Korea Martial Law - Coup in a Tea Cup

Korea Martial Law.

I don't own any S. Korean assets or the currency. If you do, stay calm. This coup seems so bonkers - even by Korean standards - that it'll be gone and forgotten in a short time. If the process of impeachment of the president takes longer the KRW might stay weak. But at 0.699 to the USD right now, it is way oversold..

President Yoon Suk Yeol has declared martial law: "I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces,".. Parliament is being semi-blocked by police. but members of the National Assembly and staff are being let in.

There is no reason for declaration of Martial Law... nothing on the border... no domestic unrest. The only justification is that Yoon and his party (the People's Power Party) are in deep trouble in parliament and can't even pass the budget. Yoon and his wife are implicated in corruption probes and so on. But that, alas, is par for the course in Korea.

The President's own party leader Han Dong-hoon has condemned the declaration of martial law. the Leader of the main opposition party (the Democratic Party), Lee Jae-myung, has called on the public to gather at the Assembly.

Constitutionally Marshall Law can be revoked by a majority vote in parliament. (presumably that is why the president has tried to close the parliament). This has been the next step. National Assembly Speaker Woo Won-sik submitted a resolution requesting the lifting of martial law around 01:00 local time. The resolution was passed with 190 members (out of 254 seats) of the ruling and opposition parties in attendance, with all present in favour. So 75% of Assembly members voted to rescind Martial law

There would be mass demonstrations very quickly unless the revocation of Martial law is promptly implemented . And in Korea such demonstrations are a serious business. The whole circus could turn nasty if people get killed. But I doubt that the military or police will want that to happen.

The most likely way forward is that Martial Law revocation is implemented peacefully and promptly.. President Yoon is impeached. and at the end of a long drawn out process, he is packed off to Buddhist Monastery for mental care and replaced by a left leaning president.

I may be very wrong. I think this is a coup in a tea cup. Korea has gone too far down the democratic road for this coup to get traction.