Chapter 65: Soviet Collapse (2)

If you’re wondering why I came to the Soviet Union while focusing on short-selling the pound and the Barings Bank affair…

‘Well, of course, I had to come. The Soviet Union is on the verge of collapse.’

It’s my last chance to see the Soviet Union in my lifetime. There was a bit of a sightseeing purpose too.

Of course, the most important reason is that the period of chaos immediately after the collapse of the Soviet Union is a real mess, so if I came then, I couldn’t guarantee my safety.

-How about giving me that share since I’m giving you money?

-I don’t want to. No, come to think of it, according to communist distribution, you, a bourgeois, should give it to me, right? I’ll spare your life, so leave your money and get out.

…I don’t want to either?

-Then die!

Hmm… I’m a gourmet, but I don’t want to taste the blade of national sorrow. Choi Yeonha probably feels the same way.

If I didn’t know, I wouldn’t know, but knowing that the Soviet Union will collapse, not preemptively recruiting local connections is a dereliction of duty.

During the collapse of the Soviet Union, not only those who made a lot of money were Western investors. Some people just got robbed of their shares.

It’s all because they didn’t have proper connections with local power, and… now, I can solve it with some gold bars.

“Hmph, I’ll accept it for now… But who are you, Miss?”

As if to prove that he didn’t get the position of president in vain, Yuri Tchebrikov looked at me with wary eyes. The lust for a beautiful woman on his face had been replaced by the sharp spirit of a beast.

“Oh, I told you, didn’t I? A representative of a company affiliated with Alpha Fund… shall we say.”

“A representative? Aha, so you’re royalty. To entrust such a large amount of money to a young woman like you.”

“Let’s just say that.”

I smiled as if I put on a mask and shook hands with him.

After a brief, tense atmosphere, Yuri Tchebrikov sighed and asked.

“So, you won’t have any business with me. Are you saying to bring my uncle?”

He said so and glanced at the gold bars.

-You’re doing this knowing that I can’t handle this alone, right?

It was a silent gesture of reproach. He’s right, I can’t even move that alone without someone to help.

“Honestly, I didn’t know he was your uncle… Ahaha, this is lucky. I have plenty of time, so it’s okay. The gold bars won’t go anywhere, so let’s talk slowly.”

“Ah, of course, you can just take the one you’re holding now. This is a gift between ‘friends’, right?”

“No, it’s okay. I’ll come back later—”

I slightly raised the corners of my mouth and wrapped my arms around his neck. When a woman’s soft flesh touched him, Yuri Tchebrikov seemed to lose his mind and froze with a dazed face.

-Tuk tuk.

I smiled and handed him the bag of gold bars.

“Hey, don’t be so stiff… Just take it. It’s okay, it’s okay.”

Yuri did not refuse.

***

After seducing the naive (Russian-style) young man, I returned to my hotel room and happily shared my exploits.

I felt the fatigue of traveling far away being washed away as I soaked my body in the warm water of the bathtub.

“Yes, yes, so the guy’s face turned red… Ahaha, it was really funny.”

“Yes, yes? Ah, that… I’m, I’m glad you en, joyed it…?”

Choi Yeonha stammered, trying to match my mood, not knowing what to do. She doesn’t seem to have adapted to my personality yet, so she doesn’t seem to get the points I like.

Well, it’s not a normal taste to enjoy being lusted after by others.

But I liked that moment. The sight of human instincts, a person’s desire, being suppressed by reason and not daring to touch me…

If I pushed them with force, they would have no resistance and would be taken, but how delightful it is to see their vigorous lust suppressed by the social status and the illusion of capitalism that I have packaged.

I understand why dictators get addicted to military parades. Controlling people according to my will gives me a dizzying pleasure.

“Ah, and… that, the thing you mentioned came.”

Choi Yeonha rummaged through her bag and handed me a piece of paper.

It was a CDS contract.

“Hmm… the terms are okay for now. Did only one come?”

“Ah, yes. I went around Moscow and met people, but the regulations and laws are a lot… unique. I met with officials and talked, but this is also legally different…”

“Yes, yes, this is the Soviet Union. It’s still difficult to properly issue bonds.”

If bonds were issued, their creditworthiness could also be bought and sold.

Well, then what I’m going to do is obvious, isn’t it?

After the Soviet Union collapses, the Russian government postpones the repayment of government bonds issued by the Soviet Union. There are many types of bonds and it’s a bit complicated because of derivatives, but you can just think of it as not paying.

But they pay back the Russian government bonds.

What do you mean by Russia? Is there any other Russia besides this Russia here?

I picked up the crisp copy of the contract and waved it. One corner, soaked in water, tore slightly.

On that corner, the words ‘Imperial Russian Government Bonds’ were clearly written.

“Um…, Miss. But… are you, are you serious about this contract? If the Soviet Union collapses, of course, the Russian government will come in, but.”

Choi Yeonha trailed off.

She must be asking if this is really the right thing to do.

“Will the Russian government really pay back the old debts? They should, right?”

Yes, the Russian government paid back the government bonds of the Tsarist era. It’s like paying back a debt from 80 years ago.

It’s a reasonable decision. They didn’t pay it back with inflation calculations.

The shattered economy and the ridiculously large national debt, a Russian tradition, were similar to the Soviet Union. So if you have to pay back one of the two, you should pay back the debt of Tsarist Russia.

“It’s a good contract. We buy Russian government bonds at a cheap price and take a short position on Soviet government bonds instead.”

It’s not that strange of a contract.

I invested in an unstable Soviet company. As insurance for this, if I enter into a CDS contract, even if the Soviet Union collapses, the risk can be hedged.

There are a little more companies entering the Soviet Union than in the original history, and this is all thanks to the CDS contract.

The risk of the Soviet Union returning to a communist state, the risk of companies being confiscated as the Soviet Union collapses…, these risks were largely blocked by insurance, so entering the Soviet market has become a quite attractive option.

However, buying Russian government bonds is… a bit of a crazy act.

To the extent that the French government, which holds most of the Russian government bonds, raised a question mark.

-You’re buying that? Really?

Of course, the French investors who endured the 80-year hold didn’t just give up the government bonds. I also didn’t have enough cash to buy them at face value.

“I bought bonds with a face value of 100 billion won for about 5 billion won. If my prediction is correct, I’ll make at least 50 billion won.”

Of course, this 100 billion is 100 billion based on 80 years ago, so it’s worth trillions of won considering inflation… but I’m not that unconscionable.

And the French investors were also quite tired from the 80-year hold. It’s not just a delisting, the country has collapsed, you know?

Most investors didn’t hold on, they just buried it in the back of their minds. And in the first place, most of the investors, companies, and countries that bought government bonds in the old Tsarist Russia era had already changed generations many times.

“…I’m envious of the wealth that allows you to invest 5 billion won for fun.”

For a moment, Choi Yeonha couldn’t hide her envy and muttered. I smiled and got out of the bathtub.

-Splash.

“I like it too, that I can spend this much money as I please. So… I have to work harder. Let’s make money, money.”

“Ah…”

It was almost time to meet other people. I had to use my time efficiently because it would take some time to contact the KGB.

Since I have my grandfather’s permission, it was so easy to do external activities.

If it were before, I would have sent Yu Seonjun or Sihyeon, but if I don’t have to worry about my grandfather’s eyes, of course, I have to go myself.

I wrapped a white towel around my body, covering only the important parts, and left my dripping hair to Choi Yeonha. The hair dryer poured out hot air and wrapped my body warmly.

I looked in the mirror and indulged in self-love for a long time. Long hair is a bit of a hassle to manage, but it’s definitely pretty.

“Ah, um. Good… Haa…”

As I was having a moment with myself (literally), I saw the secretary who didn’t know what to do beyond the mirror.

Hmm, is it almost time?

I chuckled and turned my head to look at Choi Yeonha.

“Yeonha, can you do my makeup?”

“Yes, yes!”

Careful hands touched my face. As befitting her pretty appearance, Choi Yeonha was a professional at makeup. If Lee Sihyeon was born with it, she’s the type who manages it a lot.

Anyway, with the addition of light makeup, my face had a slightly more mature atmosphere.

“It’s done, Miss. Wow… you’re really pretty. I’m not just saying that.”

“Yes, of course, it should be.”

As you can see from having deceived many people so far, my appearance now doesn’t look like a child at all.

‘Originally, my growth was much faster, and I was born in January…’

With the addition of appropriate makeup, clothes, and the dignity of a chaebol family’s daughter, I now looked like I was in my late teens to early twenties.

And most men will judge me to be in my early twenties. Not many men will admit that they like young women, and they won’t think that their business partner is a teenager.

“Did you say to meet in the hotel room?”

“Yes! I’ve reserved another room next door, so you can meet there.”

“Yes, thank you. Please prepare.”

I put on a dress shirt, tightened a black tie, and prepared to meet a historical figure for the first time in a long time.

Nick Leeson came to the Soviet Union.

***

Another room in the hotel.

A young white man with round glasses was waiting for me.

The young man, who was only 24 years old, greeted me with a charming smile and a confident appearance.

“Oh, is Miss from Daeha Investment Bank? The bank that invented that CDS?”

“Ahaha, that’s right. Hello, Mr. Leeson.”

I smiled and greeted the legendary scammer.