‘Kim Suhanmu, the Turtle and the Crane, Samcheon Gapja, Dongbangsak’.
Who would have thought that this legendary name, which I once invoked in a column (I also used this name during the impeachment motion against President Park Geun-hye), would be summoned again? It is a name said to be composed by mixing the names of people and animals who wished for their children’s longevity or who lived long lives. Does it seem out of place?
Amid the sudden martial law like a rolling pin in the dead of night and the successive impeachment motions against President Yoon Seok-yeol, this name naturally resurfaced. Upon the resolution of the impeachment motion, the president’s position was suspended immediately, and Prime Minister Han Duck-soo succeeded the role. His official title is ‘Prime Minister Acting on Behalf of the President’ (not a legal designation but an administrative title according to Article 10 of the Enforcement Rules on Administrative Efficiency and Cooperation Promotion). However, Han’s position was unstable from the start. The ruling Democratic Party had already hinted at the possibility of impeachment depending on Han’s appointment as a Constitutional Court justice and the approval of the special investigation law on treason and Kim Geon-hee. Eventually, impeachment was carried out, and the ‘acting of the acting system’ became a reality.
The next in line, Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, succeeded the position. His official title is ‘Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance Acting on Behalf of the President.’ As mentioned earlier, considering administrative efficiency and cooperation, the title was shortened by removing ‘Acting Prime Minister,’ resulting in 18 characters. The Democratic Party still keeps the possibility of impeachment open for Choi Sang-mok, who rejected partial appointment as a Constitutional Court justice and the special investigation law on treason and Kim Geon-hee. If this also materializes, the next successor is Lee Ju-ho, Deputy Prime Minister for Social Affairs and Minister of Education. Without considering administrative efficiency, the title listing only the duties to be performed is as follows: ‘Acting on Behalf of the President and Acting Prime Minister and Deputy Prime Minister for Economic Affairs and Acting Minister of Strategy and Finance and Deputy Prime Minister for Social Affairs and Minister of Education.’ It is a whopping 46 characters long. It doesn’t even come close to ‘Kim Suhanmu, the Turtle and the Crane, Samcheon Gapja, Dongbangsak.’
The Korean economy, hit hard by the president’s martial law and impeachment motions, has been pushed to the brink under the ‘acting of the acting system.’ The won-dollar exchange rate soared (the won’s value plummeted), stock prices hit bottom, and the country’s credit rating faced the risk of downgrade. If this were a person, it would be a life-threatening situation. As the nation suffers, companies and citizens are also gasping for breath in a chain reaction.
In January this year, the Business Survey Index (businesses’ economic outlook) was 84.6, falling below the baseline (100) for 34 consecutive months. This is the longest period of stagnation since the Korea Economic Research Association began the survey in 1975. Self-employed individuals are crying out in agony. The number of business closures in 2023 reached 986,000, the highest since 2006. It is believed to have worsened last year. From January to November 2024, payments for the Yellow Umbrella Closure Mutual Aid increased by more than 10% compared to the same period last year, reaching 1.3019 trillion won.
The story of ‘Kim Suhanmu, the Turtle and the Crane, Samcheon Gapja, Dongbangsak’ is a sad ending where calling out the long name of a son drowning delayed the rescue, resulting in death. Now, companies and citizens are desperately sending out rescue requests to the nation. However, the leader is as distant as the long titles, and the rescue calls return as hollow echoes, raising concerns that this too may end sadly. At this rate, it means that the breath of companies and citizens will soon be lost.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.

