As a financial blogger named Minerva, Park Dae-sung was the dark prophet of market decline in South Korea.
In this education-obsessed country, where academic credentials are often taken as a measure of human value, he was also something of an idiot savant. He had no degree in economics. He had no professional experience in finance. He was not a wealthy investor.
Free the Korean Economics Blogger! : The Inspired Economist
Relevant History: Korean finance blogger arrested for being right
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I called the financial Crisis before this guy did.
Here is an Article I wrote about the financial collapse in November 2007:
http://blo
Better watch out! If we keep living the way we are living... someday... we are all gonna die! There I said it first!!
Sounds like the typical emergence, decline, fall and ultimate vindication of the Old Testament prophets.
"If you don't stop what you're doing, you're going to wind up where you're headed."
We tend not to treat our prophets very well.
Sounds like the typical emergence, decline, fall and ultimate vindication of the Old Testament prophets.
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Oh please, they have the worst track record when it comes to prophecy. Miss Cleo is better.
Let no good deed go unpunished.
So much for our freedom-loving 'democratic' allies.
I think it's called
COMMON SENSE,
unfortunately many people
(no matter how schooled they are)
are unable to attain it.
Um, tons of us saw it coming. But from the sounds of it, this guy was just guessing.
Clocks are right twice a day...
"Minerva saw it coming last fall..."
Oh please, as if sooooo many of us weren't bellyaching about US public debt in hock to China and private debt higher than ever before. SO many of us were crying that the sky was falling, but the administration played on.
No, this guy was no where near the first.
Any reporter supposing this claim has any merit is one very bad reporter.
so many concerned with their own ability to predict a crisis. what? you want credit now? the real point to this story is that Parks arrest is a violation of freedom of speech law. shouldn't that be one of the first concerns in a democratic government. maybe S. Korea should open their own Guantanamo Bay. isn't that what we are doing right here, right now. (speaking freely) ?
Precisely!
He was not the first... many of us were talking about it...
As it is... 0 down financing .... anything good to be true is too good to be true...
It wasn't so much the 0 down financing then it was the stated loans. If you can state your income without verifying it.....the
Ron Paul not only predicted it, he talked about it in the Congress AND during the election cycle. He was laughed at by the press and the "mainstream" candidates. Anyone who talked about this before it happened was laughed off the stage. People are stupid on a regular basis.
RON PAUL....WH
I'VE BEEN SCREAMING ABOUT IT FOR 5 YEARS.
AND I PREDICTED CLINTON'S DOT COM MELTDOWN TOO.
Hey wow, look. You found the caps button. Good for you.
Big deal... I've seen this coming for years. A 2BR/1BA fixer-upper for $850,000..
Who didn't see this coming, other than the short-sighted, free-market mousketeers responsible for the debacle?
Woo-hoo, thanks, Park, I didn't see that one coming at all.
I saw the collapse coming several years ago, and warned people publicly on my personal blog, six months before the credit crisis began. I also write for an economics blog, and covered this story, in an article titled "Free the Korean Economics Blogger".
http://ins
The blogger was arrested for posting in a discussion forum like this one, that the Korean Government ” had ordered major financial institutions and trade businesses not to purchase U.S. dollars.” His posting “affected foreign exchange markets and the nation’s credibility,” said the judge.
This one blogger could have started panic dollar selling, touching off a domino effect in markets around the world, if any country begins dumping their dollars - we're done. Korea did not want to become the country that caused the global economic collapse.
In a related sense, Geithners comments about China's Yuan being undervalued, was stupid considering China is one of our largest buyers of Govt. Debt. They may yet give the finger to Obama's stimulus. He should choose his words more carefully, maybe a visit to Dr. Greenspans is in order, he needs to learn how not to offend our creditors.
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Washington Post | Blaine Harden | January 24, 2009 02:25 PM