[Reporter’s Notebook] Why the Public Subscribed to Security Insurance

[Asia Economy Yang Nak-gyu, Military Specialist Reporter] A military general I met recently said, "Security is insurance." This was in response to questions about citizens buying weapons with their taxes and covering the chronic deficit of military pensions.

However, looking at yesterday's situation, one can't help but wonder if the public has properly subscribed to this 'reliable security insurance.' On the morning of the 25th, North Korea launched two projectiles presumed to be cruise missiles. The military authorities initially kept this fact under wraps but hurriedly began briefings after media reports surfaced. The briefing was meaningless. The military did not disclose specific launch times, directions, range, or speed, citing ongoing analysis. They only repeated that they are "closely monitoring related developments and maintaining a firm readiness posture."

The military's explanation that revealing information every time North Korea conducts missile provocations could expose their surveillance asset capabilities is somewhat understandable. But from the public's perspective, North Korea will continue its provocations. During the Beijing Olympics, it is highly likely they will fire short-range missiles that do not violate UN Security Council resolutions, considering the international community including China. After the Beijing Olympics, the general consensus inside and outside the military is that more serious military provocations will begin.

The problem is that this could negatively impact our economy. It is not only problematic that North Korea continues provocations, but if the military authorities fail to properly inform the public, it could provoke anxiety. The global stock markets, including the U.S., have already shifted to a downward trend. If foreign investors withdraw funds citing security concerns, the fear of a 'Korea discount' will resurface. Even now, the KOSPI has plunged nearly 3% just one day after falling below the 2800 mark. To make matters worse, the International Monetary Fund (IMF) has lowered South Korea's economic growth forecast for this year to 3.0%.

The military must actively reassure the public, especially during times like these. It should not forget that when the economy worsens, security insurance becomes ineffective.

This content was produced with the assistance of AI translation services.