At the beginning of 2001, *Morning of the Gyeonghui Palace* asked me

I think I'm living a miserable life. My status as an economist often puzzled me as a result. This is especially true of my relationship between the Lee Myung Bak regime and the Yoon Suk Yeol regime. Both presidents have been unhappy, so I'd like to talk about this.

At the beginning of 2001, *Morning of the Gyeonghui Palace* asked me to give a free lecture on national economic management. I readily accepted the lecture, assuming that it was a meaningful gathering of public officials as the venue for the lecture was near Gwanghwamun. Lecture hours were from 8 p.m. to 10 p.m. every Wednesday, and my lecture lasted until August. I did not doubt it because the questions were quite high-quality.

By the end of mid-July, I noticed they were a junior group from the Lee Myung Bak election camp. However, since it was already the end, I continued the lecture until the end.

In fact, my lecture concluded that the Lee Myung Bak's 747 pledge, namely, that it is possible for the world's seventh largest economy with an annual growth rate of 7%, a national income of $40,000. However, it was premised that the exchange rate must be allowed to decline gradually.

However, the Lee Myung Bak administration ignored my preconditions and instead implemented a high exchange rate policy that Japan had already failed several times. As I repeatedly warned during the lecture, our economy plummeted, leading to the worst economic downturn ever. It was because of this that I stayed away from the Park Geun Hye administration as much as possible.

When Yoon Suk Yeol was reclusive after resigning as prosecutor general, there was a request from someone to recommend something that could help the national economy manage. Along with saying that Yoon Suk Yeol had already read two of my books impressed me. So, when he recommended another book, he added that the Lee Myung Bak regime's high exchange rate policy should never be repeated. However, he also implemented a high exchange rate policy and intensified economic difficulties.

My recovery is as follows. In other words, I was not sufficiently convinced that the current teachings of economics were wrong. In fact, current economics teaches that when the exchange rate rises, exports increase and the growth rate increases, reviving the domestic economy.

If the current account is in the black, however, it is the experience of world history that exports would inevitably decline within half a year if the exchange rate rises. Rather, it is the experience of world history that when the exchange rate gradually falls, exports increase and growth rate increases. Because companies go bankrupt, such strange things often happen because they are strong.

The conclusion of my story is simple. If you can't persuade them perfectly, you shouldn't have been careless. Even if all policies are correct, if one decisive policy fails, the result will be national disaster.