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Kim Joong Soo: Who?


“Don’t waste a crisis.”

What does it mean to don’t waste a crisis? This is a common phrase used by Kim Joong Soo, the president of Bank of Korea. Because of the recent global economic crisis, Korea is suffering from the recession. Since the effect on Korea economy is so great, President Kim is telling people to learn from this case and never let it happen again. Don’t waste it because there is very much to learn from.

The Bank of Korea is the central bank of Korea. It’s main function is printing the right amount of money and adjusting the interest rate according to its economy. Recently, the government is pressuring the Bank of Korea for an interest-rate freeze for the economy to prosper for a longer time. The government fears that an abrupt raise in interest rate might result in a double dip. Lee Sung Tae, the former president of BoK, couldn’t do much with his own power because of government pressures. However, the new president, Kim, fears the increasing debt rate of companies and even citizens that raising interest rate is almost inevitable.

Nonetheless, today, April 9th, the Bank of Korea has once again fixed the interest rate. Hmm, Very contradicting to what President Kim has said in the very beginning of his inauguration. However, President Kim states, the time is not yet ripe for raising the interest rate because before that, the economy needs to be stabilized.

I don’t see any difference between Kim and Lee… because they alarm the citizens about how much debt we have but never tries anything to solve the problem. Of course it is his first month being as the president of BoK and I believe he will plan a strategy to avoid another big recession.

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