The Korea Times

ED Stern warning for Korea Inc.

Appalling future scenario due to rapid demographic decline Three major global credit ratings agencies have all come to the same appallingly dismal conclusion regarding the future of Korea Inc. They forecast that Korea will face its worst economic situation by 2050, as a result of its rapid demographic aging. They said that the looming crisis will result due to potentially weakened economic growth, paired with snowballing state debts, which are a consequence of a fast rise in fiscal spending on pensions and medical insurance coverage. They cautioned that the nation will be downgraded to junk status should it fail to press for reforms concerning aging-related policies as soon as possible.The ratings agencies have thus far regarded “aging” as a mid-to-long-term factor, not an immediate one. Yet aging has emerged as a key factor in determining the state's credit in light of the growing impact it has on state debt amid the continued hikes of interest rates. The agencies picked Korea as one of the most vulnerable countries among 81 major economies in the world, citing its unprecedented spe

May 22, 2023By Shim Jae-yun

Opinion

Let me tell a story about Tucker Carlson

By Dick Polman I want to tell you a story about Tucker Carlson, the serial liar and useful Putin idiot who has now pulled off the hat trick of being fired by three media outlets: CNN (in 2005), MSNBC (in 2008), and Fox News (this week, without warning).Since nobody with real knowledge has yet surfaced to explain why he was summarily yanked off his primetime perch, I'll content myself with this traipse down memory lane.Back in 2009, Tucker was feted as a guest speaker in the august quarters of St. Anthony Hall ― a University of Pennsylvania fraternity heavily populated by comely young preppies dressed in rep ties and blazers and beige chinos. They all looked like Tucker, albeit several decades younger; it was a veritable callback to a bygone era when WASP bros ruled the land. The frat brothers signaled their approval for Tucker not by clapping, but by snapping their fingers. Whenever he got off a good line, I felt like I was dwelling in a forest of crickets.This line was a finger-snapper: “I'm a radical small government guy.”Right, because it's “small government” to defend and celebra

May 4, 2023By Shim Jae-yun

Opinion

Elected leaders in Israel, Poland, and Hungary are following the 'autocrat's playbook'

By Trudy Rubin A couple of weeks ago, as I moderated a discussion at the University of Pennsylvania's Perry World House on the heated battle to control Israel's courts, the talk turned to “the elected autocrat's playbook.”That snappy political science term refers to steps taken by elected officials in ongoing democracies like Israel to undermine democracy by democratic means.Government efforts to politicize Israel's courts fit right into the so-called playbook. Israel is effectively imitating similar steps taken by elected autocrats in Poland and Hungary (whose antisemitic leader, Viktor Orban, is openly admired by Israel's Benjamin Netanyahu, Donald Trump, and the Republican Party).The playbook also perfectly describes what Trump and his imitators tried to do when he was in office, and what they still advocate in pre-2024 campaign efforts. Mercifully, the complex U.S. political system has made the playbook harder to follow, but the efforts won't stop.So it's worthwhile to check out the playbook's rules, step by step.“There is a pretty standard elected autocrat's playbook,” explained

Apr 13, 2023By Shim Jae-yun

Elected leaders in Israel, Poland, and Hungary are following the 'autocrat's playbook'

Opinion

'Sugar-coated poison pill'

By Shim Jae-yunThe U.S. CHIPS and Science Act has triggered ferocious controversy here, placing major chip firms into a serious dilemma. The Biden administration cannot deflect criticism for demanding seemingly “unfeasible” requirements on the companies winning subsidies by investing in America. Media outlets in the U.S. and its allies such as South Korea and Taiwan are crying foul at the act.The U.S. has unveiled the act with which it aims to dominate the global semiconductor sector comprising all processes from design through to manufacturing. Yet the ambitious bid has faced a fierce backlash from the beginning. U.S. President Joe Biden is most accountable for triggering the dispute. The U.S. Department of Commerce announced conditions for subsidies for the $53 billion act late last month. Under the guidance, the grants should be offered first to firms helping the U.S. to develop state-of-the-art weapons. And the firms receiving more than $150 million will have to pay excess profits (up to 75 percent of the subsidy) to the U.S. administration and offer information regar

Mar 8, 2023By Shim Jae-yun

Opinion

Quantum mechanics, semiconductors and Buddhism

By Shim Jae-yunQuantum mechanics has emerged as a state-of-the-art trend in the scientific world. Thanks to steady yet brilliant developments in nanotechnology, this results in a phenomenal technology that can be directly applied to the real world. For starters, the technology encompasses the use of passwords, semiconductors, and sensors. It can be regarded as surpassing Einstein's theory of relativity. As a non-science major, simply out of curiosity, I browsed through a variety of data on this subject. Interestingly enough, beyond being a simple scientific theory, I came to realize that quantum mechanics contains a fundamental theory of physics that applies to both humans and the entire universe. More interesting to me, as a journalist, this theory contains principles that apply to various essential technologies that could enable the upward progress of civilization such as semiconductors, which some call the “rice or oil” of industry. The atom is the smallest unit of matter in the universe. In quantum mechanics, an atomic nucleus and electrons constitute an atom. For ex

Jan 18, 2023By Shim Jae-yun

Quantum mechanics, semiconductors and Buddhism

Opinion

Muddled politics of US inflation

By Kaushik BasuWASHINGTON, D.C. ― Rising inflation has put the United States on edge. While much of the focus so far has rightly been on the pain that price increases inflict on ordinary Americans, many are concerned about the long-term political effects. With polls suggesting that angry voters will likely hand Republicans control of one or both houses of Congress in the U.S. midterm elections, today's inflationary surge may affect U.S. politics long after price pressures ease.But popular anger reflects a fundamental misunderstanding of the forces driving inflation in the U.S. and beyond. For starters, while the level varies from country to country, today's inflation is a global phenomenon. Annual consumer-price inflation is at 8.2 percent in the US, 10.1 percent in the United Kingdom, 10.4 percent in Germany, and 11.9 percent in Italy. Among emerging and developing economies in Asia, year-on-year inflation is at 5.7 percent in South Korea, 7.4 percent in India, and 85.5 percent (not a typo) in Turkey.While the current outlook for the world economy is undoubtedly grim, we must not lo

Nov 8, 2022By Shim Jae-yun

Opinion

NASA studying UFOs won't prove alien life exists. They should do it anyway

By Adam FrankThe National Aeronautics and Space Administration (NASA) announced last month that its new panel to study Unidentified Aerial Phenomena (UAP) ― i.e. Unidentified Flying Objects (UFOs) ― was staffed up and ready to get working. The panel is impressive, including planetary scientists, astrophysicists, experts from the Federal Aviation Administration, data scientists and a celebrated astronaut. I have worked with a few of these scientists, and the group represents a stellar collection (pun intended) of smart, creative people with high scientific integrity. But what, exactly, are these scientists supposed to be doing in the contentious domain of UFOs? More importantly, is this really something that NASA should give time and money, potentially risking the agency's credibility?The truth is, this group's nine-month study is unlikely to determine conclusively what these phenomena are. But NASA's pursuit can provide a transparent case study of how science is done on a subject full of unknowns. And the discussion can highlight the remarkable progress being made in the scientific s

Nov 3, 2022By Shim Jae-yun

Opinion

Nuanced political views among diverse Latino voters are overlooked

By Janet Murguia and Hector Sanchez BarbaDuring a time that has brought the shock of the Uvalde mass shooting, restrictions on reproductive rights, and climate-related disasters, a large national poll of Latino voters found that their priorities have experienced a significant shift. For example, abortion is now among the top five issues for Latino voters for the first time ever. Worries about gun violence and crime, healthcare and abortion are rising dramatically. Jobs and the rising cost of living, as in the past, also remain priorities.As the second-largest group of voting-age Americans, with many not solidly aligned with either party, Latino voters can be a powerful and stabilizing force in American politics. But misconceptions about this diverse and multiracial voting community persist. This has led to ineffective engagement with these voters, who already face increasing obstacles on the path to the voting booth.Attempts to put Latino voters in an “either/or” box have consistently led to oversimplifications and mistaken assumptions about this community. The poll released by our o

Sep 7, 2022By Shim Jae-yun

Opinion

Ominous signs for Yoon

By Shim Jae-yunZhuge Liang (181-234), a renowned Chinese statesman and military strategist, is also known for an episode involving his confidant, talented general Ma Su, whom he ordered to be beheaded on charges of disobeying military orders. In the face of Ma's death, Zhuge allegedly sobbed in grief, which means he purportedly, yet reluctantly, put his close associate to death for the sake of strengthening military discipline. This story, called “Weeping Ma Su” (泣斬馬謖), was contained in the Chinese ancient novel, “Romance of the Three Kingdoms.” It underscores the need for any statesman to shy away from private connections in order to establish fairness through the proper implementation of rules so as to nurture public goals and justice. President Yoon Suk-yeol should learn some lessons from this story. He is now suffering from nose-diving approval ratings due to a series of bungles involving a lack of fairness ― a value he has touted as his trademark slogan. Yoon is now beleaguered by diverse, formidable challenges. Various surveys show his approval ratings continuously falling. A R

Jul 20, 2022By Shim Jae-yun

Editorial

ED Prolonged strike

Find solution to strife through dialogue, consensusSubcontracted workers of Daewoo Shipbuilding & Marine Engineering (DSME) have been staging a sit-down strike for 44 days as of Friday. They are occupying a very large crude oil carrier now under construction in the world's biggest dockyard ― Okpo Shipyard ― in Geoje, South Gyeongsang Province. They are members of the Metal Workers' Union under the umbrella of the militant Korean Confederation of Trade Unions (KCTU). Defining the strike as illegal, the government Thursday urged the unionized workers to stop the walkout immediately. In a statement, Employment and Labor Minister Lee Jung-sik said, “The walkout has been causing enormous damage to the employees of DSME and related companies.” Minister of Trade, Industry and Energy Lee Chang-yang claimed DSME has suffered 570 billion won ($432.2 million) in losses due to the strike. In addition, he said, daily revenue losses amounted to 25.9 billion won paired with 5.7 billion won in fixed costs.They expressed concern that the strike will lead to a downgrading of the extern

Jul 15, 2022By Shim Jae-yun

Shim Jae-yun

Read more

ED Stern warning for Korea Inc.

Let me tell a story about Tucker Carlson

Elected leaders in Israel, Poland, and Hungary are following the 'autocrat's playbook'

'Sugar-coated poison pill'

Quantum mechanics, semiconductors and Buddhism

Muddled politics of US inflation

NASA studying UFOs won't prove alien life exists. They should do it anyway

Nuanced political views among diverse Latino voters are overlooked

Ominous signs for Yoon

ED Prolonged strike

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