Wake up, South Korea’s political chaos, Yoon Seok-hye this was the president of the people expected, the naked eye is the speed of the country to the abyss of Chaos.
So why did the powerful Yin Xiyue suddenly stage a coup? What will happen to South Korea’s already shaky economy? Follow Chloe to uncover the truth of the unusual world under the ordinary news. Let’s start with Yin Xiyue. Here I first say a view-yin Xiyue’s ascendancy is an unexpected product of the upheaval of the times.
Why, because he is neither an elite supported by traditional factions nor has a strong civil base. To put it bluntly, his rise is entirely in the gap between political chaos and public anxiety in South Korea.
What did Korea need? A reformer is needed. The people are tired of corruption, tired of endless partisanship. And Yin Xiyue happened to seize this point. He waved the anti-corruption banner, the self-packaging as”Anti-corruption fighters.”. It was a position that was unfamiliar and appealing to voters at the time. As a result, he became a kind of”Antidote candidate”, was pushed to the stage of power. But it is precisely because of this background, let Yin Xiyue from the beginning doomed his isolation. He has neither the resources of traditional factions nor the support of grass-roots political networks. He is more of a tough loner than a party leader.
His iron hand may have worked well in his career as a prosecutor, but in the presidency it quickly became his Achilles heel. With the thunderstorm of Yin’s wife, Jin Jianxi, Yin Xiyue’s personalization of the ruling color has been further amplified.
As First Lady, she never brought any positive points to her role. Instead, she is one of the most controversial presidential spouses in South Korean history… Her scandal is like a never-ending storm of public opinion: plagiarism, stock manipulation, fake degrees, designer handbags… … There are few negative topics she doesn’t share.
Faced with such a situation, Yin chose the worst path. Instead of cutting ties with the controversies, he has repeatedly blocked independent investigations into Kim by abusing the presidential veto. It can be said that the attitude of Yin Xiyue on this issue, is completely”The wife of the Maniac.”. His actions not only damaged public trust in the government, but also made him a target for the opposition and the media. As the incident continued to ferment, Yin Xiyue’s support rate continued to decline, in the face of the opposition party pressing step by step, yin xiyue urgently need a”Counter-attack” tool, to regain control of the situation.
So martial law became his last resort. Unfortunately, he failed, and the military’s inaction is the most visible footnote to this farce. After martial law was declared, the military’s performance was shocking. Soldiers were on the streets, but there was no real action; Martial-law troops were deployed, but they did little to prevent a congressional vote. To put it bluntly, the loyalty of this army does not belong to Yin Xiyue at all.
So, why is this happening? Yin clearly lacks sufficient control over the military. He has neither the clique base of Chun Doo-hwan’s army nor the political leverage that has been laid in advance. His only “Weapon” is his presidency, but it is Scheherazade that his title alone can command an army to respond. In the military’s eyes, he is a”Paper tiger” whose power has been exhausted. Working for a president like that? It’s obviously pointless.
Parliament’s counterattack, let Yin Xiyue’s martial law become a complete joke. Within a few hours, the lawmakers rushed to the assembly, 190 votes, a unanimous vote to overturn martial law. No hesitation, no delay. Even the time for debate seemed redundant. This speed and unity, let the Order of Yin Xiyue directly into a piece of waste paper. However, through Yoon’s “The Battle of Shaker Heights” of martial law, we can also find deeper problems in South Korea, yes!
That is South Korea’s economy, which has clearly come to a fork in the road under Yoon. On October 24th the bank of Korea (Bok) released data showing that South Korea’s gross domestic product (GDP) edged up 0.1% in the third quarter from the previous quarter. What is the concept of 0.1% , this is almost no growth ah, from exports to domestic demand, almost the entire Korean economy pull crotch.
As we all know, export is Korea’s old business, but now the performance can only be described as”Dismal”. The growth of semiconductors, once a”Gold standard”, has slowed visibly. Even more embarrassing is the auto industry, which has been hit by both strikes and weak demand, and has been left behind. Even more frightening is the overall decline in industrial competitiveness. South Korea’s export competitiveness in cutting-edge industries has been surpassed by China for three consecutive years. Think of South Korea, which a decade ago was Asia’s pre-eminent leader in cutting-edge technology, only to see its neighbours oust it.
Lack of R & D investment, industrial upgrading stagnation, has let South Korea in global competition further and further. The very foundation upon which a nation depends is crumbling. It is clear that the country is no longer a Four Asian Tigers, but rather a canary that is slowly losing its vitality. What’s more, the economic shutdown has caused public discontent. Prices are soaring and incomes are shrinking.
House prices are still high. For every ordinary South Korean, life is getting harder in a weak economy. The downturn in economic data is just the tip of the iceberg.
Most fatally, the confidence of South Korean society as a whole is being shaken, and this is the precursor of a country’s economic collapse. At the same time, the diplomatic situation in South Korea is not optimistic. Ms Yin’s foreign policy is essentially a gamble. He tied Korea to the American chariot, thinking it was the best solution, but ignoring the art of balance in the crucial game. Distancing himself from China and drawing closer to Japan are not good choices.
Instead, they cost him points at home and abroad. The imposition of martial law has taken this loss to the extreme, and the Biden Administration’s trust in Ms Yin will no doubt be further undermined. Clearly, Yoon’s choice is further squeezing South Korea’s diplomatic space. So where will the political and economic turmoil in South Korea go? We first analyze the fate of Yin Xiyue, obviously, Yin Xiyue’s political life probably has come to an end. With congress in the hands of the opposition, impeachment is almost a matter of time.
Even if he survives, the loss of public opinion and the ruling party’s support, he will become a”Lame duck president.”. Worse, the fallout from this farce will continue to impact the political landscape in South Korea. The opposition could seize the opportunity to push for broader political reform, and a split in the ruling party could set the stage for a future power struggle.
Second, when we look at the Korean economy, let me jump to the conclusion — the Korean economy is unlikely to recover in the near term. The martial law farce directly led to the collapse of the won exchange rate, stock market volatility, foreign sell-off. Confidence in South Korea will be hard to restore in the short term. More important, South Korea needs to find new drivers of growth. The old export-driven model has been severely weakened by declining industrial competitiveness and uncertainties in external markets.
The future of South Korea, must find a breakthrough in technological innovation, domestic demand-driven and industrial upgrading, or will continue to be marginalized in the global economy. Clearly, for South Korea, the end of the martial law coup may be just the beginning of chaos. Instead of ending Yoon’s crisis, the failed The Battle of Shaker Heights dragged the country into a deeper political vortex. The games in Congress, the anger of the people and the cold stares of allies are all signs that a storm is brewing.
Meanwhile, economic questions remain unresolved. The market panic caused by the martial law farce is only a prelude. Weak exports, weak domestic demand and loss of confidence are the real hidden dangers. With a government lacking strategic direction and a diplomatic system bereft of international support, South Korea’s future is uncertain. If these problems are not fundamentally resolved, chaos will only grow, and the real test is just beginning. Images from the network