“South Korea’s “prophet of doom” indicted”
Filed Under Uncategorized
South Korea’s economic bust has paralleled the bust of every other developed world economy, since all developed economies are intimately connected via the various world central banks’s coordinated monetary policies, and since their bubbles largely stem from our trade deficit. Yet South Korean officials have blamed and arrested an unemployed blogger for causing the decline it its economy, currency, and stock market because the blogger correctly forecasted most of these events (as did most free-market economists). The South Korean government charged the blogger with “false information” (even though it was far from false) and prosecutors said he hurt the local economy by posting incorrect information online.
So much for freedom. So much for stating opinions. It is now illegal in South Korea to forecast the negative results of the government’s policies. Korean officials could have at least blamed the free market and a lack of regulation as other countries have—blaming a single blogger for disrupting the economy will not as easily fool even the ignorant public. Still, people are convinced that we need more of this regulation and government control.
Kel Kelly @ May 31, 2009