[Correspondent Column] New York Turned into Gotham City

[Asia Economy New York=Correspondent Baek Jong-min] There are various names that call New York. 'Big Apple' and 'Empire State' have become symbols of New York. While these two nicknames symbolize hope for New York, there is also a completely opposite nickname.

It is 'Gotham City.' Gotham City is a fictional city featured in the comic and movie 'Batman,' but it is easy to see that it is modeled after New York.

The completely empty New York City
[Photo by AP News]

Gotham City also exists in reality. In New York, signs with the name Gotham City can be easily seen. Gotham is said to be a word meaning 'goat' in Middle English. There is a claim that the nickname originated because many goats were raised in New York hundreds of years ago, but the opinion that it is a euphemistic way of writing 'God Damn' has gained traction.

Perhaps because of this, Gotham City in Batman is depicted as a city of evil where all kinds of crimes run rampant and villains dominate. Numerous villains such as Joker, Penguin, and Bane commit brutal crimes and looting to destroy the city. One villain even tries to spread a virus in Gotham City. Only when Batman appears does order begin to be restored in Gotham City. It is enough to be called a cursed city.

Now, New York is actually becoming Gotham City due to the spread of the novel coronavirus infection (COVID-19). Fear of infection and stay-at-home orders have caused people to disappear from the streets, and hospitals filled with COVID-19 patients stimulate fear.

New York, the center of the world economy and culture, was not expected to become a COVID-19 safe zone, but the situation is beyond concern. Just a month ago, New York was the place that welcomed those coming from Korea by saying, "Welcome to escape from Korea."

New York State, including New York City, is the largest COVID-19 'hotspot' in the United States. Suddenly, 20,000 confirmed COVID-19 cases have occurred (23,000 including New Jersey). New York, the largest city in the U.S. with 8.6 million residents, is now in an emergency situation where the National Guard must be deployed to manage the situation.

The current situation in New York requires not a hero but any kind of savior. The economic crisis originating from New York could devastate global financial markets. If New York, the center of the world economy, catches a cold, the entire world will suffer a serious illness. While the crisis in Washington DC may remain political, the crisis in New York is a fuse that can shake the global economy and our lives.

Recently, as financial institutions in New York’s financial market faced liquidity shortages and began selling gold and U.S. Treasury bonds to secure dollars, the soaring value of the dollar in global currency markets shows the importance of New York.

The Federal Reserve, the U.S. central bank, has already boldly taken on the role of a hero by fighting the fear of the virus with unlimited quantitative easing (QE) and zero interest rates, but it has been confirmed that these measures are insufficient. Even a famous chef who used to cook at a well-known restaurant in New York is now facing reality by having to apply for unemployment benefits due to lack of customers.

Meanwhile, U.S. President Donald Trump, New York Governor Andrew Cuomo, and New York City Mayor Bill de Blasio are repeatedly clashing over solutions. One side demands swift action, while the other side delays measures until the situation worsens. Meanwhile, New York is becoming more like Gotham City.

Is there really no hero to save New York? The situation is too urgent to just wait for time to solve it.

"The sky is falling," describes the current situation, and if the so-called heroes who rush to treat patients spreading the virus only hand out a few masks and pretend to be heroes, I would rather decline. It seems equally difficult to meet true politicians who care for citizens, not for political purposes, in both Korea and the United States.