(Presumably Gandalf is contemplating the destruction Sauron and the One Ring could wreak in turn-of-the-(last)-century pastoral Korea.)
(Now I totally want Color Trilogy/LoTR fanfiction! Korea could be one of the rebellious, allied with Sauron Southern States of Gondor, and the whole thing could be analogized to the whole Japan/Korea conflict that kicks off right after the trilogy ends. I bet Ehwa becomes a spy!)