The Age of Magic Money
Can Endless Spending Prevent Economic Calamity?
On August 15, 1974, South Korea's Independence Day, I lost my mother, then the country's first lady, to an assassin acting under orders from North Korea. That day was a tragedy not only for me but also for all Koreans. Despite the unbearable pain of that event, I have wished and worked for enduring peace on the Korean Peninsula ever since. But 37 years later, the conflict on the peninsula persists. The long-simmering tensions between North and South Korea resulted in an acute crisis in November 2010. For the first time since the Korean War, North Korea shelled South Korean territory, killing soldiers and civilians on the island of Yeonpyeong.
Only two weeks earlier, South Korea had become the first country outside the G-8 to chair and host a G-20 summit, welcoming world leaders to its capital, Seoul. These events starkly illustrated the dual reality of the Korean Peninsula and of East Asia more