EDITORIAL from the JoongAng Daily on Oct. 27)

Fresh leaders needed
The world is divided into two camps: those who give loans and those who borrow.

The fire broke out in developed countries, but emerging countries are enveloped
in flames, leaving many facing bankruptcy due to massive capital withdrawal.
Korea is in an awkward position in the battle between creditors and debtor
nations. When considering the credit default swap, we are more at risk than the
Philippines and Indonesia. We face an unreasonably miserable reality.
However, the global market asks us the following questions: Is Korea safe from
bankruptcy? Is the real estate market healthy enough? Can you trust the soundness
of Korean banks?
We need to answer such questions now and examine the health of our economy. We
need to check how trustworthy the current economic team is.
There seems to be no point in highlighting past conflicting policies. Finance
Minister Kang, although he is a commander, cried like a baby at the National
Assembly.
Can such a figure serve the nation as chief financial officer?
The same may be said of Financial Services Commission chairman Jun Kwang-woo. His
career in global financial markets ended miserably, as he failed to predict the
current turmoil. He lives a vegetative existence in the financial sector.
Then let???s look at Bank of Korea Governor Lee Seong-tae. He insisted on pushing
forward with price stability and the central bank???s autonomy. Have his
decisions been in the interest of the nations as a whole?
We are supposed to fight a difficult economic battle but we do not have the
remotest idea how big the enemy really is.
Of course, we know the proverb, ???Never change generals during a battle,??? but
we cannot guarantee that victory will be on our side if economic leaders are
brain-dead and continue to lead the economy.
President Lee Myung-bak should be determined to devise policies for establishing
a new economic team based on capabilities.
Our people have the right to choose an economic team that is able to support the
world???s 13th largest economy.
We should fight the economic turmoil bravely with new leadership, whose actions
will be more important than their words.
By doing so, we will change people???s cynical attitude into one that looks upon
the future of the Korean economy in a more positive light.