tag:blogger.com,1999:blog-9133180782824939272024-03-14T14:04:45.244+09:00The Korean ForeignerJohn Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.comBlogger85125tag:blogger.com,1999:blog-913318078282493927.post-29888923911187332862019-05-26T18:42:00.001+09:002019-05-26T18:52:08.908+09:00South Korea's Economy is in Deep Trouble<div>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I am terrified about South Korea’s economic trajectory. As long as the US-China trade war persists and South Korea continues to be ruled by President Moon and his progressive government, I think South Korea’s economy will be ruined.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Firstly, while it’s true that South Korea’s economy has consistently grown over the past two decades, it’s also true that economic disparities are deeply rooted.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">South Korea currently has <a href="https://www.bloomberg.com/quicktake/republic-samsung?fbclid=IwAR2IfKfheTq1nIfvOtZwcombXFTZBSM2Y6gGEWUjIvpZ2DCsv3OhIMvWfLY">45 conglomerates</a> that fit the traditional definition of a chaebol. <a href="https://asia.nikkei.com/Business/South-Korea-s-mighty-chaebol-still-make-the-economy-tick?fbclid=IwAR2KkDA9OGjipb4eGkLYo2D4nuvdHrOJwwf8t_43YcJuiwnk8NNoEY00Nnc">77%</a> of South Korea’s leading businesses belong to the chaebol. Meanwhile, average South Koreans’ <a href="https://thediplomat.com/2018/01/average-koreans-still-left-out-of-economic-optimism/?fbclid=IwAR2cdYPC1gURx0HYGXi3heo9u4O6FO6JYjYGtQzZCq0QkFJalPD-kADeXco">household income</a> has been falling for years. Naturally, <a href="http://www.businesskorea.co.kr/news/articleView.html?idxno=28045&fbclid=IwAR18H3j-NecAuap4tsU3BSj8e2pu9aTIS7TyaNjMyvcjeQUX_QZn2k8Odzk">household debt</a> has been going up simultaneously.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Chaebols and the government have worked with each other for decades because they were designed to improve South Korea’s economy by producing goods and services to export. So, due to economic growth that was enjoyed by the rest of the world, the chaebols did well.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, the rest of South Korea that didn’t/couldn’t make a living by exporting goods and services didn’t get so rich. In fact, South Korea’s domestic economy’s health (outside of chaebols) has always <a href="https://en.yna.co.kr/view/AEN20180927001300320?fbclid=IwAR1I8_sIYz2audDkkEmwSwekA4UWgAhE18wYYQZ-VdEQabOnnWYjz7PCOio">left much to be desired</a>.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, even though most small business owners would basically feed on scraps, as long as the chaebols were able to make lots of money, South Korea’s GDP continued to grow. But that’s changing. Now, even the chaebols are in trouble.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The first reason is the US-China trade war. At least for now, the trade war doesn’t look like it will end any time soon. This will impact China’s economic growth. China is South Korea’s largest trading partner. If China’s economy slows down, South Korea’s economy also slows down.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The second reason is US demand for imports is falling. For a long time, the Federal Reserve put interest rates at near 0%. However, since the end of 2015, fearing inflationary pressures, the Fed has gradually increased <a href="https://tradingeconomics.com/united-states/interest-rate?fbclid=IwAR3_VDRGqg8_OAjg2TpScrZLSOfaMTrWAOgMdOEVchFTiWKd_9asVuKvHJg">interest rates</a> and are now at 2.5%.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Considering the fact that the US is at near full employment and its economy is growing, the Fed will not cut interest rates. This will dampen consumer spending. That means fewer exports for South Korea’s chaebols.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">For an economy that depends on robust exports for its growth, the US-China trade war and high US interest rates combination spell bad news. Naturally, this will lead to reduced spending and investment by the chaebols. That in turn will lead to more unemployment.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Less spending also means businesses that depend on selling to the chaebols will see less business. As they don’t have much of a safety net, many will shut down. Fewer businesses means that landlords will see less income. Everyone will get affected. And it will be a vicious cycle.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Everywhere you go in South Korea, you can always see this sign, 임대문의.<br /><a href="http://news.donga.com/more29/3/all/20180326/89312331/1">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Meanwhile, President Moon Jae-in’s plans to improve the economy have ranged from ineffective to counterproductive. In fact, when 100 economists were asked about Moon’s economic policies, 35 of them gave him <a href="https://www.mk.co.kr/news/economy/view/2019/05/295020/?fbclid=IwAR3BpRQl-vhsgDUgoLZBvpxVHFE6v_WwnyaIaQyXDUP-7jc3aBgq5n1fOb4">a D grade</a>.</span><br />
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<span style="font-family: times, "times new roman", serif; font-size: large;">Moon’s economic plans can be categorized into three groups. Income-led economic growth, promotion of an equitable economy, and promoting the Fourth Industrial Revolution.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Income-led economic growth is <a href="https://en.yna.co.kr/view/AEN20190521004351315?fbclid=IwAR0IJn1Ebd8FL0gmCo30JZnsbcuD889Gfsro2UHAwpTYfDG914gaT3r2ktw">a total bust</a>. By hiking up minimum wage the way he did, small businesses began slashing their number of workers. This was entirely predictable, but Moon ignored common sense advice and pushed through this law at ramming speed.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Promoting the Fourth Industrial Revolution and innovation is nothing more than empty sloganeering. Tech innovation doesn’t necessarily have to mean terraforming Mars. But Kakao <a href="https://www.reuters.com/article/us-kakao-taxi/south-koreas-kakao-strikes-deal-for-limited-hours-carpool-ends-taxi-union-protests-idUSKCN1QO157?fbclid=IwAR0iBAjt7BLp8BRUOxVHzBZJPxj7bi8-n4o3RriE-V5sQBAKBtgoNCfG1Tc">can’t even start a carpool service</a> without heavy regulations.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In order for innovation to occur, politicians need to do away with out of date laws and regulations. They need to find ways to help people who fall victim to structural unemployment without hampering innovation. There is no such politician, Left or Right, in Korea.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">When taxi drivers protested en masse against Kakao's plan to start a carpool service, the taxi drivers cheered when Liberty Party Korea Floor Leader Na Kyung Won appeared to speak in support of them. The LKP has historically been at odds with unions, but now it supports them. Meanwhile, prior to Na showing up, taxi drivers screamed, insulted, and threw water bottles at members of the ruling Democratic Party for not enthusiastically siding with them against Kakao.<br /><a href="https://theqoo.net/square/958727344">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Basically, the political climate won’t allow any new businesses to come into existence in South Korea, lest it causes existing industries to suffer. South Korea’s economy was once compared to a dynamo. Not so much anymore.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Promoting an equitable economy means increasing welfare and government handouts. But this necessitates tax hikes. Income and corporate taxes have been raised. Indirect taxes, such as public transportation fares, energy prices, toll booths, etc. have either gone up or will go up.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Moon’s economic policies have not worked. In fact, they’ve backfired so hard that even <a href="https://www.nytimes.com/2019/01/09/business/south-korea-economy.html?fbclid=IwAR2g6YKyR-8_kug9L9Wmk-K3biajfyXSlQ5Xp7CCPEVKaFNC2-mGGR9r3ws"><i>the New York Times</i></a> has had to admit that the policies they have favored in implementing in the US are not working.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Korea’s unemployment rates are deeply worrying. April’s jobless rate was the highest in 19 years. But if you dig deeper, those figures are even <a href="https://pulsenews.co.kr/view.php?year=2019&no=318612&fbclid=IwAR2NVlh5KWvhbPeOjRjj0ilzxZrc8qwhCda83of_TIzlEywRfeM_DAHME3I">scarier</a>.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">11.5% of young people (from age 15-29), those that the minimum wage hike was meant to help, are unemployed. People in their 30s and 40s, who should be in their prime earning years, also saw spiked unemployment.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Those who did get more jobs were senior citizens (whose incomes are low and whose jobs tend to be boondoggles). The other group who saw more hires were health and social welfare service sectors. Because they’re part of the public sector growth policy Moon has pushed for.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">This is bad. Economic growth depends on private sector jobs. Public sector jobs, on the other hand, come at the expense of private sector jobs. They also require tax monies.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">All the while South Korea’s economy is going up in flames, the only other solution not yet mentioned that Moon is pushing for is the fantasy of some of kind of <a href="http://english.hani.co.kr/arti/english_edition/e_national/884239.html?fbclid=IwAR0_6Qs8O3DvqJFHaZV_inIUEOizYhGzFFdGkLUcKnxBdivkrFTYkAdzNis">confederation</a> between South and North Korea.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">As long as North Korea refuses to give up its nuclear weapons, the US will not lift sanctions. That means the trans-Korean railroad project will never start and the chaebols will never spearhead economic development in North Korea.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">For investment to happen, a business has to be able to hire, train, pay, and fire workers without excessive outside interference. They’d also need to be able to bring any profits they earn overseas back to their own country.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">As long as Kim Jong Un and his regime remain in place, none of that will ever happen. Just ask <a href="https://freekorea.us/2015/11/19/of-fools-and-their-money-martyn-williams-on-orascoms-north-korea-fiasco/?fbclid=IwAR1rhxUIof2z7B_6xT9lTc8oiL3hSWxD86IMyRaT3hH0XgKxNpw7M8RdKoY">Orascom</a>.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">By investing in North Korea now, all South Korean businesses would be doing is pouring money into a bottomless pit and making themselves hostages by going to North Korea.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">South Korea’s economy is in deep trouble, but South Korean leaders don</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’t seem to have</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> a clue as to what to do. God help us all.</span></div>
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During a press conference at the beginning of the year, a reporter asked President Moon where he got his confidence from when he said that he would not change his economic policies despite the fact that he said he knew that the people were unconvinced by his plans and unsure about their future. President Moon responded to the question by saying "I've already explained my positions for 30 minutes, so I don't think I need to answer that question."</div>
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<a href="https://www.youtube.com/watch?v=HToOxxXv41o" style="font-family: Times, "Times New Roman", serif;">Video Source</a></div>
John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-31563475648392492472018-12-03T00:11:00.001+09:002018-12-03T21:30:41.072+09:00Movie Review: Default (국가부도의 날)<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="background-color: transparent; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline;"><b style="white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">WARNING: </span></b><span style="white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">The following review contains spoilers. If you have not yet seen Default (국가부도의 날) and wish to do so without having the plot given away, then do not read this.</span><span style="font-family: "arial"; font-size: 14.6667px;"><br /></span></span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">The IMF is Cast as the Villain, Unsurprisingly</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">At the end of October, when I </span><a href="http://www.koreaherald.com/view.php?ud=20181024000669" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">read</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> that there was going to be a movie made about the Asian Financial Crisis, my first instinct was to be concerned. To this day, many South Koreans refer to the Asian Financial Crisis as the IMF Crisis. The fact that it’s called the IMF Crisis shows that South Koreans view the IMF - the International Monetary Fund - as the villain. However, the IMF was what saved South Korea. It wasn’t the villain at all.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><a href="https://www.newyorkfed.org/medialibrary/media/research/economists/pesenti/whatjapwor.pdf" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">As economic bubbles started to burst</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> from Thailand to Indonesia to Hong Kong toward the last days of 1997, the South Korean economy began to nosedive. South Korea suffered an acute shortage of foreign currencies (such as the U.S. dollar) and the economy was in bad shape. Standard & Poor’s </span><a href="https://www.econstor.eu/bitstream/10419/78065/1/755318943.pdf" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">downgraded South Korea</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> on October 24th, 1997, from AA- to A+, on November 25th, 1997, to A-, on December 1st, 1997, to BBB-, and assigned South Korea on December 22nd, 1997, a speculative-grade sovereign credit rating. A speculative-grade sovereign credit rating is a fancy way of saying that a national economy is worthless.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The South Korean economy was saved by the IMF. While it’s true that the conditions that the IMF put on the loan - </span><a href="https://www.imf.org/external/np/seminars/eng/2006/cpem/pdf/kihwan.pdf" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">US$58.4 billion</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">, which was the largest aid package that the IMF had provided up to that point in time - that it had given to South Korea were punishing, they led to reforms that allowed the South Korean economy to grow stronger than ever before.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, it’s also true that the Asian Financial Crisis was so severe that there are still people to this day who have not yet recovered. And it’s likely those people never will. People forget that pre-1997 Korea was a very different place where lifetime employment was guaranteed for nearly every worker. After South Korea received the IMF’s bailout, however, one of the conditions that the South Korean government had to accept was a change in labor laws to make it easier to lay off workers, replace them with temporary/irregular workers, and thus allow businesses a way out from having to provide health insurance and co-paying for their workers’ pensions.</span></span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><img height="399" src="https://lh5.googleusercontent.com/-ooqEGwx86hkaRUiBVKGySJKO1JmjU2lbahJa1oe3U51yjq7ebS-EopP9_0ouzBQkE2PPNfxYXTEipv6a2NLSDVlt9Da65nSqFhZQ5e6WhxLV7l5tbG5npVSMqDrS9qd2FTlGypq" style="border: none; transform: rotate(0rad);" width="624" /></span></div>
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<a href="https://www.bbc.com/news/business-18719079" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif;">Image Source</span></span></a></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">When people look at the entire economy with a bird’s-eye view, and look at it with an objective and educated point of view, it’s clear that the IMF was a bitter pill that South Korea absolutely needed for its survival. However, most people don’t understand economics, and the only metric they have for the health of an economy is the amount of money they have in their checking accounts. As such, while it may be understandable for people - from South Korea to Greece - to view the IMF with apprehension, it doesn’t change the fact that those people are wrong.</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">The Movie’s Characters, Plots, and Details</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">So I was concerned about this movie. I knew it was going to play on people’s emotions as there is practically no one in the country who wasn’t affected by the economic crisis. I also knew that it was going to cast the IMF as a villain. And I knew that pre-IMF Korea was going to be portrayed as some kind of once-glorious romantic past. And I was proven right when I went to watch this movie - 국가부도의 날 (Gukga-budo-eui Nal) or </span><span style="background-color: transparent; color: black; font-style: italic; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Default</span><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> as it’s called in English - last Saturday.</span></span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><img height="652" src="https://lh6.googleusercontent.com/cQsP8YgmPJ1Eo7xZXoqAbVAkcOEddgmVdE3SC-rxQF0BQ6JK85FhFCOXKAgTnURkUQ5A0E2PebDn2W9oE6VnEuGNZBr2wqJjlJFy9vXSbrJtTO_ELbPp1ATdWc1mt8x21C6lsLmj" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="624" /></span></div>
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<a href="https://movie.daum.net/moviedb/main?movieId=114124" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif;">Image Source</span></span></a></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">As the movie starts, a black screen reads that while the events are based on historical facts, the personalities and stories are fictional. What the movie doesn’t say is how fantastical the fiction is going to be.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Though there were many different characters that were in the movie, the movie can be divided into three different groups.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The first group is led by the movie’s main protagonist Han Shi-hyeon (</span><a href="https://en.wikipedia.org/wiki/Kim_Hye-soo" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Kim Hye-soo</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">). Miss Han is a talented and intelligent senior financial analyst at </span><a href="http://www.bok.or.kr/eng/main/main.do" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">the Bank of Korea</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> (BoK) who struggles with having to deal with incompetent bosses. She leads a dedicated and passionate team of analysts who try to warn the public about the impending crisis (her bosses want to keep it quiet to avoid a financial panic), and she later becomes the single voice that stands up for the average South Korean citizen and forcefully speaks out against accepting a bailout from the IMF, which would threaten the livelihoods of small businesses and infringe upon South Korea’s sovereignty and autonomy.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The main antagonist that Miss Han Shi-hyeon has to face against is Vice-Minister of Finance Jae Moo-guk (</span><a href="https://en.wikipedia.org/wiki/Jo_Woo-jin_(actor)" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Jo Woo-jin</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">) - a man who keeps the impending crisis a secret from the public. He only shares that information with a few wealthy individuals - corporate titans - so that they can profit from the national tragedy. He pushes everyone else in the government to agree to accepting an IMF bailout even though he knows that South Korea doesn’t need it - South Korea has other options that it can pursue besides getting bailed out by the IMF. His reasoning is based on wanting to create a “new” Republic of Korea that is more capitalistic and free from the grip of labor unions.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The second group is led by Yun Jeong-hak (</span><a href="https://en.wikipedia.org/wiki/Yoo_Ah-in" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Yoo Ah-in</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">). He is a former investment banker who realizes that more and more businesses are going bankrupt and that within a week, the entire South Korean economy would implode. So he quits his job, takes his severance pay, and gathers two of his clients from when he was an investment banker to use their artificially inflated South Korean won to buy U.S. dollars.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">During the 1980s, like many other Asian countries had also done at the time, South Korea adopted what is called the </span><a href="https://www.investopedia.com/exam-guide/cfa-level-1/global-economic-analysis/fixed-pegged-exchange.asp" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Multiple-Basket Pegged Exchange Rate System</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> (MBPS). In March 1990, the MBPS was itself replaced by the </span><a href="https://www.bok.or.kr/eng/main/contents.do?menuNo=400186" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Market Average Exchange Rate System</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> (MARS). Simply put, the South Korean won was pegged to the U.S. dollar, which meant that the won was valued much higher than it was actually worth.</span></span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><img height="517" src="https://lh4.googleusercontent.com/Ol9LYyI9eLL-TBQRfNJbWB3Nwl9pGkW1CzyxI0V75F2o9vl1YCdP3ACqLT8ooK_AW3VTt9JUrBLNWUl7nRZZ3YokHs6cpDoOtodtQMueh2rVNl7gf50ViMXlVj9oqXzKw-0tdjmn" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="624" /></span></div>
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<a href="https://www.researchgate.net/publication/265068659_De_Facto_Exchange_Rate_Regime_in_Korea_Is_It_Still_A_Dollar_Peg" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif;">Image Source</span></span></a></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br class="kix-line-break" /></span><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">In November 1997, the South Korean won was valued at approximately ₩800 to US$1. At its worst after the South Korean economy collapsed, the South Korean won was valued at approximately ₩1750 to US$1. So if you were around in 1997 and bought dollars prior to the won’s collapse, and used those dollars to buy back wons after the won had depreciated the way it did, you would have made a killing.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Going back to the movie, considering the fact that one of Mr. Yun’s clients - a 24-year-old trust fund baby from </span><a href="https://en.wikipedia.org/wiki/Apgujeong-dong" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Apgujeong</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> - has about ₩10 billion to spare, which was valued at US$12.5 million prior to the won’s implosion, that means that if they got the timing just right and maximized their returns and bought back wons at the won’s weakest, they’d have more than doubled their initial capital and ended up with ₩21.8 billion.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The third group is led by Gab-su (portrayed by the immensely talented character actor </span><a href="https://en.wikipedia.org/wiki/Heo_Joon-ho" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Heo Joon-ho</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">). Mr. Gab-su represents the average citizen. He owns a small factory that makes steel bowls. A father of two children, he goes deep into debt when the economy collapses. He signs a contract that would allow him to provide his bowls to a department store. This is great news because he would be able to provide for his two children and lessen his wife’s worries about the future. However, his joy is short-lived. When the economy collapses, the department store that he signed a contract with goes out of business, which leaves him with a bounced check. Unable to pay his workers’ wages, realizing that selling his home would net him less money than when he paid for it, and hounded by creditors, he contemplates suicide.</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Heo Joon-ho is the only one who made this movie watchable. He puts his heart and soul into portraying this tragic character, and is the only one who feels human in a movie about the second most traumatic event that occurred in South Korea’s history.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">French actor </span><a href="https://en.wikipedia.org/wiki/Vincent_Cassel" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Vincent Cassel</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> also appears in a small role in the movie as the Managing Director of the IMF. The role that he was given was a small one, and Cassel didn't have much to work with. He was entirely forgettable in the role, but that is not an insult to his acting abilities. Considering the overall bias and tone of the movie, it would have been all too easy for M. Cassel to portray his character as cartoonishly evil. However, he played his character as a disinterested professional who is simply doing his job. For that, M. Cassel deserves credit.</span></span></div>
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<a href="https://m.post.naver.com/viewer/postView.nhn?volumeNo=16932834&memberNo=33524144" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif;">Image Source</span></span></a></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Anti-American Messaging</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">In a climactic scene in the movie during the bailout negotiations, the IMF’s Managing Director is accosted by Miss Han Shi-hyeon, a scene which would likely get every red-blooded Korean’s heart pumping with patriotic rage.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Among the conditions of the bailout, the Managing Director insists that South Korea allows foreigners to engage in hostile takeovers of financial firms, and to allow foreign investors to own up to half of Korean businesses. However, Miss Han Shi-hyeon discovers that one of the U.S. Treasury Department’s undersecretaries quietly joined the Managing Director’s entourage, is staying on the same floor in the hotel as the Managing Director, and is providing him with instructions from Washington D.C.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Livid at this discovery, she accuses the IMF’s Managing Director of attempting to violate South Korea’s autonomy and sovereignty, and helping to further American interests at the expense of South Koreans who have lost everything. And in a highly unrealistic scene, despite the fact that she is a financial analyst and is in a room with the Minister and Vice Minister of Finance, she takes over the negotiations and tells the Managing Director that she cannot accept his conditions. Never mind the fact that she has no legal authority to accept or reject any of the IMF’s conditions.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Dramatic as that scene may have been, however, no one actually knows what went on in these negotiations. In reality, these meetings took place in private, and no one from the press was allowed to cover the discussions. No one knows how many people took part in the meeting, or who they were, or what was discussed. In fact, the inspiration for the entire movie was based on a single line from a news report - IMF 대책반이 있었다. There was an IMF task force.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Miss Han Shi-hyeon, the movie’s main protagonist, was created out of thin air. When Choi Kook-hee, the </span></span><span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif; white-space: pre-wrap;">movie </span><span style="font-family: "times" , "times new roman" , serif; vertical-align: baseline; white-space: pre-wrap;">director, was asked about the character, he simply </span><a href="https://1boon.kakao.com/newsade/Default2018" style="font-family: Times, "Times New Roman", serif; text-decoration-line: none;"><span style="color: #1155cc; vertical-align: baseline; white-space: pre-wrap;">replied</span></a><span style="font-family: "times" , "times new roman" , serif; vertical-align: baseline; white-space: pre-wrap;"> “There might have been a person like that in the task force.”</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">No one can accuse Choi Kook-hee of distorting the truth. He admits from the very beginning of the movie that while the events are based on historical facts, the personalities and stories that are depicted are fictional. What he is doing, however, is selling an anti-American and anti-capitalist narrative that is based purely on fabrications.</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">The Capitalist Straw Man</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Vice-Minister of Finance Jae Moo-guk is corrupt, deeply misogynistic, and treats the financial crisis as an opportunity to enrich himself and his friends while reshaping the country into his image despite the fact that people are losing their livelihoods and literally jumping off bridges. On top of all that, he is smug. Jae Moo-guk is a character who is easy to loathe.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Before meeting with the IMF Managing Director, the IMF task force meets together to decide how to best deal with the impending financial collapse. At this point, even though the government is publicly denying that there is a problem with the economy and also denying that it is seeking a deal with the IMF, the fact that the Korean economy is in deep trouble is now the world’s worst kept secret. Businesses are filing for insolvency - even </span><a href="https://www.economist.com/business/1999/08/19/the-death-of-daewoo" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Daewoo</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">, one of South Korea’s largest corporations. Foreign investors are fleeing the country. In fact, the very first scene in the movie shows an anonymous financial analyst from </span><a href="https://en.wikipedia.org/wiki/Morgan_Stanley" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Morgan Stanley</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> sending an email to all investors to take their money out of Korea “right now.”</span></span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><img height="497" src="https://lh4.googleusercontent.com/DaDHNHBXVLbmbwDF9FWoGlC-qlAVGYnuQqKzpi88IT1egUV_cSDkOzdmZqdnp2IE6bbqsfdhmXSDYsGvT37H1Eq9HWAoS-0DU3bpTbB9Rh_PBXArcMwcflBt7Z6m70R4lr-o6wML" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="624" /></span></div>
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<a href="https://www.team-bhp.com/forum/indian-car-scene/118687-visit-daewoo-motors-argentum-plant-surajpur-up-chronicle-pictures.html" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif;">Image Source</span></span></a></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">During this meeting, Miss Han Shi-hyeon is shocked when the Vice Minister of Finance suggests that getting bailed out by the IMF would be an easy solution to solve South Korea’s problems. She saw what had happened to Thailand and Indonesia after they were bailed out by the IMF. They had to instate austere economic policies as dictated by the IMF, which made life even harder for the average citizen.</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">When the Vice Minister demands to know what she suggests if she is so dead set against an IMF bailout, Miss Han says that South Korea can pursue other options. She says that South Korea can borrow loans from the United States, Europe, and Japan to help pay off South Korea’s more urgent debts.</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Hearing her answer, the Vice Minister does the cliche villain laugh - unnecessarily long, hollow, and devoid of any humor. He accuses Miss Han of not taking the situation seriously, and he also points out that it is odd for her to behave this way seeing how she was the one who was warning everyone else to take things seriously earlier. He admits that an IMF bailout is a drastic measure, but says that it is a necessary remedy to a drastic situation. He then asks Miss Han what she proposes they do after they use the loans from those foreign governments to resolve the more urgent problems. The economy would still have been in free fall and investors would have still been fleeing.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">It was a legitimate question that our heroine could not answer. She couldn’t answer that question because he had her in a corner. The solution she was suggesting was akin to a doctor prescribing aspirin to a patient who is suffering from a heart attack.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, Choi Kook-hee could not simply allow his movie’s villain to derail his protagonist’s narrative with a single rhetorical question. So although the Vice Minister has a perfectly valid point, as soon as he makes that point and our heroine is left speechless, he immediately reveals his misogyny by saying “This is why we can’t have women in positions of power. Women have no ability to use reason.”</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">When one of Miss Han’s staffers, a young woman (portrayed by </span><a href="https://en.wikipedia.org/wiki/Park_Jin-joo" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Park Jin-joo</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">) tries to object to the Vice Minister’s sexist comment, he doubles down and tells her to be a good girl and get everyone some coffee. As soon as the Vice Minister says that, the valid points he raised are completely forgotten. From that point forward, he simply becomes a bully for the audience to loathe.</span></span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><img height="416" src="https://lh6.googleusercontent.com/E60FG_s2ZsmjMofViPrW-IdF7e5RYKNshfMNFItGG972pqVxk02Zjzdnxmh5fpWpy309kyJ2x3dZ32cFs9FVk9n-_3BCzcmEUeAiz1WQl-jd1t-_mRJTQUpgpQEkDk0VlZjUbtid" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="624" /></span></div>
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<a href="https://m.post.naver.com/viewer/postView.nhn?volumeNo=16932834&memberNo=33524144" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif;">Image Source</span></span></a></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">The Real Reason Miss Han’s Idea wasn’t going to Work</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">When Miss Han suggested that there are other options available - like borrowing money from the U.S. and Japan - several of the audience members at the movie theater audibly sighed. Many people who left the theater asked among themselves what South Korea would have looked like now had the government not accepted an IMF bailout.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, in reality, no such option was available for South Korea.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Of the different governments that South Korea could have requested for aid, the safest bet would have been the United States. However, the United States was in no position to help anyone at the time. To know why, we need to talk briefly about Mexico.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The United States Treasury Department has an emergency reserve fund called the </span><a href="https://en.wikipedia.org/wiki/Exchange_Stabilization_Fund" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Exchange Stabilization Fund</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">. In theory, the United States could have used this fund to help stabilize the South Korean economy. In reality, however, it couldn’t because of the </span><a href="https://en.wikipedia.org/wiki/Mexican_peso_crisis" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Mexican peso crisis of 1994</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">. The causes of the Mexican peso crisis is long, but long story short, the United States could not afford to have its southern neighbor’s economy go up in flames. It would have exacerbated illegal immigration and there was widespread fear that economic panic could also spread to the United States.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">President Bill Clinton tried to give aid to the Mexican government by going through Congress. He wanted Congress to pass his Mexican Stabilization Act, but it failed. At the time, the United States had just had midterm elections, and the 1994 midterm elections were also known as </span><a href="https://en.wikipedia.org/wiki/Republican_Revolution" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">the Republican Revolution</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">. </span><a href="https://en.wikipedia.org/wiki/Newt_Gingrich" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Newt Gingrich</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> was the new Speaker of the House, the Republicans ran on his </span><a href="https://en.wikipedia.org/wiki/Contract_with_America" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Contract with America</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">, and he was determined to make President Clinton’s life a living hell.</span></span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><img height="450" src="https://lh4.googleusercontent.com/qWLz5ko1wsniwTXCh4baNZVZpO9awQWV-g7D7Ns6ldUNFZZy4CsFYBTviME0X9JF9lVb7HmLK5lW_qP4g_1AHHvYAhzAoRwk2549DO5LIrOnrIVKUyt0svPHQ_OwXtYbbD1xqPVU" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="600" /></span></div>
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<a href="http://www.wlrn.org/post/what-congresss-first-bill-tells-us-about-nations-political-priorities" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif;">Image Source</span></span></a></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">In an effort to work around Congress, President Clinton used the Exchange Stabilization Fund, which did not require Congress’ approval, to provide </span><a href="https://www.reuters.com/article/us-financial-bailout-stabilization-idUSN1926946520080919" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">US$20 billion in currency swaps and loan guarantees</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> to Mexico to keep its economy afloat. Naturally, Congress responded. Republicans were livid because this was a violation of the law. The Exchange Stabilization Fund was for short-term currency transactions to bolster the U.S. dollar - not to rescue cash-strapped foreign governments. So Congress passed the </span><a href="https://en.wikipedia.org/wiki/Mexican_Debt_Disclosure_Act_of_1995" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">the Mexican Debt Disclosure Act of 1995</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">. This bill required the submission of semi-annual reports by the President of the United States concerning presidential certifications of all international credits, currency swaps, guarantees, and loans through the Exchange Stabilization Fund to the government of Mexico.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Due to the Exchange Stabilization Fund already having been used to prop up the Mexican economy, Congress had tight control over the fund, and there was no way that the Republicans were going to allow President Clinton to pull the same stunt again just a few short years later - this time, to save South Korea.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Getting an economic package from Japan at the time was also a laughable idea. It was called the ASIAN Financial Crisis. At the time, if South Korea could be compared to a patient who suffered a serious heart attack, Japan was a coma patient.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Prior to 1995, Japan was the largest source of foreign direct investments to other Asian countries. However, two things happened to change that. The first was the </span><a href="https://en.wikipedia.org/wiki/Great_Hanshin_earthquake" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Kobe earthquake</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">, which caused huge damages within Japan and caused the Japanese government to look inward rather than outward. The second was the </span><a href="https://www.nytimes.com/1995/10/13/business/international-business-daiwa-scandal-as-serious-a-question-as-barings.html" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">Daiwa banking scandal</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> and the </span><a href="https://freecurrencyrates.com/en/exchange-rate-history/JPY-USD/1996/cbr" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">decline of the yen</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> against the U.S. dollar between 1996 and 1997. In November 1997, Japan’s tenth largest bank - Hokkaido Takushoku Bank - </span><a href="https://www.nytimes.com/1997/11/17/world/collapse-of-japan-s-10th-largest-bank-sets-off-large-market-rally.html" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">collapsed</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">. Earlier that year, another large bank - Nippon Credit Bank, now known as Aozora Bank - </span><a href="https://www.nytimes.com/1997/03/28/business/a-major-japanese-bank-reported-in-crisis.html" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">needed to be bailed out</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> by the Japanese government.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">The Japanese government was in no position to help out anyone else either. They had to get their own house in order first.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">I am glad that Miss Han Shi-hyeon is a fictional character. If her character had been based on a real senior financial analyst from the Bank of Korea who was that ignorant, South Korea would have likely been in much bigger trouble than it was actually in.</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Strange Character Developments</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Heo Joon-ho’s Gab-su was the only character who showed any kind of believability in his character’s development. At the start of the movie, a contented and naive Gab-su thinks that he’s got the world on a string, but as the economy plummets and he loses his livelihood and he sees people around him committing suicide, he too falls into deep despair and almost jumps off from his apartment window. Twenty years later, when the movie’s epilogue takes place, an aged Gab-su still runs his small factory, but he’s wiser and more business-minded.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">At the beginning of the movie, all of his employees are Koreans. But when we see his factory at the end of the movie, there isn’t a Korean worker in sight. Korean workers are too expensive to employ, and most younger Koreans today don’t want to work in the manufacturing industry, much less in small factories. In perfect grouchy ajeossi fashion, Gab-su yells at his South Asian worker, Hassan, “일 빨리 하라고!” I said work faster.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">In a phone call with his grown-up son who is on his way to a job interview, Gab-su tells his son not to trust anyone. Not just those who appear to want to help as his son asks. He tells his son to trust only in himself and no one else. An economic collapse is more than just numbers falling. It has a devastating and permanent effect on a people’s psyche. Heo Joon-ho captured that perfectly.</span></span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><img height="400" src="https://lh4.googleusercontent.com/ODGkimldyzY1vN3MvssY-ICQhXZMCenSAvuNyMq5BKVALHsCEo6PLX2122wdIBjXcufcD7u1vzMYMgULPr5rFco6QmW-ZLlN16-dqdj6bCOFfQjqFXblT9sqjxBh78eTyiJtZr_C" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="600" /></span></div>
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<a href="http://www.slist.kr/news/articleView.html?idxno=49766#09Pr" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif;">Image Source</span></span></a></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">His other two co-stars, however, weren’t given good material to work with.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Going back to Miss Han, although she sees the economic collapse coming at the beginning of the movie and understands its severity, the writers do a lazy job of researching and as a result, turn her into a naive fool. Instead of agreeing that the country needs to be bailed out by the IMF, she suggests non-existent solutions.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Furthermore, her character is a senior financial analyst from the Bank of Korea. While it’s true that one of the underlying causes for Korea’s economic crisis was banks over-lending (to dangerous levels) to corporations, it was the Bank of Korea’s job to properly regulate those banks. The people who were running the Bank of Korea were either asleep on the job or they were complicit in the whole damned thing.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Instead of being treated as an intelligent figure who can think rationally and objectively, she’s turned into a populist demagogue. During the bailout negotiations, one of the conditions that the IMF Managing Director lays out is that eleven of the country’s merchant banks had to be shut down (in reality, it was actually </span><a href="https://www.imf.org/external/pubs/ft/op/opFinsec/op188.pdf" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">fourteen</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> merchant banks). This is when Miss Han loses her cool. She says that this will affect the poor and small businesses and (unrealistically) declares that she will not accept those terms.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Had she been written more realistically, and not as some fictional populist hero, she would not have objected because she would have known that the reason the IMF insisted on the closure of those merchant banks was that those banks were no longer solvent and they were unable to pay their loans, which were estimated at a combined </span><a href="https://www.irishtimes.com/business/s-korea-s-crisis-worsens-as-merchant-banks-closed-1.136236" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">₩1 trillion (at the time US$700 million)</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Not only would have keeping those merchant banks opened failed to help average people have access to money, it would have also caused further financial panic and uncertainty.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">I cannot stress this enough. The heroine, Miss Han, may have been warm-hearted, compassionate, and patriotic, but she was also a raging idiot.</span></span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><img height="416" src="https://lh5.googleusercontent.com/LdzLiOoMP2zQxWYJbrDKSaehXMR83T4-_KtI_exbGII_N9kcYWUV1UroG9uwAjL60BtllRCSzIz-qMr6XSGX_XBrDNV-g0xanppu3YxPiJEZHUJEe0iwIHPkHz3K_LfoQqodSA4O" style="-webkit-transform: rotate(0.00rad); border: none; transform: rotate(0.00rad);" width="624" /></span></div>
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<a href="https://m.post.naver.com/viewer/postView.nhn?volumeNo=16932834&memberNo=33524144" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif;">Image Source</span></span></a></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">But at least Miss Han is an easy character to understand. She is stupid. Yoo Ah-in’s character, Yun Jeong-hak, on the other hand, is just confusing to watch.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">At the start, Yun is a smart analyst who sees the financial collapse coming. However, unlike Miss Han, he doesn’t have any influence in the upper echelons of the government. No one has any reason to take him seriously. In fact, with the exception of two of his clients, everyone else ignores Yun’s warnings at their peril.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">In the middle of the movie, when the economy has crashed and everyone goes to their banks to demand their money, people are told that there is no money to give them. Pandemonium breaks out in the banks as people punch and kick each other, furniture gets thrown, people run from each other, some inconsolably cry in despair, and banners get ripped.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The banners are a familiar motif in the movie. South Korea officially became an OECD member in </span><a href="http://www.oecd.org/about/membersandpartners/list-oecd-member-countries.htm" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">December 1996</span></a><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> - a full year before South Korea needed the IMF bailout. Banners congratulating Koreans for their hard work that allowed the country to become an OECD member are frequently seen in the movie - juxtaposing the hubris of the past to the despair of the moment.</span></span></div>
<b style="font-weight: normal;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></b>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">When Yun and his two clients go to a bank and see the bank, its employees, and customers in complete despair, one of Yun’s clients - the trust fund baby from Apgujeong - begins to celebrate. He is joyous over the fact that the economy is in ruins because that means that he has become much wealthier than before. After all, most of the ₩10 billion than Yun used to buy U.S. dollars was his money.</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">When Yun sees his client behave that way, Yun slaps his client’s face repeatedly. Even though Yun is proven right, he takes no pleasure at the human suffering he sees, and he says to his client “Never brag about how you got rich in front of me again.”</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">After saying that, while continuing to look at the despair he says to his other client, an older and more sober-minded gentleman, that this is the time for them to do something great and meaningful. However, they never do anything great or meaningful. In fact, despite having slapped his client for tastelessly celebrating his newfound wealth, they do the same thing again - this time Yun included - a few scenes later when they drink and sing in a nightclub where they are the only patrons.</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">His compassion and empathy for the unfortunate also only seem like a one-time thing. Despite the reaction he showed at the bank, he shows a very different reaction later. When apartment prices plummet, Yun uses the money he has made to buy up entire apartment units. In one of the apartments that he has bought, he and his two clients discover the former apartment’s owner’s body. The previous owner presumably had no choice but to sell his home, but after getting paid much less for it than when he bought it, he hanged himself in his empty former apartment.</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">The trust fund baby discovers the man’s body first and runs screaming. He says they have to get out, but Yun, looking at the man’s body, says coolly “Why should I leave? After all, this is my home now.”</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Even at the movie’s epilogue scene, he still hasn’t done anything “great.” He has set up his own financial consulting firm, and he charges people ₩500,000 to have lunch with him for 60 minutes, and ₩1,000,000 to have dinner with him for 90 minutes. So he obviously becomes very wealthy at the end of the movie, but he doesn’t really do anything “great,” at least according to what I suspect to be Choi Kook-hee’s moral standards.</span></span></div>
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<a href="https://m.post.naver.com/viewer/postView.nhn?volumeNo=16932834&memberNo=33524144" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif;">Image Source</span></span></a></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Conclusion</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The movie’s run-time is a little under two hours. If you are looking to watch a movie that is light on details and ignorant of the facts, but has a strong anti-capitalist and anti-American narrative, and you have an itch for a subprime Korean version of </span><i><a href="https://en.wikipedia.org/wiki/The_Big_Short_(film)" style="text-decoration: none;"><span style="background-color: transparent; color: #1155cc; font-variant: normal; font-weight: 400; text-decoration: underline; vertical-align: baseline; white-space: pre-wrap;">The Big Short</span></a><span style="background-color: transparent; color: black; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> </span></i><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">(see what I did there?), then this movie is for you.</span></span></div>
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<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">If, however, you like your movies based on historical facts to be factual, then I suggest that you skip this movie.</span></span></div>
John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com2tag:blogger.com,1999:blog-913318078282493927.post-42007307270420244192017-03-13T13:32:00.001+09:002017-03-13T13:40:50.004+09:00Trump's Silence Over China's Bullying Could Resurrect South Korea's Anti-Americanism<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Park Geun-hye’s impeachment has brought nine years of conservative governance in Korea to a screeching halt. Now that there isn’t a single conservative candidate who has not been tainted by the Park Geun-hye/Choi Soon-sil scandal to one degree or another, it is all but guaranteed that the next president is going to come from the progressive Minjoo Party. And as I mentioned over the weekend, Moon Jae-in is now <a href="http://world.kbs.co.kr/english/news/news_Po_detail.htm?No=125834">the man to beat</a>.<br /><br />Seeing how he was President Roh Moo-hyun’s former chief of staff, Moon is <a href="https://www.nytimes.com/2017/03/10/world/asia/south-korea-liberals-impeachment.html?_r=0">taking great pains</a> to tell voters (and foreign observers) that he’s not anti-American. However, no matter how much Moon may wish to distance himself from <a href="http://www.koreatimes.co.kr/www/news/nation/2016/10/116_216188.html">his past</a>, the Korean Left will have a much harder time of doing that. It wasn’t that long ago when Korean protesters were stomping on or burning American flags. Businesses blatantly refused to serve American customers and a good number of American citizens who lived in Korea at the time were assaulted and harassed on a daily basis. Many of them were forced to pretend to be Canadians to avoid harassment.</span><br />
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<span style="font-family: "times" , "times new roman" , serif;"><br /><span style="font-size: large;">While the conservatives have been in charge, overt anti-Americanism practically disappeared. That is not to say that the conservatives were the only reason that anti-Americanism retreated. To be sure, there were other reasons as well. Today’s young Koreans’ nationalism is based on <a href="https://www.nknews.org/2016/05/does-north-korea-have-a-place-in-the-souths-new-nationalism/">their identity as South Koreans</a>, which is different from ten to fifteen years ago when <i>minjok</i> was the popular refrain. The KORUS FTA, which has also helped to deepen trade ties between the two countries, also helped to force back anti-Americanism. Ironically, the KORUS FTA was first initiated by President Roh Moo-hyun who</span></span><span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;"> once </span><a href="http://www.nytimes.com/2009/05/24/world/asia/24roh.html" style="font-family: Times, "Times New Roman", serif;">rhetorically asked</a><span style="font-family: "times" , "times new roman" , serif;"> “What’s wrong with being anti-American?”</span></span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /><br />However, it would be a mistake to think that Korea’s progressives have completely given up on viewing the United States as the enemy. When the first pieces of THAAD’s system arrived at Osan Air Base, the Minjoo Party’s chairperson, Choo Mi-ae falsely claimed that it was done in secret; that it was agreed upon by illegitimate political leaders who hoodwinked the Korean people. She went so far as to say that bringing in those components was <a href="http://english.yonhapnews.co.kr/news/2017/03/08/0200000000AEN20170308003600315.html">a violation of Korea’s sovereignty</a>.<br /><br />On the other hand, the only thing that Choo Mi-ae has said about China’s bullying and (unofficial) sanctions against South Korea’s economy vis-a-vis the latter’s THAAD deployment was that it was “<a href="http://www.koreaherald.com/view.php?ud=20170303000845">excessive</a>.”</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Choo Mi-ae, who doesn't even know how binoculars work, thinks her opinion on THAAD matters.<br /><a href="http://cfile21.uf.tistory.com/image/2363084157E1417B1856D0">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Especially with the boorish Donald Trump in the White House, the stage is set for anti-Americanism to return with a vengeance. Considering what we already know about Trump and the Korean Left, things could get ugly. When the Korean Left takes over the reins of power, they will have a responsibility to behave like adults. However, they are not in power yet. The ones who <i>are</i> in power and who <i>are</i> in the position to do anything to try to mitigate this are American Republicans. </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">God help us all!</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Deploying THAAD anti-missile batteries in South Korea has been contentious to say the least. There is a significant portion of the population that believes that it does more harm than good. After all, <a href="http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3021200">THAAD will not protect the 20 million or so people who live in Seoul</a> (Seoul will be targeted by <i>short-range</i> rockets and artillery barrages and THAAD was never designed to counter those threats anyway). THAAD’s defensive capabilities are designed to better protect American military personnel and assets as well as the American mainland from <i>long-range</i> North Korean missiles.<br /><br />The alliance between the United States and Korea is a mutual one. That means that Korea has to come to America’s aid as much as America has to come to Korea’s aid in the event of a military conflict that affects either nation. Especially at a time when “America First” rhetoric (never mind its <a href="https://www.theatlantic.com/politics/archive/2017/01/trump-america-first/514037/">historical roots</a>) has permeated the American political landscape, it would be ill-advised for the Korean government to confirm what many American voters and government officials already falsely believe - <a href="http://www.thedailybeast.com/articles/2016/12/29/why-donald-trump-keeps-dissing-america-s-allies-in-europe-and-asia.html">that allies take and take and take but never give anything back</a>.<br /><br />However, THAAD has put Korea in China’s crosshairs. China’s unofficial sanctions have hurt Korean businesses. From <a href="http://www.cnbc.com/2016/11/23/china-korea-feud-over-thaad-is-hurting-k-pop-in-mainland-market.html">Kpop stars</a> to <a href="http://shanghaiist.com/2017/03/03/south-korea-travel-ban.php">duty free shops</a> to <a href="http://shanghaiist.com/2017/03/06/lotte_closings.php">Lotte</a> to practically <a href="https://www.bloomberg.com/news/articles/2017-03-08/missile-tensions-put-spotlight-on-south-korean-firms-china-ties">any business</a> that relies on the Chinese market, Korean businesses are hurting. A more thorough study would have to be conducted to deduce just how much China’s sanctions are costing Korea</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> economy. But in politics, perception is oftentimes more than enough.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />When the average Korean citizen feels he is worse off because of THAAD, which really doesn’t do much to protect Koreans, it would only be natural for more and more Koreans to question its benefits over time. The United States can nip this in the bud. President Trump ought to make a statement that the United States stands firmly with South Korea; that the United States would not sit idly by while China pushes around one of its most important allies. He should say publicly that his administration will look into ways to deepen trade ties between Seoul and Washington in order to alleviate the economic burden that THAAD has thrown onto Koreans’ collective shoulders.<br /><br />However, the only American official of any real importance to have said anything about China’s bullying of South Korea over THAAD is <a href="http://english.yonhapnews.co.kr/national/2017/01/20/52/0301000000AEN20170120000400315F.html">Senator John McCain</a>. No one in the Trump administration is saying a word to support Korea! This is irresponsible and yet another indication of the Trump administration’s sheer incompetence. In less than sixty days, South Korea is going to have a new government that will be populated by people who have a long history of anti-Americanism. All they need is the right excuse to resurrect it. They’ll be able to say that they stood up to American bullies and helped to improve economic relations with China and they will likely get rewarded by voters.<br /><br />President Donald Trump and Secretary of State Rex Tillerson ought to be doing everything they can to try their best to avoid that more-than-plausible eventuality. And yet there is nothing but silence from Washington. Never mind that <a href="https://www.washingtonpost.com/news/arts-and-entertainment/wp/2017/03/04/trump-says-schwarzenegger-was-fired-from-apprentice-then-schwarzenegger-fires-back/?utm_term=.395931dfc5f1">Trump can’t seem to keep quiet about anything else</a>!</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">If the worst does come to pass and if future American historians ask who lost South Korea, they can look back at this moment now and know without a doubt that President Trump’s silence was where it all started!</span></div>
John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com3tag:blogger.com,1999:blog-913318078282493927.post-6287523836323281842017-03-11T14:59:00.001+09:002017-03-11T15:11:56.856+09:00Random Thoughts about Park Geun-hye, Her Impeachment, and What Comes Next<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I don’t know which honorific to use to refer to Park Geun-hye anymore. All former presidents, no matter how disgraced they later became, are still referred to as Former President So-and-So. But none of them was successfully impeached. So do we call her Former Saenuri Chairperson Park Geun-hye or do we just call her Park Geun-hye-씨? <a href="http://news.mk.co.kr/newsRead.php?year=2017&no=165421">MBN seems to think</a> that “Former President Park Geun-hye” is still the appropriate honorific, but I am not convinced.<br /><br />And it turns out that Ms. Park (that sounds about right) has <a href="http://news.jtbc.joins.com/html/237/NB11436237.html">still not left the Blue House</a>. Seeing how she has been stripped from her constitutionally-guaranteed immunity from prosecution, it may yet be possible to see her eventually led out of the Blue House with handcuffs around her wrists.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Ms. Park’s silence since the verdict is a slap in the face to every conservative in the country. <a href="http://edition.cnn.com/2017/03/10/asia/south-korea-president-park-geun-hye-impeachment/">Three people</a> - people who protested against her impeachment - have died while protesting the Constitutional Court’s decision. Her supporters also <a href="http://v.media.daum.net/v/20170310204751431">attacked journalists</a> for simply doing their job. She should have issued a statement renouncing violence. She should have urged calm. And she should have publicly announced that she, and everyone else, would accept the Court’s ruling - just like <a href="http://news.chosun.com/site/data/html_dir/2017/03/10/2017031001127.html">she said</a> President Roh Moo-hyun should accept the Court’s ruling when he was impeached - regardless of the decision. Her silence is a betrayal of her supporters and the rule of law. It is indecent and a perfect example of how a leader ought not to behave. It was her final insult to anyone who had ever voted for her.</span></div>
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<tr><td style="text-align: center;"><a href="https://4.bp.blogspot.com/-2a_dCcKuOg0/WMOQy0jFPEI/AAAAAAAACkA/YarHXZixIise9sZ61Kg9H3Va55EmhhADwCLcB/s1600/IE002059288_STD.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="426" src="https://4.bp.blogspot.com/-2a_dCcKuOg0/WMOQy0jFPEI/AAAAAAAACkA/YarHXZixIise9sZ61Kg9H3Va55EmhhADwCLcB/s640/IE002059288_STD.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="http://ojsfile.ohmynews.com/STD_IMG_FILE/2016/1127/IE002059288_STD.jpg"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Image Source</span></a></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">That being said, unlike many people, I don’t take any joy in her impeachment. All I see is tragedy. Her political career lasted for 18 years and the Queen of Elections had every reason in the world to become a great leader - to exonerate her father’s legacy, to squash once and for all the accusations that she and her cronies are corrupt power-lusters, to prove that conservative values could help to lead Korea into the 21st century. She failed completely. Her impeachment was a victory for justice and Korea’s young democracy. But I take no joy in seeing her downfall.<br /><br />As expected, Moon Jae-in is <a href="http://world.kbs.co.kr/english/news/news_Po_detail.htm?No=125834">the man to beat</a> in the upcoming presidential election. Anyone who has ever read anything that I had to say about him would know that I utterly despise the man. Donald Trump is already in the White House (another man whom I have nothing but contempt for) and Moon Jae-in will most likely be the next occupant of the Blue House. <a href="http://freekorea.us/2016/12/09/south-korea-does-not-trust-trump-america-would-not-trust-moon-jae-in/#sthash.QyAnR47D.AdNEiSza.dpbs">A toxic shit storm</a> is brewing; and Kim Jong Un, the Fat Boy King of the North, laughs.<br /><br />Seeing how he started out by opposing THAAD’s deployment to becoming ambivalent, to seemingly oppose it again, China is likely laughing, too.</span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://4.bp.blogspot.com/-iRyX7vAKhv4/WMOP1hNQhBI/AAAAAAAACj4/6qVTZMaL4PsSSXtKr4aQs5VNsGY3BRa1wCLcB/s1600/17103639_1876224585926112_8532199594340556467_n.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="372" src="https://4.bp.blogspot.com/-iRyX7vAKhv4/WMOP1hNQhBI/AAAAAAAACj4/6qVTZMaL4PsSSXtKr4aQs5VNsGY3BRa1wCLcB/s640/17103639_1876224585926112_8532199594340556467_n.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">This picture was taken on March 8th 2017. It says "Withdraw THAAD immediately."<br /><a href="http://file.dailian.co.kr/news/201703/news_1488962923_617207_m_1.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">If Moon becomes president and pledges to withdraw the THAAD anti-missile batteries, China will always remember that all it needs to do to convince the South Korean government to do anything is exert just a little economic pressure and it will cave every single time. South Korea’s sovereignty will effectively belong to China. But Moon Jae-in and <a href="http://english.yonhapnews.co.kr/news/2017/03/08/0200000000AEN20170308003600315.html">Choo Mi-ae</a> will be able to say that <a href="https://www.nytimes.com/2017/03/10/world/asia/south-korea-liberals-impeachment.html?smid=tw-share&_r=0">they stood up to the United States</a>. Never mind that amid <a href="http://english.yonhapnews.co.kr/business/2017/03/09/0501000000AEN20170309001900320.html?utm_content=buffer08931&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer">Chinese bullying</a> and North Korean aggression and Japanese rising militarism, South Korea’s only friend is the United States!</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In short, South Korea’s dark days are not behind it. Things are going to get much darker yet.</span></div>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com2tag:blogger.com,1999:blog-913318078282493927.post-2442655923481559902017-01-24T15:48:00.000+09:002017-01-24T16:17:04.507+09:00South Korea is Marginalized and that is South Korea's Fault<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In my <a href="https://www.nknews.org/2017/01/the-coming-drift-in-the-u-s-south-korean-alliance/">latest column</a> for NK News, I talked about how the ROK-US alliance could be severely strained due to the toxic mix of the Trump administration and any progressive-led future government in Seoul.<br /><br />President Trump’s cabinet, while not yet fully formed, is being filled by hawks - particularly embodied by Mattis and Tillerson - and considering how sanctions were the go-to weapon of choice for the hawkish doves in the Obama administration, the hawkish hawks in the Trump administration may prefer to seek stronger means of persuading North Korea to change course.</span><br />
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<tr><td style="text-align: center;"><a href="https://4.bp.blogspot.com/-tC-iClEibM0/WIbrKAi9olI/AAAAAAAACjE/RRSvsyIyOVkvzCfCtPUjesJ76bPQuiY5QCLcB/s1600/1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="360" src="https://4.bp.blogspot.com/-tC-iClEibM0/WIbrKAi9olI/AAAAAAAACjE/RRSvsyIyOVkvzCfCtPUjesJ76bPQuiY5QCLcB/s640/1.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://i2.cdn.cnn.com/cnnnext/dam/assets/170109064912-mattis-sessions-tillerson-split-super-tease.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Meanwhile, across the Pacific, when the progressives take over the Blue House after the next presidential election in South Korea (whenever that takes place!), and the next president WILL be a progressive, they will most likely have drastically different ideas about how to deal with North Korea.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Being the kind of man who is obsessed with appearing strong and respected, perhaps even feared, Trump is exactly the kind of person whom Sean Connery’s Captain Marko Ramius would have called “<a href="https://www.youtube.com/watch?v=DWjJlErBPX4">a buckaroo</a>.” We are already seeing this with the kind of <a href="http://www.reuters.com/article/us-usa-china-southchinasea-idUSKBN1572M4">rhetoric</a> that the Trump administration has employed toward China - that it would prevent China from taking over territory in the contested South China Sea as well as deny it access to the islands it has built there.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">It remains to be seen if the heated political rhetoric between Washington and Beijing (for its part, Beijing has said that the United States would need to “declare war” to block China access to its islands) will develop into something more serious. Both are militarily powerful nations and the two largest economies of the world. But if that is the kind of rhetoric that the new government in Washington has chosen to use against China, then it would be safe to conclude that Kim Jong Un should not be sleeping well.<br /><br />This will compel South Korea to rethink its threat perception. Should President Trump’s rhetoric and policies lead to a conflict on the Korean Peninsula, the South Korean people would pay the ultimate price. How South Korea chooses to act now that the powers-that-be in Washington has changed is anyone’s guess.<br /><br />The first approach is to better accommodate Washington. For example, Moon Jae-in, perhaps being able to tell how the wind’s direction has changed, has <a href="https://www.nknews.org/2017/01/s-korean-presidential-candidate-moon-reverses-position-on-thaad-deployment/">reversed</a> his stance toward THAAD deployment and has said that it would “go ahead under his administration.”</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">That being said, one of Moon Jae-in</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">criticisms against Ban Ki-moon, his most serious challenger to South Korea</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s presidency, is that </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">“</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">he</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">too pro-U.S.</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">”</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Opposing the decision to deploy THAAD anti-missile batteries in South Korea could have devastating consequences for the alliance. Trump has said repeatedly that South Korea has been a free rider in its national defense. It is <a href="http://english.yonhapnews.co.kr/national/2016/12/30/0301000000AEN20161230002900315.html">a false claim</a>, but every passing day is showing that facts do not matter nearly as much as what Trump feels. As it is, South Korea should be walking on eggshells.</span></div>
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<tr><td style="text-align: center;"><a href="https://3.bp.blogspot.com/-702XrabcY-Q/WIbsVC7fUVI/AAAAAAAACjM/9oOkH4pV5T4y9pYp1lAvpb5N0k6eI1ivwCLcB/s1600/2.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="362" src="https://3.bp.blogspot.com/-702XrabcY-Q/WIbsVC7fUVI/AAAAAAAACjM/9oOkH4pV5T4y9pYp1lAvpb5N0k6eI1ivwCLcB/s640/2.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="https://1.bp.blogspot.com/-4ANDI8zy2Oo/WCeqin9EQsI/AAAAAAAAP54/khw-G8-2mm4ULnaQ2wl8UQH-33iVh8kNgCLcB/s1600/Truthiness.png">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Reversing the decision to deploy THAAD would only exacerbate things. Another theme that Trump has harped on is that the United States </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">“<a href="http://www.politifact.com/truth-o-meter/statements/2016/jan/10/donald-trump/donald-trump-mostly-wrong-we-get-practically-nothi/">practically gets nothing</a></span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">” by helping to defend South Korea.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">It is yet another factually bereft statement but the fact remains that the ROK-US alliance is, indeed, a <i>mutual</i> defense treaty. Whether or not THAAD anti-missile batteries can actually help to defend South Korea, at this point, is a secondary matter. As far as Washington is concerned, it is convinced that THAAD anti-missile batteries can and will defend the United States from North Korean long-range missiles. If Seoul is unwilling to aid Washington defend itself from North Korea, then Trump would have been proven right - that the United States really does get </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">“</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">nothing</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">”</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> from defending South Korea.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />It is unclear how the Trump administration would react if the next South Korean government decided to pursue détente with North Korea. Whether or not it is a horrible idea (<a href="https://www.nknews.org/2016/09/the-good-old-days-misplaced-nostalgia-for-the-sunshine-policy/">it most certainly is</a>), Seoul will need to better gauge the new government to better understand how Trump would react. But unilaterally deciding to cancel the joint plan to deploy THAAD in Korea would guarantee to elicit a less than cordial response from Washington.<br /><br />As of this writing, Moon Jae-in is the only progressive presidential contender who has reversed his previous opposition to THAAD.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://pds.joins.com/jmnet/koreajoongangdaily/_data/photo/2017/01/17201356.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">There is a second, and possibly tempting, alternative. Instead of better accommodating the United States, South Korea could choose to return to hedging its alliance with the United States and its economic partnership with China. China is South Korea’s largest trade partner. And China’s bullying and economic sanctions (<a href="http://www.koreaherald.com/view.php?ud=20170120000403">in all but name</a>) against South Korea for its decision to deploy THAAD anti-missile batteries has been bruising South Korea’s businesses.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />By hurting everyone from <a href="http://www.cnbc.com/2016/11/23/china-korea-feud-over-thaad-is-hurting-k-pop-in-mainland-market.html">K-pop stars</a> to <a href="http://english.yonhapnews.co.kr/national/2016/12/31/21/0301000000AEN20161231001700315F.html">duty free shops</a> to <a href="http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3028897&cloc=joongangdaily%7Chome%7Cnewslist1">bidet manufacturers</a> and <a href="http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=124790">air purifier manufacturers</a>, Beijing is hoping that South Korean voters and businesses will apply pressure on their government and force them to change their position on THAAD. It is a solid plan. Hitting people in their wallets where it hurts most is one of the best ways to convince anyone to change.<br /><br />However, canceling the decision to deploy THAAD, as mentioned earlier, has serious costs associated with it. At the very least, it would create a severe frost in the ROK-US alliance. At most, South Korea would allow itself to be bullied by China to have its sovereignty chipped away by North Korea.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">It is important to point out, however, that that is not the same thing as saying that the alliance itself would be ended. The alliance is almost 70 years old. There are far too many entrenched interests in the civilian and military sectors that depend on the alliance for their livelihoods. Something incredibly dramatic needs to take place for an alliance to be terminated. And it is not clear if deciding to reverse course on THAAD is dramatic enough for the alliance to be terminated.<br /><br />In order to compensate South Korea for its rift with the United States, China would need to offer South Korea certain guarantees. At the very least, China would need to guarantee a resumption of unimpeded trade and improved diplomatic relations. However, South Korea should not get its hopes up and imagine that Beijing would also offer to lean more heavily on North Korea, much less pave the way for reunification. China is satisfied with the status quo vis-à-vis the division of the Korean Peninsula. It will do nothing of the sort to destabilize the North Korean regime.<br /><br />If South Korea manages to restore diplomatic and trade relations with China and manages to remain a US ally - albeit a marginalized one - the South Korean government, in its most optimistic moments, might be able to imagine itself as the go-to diplomatic broker between the United States and China as both countries appear to be headed toward some level of conflict.<br /><br />However, this middle-of-the-road approach is probably the worst thing that South Korea could do. South Korea is already paying for it now. To one degree or another, South Korea has taken this approach whenever it could. It resisted being roped into the US missile defense shield program since George W. Bush was the US president. It refused to condemn North Korea for its human rights abuses during its two progressive administrations. It still continues to malign Japan whenever it can and refuses to participate in military exercises that involves Japan.<br /><br />That is why South Korea is <a href="https://www.koreatimes.co.kr/www/news/nation/2017/01/120_222602.html">not high on President Trump’s list of priorities</a> in Asia. While ambassadors to Japan and China have been appointed, America</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s embassy in </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">South Korea remains without an ambassador, which is made all the more pointed considering how much Koreans respected Ambassador Mark Lippert. </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">If Korea attempts to be a coy or difficult ally whenever it fits its interests, then there is no reason to believe that other countries will not treat Korea in the same way.</span></div>
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<span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">The same goes for China. Much <a href="http://english.chosun.com/site/data/html_dir/2015/09/04/2015090401552.html">noise</a> was made when President Park Geun-hye was seated so close to Premier Xi Jinping during China’s military parade in 2015 to commemorate the end of the Second World War. Everyone in both Beijing and Seoul sang each other</span><span style="font-family: "times" , "times new roman" , serif;">s’ praises and it was assumed that both countries were about to grow closer. Chinese netizens loved the fact that </span><a href="http://www.china.org.cn/opinion/2013-07/01/content_29281001.htm" style="font-family: Times, "Times New Roman", serif;">Park Geun-hye could speak Mandarin</a><span style="font-family: "times" , "times new roman" , serif;">!</span></span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="https://www.brookings.edu/wp-content/uploads/2016/06/jinping_geunhye_handshake001.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />But at the end of the day, no one in Beijing forgot that South Korea is a US ally. When the North Koreans tested a nuclear weapon only a few months after the parade, Xi Jinping <a href="http://www.koreatimes.co.kr/www/news/opinon/2016/02/197_197434.html">refused to answer the phone</a> when Park Geun-hye decided to call in that favor to put North Korea in its place. When South Korea decided to finally agree to Washington’s calls to install THAAD anti-missile batteries when it became clear that Chinese help was not coming, China showed its true colors and revealed that it sees South Korea as nothing more than another small country that should simply do as it commands.<br /><br />There is an old saying about how a hunter who chases two rabbits will eventually catch neither. South Korea will need to either fully commit itself to the alliance with the United States or it will need to borrow a page from Rodrigo Duterte and spurn Washington and fully embrace China as its diplomatic, military, and trade partner. It cannot do both. Neither Washington nor Beijing will ever allow South Korea to have its cake and eat it, too.<br /><br />There are costs and benefits associated with each. But it will need to choose. Failure to choose will guarantee that South Korea forever remains marginalized and will only be able to nostalgically recall its eight years under the sun during the Obama administration as “the good ol</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> days.”</span></div>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com2tag:blogger.com,1999:blog-913318078282493927.post-47364096551656032522016-12-09T16:16:00.001+09:002016-12-09T16:16:32.008+09:00President Park Geun-hye has been Impeached!<span style="font-family: Times, Times New Roman, serif; font-size: large;">200 votes were needed to impeach President Park Geun-hye. 234 members of the National Assembly voted to impeach President Park Geun-hye.<br /><br />For the second time in South Korea’s short history, the National Assembly has moved to impeach a sitting president. Until the Constitutional Court gives its voice on whether or not to approve the motion, the Prime Minister will serve as acting president.<br /><br />If the Constitutional Court approves the motion, it would be the beginning of a new day in South Korea’s democracy. It would be the first time that a sitting president has been lawfully and democratically removed from office - the first peaceful and legal revocation of power. Considering the mounting evidence that are being stacked against President Park Geun-hye, Choi Soon-sil, and corporate leaders, there is a very good chance that the Constitutional Court will agree that impeachment is warranted.<br /><br />However, this was never just about Park Geun-hye or Choi Soon-sil. This scandal, this impeachment - everything that we have seen for the past month and a half has been far more than just the removal of a president and shadow president. It has been about government power and the corruption that surrounds it. It has been a popular movement to bring about accountability. This is a new day for South Korea</span><span style="font-family: Times, "Times New Roman", serif; font-size: large;">’s</span><span style="font-family: Times, Times New Roman, serif; font-size: large;"> democracy.<br /><br />It would be a mistake, however, to assume that rhetoric about justice is where this story will end. Politics will rear its ugly head before too long. In fact, I’ll give it less than a day before it does.<br /><br />The people’s mood has soured against anyone who has ever been associated with the Saenuri Party. It wouldn’t matter if there was anyone competent or intelligent or who possessed integrity from that party. For now, no one from that party is going to fare well with the people. As a result, the party will be dissolved and be replaced with something else. For now, it’s the Minjoo Party’s time to shine.<br /><br />When they take over the reins of government, the Park administration’s decision to deploy THAAD missile batteries might be overturned. Relations with Japan may worsen by revisiting the comfort women agreement and canceling the military intelligence-sharing deal. Decisions may be made to once again pour aid toward North Korea. No effort must be spared to fight the next government’s foolish decisions.<br /><br />But politics can resume tomorrow. For now, we can all catch a breath and celebrate democracy.<br /><br />대한민국 만세!</span><div>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com3tag:blogger.com,1999:blog-913318078282493927.post-25975978698214563332016-12-08T00:54:00.000+09:002016-12-08T01:12:27.222+09:00Movie Review: La La Land<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>WARNING:</b> The following review contains spoilers. If you have not yet seen <i>La La Land</i> and wish to do so without having the plot given away, then do not read this.</span><br />
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<span style="font-family: times, "times new roman", serif; font-size: large;">In fact, don</span><span style="font-family: times, "times new roman", serif; font-size: large;">’</span><span style="font-family: times, "times new roman", serif; font-size: large;">t read any other review either. Go to the theater and watch it now. </span><span style="font-family: times, "times new roman", serif; font-size: large;">I cannot possibly emphasize more how much I would like people to go watch this movie. </span><span style="font-family: times, "times new roman", serif; font-size: large;">Don’t stream it from a shady website. Don’t torrent it. Don’t wait for it to come out on Netflix. Go to the theater and watch it now. You won’t regret it.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Some of the earliest movies I remember having watched as a child were musicals and from a young age, I knew that musicals were different from other types of movies. They were different because every topic they dealt with - love, longing, hope, family - were made bigger and purer through their dancing and singing. Sure, Harry had no problems telling Sally that he wanted the rest of his life to start with hers as soon as possible, but Gene Kelly had <a href="https://www.youtube.com/watch?v=PqsrVQfNYPc"><i>You Were Meant For Me</i></a>. Gene Kelly wins hands down.<br /><br />Musicals ensured that I grew up a romantic. Reality beat it out of me. Love fades, the burden of responsibility grows heavier, wrinkles deepen, hairlines recede, waists expand, recessions bring despair, and youthful idealism is beaten and calloused until all that remains is wary cynicism. However, musicals, especially those made famous by Broadway and Disney can and do still serve as a refuge from harsh realities. Unfortunately, musicals have been few and far between. Good ones even more so.<br /><br />So I went to watch <a href="https://www.rottentomatoes.com/m/la_la_land/"><i>La La Land</i></a> with the minimal of expectations. All I knew about the movie was the title, the two lead actors, and the fact that it was a musical. Nothing else. By the time the movie ended about two hours later, I could only think of one word to describe what I had seen, heard, and felt. Magical.</span></div>
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<span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">For one thing, it won’t be hard for many people to find the lead characters relatable. Mia (</span><a href="https://en.wikipedia.org/wiki/Emma_Stone" style="font-family: Times, "Times New Roman", serif;">Emma Stone</a><span style="font-family: "times" , "times new roman" , serif;">) dropped out of college to move to Los Angeles where she works as a barista and she goes to one audition after another only to have the door slammed on her face by rude and uncaring agents, directors, and producers. Sebastian (</span><a href="https://en.wikipedia.org/wiki/Ryan_Gosling" style="font-family: Times, "Times New Roman", serif;">Ryan Gosling</a><span style="font-family: "times" , "times new roman" , serif;">) is a jazz musician who wants to open his own jazz bar so that he can play music as it was meant to be played but in reality is a starving artist who plays Christmas jingles for measly tip money at a family restaurant. That restaurant’s owner, by the way, is portrayed by </span><a href="https://en.wikipedia.org/wiki/J._K._Simmons" style="font-family: Times, "Times New Roman", serif;">J.K. Simmons</a><span style="font-family: "times" , "times new roman" , serif;"> who seems to be paying a gentle homage to a much more aggressive character he portrayed in </span><a href="https://en.wikipedia.org/wiki/Whiplash_(2014_film)" style="font-family: Times, "Times New Roman", serif;"><i>Whiplash</i></a><span style="font-family: "times" , "times new roman" , serif;"> (both </span><i style="font-family: Times, "Times New Roman", serif;">La La Land</i><span style="font-family: "times" , "times new roman" , serif;"> and </span><i style="font-family: Times, "Times New Roman", serif;">Whiplash</i><span style="font-family: "times" , "times new roman" , serif;"> were directed by </span><a href="https://en.wikipedia.org/wiki/Damien_Chazelle" style="font-family: Times, "Times New Roman", serif;">Damien Chazelle</a><span style="font-family: "times" , "times new roman" , serif;">).</span></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />The two meet repeatedly through sheer chance that is so ridiculous that it can only be found in movies. They fall in love, move in with each other, they both push each other to find the successes they dream of, they argue when they think the other isn’t living up to their potential, and in the meantime, there are plenty of singing and dancing.<br /><br />As for the music, what’s odd about the movie is that there isn’t a single song that I would consider an instant classic. There was no single <i><a href="https://www.youtube.com/watch?v=MslDnwerQRA">Defying Gravity</a></i> moment where a single song’s climactic high notes can can leave the audience breathless. I am sure that at least a couple of the movie’s songs - <i>City of Stars</i>, a jazzy tune with a haunting refrain, and <i>Audition (The Fools Who Dream)</i>, the movie’s ultimate anthem - will be nominated for an Academy Award for Best Original Song. But it doesn’t seem likely that the songs will have as much longevity or recognition as musical classics go. Also, the two lead actors aren’t the best singers in the world. Had any singer auditioned in front of Simon Cowell singing like that...<br /><br />Despite that, however, the movie works. The songs might not become instant classics, but instead of relying just on the songs (the lyrics) to move the plot forward, the movie also focused on dance choreography and the music itself. There is a scene where the two actors literally dance among the stars and not a word is said between them. What words can one use to adequately describe a feeling like that? And toward the end of the movie, the two opening notes of <i>City of Stars</i> better convey the characters’ emotions than most songs ever could.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The movie could have had a mawkish happy ending. But it veered away from that. Depending on one’s fortitude, the ending can be described as being anything from bittersweet to downright heartbreaking. The movie takes its own advice and instead of going for the likable, it goes for the truth and by doing so, the movie goes from being good to great.<br /><br />And what is the truth? The truth is that everyone has a dream, but most dreams end up broken and scattered on the ground, which is all the more reason so many people do whatever they can to not end up on that boulevard of broken dreams. But there are costs to pursuing one’s dreams and oftentimes one of those things that people have to give up is “the fairy tale ending.”<br /><br />As the final credits roll, one realizes that the movie was not so much a story about two star-crossed lovers, but rather an ode to everyone with “a dream as foolish as they may seem.”<br /><br />2016 was a disappointing year for movies. <i>La La Land</i> pushed hard against that and buckled the trend. It was beautiful, well-crafted, romantic, bittersweet, heartbreaking, and honest. It is the best movie that I have seen all year. Perhaps even the best movie that I have seen in a good long while. Here</span><span style="font-family: times, "times new roman", serif; font-size: large;">’s to hoping for more movies like this!</span></div>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-64888169550282085302016-12-02T20:56:00.000+09:002016-12-02T21:40:00.364+09:00Populism and Nostalgia: Now it's the Progressives' Turn<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Considering President Park Geun-hye’s <a href="http://world.kbs.co.kr/english/news/news_Po_detail.htm?No=123501">dismal approval ratings</a>, her electoral win for the presidency back in 2012 seems like more than a distant memory. However, in order to understand how her successor is going to become the next president, it is important to understand how she won in the first place.<br /><br />We cannot discount the facts. There were many things that favored her victory in 2012. The two biggest factors that favored her were that South Korea is a conservative country and also an aging one. The latter is easy to explain. Older voters tend to prefer conservative leaders. The former can be gleaned from the fact that since 1987, four out of the six presidents were conservatives.<br /><br />However, those factors alone may not have been enough to have guaranteed Park’s victory. In fact, Park, who for all intents and purposes led a less than remarkable life during her years in “exile” since her father’s assassination, may never have even been able to return to politics in 1998 had she not ridden a wave of nostalgia from older voters. Her repeated invocations of “the second Miracle of the Han River” and “the new Saemaul Movement” during the campaign were deliberate attempts to stoke this sense of nostalgia for a time when rapid economic growth and dizzying changes were the norm - never mind the dictatorship!</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">As for the <a href="http://english.donga.com/List/3/all/26/407309/1">claims</a> that she would be a dictator (laughable as they are now seeing how she turned out to be grossly incompetent rather than anything so respectable as a dictator) she was able to brush it off with two simple words - economic democratization. Her presidency was supposed to be the start of a new type of conservatism - one that continued to focus on economic growth as set forth by President Lee Myung-bak while at the same time hijacking the progressives’ most important rallying call of social and economic justice. Compassionate conservatism, if you will. Whether or not her campaign promises were at all realistic is another matter entirely.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In short, populism and nostalgia for a whitewashed past are what helped to propel Park Geun-hye into the Blue House.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: small;">“Dictatorship? What dictatorship? <span style="font-family: "times" , "times new roman" , serif;">Accentuate the positive, eliminate the negative!</span>”<span style="font-family: "times" , "times new roman" , serif;"><br /><a href="http://ph.jejusori.net/news/photo/201212/123963_138819_343.jpg">Image Source</a></span></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />With Park’s <a href="http://www.nytimes.com/2016/11/29/world/asia/park-geun-hye-south-korea-resign.html">recent statements</a> about her willingness to resign if the National Assembly “minimizes the confusion and vacuum in state affairs and ensure a stable transfer of power,” it seems all but certain that one way or another, she will not be able to complete her single five-year term as originally scheduled. Due to the unprecedented levels of disapproval that she is currently facing from the general public, despite the fact that South Korea is a conservative and aging society, it seems that there is a very good chance that the progressives can retake the Blue House in the next presidential election.<br /><br />However, the progressives cannot take anything for granted. Should Ban Ki-moon return from the United Nations next year and <a href="http://english.hani.co.kr/arti/english_edition/e_national/772644.html">run for president</a> (possibly after establishing a new party seeing how <a href="http://english.yonhapnews.co.kr/news/2016/11/24/73/0200000000AEN20161124002100315F.html">tainted</a> the Saenuri brand is), they may fail to capture the Blue House yet again. For that very reason, just like Park Geun-hye won the election four years ago by riding on a dual wave of populism and nostalgia, the progressives are going to try to do the same but with their own twist.<br /><br />But just as nostalgia that propelled Park Geun-hye into the Blue House was based on whitewashed history, the nostalgia that the progressives will ride will be based on whitewashed history, too, as it will carefully steer away from remembering the incompetence of Roh Moo-hyun’s presidency. However, there is no better time to cherry-pick memories of President Roh. That is because as ineffective as Roh Moo-hyun was as president, he was an entirely different beast as a campaigner and much of the rhetoric that he employed back then would be more than welcomed by many voters today.<br /><br />For instance, not long after getting elected president, Roh Moo-hyun <a href="http://archives.knowhow.or.kr/record/all/view/2046905">said</a>:</span><br />
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<i><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />“My fellow citizens, it is said that if everyone shares the same dream, that dream becomes a reality. A society that is run on common sense and where everyone plays by the same rules. A society where each person’s station in life will be determined by the sweat of his own brow. That is the new Republic of Korea that we all dream of. Let us work together to make that dream a reality.”</span></i></blockquote>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Whereas Roh gave the people a sense of hope for a society where everyone plays by the same rules, Chung Yoo-ra, Choi Soon-sil’s daughter, became modern-day Korea’s Marie Antoinette when she said something quite different. She <a href="http://www.nocutnews.co.kr/news/4671310">said</a> to her peers:</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><i><br /></i><i>“If you are dissatisfied with your station in life, try blaming your parents instead of demanding that those with rich parents give you whatever you want. Having money is a skill, too. If you don’t like where you are in life, change it. But seeing how you’re so busy trying to tear down others, how do you expect to succeed in anything you do?”</i></span></blockquote>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Never mind Ms. Chung was able to live a life of luxury thanks to her mother’s money. There is nothing wrong with inheriting anything. However, the fact remains that the money that allowed her to live the way she pleased was not earned honestly, but was looted by her mother who used her political connections to become a racketeer of near-legendary proportions. In an age of unbridled and unapologetic cronyism and nepotism, nothing sounds so sweet as Roh Moo-hyun’s call for justice and equality.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">The man who could do no wrong...<br /><a href="http://cfile28.uf.tistory.com/image/1723951B4AC075C522CB68">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />A skilled orator who never shied away from addressing the public directly, Roh was the very opposite of an aloof and authoritarian leader - what Park Geun-hye is often (and justifiably) accused of being. So much so that during the height of his unpopularity, he proposed to hold a <a href="http://www.nytimes.com/2003/10/14/news/if-referendum-shows-lack-of-confidence-he-says-he-will-quit-roh-offers.html">national referendum</a> - a vote of no confidence - on himself to see just how much the public trusted him! What political leader holds votes of no confidence against himself?<br /><br />Not to mention that he was an outright populist who imposed a “<a href="http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=2883367">tax bomb</a>” on homeowners. Although his tax policies, which were later declared to have been <a href="http://www.koreaherald.com/view.php?ud=20081114000009">unconstitutional</a>, did no favors whatsoever to help to grow the economy, in today’s political climate where many Koreans speak of <i>noblesse oblige</i> like as though it were some kind of religious dogma, any contemporary politician who promises to go after “the rich” will likely be cheered as a hero.<br /><br />At a time when many are openly calling Saenuri lawmakers accomplices in the Park Geun-hye/Choi Soon-sil scandal and are demanding they resign en masse along with President Park, Roh Moo-hyun</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s rhetoric would once again be welcomed with open arms. During his time in office, he</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> refused to compromise with the Saenuri Party (or the Grand National Party as it was called back then). He was also a gifted orator who never hesitated to abandon protocol to speak directly to the people and a firebrand who promised to work toward building a more just society.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, it has to be remembered that he was an ineffective leader and many have called his presidency a failure.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />At a time when the public’s anti-American sentiments were threatening to tear up the US-ROK alliance, instead of trying to calm things down, Roh once famously asked <a href="http://www.nytimes.com/2009/05/24/world/asia/24roh.html">a rhetorical question</a> - “What’s wrong with being anti-American?”</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Furthermore, he went on to say that the United States, South Korea’s most important ally, was <a href="http://www.economist.com/node/7887978">the biggest threat to peace</a> in Northeast Asia.<br /><br />When he wasn’t abusing this most vital of alliances like an unwanted child, he was making a fool of himself by <a href="http://www.japantimes.co.jp/news/2007/01/10/national/shiozaki-no-need-to-change-name-of-sea-of-japan/#.WEE3YtV96Uk">proposing</a> to the Japanese government that the Sea of Japan be renamed the Sea of Peace. Or he was telling Kim Jong Il that he would be willing to <a href="http://www.koreatimes.co.kr/www/news/nation/2016/05/116_138064.html">redraw South Korea’s western maritime border</a> aka the Northern Limit Line according to North Korea’s wishes in order to “draw a peace and economics map to replace the security and military one,” which would have been capitulation in all but name.<br /><br />Finally, the greatest flaw of his presidency was the fact that this supposedly moral and upright man eventually felt compelled to kill himself when his family was investigated by state prosecutors on <a href="http://theseoultimes.com/ST/?url=/ST/db/read.php?idx=8418">corruption charges</a>.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">...turned out to have done a lot of wrong.<br /><a href="https://www.suyongso.com/files/attach/images/115/484/505/013/1439b4f235686be41b3c89871669a406.jpeg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />However, none of these facts are important. At least not for those who seek to exploit his memory for their own political purposes. Yes, Roh Moo-hyun’s presidency was a failure in so many ways, but it is easy to paper over his flaws. For one thing, the amount of money that Roh was investigated for, about US$5 million, is a paltry sum of money compared to the amounts of money that were pilfered by other former presidents/shadow president. Yes, he deliberately <a href="http://nautilus.org/napsnet/napsnet-policy-forum/the-united-states-and-south-korea-can-this-alliance-last/">jeopardized the alliance</a> with the United States at every opportunity he got but he was the one who <a href="http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=101&oid=034&aid=0000262710">initiated talks</a> with Washington to create the US-Korea Free Trade Agreement, which turned out to be America’s second largest FTA deal. And the Hankyoreh has already been <a href="http://english.hani.co.kr/arti/english_edition/e_national/593174.html">pathetically defending</a> Roh’s attempt to surrender the NLL for years.<br /><br />But it might not even be necessary to defend Roh’s record seeing how extremely unpopular Park Geun-hye has become. All that the progressives may need to do is to echo his words and rhetorical flair, his style, sing that old song about a just society, and most importantly, repeat ad nauseum that they are not Park Geun-hye. Never mind that Roh was unable to deliver on many of his promises and much of it was due to his own incompetence.<br /><br />The next South Korean president is going to be a progressive. Even if Ban Ki-moon runs for president and wins, he is not exactly known for being a conservative. And especially considering how the conservatives were willing to take a left turn on economic policy back in 2012 (not to mention Trump’s populism that helped him to win the US presidential election), it’s clear that conservative economic principles as they were set forth by Reagan and Thatcher are no longer sacrosanct for conservative politicians. So there is more than a plausible chance that there will be a marked increase in populist rhetoric and campaign pledges regardless of the political party that the candidates will hail from.<br /><br />As for nostalgia, the conservatives do not have any left to exploit. Park Geun-hye squandered what little good will that people had for her father, Lee Myung-bak remains a polarizing figure, Kim Young-sam left office with higher approval ratings than Park Geun-hye currently enjoys but that’s not saying much, and the rest were thieving autocrats. But the progressives can and they will.<br /><br />Moon Jae-in is already <a href="http://www.hani.co.kr/arti/society/area/772620.html">doing whatever he can</a> to get ahead of the pack. So is Ahn Cheol-soo. Others will soon follow suit. As the race gets more heated, one should not be surprised to see the ghost of Roh Moo-hyun hovering around wherever they go.</span></div>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-38755511147232095312016-11-14T13:27:00.000+09:002016-11-14T18:11:39.244+09:00South Korea's Progressives Need to Grow Up in the Age of Trump<span style="font-family: "times" , "times new roman" , serif; font-size: large;">On November 10, a South Korean lawmaker from the main opposition Minjoo Party, Rep. Yun Ho-jung, said he would seek <a href="http://english.yonhapnews.co.kr/news/2016/11/10/0200000000AEN20161110005300315.html">a dismissal motion</a> against Defense Minister Han Min-koo if South Korea continues to move forward to sign the <a href="http://www.upi.com/Top_News/World-News/2016/11/09/Japan-South-Korea-make-progress-on-military-information-sharing-agreement/2251478709084/">Security of Military Information Agreement</a> - an agreement with Tokyo to share military intelligence on North Korea.<br /><br />This came on the heels of the country’s three opposition parties having released a joint statement a day earlier where they expressed their opposition to the agreement claiming that it would escalate geopolitical tension in and around the Korean Peninsula. Today, they <a href="http://english.yonhapnews.co.kr/news/2016/11/14/0200000000AEN20161114003100315.html">reaffirmed</a> that threat.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">When one considers the progressives’ position for even a moment, one realizes that the claim makes no sense whatsoever. The need to share intelligence with Tokyo would never have been made an issue if North Korea didn’t pose an existential threat in the first place.<br /><br />Time and again, whether it is the THAAD deployment or joint US-South Korean military drills or intelligence-sharing with Japan, South Korea’s progressives have consistently voiced their opposition claiming that they would make matters worse while only perfunctorily stating that North Korea should not escalate tensions.<br /><br />But this should come as no surprise considering the kinds of rhetoric that have come from South Korea’s progressives in the past. Only a month ago when President Park gave a <a href="http://www.aljazeera.com/news/2016/10/south-park-geun-hye-appeals-north-koreans-161001145728177.html">speech</a> calling on North Koreans to abandon their country and defect (a speech that was far less controversial or memorable than Reagan’s “tear-down-this-wall” speech), Rep. Park Jie-won, the floor leader of the People’s Party, accused President Park of making “<a href="http://www.koreatimes.co.kr/www/news/nation/2016/11/485_217159.html">a declaration of war</a>.” Not to be outdone, Ki Dong-min, a party spokesperson for the Minjoo Party said President Park seemed to have been “<a href="https://www.nknews.org/2016/10/n-korea-condemns-parks-speech-urging-defection/">on the warpath</a>.”</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">With rhetoric like this coming from South Korean progressives, who needs the KCNA?</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Giving this woman a real run for her money<br /><a href="http://i.telegraph.co.uk/multimedia/archive/03569/88828050_In_this_i_3569476b.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />The Left often bristles anytime conservatives refer to them as <i>jongbuk</i> - pro-North Korean sympathizers. However, as much eye-rolling as the conservatives have induced due to their overuse of red-baiting, which has pushed many to compare conservatives to the boy who cried wolf, the accusation is not entirely without merit.<br /><br />The Choi Soon-sil scandal has rocked the Park Geun-hye administration and with every new reveal, this onion of a scandal is a gift that keeps on giving. The opposition is right to demand that President Park withdraw herself from the day-to-day operations of the government and the protesters are more right still to demand her immediate resignation. However, opposing the Security of Military Information Agreement (GSOMIA) has exposed the opposition for what they always have been - craven reactionaries who seek nothing but their own political goals.<br /><br />The opposition party has been enjoying growing support in the polls recently as a direct result of the Choi Soon-sil scandal but in their hubris, they seem to think that they can just about do anything. They ought to remember that though ousting the president may be justified, working against the country’s interests is unforgivable.<br /><br />The progressives will be the new stewards of the country and they had better grow up and do it quickly because the world is changing as we speak.<br /><br />It is likely that the next South Korean president is going to come from the Minjoo Party and as long as they can maintain their alliance with the other minor parties, it will become the next ruling <i>and</i> majority party. But it is important to bear in mind that the Minjoo Party has long committed itself to <a href="http://www.koreatimes.co.kr/www/news/nation/2016/08/116_212895.html">opposing the deployment of THAAD</a> missile batteries and that it has a long and sordid <a href="http://freekorea.us/2015/03/11/roh-moo-hyuns-ex-campaign-manager-just-hates-it-when-politicians-exploit-tragic-isolated-incidents/">history of anti-Americanism</a>. So it’s more than plausible that South Korea’s policy toward North Korea might take a sharp left turn.<br /><br />That sharp left-turn could mean that the future South Korean government might become more anti-Japanese (not that the conservatives were any help whatsoever in trying to improve ties with Tokyo), less pro-American, and more sympathetic to Pyongyang. After all, although it is unclear if Mayor Park Won-soon might become the next president, his incredibly naive positions such as <a href="https://www.nknews.org/2016/09/a-new-sunshine-policy-seoul-mayor-calls-for-kaesong-reopening/">revamping the Sunshine Policy</a> and building “<a href="http://www.upi.com/Top_News/World-News/2016/11/10/Seoul-mayor-wants-to-build-bridge-of-cooperation-with-North-Korea/4641478801905/">economic and cultural cooperation with the North</a>” (I wonder what the mayor of <a href="https://www.nknews.org/2016/07/delayed-opening-of-338m-bridge-hurting-dandong-economy-and-china-dprk-ties/">Dandong</a> might have to say about that!) are shared widely on the Left.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Good luck with that<br /><a href="https://www.nknews.org/wp-content/uploads/2016/07/bridge-visible-miles-675x368.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Newton’s Third Law of Motion states that for every action, there is an equal and opposite reaction. But that’s in the realm of physics. In the realm of politics, however, the reaction is not always equal. And it is quite hard to come up with a better example of that than Donald Trump’s electoral win. The incoming Trump administration could bring immense changes and it is now time for South Korea’s progressives to quickly learn to assess the new political reality.<br /><br />That is because should South Korean progressives be tempted to return to their old ways and exploit anti-American sentiments again for any reason whatsoever, Trump’s likely braggadocious response would be less genteel than President George W. Bush’s response was while he was in the White House. Overt acts of anti-Americanism aside, one of the things that Trump ran on was for American allies to become more active in their own self-defense and to increase their share of joint-military budgets with the United States. It’s obvious how further South Korean attempts to maintain the status quo or push away Japan, which weakens the trilateral alliance (and we know what Trump thinks about perceptions of weakness), would be perceived in Washington.<br /><br />It would not be an exaggeration to say that Trump has shown little love for South Korea during the campaign trail. He suggested that South Korea ought to <a href="http://english.yonhapnews.co.kr/news/2016/05/05/0200000000AEN20160505004100315.html">pay 100 percent of the cost</a> of stationing American troops and military hardware in the country. He has also called the South Korea-U.S. Free Trade Agreement a “<a href="http://english.yonhapnews.co.kr/news/2016/07/22/63/0200000000AEN20160722005100315F.html">job-killing deal</a>” that has resulted in trade deficits for the US and his campaign went on record saying that he wants to <a href="http://www.koreatimes.co.kr/www/news/nation/2016/07/120_208140.html">go back to “ground zero” with regard to the trade deal</a>.<br /><br />It is true that Trump has repeatedly shown himself to be greatly ignorant of international politics when he expressed a blasé attitude about the possibility of a North Korean attack against South Korea or Japan, America’s staunchest allies in Asia, <a href="https://www.theguardian.com/us-news/2016/apr/02/donald-trump-north-korea-war-nuclear-weapons">saying</a> “it would be a terrible thing but if they do, they do.”</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, it would be a mistake to assume that Trump’s ignorance automatically means that the incoming administration will be incompetent. Trump already said months ago that should he win the election, he would <a href="http://www.breitbart.com/video/2016/08/11/trump-seriously-thinking-picking-john-bolton-secretary-state/">consider</a> appointing <a href="https://en.wikipedia.org/wiki/John_R._Bolton">John Bolton</a>, who <a href="http://www.nti.org/gsn/article/bolton-suggests-referring-south-korean-nuclear-case-to-un-security-council/">should not need any introduction</a> (or his <a href="http://triblive.com/opinion/featuredcommentary/5695393-74/china-korea-north#ixzz2wEyIrH00">views</a> for that matter) in South Korea, as his Secretary of State. If South Korea’s progressives are not feeling even a little wary about the possible return of this real-life version of Yosemite Sam, then they’re going to be in for a rude awakening.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">He’s baaaaack!</span><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><br /><a href="http://www.cagle.com/working/050309/sherffius21.gif?x85444">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In order to thrive in the Age of Trump, South Korea is going to have to rethink the way it conducts its foreign policy. It’s going to have to bury hatchets and cooperate closely with Japan, which is also likely to be as nervous about Trump. Consequently, South Korea’s progressives are also going to have to stop and think for a moment about the possible risks and benefits of reestablishing engagement with North Korea. And they are also going to have to act more cautiously in their approach to the US as America’s support can no longer be taken for granted - no matter how much people may <a href="http://www.reuters.com/article/us-usa-election-southkorea-idUSKBN13508O">want to pretend otherwise</a>. The calculus has fundamentally shifted.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />In short, if (more likely when) South Korea’s progressives take over from the conservatives in the next election (or after President Park resigns amid the scandals that are engulfing her administration), they are going to have to grow up and do so quickly. The country’s survival may depend on it.</span></div>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com2tag:blogger.com,1999:blog-913318078282493927.post-7437011640499845542016-11-12T18:01:00.000+09:002016-11-13T00:09:15.502+09:00Trump's Economic Proposals and How They Might Backfire<span style="font-family: "times" , "times new roman" , serif; font-size: large;">When presidential candidates are campaigning for office, they will promise everything from free healthcare to free lawn care if that is what is needed to get the votes they need to win. So when they do get elected, many of them renege on a great number of their campaign pledges. Sometimes, it’s because they <a href="http://english.yonhapnews.co.kr/national/2012/08/23/48/0301000000AEN20120823009600315F.HTML">never had any serious intention</a> to go through with their pledges. And sometimes, it’s because they just <a href="http://time.com/4178779/obama-close-guantanamo-bay/">didn’t have enough political capital</a> to do everything they wanted to do.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, for reasons that experts will be studying for years to come, Donald Trump is not like most politicians. During the 18 months that he campaigned for the presidency, Trump said a great number of things, ridiculous things, that would have permanently tanked any other politician’s career. Who else remembers that back in 2004, Howard Dean’s aspirations for the presidency was destroyed all because of a <a href="https://psmag.com/looking-back-on-howard-dean-s-infamous-scream-10-years-later-ca74ddf76700#.w3t7z6usk">scream</a>? Simpler times, indeed.<br /><br />One of his more ridiculous pledges was to enforce a complete and total shutdown of Muslims entering the United States. That pledge has been quietly withdrawn. A year ago, he also said that he would “absolutely” require Muslims to register in a federal database. When he was asked how that would be different from the way Jews had to register with the government in Nazi Germany, he repeatedly answered by saying “<a href="http://www.nytimes.com/politics/first-draft/2015/11/20/donald-trump-says-hed-absolutely-require-muslims-to-register/">You tell me</a>.” Thankfully, that, too, has been withdrawn.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">If it quacks like a Nazi...<br /><a href="https://i.ytimg.com/vi/kzH1iaKVsBM/hqdefault.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Now it appears that Trump will have to <a href="http://www.reuters.com/article/us-usa-election-wall-idUSKBN135175">backtrack from his most famous pledge</a> - his pledge to build a “big, beautiful, powerful wall” on the US-Mexico border. Even Newt Gingrich, former Speaker of the House and ardent Trump supporter, admitted that Trump’s promise to get Mexico to to pay for the wall may have just been “<a href="http://theweek.com/speedreads/661335/newt-gingrich-admits-trump-probably-cant-mexico-pay-wall-but-great-campaign-device">a campaign device</a>.”<br /><br />It has only been a few days since Trump won the presidential election and he is already going back on some of his biggest promises such as <a href="http://www.nytimes.com/2016/11/12/us/politics/trump-campaigned-against-lobbyists-now-theyre-on-his-transition-team.html?_r=0">punishing corrupt special interests</a> or locking up Hillary Clinton. Many of his supporters are <a href="http://www.reuters.com/article/us-usa-election-trump-promises-idUSKBN1362AC">not likely to be happy</a> about Trump’s flip-flopping. This will mean that even before he begins his presidency, he will likely lose a lot of good will from the many people who voted for him.<br /><br />However, this is not a moment for anyone who opposed Trump to be allowing themselves to enjoy feelings of schadenfreude. That is because Trump will most likely resort to other methods to placate his supporters and the fact of the matter is that Trump is a deal-maker and he will make the kinds of deals that are profitable to him, but not necessarily anyone else.<br /><br />So among the first things that Trump will do as president is to fulfill his pledge to rip up trade deals. The TPP will be the <a href="https://www.washingtonpost.com/news/wonk/wp/2016/11/11/donald-trump-promised-to-rip-up-trade-deals-tpp-is-the-first-casualty/">first casualty</a>. It’s unclear if Trump would actually be able to abolish NAFTA as he said he would. After all, NAFTA has been in place for a long time and there will be many vested interests who would be severely opposed to such a move. On the other hand, the TPP, which is still in its embryonic stage, would be much easier to terminate. The rationale behind it would be to prevent a “job-killing” deal that might cause a trade deficit for the US.<br /><br />To complement that decision, Trump will likely push to keep another promise, which he also knows will face little to no opposition from the newly elected Republican Congress - his promise to levy <a href="https://www.donaldjtrump.com/policies/tax-plan">a one-time 10 percent tax</a> on all repatriated corporate profits that are currently being held offshore. Added together with the Federal Reserve’s independent plan to <a href="https://www.ft.com/content/b104d4b2-a832-11e6-8898-79a99e2a4de6">gradually raise short-term interest rates</a> in the near term future, there is a good chance that at least within the first few months of Trump’s presidency, the US might see a spike in capital inflows, which could have a large stimulative effect on the US economy.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">I'm rich, bitch!<br /><a href="http://static.independent.co.uk/s3fs-public/styles/story_large/public/thumbnails/image/2012/10/25/18/5479750.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Trump is hoping that the repatriated capital would be able to be used to generate US$1 trillion in private sector infrastructure investment over a decade to rebuild the country’s infrastructure. That way, he hopes to create thousands of jobs which would have a cumulative effect on the economy. However, repatriation of corporate profits is a temporary fix. Realistically, to raise the kind of capital needed to overhaul the nation’s infrastructure over the long term, Congress would also need to raise taxes such as the the federal gas tax and tying future increases to inflation. Needless to say, however, raising taxes is not popular and probably won’t be considered.<br /><br />Unfortunately, the bad news doesn’t end there. The repatriation of corporate profits will come at the expense of other countries around the world and this could particularly hurt Europe. After all, as a result of a US$14 billion penalty from the US Justice department stemming back to the subprime mortgage crisis, Deutsche Bank, one of the largest banks in the world, <a href="http://www.abc.net.au/news/2016-09-30/how-stable-is-germanys-deutsche-bank/7892846">almost faced a Lehman Brothers-like collapse</a> a few short months ago. Deutsche Bank barely survived but the Eurozone debt crisis and negative interest rates continue to haunt it and other major European banks. A sudden loss of significant US Dollar reserves, which would likely follow such a generous corporate tax and a Federal Reserve interest rate hike, could very well hurl the entire European continent into yet another banking crisis.<br /><br />Trump might receive less support (in fact, he might face fierce resistance) but another thing that he might attempt to do is fulfill his pledge to impose a <a href="http://money.cnn.com/2016/09/15/news/economy/trump-tariff-ford-mexico/">35 percent tariff</a> on all imports coming from Mexico. What is much less certain, however, is his pledge to impose a <a href="http://www.forbes.com/sites/timworstall/2016/01/08/donald-trumps-entirely-ridiculous-idea-of-a-45-tax-on-chinese-imports/#4844292b77f6">45 percent tariff</a> on all imports coming from China. In fact, as unlikely as the former may be, the latter is even more unlikely. An imposition of even minor tariffs can and do lead to economic retaliations, which if left unchecked, could spiral into a vicious trade war. And a trade war could be <a href="http://www.cnbc.com/2016/11/10/ready-for-a-full-blown-trump-trade-war.html">devastating</a>. It is likely that those sums that Trump suggested were yet another example of “campaign devices.”<br /><br />So far, that would mean that Trump would have killed a trade deal that was never born in the first place and force corporations to repatriate their profits back to American banks. The first suffers from a bad case of “<a href="http://townhall.com/columnists/walterewilliams/2016/03/09/the-seen-and-unseen-n2129811">the seen and the unseen</a>” and the second would be easy for the Democrats and other progressives to ridicule as yet another example of trickle-down economics. In other words, they’re both weak sauce. Trump would need to deliver something much bigger to appease the voters and Congress.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="https://s3.amazonaws.com/tastytradepublicmedia/show/41/portrait-image/original/artcard-WhatElseYaGot-small.png?1441149826">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />So if Trump can’t punish China and Mexico, there are other countries that Trump can punish to show his loyalists that he is “doing something” for them without having to face too severe a backlash. The easiest target will likely be South Korea.<br /><br />Politically, South Korea would be easy to throw under the bus. Unlike China, it doesn’t have a billion-strong population and it is not the second largest economy in the world. And unlike Mexico, South Korea doesn’t share a long border with the United States that has allowed for centuries of trade, easy immigration (legal and illegal), and cultural exchanges. Furthermore, South Korea is an American ally in an unfriendly far-away neighborhood, which means that South Korea has little choice but to be more cautious (read, timid) in its dealings with the US.<br /><br />For a deal maker like Trump, South Korea is the perfect negotiation partner - one that he can kick around and squeeze for as much concessions as possible. Trump will twist arms and deploy brinkmanship-esque negotiation tactics with regards to <a href="http://www.koreatimes.co.kr/www/news/nation/2016/11/116_218013.html">military cost-sharing plans</a> and <a href="http://www.koreaherald.com/view.php?ud=20160722000518">renegotiating the ROK-US Free Trade Agreement</a>.<br /><br />Threatening South Korea by stating that he would be willing to walk away from the alliance would certainly be an effective strategy. It would certainly cause initial resentment among South Koreans, but it probably will not change the fundamentals of the partnership. As a result, unless South Korea balks (which is highly unlikely) the alliance will not break.<br /><br />Whether or not the free trade deal gets renegotiated to Trump’s satisfaction, the renegotiation alone would take years. In the meantime, Trump would be able to tell the voters that he is looking out for their best interests by squeezing more money out from “ungrateful and free-riding allies.”</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Trump's preferred means of negotiations<br /><a href="http://img.memecdn.com/Stop-Hitting-Yourself_o_101357.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />However, Trump might not have much room to put too many other Asian countries in a vice grip. That is because now that the TPP is dead, China is wasting no time to push ahead with their version of the TPP - <a href="https://en.wikipedia.org/wiki/Regional_Comprehensive_Economic_Partnership">the Regional Comprehensive Economic Partnership</a> (RCEP). Just as the TPP excluded China and Russia (something Trump didn’t know about until it was <a href="http://freebeacon.com/politics/rand-paul-corrects-donald-trumps-comments-on-china-being-a-part-of-tpp/">pointed out to him by Rand Paul</a>) as a way for Washington to set trade rules for the fast-growing Pacific-rim region before Beijing does, the RCEP will exclude the US for the very same reason.<br /><br />So although Trump might still do away with the TPP, he cannot completely abandon trade deals with Asia.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">For its part, as a result of the previously mentioned closer relationship between the US and Russia and a continued (if somewhat sputtering) Asia Pivot, China might think it necessary to continue to accelerate its military modernization program, which would further cause nervousness among China’s smaller neighbors or even compel them to shift allegiance to Beijing.</span></div>
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<span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">So if Trump cannot afford to squeeze East Asia too hard, there are two other related areas that he could exploit. The first is to rescind Obama’s policy and allow TransCanada Corp. to re-submit its application for the proposed </span><a href="http://www.bloomberg.com/politics/articles/2016-05-26/trump-says-he-d-approve-keystone-xl-for-a-share-of-profits" style="font-family: Times, "Times New Roman", serif;">Keystone XL oil pipeline</a><span style="font-family: "times" , "times new roman" , serif;"> in return for a larger percentage of profits generated. Furthermore, he could put the Environmental Protection Agency on a much shorter leash (as it had been under the George W. Bush administration) in order to encourage more U.S. energy exports.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Naturally, however, this would lead to a larger glut of supplies, which in turn would lower oil prices and help the US grow its oil market share. Although some individual oil companies will certainly suffer as a result of sustained low prices, in the larger scheme of things, this could nominally help the US. However, not everyone would be celebrating this turn of events. OPEC members and other natural-resources based economies in Africa and Southeast Asia would not be happy.</span></div>
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<span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">Even wealthy countries like </span><a href="http://www.nytimes.com/2016/10/14/world/middleeast/saudi-arabia-oil-prices-economy.html" style="font-family: Times, "Times New Roman", serif;">Saudi Arabia</a><span style="font-family: "times" , "times new roman" , serif;"> are struggling as a result of low oil prices and facing ever </span><a href="http://www.forbes.com/sites/timdaiss/2016/08/30/saudi-arabia-burns-through-foreign-reserves-as-oil-prices-slide/#3f132fa63ba9" style="font-family: Times, "Times New Roman", serif;">dwindling foreign-exchange reserves</a><span style="font-family: "times" , "times new roman" , serif;">. Things have become more desperate among poorer OPEC member states such as Russia and Venezuela (and other smaller Gulf kingdoms, albeit to a lesser extent). Combined with </span><a href="http://www.wsj.com/video/saudi-arabia-vs-iran-the-sunni-shiite-proxy-wars/A7B70696-9A6D-4B26-88EC-BBFDD44AE112.html" style="font-family: Times, "Times New Roman", serif;">an ongoing Sunni-Shiite proxy war</a><span style="font-family: "times" , "times new roman" , serif;"> and continued conflict in Syria, it is highly unlikely that anyone in the Middle East is celebrating Trump’s victory.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Speaking of Syria, one thing that Trump would certainly do to great fanfare is to withdraw US forces from that country. Trump is a deal maker and truth be told, for the US, the Syrian conflict is a moral one. And for a deal maker like Trump, intangibles such as morals or loyalty don’t carry any weight. Regardless of how that conflict turns out, the US would not see direct profits from it. However, due to the aforementioned Sunni-Shiite proxy war, that does not mean that a US withdrawal would help to usher in peace in the Middle East.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">It should be noted, however, that withdrawal from Syria would not mean that Trump would push for a general withdrawal from the Middle East region altogether. Trump has always projected himself as a strong leader to the point of thuggery. A single terrorist attack would likely compel Trump to retaliate disproportionately, which could very well keep the vicious cycle of US involvement in the Middle East ongoing.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />There is, however, one bright side - if it can be called that. An unintended consequence of growing unease in the Middle East as a result of continued drop in oil prices would likely be that Middle Eastern governments are going to seek assurances that they will not be toppled by their own people. The Arab Spring still remains fresh in Middle Easterners’ collective memory as many are still living through its consequences. In order to ensure regime survival from their own people and each other, Middle Eastern governments could very well increase their arms procurement, thus helping America’s arms industry to <a href="http://fortune.com/2016/03/28/u-s-arms-sales-gulf/">make even more money than before</a>.<br /><br />(Although the TPP may be dead, Trump’s policy advisers have said that the military aspect of the Asia Pivot will still continue and that Trump would do so by <a href="http://foreignpolicy.com/2016/11/07/donald-trumps-peace-through-strength-vision-for-the-asia-pacific/">enlarging the US Navy</a>. This will also help to raise jobs and help the arms industry be more profitable. In the long-term, however, increased <a href="http://www.zerohedge.com/news/2015-08-18/no-bernanke-%E2%80%A6-defense-spending-does-not-help-economy">defense spending is unlikely to help the US economy</a>.)</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://c.tribune.com.pk/2012/04/371122-Reducecreativecommon-1335586838-863-640x480.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Thankfully, however, as a result of Trump’s narrow focus on only making deals that are profitable, there is little chance that there will be a war between the US and North Korea. There is no reason to attack North Korea because there is no way that doing so would profit Trump or the US. In fact, it is entirely possible that Trump might wish to pursue engagement with North Korea because he might want to exploit North Korean natural resources. Whether such an endeavor would be fruitful, however, is another matter entirely.<br /><br />Besides, another reason why there most likely will not be a war with North Korea is that to date, no nation state armed with nuclear weapons has ever been attacked.<br /><br />The future does not look too bright for Donald Trump. If he pushes through the aforementioned pledges, they will certainly benefit the US. At least in the short run as the country will be awash in capital that will provide an economic stimulus but without the <a href="http://www.investopedia.com/ask/answers/08/broken-window-fallacy.asp">Broken Window effect</a>. However, the negative effects that they would have on developing economies in Asia, Africa, and even in Europe could lead to a prolonged worldwide economic recession. This would have a domino effect and the US would not be spared.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Unless Trump pursues better policies that would help to promote free trade and cooperative partnerships with other countries around the world, there is a very good chance that Trump would end up being a one-term president.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="https://lifeisabumpersticker.files.wordpress.com/2016/03/caution-youre-doing-it-wrong.jpg?w=300&h=209">Image Source</a></span></td></tr>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-87257215172813544072016-11-11T15:10:00.002+09:002016-11-11T15:10:37.388+09:00Trump Did Not Reverse Himself on Korea<span style="font-family: Times, Times New Roman, serif; font-size: large;">It is being widely reported in news outlets around the world that President-Elect Trump seems to have reversed himself on various topics.<br /><br />One of the things that Trump seems to be backing away from is his pledge to go through with “a complete and total shutdown of Muslims entering the United States.” The Independent <a href="http://www.independent.co.uk/news/world/americas/donald-trump-president-election-muslim-ban-immigrants-website-statement-removed-a7408466.html">reported</a> that the pledge was quietly removed from Trump’s campaign website.<br /><br />Another pledge that Trump is being reported to backtrack from is the campaign rhetoric he employed against South Korea. When President Park Geun-hye called Trump to congratulate him on his electoral victory, Trump <a href="http://www.vox.com/world/2016/11/10/13585524/donald-trump-phone-call-south-korea-park-geun-hye">reportedly assured Park</a> of his commitment to the alliance - promising to maintain the existing security alliance and stating that the US would work with South Korea “until the end.”</span><div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Times, Times New Roman, serif; font-size: small;">The end, indeed.<br /><a href="http://1.bp.blogspot.com/_GQygw-XI3NQ/TNbcHoH65KI/AAAAAAAABUM/360zLfPDI_I/s1600/anow2.JPG">Image Source</a></span></td></tr>
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<span style="font-family: Times, Times New Roman, serif; font-size: large;"><br />However, it would be a mistake for South Korean leaders to take this to mean that Trump is comfortable with maintaining the status quo.</span></div>
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<span style="font-family: Times, "Times New Roman", serif; font-size: large;">For one thing, Trump is infamous for flip-flopping far more often than, well, flip flops. He has often denied that he had even said anything contrary to what he is saying now even if he had said it only moments ago and that it had all been caught on tape. He may be feeling magnanimous now. After all, he’s just been elected to the most powerful office in the world. The man is allowed to feel elated. But who is to say how he may feel in the next few days or weeks? For good or for ill, euphoria is ephemeral.</span><div>
<span style="font-family: Times, Times New Roman, serif; font-size: large;"><br />Throughout the campaign, Trump has acted like a 70-year-old man-child and there is little to no evidence that he will ever change regardless of his <a href="https://www.theguardian.com/us-news/video/2016/apr/22/trump-im-gonna-be-so-presidential-that-you-people-will-be-so-bored-video">claim</a> that he’s “gonna be so presidential that you people will be so bored.”</span></div>
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<span style="font-size: large;"><span style="font-family: Times, "Times New Roman", serif;">More importantly, however, Trump never once said that he was going to abandon the ROK-US alliance. That was not what he said. What </span><a href="http://english.yonhapnews.co.kr/news/2016/07/22/63/0200000000AEN20160722005100315F.html" style="font-family: Times, "Times New Roman", serif;">he said</a><span style="font-family: Times, "Times New Roman", serif;"> was that he was “absolutely prepared” to tell every American ally, South Korea included, that they would be defending themselves unless they agreed to shoulder more of the cost of an American troop presence in their countries. After all, he thinks that the approximately </span><a href="http://www.koreaherald.com/view.php?ud=20161109000988" style="font-family: Times, "Times New Roman", serif;">US$900 million</a><span style="font-family: Times, "Times New Roman", serif;"> that South Korea pays for the stationing of American troops on Korean soil is “peanuts.”</span></span></div>
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<span style="font-family: Times, "Times New Roman", serif; font-size: large;">Although he assured Park that he is committed to the alliance, at no point in that phone conversation did anyone mention the words military bases, cost sharing, renegotiation, or troop withdrawal. In other words, there is plenty of room for the Trump administration to seek to renegotiate (via severe arm twisting) to push through with his campaign pledge.</span></div>
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<span style="font-family: Times, Times New Roman, serif; font-size: large;"><br />And there is a good chance that this is one of those pledges that he will see through. He may have flip-flopped on many things, but “free-riding allies” is a concept that he had been repeating for <a href="http://english.yonhapnews.co.kr/national/2015/10/13/0301000000AEN20151013000700315.html">years</a>.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Times, Times New Roman, serif; font-size: small;">The Farkus School of Diplomacy<br /><a href="http://29odkrngwwiml6xqsb8nbfh.wpengine.netdna-cdn.com/wp-content/uploads/2015/01/e52c038813c71e0a146c808573db46ac.jpg">Image Source</a></span></td></tr>
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<span style="font-family: Times, Times New Roman, serif; font-size: large;"><br />As for the comment that Trump made about South Korea possibly acquiring nuclear weapons, there are two things to consider. The first is what he said.</span><blockquote class="tr_bq">
<span style="font-family: Times, Times New Roman, serif; font-size: large;"><br /><i>“At some point we have to say, you know what, we're better off if Japan protects itself against this maniac in North Korea. We're better off, frankly, if South Korea is going to start to protect itself. It (nuclear armament among US allies) is going to happen anyway. It's going to happen anyway. It's only a question of time. They're going to start having them or we have to get rid of them entirely.”</i></span></blockquote>
<span style="font-family: Times, Times New Roman, serif; font-size: large;"><br />The important words here are “at some point,” “if,” and “we (the US) have to get rid of them (nuclear weapons) entirely.”<br /><br />That leaves a lot of room for interpretation.<br /><br />The second thing to consider is the last thing he said - that the US would have to get rid of nuclear weapons entirely. Simply put, that is wishful fantasy. Any South Korean who is jumping for joy at the prospect of South Korea being given the green light to acquire nuclear weapons might want to hold off the celebrations because, frankly, it is not going to happen. At least not anytime soon.<br /><br />There are many possible reasons why Trump didn’t get into any of those details. The most obvious reasons are that the phone call was just one of many similar phone calls that he was having with leaders from all around the world who are all congratulating him on his electoral victory. There probably was not much time to get into details. Also, it was the first call that he was having with the other world leaders as the President Elect. Maybe it’s possible that there is a part of him that thinks that being tactful and diplomatic is important.</span></div>
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<span style="font-family: Times, "Times New Roman", serif; font-size: large;">Or maybe it is because he is feeling magnanimous and saying nice things because other world leaders are saying nice things to him and that was all that he ever wanted. Or maybe he is just letting other world leaders let their guard down before he yanks everything from underneath them. Who knows?</span></div>
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<span style="font-family: Times, Times New Roman, serif; font-size: large;"><br />Things can change dramatically in the coming days and weeks. This is a unique time when the sitting president and the incoming president have an opportunity to play good-cop-bad-cop with other world leaders (or their own wayward people) to get as much concessions as possible. And seeing how Obama has been the “good cop” (highly debatable) to America's allies during his tenure, Trump can be the “bad cop” and play the role with relish.<br /><br />It is true that Trump is not the president until the moment he is sworn into office on January 20th. Until the moment he assumes office, he has no official political power. But he does have the ability to bluff, suggest, cajole, and threaten other world leaders. After all, Obama is on the way out and as the Obama administration is relegated to the history books, the rest of the world is going to have to learn to live with the Trump administration.<br /><br />It is important for South Korean leaders to keep their guard up. Imagining that the Trump administration will keep the alliance and trade partnership unchanged would be a grave mistake.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Times, Times New Roman, serif; font-size: small;">Everything is supposedly deadly calm in the eye of the storm...<br /><a href="https://fromthedeskofmardrag.files.wordpress.com/2014/01/thoughts-11.jpg">Image Source</a></span></td></tr>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-82458016683561694072016-11-09T15:40:00.000+09:002016-11-09T16:09:51.235+09:00A Trump Presidency and What It Might Mean for Korea<span style="font-family: "times" , "times new roman" , serif; font-size: large;">“May you live in interesting times.”<br /><br />And what an interesting year 2016 has been. A number of beloved celebrities have died, Brangelina has split up, the Chicago Cubs won the World Series, and Donald J. Trump, the tweeting orange who’d date his own daughter if she weren’t his daughter, seems set to be the next president of the United States.<br /><br />Many journalists, pundits, writers, bloggers, thinkers, philosophers, and anyone with an opinion is going to talk about this election for years. What everyone did wrong, where they went right, what caused what, how things will turn out, etc.<br /><br />Old political alliances that died eight years ago are going to reemerge. Progressives who argued that President Obama needed more power to do the things he wanted to do and who lauded his use of executive orders are now going to side with libertarians in arguing for a weaker executive.<br /><br />(Welcome back, progressives. How’ve you been?)</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">But not all old alliances will be rediscovered. Conservatives and Neo-conservatives might not rekindle their old relationship. But then again, knowing how many times Trump has changed his positions on any given topic within a matter of minutes, I suppose it would be foolish to write off anything.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">But what does a Trump presidency mean for inter-Korean relations? What would it mean for the ROK-US alliance? What about the KOR-US Free Trade Agreement?<br /><br />In short, all bets are off.<br /><br />Trump has long said that he would put all options on the table in regards to negotiating with “free-riding” allies. Never mind that Korea is not a free-riding ally. But inherent in that position is the willingness to withdraw American troops from the Korean Peninsula unless South Korea pays more for the alliance’s costs.<br /><br />(I do believe he once asked why South Korea wasn’t paying 100 percent of the costs during one of his stump speeches.)<br /><br />Let’s assume that, unlike Jimmy Carter, he will refuse to bend to foreign policy and military experts and simply do as he wishes. If that happens, it is likely that the US might seek to quickly transfer wartime control of the South Korean military to Seoul as soon as possible. As worrisome as that might be considering the fact that South Korea might have been controlled by a shadowy cult over the past few years, what’s even more worrisome is that this may give the <a href="http://english.yonhapnews.co.kr/national/2016/09/11/56/0301000000AEN20160911001200315F.html">pro-nuclear armament voices in South Korea</a> the boost that they have been seeking, which could lead to <a href="https://www.nknews.org/2016/11/is-it-time-for-south-korea-to-nuke-up/">all sorts of gargantuan problems</a>.<br /><br />Would an American withdrawal from Korea, and possibly Japan, mean that Seoul and Tokyo might have the incentive to finally push aside old fights and seek a closer partnership with one another to seek a common defense against North Korea? Or would it remove the one common denominator that had nominally united Seoul and Tokyo in a fractured trilateral alliance?<br /><br /><a href="http://thekoreanforeigner.blogspot.com/2016/11/president-park-geun-hye-should-resign.html">Park Geun-hye is now a lame duck president</a> and it appears that the next South Korean president might come from the Minjoo Party, which has <a href="http://freekorea.us/2015/03/11/roh-moo-hyuns-ex-campaign-manager-just-hates-it-when-politicians-exploit-tragic-isolated-incidents/">a history of strong anti-American elements</a>. Combine that with a Trump presidency that eschews foreign policy and what would that do to inter-Korean relations?<br /><br />Trump has gone on record and said that China ought to do more to contain the North Korean threat. But China has never cared to put North Korea in its place. And assuming that Trump withdraws American troops from Korea and/or transfers wartime control to Seoul, how would China’s perception of the Korean Peninsula change?<br /><br />Furthermore, Trump has also suggested that <a href="https://www.washingtonpost.com/news/worldviews/wp/2016/09/27/did-trump-really-just-suggest-that-china-should-invade-north-korea/">China ought to invade North Korea</a>. As unlikely as it is for China to take up on that offer, regardless of which political party governs South Korea now and in the future, that is yet something else that will likely fray the ROK-US alliance.<br /><br />Would an emboldened North Korea continue to pursue further nuclear armament? Will sanctions continue to be enforced against North Korea or will they be put in the backseat, thus destroying any progress (limited as they have been) that have been made over the past eight to ten years?<br /><br />As mentioned earlier, the next South Korean president might come from the Minjoo Party. Would the Minjoo Party <a href="https://www.nknews.org/2016/09/a-new-sunshine-policy-seoul-mayor-calls-for-kaesong-reopening/">reintroduce the Sunshine Policy</a>, thus killing sanctions programs before they have a real chance to succeed? What about the deployment of THAAD missile batteries? <a href="http://english.hani.co.kr/arti/english_edition/e_national/758871.html">Will that be canceled</a>?<br /><br />How would the free trade agreement that was signed between Korea and the US change? Trump has been vague about this. Will it be scrapped? If so, how would that affect the Korean economy? The Korean economy has been experiencing <a href="http://english.yonhapnews.co.kr/news/2016/11/01/21/0200000000AEN20161101001752320F.html">slumping exports</a> and rising household debt. A looming interest rate hike by the US Federal Reserve has been seriously threatening Korea’s economic growth. Any possible renegotiation or hint of scrapping the free trade deal could send the Korean economy plummeting.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />I have to point out that the election is not yet over. Nothing is ever over until the fat lady sings. But pundits are saying the word </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">“unlikely” with growing frequency in regards to a Clinton victory.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">We have to remember that politicians have a tendency to renege on many of their campaign pledges once having won an election. So whether or not Trump follows through with his pledges is up in the air. Maybe he will. Or maybe he’ll plate the White House in gold and play golf in Scotland with Duterte and Putin while Mike Pence and Paul Ryan do the real work of governing the US.<br /><br />Regardless of how things turn out, the next four years are going to be incredibly interesting.<br /><br />For now, however, the whole world might have to get used to saying “President Donald J. Trump.”</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">God help us all.</span></div>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-76690426619979093322016-11-04T14:45:00.000+09:002016-11-04T14:46:07.757+09:00Park Geun-hye the Pitiful<span style="font-family: "times" , "times new roman" , serif; font-size: large;">President Park <a href="https://www.washingtonpost.com/world/south-korean-president-says-shes-willing-to-be-investigated-in-corruption-scandal/2016/11/03/3a6d9198-a221-11e6-8864-6f892cad0865_story.html">apologized a second time</a> today for the still unraveling Choi Soon-sil scandal. It was a slightly more contrite apology than <a href="http://www.bloomberg.com/news/articles/2016-10-25/south-korea-s-park-apologizes-amid-influence-peddling-claims">the first one</a> she gave. In an emotional speech, she expressed remorse and, at times her voice becoming shaky, she accepted responsibility for the scandal, while also opening herself to the possibility of being investigated by prosecutors. If she does get investigated by prosecutors, she would become the first sitting president to do so.<br /><br />But the truly saddest part of the apology was when she denied that she had participated in shamanistic rituals in the Blue House. Televsions show script writers could not have come up with something as bitterly tragicomic.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />There are many things about this second apology that people can pick apart. For those who never liked President Park from the beginning, there is nothing that she could ever do that would ever get them to change their minds. Even though she accepted the possibility of being investigated by prosecutors “if necessary,” there are people suggesting that the fact that she didn’t say anything about her unilateral decision to appoint a new prime minister means that she has no plans to loosen her grip on power.<br /><br />Such is the result of hyper-partisanism.<br /><br />Her apology offered nothing new. But what caught my attention was when she said that she lived a “lonely life” in the Blue House and that was why she sought friendship and guidance from Choi Soon-sil.<br /><br />It seemed a cry for sympathy. Those few words brought back memories of her assassinated parents as well as her estrangement from her siblings. In effect, it was a reminder that she is <a href="https://twitter.com/JohnDelury/status/794360874957844480">an Orphan of the Nation</a>.<br /><br />To be clear, I do not think that portion of the speech was meant for those who never liked her from the start. As mentioned earlier, she cannot say or do anything to make them change their minds. No, that was meant for those who had supported her but have since turned their backs on her. The most recent polls reveal that her <a href="http://m.kmib.co.kr/view.asp?arcid=0011046607&code=61111111&cp=nv#cb">approval ratings has dropped to 5%</a>, making her the least popular sitting president in the history of the country. She is bleeding political capital, or what little she had left of it, and she is likely doing whatever she can to stop it.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">It’s possible that the tactic might work. After all, only cynics have their hearts absolutely closed to pity. However, there is a type of person who is more cynical than that and that is the type of person who would use another person’s pity for him or her as a weapon. Deliberately or not, by invoking pity, President Park is asking the people to have the heart to overlook reality.<br /><br />But what is the reality of the situation? That is what people are trying to find out. What was President Park doing the whole time while Choi Soon-sil was running a shadow government? Was she aware of what was going on? Did she allow it despite knowing what was going on? If so, she is an accomplice. Or was she unaware of what was going on and truly thought that Choi was sincerely only looking out for her interests? If so, then she is incompetent.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Either way, justice must be served. But if justice is denied because people are overcome by a great swell of pity, then the guilty would be shown mercy. And if the guilty do not pay, the innocent have to pay it. This would be a moral and intellectual abdication because compassion is proper only toward those who are innocent victims, not toward those who are morally guilty. Everyone must be judged with the same respect for truth and must be judged for what they have done and treated accordingly.<br /><br />Virtuous deeds must be praised and malfeasance must be condemned. Failure to do so can only mean that the virtuous must necessarily be betrayed and the wicked encouraged.<br /><br />Had President Park any sense of dignity, she would have apologized, accepted responsibility, agreed to being investigated by a special prosecutor, and agreed to resign if necessary. There are important tasks that must be undertaken - with or without her. Had she taken that route, she would have at least been able to salvage a semblance of self-respect. Instead, she chose to appear the pitiful victim - an irredeemable person with no shred of respect.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">It truly was painful to watch.</span></div>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-52740490512206422332016-11-03T18:20:00.000+09:002016-11-03T22:56:54.319+09:00President Park Geun-hye Should Resign<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The more details about the Choi Soon-sil scandal are revealed, the more bizarre the story seems to get. From stories of <a href="https://wikileaks.org/plusd/cables/07SEOUL2178_a.html">shamanistic priests</a> to <a href="http://www.koreaherald.com/view.php?ud=20161102000754">corporate</a> <a href="http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3025629&cloc=joongangdaily|home|top&utm_content=buffer2cda7&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer">malfeasance</a> to unlawfully accessing <a href="https://www.koreatimes.co.kr/www/news/nation/2016/10/116_217055.html">classified information</a> to <a href="https://www.koreatimes.co.kr/www/news/nation/2016/10/116_217097.html">prosecutorial ineptitude</a> to <a href="https://www.koreatimes.co.kr/www/news/nation/2016/10/116_217190.html">familial favoritism</a> to allegations about <a href="https://www.koreatimes.co.kr/www/news/nation/2016/11/116_217395.html">sacrificial rituals</a> during the <i>Sewol</i> ferry disaster to questions about whether Choi had used the Blue House as <a href="http://news.joins.com/article/20805384">a sleepover camp</a>, one can’t help but be reminded of Mark Twain’s quote about how the truth is often stranger than fiction.<br /><br />Like <i>The Korean</i> said in his <a href="http://askakorean.blogspot.kr/2016/10/the-irrational-downfall-of-park-geun-hye.html">blog post</a>, the scandal has put the entire corporate-government symbiotic relationship into the Tyson Zone where every allegation and rumor, no matter how insane, now seems entirely plausible.<br /><br />It is important to point out that there has yet to be a trial, much less a conviction. Until that takes place, every allegation is just that - an allegation. However, there is absolutely no doubt that as a direct result of this scandal and the <a href="http://english.yonhapnews.co.kr/news/2016/11/03/0200000000AEN20161103001451315.html">eye roll</a>-<a href="http://www.koreaherald.com/view.php?ud=20161102000192">inducing</a> manner in which she has attempted to contain it, it would be a gross understatement to claim that President Park is now a lame duck president.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In fact, this goes well beyond a lame duck presidency. Due to the far-reaching influence that Choi Soon-sil seems to have had over the president, government ministries, and various corporations, it may be safe to say that the Park administration has fundamentally collapsed.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">I doubt this is what <i><a href="https://www.youtube.com/watch?v=liKhLNY5GYI">James & Bobby Purify</a></i> had in mind<br /><a href="http://www.japantimes.co.jp/wp-content/uploads/2016/10/f-parkfriend-a-20161031-870x579.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />(As of this writing, Kim Byong-joon, whom President Park has nominated to become the next prime minister, is currently giving a press conference stating that President Park has agreed that, upon confirmation to his post, Kim would take over all domestic affairs while President Park will only oversee foreign policy. He has also said that it may be possible for prosecutors to investigate President Park, albeit “prudently.” However, it is still unclear if the opposition parties will agree to President Park’s unilateral appointment.)<br /><br />Considering the fact that South Korea currently faces wave after wave of economic and security challenges, this scandal could not have come at a worse time.<br /><br />Samsung Electronics, which had to cancel its <a href="http://www.forbes.com/sites/jaymcgregor/2016/09/28/samsungs-exploding-battery-problem-will-finish-the-note-7/#cd3fa5f4e826">Galaxy Note 7</a>, is currently on shaky ground, which in turn has led to increased calls for the government to push through <a href="http://thekoreanforeigner.blogspot.kr/2016/10/samsung-and-other-chaebols-has-to.html">corporate reform</a>. Korea’s largest container shipping company, <a href="http://www.reuters.com/article/us-hanjin-shipping-debt-idUSKCN11603N?il=0">Hanjin</a>, went into receivership a few months ago and the company still has <a href="http://fortune.com/2016/10/28/hanjin-bankruptcy-starved-stranded-ship-crew-vancouver/">stranded crew members</a> out at sea who are running out of rations. Falling <a href="http://english.yonhapnews.co.kr/news/2016/11/01/21/0200000000AEN20161101001752320F.html">exports</a>, rising <a href="http://english.yonhapnews.co.kr/business/2016/11/03/0502000000AEN20161103004400320.html">household debt, and a looming interest rate hike</a> by the US Federal Reserve could seriously threaten economic growth. The government still needs to curb the <a href="http://pulsenews.co.kr/view.php?sc=30800022&year=2016&no=444742">chaebols’ excesses</a>, push for more <a href="http://english.yonhapnews.co.kr/business/2016/06/30/34/0501000000AEN20160630001800320F.html">deregulation</a> and a <a href="http://www.koreatimes.co.kr/www/news/opinon/2016/10/202_216878.html">more flexible labor market</a>, and help to <a href="https://www.ft.com/content/9203e38c-0dab-11e5-9a65-00144feabdc0">boost startup businesses</a>. More urgently, the National Assembly still needs to approve the government’s <a href="http://www.reuters.com/article/us-southkorea-economy-budget-idUSKCN1150DG">₩400.7 trillion budget</a> for next year.<br /><br />On the security side of things, sensing an opportunity, China is once again looking for ways to force South Korea to <a href="http://www.upi.com/Top_News/World-News/2016/10/31/South-Korea-scandal-could-affect-THAAD-Chinese-media-says/8341477927650/">abandon its plans to deploy THAAD missile batteries</a>. North Korea still poses an <a href="http://freekorea.us/2016/10/28/a-study-in-media-bias-clapper-said-n-korea-diplomacy-failed-not-denuclearization/">existential threat</a> to South Korea. In order to properly combat the North Korean menace, South Korea needs to pursue careful diplomacy, strong sanctions, and meticulous alliance management. Although the Obama administration has said that the ROK-US alliance is still “strong and durable,” there is no doubt concern about South Korea’s current state of political paralysis. Furthermore, US officials are all too aware that support for the alliance and/or the US’ interests are <a href="http://freekorea.us/2015/03/11/roh-moo-hyuns-ex-campaign-manager-just-hates-it-when-politicians-exploit-tragic-isolated-incidents/">not unanimous in South Korea</a>.<br /><br />The duties and responsibilities that weigh on the president’s shoulders require Herculean leadership. It is needed even during the best of times and it is absolutely paramount during times of trouble. But the Choi Soon-sil scandal has derailed everything.<br /><br />As it is now apparent that President Park can no longer lead the country or regain the trust of those whom she is supposed to govern, it is now abundantly clear that she ought to resign.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The fact that the majority of Saenuri and Minjoo lawmakers have thus far refused to call for her resignation shows that even now they are placing their own interests above that of the country’s. They have refused to do so because if President Park resigns immediately, as per the Republic of Korea Constitution, a new election has to take place in sixty days whereby a new president would be able to begin a new five-year term.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Seeing how the scandal has not only tarnished President Park’s reputation but also that of the Saenuri Party itself, it is clear why Saenuri lawmakers would be opposed to a sudden resignation. They would have the most to lose. Furthermore, the Saenuri Party’s most likely nominee, Ban Ki-moon, would be ineligible to run as he is still serving as the UN’s Secretary General.<br /><br />(Assuming that Ban Ki-moon still plans to run for president and he doesn’t choose to be another party’s standard bearer, he may need to rename the Saenuri Party, again, and purge the party off Park Geun-hye’s most loyal supporters.)<br /><br />The same goes for the Minjoo Party. Prior to the Choi Soon-sil scandal, it appeared that it was the Minjoo Party that would be engulfed in flames when former Foreign Minister Song Min-soon mentioned in his memoir, <i>A Glacier Inevitably Moves</i>, that Moon Jae-in had given the green light in 2007 to <a href="http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3025168&cloc=etc%7Cjad%7Cgooglenews">ask Pyongyang for its opinion</a> on the UN resolution on North Korean human rights violations, a charge that Moon has yet to deny.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">(Personally, I think this ought to disqualify Moon Jae-in from being elected dog catcher, much less president.)</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The Minjoo Party may be enjoying <a href="http://www.sisaweek.com/news/articleView.html?idxno=81524">higher approval ratings</a> than the Saenuri Party, but that’s not saying very much. Should the presidential election take place today, there is no guarantee that Moon would be elected president. Until recently, Moon was operating under the assumption that he would have more than a year to campaign for the presidency. It is likely that he would rather not deviate from the plan.<br /><br />The two major political figures who are openly calling for President Park’s resignation, <a href="http://www.huffingtonpost.kr/2016/11/02/story_n_12765218.html">Ahn Cheol-soo</a> and <a href="http://news.joins.com/article/20811302">Park Won-soon</a>, were facing steep uphill battles of their own against Moon Jae-in to become the progressives’ nominee for president. But if President Park resigns, seeing how Moon is facing his own political scandal, they would have a much better chance of sealing the nomination for themselves. Although they are both right to demand President Park’s immediate resignation, their naked ambition and lust for power are not very subtle.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">The show must go on!<br /><a href="http://cantorfranzel.com/wp-content/uploads/2016/03/Tragic-and-comic-masks-010.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Readers of this blog already know my biases. Although President Park has shown herself to be an unremarkable, underwhelming, and disappointing leader in more ways than one, I have felt nothing but unadulterated admiration for her hawkish policy toward North Korea and her dogged pursuance of free trade deals with as many countries and trading blocs as possible. Conversely, I find many of South Korea’s progressives’ willingness to <a href="https://www.nknews.org/2016/09/a-new-sunshine-policy-seoul-mayor-calls-for-kaesong-reopening/">appease</a> <a href="http://english.hani.co.kr/arti/english_edition/e_national/758871.html">Pyongyang</a> and their slavish devotion to unions and (even more than conservatives’) <a href="http://www.koreatimes.co.kr/www/news/nation/2012/02/113_104605.html">nativist outlook</a> <a href="http://www.koreatimes.co.kr/www/news/nation/2015/11/116_192047.html">on trade</a> despicable.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Should President Park resign immediately, there is a very good chance that I would find the next president’s views on trade, tax policy, welfare reform, labor reform, economic regulation, and foreign policy deplorable and downright dangerous for the country’s future. But the fact remains that through no one else’s fault other than her own, President Park has lost the trust of the people and turned her administration into an international laughing stock. You know you’re a joke <a href="https://www.nknews.org/2016/10/choi-gate-represents-de-facto-collapse-of-s-korean-govt-n-korea-says/">when <i>North Korea</i> pokes fun at you</a>. Irony truly is dead and President Park’s fingerprints are all over the murder weapon.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />South Korea survived ten years of Kim Dae-jung and Roh Moo-hyun. It survived Lee Myung-bak and it has thus far survived Park Geun-hye and it will survive the next fifteen months should she choose not to step down. South Korea will also survive the next president whoever he or she may be.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">But whether or not South Korea will be able to survive the long-term consequences of her refusal to step down is less clear.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">If President Park refuses to step down, she will also bring the Saenuri Party down with her. For all of its faults, and they are legion, a Saenuri collapse could lead effectively to a one-party state and God knows that far too many progressive politicians appear to live in a world that is very remote from reality - full of fantasy and whimsy. Despite its many flaws, for a healthy and vibrant republic to exist, there has to be at least two opposing political parties.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">For the sake of the country’s future, President Park should resign.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Go. Definitely go.<br /><a href="https://vbce.s3.amazonaws.com/blog/31/the_clash-should_i_stay_or_should_i_go_s_3.jpg">Image Source</a></span></td></tr>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-80754480609920669042016-10-18T01:28:00.001+09:002016-10-18T01:35:08.716+09:00Samsung (and other Chaebols) has to Embrace the Future<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Fairly or unfairly, South Korea, whose official name is the Republic of Korea, is often pejoratively called the Republic of Samsung. However, seeing how Samsung Group generates up to <a href="http://www.bloomberg.com/news/articles/2012-06-07/samsungs-family-feud">20% of South Korea’s GDP</a>, that name may not be entirely inaccurate.<br /><br />As such, when <a href="https://en.wikipedia.org/wiki/Elliott_Management_Corporation">Elliott Management</a>, a US-based hedge fund management group, made its first serious attempt at shaking up Samsung Group last year, things were expected to get ugly. After all, South Korea</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">s economic fate is inextricably tied with Samsung</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s fate. </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Essentially, Elliott Management <a href="http://www.reuters.com/article/us-elliott-samsung-c-t-idUSKBN0P601920150626">opposed the US$8 billion merger</a> of two of Samsung Group’s companies - Samsung C&T Corp and Cheil - because it believed that Cheil’s offer was too low and that there was not much evidence for Samsung Group’s “aggressive” claims that the merger would be profitable in a few short years.<br /><br />For its part, Samsung stated that it needed the merger to streamline its corporate structure and to eliminate redundancies in order to cut unnecessary costs. Also, Samsung needed the merger to take place because it would have given Lee Jay-yong, the still current heir to Samsung’s chairmanship, <a href="http://www.wsj.com/articles/samsung-c-t-shareholders-approve-8-billion-merger-with-cheil-industries-1437105075">more control over the company</a>.<br /><br />Things got uglier than anticipated. So much so that the language used in some Korean media outlets took on <a href="http://thediplomat.com/2015/07/south-korean-medias-anti-semitism-problem/">severely anti-Semitic tones</a>. The decision whether to accept or reject the merger deal was pitted as one between a besieged group of noble Koreans (sound familiar?) fending off foreign vultures, specifically Jewish ones, whose sole purpose is to devour weak companies for all the money that they are worth and to leave them (and the countries that depend on those companies) to rot.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Samsung Group narrowly won that vote by 3%. For its part, Elliott Management demanded that Samsung C&T buyout its stake in the company. It was never publicly revealed how much Elliott Management was compensated.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">It was assumed that that was that but more than a year later, Elliott Management seems to be ready to face off against Samsung a second time.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />After a series of explosions, recalls, continued explosions, and worldwide derision, Samsung Electronics finally <a href="http://www.nytimes.com/2016/10/12/business/international/samsung-galaxy-note7-terminated.html">decided to discontinue the Galaxy Note 7</a>. The timing couldn’t have been worse. There are already signs that the international smartphone market is <a href="https://www.bloomberg.com/news/articles/2016-05-04/are-smartphones-doomed-to-the-same-fate-as-personal-computers">sputtering</a> and increased competition from Chinese smartphone manufacturers are threatening the dominance once enjoyed by Samsung and Apple. The cost of recalling the troubled phones alone is estimated to exceed <a href="http://abcnews.go.com/Technology/wireStory/samsung-note-recall-us-expands-replacement-phones-42769915">US$5 billion</a>; not to mention the incalculable cost of tarnishing one’s reputation. Furthermore, considering how Samsung is still embroiled in a series of billion-dollar-lawsuits with Apple, the Galaxy Note 7 debacle couldn’t have come at a worse time.<br /><br />Enter (or re-enter) Elliott Management.<br /><br />Sensing an opportunity to strike while the iron is still hot, Elliott Management once again voiced its desire to see a shakeup in Samsung’s governance structure. Having learned from its previous bout with Samsung, Elliott Management appears to have put aside its brash demeanor and penned a relatively gentle <a href="http://www.prnewswire.com/news-releases/letter-to-the-samsung-electronics-board-of-directors-outlining-value-enhancement-proposals-300339629.html">proposal letter</a> which would most likely be welcomed by both Korean and foreign shareholders and stakeholders for their own reasons.<br /><br />Elliott Management</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> biggest four proposals are:</span></div>
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<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Split Samsung Electronics from Samsung’s wider corporate holdings.</span></li>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">List the newly-split Samsung Electronics on public stock markets such as the Nasdaq Stock Exchange.</span></li>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Commit Samsung Electronics to a US$27 billion stock buyback program and, in line with international corporate standards, return 75% of its annual free cash flow to investors.</span></li>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Improve transparency in Samsung Electronics’ corporate governance by adding three independent directors to its board.</span></li>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />The third proposal is likely to be met with approval by both Korean and foreign shareholders (and likely tacit approval by the Korean government for the stimulative effects it would have on the overall Korean economy) considering the fact that Samsung Electronics’ cash reserves is estimated to be around <a href="http://www.koreaherald.com/view.php?ud=20160921000689">US$70 billion</a>, a sum that Elliott Management and many others classify as being “significantly overcapitalized.”<br /><br /><a href="http://pulsenews.co.kr/view.php?sc=30800020&year=2016&no=702030">For its own reasons</a>, however, aside from splitting Samsung Electronics from Samsung’s wider corporate holdings, Samsung will most likely not at all consider Elliott Management’s other three proposals.<br /><br />Perhaps as a result of Elliott Management’s toned down proposal, the Korean media’s defense of Samsung has not taken on the ugly anti-Semitic tone that some took up last year. However, that is not to say that the Korean media has abandoned its nativist strategy to defend Samsung; and the unintended (or perhaps intended) side effect of such a defense strategy may be to prevent Korean investors from seriously considering the possible benefits of Elliott Management’s proposals.<br /><br />Case in point, a few days ago, Hankyung (aka The Korea Economic Daily), one of the most respected business/economics news outlets in Korea, penned an <a href="http://www.hankyung.com/news/app/newsview.php?aid=2016101436631">editorial</a> about Elliott Management’s proposal. After stating what the four main proposals were, the editorial went on to excoriate </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">“</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">foreign corporate raiders</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">”</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> that seek to maximize short-term returns for shareholders (namely themselves) at the expense of sustainable growth for the businesses they descend upon. The editorial then goes on to say that the Korean government needs to help Korean corporations to defend themselves from “the wolves” and one of the best ways of doing so would be to allow Korean corporations to issue Differential Voting Right (DVR) shares.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Typically, DVR shares are traded in the same way as ordinary equity shares except these provide fewer voting rights to the holder. Investors who purchase these types of DVR shares tend to be passive investors who are not much interested in the decision making process but are merely interested in financial gains i.e. the exact opposite of </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">“</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">activist shareholders.</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">”</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> Consequently these types of DVR shares are usually traded at a discount and may offer higher dividends to shareholders who choose to purchase them in exchange for accepting highly weakened voting rights.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />DVR shares with higher voting rights can also be simultaneously issued by a company’s promoters to themselves or their own family members. This is done to increase their control in the company’s decision making process, which would of course be in excess of their financial holding of the company. Therefore, the sale of DVR shares to </span><span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">“outsiders</span><span style="font-family: "times" , "times new roman" , serif;">”</span><span style="font-family: "times" , "times new roman" , serif;"> </span><span style="font-family: "times" , "times new roman" , serif;">would not weaken the promoters’ voting rights and would also make </span><a href="http://www.investopedia.com/terms/h/hostiletakeover.asp" style="font-family: Times, "Times New Roman", serif;">hostile takeovers</a><span style="font-family: "times" , "times new roman" , serif;"> difficult to achieve, if not outright impossible.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Currently, Korea’s Commerce Law prohibits the issuance of DVR shares.<br /><br />The problem with such editorials is that they keep Korean investors and shareholders in the dark about the benefits that are being proposed by these “foreign vultures.” To explain, they don’t explain why Elliott Management wants to see Samsung Electronics split from the parent company or the events that led to such a proposal to be made. It also doesn’t bother to do anything more than simply mention in passing that one of Elliott Management’s proposals is to have Samsung Electronics publicly listed on the Nasdaq Stock Exchange, which would subsequently help to significantly raise Samsung Electronics’ market value - <a href="http://www.forbes.com/sites/ryanmac/2014/09/22/alibaba-claims-title-for-largest-global-ipo-ever-with-extra-share-sales/#e75bf467c26d">not unlike what happened for Alibaba</a>.<br /><br />It goes without saying that being publicly listed and traded in international stock markets would certainly pose a challenge for the existing management teams and the systems that they have in place. After all, publicly traded businesses face extra scrutiny from investors, regulators, and the media from all over the world. That is to be expected once they begin to play on a much larger stage. Once publicly listed, Samsung Electronics would no longer be able to rely on a fawning local media or local regulators who may (or may not) have conflicts of interests with Samsung Electronics. In other words, international exchange markets, whether those in New York or Hong Kong would further be able to help to steer Samsung Electronics’ governance and corporate structure into a more internationally respectable one.<br /><br />Especially important for international investors is that such a public listing would significantly streamline the investment and share-buying process. Currently, due to Samsung’s refusal to be publicly listed and traded, international investors need to jump through a series of hoops just to be able to buy a basket of Korean companies’ shares - only some of which is actually Samsung’s shares. In fact, Samsung has dedicated <a href="http://www.samsung.com/us/aboutsamsung/investor_relations/stock_info/howtobuysecstocks/">an entire page on its website</a> - full of bullet points, tables, charts, and legal disclaimers - to help international investors purchase Samsung’s stocks.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Of course, the problem is that the chaebols’ main priority is not having their stock indexes properly evaluated, but rather to maintain the control they have over their own business empires. The reasons are simple. The first and most obvious reason is that they have been able to retain control over their own businesses and they have no desire to lose that. The second (and related) reason is that not being publicly traded in international exchange markets has meant that chaebols have been able to exploit cross-shareholding for many years.<br /><br />So what is cross-shareholding? Cross-shareholding is a practice that has often been used by chaebol chairmen and their family members with the sole purpose of securing their control over their business empires with just a handful of shares. <br /><br />For example, when Company A makes an equity investment in Company B, which in turn buys a stake in Company C, which in turn secures a stake in Company A, a cross-ownership loop is created. This is what allows chaebol owners to have control over their business empires with just a handful of shares. It is also the very thing that has allowed chaebol families to facilitate father-to-son transfers of corporate control - something that would be anathema in Western markets.<br /><br />An added benefit of cross-shareholding for Samsung’s owners and family members is that even if one of their subsidiaries loses money, Samsung Group can use the profits that have been generated by another subsidiary to cover the costs. Using this method, Samsung Group can undervalue their stocks, which is one of the key reasons for Korean corporations being so notorious for their relatively low dividend yields.<br /><br />Yes, <a href="http://www.koreaherald.com/view.php?ud=20140725000716">laws have been passed</a> and the Korean government has put <a href="http://www.wsj.com/articles/investors-funds-pressure-south-korea-companies-1414578723">political pressure</a> on the chaebols to ban new cross-shareholding investments (though not existing ones) <a href="http://english.yonhapnews.co.kr/business/2016/07/07/0503000000AEN20160707004500320.html">but some practices take a long time to die out</a>. As far as Samsung or the other chaebols are concerned, they have little incentive to take Elliott Management’s proposals seriously. They’re at the top of the world. Why would they give that up?<br /><br />Decisions of this nature will always carry costs and benefits. The costs to the chaebols are obvious. They and their families would lose the iron grip they have over their businesses, jeopardize hereditary successions, and they would be at the mercy of extremely strict and demanding foreign investors and regulators. In short, they would their Shangri-La.<br /><br />However, nothing lasts forever. Not even the joys of paradise. Economic uncertainty in Europe, modest job growth in the United States, and China’s economic slowdown and <a href="http://www.telegraph.co.uk/business/2016/09/18/bis-flashes-red-alert-for-a-banking-crisis-in-china/">looming banking crisis</a> have all significantly weakened external demand. Korean businesses have long complained that militant unions have long dissuaded foreign investors from investing in Korea and though that is true, that claim masks the role that low dividend yields have played in doing the same thing. Domestic consumption remains sluggish and further attempts to stimulate the economy via quantitative easing could inadvertently exacerbate household debts. Korea’s low rates of immigration combined with an aging population who will also have to someday face <a href="http://www.koreatimes.co.kr/www/news/biz/2016/09/123_213552.html">a real estate bust</a> threaten economic contraction.<br /><br />All indicators, from the short-term to long-term, are pointing to economic gloom and doom. And Korea is quickly running out of options and time to cushion the blow. The massive cash reserves that Samsung and other chaebols are holding on to may help them to weather economic recessions and survive where <a href="http://www.bbc.com/news/business-37295185">Hanjin failed to do so</a>. However, a siege mentality is bound to fail over an extended period of time.<br /><br />Samsung and other chaebol companies have a choice to make - adopt Elliott Management’s proposals (or at least some of them) while they are still gentle proposals and thus launch Korean corporations into the 21st century and compete with the rest of the world on an even footing and help to expand markets, both domestically and internationally, or someday be made to adopt them a la IMF diktats circa 1997~1998 when they were anything but gentle.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Choose wisely<br /><a href="http://thesgem.com/wp-content/uploads/2012/11/indiana-jones-and-the-last-crusade.jpg">Image Source</a></span></td></tr>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-11634273408758970662016-10-13T17:10:00.000+09:002016-10-13T18:53:11.199+09:00Private Think Tanks Are NOT Ruining Policy-Making in South Korea<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Yesterday, <a href="https://en.wikipedia.org/wiki/Emanuel_Pastreich">Emanuel Pastreich</a> published a <a href="http://www.koreaexpose.com/voices/private-south-korean-think-tanks-ruin-policymaking/">column/op-ed</a> in <i>Korea Expos</i></span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><i>é</i></span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">, which was titled “<i>Tanks of Destruction: Private Think Tanks Are Ruining Policy-Making in South Korea</i>.”<br /><br />I don’t know if Pastreich came up with the title himself, or if it was created by the site’s editor and founder, Se-Woong Koo. Either way, it was a catchy title and it caught my attention. And not for the first time, I disagreed with yet another op-ed that was posted on that website.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Basically, Pastreich’s point was that a lot of think tanks in Korea, particularly the mainstream ones, are not worthy of the prestige they possess. The following are a summary of Pastreich’s main complaints regarding think tanks:</span><br />
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<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Much of the content produced by think tanks are banal, dishonest, superficial and ritualistic.</span></li>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Think tanks are ranked according to the amount of funding received, but such funding means they are not independent as think tanks cannot risk upsetting their patrons.</span></li>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Think tanks are not accessible to the public and they represent the interests of a small group who fund the think tanks.</span></li>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Think tanks seek to privatize the work that should be carried out by a government official, a staff member of a government research institute or a professor at a university and set long-term national agenda. But think tanks’ purposes are short-terms gains.</span></li>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Rubbish Thinking<br /><a href="http://blogs.psychcentral.com/your-life/files/2013/09/shutterstock_80347894.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">One could say that Pastreich may be throwing stones while living in a glass house. After all, he is the director of <a href="http://www.asia-institute.org/"><i>The Asia Institute</i></a>, which is also a think tank. However, I must confess that I am not at all familiar with <i>The Asia Institute</i> or the work that it has produced. So that’s neither here nor there.<br /><br />Regardless of that fact, however, the fact that he is the director of a different think tank and the other think tanks that he excoriated are basically his competitors is, I think, the weakest rebuttal that can be summoned against Pastreich’s points.<br /><br />My first point of contention after reading Pastreich’s op-ed was that think tanks are supposed to be exclusive. They are supposed to represent the opinions, thoughts, and research by the elites who have spent a long time studying those subjects they pontificate on.<br /><br />Back in early 2014, right about the time when <a href="https://en.wikipedia.org/wiki/Ahn_Cheol-soo">Ahn Cheol-soo</a> had just started to seriously begin his foray into politics, one of the first things he did was to establish his own think tank - the oddly-named <a href="http://policynetwork.or.kr/"><i>Policy Network Tomorrow</i></a> (정책네트워크 내일). I looked at his think tank’s mission statement and it sounded a lot like the kind of think tank that Pastreich is looking for (at least in think tanks that he is not a part of) - a think tank that is accessible to the public and one that doesn’t put too much focus on the “banal and dishonest” experts, but rather, in the words of <i>Policy Network Tomorrow</i>, on “the problems that the people face in their lives.”<br /><br /><a href="http://thekoreanforeigner.blogspot.kr/2014/01/ahn-cheol-soo-great-demagogue.html">I wrote about Ahn Cheol-soo’s think tank before</a> and the unfortunate reality seems to be that if Pastreich’s suggestions regarding accessibility is given serious consideration, it would lead to think tanks that don’t do a lot of thinking.<br /><br />Pastreich is not wrong when he argued that the opinions and research data that think tanks advocate can be (and often are) hijacked by people with vested interests. That is not in dispute. But the notion that think tanks are supposed to be open to the public or somehow responsive to what the public thinks is wrong. For one thing, all you need to do is speak to one of the unwashed masses who has never thought much about a given topic to know that you shouldn't pay attention to everyone. After all, the direct result of paying too much attention to the opinions of the masses is the rise of Donald Trump!<br /><br />Besides, if we are looking for people who will better reflect the wishes of the public, those people already exist. They</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">re called elected officials. I won</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">t hold my breath waiting for people to shower them with glory and praise.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Obligatory mention of the fact that he also said “Democracy is the worst form of government, except for all the others.<span style="background-color: #fefdfa; color: #333333;">”</span><br /><a href="http://thequotes.in/wp-content/uploads/2015/12/Winston-Churchill-Quotes-31.jpg">Image Source</a></span></td></tr>
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Another point that I strongly disagreed with Pastreich was his opinion that massive corporate funding makes a think tank less trustworthy and reliable.<br /><br />There was a think tank that I really liked. It was <a href="http://www.oldfreedomfactory.co.kr/"><i>Freedom Factory</i></a>, a libertarian think tank that advocated limited government and free market solutions to many of society’s ills.<br /><br />(Disclaimer: I was never formally employed by <i>Freedom Factory</i>, but I did a number of freelance work for them - mostly Korean-to-English translation services. I also edited their English-language biweekly online news magazine, <i>Freedom Voice</i>.)<br /><br />Did you notice the use of past tense? That</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">s because <i>Freedom Factory</i> went out of business a couple of months ago. I recognize that “capitalism” is often used as an epithet and there are even fewer fans of libertarianism. So I understand that some of you may disagree with what <i>Freedom Factory</i> stood for and argue til you</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">re blue in the face that it was evil or throw whatever epithets you can think of. I won’t argue; this post is not meant to serve as a defense of libertarianism.<br /><br />(And in case any of you are wondering, no, I have never thought of myself as a libertarian. I think of myself as an ally to libertarians, but never one of them.)<br /><br />However, no matter what kinds of clever curses you can throw at it, it doesn</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">t change the fact that <i>Freedom Factory</i> produced a good number of studies, surveys, op-ed pieces, translations, media appearances, and helped to spread awareness of the problems of over-regulating businesses and the history of the South Korean economy to the masses. It was a great think tank that saw a great vision for itself. But it went out of business because it couldn</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">t turn a profit.<br /><br />Pastreich can argue that corporate funding makes think tanks less independent, but not having enough money means that you go out of business. I wish <i>Freedom Factory</i> had the luxury of worrying about a lack of independence. It never even got that chance.<br /><br />Though I don’t know for certain, I imagine there are many think tanks of various political affiliations that have met and will continue to meet a similar fate.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Regardless of how much people think of the corrupting nature of money, it doesn’t change the fact that corporate funding helps think tanks to do their work. It may not be a perfect solution, but it</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">s the best there is. Why is it the best? It’s the best because, going back to my earlier point, the vast majority of the unwashed masses have never even heard of many of the subjects a lot of think tanks and their employees have dedicated themselves to studying; and they don</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">t care for them.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">If you think money is the root of all evil, try not having enough of it.<br /><a href="http://blog.kabinata.com/files/2014/09/MONEY-ROOT-OF-EVIL1.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The last thing about Pastreich’s op-ed I disagreed with was his argument that think tanks undermine the work that is better done by government officials, government research institutes, and professors at universities. He says that unlike government institutions, think tanks seek short-term gains and this is particularly dangerous when we think about long-term problems such as North Korea.<br /><br />It</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">s a wonderful thought that government leaders and bureaucrats are more dedicated to long-term goals than think tanks. Unfortunately, however, reality says otherwise. Case in point, South Korea</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">s policy toward North Korea has changed from administration to administration. Whereas Kim Dae-jung (and Roh Moo-hyun) sought engagement with the North via the Sunshine Policy, Lee Myung-bak immediately pursued a hawkish policy. Park Geun-hye wasn’t nearly as hawkish as Lee Myung-bak (at least initially) or as dovish as Kim Dae-jung as she was an advocate of </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">“</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">trustpolitik</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">” </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">during the early days of her administration and she only became hawkish after North Korea’s fifth nuclear test.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />If you read any of my columns at <i><a href="https://www.nknews.org/">NK News</a></i>, it won’t take you long to know what I think is the proper way of dealing with North Korea. Again, however, this post is not meant to defend or attack one idea or another. The point is that the notion that government officials are somehow more dedicated to pursuing long-term goals than people in the private sector is utter nonsense. It is a praise that government officials and their research institutes clearly do not deserve.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">(Whether this is a virtue or a vice of the democratic process is another matter entirely.)<br /><br />In fact, the only things that the government has insisted on taking the long-term view, regardless of who has been </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">in charge, are looking out for their own interests. Even the country’s progressive leaders never abolished the National Security Law or hesitated from <a href="http://articles.chicagotribune.com/2003-08-25/news/0308250254_1_accusations-media-nuclear-situation">using defamation laws to silence their critics</a> in the media.<br /><br />Also, is there anyone who can say with a straight face that professors are any more virtuous than those who work at think tanks? At the end of the day, to one degree or another, everyone is a whore. The only thing that’s different is whom he sells his soul to and for how much and how happily he does so.<br /><br />One thing that Pastreich does get right is his comparison of think tanks to hagwons, though certainly not for the reasons he stated. The comparison is valid because, like the hagwon industry, the ideas that are espoused by many think tanks do not seem that different from each other and there does appear to be a strong herd mentality that is defined by an unhealthy dose of </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">“follow the leader</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">”</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> mentality. There does need to be an infusion of new ideas (not that being new by itself is a virtue) and healthy debate among think tanks and universities and government research institutes. That is how we make sure that we do not fall victims to our own filth.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So, yes, there is a feeling of staleness when it comes to private think tanks in Korea. But are they ruining policy-making? That hardly seems to be the case. Although some of </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Pastreich’s criticisms may be valid, he does not seem to have really thought through on the subject of private think tanks as much as he seems to think he has.</span></div>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-19360606107406861292016-09-27T17:24:00.001+09:002016-09-27T18:08:07.147+09:00First Clinton-Trump Debate: Dumb Economic Policy and Even Dumber North Korea Policy<span style="font-family: Times, Times New Roman, serif; font-size: large;">The first presidential debate between Trump and Clinton ended a few hours ago and it was one for the history books for all the wrong reasons. For an hour and a half, hundreds of millions of people around the world got to witness sheer cynicism being masked around as political debate such as moments when Hillary Clinton talked about the importance of cyber security without a hint of irony or self-consciousness and when Trump went on an incoherent spiel about Rosie O’Donnell, Sean Hannity, and Howard Stern.</span><div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
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<span style="font-family: Times, Times New Roman, serif; font-size: large;"><br /><br />The Lincoln-Douglas Debate this was not! Not that anyone ever suspected it would be. Political debates are little more than pomp and pageantry where candidates get to flout their well-rehearsed lines and zingers hoping to spring their gotcha-traps for each other. But even when political candidates for the highest office of the land, and possibly the world, are held to such low expectations, it is amazing how they can still trip over those low bars.<br /><br />I could honestly think of no other television show in history that was done a greater disservice from an absence of a built-in studio laugh track than that so-called debate.<br /><br />There are many people who already have and will continue to break down the debates and go through them in excruciating detail until the next debate occurs. I wish them the best of luck. It would be akin to being told to look for gold in the Cheonggyecheon stream.<br /><br />So instead, I will focus on two small portions of the debate that </span><span style="font-family: Times, Times New Roman, serif; font-size: large;">matter the most to me - economics and North Korea.<br /><br /><br /><b>Economics</b><br /><br />Economics is a complicated field. It has its own set of experts who have studied the topic their entire lives and those experts bitterly argue with one another with as much intensity as you’d find among those who argue about the Israeli-Palestinian conflict. It truly is a specialized field of its own that can also be divided into its own subgroups that are so disparate that an expert in one field could be completely clueless about the issues that deal with another.<br /><br />But no layperson could ever be convinced of that when they hear politicians spout their bullshit views about economics when they try their best to dumb down the topic into easily consumable soundbites for the TV-watching audience.<br /><br />Although many can convincingly argue that Clinton may be more knowledgeable about certain subjects than Trump and that Trump may be better versed in other things than Clinton, the first segment of the debate which dealt with economics clearly showed that neither person knew what the hell they were talking about.</span><div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
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<br /><span style="font-family: Times, Times New Roman, serif; font-size: large;">What Clinton said about the economy:<br /></span><ol>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">I want us (the government) to invest in the people and their future by promoting infrastructure, advanced manufacturing, innovation and technology, clean, renewable energy, and small business, because most of the new jobs will come from small business.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">I also want to see more companies do profit-sharing. If you help create the profits, you should be able to share in them, not just the executives at the top.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">We have to make the economy fairer by raising the national minimum wage and also guarantee, finally, equal pay for women's work.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">We need paid family leave and earned sick days, affordable child care, and debt-free college.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">We're going to do it by having the wealthy pay their fair share and close the corporate loopholes.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">We also, though, need to have a tax system that rewards work and not just financial transactions. And the kind of plan that Donald has put forth would be trickle-down economics all over again. I call it trumped-up trickle-down. Trickle-down did not work. It got us into the mess we were in, in 2008 and 2009. Slashing taxes on the wealthy hasn't worked.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">We had the worst financial crisis, the Great Recession, the worst since the 1930s. That was in large part because of tax policies that slashed taxes on the wealthy, failed to invest in the middle class, took their eyes off of Wall Street, and created a perfect storm.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">We can deploy a half a billion more solar panels. We can have enough clean energy to power every home. We can build a new modern electric grid. That's a lot of jobs; that's a lot of new economic activity.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">When I was secretary of state, we actually increased American exports globally 30 percent.</span></li>
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<br /><br /><span style="font-family: Times, Times New Roman, serif; font-size: large;">My rebuttals to Clinton:<br /></span><ol style="margin-bottom: 0pt; margin-top: 0pt;">
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">Classic example of <a href="https://www.youtube.com/watch?v=hXC9FI1nAqs">Broken Window Fallacy</a>.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">The President of the United States does not have the authority to force companies to share their profits “more equitably.”</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">Raising the minimum wage <a href="http://thekoreanforeigner.blogspot.kr/2013/06/the-minimum-wage-it-doesnt-help-but.html">hurts the most vulnerable members of society</a> - the marginal worker. It will exacerbate wealth inequality, not alleviate it. Also, when is this <a href="http://thekoreanforeigner.blogspot.kr/2013/11/koreas-gender-income-gap-is-not-based.html">gender pay gap myth</a> ever going to die?</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">Ever heard of <a href="http://thekoreanforeigner.blogspot.kr/2015/05/economic-rhetoric-vs-economic-reality.html">unintended consequences</a>?</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">Pray tell, what is fair?</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">Here’s an <a href="http://thekoreanforeigner.blogspot.kr/2015/03/trickle-down-economics-redux.html">old challenge</a>. Please name any economist outside a mental institute who has ever defended or called for trickle down economics.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">Please cite evidence that the 2008 financial crisis was a result of low tax rates. Otherwise, please be prepared to be called a bullshit artist.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">See rebuttal number 1.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">Does the Secretary of State oversee trade?</span></li>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Well, that was easy. So much for a smart and experienced Hillary Clinton.<br /><a href="https://i.ytimg.com/vi/DHVnOQKsYKU/maxresdefault.jpg">Image Source</a></span></td></tr>
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<br /><br /><span style="font-family: Times, Times New Roman, serif; font-size: large;">What Trump said about the economy:<br /></span><ol>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">American jobs are fleeing the country.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">China is devaluing its currency, and there’s nobody in our government to fight them.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">I'll be reducing taxes tremendously, from 35 percent to 15 percent for companies, small and big businesses.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">We have to renegotiate our trade deals. Other countries are giving incentives, they're doing things that, frankly, we don't do.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">Impose a tax on American companies that manufacture their goods overseas and then sell them in the US.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">Bill Clinton approved NAFTA, which is the single worst trade deal ever approved in this country.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">I built an unbelievable company. But we’re opening the Old Post Office. Under budget, ahead of schedule, saved tremendous money. I’m a year ahead of schedule. And that's what this country should be doing.</span></li>
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<span style="font-family: Times, Times New Roman, serif; font-size: large;">My rebuttals to Trump:<br /></span><ol>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">Trump spoke a few times about the employment situation in Ohio and Michigan. So in other words, he is talking about manufacturing jobs. But the reality is that the American manufacturing sector is still <a href="http://www.forbes.com/sites/timworstall/2014/09/02/american-manufacturing-is-alive-and-well-theres-no-need-to-try-and-save-it/#14ea14756c75">robust</a>.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">If China is devaluing its currency, then what do people call what the <a href="http://www.wsj.com/articles/SB10001424052748703440004575547553908304106">Federal Reserve is doing</a>?</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">That’s actually a pretty nifty idea. <a href="http://www.investopedia.com/terms/c/corporateinversion.asp">Inversions</a> are one of the most visible signs that the U.S. corporate-tax code is broken. One of the reasons Ireland is a popular destination for corporations looking to move their headquarters out of the United States is the fact its corporate tax rate of <a href="http://www.irishexaminer.com/business/michael-noonan-no-threat-to-125-corporate-tax-rate-422993.html">12.5 percent</a> - about one-third of America’s rate. Cutting corporate tax rates could potentially help to create hundreds of thousands of new jobs and it could also lead to a <a href="http://www.ncpa.org/pdfs/Simulating_the_Elimination_of_the_U.S._Corporate_Income_Tax.pdf">significant increase in real wage</a>. The question is how Trump intends to do that. As per usual, he doesn’t offer any concrete plans.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">(i) This will come as a surprise to the TPP’s 12 signatory countries that agreed they would <a href="http://www.japantimes.co.jp/news/2016/09/12/business/tpp-members-agree-not-renegotiate-sweeping-free-trade-deal/#.V-oeXvmLSUk">not renegotiate</a> the trade deals that have already been made. Seeing how the US is the major partner in the TPP, reneging on that promise would destroy the TPP and would destroy the Asia Pivot.<br /><br />(ii) Trade means increased jobs, but trade also means increased security. Reneging on its trade deals would be comparable to the Ming Dynasty suddenly choosing to become an isolationist hermit kingdom in the mid-15th century, after pursuing oceangoing exploration in the early part of the century. China could have been a superpower hundreds of years before the rise of the West. Is the US willing to become the new Ming China of the 21st century?<br /><br />(iii) In regards to complaints about “unfair” subsidies foreign governments grant their corporations, once again, <a href="https://www.youtube.com/watch?v=sczBt9dA2Fw">Milton Friedman already provided the best rebuttal to that decades ago</a>.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">Is Trump talking about companies with captive offshore operations (the practice of completing work at a non-domestic location, whether by workers at a company’s own offshore subsidiary - often called a “captive” center - or by a third-party or companies that outsource to third-parties based overseas) or is he talking about companies that outsource (the practice of contracting out of goods or services to a third party)? Does he even know the difference?<br /><br />This is an important distinction because targeting companies that operate subsidiaries overseas would include, for example, IBM and a good number of non-vendor Fortune 500 companies who maintain a presence abroad, such as GE and Proctor & Gamble, some of which provide their parent companies with IT services.<br /><br />On the other hand, if it does not affect US companies that “ship jobs overseas” by hiring an offshore company, then the only offshore outsourcing customers this plan could have any bearing on are those who work with US-based IT services companies like IBM, which then deliver those services offshore. If that is the case, it's unlikely the the average American would have much to benefit.<br /><br />Also, how would increasing taxes on those companies persuade businesses to relocate to the US? Taxes are not the only reason companies outsource. There are also lower wages in overseas markets. The likely outcome of increasing taxes on such businesses could be more offshoring, not less, as those corporations use labor arbitrage to offset the bigger tax bill.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">NAFTA is <a href="http://fortune.com/2016/09/27/presidential-debate-nafta-agreement/">NOT the worst trade deal</a> the US has ever had.</span></li>
<li><span style="font-family: Times, Times New Roman, serif; font-size: large;">The idea that it would be better for the government to be run like a finely operated corporation has always been fancied by those on the political right. For good or for ill, however, a government cannot be run like the way a business is run. See <a href="http://www.forbes.com/sites/johntharvey/2012/10/05/government-vs-business/#7e80a4a02685">here</a>, <a href="http://thefederalist.com/2016/01/08/government-shouldnt-run-like-a-business/">here</a>, <a href="https://www.bostonglobe.com/opinion/2016/05/01/donald-you-can-run-government-like-business/wjNaom7pyS7WavlB7muUrN/story.html">here</a>, <a href="https://hbr.org/1996/01/a-country-is-not-a-company">here</a>, <a href="http://www.wsj.com/articles/SB124277530070436823">here</a>, and <a href="http://econlog.econlib.org/archives/2013/12/robert_murphy_o_3.html">here</a>.</span></li>
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<br /><b><br /><span style="font-family: Times, Times New Roman, serif; font-size: large;">North Korea</span></b><span style="font-family: Times, Times New Roman, serif; font-size: large;"><br /><br />Very little was said about North Korea. So my response will be short, too. Trump said, “China should go into North Korea. You look at North Korea; we are doing nothing there. China should solve that problem for us. China should go into North Korea. China is totally powerful as it relates to North Korea.”</span><div>
<span style="font-family: Times, Times New Roman, serif; font-size: large;"><br />My rebuttal:<br /><br />Assuming that the US even has the leverage to “let” China do anything, allowing China to install a pro-Chinese regime in Pyongyang would infuriate not only Seoul, but also Tokyo, Moscow, and Hanoi. It would most likely be the best way for the US to actually become what Chinese nationalists have called it for decades - a paper tiger.<br /><br />It is obvious except to the most deluded that the only place where Trump is a brilliant strategist or a deep thinker of any type whatsoever is in the deep recesses of his own twisted fantasies where he ought to crawl back into.</span><div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
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<span style="font-family: Times, Times New Roman, serif; font-size: large;"><br /><br /><b>Conclusion</b><br /><br />I know that I've said this about politicians many times but I will say it again. A plague o' both their houses!</span></div>
John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-83034208929904956062016-08-03T22:41:00.000+09:002016-08-03T23:00:15.497+09:00Movie Review: Suicide Squad<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>WARNING</b>: The following review contains a lot of spoilers. If you have not yet seen <i>Suicide Squad</i> and wish to do so without having the plot given away, then do not read this.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">It is often said that the definition of insanity is doing the same thing over and over again and expecting different results. Technically, that is NOT the definition of insanity, but whatever. Let's go with that definition of insanity and just plainly say that I am clearly insane. I am insane for constantly going to every single comic book movie expecting to come out of the movie theater feeling blown away when in reality, I always end up feeling disappointed and going through my usual bout of self loathing I always feel after watching a comic book movie yet again.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So why do I keep watching comic book movies if that's how I always end up feeling? It's obviously because I am insane. Just like how every four years (or five years in other countries) people always come out to vote for Candidate Elephant Excrement or Candidate Donkey Douche for president. It's because we are all bloody insane.</span><br />
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<span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">Basically, to boil down the essence of </span><i style="font-family: Times, "Times New Roman", serif;">Suicide Squad</i><span style="font-family: "times" , "times new roman" , serif;"> into a single sentence, it is </span><i style="font-family: Times, "Times New Roman", serif;"><a href="https://en.wikipedia.org/wiki/The_Dirty_Dozen">The Dirty Dozen</a></i><span style="font-family: "times" , "times new roman" , serif;"> except that it's on crack and acid at the same time and instead of disgraced US soldiers waiting on death row, we have supervillains (of various skills or the lack thereof) and instead of Nazi officers, we have a powerful ancient witch called Enchantress (</span><a href="https://en.wikipedia.org/wiki/Cara_Delevingne" style="font-family: Times, "Times New Roman", serif;">Cara Delevingne</a><span style="font-family: "times" , "times new roman" , serif;">) who for all intents and purposes looks like a college sophomore who ingested way too many funky mushrooms during Burning Man and forgot to take a shower for a year. By the way, she's the main antagonist.</span></span><br />
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<span style="font-size: large;"><i style="font-family: Times, "Times New Roman", serif;">Suicide Squad's</i><span style="font-family: "times" , "times new roman" , serif;"> plot is thinner than the broth that is typically served in any ROK Army chow hall. Granted, one of the complaints of </span><i style="font-family: Times, "Times New Roman", serif;">Batman v Superman: Dawn of Justice</i><span style="font-family: "times" , "times new roman" , serif;"> was that it seemed like as though content that could have been spread out over six movies was crammed into one. So I expected that Warner Brothers would insist on a simpler plot for </span><i style="font-family: Times, "Times New Roman", serif;">Suicide Squad</i><span style="font-family: "times" , "times new roman" , serif;"> but they apparently decided to go with the "little to no plot" route instead.</span></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Anyway, back to the plot. Taking place after the events of <i>Batman v Superman: Dawn of Justice </i>with the death of Superman, Amanda Waller (<a href="https://en.wikipedia.org/wiki/Viola_Davis">Viola Davis</a>), who is acting like the kind of government employee that the most paranoid libertarians believe actually exist in all levels of government, decides to round up a group of supervillains to create a paramilitary unit because the next Superman might be an enemy of the United States. She actually calls these supervillains metahumans but it's clear that most of them are NOT metahumans. The only metahumans in the team are El Diablo (<a href="https://en.wikipedia.org/wiki/Jay_Hernandez">Jay Hernandez</a>) who is basically DC's answer to the X-Men's Pyro except he has facial tattoos (because who cares about ever getting a job?) and the aforementioned college sophomore.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The rest are a hitman with a heart of gold-ish (<a href="https://en.wikipedia.org/wiki/Will_Smith">Will Smith</a>), a bubbly nutcase with a baseball bat (<a href="https://en.wikipedia.org/wiki/Margot_Robbie">Margot Robbie</a>), a guy who is good with a boomerang (<a href="https://en.wikipedia.org/wiki/Jai_Courtney">Jai Courtney</a>), and a guy who either has a bad skin condition or is actually a human crocodile (<a href="https://en.wikipedia.org/wiki/Adewale_Akinnuoye-Agbaje">Adewale Akinnuoye-Agbaje</a>). And they're overseen by a soldier named Rick Flag (<a href="https://en.wikipedia.org/wiki/Joel_Kinnaman">Joel Kinnaman</a>) - because that's obviously not the perfect stage name of an adult film star - who happens to be in love with the college sophomore; and a ninja (<a href="https://en.wikipedia.org/wiki/Karen_Fukuhara">Karen Fukuhara</a>) who uses a sword that is able to trap the souls of those it kills because reasons.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">That's the team. Seriously. So here's an obvious question. Why use supervillains who don't like or care for authority and who must be threatened with a bomb in their necks when there are perfectly good soldiers that the government could have easily used? For God's sake, one of the bad guys, the college sophomore's brother - who came out of nowhere by the way - was defeated with what looks like C4 explosives. Did the government suddenly forget that they have Tomahawk cruise missiles?</span><br />
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<span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">Here's another reason it doesn't make sense. In a post-credit scene, Amanda Waller and Bruce Wayne (</span><a href="https://en.wikipedia.org/wiki/Ben_Affleck" style="font-family: Times, "Times New Roman", serif;">Ben Affleck</a><span style="font-family: "times" , "times new roman" , serif;">) are having a private meeting and Waller hands over a file to Wayne, which is full of information about the Flash and Aquaman! The government is aware of these two amazingly powerful metahumans and Waller decided that the best she could do was to form a team of people who use boomerangs and comically large mallets?! For God's sake! Was there not a single writer on the production team whose mother did not snort liquid cocaine while she were pregnant with him/her?</span></span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://ultimateclassicrock.com/files/2015/01/Loser-630x420.jpg">Image Source</a></span></td></tr>
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<span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">But of course, the villain that the Suicide Squad has to defeat is the college sophomore. She's a powerful wizard but she has a habit of not keeping her heart in her chest where you would think it belongs because, again, reasons. So Waller borrows a page from </span><i style="font-family: Times, "Times New Roman", serif;"><a href="https://en.wikipedia.org/wiki/Pirates_of_the_Caribbean:_Dead_Man%27s_Chest">Pirates of the Caribbean: Dead Man's Chest's</a></i><span style="font-family: "times" , "times new roman" , serif;"> equally lousy and stupid plot and threatens to stab holes into the heart unless the college sophomore does as she commands. So the college sophomore rescues her brother who is also a witch (I told you he came out of nowhere) to help retrieve her heart and when he does so, she proceeds to do a weird belly dance to create a weapon that looks like a cloud with rocks swirling around it (which takes a long time) to destroy humanity. Because apparently this powerful witch can't hijack nukes. Makes total sense.</span></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">But fighting the college sophomore wasn't even their mission. The Suicide Squad's actual mission was to enter the city (whose name I had forgotten the moment I heard it) where the college sophomore is doing her Burning Man with Bad JuJus routine in order to rescue a high value target. But there is a plot twist! That high value target is Amanda Waller herself! But then they botch the rescue and then end up fighting the college sophomore even when the bombs that have been planted in their necks have been deactivated, which was the only reason they agreed to join this group, because reasons.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The plot holes in <i>Suicide Squad</i> are so big that it would be inappropriate NOT to make yo momma jokes.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">But what about The Joker? He was heavily shown in the trailers. What about him?</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Yes, The Joker (<a href="https://en.wikipedia.org/wiki/Jared_Leto">Jared Leto</a>) was in the movie. Barely. He didn't contribute at all to the plot (for what little there was) and the few minutes that he was on screen were already shown in the trailers. A lot of noise was made about how he remained in character throughout the filming of the movie because he's a method actor and how at one point, <a href="http://moviepilot.com/posts/4020209">he mailed used condoms and anal beads to his castmates</a>. If he really did all that just for those few inconsequential minutes that he was in the movie, then Leto truly is an asshole.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Was Leto at least a scene stealer? No, he was not, which is such a damned shame because everyone knows that the man CAN act! Asshole or not. <i><a href="https://en.wikipedia.org/wiki/Requiem_for_a_Dream">Requiem for a Dream</a></i>, anyone? When the late <a href="https://en.wikipedia.org/wiki/Heath_Ledger">Heath Ledger</a> portrayed his version of The Joker, people couldn't take their eyes off him. Ledger's Joker was charismatic, laughed like a maniac, growled like a rabid dog, and even performed a magic trick with a pencil. He was a cold-blooded sociopath who was out to make a point - that everyone was just one little push away from being as mad as he was. Leto's Joker, on the other hand, was boring. All he wanted to do was rescue his girlfriend. Hell, even <a href="https://en.wikipedia.org/wiki/Cesar_Romero">Cesar Romero</a>'s Joker was more interesting than Leto's version.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">If in some later movie Leto's Joker and Affleck's Batman were placed in the same room together, I wouldn't know whom I'd wish were dead more - them or me. And then there's the depressing fact that I'd still probably pay money to watch that crapfest, too, because, like I said, I'm clearly insane.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Sigh. I do miss this man.<br /><a href="http://i.stack.imgur.com/dZ2qU.jpg">Image Source</a></span></td></tr>
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<span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">Earlier, I compared </span><i style="font-family: Times, "Times New Roman", serif;">Suicide Squad</i><span style="font-family: "times" , "times new roman" , serif;"> to </span><i style="font-family: Times, "Times New Roman", serif;">The Dirty Dozen</i><span style="font-family: "times" , "times new roman" , serif;"> except that it was on crack and acid. I shouldn't have said that. </span><i style="font-family: Times, "Times New Roman", serif;">The Dirty Dozen</i><span style="font-family: "times" , "times new roman" , serif;"> was a great movie. The overarching plot might have been somewhat similar but </span><i style="font-family: Times, "Times New Roman", serif;">The Dirty Dozen</i><span style="font-family: "times" , "times new roman" , serif;"> made you feel for the characters. The movie showed you the characters' flaws, their weaknesses, their malice, their madness, their contempt, their hopes, and fears - humanity in all of its shameful ugliness. </span><i style="font-family: Times, "Times New Roman", serif;">Suicide Squad</i><span style="font-family: "times" , "times new roman" , serif;">, being the squeeky clean PG-13 movie that it is,</span><span style="font-family: "times" , "times new roman" , serif;"> barely does that.</span></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In <i>The Dirty Dozen</i>, the audience got to watch terrible human beings perform a heroic act for their country and then make the ultimate sacrifice as most of them die by the end of the movie. Beyond being a great action-packed war movie, it also touched on the philosophical question of whether one could escape fate; whether or not karmic justice will always find you regardless of how much you may be try to absolve yourself of your sins.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">There are deaths in <i>Suicide Squad</i>. One character is killed off as soon as we are introduced to him so there's that. The other character that dies is El Diablo - the only character who is actually sympathetic, but his death is, of course, blanketed underneath a ton of CGI, which has the ability to make people forget what feelings feel like.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The only other character who is also somewhat sympathetic is Deadshot (Will Smith)... but the problem with Deadshot is (1) he was never really portrayed as a villain worth hating to begin with and (2) he being a loving father to an 11-year-old girl makes it hard to distinguish Smith's character in this movie from practically every other movie role that he's had in the past ten years.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">As for the other characters, they aren't given any depth and the audience doesn't feel emotionally invested or fear for their safety because, of course, Warner Brothers isn't going to kill off these characters after they had just gotten the rights to them. They've got to keep making sequels and prequels and spin-offs and keep resurrecting characters to keep churning out crap that people like me will inexplicably keep consuming.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="https://cdn.meme.am/instances/500x/28075891.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, there are three nice things that I will say about the movie.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">One, I liked the soundtrack. A lot of the songs in the movie were classic rock songs, which I have a soft spot for, but I did feel that it was a bit too much after a while. After a while, it did feel like the filmmakers were trying to compensate for their lousy plot with an awesome soundtrack.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Two, Margot Robbie was fun to watch. Yes, she put the manic in the Manic Pixie Dream Girl role that she was given and she has pretty much guaranteed that the Harley Quinn look is going to be a permanent fixture among Halloween costumes. But more than that, she was the one thing about this sad attempt at a movie that was entertaining.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Which brings us to three. As a result of the bit of humor that Margot Robbie helped to infuse into the movie, I can say with certainty that <i>Suicide Squad</i> is a better movie than <i><a href="http://thekoreanforeigner.blogspot.kr/2016/03/movie-review-batman-v-superman-dawn-of.html">Batman v Superman: Dawn of Justice</a></i>, but of course, that's not saying much.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">EDIT:</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Ok, I don't dislike all comic book movies. I thoroughly enjoyed <i>Deadpool</i>, but really, who didn't?</span>John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-22767274352203247542016-07-11T21:36:00.002+09:002016-07-11T23:10:50.471+09:00What Going Cashless Could Mean<span style="font-family: "times" , "times new roman" , serif; font-size: large;">A few months ago, news broke that the Korean government <a href="http://www.koreaherald.com/view.php?ud=20160415000801">plans to eliminate coins</a> from its money supply by 2020. However, eliminating coins is not the end goal in and of itself. The ultimate goal is to <a href="http://www.straitstimes.com/asia/card-not-cash-is-king-in-south-korea">eventually also phase out paper money</a>. However, there is no set date for that yet.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">At first glance, this makes sense. More and more people are using debit cards, credit cards, various smartphone apps such as Samsung Pay and Kakao Pay, as well as virtual cryptocurrencies such as Bitcoin (though Bitcoin does not seem to have become mainstream in Korea just yet) to make financial transactions. Considering the overall social trend that we are seeing in Korea unfold before our very eyes, it is understandable when the Korean government says that eliminating coins from the overall money supply would be able to help it reduce minting costs, which is about <a href="http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=2993687">₩60 billion</a> (US$52.1 million) per year.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Although it is likely that the Korean government still has a positive seigniorage rate -- the profit made by a government by issuing currency, especially the difference between the face value of coins and their production costs -- in the long term, eliminating coins would be more profitable because of inflationary pressures that devalue money.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So going cashless certainly has benefits. An added bonus that comes with the elimination of cash is that it would severely inconvenience those engaged in criminal activity. As more and more people use cards, physical or virtual, to make and/or receive payments, it would become much harder for activities like tax evasion, gambling, money laundering, terrorism financing, human trafficking, and the drugs trade to go unnoticed by the government. And in Korea's case, it would help the government to better monitor the clandestine flow of money into North Korea, which is no small matter!</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, there is another reason, a rather big reason, that the government prefers a cashless society; and it is one that is seldom talked about by those outside of groups that focus on cryptocurrencies or economics in general. The reason is that a cashless society would make it much easier for the central bank, in Korea's case that being the Bank of Korea, in tandem with the government, to potentially impose negative interest rates.</span><br />
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<b><span style="font-family: "times" , "times new roman" , serif; font-size: large;">What are Negative Interest Rates?</span></b><br />
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Central banks all over the world are tasked with maintaining a certain level of stability in each country's financial system. Among the tools that central banks possess, nothing is as powerful as their ability to increase or decrease the discount rate, which is the interest rate charged to commercial banks and other depository institutions for loans received from the central bank.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So, for example, if a central bank decreases the discount rate, which is what is typically being done around the world these days, it would make it cheaper for commercial banks to borrow money from the central bank. In turn, the commercial banks would be able to pass on those savings to their customers -- you and me -- in the form of lower interest rates charged on things like auto loans or mortgage loans.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">This would compel individuals to borrow and spend more money. That way, a stagnant economy would get the boost that it needs and it might be able to stave off or perhaps even recover from a recession.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Similarly, if an economy is overheating -- witnessing dangerously high inflation rates -- the central bank will increase the discount rate, which would then have a domino effect of making it more costly for people to borrow money, which would then help to cool the economy.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">At least that's the theory anyway. But what happens if the theory doesn't match reality?</span><br />
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<span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">What happens if an economy doesn't experience growth despite the fact that interest rates are kept close to zero? For example, interest rates in Japan have been kept at nearly zero for more than 20 years, but it has not helped Japan to escape from its deflationary trap. When we consider the fact that much of Korea's economy was modeled after Japan's economy (see </span><a href="https://www.youtube.com/watch?v=gm2d5s3ZWYU" style="font-family: Times, "Times New Roman", serif;">here</a><span style="font-family: "times" , "times new roman" , serif;"> and </span><a href="https://www.youtube.com/watch?t=523&v=-bCMo04_YCY" style="font-family: Times, "Times New Roman", serif;">here</a><span style="font-family: "times" , "times new roman" , serif;"> for more wonkish comparison) and also take into account that, like Japan, Korea has an aging population, the possibility of falling into a decades-long deflationary trap is not an unfounded fear.</span></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">As a result, more and more governments are now flirting with an idea that was once panned as being ridiculous -- negative interest rates. Basically, it's taking the idea of imposing lower interest rates to stimulate economic growth and injecting it with steroids.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The idea is that the central bank will go all in and impose a discount rate below zero percent for commercial banks. The idea is that if a central bank imposes a discount rate of, say, -0.5%, commercial banks would be less willing to park their money in the central bank where they would be charged money for doing so. So, instead, commercial banks may prefer to lend money to each other. The theory is that when more and more money circulates among commercial banks, then banks would more willingly lend money to their customers, which would in turn help to stimulate economic growth.</span><br />
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<b><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Does this mean that the Average Joe/Jane will have to pay to keep money in a bank?</span></b><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">That is a popular argument that many have made in regards to the negative interest rate. However, I think it is unlikely that commercial banks would actually do that. People who make that argument often neglect to look deeper into the very different relationship between central banks and commercial banks and the relationship between commercial banks and their customers.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Whereas the relationship between KB Kookmin Bank and me is one that can be characterized as a business/customer relationship, the same cannot be said of the relationship between Kookmin (or insert other banks here) and the the Bank of Korea. That is because central banks act much like regulators over their respective financial industries. In other words, consent is practically non-existent in the relationship between central and commercial banks. For good or for ill, central banks make the rules and regulations and in order to stay in business, commercial banks have to obey those rules.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">It goes without saying that banks hold a lot of leverage over their customers, but no matter how powerful commercial and investment banks may be, there is one power they do not possess over their customers. They have no control over their customers' choices. For example, if Bank A charges their depositors an annual fee to keep their money in their bank, those depositors will more than likely look for other banks to save their money in where they won't have to pay such a fee. And Banks B and C and D and others will only be too happy to oblige.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">That is why it is unlikely that commercial banks will somehow end up cannibalizing their customer base. Especially during periods of economic slowdown, market expansion might be a more practical strategy for long-term survival than profit maximization.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, it does not change the fact that commercial banks would still be losing money because of the negative interest rates. So, they may partially push those costs to their customers by other means such as higher overdraft fees or eliminating free account transfers. So there is a chance that regular bank depositors might end up having to pay additional hidden fees, but being directly charged for saving money in a bank account sounds like a tinfoil hat conspiracy theory.</span><br />
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<b><span style="font-family: "times" , "times new roman" , serif; font-size: large;">What does this have to do with a cashless society?</span></b><br />
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The theory behind negative interest rates is almost sound. Incentives are important and when there is no incentive to save -- in fact, if there is every incentive to spend -- people will spend more money, which would help to stimulate economic growth. However, there is a problem with the theory. It depends entirely on the assumption that human beings think and act like <a href="http://thekoreanforeigner.blogspot.kr/2015/07/just-who-hell-is-this-homo-economicus.html" style="font-style: italic;">Homo Economicus</a>. The problem is that <i>Homo Economicus</i> does not exist.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><i>Homo Economicus</i> is all about maximizing one's economic utility and is aware of all publicly known information and responds accordingly. So for example, if the government taxes kale at 100% but taxes candy bars at only 10%, and assuming that they are the only two things that anyone can buy and depending on the utils that <i>Homo Economicus </i>derives from kale and candy bars, respectively, there is a very good chance that <i>Homo Economicus </i>would buy <i>only </i>candy bars. None of that describes a typical human being.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Human beings do not possess all publicly known information. Everyone suffers from asymmetric information from one degree to another, we are all biased, and we all tend to act emotionally. And one of the most powerful emotions that dictates how people think and act is fear.</span><br />
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<span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">Theoretically, a negative interest rate will drive individuals to make the necessary cost-benefit analysis and decide that spending one's money would be more profitable than saving money at zero percent interest. However, the theory discounts humans' fear of the future. Though we do not possess all publicly known information, we are a species that is aware of our own frailty and mortality. Barring any unforeseen circumstances that could potentially snuff out our lives at any given moment, we will all some day grow old. Our bodies will become weak, our minds will become feeble, and we will all die. That is ultimately why we save our money and not spend every penny that comes our way (if you do spend your money like this, </span><a href="https://www.youtube.com/watch?v=arPCE3zDRg4" style="font-family: Times, "Times New Roman", serif;"><i>STOP IT</i></a><span style="font-family: "times" , "times new roman" , serif;"><i>!</i>).</span></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Negative interest rates could potentially wreak havoc on people's retirement plans. If the interest rate is above zero, we can save our money with the full knowledge that the balance that we end up with at the time of our retirement will be greater than the principal that we started out with (assuming that our savings are not canceled out by inflation). Unlike interest rates that can be changed at will, however, assuming there is no sudden medical breakthrough that will cure everything, the aging process does not change. So even if the interest rate is at zero percent, it will not change the fact that we still have to plan for retirement. But zero percent compounded for X years is still zero. That means that in order to reach our targeted savings goal for our retirement, we need to save <i>more </i>money than we would have to had the interest rate been <i>above </i>zero.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">This is one of the possible reasons that might explain the ineffectiveness of keeping interest rates low.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So especially in aging societies like Korea and Japan, it is possible that imposing negative interest rates could lead to drastic unintended consequences (not to mention the fact that lower profit margins that negative interest rates would impose on banks in general could drive a lot of smaller banks out of business, thus inadvertently exacerbating the "too big to fail" phenomenon).</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So imagine what you would do if you were planning for retirement but the bank is basically telling you that it will do nothing more than simply hold your money. What would you do? The more risk averse among us would still likely keep our money in our bank accounts despite the zero percent interest. After all, the money in the banks are insured by the government. But for those who are more prone to taking risks for whatever reason, it is likely that they will pull their money out of the bank and invest it in something that will give them a greater long-term yield. That is why so many people who can afford to do so buy property (though everyone should always keep an eye out for </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">economic bubbles</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">).</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">But if enough people pulled their money out of their banks to look for greener pastures, couldn't that lead to a bank run and wouldn't that be catastrophic? Yes, it would certainly be catastrophic. But what if there were no cash to withdraw from the banks to begin with? When there is no physical money that you can hold in your hands or literally stuff under your mattress, when the only money that you can use is all digital e-money and, unlike cryptocurrencies like Bitcoin, it can all be tracked by the central bank, then you literally cannot flee from the banks. Or at least it would be really hard to do so.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">That is because it would become much easier for the government to "direct" people from deciding against "hoarding" their money upon the imposition of a negative interest rate after cash has been eliminated. To explain, in order to have better returns, individuals may desire to take their money out of their bank accounts and invest it in private asset markets such as property or what have you. However, unlike banks, other private asset markets are not guaranteed by the state, and thus not safe for investors. At least not as safe as banks. That way, there will be incentive for people who prefer safety and risk-free investments to keep their money invested in state-guaranteed banknotes, even if all of those banknotes are purely digital.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In other words, a cashless society transfers absolute control of the money supply to the central bank. Combine that with negative interest rates and the central banks have the perfect mix of ingredients necessary to incentivize spending, disincentivize savings, <i>AND</i> prevent bank runs that could offset the stimulative goals of the negative interest rate. Theoretically, assuming everything goes according to plan, the macroeconomic outlook will become less dire and might be a winning strategy to overcome negative economic growth. But what will that do to individuals' savings? How will this effect retirement plans?</span><br />
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<b><span style="font-family: "times" , "times new roman" , serif; font-size: large;">So why not go cashless from the get go?</span></b><br />
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Like the case in <a href="https://www.theguardian.com/world/2016/feb/08/german-plan-prohibit-large-5000-cash-transactions-fierce-resistance">Germany</a>, though many people prefer to use other methods of payment, cash still has a special place in everyone's hearts for various reasons (see <a href="http://www.koreatimes.co.kr/www/news/biz/2016/02/488_199029.html">here</a>, <a href="http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=2993372">here</a>, <a href="http://www.koreaherald.com/view.php?ud=20160317000659">here</a>, <a href="http://www.koreaherald.com/view.php?ud=20140430001289">here</a>, and <a href="http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=2944605">here</a>).</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So, a sudden abandonment of cash would be met with great resistance. It would make a lot more sense to gradually acclimate the public to going cashless.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The government has stated that people will be issued special cards for them to store their e-change. For example, if someone buys ₩9,500 worth of goods and handed over a ₩10,000 note to the cashier, instead of receiving a ₩500 coin as is done right now, the cashier would digitally wire that ₩500 worth of change to the card that the customer carries. This is perfect in many ways. That is because eventually, all the change that gets digitally wired to individuals' cards will begin to accumulate over time and once that happens, that accumulated money in people's cards will be used for transactions side by side with paper money (for as long as paper money is still circulated).</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">This means that the continued use of e-money could be further incentivized. Doing so would just be a matter of imagination. For example, the government could provide a favorable rate environment for e-money, or by an enticing exchange rate for swapping out of paper money for e-money via credit or point systems or special offers in partnership with Korean conglomerates.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Combine that with a a steady campaign to stigmatize the use of paper money -- as has already been done throughout Europe -- and the Korean government would be able to gradually shift toward a cashless society while facing minimal resistance. It's actually quite brilliant.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<b><span style="font-family: "times" , "times new roman" , serif; font-size: large;">What it would mean to live in a cashless society</span></b><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b><br /></b>As I mentioned earlier, a cashless society could wreak havoc on people's retirement plans. And this is no small matter especially when we take into account how much <a href="http://www.ft.com/cms/s/0/f1fa1254-dad1-11e5-9ba8-3abc1e7247e4.html#axzz4E6RDpZXX">debt the average Korean household has</a>.
</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">There are other possible outcomes that could arise from going cashless. For one thing, a cashless society would certainly reduce privacy for the average person as our money could easily be tracked, thus making it incredibly difficult to hide our money from the Tax Man. </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, it is not just the government that people will have to worry about. Once e-money is "printed" by the government and administered to the general public by private financial institutes, it could become much easier for our spending habits and history to be tracked by others such as insurance companies and marketers.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">As usual, the rich will still be able to benefit. They can buy anonymity via shell companies or charities. However, for average people, anonymity would be a thing of the past. However, those who would be hit most are those who currently do not have bank accounts because of poor credit scores. Once cash becomes a thing of the past and they are still barred from banks because of their poor credit scores, their lives could become much more difficult. It would not be a stretch to conclude that this could potentially exacerbate the wealth gap.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">If you're rich<br /><a href="https://thecityscribe.files.wordpress.com/2013/11/12255-everything-will-be-ok.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">Further, it could also make life miserable for those who are deemed immoral by societal standards. Take the porn industry for example. In 2014, it was reported that </span><a href="http://jezebel.com/chase-bank-is-shutting-down-porn-actors-bank-accounts-1566759503" style="font-family: Times, "Times New Roman", serif;">Chase Bank had shut down a number of bank accounts that were discovered to have been used by porn actors</a><span style="font-family: "times" , "times new roman" , serif;">. Porn is already illegal in Korea and those who are apprehended are usually </span><a href="http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3020001" style="font-family: Times, "Times New Roman", serif;">prosecuted to the fullest extent of the law</a><span style="font-family: "times" , "times new roman" , serif;">. Pornographers may be difficult to defend, particularly if they might also peddle revenge porn. However, other possible victims of the morality police are sex workers who already face a lot of discrimination in their lives as they might get locked out of banks, too.</span></span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Also depending on how well the relevant laws are enforced, it could also make it impossible for businesses to pay people anything lower than the minimum wage. Many people might think that this is a good thing. However, it could potentially make life much harder for <a href="http://thekoreanforeigner.blogspot.kr/2013/06/the-minimum-wage-it-doesnt-help-but.html">marginal workers</a> as it is possible that people might not even bother to hire them at all.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, all of those problems pale in comparison to the much bigger issue -- what if going cashless and imposing negative interest rates on top of that still do not help to spur economic growth? What happens then? <i>That</i> is what people should be pondering.</span>John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-80716161565362771632016-05-23T05:22:00.003+09:002016-05-23T11:51:42.721+09:00I am part of the problem and I want to talk about it<span style="font-family: "times" , "times new roman" , serif; font-size: large;">For those who frequent this blog, you know that I mainly talk about politics and economics. Or movies as it seems lately. That is because those are the subjects that I know best. But more than that, with the exception of the occasional heated debates that occur on social media, these are subjects that are, at the end of the day, relatively impersonal.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">For example, yes, I think that a blanket increase of <a href="http://thekoreanforeigner.blogspot.kr/2013/06/the-minimum-wage-it-doesnt-help-but.html">the minimum wage is disastrous for the poor</a>. There are others who disagree with my assessment; and those debates often go on for an unhealthily long period of time. But, at the end of the day, it's nothing personal. Hell, I'm a blogger. No one in the Ministry of Labor is really going to care about what I or you (assuming that you are not some big shot in government) have to say about the topic, no matter how many hyperlinks you provide.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="https://en.wikipedia.org/wiki/Jerry_Falwell">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And a lot of that is intentional. I have no problems whatsoever with discussing ideas. That's easy. The worst thing that can happen is that someone calls you stupid, and that matters only if you let the opinions of others matter. Besides, to be truthful, it's not like as though my ideas are terribly important to anyone else aside from myself. But on the other hand, sharing my feelings with others? I find that viscerally uncomfortable.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Sure, I can and have expressed anger before, but that's an easy emotion to share. In this age when people are looking for views or clicks or likes or retweets, rage (and if you can't muster the real stuff, faux rage) is one of the easiest things that anyone can tap into. But other emotions like grief... that requires the writer to make himself more vulnerable. And I have never been quite comfortable with that. So I tend to avoid those topics. <a href="http://thekoreanforeigner.blogspot.kr/2014/05/politicizing-tragedy.html">Even when I wrote about the <i>Sewol</i> tragedy</a>, I focused on the politicization of it -- not the actual tragedy.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">But this time, I feel the need to try to get something out. And considering the fact that I am going to talk about something that I readily admit that I know little about and feel uncomfortable doing, I am fully aware that there is a very good chance that I will sound like an ass. So here goes.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">By now, everyone already knows <a href="http://english.yonhapnews.co.kr/news/2016/05/20/0200000000AEN20160520008300315.html">the story</a> about the schizophrenic misogynist who randomly murdered a young woman in Gangnam. I don't think we need to rehash the grisly details.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I won't say that I was deeply upset when I first heard the story. Nor was I shocked. I was quite indifferent to it actually. I don't know about you, but I'm a news junkie. And when you consume as much news information as I do, the death of a random stranger doesn't really bother you. There are so many horrible deaths and so many vile acts of cruelty that are perpetrated in the world on a daily basis. So naturally I've become largely desensitized to a lot of violence that I read about.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I think the same can be said about a lot of other people, too. Maybe even you as well. When people say that they're not surprised to have heard that X happened, no matter how horrible X may be, I don't think that most people genuinely had the foresight to know that X was coming. I think most people have been desensitized by so many other things similar to X that by the time X happens, most people shrug and move on.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And that young woman's death was just one of those things for me. I furrowed my eyebrows a bit, shook my head, and then clicked on the next story.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">If her death ended there and nothing else happened as a direct consequence of it, at least nothing else that affected anyone outside of her immediate family, I wouldn't have bothered to look through that story or think much about it again. But the protests happened. The hundreds of post-its, the flowers, the messages of grief -- they brought my attention back to the story. The message that got to me most was the one that asked why so many of these perpetrators who commit random acts of violence (RAV), 묻지마 범죄, seem to target women.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">According to this article, <a href="http://www.segye.com/content/html/2016/05/19/20160519003742.html">six out of ten victims of RAV are women</a>.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So after having read the original article, then reading about the post-its, and then reading about the statistics, I then read about an <a href="http://www.news.com.au/entertainment/tv/country-where-rape-of-foreign-women-is-swept-under-carpet/news-story/15828f8d9ad2b1fa7a09fee628ad157a?from=public_atom&utm_content=SocialFlow&utm_campaign=EditorialSF&utm_source=News.com.au&utm_medium=Twitter">Australian woman who was raped in Korea</a> and how Korea is not a safe place if you are a woman, especially a non-Korean woman. Not long after that, I read about <a href="http://www.bbc.com/news/world-asia-36352495">a Japanese pop star who had been stabbed two dozen times by an obsessed fan</a> because she returned a gift that he had given her.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And that was when I learned something about being desensitized. It's a temporary state of mind. If you keep staring into the abyss, you stop caring about it for a while, even when the abyss stares back into you. But then when you look long enough and you see the rot and the decay that is hiding in the abyss, it does get to you eventually. And it got to me. Just when I thought I couldn't feel worse about what was going on, I read about members of <i>Ilbe</i> -- that rot and decay I just mentioned -- doing what they do best. <a href="http://www.allkpop.com/buzz/2016/05/ilbe-user-sends-a-garland-to-gangnam-station-to-mock-the-recent-bathroom-murder">Trolling mourners</a>. A bunch of classy motherless assholes, those guys are.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">It's easy to offer solutions -- harsher punishments, longer sentences, heftier fines, abolishing anti-defamation laws so that perps can be named and shamed so that they can be shunned by society for the rest of their lives, etc. It would be easy because I can then slip back into my "let's talk about ideas" mode of thinking. Plus, no one in the Ministry of Justice is going to listen to me anyway. So it's no skin off my back.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The hard part is that I have to accept that I am part of the problem.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I'm a Korean male in my 30s. I served my time in the Korean Army and I am fluent in both Korean and English (more fluent in English than Korean to be honest). I am a business owner, a blogger, and a columnist. I'll never be as rich as <a href="https://en.wikipedia.org/wiki/Lee_Kun-hee">Lee Kun-hee</a>, but I live comfortably. Plus I weigh about 200 pounds. So that means that if I were walking alone in Itaewon pissed drunk, and I have on numerous occasions, I will be left alone. And I have never been bothered by anyone. In fact, no matter how many times I've heard of racist taxi drivers who attempt to stiff their customers from expats, I can say with certainty that no taxi driver has ever tried to stiff me.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">If you knew nothing else about me except for that brief description I gave of myself, there would be a good chance that you'd call me a <i><a href="http://www.koreaexpose.com/in-depth/gaejeossi-must-die/">gaejeossi</a></i>, a term that I find about as endearing as <i><a href="https://en.wikipedia.org/wiki/Doenjang_Girl">doenjangnyeo</a></i>.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So, why would I think that I am part of the problem? What has any of that got to do with anything? And why does this make me feel sick? It's because I don't usually feel there is a problem.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">To explain, of course there are troubles in my life just like everyone else. But I don't perceive any of my problems to be things that a little work and a little discipline can't resolve. Oh, I'm not the next Robert Koehler? Whatever. I'll just keep doing what I do best and see where things go from there. Oh, boohoo, paying bills and taxes are hard and running a business is even harder? That's when I down a few shots of soju and tell myself to man up because nothing ever good has ever come easy! Yes, life is tough. Wear a helmet and soldier on.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">But I never have to worry about getting drugged and gangraped in a seedy motel. I never have to worry about getting killed because someone hates my gender. I never have to worry about some random drunk ajeossi groping me because this stranger somehow feels entitled to my body. I never have to worry that a cop is going to believe someone else's ludicrous accusations and neglect to hear anything I have to say because he doesn't understand a word I say. I never have to worry about being denied entry to any bar or business establishment because my skin is a shade too light or a shade too dark.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And this is a problem because when you don't ever experience the problems that others endure, then those things don't exist -- at least not in your mind. It's not something that anyone can be blamed for. It's human nature to see everything from our own perspectives, to often be blinded to the problems that others face. When people have their own problems to deal with, concerning themselves with problems that others face is not something that a lot of people have time for. And when these things don't exist for you, you don't ever talk about them.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And I think that's why I think I'm part of the problem. I don't talk about the kinds of problems that so many other people face because it's not part of <i>my</i> experience. And I don't think nearly enough people talk to each other.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Yes, people talk to each other plenty on social media. But I think most of the time people talk at or talk over one another on social media, rather than talk to each other. Plus, I think social media is part of the problem (yes, I am using social media to say that social media is part of the problem; the irony is not lost on me). Social media might have made it much easier for people to communicate with one another, but the impersonal nature of it all has it made damn near impossible to talk about anything of substance to our personal lives. So I think the genuine conversations that need to occur are among families -- face-to-face. I just don't think there is enough of that going on.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">We know the usual stories. Mom and dad are both busy working. They have to stay late at work. They are tired by the time they get home from work and/or <i>hweshik</i>. The kids are tired, too, because they spent the whole day at school and at a million <i>hagwons</i>. Neighbors don't know each other. Etc. Etc.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Family is vital. But when that most basic and vital of relationships breaks down, it's only a matter of time before society itself begins to break down. I'm no <a href="https://en.wikipedia.org/wiki/Jerry_Falwell">Jerry Falwell</a>-conservative who thinks there ought to be one mommy and one daddy and that they have to stay married with legal custody of their biological offspring for such a unit to be called a family. Admittedly, that's the kind of family that I grew up in, but I recognize that there are other kinds of families. It doesn't matter what the family looks like and how the individuals are related to one another. What's important is that families get together to talk to one another. Otherwise, we get a bunch of kids addicted to smartphones, gaming, and the Internet and the only place where they get to learn about morals is from the comments section of Internet forums and they end up relying on a steady diet of stupid and <a href="http://iamkoream.com/south-koreans-consume-the-most-ramen-in-the-world/">ramyeon</a>.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I don't have children of my own (which I am grateful for!) so I don't think I'll ever be part of a parent-child conversation where I get to dispense wisdom to my younglings. But I'm going to stop being part of the problem by talking to others. And this meandering ramble is my opening salvo. I am willing to talk to others and, more importantly, I am willing to listen.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I might not know a whole lot about the patriarchy or the fragility of the male ego or about the problems that women or other minorities face in their daily lives. I might not ever understand some of them. But I'm willing to take part in a conversation. Perhaps you should, too. Talk with a friend, a colleague, a child. Post your own stories on your social media pages or blogs if you can't bring yourself to have a face-to-face conversation. Whatever. Hopefully, this will lead to more people talking to one another and sharing each others' stories.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I think this is vital because I am convinced that the majority of people in the world are good. I just think that one of the biggest problems facing the good people of the world is that many people have become isolated from one another. When enough good people get together, I think these evil cretins will crawl into whatever hole they came from.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And then maybe, just maybe, we can at least start to act like civilized beings who don't get too desensitized to murder.</span>John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com6tag:blogger.com,1999:blog-913318078282493927.post-48017316242024448082016-05-07T23:08:00.000+09:002016-05-09T04:44:05.183+09:00Random Thoughts about Captain America: Civil War, a Movie Review about it, Objectivism, Ayn Rand, and Hell Joseon<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>WARNING:</b> The following may appear to be the ramblings of a madman regarding various topics such as <i>Captain America: Civil War</i>, libertarianism, Objectivism, Ayn Rand, and Hell Joseon. And it's going to be a long read. In other words, it's going to be one of those K-blogger nerd rages. Also, this is not a movie review. Rather, it is a review of a movie review. So, if you are a productive member of society and you have better things to do with your time, I suggest you go on your merry way and continue living a rewarding life. However, if you can't take your eyes off train wrecks and you have an unhealthy obsession with watching people putting up half-baked ideas on the Internet, then, please, go on. You have come to the right place.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b><u>The Movie</u></b></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I went to the midnight showing of <i>Captain America: Civil War</i> (CACW) on opening day. In light of the fact that the last movie that I had seen prior to CACW was <i>Batman v Superman: Dawn of Justice</i> (see my review of that movie <a href="http://thekoreanforeigner.blogspot.kr/2016/03/movie-review-batman-v-superman-dawn-of.html">here</a>), a movie that I found thoroughly disappointing in almost every way, I found CACW quite enjoyable.<br /><br />(Minor spoilers ahead)<br /><br />In the movie, as a result of the destruction that the Avengers tend to leave in their wake, the United Nations has declared that it would have direct oversight of the superheroes.<br /><br /> Iron Man aka Tony Stark (Robert Downey Jr.), who is stricken with guilt over those who have lost their lives, directly or indirectly, because of his actions, is in favor of the decision. In light of the popularization and use of the term "blowback," which is a result of a series of tragedies all on its own, and the manner in which so many people have become desensitized to the phrase "collateral damage," I think that it is a good thing that at least a fictional character from a fantastical fictional world seems to be taking civilian deaths seriously.<br /><br /> On the other hand, we have Captain America aka Steve Rogers (Chris Evans) who thinks that agreeing to acquiesce to the authority of the United Nations would mean that they would lose their freedom to do the right thing when they deem necessary and would force them to become pawns in a global chess game and is, therefore, against the decision.<br /><br />This ideological divide pits various superheroes against each other to the point that they find it necessary to physically fight one another. And I don't care what anyone else says, that airport fight scene was awesome.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /><b><u>The Random Review</u></b></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The politics in the movie is not exactly subtle. The political rhetoric that was jammed into the movie was so hammy that <a href="https://en.wikipedia.org/wiki/Kevin_Feige">Kevin Feige</a> may as well have been bashing people on the head with <i>Mjölnir</i>. But that was fine. I doubt anyone went to watch the movie to learn about the basic principles of Lockean Natural Rights. I enjoyed the movie for what it was and that was that (for anyone who wishes to read an excellent review of CACW, check out Kevin Kim's review <a href="http://bighominid.blogspot.kr/2016/05/captain-america-civil-war-review.html">here</a>).</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Yesterday, however, by chance, I came upon <a href="http://star.ohmynews.com/NWS_Web/OhmyStar/at_pg.aspx?CNTN_CD=A0002206881">a review (of sorts) of the movie</a> on <i>OhMyStar</i>, which is the entertainment division of <i>OhMyNews</i>, a Korean online newspaper. I would have skipped it had it not been for the fact that I noticed that the opening paragraph started with Ayn Rand's name. </span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">For anyone who still doesn't know, I am a student of <a href="https://www.theobjectivestandard.com/what-is-objectivism/">Objectivism</a> (I know, booooo!), and therefore deeply interested in all topics related to Ayn Rand. I discovered Ayn Rand and her philosophy of Objectivism when I was in college and have read all of her major works. In fact, some time ago, I had the great pleasure of purchasing rare copies of <i>The Fountainhead </i>and <i>Atlas Shrugged</i> that had been translated to Korean (I was pleasantly surprised to see that the translation was quite faithful to Rand's original work). However, the fact remains that the vast majority of Koreans have never heard of Ayn Rand. So, I tend to get excited when I see any mention of Rand and/or Objectivism in the Korean media.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">I know, I know!<br /><a href="https://cdn.meme.am/instances/63783260.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">While reading the review, however, I could not help but feel dejected as the writer seemed to have had only a surface understanding of Rand's philosophy.</span></div>
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<span style="font-family: "times" , "times new roman" , serif;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">The writer gave a very brief introduction about her childhood and explained how she eventually became "the godmother of the Conservative Right." Then the writer stated that her philosophy could be summarized as "absolute freedom for the elites" because Rand thought that society is able to progress only through the achievements of the elites and that elites produce their best work only when they have the </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">most freedom. That is why, the writer explained, Rand opposed regulations and taxes.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">On the other hand, the writer continued, her ideological opponents believe in the power of governmental regulations and reject the Invisible Hand of the Free Market while calling for welfare programs to help the poor.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The writer then placed Captain America into Rand's camp and Iron Man into the opposing camp, which he referred to as the libertarian camp and the communal camp respectively.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">These superheroes, by fault of birth or accident or some other reason, are the elites, the writer claimed. And these elites are often forgiven for the destruction they cause because it is often perceived that their violence is carried out in the service of a greater good. But now, these elites have decided to square off against one another. And Captain America, who has decided that he can neither retire nor be part of "the system" decides to stand his guard -- even though that means opposing every government in the world, much like the way Rand and her disciples like Alan Greenspan insisted on doing things their own way.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The writer then ended his review by stating that the question that people have to ponder is what the difference is between Rand and Captain America.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b><u>Team Captain America?</u></b></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I felt almost depressed after reading the whole thing because of how much Rand had been misunderstood by this writer and how much more misunderstanding is likely to be caused among even more people who have never had any first hand information about Objectivism.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />For one thing, it is absolutely amazing to me that anyone could think that Rand advocated "absolute freedom for the elites!" Although it's certainly true that Rand thought that the masses owe a deep sense of gratitude to producers, none of her heroes could ever be seen as "elites." Howard Roark, Rand's protagonist in <i>The Fountainhead</i>, was a penniless architect throughout most of the novel and his mentor, Henry Cameron, died broke. Many of the villains in <i>Atlas Shrugged</i> such as James Taggart and Wesley Mouch were wealthy CEOs and high-ranking government officials who often colluded with one another.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">If anything, Rand had nothing but disdain for <a href="http://aynrandlexicon.com/lexicon/collectivism.html">the collectivist notion of "elites."</a></span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />As for Captain America himself, his words in the panel that I shared above could just as easily have been said by Howard Roark or John Galt. After all, one of John Galt's more succinct quotes from his 60-plus-pages-long speech in <i>Atlas Shrugged</i> was "There are two sides to every issue: one side is right and the other is wrong, but the middle is always evil."<br /><br /> So on the surface, it might seem that Ayn Rand would have been on Team Captain America. But to be honest, that's not entirely clear. The heroes that she created, Roark and Galt, were an architect and an engineer respectively. As heroically as Rand may have portrayed those occupations, in real life, they are just a couple of regular Joes with white collar jobs -- just some guys who want to do what they think is right and make an honest buck preferably while being left alone.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Captain America, on the other hand, is an enhanced supersoldier who uses a physics-defying shield to pummel Nazis and aliens into pulp. And to be frank, Captain America's popularity notwithstanding, his superpowers aren't that impressive. At least not when you compare him to some of his other teammates like Thor and The Hulk -- a literal god and a monster that <a href="https://www.youtube.com/watch?v=DsUCRcK7QYc">smashes puny gods</a>. In fact, they get compared to thermonuclear weapons in CACW.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">This is an important distinction because Ayn Rand was quite specific regarding the use of physical force, which she defined as the threat of physical destruction. According to Objectivist ethics, no one is allowed to initiate the use of physical force against others. The only time that Rand thought that people could legitimately use physical force is only in retaliation and only against those who initiate its use. In other words, Rand championed self-defense, but not murder. Nothing controversial, right? So far, all of that sounds quite libertarian.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">"OMFG! AYN RAND! HOW DARE YOU MENTION THAT SOCIAL SECURITY-COLLECTING WITCH WITHOUT SIMULTANEOUSLY GNASHING YOUR TEETH AND STOMPING YOUR FEET?! WHY DO YOU HATE THE POOR, YOU CAPITALIST PIG?"<br />- Practically almost everyone who thinks Ayn Rand is evil but that Che Guevara guy seems cool<br /><a href="http://vignette1.wikia.nocookie.net/legendofthecryptids/images/c/c1/Ahhh_rage_face_by_samusmmx-d5g5zap.png/revision/latest?cb=20130524003217">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b><u><br /></u></b></span></span>
<span style="font-family: "times" , "times new roman" , serif;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b><u>Objectivism =/= Libertarianism</u></b></span></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And this is one of those points where Objectivists and libertarians part ways. Admittedly, libertarianism, like any other political philosophy is not a monolithic idea. Hell, Bill Maher used to call himself a libertarian before Ron Paul showed up and turned it into a political movement, which later morphed into the Trump-supporting Tea Party that people know today. Yes, the whole thing has turned into one giant clusterfuck.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Anyway, when libertarians take their philosophy to its logical conclusion, quite a number of them begin to champion a form of anarchy. To be specific, it's called <a href="https://en.wikipedia.org/wiki/Anarcho-capitalism">anarcho-capitalism</a>. And many of these anarcho-capitalists, who have been influenced by the likes of <a href="https://en.wikipedia.org/wiki/Murray_Rothbard">Murray Rothbard</a> and <a href="https://en.wikipedia.org/wiki/Lysander_Spooner">Lysander Spooner</a>, are inherently hostile toward anything that resembles a State. They see the existence of the State itself as immoral because they view it as a coercive entity, which by definition violates the <a href="https://en.wikipedia.org/wiki/Non-aggression_principle">Non-Aggression Principle</a> (NAP), a cornerstone of libertarian tenets.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">By using the word "libertarian" in his review, that writer from <i>OhMyNews </i>gave meaning to Rand's philosophy that she never intended. For many who have only second-hand knowledge about Ayn Rand, it comes as a surprise when they learn that <a href="http://aynrandlexicon.com/ayn-rand-ideas/ayn-rand-q-on-a-on-libertarianism.html">Rand despised libertarians</a>. She called them second-handers and accused them of stealing some of her ideas and perverting them because libertarians did not accept some of the underlying ethics and metaphysics that went into her philosophy. Further, she <a href="http://aynrandlexicon.com/lexicon/anarchism.html">never had anything nice to say about anarchy</a> in any of its forms.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Contrary to what many of Rand's detractors at <i>Salon </i>or <i>Slate </i>or <i>Alternet </i>have to say about her (most of whom I think have not actually read anything that she wrote), Rand thought that the government was absolutely necessary for a free society to exist. And in her ideal world, she thought that the government's function was strictly limited to protecting people's rights. And in order to protect people's rights, she thought that the legal use of all physical force had to be under the control of only the government.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In her book <i><a href="http://www.amazon.com/Virtue-Selfishness-Centennial-Ayn-Rand/dp/0451163931">The Virtue of Selfishness</a></i>, a collection of her non-fiction essays, Rand said:</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><i>The use of physical force -- even its retaliatory use -- cannot be left at the discretion of individual citizens. Peaceful coexistence is impossible if a man has to live under the constant threat of force to be unleashed against him by any of his neighbors at any moment. Whether his neighbors’ intentions are good or bad, whether their judgment is rational or irrational, whether they are motivated by a sense of justice or by ignorance or by prejudice or by malice -- the use of force against one man cannot be left to the arbitrary decision of another.</i></span></blockquote>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><i>Visualize, for example, what would happen if a man missed his wallet, concluded that he had been robbed, broke into every house in the neighborhood to search it, and shot the first man who gave him a dirty look, taking the look to be a proof of guilt.</i></span></blockquote>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><i>The retaliatory use of force requires objective rules of evidence to establish that a crime has been committed and to prove who committed it, as well as objective rules to define punishments and enforcement procedures. Men who attempt to prosecute crimes, without such rules, are a lynch mob. If a society left the retaliatory use of force in the hands of individual citizens, it would degenerate into mob rule, lynch law and an endless series of bloody private feuds or vendettas.</i></span></blockquote>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><i>If physical force is to be barred from social relationships, men need an institution charged with the task of protecting their rights under an objective code of rules.</i></span></blockquote>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><i>This is the task of a government -- of a proper government -- its basic task, its only moral justification and the reason why men do need a government.</i></span></blockquote>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><i>A government is the means of placing the retaliatory use of physical force under objective control -- i.e., under objectively defined laws.</i></span></blockquote>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><i>
</i></span></blockquote>
<span style="font-family: "times" , "times new roman" , serif;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Going back to the MCU, we have to remember that in <i><a href="http://_the_winter_soldier/">Captain America: The Winter Soldier</a></i>, it was revealed that SHIELD, which was a covert agency under the control of the United States government that the Avengers belonged to, had been infiltrated by Hydra terrorists on all levels and had to be disbanded. A big deal was made about how Black Widow aka Natasha Romanoff (Scarlett Johansson) decided to hack into SHIELD's database to leak classified information in order to expose Hydra to the public.</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> From that point forward, as far as the law was concerned, the Avengers were individual citizens (With perhaps the exception of Thor. I think it's safe to say that Thor is an illegal alien, but who's going to tell him, right?) who were taking action against a perceived enemy on their own free will without being held responsible to any higher authority -- i.e., vigilantes.</span></span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Ayn Rand would <i>not </i>have been all right with that. On some level, she might have sympathized with Captain America, but at the end of the day, she probably would have said that he needed to stand down.</span><br />
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<tr><td style="text-align: center;"><a href="https://3.bp.blogspot.com/-OvCPuZ2rJ6c/Vy7P3psA36I/AAAAAAAACVM/4SNsWOVDRi8CBseJkllb0RoSHrJnagZOQCLcB/s1600/2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="459" src="https://3.bp.blogspot.com/-OvCPuZ2rJ6c/Vy7P3psA36I/AAAAAAAACVM/4SNsWOVDRi8CBseJkllb0RoSHrJnagZOQCLcB/s640/2.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://ewn.co.za/-/media/DD5838FE65DA4EB4B8329585429FC5EF.ashx">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b><u>Team Iron Man?</u></b></span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So does this mean that Rand would have been on Team Iron Man instead, advocating the United Nations' absorption of the Avengers? The short answer is "Hell no!"</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In 1971, the United Nations General Assembly passed <a href="https://en.wikipedia.org/wiki/United_Nations_General_Assembly_Resolution_2758">Resolution 2758</a>, which recognized the People's Republic of China (PRC) as "the only legitimate representative of China to the United Nations" and expelled "the representatives of Chiang Kai-shek from the place which they unlawfully occupy at the United Nations."</span><br />
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<br /></div>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In short, Taiwan was out and Red China was in for no other reason than the fact that the communist government seized control and used terror (see <a href="https://en.wikipedia.org/wiki/Cultural_Revolution">Cultural Revolution</a> and <a href="https://en.wikipedia.org/wiki/Great_Leap_Forward">Great Leap Forward</a>) to stay in power. Rand used the word "<a href="http://aynrandlexicon.com/lexicon/united_nations.html">monstrosity</a>" to describe the United Nations that day. On her calmer days, she said that the United Nations was responsible for allowing the Western world to be swallowed in cynicism, bitterness, hopelessness, fear, and nameless guilt.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So, no, Rand would not have been on Team Iron Man either. She would have despised Iron Man's capitulation, and she would have called it that. And the irony is that Iron Man is the closest thing that Marvel has produced to an Objectivist character! Think about it. Iron Man is a wealthy entrepreneur and brilliant industrialist, and above all, an intelligent and rational man who is driven strictly by his own ego and who will only work on his own terms. And he has none of that obsession with guilt over his dead parents or unhealthy sense of obligation that Batman suffers from. Iron Man is an Objectivist through and through!</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And for anyone who has ever seriously read either of Rand's novels, it would be as clear as day that even Iron Man's enemies are Randian villains. Don't believe me? Let's do a quick roundup.</span><br />
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<ul>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Islamic militants from <i>Iron Man</i> -- <a href="http://aynrandlexicon.com/lexicon/mystics_of_spirit_and_of_muscle.html">Mystics</a>. Enough said.</span></li>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Obadiah Stane (Jeff Bridges) from <i>Iron Man</i> -- <a href="http://aynrandlexicon.com/lexicon/money.html">Moocher</a> who tried to steal Stark Industries from Tony Stark by subterfuge and then by murder.</span></li>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Senator Stern (the late Garry Shandling) from <i>Iron Man 2</i> and <i>Captain America: The Winter Soldier</i> -- <a href="http://capitalismmagazine.com/2002/08/franciscos-money-speech/">Looter</a> who tried to force Tony Stark to turn over the Iron Man technology to the United States government because reasons.</span></li>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Justin Hammer (Sam Rockwell) from <i>Iron Man 2</i> -- <a href="http://aynrandlexicon.com/lexicon/second-handers.html">Second Hander</a> who lacks Tony Stark's ingenuity and tries to sell his own inferior war machines to the United States government via crony capitalism rather than by producing a better product that can compete with Stark's merchandise.</span></li>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">The Mandarin aka Aldrich Killian (Guy Pearce) from <i>Iron Man 3</i> -- <a href="https://campus.aynrand.org/campus/globals/transcripts/ellsworth-toohey">Nihilist</a> who chooses to ignore good and evil or anything that resembles morality and just destroy everything.</span></li>
</ul>
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<tr><td style="text-align: center;"><a href="https://3.bp.blogspot.com/-WdAEu6PXkTo/Vy7RLZ8vPgI/AAAAAAAACVY/BcN7tOJtWtkTpuzktMUJMW5SOpTqYRnXwCLcB/s1600/3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="425" src="https://3.bp.blogspot.com/-WdAEu6PXkTo/Vy7RLZ8vPgI/AAAAAAAACVY/BcN7tOJtWtkTpuzktMUJMW5SOpTqYRnXwCLcB/s640/3.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Deal with it!<br /><a href="http://vignette3.wikia.nocookie.net/marvelmovies/images/2/24/67026.jpg/revision/latest?cb=20100529003509">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So instead of being on one team or another, in my educated guess, Rand would have chosen neither. Instead, she might have suggested a third solution -- establish another governmental agency like SHIELD but this time, make it transparent and force it to be answerable directly to the White House and to Congress.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Or perhaps she might not have had an opinion because she didn't like any of the MCU movies because of the movies' growing focus on <a href="https://campus.aynrand.org/works/1964/01/01/the-cult-of-moral-grayness">moral grayness</a>, something which she found deplorable especially in works of fiction because she thought that the best works of fiction dealt not with things as they are, but with things as they might be and ought to be. Or maybe she might not have been that big a fan simply for no other reason than the fact that it's no <i><a href="https://www.youtube.com/watch?v=7mtoQuzQ4FA">Charlie's Angels</a>,</i> a show which she was actually quite fond of.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Either way, it's nowhere near as clear cut and simple as the way this <i>OhMyNews</i> reviewer made it out to be.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b><u>What does any of this have to do with Hell Joseon?</u></b></span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b><u><br /></u></b></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>WARNING:</b> Please note that I'm done talking about the movie or the movie review now and the remainder of this post will deal with Objectivism itself and how I wish for it to apply to Korea.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://cilisos.my/wp-content/uploads/2015/02/nothing-to-do-here-template.jpg.scaled500.jpg?4cf10e">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">As far as I know, the movie itself has nothing to do with Hell Joseon. What I do find sad is the dearth of knowledge about Objectivism in Korea, where I think a healthy dose of Objectvism can do wonders for Koreans.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">When people speak of Hell Joseon, they are typically referring to the highly competitive education system and the lack of guaranteed high-paying jobs while the children of chaebol owners seem to do their utmost to become <a href="http://english.hani.co.kr/arti/english_edition/e_business/669145.html">modern-day versions of little Neros</a>.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">However, I am convinced that it is more than just that. I am convinced that Hell Joseon is the verbalized admission that we are currently living in an age of moral crisis. During such times, conservatives are quick to say that people need to rediscover their traditions, their roots. Like Rand, I disagree. Too often people understand that something in their lives is wrong, but rarely do people question their morals. Instead of returning to past morals, I think Koreans need to discover new ones.</span><br />
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<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-uqmhoHaBY-I/Vy7Tbm6x29I/AAAAAAAACVw/1PHjhzZEEKI8p4WtAoFvhLjZfj4ehoAJACLcB/s1600/5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="305" src="https://1.bp.blogspot.com/-uqmhoHaBY-I/Vy7Tbm6x29I/AAAAAAAACVw/1PHjhzZEEKI8p4WtAoFvhLjZfj4ehoAJACLcB/s400/5.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Conservatives are wrong? You don't say!<br /><a href="http://www.simoncarr.com/content/debate/Picard%20surprised.jpg">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">When people hear the word selfishness, people immediately associate the word with people who will do anything, including harming others and committing immoral and illegal acts simply for their own benefits. It is for this very reason that <a href="http://www.huffingtonpost.com/2009/03/12/stephen-colbert-loves-ayn_n_174204.html">Stephen Colbert rhetorically asked if the world really needed more selfish people</a>. In Korean, the word is called 이기주의, which is closer to sociopathy or extreme narcissism than to the <a href="http://aynrandlexicon.com/lexicon/selfishness.html">Objectivist notion of selfishness</a>. Extreme altruism at the cost to one's own life or sociopathic narcissism at the cost to someone else's life -- those seem to be the only two choices people seem to think are possible when in reality, life need not be a zero-sum game.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">One often hears that Koreans are a materialist group of people -- people who are obsessed with physical beauty, status (how else can people explain the business card culture?), college background, etc. And it's all mostly to get financially ahead. But why? Why is getting financially ahead the main goal? Money is certainly important in Objectivism, but it draws a clear line between deserved wealth and undeserved wealth.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Sacrifice is a word that one hears regularly. Every able-bodied man must sacrifice by serving in the military to serve the country. Senior citizens <a href="http://www.koreabang.com/2013/stories/seniors-sacrifice-retirement-savings-for-their-adult-children.html">sacrifice their own livelihoods</a> to support their unproductive adult children. The fact that Koreans <a href="http://news.bbc.co.uk/2/hi/world/analysis/47496.stm">once donated their gold and family heirlooms to the government</a> when the economy crashed and burned in 1997~1998 is spoken of in reverent tones. But why? Why is that the good?</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Objectivism does not deny compassion. Concern for the welfare of those one loves is a rational part of one's selfish interests. No one loves simply for love's sake. People love for the joy, the good, the happiness that the object of one's love brings to them. Love is selfish. But Objectivism rejects the adoption of false compassion. It states that people should not sacrifice (which specifically means to give up something one values in exchange for something one values less) for the happiness of strangers if it comes at the cost of one's own happiness. Objectivism states that one's highest moral purpose is the achievement of one's own happiness.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Korea is often referred to as a highly competitive society. But what does it mean to be competitive? Rand stated that "competition is a by-product of productive work, not its goal. A creative man is motivated by the desire to achieve, not by the desire to beat others."</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Why do so many Korean children languish in hagwons after school for hours upon hours? Is it done so that the children can get better education so that they can become better versions of themselves? Or is it to beat other students for grades or bragging rights?</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Objectivism also advocates laissez-faire capitalism to help to bring about real competition in the economy, which Koreans sorely need. There may be laissez-faire capitalism within the fried chicken restaurant industry, <a href="http://www.wsj.com/articles/SB10001424127887324549004579064990665622138">which has resulted in a cutthroat competition</a> where <a href="http://www.bloomberg.com/news/articles/2014-09-24/korea-s-elderly-entrepreneurs-warned-off-failing-startups">many often find themselves losing everything</a>. But what about competition in the overall economy? It becomes harder to find when we see <i>chaebols</i> being coddled and <a href="http://www.hani.co.kr/arti/english_edition/e_business/622549.html">subsidized</a>, when <i><a href="https://en.wikipedia.org/wiki/Chaebol">chaebol</a></i> leaders are <a href="http://www.koreaherald.com/view.php?ud=20140928000111">seldom held responsible for their wrongdoings</a> and failures, when foreign companies are <a href="http://www.koreaherald.com/view.php?ud=20141225000195">blocked</a> or <a href="http://www.koreatimes.co.kr/www/news/biz/2015/01/123_170991.html">harassed</a>.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Instead of seeking a new sense of life, a new morality, young Koreans have instead opted to embrace Hell Joseon, which is nihilism wearing a Korean mask -- a philosophy that rejects everything and condemns oneself to live in misery instead of doing what one can to achieve one's own happiness.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Koreans badly need Objectivism.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">There is a glimmer of hope. Recently, <a href="https://en.wikipedia.org/wiki/Yaron_Brook">Yaron Brook</a>, the executive director of the <a href="https://www.aynrand.org/">Ayn Rand Institute</a> traveled to <a href="https://www.youtube.com/watch?v=6swpG57kIHM">Japan</a> and <a href="https://www.youtube.com/watch?v=8P59-dxPBe8&list=PLNroHjlBJFQ_y_qTD4QgsityBxomphhKL">China</a> to introduce new audiences to Objectivism and he mentioned that there is a tentative plan to visit Korea next year. He's certainly not a cultural icon like the way Ayn Rand was (and I doubt there will be another revolutionary figure like her ever again) and so it will be slow going, but it seems that maybe, just maybe, more and more people in Asia are ready and will be able to free themselves from their old morals and shackles. </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">I think it is long past due.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I don't know if it is something that I will ever see happen in my lifetime. But one can certainly hope.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><span style="background-color: white; color: #252525; line-height: 22.4px; text-align: left;">"If you saw Atlas, the giant who holds the world on his shoulders, if you saw that he stood, blood running down his chest, his knees buckling, his arms trembling but still trying to hold the world aloft with the last of his strength, and the greater his effort the heavier the world bore down upon his shoulders -- what would you tell him to do?"</span><br style="background-color: white; color: #252525; line-height: 22.4px; text-align: left;" /><span style="background-color: white; color: #252525; line-height: 22.4px; text-align: left;">"I don't know. What could he do? What would you tell him?"</span><br style="background-color: white; color: #252525; line-height: 22.4px; text-align: left;" /><span style="background-color: white; color: #252525; line-height: 22.4px; text-align: left;">"To shrug."<br /><br /><a href="http://soulofatlas.com/wp-content/uploads/2013/07/Atlas-St-Pats-1543x803-touched-760x395.png">Image Source</a></span></span></td></tr>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com7tag:blogger.com,1999:blog-913318078282493927.post-89733092958233759122016-03-24T23:15:00.002+09:002016-03-26T03:50:32.819+09:00Movie Review: Batman v Superman - Dawn of Justice<div dir="ltr" style="line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><b>WARNING:</b></span><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> The following review contains a lot of spoilers. If you have not yet seen </span><span style="background-color: transparent; color: black; font-style: italic; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Batman v Superman: Dawn of Justice </span><span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">and wish to do so without having the plot given away, then do not read this.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />I want a refund. And I don’t just mean the 8,000 won that I paid for the ticket or the two-and-a-half hours for which the movie ran. I want back every moment that I had been excited and hyped for this movie since it had been announced in 2013.<br /><br />Yes, the movie was that bad. Which was so tragic, considering the fact that I actually liked <i>Man of Steel</i>.<br /><br />Some critics complained that the movie took itself too seriously. Perhaps there is some truth to that charge, but I didn’t mind it. Seeing how Marvel has decided to make their movies bright and colorful and optimistic, I understand why Warner Brothers wanted to make their movies a bit differently. Yet others said that the characters were too grim. I didn’t have a problem with that either. When <i>Man of Steel</i> ended, the fight between Superman and Zod destroyed entire city blocks and the Kryptonian World Engine probably caused the deaths of hundreds of thousands of people. You don’t get to make a movie where everyone sings a happy tune and skips down the road while holding hands after something like that.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /><br />The problem that I had with the movie was that the story was, plain and simple, stupid.<br /><br />It starts out with a good enough premise. The movie starts with the last movie’s climax - Superman and Zod are duking it out and Bruce Wayne aka Batman witnesses all of the destruction it causes with human eyes. It is at this moment that he realizes that Superman is so incredibly powerful that he must do whatever he can to kill Superman.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />That sounds fine but as the movie progresses, you have to wonder what kind of cognitive dissonance is going on in Batman’s mind. According to Batman lore, one thing that Batman never does is kill. He knows that he can kill but he chooses not to because that would make him no different from those psychopaths that he punches to a pulp every night. That’s why he never kills Joker. Except that in this movie, Batman does kill. A lot. Yes, <a href="https://www.youtube.com/watch?v=8ULSvR6hhyI">Michael Keaton’s Batman killed</a>, too, but not like Ben Affleck’s Batman.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Considering the way Ben Affleck’s Batman drives, uses the Batmobile’s automatic weapons, and the fact this Batman actually carries a gun (another big no-no in Batman lore), he definitely kills dozens of people in this movie. Oh, and he also snaps people</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s necks.</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> The only thing that differentiates Batman from Superman is that Superman kills a lot more people simply because he is an all-powerful alien.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Which is another thing. At the start of the movie, Batman thinks that Superman has to be taken out because he is too powerful and tens of thousands of people die whenever Superman uses his power. That</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s fair. Truthfully, I thought that that the destruction that superheroes and supervillains cause is something that is glossed over too frequently in the Marvel universe. So when Snyder decided to bring the focus to the deaths of innocents, I thought that was a story worth exploring.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">But then when Batman realizes that both he and Superman</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s moms have the same name and that Superman</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s mom was kidnapped, he literally tells Martha Kent that he is her son</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s friend. Never mind that they were trying to kill each other just minutes ago! </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">And then to insult everyone</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s intelligence, Batman still likes Superman and doesn</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’t really think that he is a bad guy anymore at the end of the movie despite the fact that Superman’s fight with Doomsday caused even more destruction than his fight with Zod in <i>Man of Steel.</i> What changed?! We are literally back to where we started!</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The only thing that changed was that Superman had died. Sure, at this point, unlike the audience, Batman doesn</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’t know that Superman will come back to life. Does that mean that all Superman had to do was keep doing what he did, caused wanton destruction in the name of saving humanity (Team America has nothing on Superman) and then just die to gain Batman</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s sympathy and friendship? Holy cognitive dissonance, Batman! World</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s greatest detective, my ass!</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And then there’s Lex Luthor. Gene Hackman’s Luthor was campy but so was the original Superman movie. But as campy as it was, it was still Gene Hackman, which brought gravitas to the role. Kevin Spacey’s Luthor was menacing and unhinged. As different as Hackman</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s and Spacey</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s versions were, w</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">hat both versions of Luthor had was the ability to communicate their ideas. Yes, they were bad guys, but at least they were not inarticulate.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">Jessie Eisenberg’s Luthor, however, seems like a college-know-it-all spastic who has snorted way too much cocaine. Not only is there an absence of gravitas and menacing presence, there is also an absence of reason. Why does he want to kill Superman? Why does he want to pit him against Batman? Why does he want to create Doomsday using Zod’s deceased body? Why does he mix his blood with Zod’s deceased body to do so? None of these questions are answered. He just attempts to quote Copernicus, fails, shakes his head, gives an annoying laugh, and eats jelly beans. Jessie Eisenberg’s Luthor isn’t a menacing or formidable villain that could take on the mightiest superhero the world has ever known, but rather the weird kid next door whom everyone claims was so nice when they are interviewed on CNN because it has been revealed that he just went on a shooting spree in his school but then only managed to shoot himself in the groin.<br /><br />Then there is the ridiculous manner in which Luthor tries to frame Superman for a crime. In the movie, intrepid reporter Lois Lane interviews an African warlord/terrorist but gets captured when it is revealed to everyone’s surprise that her cameraman was actually a CIA assassin. I guess Lane decided to go on this assignment because she knew that Superman would come to rescue her if things go badly, which he does. Talk about Moral Hazard!</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Anyway, Superman is thundering toward our damsel in distress but for some reason, the warlord’s clearly Caucasian and clearly some-of-these-things-are-not-like-the-others henchmen begin to shoot and kill the other henchmen and other people in the village before taking off in their bikes. Superman arrives and rescues Lois and they fly back to Metropolis. But the news says that Superman killed all those people in the village - those people who were shot and killed. Did no one bother to do an autopsy to find out how these people died?</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">Also, it turns out that the bullets that were used to kill those villagers and henchmen were made of some type of prototype alloy that even experts at the Pentagon were unable to identify them. And upon further digging, it’s discovered that those bullets were developed and manufactured by Lex Luthor’s company, LexCorp.</span><br /><br /><span style="font-family: "times" , "times new roman" , serif;">WHAT??? Not only did no one bother to perform an autopsy to figure out how those people actually died, those assassins also used prototype bullets that directly led back to their employer? Why couldn’t they have just used regular bullets like everyone else? Was that just too </span><span style="font-family: "times" , "times new roman" , serif;">pass<span style="background-color: white;">é</span></span><span style="font-family: "times" , "times new roman" , serif;">? Or why use bullets at all? After all, this isn’t the first time Zack Snyder had to frame a superhero for something. Doctor Manhattan was framed for having caused cancer to all the people who had ever been close to him in </span><i style="font-family: times, 'times new roman', serif;">Watchmen</i><span style="font-family: "times" , "times new roman" , serif;">. Was Snyder unable to plagiarize himself or did he forget that he directed that movie, too?</span></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="font-family: "times" , "times new roman" , serif;">Later on in the movie, Lex Luthor convinces Superman to kill Batman because if he doesn’t, he will kill Superman’s mom. Yes, Luthor knows Superman’s secret identity, which he doesn’t reveal to everyone else because reasons. At this point, Superman could have beaten, frozen, burned, punched, kicked, or tickled Luthor to release his mom. He could have done anything. The guy can fly at speeds that have to be measured in Machs and shoots laser beams out of his eyes that can destroy entire city blocks and could atomize a man with a single punch. </span><span style="font-family: "times" , "times new roman" , serif;">Or he could have used his super hearing like he did to save Lois when she was in trouble. Twice.</span></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">But no, Superman decides to cry </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">“Uncle</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">” and</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;"> do Luthor’s bidding because of reasons. Kinda. Right before flying to Gotham, Superman tells Lois that he is going to ask Batman for his help.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And this is how the following conversation could have gone down. “Hey, Bruce, can I call you Bruce? Sorry, I’ve got these X-Ray vision that allowed me to see who you are underneath the cowl. I know we got off on the wrong foot, but Lex Luthor sent me to kill you because if I don’t, he’ll kill my mom. Now I don’t want to do that. So could you help me out? Peace pipe, BFF?”<br /><br />But no. They meet, grunt something at each other, and then fight. For 30 minutes. Until Wonder Woman finally shows up and then tells the both of them to quit it. When Luthor realizes that his plan has failed, then he unleashes Doomsday to fight the three of them.<br /><br />Yep. This isn</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’t your delicate Christopher Nolan Batman who tries to use reason and logic or even your Bryan Singer</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’s Superman who is capable of cracking a smile now and then. At this point, the whole thing has turned into a monster bash movie and Godzilla and Mothra are telling everyone to take it down a notch.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">I’m having a hard time understanding my character<span style="text-align: start;">’s motivation<br /><a href="https://pbs.twimg.com/media/A1f47jhCQAAEiF6.jpg" target="_blank">Image Source</a></span></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And Wonder Woman? There isn’t much that I can say about her because there isn’t much of her onscreen anyway! Holly Hunter as the doomed senator gets more air time than Gal Gadot! Wonder Woman appears in the movie for no other reason than to serve as a teaser for the upcoming stand-alone <i>Wonder Woman</i> movie. But of course, there has to be a reason for her to be around, right?</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So Zack Snyder comes up with a reason. If it can be called that. It turns out that both Batman and Wonder Woman need to access Lex Luthor’s heavily encrypted computer for their own individual reasons. Well, hello, meet cute! It turns out that Lex Luthor has a yellowish black-and-white picture of Wonder Woman that was taken in 1916, where she stands with a group of World War I soldiers (one of whom is Chris Pine, so I guess he’ll be in the Wonder Woman movie, too).</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And if you think about it, that’s really dumb. I’m willing to accept that Wonder Woman aka Diana Prince doesn’t want the fact that she is an immortal warrior princess from a secret mythical island revealed to the rest of the world. But come on! This wasn’t a one-of-a-kind hard copy photograph. The photograph has been scanned and digitized into a jpeg file and uploaded into a computer. Did the writers forget how the Internet works? Once your picture has been digitized and uploaded onto the Internet, that’s it. You are never getting that picture back and it will be out there forever.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Whoever wrote this damned script apparently decided to make stuff up along the way and used copious amounts of alcohol for inspiration when they realized that they didn’t have a creative bone in their bodies and said among themselves, “Dude, Gal Gadot would look so fucking hot in that slinky dress, am I right? Gimme five!</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">”</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">As for Batman, he’s supposed to be the world’s greatest detective and be an all around super-intelligent human being. None of that is in the movie. But you get to see him do a whole Crossfit workout routine and have a bunch of dream sequences though. No, this is not your Christian Bale Batman. And gods, I miss Christian Bale.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Sound like a clusterfuck? It is a clusterfuck. I remember reading the comic books - <i>The Death of Superman</i>. It was emotional and gut-wrenching. Yes, I know that superheroes never die as they always come back to life but until that point, superheroes never died. Period. But by the time Superman “dies” after having fought Doomsday in this movie, I was long past caring.<br /><br />Even the musical score annoyed me to hell. The score was written by the great Hans Zimmer and as usual, the music was epic. So what</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">’</span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">s the problem? Most movies’ musical scores are in the background, oftentimes so subliminally that the audience isn’t fully aware that there is even music playing. There is no way that can happen in this movie. The score is bone-shatteringly loud, in your face, and constant. If the poorly-written script doesn’t make you feel nauseated, the musical score certainly will.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />If you’ve seen the movie and you’re reading this, I think we should all collectively march to Zack Snyder’s house and pelt him with eggs. If you haven’t seen the movie and read this, why? I told you not to. But since you’ve already read it, don’t watch it. Save your money for the newly rebooted <i>Ghostbusters </i>movie instead when it comes out. I don’t think it will be an awesome movie or anything, but it couldn’t be worse than the crapfest that is <i>Batman v Superman</i>.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Personally, this one hurt. I've always been more of a DC fan than a Marvel fan. Yes, Marvel has some decent characters and stories, but they don't have Superman or Batman. But it looks like Marvel has nothing to worry about. If <i>Batman v Superman </i>is the foundation that all future <i>The Justice League</i> movies are going to be based on, Marvel and it’s parent company, Disney, can safely churn out more dumb <i>Avengers </i>movies and count all the money they make til their dying days because it turns out that <i>The Justice League</i> movies are going to be even dumber.<br /><br />I give <i>Batman v Superman: Dawn of Justice</i> 1 out of 5. I would have given it zero, but I liked the Batmobile.</span><br />
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com1tag:blogger.com,1999:blog-913318078282493927.post-66838235739256250542016-02-04T04:15:00.001+09:002016-02-04T14:55:38.323+09:00Movie Review: Trumbo<div style="margin-bottom: 0cm;">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b style="background-color: #fefdfa; color: #333333; line-height: 25.2px;">WARNING</b><span style="background-color: #fefdfa; color: #333333; line-height: 25.2px;">: The following blog post contains a lot of spoilers. If you have not yet seen </span><i style="background-color: #fefdfa; color: #333333; line-height: 25.2px;">Trumbo</i><span style="background-color: #fefdfa; color: #333333; line-height: 25.2px;"> and wish to do so without having the plot given away, then do not read this.</span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">When I first saw the <a href="https://www.youtube.com/watch?v=jLuxQhdUqLY" target="_blank">trailer</a> for <i>Trumbo</i> a few months ago, I knew that this was a movie that I wanted to watch. But I also knoew that this was not going to be a movie that I'd be able to watch in a theater in Korea.</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Now
I'm not saying that the Korean government somehow prevented the movie
from being shown in Korea. There is no evidence for that. Also, there
are many reasons why a movie might not play in theaters in any
particular country. However, considering the fact that Korea is a
country where <a href="http://www.theguardian.com/world/2014/aug/28/south-korea-acquitted-retweeting-north-korea">ironic
tweets</a> can get you into trouble and where <a href="http://www.theguardian.com/world/2014/aug/28/south-korea-acquitted-retweeting-north-korea">a
professor can get indicted</a> for merely holding an unpopular
opinion, well, it made it all that much sadder that the movie has not
made it to theaters here yet. If anyone needs to watch this movie, it's Koreans.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><a href="https://en.wikipedia.org/wiki/Bryan_Cranston">Bryan
Cranston</a> plays the eponymous character, Dalton Trumbo, an
eccentric and witty screenwriter (whom I discovered only after having
watched the movie that he had penned some of my favorite classic
movies such as <a href="https://en.wikipedia.org/wiki/Roman_Holiday"><i>Roman
Holiday</i></a> and <a href="https://en.wikipedia.org/wiki/Spartacus_(film)"><i>Spartacus</i></a>)
who also happened to be a member of the Communist Party of the United
States of America.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://i.imgur.com/8Wf1O2J.png" target="_blank">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Anyone
who is familiar with me and my blog already knows that I am a staunch
anti-communist. So before I sat down to watch this movie, I already knew that
there was going to be a part of me that would feel uncomfortable
knowing that the movie's protagonist was going to be a character who
held beliefs that I am fundamentally hostile to.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And
there were parts of the movie when I did shake my head a bit. The
first moment was early on in the movie when Trumbo explains to his
young daughter that if she were willing to share her Ham and Swiss
Cheese sandwich with a schoolmate who didn't have any food, that made
her a communist. Obviously, in this scene, a father was taking pains to explain to his very young daughter a political opinion that he held. So, the scene would not have made any sense if Cranston's
character gave a speech about the virtues of <i><a href="https://en.wikipedia.org/wiki/Capital:_Critique_of_Political_Economy" target="_blank">Das Kapital</a></i>. However, it is obvious that
this is more than just a father explaining what communism is to his young
daughter. Rather, it was the filmmakers attempt at explaining what communism is to the
audience. And as a member of the audience, I felt insulted.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The
other moments were when the anti-communists, the bad guys – a
meatheaded <a href="https://en.wikipedia.org/wiki/John_Wayne">John
Wayne</a> (played by <a href="https://en.wikipedia.org/wiki/David_James_Elliott">David
James Elliott</a>), a vicious <a href="https://en.wikipedia.org/wiki/Hedda_Hopper">Hedda
Hopper</a> (played by <a href="https://en.wikipedia.org/wiki/Helen_Mirren">Helen
Mirren</a>), and a slimy <a href="https://en.wikipedia.org/wiki/J._Parnell_Thomas">J.
Parnell Thomas</a> (played by <a href="http://www.imdb.com/name/nm0003069/">James
DuMont</a>) along with other extras – were treated like
two-dimensional stock villains. Was John Wayne's anti-communism a result of a him trying to compensate the fact that he did not fight in the Second World War? Was Hedda Hopper really trying to preserve American democracy from what she thought of as a threat that millions of American soldiers were fighting against or was it her way of getting back at a movie industry that forsook her because she had grown old? What about J. Parnell Thomas? Was he simply looking to gain more political power for himself or might there have been other reasons?</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">None of that was given much attention. That being said, I don't think that the filmmakers ought to be judged too harshly for glossing over the villains. After all, </span><span style="font-family: times, 'times new roman', serif; font-size: large;">the move itself lasted for
about only two hours. So it was obviously impossible to explore every
individual's inner psyche. This wasn't the fault of the filmmakers but rather the fault of the medium itself. </span><span style="font-family: times, 'times new roman', serif; font-size: large;">And that, I think, is all the more reason
why I think television shows are becoming increasingly more popular
among the audience than movies.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="font-family: times, times new roman, serif;">One thing that I think is important to mention, however, is that no one who has ever watched this movie could ever say that </span><i style="font-family: times, 'times new roman', serif;">Trumbo</i><span style="font-family: times, times new roman, serif;"> is pro-communist. Aside from the first scene I mentioned and
the brief scenes that </span><a href="https://en.wikipedia.org/wiki/Louis_C.K." style="font-family: times, 'times new roman', serif;">Louis
CK</a><span style="font-family: times, times new roman, serif;"> was in, there was no talk whatsoever about communist ideas. In fact, the whole idea of Trumbo being a communist was made quite silly when Cranston appears in one scene holding a bottle of champagne in each hand </span><span style="font-family: Times, Times New Roman, serif;">exclaiming </span></span><span style="font-family: Times, Times New Roman, serif; font-size: large;">“<span style="font-family: "times" , "times new roman" , serif; font-size: medium;">We're rich!</span>” after he sells the rights to <i>Roman Holiday</i> to Paramount Pictures.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">If anyone watched this movie hoping to see a stirring defense of communism,
they would have left feeling utterly disappointed. The fact that
Trumbo was a communist was treated as though it were a mere
coincidence.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">In
fact, Trumbo himself is probably not the first candidate that even
genuine communists might choose to represent as his/her ideal hero because like Louis CK says in the movie, Trumbo </span><span style="font-family: Times, 'Times New Roman', serif; font-size: large;">“</span><span style="font-family: times, 'times new roman', serif; font-size: large;">talks like a radical
but lives like a rich guy.</span><span style="font-family: Times, 'Times New Roman', serif; font-size: large;">”</span><span style="font-family: times, 'times new roman', serif; font-size: large;"> Had Trumbo been a contemporary figure, I
have no doubt that many people today would have treated him much like the
way people treat Sean Penn (who really deserves to be <a href="http://qz.com/591258/sean-penn-is-a-college-freshmans-che-guevara-t-shirt-personified/" target="_blank">treated like an idiot</a>).</span></div>
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<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-uJepS6OcTpY/VrJNseipDQI/AAAAAAAACNY/kZ8B9uWEQaI/s1600/3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="360" src="http://1.bp.blogspot.com/-uJepS6OcTpY/VrJNseipDQI/AAAAAAAACNY/kZ8B9uWEQaI/s640/3.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Not your grandfather's communist!<br /><a href="https://i.ytimg.com/vi/FJqWl8k_igw/maxresdefault.jpg" target="_blank">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">No,
the movie was not a defense of communism but rather a defense of
individual liberty – especially the notion that people are free to
think whatever the hell they want.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">It
simply does not matter what an individual thinks. The only person
whom that should be important to is the individual himself. Trumbo
was a communist, perhaps an imperfect communist, but he was a genius
screenwriter who was able to make movies seem like magic.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: times, times new roman, serif; font-size: large;">That led to another theme of the movie </span><span style="font-family: times, 'times new roman', serif; font-size: large;">– what a rational individual can produce with his own mind. </span><span style="font-family: times, 'times new roman', serif; font-size: large;">Just like
how Mel Gibson may be a racist (or maybe he is only when drunk) but
he is an amazing director and actor and how Ayn Rand may have been an
unpleasant harpy but she was an intellectual titan to reckon with, what truly matters is what one is able to bring to the table. Trumbo brought with him a Midas Touch. Every movie he made, even the bad ones, were made terrific because he worked on them.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">What does it matter what the individual thinks in his own time when the work that the individual produces is so good that it practically loved by so many?</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The
fact of the matter is that what people think in the privacy of their
own minds do not matter to the State. It is not something that the
State should ever be concerned with. So long as people are able to
produce works of beauty, and even if they don't, what does it matter what they think in the privacy of their own heads?</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">However,
to this day, the State does remain concerned with such things. When
people's lives can be <a href="http://www.japantimes.co.jp/news/2015/06/30/national/crime-legal/sankei-reporters-south-korea-prosecution-excessive-u-s-journalist/#.VrJH2rKLSUk">made
miserable</a> over a newspaper column, it is obvious that Trumbo's
fight is not over.</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I
don't know if <i>Trumbo</i> will ever be played in Korean theaters. But
knowing the rate of piracy that goes on in the country, along with
the rate of independent caption making that goes with pirated movies,
I hope that millions of Koreans do get to watch this movie – legally
or illegally. Preferably legally, of course.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">For
God knows that one thing that Koreans need, among many things, is the
freedom of thought.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://1stmuse.com/adonis/Thinking_Man.jpg" target="_blank">Image Source</a></span></td></tr>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-56083119587058786092016-01-20T23:01:00.000+09:002016-01-20T23:59:58.949+09:00What's conservative or libertarian about Trump?<span style="font-family: "times" , "times new roman" , serif; font-size: large;">When I shared a recent <a href="http://www.nationalreview.com/article/430023/sarah-palin-donald-trump-endorsement-iowa-inevitable" target="_blank">op-ed column</a> from the National Review about Sarah Palin's endorsement of Trump's candidacy, which was not particularly kind to either of those public figures, a friend of mine made the suggestion that the National Review seemed to have abandoned its tradition of supporting conservatives and libertarians in their fight against the Republican establishment.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I conceded that he may have been right about the National Review's change but I had to ask my friend what was so conservative or libertarian about Trump. After all, whenever I listened to his stump speeches or debate performances, it mostly seemed to be about how he, through the apparent sheer force of his will, would <a href="http://edition.cnn.com/2015/12/07/politics/donald-trump-muslim-ban-immigration/" target="_blank">ban Muslims from entering the US</a> or about how he would <a href="http://www.cnbc.com/2015/10/28/donald-trump-mexico-going-to-pay-for-wall.html" target="_blank">get the Mexican government to pay</a> for a giant wall separating the two countries or how he got a lot of flak for talking about these problems and how he's going to continue talking about them.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Everyone loves to pretend/believe that "president" is another word for "emperor," especially during election seasons and no one loves to indulge in that fantasy more than the political candidates themselves. As far as I am concerned, however, Trump and Sanders take the cake. <a href="http://thekoreanforeigner.blogspot.kr/2015/08/bernie-sanders-yet-another-demagogue.html" target="_blank">My thoughts on Sanders</a> are well known; as are <a href="http://thekoreanforeigner.blogspot.kr/2015/08/sanders-vs-trump-who-would-win.html" target="_blank">my thoughts on Trump</a>. As for Trump, I am almost convinced that he is a clown who has somehow accidentally misplaced his makeup kit.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://www.capitolhillblue.com/wp-content/uploads/2015/12/120915donalttrump.jpg" target="_blank">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">My friend persisted, however, and told me that I ought to visit <a href="https://www.donaldjtrump.com/positions" target="_blank">Trump's official website</a> and read his campaign position papers so that I may judge him more objectively. </span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">I have to admit that I had never bothered to read his campaign position papers. As someone who has often had to tell Ayn Rand-bashers that they ought to actually read <a href="http://aynrandlexicon.com/" target="_blank">Rand's works</a> as opposed to what Salon has to say about her work, I realized that it was hypocritical of me to pass such judgments on Trump without getting the goods straight from the horse's mouth.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">After all, considering the grueling nature of cable news cycles and the even more unforgiving beast that is the Twitterverse, it is easy to magnify one moment of stupidity to paint a person as something entirely that he may not be. Can anyone imagine how much more <a href="http://www.psmag.com/politics-and-law/looking-back-dean-scream-72209" target="_blank">Howard Dean's scream</a> would have damaged him had Twitter existed at the time of his candidacy?</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So I went on Trump's website and I saw that there were a total of five campaign position papers. I did not have the time to read all five of them. The topic that I chose to read was the one that matters to me most among the available topics -- the one titled "<a href="https://www.donaldjtrump.com/positions/us-china-trade-reform" target="_blank">Reforming the US-China Trade Relationship to Make America Great Again</a>."</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And, folks, it was a doozy!</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://giphy.com/gifs/joker-batman-heath-ledger-YPIrsRqqO7oB2" target="_blank">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Right from the bat, the paper claims that since China's entry into the WTO in 2001, "Americans have witnessed the closure of more than 50,000 factories and the loss of tens of millions of jobs."</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Aside from the fact that there is <a href="http://econintersect.com/wordpress/?p=11354" target="_blank">no data</a> to back up that claim, even if that number were true, this is yet another example of <i><a href="https://en.wikipedia.org/wiki/Post_hoc_ergo_propter_hoc" target="_blank">post hoc ergo propter hoc</a>. </i>That is because that claim conveniently neglects to mention the effects of the dotcom bubble burst or the Great Recession or the battering effects of high oil prices on the construction industry in the mid-2000s.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">So almost from the moment I started reading, I couldn't help but frown and shake my head.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The other theme that Trump's paper continually hammers on is that America needs leadership and strength at the negotiating table with China.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">The moment people hear this sort of talk, anyone with any sense whatsoever should begin to ask themselves if that truly is an original thought that no one had before. It's not (see <a href="http://www.cbsnews.com/news/scott-walker-u-s-needs-to-be-tough-on-china/" target="_blank">here</a>, <a href="http://www.bbc.com/news/magazine-19676202" target="_blank">here</a>, <a href="http://money.cnn.com/2012/10/16/news/economy/china-election-romney-obama/" target="_blank">here</a>, <a href="https://www.washingtonpost.com/opinions/its-china-bashing-time-again/2012/10/17/589a603c-1879-11e2-8bfd-12e2ee90dcf2_story.html" target="_blank">here</a>, <a href="http://qctimes.com/news/local/government-and-politics/elections/fiorina-says-she-would-get-tough-on-chinese/article_128887ef-a38b-5e4d-8456-6c950936efa4.html" target="_blank">here</a>, <a href="http://humanevents.com/2012/09/26/obama-talks-tough-on-trade-with-china-despite-government-error-on-purchase/" target="_blank">here</a>, <a href="http://www.breitbart.com/big-government/2015/08/27/huckabee-our-political-class-failed-on-china-time-to-get-tough/" target="_blank">here</a>, and <a href="http://abcnews.go.com/blogs/politics/2012/10/ryan-hits-obama-for-not-being-tough-on-china/" target="_blank">here</a>). Hell, Bill Clinton once called the Chinese government "the butchers of Beijing" before granting China "most-favored-nation" status after he became president.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Outside of the fantasyland called primaries season, neither the United States nor China can afford to be particularly difficult with one another because, whether they like it or not, the two countries share the largest trade relationship in the history of the world. A child might be able to take his toys and go home if he decides that he doesn't like his friend anymore, but that is not the way that effective international policy is made.</span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://cdn.meme.am/instances/60851500.jpg" target="_blank">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Trump's other argument is that China's "Great Wall of Protectionism uses unlawful tariff and non-tariff barriers to keep American companies out of China and to tilt the playing field in their favor."</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Trump says this unfair playing field puts American businesses and workers at a disadvantage -- that the game is rigged and that the outcome is for Americans to lose.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">This is an old political chestnut and a dirty trick that is meant to distract people long enough to forget their own personal interests. This lie was exposed by Milton Friedman in his 1980 PBS documentary, <a href="http://www.freetochoose.tv/ftc80.php" target="_blank"><i>Free to Choose</i></a>. In the episode <i><a href="https://www.youtube.com/watch?v=tOoudIiQAZ8" target="_blank">Tyranny of Control</a></i>, Friedman said:</span><br />
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<blockquote class="tr_bq">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">"When anyone complains about unfair competition, consumers beware. That is really a cry for special privilege <i>always</i> at the expense of the consumer. What we need in this country is free competition. As consumers buying in an international market, the more unfair the competition the better. That means lower prices and better quality for us. If foreign governments want to use their taxpayers' money to sell people in the United States goods below cost, why should we complain? Their own taxpayers will complain soon enough and it will not last for very long."</span></blockquote>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://cdn.meme.am/instances/500x/58565649.jpg" target="_blank">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Trump also thinks that declaring that China is a currency manipulator will somehow get the Chinese to think seriously about the United States. Currency manipulator! Then what the hell does that make the Federal Reserve?!</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Also, the fact that people still believe in the myth of the Chinese government being "a currency manipulator" is a bad thing for the rest of the world just goes to show how desperately the vast majority of people in the world need to study basic economics. This entire myth can be punctured by just asking a few basic questions.</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span>
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<ul>
<li><span style="font-family: "times" , "times new roman" , serif; font-size: large;">How can Beijing artificially devalue the yuan without such devaluation causing the prices of Chinese exports eventually to rise?</span></li>
</ul>
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<ul>
<li><span style="background-color: white; color: #111111; font-family: "times" , "times new roman" , serif; font-size: large; line-height: 22.005px;">Even if Beijing could devalue the yuan for a long time, would that not raise Chinese producers’ costs of purchasing the many inputs that they buy on global markets? How could this possibly lead to economic growth?</span></li>
</ul>
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<ul>
<li><span style="background-color: white; color: #111111; font-family: "times" , "times new roman" , serif; font-size: large; line-height: 22.005px;">Just like the case with "unfair" subsidies, how does the artificial lowering of the prices of Chinese goods harm consumers from other countries? Don't people typically like it when prices of the goods they buy fall?</span></li>
</ul>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></span></div>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">
In other words, isn't Trump saying that he believes that consumers should be forcefully prevented from spending their money in ways that <i>they </i>judge to be best for <i>them</i>, and instead be forced to spend their money in ways that <i>he</i> judges to be best for the benefit of a select few American corporations?</span><br />
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<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-MBruQaWy2oU/Vp-Mau6YF5I/AAAAAAAACMw/t3IYz6Lkg88/s1600/5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="276" src="http://3.bp.blogspot.com/-MBruQaWy2oU/Vp-Mau6YF5I/AAAAAAAACMw/t3IYz6Lkg88/s400/5.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;"><a href="http://media.cagle.com/62/2012/07/19/115460_600.jpg" target="_blank">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />Now it is true that China requires foreign corporations such as Boeing and Intel to transfer proprietary technologies to their Chinese competitors as a condition of entry into the Chinese market. However, Trump goes on to say that this is intellectual property theft.<br /><br />But one has to wonder -- if Boeing or Intel felt that they were being bamboozled by Beijing, that the costs of such technology transfers were greater than the benefits of being allowed entry into the Chinese market, wouldn't those corporations voluntarily decide to cease all of their operations in China?<br /><br />In other words, isn't Trump saying that if he is elected president, <i>he</i> will use Big Government to forcefully prevent American corporations from entering into voluntary trade agreements?</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br /></span></div>
<div>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">And lastly, he says that he will "strengthen the U.S. military and deploy it appropriately in the East and South China Seas."<br /><br />I believe that is called the <a href="https://en.wikipedia.org/wiki/East_Asian_foreign_policy_of_the_Barack_Obama_administration">Asia Pivot</a>.<br /><br />So let's recap. Even Trump's trade policy proposals, which are supposed to be the branier arguments that take place away from the camera, are vague and can only be called economically illiterate at best or deceptive at worst. Even if they weren't unrealistic, his policies would require great expansion in the powers of the government, which is decidedly not a conservative or libertarian position.</span></div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Republicans <i>do</i> remember this guy, right?<br /><a href="http://i.imgur.com/OmtWMcr.png" target="_blank">Image Source</a></span></td></tr>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><br />I have not read the other four papers on the website. Frankly, reading this one and explaining why it is so horrible has been enough for me. So is he a conservative or a libertarian when it comes to other topics such as immigration or gun control? I can't say. And frankly, I can't bring myself to read any more and I don't give a damn. </span><span style="font-family: "times" , "times new roman" , serif; font-size: large;">But if this paper was anything to go by, I have some serious doubts about the claim.</span></div>
John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com0tag:blogger.com,1999:blog-913318078282493927.post-59807925710073871632016-01-01T19:32:00.003+09:002016-01-01T19:33:37.257+09:00On Sanctions and Moral Sanction<span class="tr_bq" style="font-family: Times, Times New Roman, serif; font-size: large;">Earlier today, I officially became a columnist at NK News and had my first column published. You can view it <a href="http://www.nknews.org/2016/01/moral-sanctions-should-follow-n-koreas-latest-detention/">here</a>.<br /><br />I am quite proud of it and I hope that you all give it a read. The following is an excerpt from the original column at NK News.</span><br />
<span class="tr_bq" style="font-family: Times, Times New Roman, serif; font-size: large;"><br /></span>
<blockquote>
<span style="font-family: Times, Times New Roman, serif; font-size: large;"><i>Therefore, the only way to make sure that the North Koreans stop abducting people is to make sure that whatever gains they make are more troublesome than they are worth.</i></span></blockquote>
<blockquote>
<span style="font-family: Times, Times New Roman, serif; font-size: large;"><i>But what more can the international community do? After all, North Korea is already one of the most heavily sanctioned, if not the most heavily sanctioned, nations in the world.</i></span></blockquote>
<blockquote>
<span style="font-family: Times, Times New Roman, serif; font-size: large;"><i>It is quite obvious that sanctions alone will not do. Sanctions must also be complemented with the idea that it is immoral for anyone in the free world to engage in any type of undertaking with North Korea; even cultural exchanges. And that is precisely because such engagements necessarily imply that North Korea is a peaceful and civilized country – the two things that North Korea is absolutely not.</i></span></blockquote>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Times, Times New Roman, serif; font-size: small;"><a href="http://sbeonline.org/wp-content/uploads/2013/01/qa.jpg" target="_blank">Image Source</a></span></td></tr>
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John Lee (the Korean Foreigner)http://www.blogger.com/profile/01291995846376789325noreply@blogger.com1