The South Korean government is pulling out all the stops for the meeting of Group of 20 leaders on Nov. 11-12.
It's a tremendously important meeting to Seoul, affirming the country's developing role as an important player in global economic and financial affairs.
That's why school kids are suddenly studying economics and why massive video billboards have been set up in the heart of Seoul to encourage citizens to be on their best behaviour.
South Korean President Lee Myung Bak summed up the government's view in a national radio speech last month, declaring that the country has an opportunity to become "a protagonist in world affairs." Mr. Lee is pushing most of all for a G20 deal on currencies that will calm the roiling waters.
But the whole endeavour could prove to be hugely embarrassing, if the South Koreans decide to ignore the G20 and take unilateral action to curb the hot money pouring into Korean assets and boosting the value of the won to levels that make the export-dependent country decidedly less competitive.
Already, South Korean banks have been asked not to do any lending in foreign currencies, and the central bank says it will intervene if foreign debt expands too quickly. It is also threatening to intervene in the futures market. And darn if those South Korean monetary guardians weren't spied loading up on U.S. dollars to weaken the won.
And that's on top of capital controls introduced in June. Now, South Korea isn't alone among emerging nations taking measures to safeguard what used to be known as peripheral currencies from lava-like flows of foreign capital and the direct and indirect manipulation of China, the U.S. and Japan.
But the others aren't hosting a bunch of leaders who claim to be totally committed to free and open markets and co-operation on the vital global economic and financial issues of the day.