The position of the chief of economics and the chief of political affairs
“Isn’t the media telling you what kind of gesture you should take right now? Do you mean let go of your hands like this?”
“that is… … The media, in fact, are quite different. Not everything can be solved by government regulation alone, and there are many opinions that it should be left to the market’s self-correcting action.”
“therefore? Shall we just leave it alone?”
“Actually, there is a high opinion that Korea is overreacting. First of all, it seems better to watch for the time being.”
Chief Secretary Oh was feeling isolated from the chief economic officer in the office of the chief economic officer.
Right now, there are only a few secretaries or senior administrators who do not have cryptocurrencies under them.
The fact that the majority of all employees of the Chief Economics Office own cryptocurrencies has already been identified through the report.
This was the biggest problem. If it’s just one or two, it’s not a problem, but if it’s the majority, then it should be seen that everyone is in one place.
On that day too, Chief Secretary Oh, who had a stormy argument with the staff, was hardly able to leave even after work hours.
“Oh chief. Haven’t you been to work yet?”
“ah? one senior. Are you on your way home from work?”
Chief Secretary Oh, who had been guarding the seat with an uncomfortable face, got up and greeted the guests.
“It’s not even time for me to go to work yet, so I came to see if the senior had left work.”
“I still have work to do, so I’m going to leave in a little while. Please sit down for a moment.”
Chief Secretary Oh guided the senior secretary for political affairs who had come to him to the sofa. It was because he assumed that he had come out of nowhere because he had something to say.
“Are you saying it’s hard these days? Because of that cryptocurrency or what.”
The chief of political affairs, as always, smiled and handed over the topic.
“A problem is a problem. To call it a brief craze, the situation is more serious than expected. These days, young people in their 20s and 30s are not engaged in proper economic activities, but are drowning in the dream of making money and investing in cryptocurrency.”
“The real problem is the problem. Yes?”
“The real problem is that even the officials who have to deal with this are all obsessed with cryptocurrencies. That person named Kang Yu-jin is the real problem.”
“ah! Chairman Kang? He’s such a great person, isn’t he? How can you hit such a jackpot with every hand you touch? From our side, it seems that our fortunes have already doubled due to the boom in cryptocurrencies.”
“That is so. Does it make sense to endanger the national economy like this and only call that person’s wealth?”
“That is unavoidable in a capitalist society.”
Oh could feel the fact that the chief of political affairs was openly supporting Chairman Kang.
Come to think of it, did the chief of political affairs say that he had a pretty close relationship with Cheil Group?
The senior secretary for political affairs, considered one of the most powerful figures in the office of the president, is mainly responsible for coordinating the relationship between the executive branch and the legislative branch.
It has a great influence in planning events related to the National Assembly, grasping public opinion, and making various political decisions.
In particular, the current head of political affairs is a person who shared his fate as one of the key members of his faction even when the president was still a member of the National Assembly.
“You seem to think there is a problem with the regulation of cryptocurrency.”
Oh, the chief of economics, asked, wondering if the visit of the chief of political affairs was perhaps to inform his intentions from above.
“Regulate. It’s really necessary, and it can’t be done easily. How can we call it a necessary evil?”
While the other chief secretaries were usually bureaucrats or academics, the chief of political affairs was thoroughly politician.
Perhaps that’s why his words were always vague, but at the same time, something important was hidden.
“Didn’t the president always say that excessive regulation should be abolished? Regulations ruin the economy. It’s not the first time you’ve emphasized that one bad regulation is destroying the industry.”
“Can cryptocurrency be seen as an industry? Moreover, in a reality where cryptocurrencies are ruining the economy.”
“Are cryptocurrencies ruining the economy?”
A chief of political affairs asked with a still smiling smile.
“So far, the invested funds are not so risky. However, it is clear that if left as it is, it will threaten the Korean economy at any time. Cryptocurrency is essentially a Ponzi scam. The person who enters later guarantees the return of the person who invests first.”
Chief economic officer Oh’s gaze on the cryptocurrency market was firm.
“Right now, it’s only tens of thousands to hundreds of thousands, but the more people jump in, the lower the return will be. And eventually, if even the last person participates in the investment, the collapse will begin. At that point, any measures are meaningless. Meaningful policies must be implemented now, before the collapse begins.”
Oh, the chief economic officer, thought this might be his last chance and preached his theory.
“okay? Buy Ponzi… … If so, can regulation in Korea calm the cryptocurrency fever? Isn’t there a global craze happening not only in Korea?”
“It is true that the biggest boom is happening in Korea. Even so, aren’t the people who have the greatest desire for advancement in status are Koreans? But now that society is gradually becoming more stable and it is impossible to raise your status, you and I started to dream the same when I saw people who made jackpots with cryptocurrency. It cannot be seen as their fault. However, there are many problems with this system. Otherwise, there is a risk that the national economy will collapse as it was in Albania 20 years ago.”
In 1997 in Albania, multi-level pyramid companies became quite popular.
People who had been living under the socialist economic system for decades and did not know capitalism fell into the word of guaranteeing high returns and invested all their fortunes in this pyramid company.
As a result, after 60% of the people invested in multi-levels, this rare economic fraud was catastrophic.
The people who lost all their possessions were outraged, and through protests and riots, they even entered a civil war.
Oh, the chief economic officer, was concerned that the cryptocurrency craze would bring such a situation.
Watching the people around you make huge profits with cryptocurrencies, you can’t help but think about investing.
Unlike other financial products, the value of cryptocurrency is thoroughly guaranteed only through the additional investment of others.
Mr. Oh’s opinion that it was essentially a Ponzi scam was supported by many economists.
“Chief Oh was the eldest daughter of the former chairman of the Hosung Group, right?”
However, one of the chiefs suddenly mentioned the wife of the chief of economics. At that moment, Chief Oh’s face contorted.
“yes. you’re right. My family is Chairman Kim’s eldest daughter. But why… … ?”
“I heard that the Hoseong Group and other chaebol families formed a coalition these days? Except for Jeil and Dasan, there are five or six chaebol groups.”
Chief Oh’s expression became more and more uncomfortable at the words of the next chief.
“I heard stories like that. Isn’t it true that Jeil and Dasan are trying too hard to expand their relationship these days?”
“It’s too much of an extension.”
“Isn’t it? They are coming out aggressively in almost every sector of the economy. Only then is it obvious that the economic activity of other companies will contract. Isn’t this country not owned by the two chaebol companies, the first and the most prolific? There is a thing called Sangdoui.”
Chief Oh was voicing his enthusiasm unwittingly.
“If it’s not owned by Jeil and Dasan, it sounds like the rest of the group, including the teenage groups, should share Jjamjjami.”
“that… … Isn’t that what it means? It is concerned about the situation in which a country’s economy is dominated by a small number of companies.”
“Isn’t it the same as still being subordinated to the teenage group? Does it mean that the economic agents of this country should be limited to those 10 business groups? This is very dangerous. The chief economic officer, who oversees the economy of the Republic of Korea, had such a narrow mind.”
The chief of political affairs came out with a very harsh criticism.
“To be honest, the person who is hiding behind Jeil and Dasan named Kang Yujin is the biggest problem. Isn’t it obvious that he is trying to control the Korean economy?”
“So you’re saying that you are insisting on a regulation on cryptocurrency to reduce Chairman Kang’s influence?”
“yes? Why is that?”
“For the sake of the family business of the in-laws, shouldn’t bureaucrats who are in charge of the national economy make decisions based on their personal feelings?”
While serving in the economic and finance departments for decades, the chief economic officer competed with numerous elites and engaged in various controversies, but he could not stand the investigation of politicians.
“you!”
The economist, who felt insulted, had no choice but to shout.
“iced coffee. Calm down a little. This is not my point, I mean if someone else finds out about this, they won’t see it that way.”
The head of political affairs, like a goblin, quickly turned away. But already the chief economist could see that he was in a corner.
When he was first appointed as the chief economic secretary, the situation was not as it is now.
Having the eldest daughter of a chaebol as his wife was not a big problem.
However, some time ago, a turmoil between the Jeil, Dasan group and other groups in the business world began, and the position of Chief Oh was gradually threatened.
“The President is a little concerned. If the chief economist makes even a small mistake, what should I do?”
“yes?”
When the top person was finally mentioned, Chief Oh couldn’t help but be nervous.
“Of course, for the national economy, several companies must compete and pursue each other’s interests, but at the same time, the competition must not be overheated, right?”
“Of course it is.”
“But wouldn’t it be right to prevent them from investing a large amount equivalent to half of the country’s GDP to improve national competitiveness?”
At Han’s words, Chief Oh could already feel that the weight of the scale was completely tilted to one side.
The chief of political affairs was revealing that not only the president but also the ruling party supported Chairman Kang.
The economy was already revitalizing when Kang Yu-jin announced that he would invest a huge amount of 500 trillion won over five years.
And economic revival increases the support of the ruling party. Naturally, the ruling party has no choice but to support Kang Yu-jin’s plan.
At this point, if any kind of negative action is taken against Kang Yu-jin and there is even a statement that the 500 trillion won investment will be canceled, the approval ratings of the president and the ruling party will drop to the bottom right away.
“Then you mean that you will not take any measures against cryptocurrency?”
If the president and the ruling party turn their backs, nothing can be done.
“Of course we have to come up with a solution. But let’s take a more cautious approach. Can’t we just see what regulations other countries put out and keep pace with them? Why do we have to go first?”
Obviously, the president and lawmakers were watching Kang Yu-jin.
“Let’s go step by step, let’s go. How long is Chief Oh going to live with his wife only? Live a short life and enjoy it. haha.”
The fact that the chief of economy did not respond to the words of the chief of political affairs was probably not because the words of the other party made sense.