars informally.

• Juan Guaidó declared interim president: In January, the opposition leader challenged Maduro, backed by the U.S. and many other countries, creating a dual-power crisis.
  

• Electricity blackout (March 2019): Nationwide power outages crippled the economy further.
  

• Severe humanitarian emergency: Widespread hunger, collapsing healthcare, and continuing mass migration.
  

+++

Example of Hyperinflation (Venezuela 2018):

• A loaf of bread costs 500 bolívars today.
  

• Next week the same bread costs 5,000 bolívars.
  

• A month later, it’s 500,000 bolívars.
  People start carrying money in bags instead of wallets, and even then it may not be enough to buy groceries.
  

Everyday example:
Imagine you got your salary today, but if you wait even 3 days to spend it, it buys half as much food because prices have doubled. So people rush to spend money immediately before it loses value.

• Oil crash happened because supply went up (U.S. shale, OPEC strategy) and demand went down (slower global growth).
  

• Hyperinflation is when money becomes almost worthless because prices rise too fast — like Venezuela’s bread going from hundreds to millions of bolívars in a year.