Dear Editor,

Boguslaw Balata's letter ("Has Korea’s Fx trick brainwashed reporters,” March 7) proves to be a clarion call to knock the brains of one and all in and out of Seoul.

Yes, won of Korea has won the hearts and minds of people outside Korea in terms of cheap imports, but may have created pain in Seoul- the soul of Asia without understanding the science of soul known as “spirituality”- the spirit to know actuality. The concerns are genuine and needs debate on the issue of urgency.

With great sense of responsibility as an economist, I am deeply motivated to find out ways and means to be out of the FEAR (False Evidences Appearing Real) and panic caused by the currency won as low as possible.

There is a strong case for policy coordination to prevent the currency disputes for which we should use the wisdom of the professional economists for suggesting the remedial measures in international perspectives.

In my humble opinion, we should seriously think of international currency of the kind great economist of our times J.M. Keynes advocated “BANCOR” in his historic book “ The General Theory of Employment, Interest and Money” which is capable of not only solving the disputes but natural death to the problem of black money in foreign exchange.

The Bretton woods institutions ― World Bank and IMF ― should provide the leadership for the great cause of international currency BANCOR as they did for the fiscal deficit as an indicator of performance of any economy to determine the borrowing capacity for loans.

There is always a case for preventive and promotive measures instead of curative measures of health equally applicable to the economies of the world including India and Korea.

We need to change the mindset of our leaders from beggar-thy-neighbor to altruism ― the principle of thinking and acting for others. “Not me but you” should be the criteria of rational behavior at micro and macro levels instead of the selfish motives of individual satisfaction.

Professor (Dr.) M.M.Goel
ICCR Chair Professor of Indian Economy
Hankuk University of Foreign Studies, Seoul