The Korean movie “The Day of National Bankruptcy” has the English title Default.
The Gold Collection Movement
In the film Default, released on November 28, 2018, the “Gold Collection Movement” is briefly introduced through on-screen captions. I personally experienced the 1997 Korean financial crisis, so I was already familiar with the gold collection movement and could empathize more deeply with the dark social atmosphere portrayed in the film. Watching the movie felt frustrating and left me with an unpleasant mood.
After the captions end, the film shows scenes set 20 years later. Han Si-hyun’s narration—“Crises are repeated”—serves as a sharp reminder against forgetting the 1997 Korean financial crisis. Han Si-hyun is played by actress Kim Hye-soo.
Those Who Turn Crisis into Opportunity
Yoon Jung-hak, played by actor Yoo Ah-in, submits his resignation to his boss and says that the country will soon go bankrupt. After resigning, Yoon Jung-hak gathers investors and explains why the nation is heading toward collapse.
Those Who Try to Prevent the Crisis
At a meeting attended by the Director of Financial Policy, the Vice Minister of Finance, the Governor of the Bank of Korea, and the Senior Presidential Secretary for Economic Affairs, Han Si-hyun states that the foreign exchange reserves are calculated to be within 9 billion dollars and that only one week remains before national default.
Actor Jo Woo-jin, who played the Vice Minister of Finance, won the Best Supporting Actor award at the 40th Blue Dragon Film Awards in 2019. Default attracted a total audience of 3.75 million viewers.
Those Who Fall Victim to the Crisis
News reports announce corporate bankruptcies. A man jumps from a bridge over the Han River.
The new Senior Presidential Secretary for Economic Affairs says that the government has decided to accept an IMF bailout.
Gap-soo hears over the phone that the one who endures and holds out is the one who wins.
There is experience, but no knowledge.
A promissory note is a document that contains a promise to pay a fixed amount of money on a specified date. This document is classified as a negotiable security. Negotiable securities are documents that certify property rights. In Default, viewers can see people taking out loans with promissory notes and conducting transactions using them. As mentioned earlier, I experienced the 1997 Korean financial crisis firsthand. However, I do not know the causes and the course of events in detail. I should look for books and read more about it.