The article, written by former professor Jeon Seong-in, highlights the current economic crisis in South Korea, illustrated by plummeting stock prices and exchange rates. The author critiques the government's response to the US-Iran conflict, suggesting that while many policies are well-intentioned, some lack direction and coherence. He argues that a crucial factor in assessing these policies is predicting the duration and scope of the war, indicating a reliance on several potential scenarios that range from optimistic to dire.

In the best-case scenario, the war concludes within weeks with minimal damage to neighboring countries' economic infrastructure, allowing the government to successfully implement temporary measures to stabilize the economy. However, the article warns of a starkly different outcome, where prolonged conflict severely damages oil-producing countries' facilities and transportation routes. In this scenario, quick fixes will not suffice, and more robust policies will need to be formulated, as well as a refined understanding of which temporary measures to pursue.

Finally, the author emphasizes that there are uncontrollable external factors that may lead to stagflation in the US and global economies in the event of a prolonged conflict. As the situation escalates, South Korea is likely to see declining exports, worsening current account deficits, and a devaluation of the Korean won. With rising international interest rates and a flight towards the dollar as a safe asset, the article underscores the urgent need for the South Korean government to navigate these challenges carefully to mitigate economic fallout from the ongoing crisis.