Omniscient Investment Point - Chapter 283



Only Noblemtl

283 Echoes of Hope – 1

(1)

From the next day onwards, I met scholars of the era who cried out that it was an economic crisis.

“The problem was that the previous government attempted to promote private-sector-led growth by implementing tax cuts, but it failed miserably. The growth rate plummeted, while high prices, high exchange rates, and high interest rates did not improve.”

“yes······.”

When I met scholars, there was something I had to be careful about.

That’s what killing temper is all about.

‘So? What’s the solution?’

I thought he would come out before I asked, but the first scholar I met, Lee Yong-wan, only kept criticizing the previous government.

“Real wages, which reflect the price level, have decreased by 3.7% over the past five years. When income decreases, consumption shrinks. On top of that, while emphasizing sound fiscal policy, the government has not loosened its purse strings. In short, it’s a foolish thing to do. The government tightens its belt because tax revenues are decreasing? Then, there will be no liquid funds in the market, and companies and households will not be able to spend money.”

“Yes······.”

“Then what happens? The number of people washing hands can’t increase? It’s a vicious cycle, a vicious cycle.”

“That is correct.”

I don’t know how long I’ll keep doing this, this is what I recommend.

“That’s why we’re thinking of holding a forum this time.”

“Is this a forum?”

“Yes. We will invite the best economists in our country to find a solution.”

“hmm······.”

He looked at me with an expression that said it was useless to search for it.

I suppressed my temper again and asked politely.

“I know that the current situation is hopeless. I also know that the future is blocked. But for the sake of future generations, shouldn’t we do something?”

“That’s true.”

“That’s why I’m asking you to please attend.”

Lee Yong-wan nods at my request.

“It’s not someone else, it’s CEO Jang who asked me to do this, so of course I have to attend.”

“thank you!”

After meeting Lee Yong-wan, I felt breathless.

‘Did I say I would step forward for nothing?’

Suddenly, Tak Jun-seok comes to mind.

I originally tried to stop him from mobilizing people and gathering scholars.

For some reason, I thought it would be better to hear the story directly and then make the call.

‘I’m starting to regret it.’

I feel so weak the first time I meet a scholar, so will I be able to endure the second one?

“I don’t know how many black swans and gray rhinos are still standing. In short, the Korean economy is on the edge of a cliff.”

As expected, the scholar’s black aura was no joke.

“yes······.”

This gentleman is different from the Lee Yong-wan I met earlier. His speech is so ambiguous.

‘Wow, this is driving me crazy.’

Honestly, I wanted to throw it all away.

However, I advise you to endure until the end, and you respond with the same words as Lee Yong-wan.

“It’s not someone else, it’s CEO Jang who asked me to do this, so of course I have to attend.”

“thank you!”

Fortunately, none of the scholars I met afterwards refused my request.

“Phew, this is hard.”

That day I came home and was completely exhausted.

However, I can’t count the number of times I woke up thinking about how many scholars there are that I haven’t met yet.

(2)

After a while, a forum was held.

The door has also opened for scholars to point out the economic crisis.

Their stories, which only mentioned negative factors such as inflation, high interest rates, exchange rates and financial instability, and sluggish real economic performance, seemed to show only frustration and despair.

But the reason scholars’ bag strings were long was because they had a clear conclusion.

“Many people are currently misunderstanding the cause of rising prices, but fundamentally, there is a problem with supply.”

It all started with scholar Lee Yong-wan, whom I met for the first time not long ago.

“In short, it means that the problem is not demand, but the lack of supply of all raw materials. Then, it follows that supply must be increased. Let’s take the example of energy transition.”

I couldn’t help but prick up my ears.

Looking around, everyone who attended the forum was the same.

“The energy transition to carbon neutrality is not something that only our country is doing. But is renewable energy really sufficiently supplied? Absolutely not. Solar energy and wind power are infinite, but strangely enough, the energy supplied from them is insufficient. As you know, solar panels and wind towers have not been built in large numbers.”

Why do you make such a long-winded statement about something so obvious?

No one thought like that.

“Then the answer is simple. We just need to build a lot. And at the time of that transition, we need to take the initiative. Fortunately, the public consciousness these days is very favorable to the energy transition. However, we should not neglect traditional energy, that is, fossil energy, by going in that direction.”

Around here I nodded.

Because my thoughts were reflected in Lee Yong-wan’s words.

“So how fortunate is that? This time, the joint development agreement for the 7th mining area has entered a new phase. It must be a stroke of genius. Of course, if you ask me whether I trust Japan, I have nothing to say. Personally, I have a prejudice that it is a country that keeps taking away what is ours.”

This was also something I had no choice but to agree with.

Even excluding the distant Imjin War and the colonial period, there have been recent cases of Japan taking away our country’s economic assets.

“However, I think we cannot just join hands because they don’t like it, and we should naturally move forward while being cautious. Therefore, let’s spur the development of the 7th mining area and increase the speed of energy transition! If we endure the pain in this process and there is no division in public opinion, the solution to the problem is not that difficult. That’s my conclusion.”

Lee Yong-wan’s presentation, which focused on inflation, ended here.

What’s next?

“Currently, high interest rates are continuing. It is difficult to predict or expect when they will fall again. There are probably many reasons for the continued high interest rates, but I personally think that the policy of looking only at the U.S. Federal Reserve is the problem.”

This also makes you nod your head as soon as you hear it. They say that high interest rates are continuing due to high inflation, but isn’t it actually because the US Federal Reserve is not lowering interest rates?

“China and Japan have already raised and lowered their interest rates regardless of the U.S. Federal Reserve. The economic gap between our two countries is significant. What is the standard for this? Japan is a developed country like us, and China is a developing country. Also, if you look at many countries around the world, there are many places that raise, freeze, and lower their interest rates on their own. Each of them gives their own reasons.”

It’s true. I could already feel the countries raising and lowering their interest rates based on their own standards popping up and then going down.

“Therefore, I think we should lower interest rates regardless of the US in the current situation. Why? Because the people are currently burdened with debt, they cannot engage in proper economic activities.”

This is also true, as consumption was shrinking due to the burden of high interest rates, the Korean economy was dying day by day.

“As always, our country has unleashed tremendous potential in the era of low interest rates. The financial authorities cannot be unaware of that.”

As I recall, this statement was also correct.

The time when we began to be recognized as an advanced country was when the era of low interest rates arrived.

“The good news is that the timing of the U.S. interest rate cut is getting closer. So what about this? Lowering it before the U.S. does. Why is this being done? It can send signals to each economic entity. Oh, our financial authorities are independent from the U.S. Federal Reserve. They can raise and lower interest rates first in the future. I think that just with this signal, the domestic economy will definitely change.”

I nodded.

I meant to say that I completely agree.

‘It was a good decision to have a forum.’

It seemed like the answer was gradually coming into view.

Listening to the messages of hope from the scholars who participated today.

‘You really came prepared today.’

South Korea has historically shown itself to be resilient in times of crisis.

It seemed like that was the case this time too, and the next participants followed a similar pattern.

“There are many people who are considering the correlation between interest rates and exchange rates. Of course, there is a close relationship, but I think we need to first determine whether it is a correlation or a causal relationship.”

He defined interest rates and exchange rates, and expressed his hopeful thoughts on how our economy is affected when the exchange rate rises and falls, and whether there are any plans to take advantage of that period.

Especially when it comes to the coming currency war, when we talk about whether we can take the lead.

“Honestly, isn’t it possible that the answer lies in cryptocurrency?”

I was surprised that you thought the same thing as me.

Other scholars also did not differ much in their tone, first talking about the gloomy current situation and then, based on objectivity, talking about a subjective hope for the future.

‘Wow, that’s good.’

In fact, these are people who study economics.

It seems like it came out today after accurately reading the psychology of each economic entity.

That is, the sound that everyone is shouting now.

– Please, tell me something hopeful!

Wouldn’t you want to hear it from an authority who has studied economics for a long time, rather than someone else?

So the story of the last person to present was really impressive.

“There is a saying that the optimist wins in the end. I agree 200%. It may be a bit harsh, but when you get to my age, your friends start to go to the funeral one by one. But when I look at the friends who have gathered at the funeral, that is, the friends who have not gone yet, there is a characteristic. They are more optimistic than the friends who have already gone. I have even seen a friend who had cancer overcome the cancer and survive with a positive mindset.”

My eyes widened around this area.

‘That’s right.’

What if I gave up on life because of pancreatic cancer?

Could I have survived until now?

‘Absolutely not.’

In that sense, I think I should live more optimistically and with more hope in the future.

Maybe that’s why, but I think I used the words hope, positivity, anticipation, and optimism a lot during the press conference that followed the forum.

Today’s forum title proves this.

(3)

『Korean Economy in Crisis, Echoes of Hope Resound!』

『Domestic economic indicators that hit rock bottom, now only going up?』

“Still, we are going to a happy country”

『Maybe now is the golden time, BUY KOREA』

And after a while, I received a call from Song Jae-hwan.

“hello?”

– grow.

“I know. Just keep it brief.”

– What, this······.

“I’m just kidding. Hahaha.”

– Oh, my. Our lifespan has grown a lot.

I tried to joke again by saying, “I’m taller than you,” but stopped myself.

That’s because I felt that the conversation that followed wasn’t in a joking mood.

– The four major economic leaders are meeting soon? You, come.

“Huh? No, why would I······?”

– Why? This time, please give us some hope for the Korean economy that you were shouting about.