章節 639: Chapter 639: I Don’t Want Currency Reform
I sat facing Han Gyeong-yeong with the TV switched on.
The clear, ringing voice of Lee Chun-hee echoed from the broadcast.
Half-listening, I handed Han Gyeong-yeong the documents listing the people who would be named in the special purpose corporation.
"What does the advisory group in Pyongyang say?"
Checking the documents, Han Gyeong-yeong glanced up and smiled.
"At first, they were struggling to adapt. It must be hard to adjust to control when it's their first experience with it."
These were people who had enjoyed freedom in the U.S.
Not just any laborers, but those who had been treated as part of the elite group.
I could vividly picture their reactions and chuckled softly.
"But once they got used to it, they started praising Jang Seong-taek. They claimed he listened to their advice and often explained things they had overlooked. They were so tense at first, thinking he was a dictator, but now they've become ardent supporters of Jang Seong-taek!"
Han Gyeong-yeong shook his head in disbelief.
"Better than getting your neck chopped off for not adapting, I suppose."
"At least no bodies to bury. Anyway, North Korea is undergoing a currency reform more radical than I expected. Especially the fact that they don't ask about the source of funds. Did you know?"
The main reason for currency reform in a dictatorship is to draw out money trapped in the underground economy.
South Korea had also planned currency reform after a coup by the military when they saw a completely empty national treasury.
It was meant to seize the pocket money and underground money of the Chinese diaspora.
However, Jang Seong-taek rolled out policies that were a whole different level compared to previous ones.
The fact that they won't even ask the source of the money being exchanged showed a strong determination for currency reform.
"No, I was shocked too when I heard. But the advisory group said that for the currency reform to be successful, they had to do it that way. Thanks to their strong arguments, even Jang Seong-taek, who hesitated at first, finally accepted the advisory group's opinions."
It could be a show to prove he's different from Kim Jong-il, but…
Indeed, Jang Seong-taek has a somewhat open-minded approach compared to Kim Jong-il.
"Still, I heard he hasn't budged on the dollar. While they agreed on the stable exchange rate, they diverged on some of the details."
I could vaguely guess where those differences lay.
North Korea had its own set of rules. There's no way economists would agree to a death penalty for breaking the law.
"Moreover, most of the economic policies were crafted based on the advisory group's opinions…"
Han Gyeong-yeong explained the details shared by the advisory group for quite a while.
Once he finished explaining everything, Han Gyeong-yeong glanced at Myeong-su, who appeared on the TV screen.
"By the way, isn't Lee Myeong-su made for broadcasting? He's so camera-friendly."
I chuckled at Han Gyeong-yeong's remark and turned back to the TV.
Just then, Myeong-su finished his statement, and Professor Lee Min-woo appeared on the screen.
"Let me start with the problems of this outrageous currency reform."
At that, Han Gyeong-yeong burst into laughter.
"Wait, isn't that guy a Korea University professor? If he knew who was behind this currency reform, he'd be shocked to death! What is he trying to do?"
Those who joined the advisory group included some of the most recognized currency and exchange experts in the global economy.
It seems Lee Min-woo's comment, criticizing the policies led by them, struck Han Gyeong-yeong as hilarious.
"What on earth is he doing? He knows nothing and is blabbering away. If he doesn't peg the dollar, it's obvious that as soon as you open up the economy, import prices will skyrocket!"
As Lee Min-woo's comments dragged on, Han Gyeong-yeong clicked his tongue more frequently.
I took out my phone and texted Myeong-su.
[Counter Professor Lee Min-woo's remarks properly. I'm counting on you.]
After sending the message, I fixed my gaze back on the TV.
The sight of Myeong-su checking his messages showed up on screen.
Han Gyeong-yeong looked at me wide-eyed, as if to ask whether that was alright.
"Is that even okay? Texting during a live broadcast…?"
"I sent it. I told him to refute that nonsense."
The host called on Myeong-su. Myeong-su looked up.
When the host asked if he had a rebuttal to Professor Lee Min-woo's opinion, Myeong-su couldn't help but smile.
Anyway, that guy's got a major attitude problem.
"Regarding North Korea, we must understand reality, not just books."
Han Gyeong-yeong whistled in surprise at Myeong-su's provocative remark.
"Lee Myeong-su's all about that, huh?"
That phrase, to 'see reality instead of books,' was like a jab to the pride of professors who delve into theory.
As expected, the two began to debate fiercely, and it played out live on air.
Perhaps sensing it was getting too heated, the host intervened, redirecting the question to another panelist.
And finally, the host began to introduce the topic of currency reform in South Korea.
"Wow, so that's how you link those together."
Essentially, raising the topic of currency reform in Korea was akin to committing suicide.
Yet, by easing in with the discussion on North Korea's currency reform and then smoothly transitioning to South Korea's, the host impressed Han Gyeong-yeong.
I seized the moment to ask Han Gyeong-yeong,
"What's your take on this?"
"Hmm… Honestly, when comparing the economic scales, it's true that the unit of currency in South Korea is quite substantial. Among OECD countries, it has one of the highest denominations."
"So you're in favor?"
"In the absence of any political motives, I'd be in favor. Even I think that reducing the currency unit is somewhat necessary."
Han Gyeong-yeong replied firmly. I found myself agreeing with him.
"Politicians can't really argue for it, can they? While economists or bureaucrats might occasionally bring it up, the politicians are completely tight-lipped on it."
"That's all because of the failed currency reforms during the military regime, isn't it? But just because the side effects were severe then, it doesn't mean we should stick to the status quo forever, which is the prevailing sentiment on Wall Street. The fact that the unit of one won exists while transactions actually take place only above ten won is just the stark reality of the Korean economy. And that's barely used in cash, mostly for taxes anyway."
Among OECD countries, South Korea was virtually the only nation with an unnecessarily high nominal value for its currency.
Broadening the scope, it might be possible to find others, but they'd all be currencies of developing countries.
This led to jokes in the West that they viewed South Korea as a developing country.
"So Wall Street is also in favor of reducing the currency units?"
"Those folks probably won't care much about Korea, but they've got their eyes on Asia now since it looks like Turkey plans to conduct redenomination next year."
"Really? How do you know that?"
It wasn't news that the Turkish finance minister had announced plans for a currency reform; however, they hadn't disclosed specific implementation dates.
Due to hyperinflation and value decline, it had been postponed.
"Everyone on Wall Street knows. Isn't that where secrets are least secret?"
After facing an economic crisis, Turkey adopted a floating exchange rate regime but was enduring hyperinflation due to overlapping domestic and international problems.
At present, the exchange rate of the Turkish lira was nearing 2 million lira per dollar.
It had one of the lowest currency values among UN member nations. A cola cost a million lira, and a month's rent was around 100 million lira.
"By deploying troops in the Iraq War, they improved relations with the U.S., gaining some economic benefits as well. Plus, thanks to support from international organizations like the IMF, there seems to be a trend of stabilizing inflation and falling value, so everyone's predicting they'll implement it next year."
Nodding along at Han Gyeong-yeong's remarks, I already knew that Turkey would succeed in its currency reform.
Since the millennium, Turkey was counted as one of the countries that showed the most positive outcomes from currency reform, among the many that had carried it out until my death.
The fact that in previous years, the consumer price inflation rate had gone from nearly 50% down to single digits showed just that.
"What do you think? Will Turkey be successful?"
"I'm optimistic, but it seems Wall Street is pessimistic about it."
"You see it positively whereas Wall Street doesn't? Why are you optimistic?"
"You've got a lot of questions today, huh? Unless they curb inflation through currency reform and salvage the depreciated value of their currency, Turkey's economy lacks a future. It seems they'll be regarded as a successful case soon enough."
Sometimes it feels like this guy has come back from the future.
Han Gyeong-yeong seemed quite adamant about Turkey's success.
"So then Wall Street thinks currency reform won't revive the economy?"
"It's judging that politics is too backward."
Both perspectives held merit. Politics and economics are inseparably intertwined.
Even though Turkey's economy seemed stabilized while curbing prices, it crumbled again.
As I chatted with Han Gyeong-yeong, the other panelists wrapped up their comments.
Finally, the host passed the speaking rights to Myeong-su.
"Well, I haven't really thought of currency reform."
Han Gyeong-yeong made a deflated noise and pouted.
"Looks like Lee Myeong-su is just another politician. His vague answer shows he's trying to avoid being held accountable."
However, he couldn't help but gape at Myeong-su's remarkable statement that followed.
"I do somewhat agree that we should reduce the denomination of our currency."
Lee Myeong-su made a stunning statement from a politician, and one from a powerful member of the ruling party, nonetheless.
He spoke unabashedly about currency reform, a topic deemed taboo among politicians.
"Our country uses the largest denomination among OECD countries. This could negatively impact our national competitiveness."
"Does that mean you favor currency reform?"
At the host's anxious question, Myeong-su slowly shook his head.
"Agreeing to some extent is different from being in favor. As I said earlier, books and reality differ. Economists and bureaucrats always argue opposing views for economic reasons, but the truth will only be known once we implement it. Ultimately, the government executes the policy, and it can't ignore the political elements. If we start discussing currency reform, President Yoon Chang-ho's approval ratings and our Moderate Party's ratings would likely crash."
Myeong-su refused to make a definitive statement.
For politicians, making a definitive statement equated to taking responsibility.
However, the seasoned host didn't let Myeong-su slip away.
"So you agree with currency reform, but oppose it for political reasons?"
"You can't express everything in terms of favor or opposition. I agree to some extent but don't agree with every part."
"Then what do you think is the right way?"
The host relentlessly grilled Myeong-su.
"Hey… that host is super persistent. Myeong-su could be carrying a huge political burden with just that remark. Why was he so adamant? Is he a host from the Progressive Party, or what?"
Han Gyeong-yeong fumed, pointing angrily at the TV while I couldn't help but chuckle.
All of this was part of a set script.
"Why are you laughing? You don't mean to say this was all planned, do you?"
After fuming for a bit, Han Gyeong-yeong glanced at me, puzzled.
Having no need to hide it now, I nodded slightly.
"Really? Are you seriously considering currency reform? Why? There's no incentive for you to want that. Isn't the underground economy your biggest stronghold? Wouldn't currency reform bring that to the surface?"
Even now, there was a substantial amount of cash lying dormant in Pyeongchang-dong.
Dollars, yen, and even wons. There was cash amounting to several hundred billion won beneath Pyeongchang-dong.
While I didn't know the exact amount, Han Gyeong-yeong probably had some inkling of just how significant my cash holdings were.
"No. I don't want currency reform."
"Then what's all this about? Why create that atmosphere… Ah!"
Han Gyeong-yeong's expression changed as he seemed to grasp something.
"So if Lee Myeong-su starts to warm up to the idea, the Progressive Party will take the opportunity to attack him, the government, and the ruling party. If it were a sincere effort, it would be problematic, but since you have no intention of doing so, you're framing your stance as not pursuing it due to the Progressive Party?"
Indeed, Han Gyeong-yeong had accurately figured out my intentions.
If North Korea's currency reform succeeded, discussions on currency reform in South Korea could kick off in earnest.
I chose this method to preemptively thwart that possibility.
The key point was that this whole act was suggested not by me, but by Myeong-su.
"I knew you'd get it. Lee Myeong-su over there proposed this idea. What do you think? Does it sound like a good show?"
I chuckled and turned back to the TV, where Myeong-su wore an awkward expression.
"That guy has really honed his acting skills since entering politics."
I couldn't help but smile wider while watching Myeong-su.
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