[Korea] A major failure in the nuclear phase - out policy highlighted by the rise in electricity prices - Passing the blame on to the people and giving them cold water.
2022-06-29
Category:South Korea
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South Korea will raise electricity prices
The South Korean government has decided to raise household electricity rates by 5 won per kWh starting in July. This year's additional measures are expected to raise prices by about 15%.
Korea Electric Power fell into a large deficit
KEPCO posted an operating deficit of 5.86 trillion won last year, the largest in its history. The deficit in the first quarter of this year was already 7.8 trillion won, and unless the tariffs are raised, the annual deficit is expected to reach 20 trillion to 30 trillion won. Therefore, the idea is to transfer that deficit to the people as usage fees.
Moon Jae-in's obvious mismanagement
The Moon Jae-in government is being held responsible for its policy of ``phasing out nuclear power without increasing electricity rates.'' KEPCO, which had a surplus of several trillion won, became a loss-making company under the Moon government. During the five years of the Moon administration, KEPCO's debt increased by 41 trillion won. There are reports that if we phase out nuclear power, electricity costs will have to rise by 2.6% every year, and by 40% by 2030.
Is the Fukushima prefecture product a commotion to distract people?
Korea Electric Power is South Korea's public power company. Japan's ban on importing seafood from Fukushima, the release of treated water into the ocean, and the controversy surrounding athletes' meals at the Tokyo Olympics are all efforts to cover up the failures of energy policy under the Moon Jae-in administration and distract the public. It looks like it was a festival.
Countries with anti-Japanese spinal reflexes
They completely ignore scientific evidence, create sensationalism, and link it to anti-Japanese sentiment. When this happens, the Korean people lose their cool and become overheated. This is the result of anti-Japanese education, and is like an anti-Japanese switch that the South Korean government often uses.
The day I regain my composure
The anti-Japanese mood seems to have eased somewhat with the arrival of the Yun Seok-Yeong administration, but will the public bear the burden of the Moon Jae-in administration's failures in energy policy, which will further dampen the anti-Japanese fervor? Regarding the causal relationship between cause and effect, in Korean society the problem shifts to Japan. Japan has nothing to do with the failure of energy policy. Even if people say things have calmed down, I feel like it's already too late.
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[related article]
Moon Jae - in's words regarding Park Geun - hye's pardon are abstract; who is the one who created the division?
[Excerpt from Chosun Ilbo article (translation)]
On the 24th, former President Park Geun-hye expressed her gratitude to President Moon Jae-in for granting him a special pardon.
Lawyer Yoo Yong-ha, a close aide to former President Park, met with reporters in front of Samsung Seoul Hospital in Gangnam-gu, Seoul, where former President Park was hospitalized, and relayed former President Park's words on his behalf.
Regarding former President Park's health condition, attorney Yoo said, ``It looks like she will be receiving treatment at a hospital for the time being,'' but added, ``I cannot comment on the specific health condition right now.''
Regarding former President Park's future plans, lawyer Yoo said, ``Right now, he is concentrating on treating a new disease.He told me that he would not meet with anyone.''
On this day, to celebrate the new year of 2022, the government granted a special pardon to former President Park, who is currently in prison after being found guilty in the National Agricultural Organization Incident.
``We must overcome the pain of last year and move on to a new era,'' President Moon said, ``I hope that this will be the beginning of a new era of unity and harmony that transcends differences and pros and cons.'' .
President Moon said, ``Rather than being buried in the past and fighting each other, it is time for us to boldly work together toward the future.''Especially given the many challenges facing us, we must strive for national unity and humility.'' There is an urgent need for inclusiveness."
[Excerpt above]
Moon Jae-in's words have an abstract meaning: the people will come together as one and create a new era.
It is said that Moon Jae-in himself was the one who created the cause of the nation's division in the first place. The main argument of the opposition parties is that Moon Jae-in became president after taking advantage of Park Geun-hye's impeachment, and that the current left-wing government is the one that carried out various schemes surrounding the impeachment.
There are many people who feel that it is strange that this pardon was decided for the exact same reason as the previous pardon was not granted.
In South Korea, the president is arrested every time there is a change of government. Perhaps because of the culture of grudges, there is a history of retaliation for retaliation.
Many people take this to mean that Moon Jae-in is asking for a pardon and the charges against him to be reduced.
Moon Jae-in's term remains until next year's presidential election. Many people seem to feel uncomfortable about being pardoned at this timing.
The new President Yoon Seok - yeol will be confused by many obstacles to its government.The general election will be held in 2024.
Yoon Seok-yul, the president, will be worried about the distortion with Congress.The Democratic Party which is ruling party has 172 seats (58.31 percent).It is still difficult to determine how the president can implement his policies in this power map.If you look at the presidential authority of the Korean Constitution, there are Articles 53, 73 and 74.Article 73 is the authority to sign diplomatic treaties and Article 74 is the command of the military.Article 53 provides the right to request reconsideration of a parliamentary resolution.Article 49 states that the bill will be approved by a majority of lawmakers and a majority of those present, but if the president requests reconsideration, it will require a majority of attendance and a 2/3 votes.If the figure is to rise from 58.31 percent to 67 percent, the ruling party will have to add to win 25 votes in favor.
The ruling party's bill is likely to be rejected if it is returned.However, since this is a request for reconsideration of the bill already approved in Congress, the bill submitted by the opposition party "People's Power" is likely to be overthrown by the ruling party in Congress.In other words, Yoon will have to wait for the 2024 general election to take effect.Before that, various bills could be rejected by Congress, and the Manifesto incident could be eliminated.In this environment, diplomatic rights such as strengthening the ROK-U.S. alliance may be exercised to sign treaties or agreements.
Yoon Seok-yeol is also eager to improve relations between Korea and Japan.In response, Prime Minister Kishida said, "It is important to communicate closely with the new president and the new administration in order to restore sound relations based on Japan's consistent position.I want to see the new government's movements in the future and talk to the new government."Yoon Seok-yeol said in her manifesto, "Japan's apology and compensation are the prerequisite for improving relations between Korea and Japan," drawing attention to future developments."
In any case, he won the presidential election, but the difference in votes was less than 1 percent, 0.73 percent, and half of the people supported the opposition candidate.
It is difficult to determine how far policies can be implemented with presidential authority alone.Anti-Japanese forces are still strong.
Promise between Japan and Korea If you read the Korean news, They say that Japan and South Korea are using the Tokyo Olympics for political purposes, but they are not objective.This is because Japan has not done anything this time either.Prime minister Suga has done nothing but say that Moon Jae In will respond politely if she comes to Japan.Japan's attitude has not changed consistently, and the message has been conveyed to South Korea many times.Correction of violations of the 1965 Agreement, which was the basis for the restoration of diplomatic relations.This is all Japan has demanded, so there is no bargaining or anything.It was Moon Jae In who underestimated the issue and played tricks on it.
In addition, there are opinions that Japan and South Korea need to compromise and that the leaders of the two countries need to make a decision, but if Japan obscures the 1965 agreement, it will mean a break in diplomatic relations.The reason is that the agreement, which is a prerequisite for diplomatic relations, should be scrapped.The biggest problem is that the Korean people do not understand this and form public opinion.In other words, Japan will not budge an inch from implementing the 1965 agreement to prevent the South Korean government from breaking off diplomatic relations.In this respect, the act of drawing concessions from Japan itself is far from maintaining diplomatic relations.
The exchange won rate has not stopped falling.The No Japan movement is a campaign to buy domestic products.Nothing will change under the chaebol economy.
South Korea's trade dependence on GDP is more than 70 percent, including the service sector.In other words, domestic demand is low and foreign exchange is directly affected.Even if foreign demand is received, it does not circulate at home and flows abroad.If the person who made the purchase contract increases the dollar by 5% at the time of payment, the payment will increase by 5%.The won-dollar exchange rate is 1,200 won, but it has been hovering around 1,200 won in recent days.
In order to maintain international competitiveness, chaebol companies such as SAMSUNG buy parts in bulk and produce them in bulk to reduce costs and sell them at low prices.In this case, large debts are always carried out and large payments are repeated, and problems arise when the value of the currency changes significantly during that period.This is the so-called default.Under these circumstances, the won's international credit rating has not increased, and South Korean companies can trade in dollars depending on the L/C of Japanese commercial banks.
South Korea experienced two foreign exchange crises in 1997 and 2008.No country will experience two foreign exchange crises in 10 years.In other words, South Korea's industrial form is vulnerable, and in short, it is trading beyond its currency capabilities.
Considering what Moon Jae In wants to do, the real intention is to socialize, control the currency, and stabilize the value of the won.Do you think the boycott is a campaign to buy domestic goods if it is reversed?
South Korea is listed by the FRB as a currency manipulator.
The reason why domestic demand is not expanding is the existence of chaebol companies.The role of chaebol companies in driving the Korean economy is important, but on the other hand, investment in chaebol companies is concentrated and other industries are not growing.In addition to the businesses run by chaebol companies, how can Korean companies grow globally?It can only be done with its own money without investment.
This structure will not change even if there is a boycott Japan.As a currency manipulator, even if it leaves the liberal economy, it will not change.It is necessary for the government to take the lead in fostering domestic demand and to attract investment in what industries to foster domestic small and medium-sized enterprises.The boycott Japan does not mean that South Korean domestic companies' sales will increase.
Moon Jae In's term of office is less than three months, and criticism from his country seems to be gathering.I think it's quite late from Japan view.
The president Moon Jae In's last resistance to the relocation of the president's office.cloud over election pledges.
They seem to be at odds over the relocation of the presidential office in South Korea.Yoon Seok-yeol, who is scheduled to become the next president in the presidential election, will not work at Cheong Wa Dae.He promised to relocate.The current Moon Jae In administration has made moving stop.Specifically, the government was about to start the relocation work after obtaining approval for the reserve fund expenditure at a Cabinet meeting scheduled for March 22, but it seems that it is not possible to obtain the reserve fund budget.The current presidential office Cheong Wa Dae said, "It is impossible to move the presidential office before the new administration takes office."Yoon Seok-yeol said, "If Moon Jae In refuses to cooperate on the most representative transition tasks, there is no way to enforce them."
Yoon Seok-yeol and the party "the power of the people" expressed their anger at President Moon, who said they could not agree to move the Ministry of National Defense and the Joint Chiefs of Staff due to security instability."The situation in which the president cannot enter the office and cannot be properly guarded will cause the security crisis of the Republic of Korea. Cheong Wa Dae's refusal to compile a budget on the grounds of a security vacuum is nothing more than a hindrance to the inauguration of the new government."
After all, it seems that the plan to relocate Cheong Wa Dae on May 10, when the administration takes office, was unreasonable.Moon Jae In The administration seems to say that it is impossible to transfer security and Cheong Wa Dae functions by that date, and whether it is correct or not, the relocation of Cheong Wa Dae should have been done at the right time after taking office.In other words, the first item in the election pledge has already been nullified by the ruling party.At least where the presidential office is held is not a matter, and it seems to be nothing more than a dispute that lacks substance.
Mr. Yoon Seok-yeol also seems to have been a bit slow to read.The current president is a Democrat with 58 percent of the seats in the National Assembly.I don't think I can get their help.