Photo from the AP
Nice photo. Notice the contrasting composition of white clad protestors and black clad riot police in their disciplined ranks, water cannons, like artillery, held in the rear, reporters and camera men forming a pickett line in the middle. As many have correctly surmised, the latest beef deal hasn’t stopped the protests, although the protests appear to be in the thousands of participants rather than the 10’s of thousands from a week or two before.
According to Tom Byrne, senior vice president at Moody’s, these continued beef protests can cause some long-term economic damage to Korea.
Per Byrne:
“The protests will probably have little effect on the near-term economic outlook, but the longer-term performance of the Korean economy could be harmed,” he said.
“The protests may force the Lee government to delay and dilute the partial privatization of the state-owned financial institutions.”
Byrne said the “nationalistic mood” within South Korea may also complicate and curtail foreign participation in the domestic financial system, making it difficult for the country to reform its financial system into a competitive, regional centre.
As we speak, over 5,000 tons of U.S. beef is being inspected, ready for distrubution.
27 Comments
What future does the ROK have? Birthrates way below replacement level (lowest in the world?), an economy that won’t be able to compete with China as it protected itself and therefore stopped climbing the value-added chain while even the chaebols moved manufacturing offshore, a violent chunk of the population that takes cues from the North. A society that values feelings more than facts and is totally unable to put out ideological brush fires even with the power of reason. What will become of the ROK?
Maybe the US should leave for the very reason that the ROK won’t matter in 20 years. The society seems to be falling in on itself.
I believe the Moody’s release is the most positive news for Korea in a long time. I have long said that citizens need a wake-up call to see that bejaviors have consequences. I have also said that the international community needs to notice such and accordingly put Korea on notice.
It’s a gift. But even so, is Korea prepared to accept it as such and turn from blaming others to introspection? This remains doubtful.
Various studies show that Eastern culture tends to focus more on interrelationships than linear logic. Thus, if a person dies while the fan is left on, somehow the fan gets caught up in the blame. Causality is assumed from the nexus of elements even if a chain of linear causality cannot be established. The belief in oriental medicine works this way as well.
When the IMF bailed out the economy, the blame for the ensuing hardships of belt-tightening was somehow projected onto the IMF itself. I did not witness a great deal of introspection (admittedly,of course, I was not in country at the time, and may have missed it.)
Therefore, even if the causal evidence is laid out by Moody’s in black and white, rather than accept the blame for their actions, the instigators and to a great extent the average citizens may well revert to well-established patterns of blame and denial, turning the blame onto Moody’s itself rather than applying introspection and seeking solutions to the issues Moody’s is identifying (Moody’s doesn’t understand Korea’s protest culture. We are doing nothing wrong, but practicing “direct democracy”, etc.)
On the other hand, if you hit people in the pocketbook, it gets their attention.
The Korean government didn’t use the IMF bailout package.
Blame what? They got the restrictions they wanted. They also have the beef they want. Its you who’s crying not the protestors.
Its funny that you overseas Americans think your government gives a shit about your problems. Your government doesn’t care when your in your own country lmao.
If anyone can parse stacked’s English, could you please translate it into som sort of logical argument for me?
As for the IMF bailout, it was real. The $120 billion bailout for four troubled Asian economies, crafted by the IMF and the U.S. Treasury, was the largest financial rescue plan in history.
In November 1997, following the precipitous decline of the won, South Korea announced it was asking the IMF to organize a bailout package. An IMF team was rushed to Seoul to negotiate the terms of a “Mexican-style bail-out” to restore economic health and stability, and the IMF’s “economic medicine” was launched for the first time in an industrialized economy. The details of the economic reform program had already been decided in advance in consultation with the US Treasury, Wall Street’s commercial and merchant banks and major banking interests in Japan and the EU. In close consultation with IMF negotiators, the World Bank and the Asian Development Bank sent in their own teams. A World Bank package was announced on December 18th.
The remainder of your post is, I’m afraid, not written in understandable English.
“and the IMF’s “economic medicine” was launched for the first time in an industrialized economy.”
Not quite. I believe Britain once got bailed out in the 1970’s (not as big as Korea though), and maybe even couple of other “industrialized” countries.
Stacked is also half partly right. Only about half of the $50 billion IMF package got used, if I’m not mistaken.
Anyway, that’s another topic.
Svend, President Lee recognizes that Korea needs to change, and that they can’t go on doing business as usual if Korea is to be continuously prosperous. What’s getting in the way are Koreans’ distrust of their government coupled with left leaning philosophy. Many Koreans do not believe in expanding the pie for everyone if it means the gap between the poor and rich increases. Many Koreans would rather prefer economic redistribution, even if it means everyone ends up being poor.
And then of course, you have a large pack of North Korean agents and sympathizers spreading their rumors and taking advantage of traditional Korean characteristic of believing every word of mouth without verifications and fact checking. And the internet is the perfect medium to do this.
They found out that only 10 people made 70% or 80% of all internet BBS postings at the infamous Agora site. With some posting as much as 3000 posts in one day. I can’t see that this is not some people’s job.
“Blame what? They got the restrictions they wanted. They also have the beef they want.”
Clearly the fact that the protests are continuing indicates that at least some of the protesters are not happy with “the restrictions they wanted,” and don’t feel that “have the beef they want.” Actually, the hardcore elements of this movement were never going to be happy with anything short of a complete ban on US beef. (Arguably, some of them won’t be satisfied until LMB is forced from office, USFK packs up and leaves, etc.)
Yep… the protests have dwindled down to 5,000 a night from 80,000 at it’s peak. Me thinks it’s just the die hards on the streets also.
Anyone actually on the streets of Seoul today who can confirm?
Reminds me of protest chants in LA few years back..”No Justice No Peace” LMB has to bring the Tear gas to get these rascals out…that will set Korea back 20 years!!! Korea cannot afford this..So sad.
Namuamitaba
Anarchy in South Korea
http://english.chosun.com/w21d.....70011.html
I can’t agree with this piece. If Lee cracks down hard, it will only give the lefties and their minions, another big boost. The media will scream “murder”, “lack of freedom”, “dictatorship”, etc etc. And soon, you’ll have thousands upon thousands of more protesters. So I can understand why Lee is hesitant to use the whip. He can’t use the whip if the media and the public opinion is against him.
What he has to do is to do the opposite.
Tear down the barricades to the Blue House.
Let the rioters do whatever the hell they want to do until the radical broadcasting stations like the MBC and KBS come to their senses. Let ordinary Koreans get pissed off, don’t give the rioters the excuse to bait the police and the government into helping the lefty cause.
i agree with cm’s reasoning. if he brings out the tear gas, rubber bullets etc. hes absolutely fucked though privately i would love to see this happen somebody has to stop this mob rule.
however if he does what cm suggests, i think it will get the ordinary korean into his camp by showing the lawlessness and true agenda of these leftist groups. i think the torching of something big around kyungbukgung or blue house it will wake up the ordinary korean to say “enough”
Cm is right… the last thing LMB wants to do is to use force to curb the demonstration. Way too much historical baggage for that, and way too many historical footages and pictures out there to become comparisons. Regardless of whether it is justified or not, politically it would make no sense. I made a gruesome mistake of watching a KBS 9 o’clock news the other day, and a protester was screaming at the police for apparently arresting and detaining elementary school kids… is there a truth to that?
Why the hell are the protesters still there? Didn’t they get EXACTLY what they wrote on the placards? Oh. Hidden agenda. I see.
The situation succinctly (and unintentionally) expressed in hilarious format:
http://www.spike.com/video/mtv.....ID_2815279
That’s all the leftists need, another rallying cry. Good for President Lee. Just hope the protesters see how dumb it is and go home (just a hope). But, we should have known that this was going to happen sooner or later if mob rule continues in Korea. The foreign investors are going to get skittish and leave Seoul for more golden horizons in Hanoi, which is fast becoming a boom town, and New Dehli which is also growing rapidly. Before long, nobody will come to Korea to invest and the country will implode upon itself. Seriously..I mean if nobody comes here for business because of an unruly, nationalistic population that thinks they don’t need anyone, how will they sustain themselves?
The protests were not just about beef. It was about the privatization of the health care industry and the media coprorations and the comment about the President made regarding Korea Inc. and a whole slew of other things not even related to bad meat. So in regards to these 5,000, it might be about something wholly different than beef.
“and the country will implode upon itself.”
David, that’s what they want. Then they can blame Lee for fucking up the economy. They’re already doing that right now, blaming the slowing economy on Lee.
Deep down? Naw. I don’t think so. I can’t think of a single, liberal college kid out there who would want to give up the plush lifestyle afforded to him by his parents and grand parents just so he can blame the ultimate downfall of the country on one guy and live in the 1960’s over again. I don’t think they realize the long term. They see the short term, and try to grab onto it, ignoring everything else. It’s a singleminded approach to solving their “problems” that, like I said, will have unintended consequences if this continues further. But, I like what you said in #9 - leave them to their devices until they wake up.
I completely agree with the Chosun Ilbo article HERE. President Lee has proved himself to be a witless wimp. He needs to stop worrying what public sentiment might be and start enforcing Korea’s laws.
The reason there are so many protesters at these stupid rallies is that they know that the only thing they risk is a light slap on the wrist, if even that. However, if the protesters were held responsible for their actions by being forced to pay heavy fines and pay for the public and private property they destory, then I think you would see the number of protesters drop quite quickly. For many of the participants, the rallys are just like wild parties where they get a free pass to block traffic, destory property, and assault police officers.
Also, Korean police look like incompetent fools when they do their silly push-and-shove dance with the protesters. What a stupid waste of time and money. The police need to start arresting these people as soon as they start their illegal assemblies. By the way, the politicians who break the law need to be arrested, as well. This morning on YTN, I saw that crazy yangban politician in the white hanbok and beard try to break through the police line in front of the Blue House. He should have been arrested on the stop, but instead was released and allowed to give a news interview. The whole thing was just a show for the cameras.
Lee needs to start doing his job by enforcing Korea’s laws, and, thereby, teach Koreans the meaning of the word “consequences.”
“I saw that crazy yangban politician in the white hanbok and beard”
Um, what exactly was yangban about him? Is his mom royal and his dad from the military? Or does he just look like he stepped out of a historical drama or city-sponsored book store?
Yes, I agree, if the governnment were to simply make acts of opposition illegal, everyone would agree with it, and public demonstrations, strikes and armed inssurection would start to subside. Without public opposition , the government would be free to enact the public’s will.
Can’t wait for that beef to arrive. I’m gonna buy about 100lbs of the stuff. I’m gonna act proud about it too.
If I get mad cow so be it, at least I had freedom of choice.
If I do die, on way out, my middle finger will be raised indicating that Korea is number one in Asia.
Isn’t that crazy Yangban the head of the Korean Teacher’s Union or something. I remember seeing a picture of the KTU’s leader…he looked like a Yangban from what I remember.
“I believe the Moody’s release is the most positive news for Korea in a long time. I have long said that citizens need a wake-up call to see that bejaviors have consequences. I have also said that the international community needs to notice such and accordingly put Korea on notice.
It’s a gift. But even so, is Korea prepaired to accept it as such and turn from blaming others to introspection? This remains doubtful.”
Since it’s been revealed that the PD Notebook show was complete crap, there is now an opportunity for Korean society to reflect on the entire beef situation and start to demand better of their media (and some elected officials) by using “PD” as a shining example of what not to do. And they could also improve domestic food safety standards by demanding that the recently “re-negotiated” import standards for US beef be applied to their domestic industries.
However, like mizar, I’m not very optomistic if recent media reports are anything to go by. While they condemn the lies and gross exaggerations as reported by “PD”, they still feel the protests themselves were justified.
Is Korea’s aggricultural minister giving the beef protesters the finger?
Click HERE
#11 - There may be none left by the time you make it to the market. My guess is that this is going to be the hottest food market to hit the shelves in years.
That’s ‘food product’, not ‘food market’.
I wonder why you added the words “As many have correctly summized”. Is it because you want to prove the point that Koreans are nothing but a “mindless mob”?
To # 24,
Many people here at the ‘hole, in the comments section, predicted that the latest beef agreement, to let 30 month old or younger beef into the country, would still not make a lot of people happy. I was just acknowledging their forward thinking comments.
I don’t want to be an ass, but I just can’t help it.
The preferred term is “surmised.”
Thanks. That’s what I get for relying on google to spell check.