Political Turmoil: What Led to This Classic Korean Drama?
After becoming the President of South Korea, Yoon Suk-yeol firmly refused to live in the Blue House and took over the former Ministry of National Defense, turning it into the Presidential Office. However, fate has brought him back to this place.
Was this a carefully Korean drama orchestrated by the president?
Yoon had previously tried to remove his political rival, Lee Jae-myung, by convicting him, but the court eventually declared Lee innocent. Then Lee started launching fierce counterattacks.
The trigger for this incident was the opposition party focusing on the bribery case involving Yoon's wife.
Kim Keon-hee received Dior bags as bribes, and the opposition has latched onto this, not ruling out the possibility of Kim being jailed. This led Yoon to a breaking point, acting out a dramatic scene of "For you, I declare war on the world."
Why did Yoon declare martial law? What does it mean?
Yoon Suk-yeol accused Lee Jae-myung of having ties with North Korea, saying that in order to protect the democracy of South Korea, he had no choice but to take this "necessary action."
Then, he initiated martial law. The emergency martial law in South Korea is typically issued in times of national crisis, such as during wartime.
Because the president declared martial law directly without the vote of Assembly. So the National Assembly could convene and revoke the martial law. If more than half of the National Assembly members agreed to cancel it, the president's orders would be nullified, and the military would not have to follow the president's martial law order.
In this 1-hour political turmoil, the opposition party leader climbed over a wall to enter the National Assembly.
A large number of National Assembly members rushed to the National Assembly gates, and Lee Jae-myung livestreamed himself climbing over the wall to enter.
Out of the 300 National Assembly members, 190 voted in National Assembly, and since that was over half, the decision was effective, and martial law was lifted, with the military and police forces withdrawing. Formerly bitter political enemies, the ruling and opposition parties shook hands and agreed that Yoon's martial law was invalid. The president had lost all support.
Will the Blue House Curse strike again?
Yoon Suk-yeol now faces the choice of either resigning voluntarily or waiting to be impeached and removed from office.
In any case, no South Korean president, except for Moon Jae-in, has had a peaceful end—imprisonment, exile, suicide? This is what the outside world calls the "Blue House Curse."
Have you bottomed Korean stocks?
$iShares MSCI South Korea ETF(EWY)$ fell to 7% once and then rebound. There are a lot of South Korean stocks listed on US stock market.
$KB Financial Group Inc(KB)$ $KT Corp(KT)$ $Shinhan(SHG)$ $Korea Electric Power(KEP)$ $Posco(PKX)$ $SK Telecom(SKM)$
How do you view this 1-hour turmoil?
Will you bottom South Korea stocks?
Would Blue House curse come true again?
Leave your comments and also post to win tiger coins~
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In this 1-hour political turmoil, the opposition party leader climbed over a wall to enter the National Assembly.
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How do you view this 1-hour turmoil?
Will you bottom South Korea stocks?
Would Blue House curse come true again?
Leave your comments and also post to win tiger coins~
The crisis intensified when Yoon's controversial decisions regarding key bills, including investigations into disasters and military incidents, further fractured relations with the opposition. His government’s approach to legislative issues, such as the veto threats on crucial bills, has exacerbated political instability, drawing concern from both domestic critics and international observers.
然後，他開始戒嚴。韓國的緊急戒嚴令通常是在國家危機時期，如戰時。
因爲總統沒有經過議會投票就直接宣佈戒嚴。所以國民議會可以召集並撤銷戒嚴令。如果超過半數的國會議員同意取消，總統的命令將被作廢，軍方也不必遵循總統的戒嚴令。
此次事件的導火索是在野黨聚焦尹妻受賄案。
$iShares MSCI South Korea ETF(EWY)$
As for South Korean stocks, while the $iShares MSCI South Korea ETF (EWY)$ dropped 7% before rebounding, the ongoing political instability could create further volatility.
The "Blue House Curse" looms large, as no president except Moon Jae-in has had a peaceful end. Yoon’s current challenges could lead to a similar downfall, making the future of his presidency highly uncertain.
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