Originally published on October 17, 2019.
Based on a dialogue between Furuta Hiroshi and Fujii Genki, this article discusses the termination of GSOMIA, the possible relocation of South Korean conglomerates to the United States, the Moon administration’s nationalization agenda, the UK-South Korea FTA, British finance capital, the City of London, tax havens, Eurodollars, Russiagate, and the fiction of the Steele dossier.

October 17, 2019.
The reality was nothing more than Hillary Clinton paying money and asking Steele to “go and find gossip about Trump.”
The following is a continuation of the previous chapter.
Britain and South Korea Driven into a Corner.
Fujii.
By the way, in the Trump administration, National Security Advisor Bolton resigned.
Because he kept advocating only hard-line measures on the Iran issue, Trump, who does not want war, effectively fired him.
Trump is cautious.
There is also a movement that concerns me a little.
The decision to terminate GSOMIA was made on August 22.
Two days before that, on the 20th, Harry Harris, the U.S. ambassador to South Korea, gathered representatives of fourteen chaebol and held a private meeting.
Officially, it was to seek their understanding so that GSOMIA would not be terminated.
From here on, this is my own conjecture, but perhaps he told them, “Why not come to America?”
Furuta.
That inference may be sharp.
If it is valid, the facts will follow later.
Fujii.
If you bring your large factories to America, you can survive, he may have meant.
In other words, flee from the nationalization under the Moon administration.
If they go to America, Japan’s export controls will have absolutely nothing to do with them.
From America’s standpoint as well, in a country that will eventually enter North Korea’s sphere of influence, it cannot entrust even a 72 percent share of memory chips.
America wants to promote domestic production as much as possible.
In the manufacturing industry, there is a concept called a “foundry.”
It means a factory that does not engage in research and development, but specializes only in manufacturing, and perhaps he urged them to build that in America.
Furuta.
The Moon administration is North Korea’s servant, so it probably wants to present nationalized companies to the North.
It even seems to be plotting the nationalization of land.
Fujii.
I think that is exactly right.
In fact, Britain is also in danger.
Boris Johnson has become the new prime minister, but what would happen if the Labour Party won a general election?
Its leader, Jeremy Corbyn, is an old nineteenth-century type socialist.
Furuta.
He is probably a utopian socialist.
Fujii.
There is no doubt that he would proceed with the renationalization of banks, railways, and energy.
Furuta.
At this rate, the age will turn back. (laughs)
Fujii.
Britain has done bad things all over the world, so this is its retribution. (laughs)
In fact, on the day before the notice of GSOMIA termination, Britain concluded a free trade agreement.
With which country did it join hands?
Furuta.
South Korea.
Fujii.
Yes.
For both countries, their dependence on each other is only about one percent of their total trade, so why did they conclude it?
Furuta.
Hmm, I wonder why.
Fujii.
I think both countries were driven into a corner and did it out of desperation. (laughs)
They must have thought that it was better than not concluding an agreement at all.
Britain today is an anti-American country, so it is as if an Anglo-Korean alliance, joined together by anti-Americanism, has been formed.
Furuta.
Britain certainly has that kind of aspect.
Even with Huawei, Britain was the first to betray, was it not?
Fujii.
Both Britain and South Korea are in a state where their political centers are paralyzed.
To begin with, Britain established official diplomatic relations with North Korea and has pretended not to see the North’s evil deeds, such as tax evasion and narcotics.
In other words, dirty Britain was there.
Furuta.
In short, Britain of “double books.”
Fujii.
Around the time it lost major interests in the Suez Canal Crisis, it tried somehow to devise a new way to earn money.
Then, the Bank of England decided that money entering from abroad and going out to foreign countries did not have to be entered in the domestic books, but could be treated separately.
In other words, it accepted money not subject to regulation as good.
Thanks to that, the City, the center of London finance, was able to prosper.
Furuta.
It means that Britain could not ride the current of global capitalism and retreated.
Max Weber wrote of the Bank of England that it was “a bank that slaps the other party’s cheek with bundles of banknotes.” (laughs)
I think it was in General Economic History, but I do not have it at hand and cannot quote it, sorry.
Once More, the Dream of the U.S.-Russia Cold War.
Fujii.
In Britain, manufacturing declined, and it had no choice but to live on finance.
That is the miserable state of Britain today.
North Korea, in a sense, is also a tax haven.
Because it is an independent and sovereign state, whether it makes counterfeit money or gets involved in drugs, other countries cannot intervene.
Various countries must have made skillful use of such North Korea.
I think the City of London certainly did so.
Furuta.
Hong Kong was the same.
Fujii.
Yes.
When the People’s Republic of China became independent, the first country to recognize it was Britain.
Furuta.
It was truly quick.
Fujii.
During the Cold War between the United States and the Soviet Union, the country that profited the most in the gap between them was Britain.
There was once the term “Eurodollar.”
That means dollars located in Europe, dollars that had once flowed out of America.
Furuta.
It means internationalized dollars, I suppose.
Fujii.
Yes, so even when they flowed into Japan, they were called “Eurodollars.”
The Soviet Union earned dollars by selling gold and timber.
Because they were precious dollars, the Soviet Union used them to buy what it had to buy from the West.
But if it kept dollars in America, under the Cold War, it would not have been strange for its assets to be frozen at any time.
Then where was the safest place to keep dollars?
Furuta.
London.
Fujii.
Thus the Soviet Union began to manage its money centered on London.
This was the beginning of the “Eurodollar.”
Financiers began issuing stocks and bonds because international dollar funds were staying in the City of London.
The City reaped the fisherman’s profit, and other countries began to imitate it.
After the oil shocks of 1973 and 1974, the Arabs began to place their oil money in London.
The Cold War between the United States and the Soviet Union was a good era for Britain.
Furuta.
What about the era of a new U.S.-China Cold War?
Fujii.
Britain’s legs and back are already tottering, so I do not think things will go well this time. (laughs)
It is true that Britain and China are colluding behind the scenes, but the City’s function as a tax haven has already been greatly restricted.
The person who fabricated the documents claiming evidence that Trump and Russia had been in a cooperative relationship in Russiagate was Christopher Steele, a former MI6 Russia desk officer.
I suspect that it may have been an operation based on the calculation that, if the United States and Russia again entered a state of Cold War, the City would profit.
Furuta.
What they do is bandit-like. (laughs)
Fujii.
What Steele fabricated is called the “Trump dossier,” but the reality was nothing more than Hillary Clinton paying money and asking Steele to “go and find gossip about Trump.”
He did not actually go to Russia and search for it, but merely listed false information written on CNN’s graffiti bulletin board.
Steele himself was also sued for defamation in Britain, and at the trial he confessed, “There is no basis for it.”
I remember that Arima of Watch 9 reported this with a serious face, as if it were true and a major issue, and I cannot help but despise them even more.
Furuta.
It was the dream of the U.S.-Russia Cold War once more.
That is a terrible story.
Britain is quite a barbaric country.
Fujii.
Yes.
That is why the Anglo-Saxons were able to rule the world. (laughter)
Furuta.
They were pirates to begin with.
Caesar says in The Gallic War that the soldiers of England painted their whole bodies green and leapt out from the forest.
He praised them, like a military man, saying they were terribly frightening.
To put it positively, they are full of ingenuity.
Fujii.
And the Anglo-Saxons like plots. (laughter)
“Russiagate” was a truly cheap plot, though.