Lee Junseok Urges President Lee: "Respect Economics, Focus on US Trade, Not Banana Prices"

"Rising Exchange Rates Naturally Lead to Higher Import Prices"
"Stop Ignoring Economics and Focus on Trade with the US"

Lee Junseok, Representative of the Reform New Party. Photo by Kim Hyunmin

Lee Junseok, Representative of the Reform New Party, recently called on President Lee Jaemyung to "let the economy run according to its natural course," criticizing remarks made by the President during a recent Cabinet meeting. This came after President Lee dismissed the claim that the rising prices of imported fruit were due to exchange rates during a discussion with the Minister of Agriculture, Food and Rural Affairs.

On October 2, Lee Junseok wrote on his Facebook page, "It is well known that the President is more sensitive than others when it comes to fruit. Just a few days ago at a Cabinet meeting, he questioned, 'Why are banana prices rising?' and remarked, 'Even during the Joseon Dynasty, those who hoarded goods were executed.' However, there is no provision in the Gyeongguk Daejeon that prescribes the death penalty for hoarding," he began.

Lee was referring to the fact that when Minister Song Miryung of Agriculture, Food and Rural Affairs pointed to the rising exchange rate as a cause for fruit price increases, President Lee dismissed it by saying, "That doesn't make sense." Lee Junseok stated, "This is a denial of basic economic principles. With the won-dollar exchange rate exceeding 1,400 won, it is a natural economic principle that import prices rise." He also recalled the words of Nobel laureate in economics Paul Krugman: "If a politician ignores the exchange rate, the exchange rate will ruin that politician."

He further mentioned that one of the reasons for the fall of the Joseon Dynasty was the collapse of currency value caused by Daewongun's excessive issuance of Dangbaekjeon coins. "A country that destroys its currency will collapse. Hugo Chavez of Venezuela also claimed that the falling exchange rate was a 'CIA conspiracy' and tried to control prices," he said. "The result was an annual inflation rate of 1,000,000%. We must heed the warning of Harvard Professor Niall Ferguson: 'Money is trust. Once lost, it takes a generation to recover.'"

Lee also argued that the controversy over President Lee's remarks stems from the lack of clear results in trade negotiations with the United States. "The public is not concerned about the price of a bunch of bananas, but rather about tariff negotiations with the Trump administration, how to protect the nation's core industries, and the strengthening of the South Korea-US alliance," he said. "Do not try to distract the public with banana prices; focus on what truly matters."

In closing, Lee Junseok appealed, "I urge President Lee Jaemyung: Please, at least let the economy run according to its natural course." He emphasized, "The economy must be managed according to sound principles. The public wants a president who protects the value of the won and respects economic principles, not one who focuses on controlling banana prices."