The Korea Herald

[Peter Goldmark] Flickers of freedom across the Balkans

ViewpointsSept 25, 2011

BELGRADE, Serbia ― Most Americans, myself included, know very little about the Balkans ― except, perhaps, that last week’s men’s U.S. Open champ, Novak Djokovic, is from Serbia. I’m visiting now, and the headline is: Countries in the Balkans are groping their way out of centuries of bloodshed and op
[Nouriel Roubini] How to prevent a depression

ViewpointsSept 25, 2011

AMSTERDAM ― The latest economic data suggests that recession is returning to most advanced economies, with financial markets now reaching levels of stress unseen since the collapse of Lehman Brothers in 2008. The risks of an economic and financial crisis even worse than the previous one ― now involv
[William Pesek] Underwear model shows an economy how to grow

ViewpointsSept 25, 2011

So this is what it has come to for Japan Inc.: a future in underwear instead of cars, color TVs or industrial robots. Long before 2010, when China surpassed it to become Asia’s biggest economy and Apple Inc. unleashed the iPad, Japan fancied itself a nation fated for global primacy. Its technology w
Why identifying a bubble is so much trouble

ViewpointsSept 25, 2011

We seem to be surrounded by “bubbles” ― tech stocks, real estate, and now maybe sovereign debt. You might expect that any textbook would have a precise definition of this phenomenon; some set of characteristics that distinguish sensible high prices in good times from prices that are “too high” or in
[Marc Flandreau] Getting to yes (again) with Germany on euro crisis aid

ViewpointsSept 25, 2011

GENEVA ― Europe’s slow-motion sovereign-debt crisis may appear unique, but it is not. Just a few decades ago, Europe had the Exchange Rate Mechanism, which collapsed during a crisis very much akin to the one afflicting Europe today. Will the outcome this time be different?The ERM was an arrangement
[Editorial] Restoring bipartisanship

EditorialSept 23, 2011

Up until several days ago, there had been no assurance that when Lee Yong-hoon retires as chief justice of the Supreme Court on Saturday, his successor would assume his duties without interruption. The presidential nominee for the top court post had been left in limbo, with the rival parties at logg
[Editorial] President’s men

EditorialSept 23, 2011

Corruption scandals involving people close to President Lee Myung-bak are spreading like wildfire, with many wondering whether they are a symptom or a precursor of Lee’s degeneration into premature lame-duck status.A businessman, who was convicted of falsifying corporate accounts and sentenced to a
[Zhang Monan] Value cooperation over cash with Europe

ViewpointsSept 23, 2011

Whether China and other BRICS members will give a helping hand to European countries that have been severely plagued by their looming debt crisis is now a hot topic around the world. China’s purchase of European debt would not be a show of generosity. To help extricate hard-hit European countries fr
[Bennett Ramberg] A watershed doctrine for America

ViewpointsSept 23, 2011

LOS ANGELES ― As the United States stumbles through its economic challenges at home, the pressure of world events will not subside. But America’s ability to address them has changed. Its fiscal weakness limits its ability to act as global policeman. Despite the relatively costless overthrow of the Q
ASEAN should heed lessons from EU crisis

ViewpointsSept 23, 2011

Although five major central banks have recently agreed to provide dollars for the European banking system in an effort to avert a funding crisis, the southern European countries are still not immune from a possible financial crisis that could send a tidal wave across the entire continent. The Europe
Taiwan must choose to build home-grown defense industry

ViewpointsSept 23, 2011

Now it is almost certain that the U.S. will refuse Taiwan’s request for the sale of the new F-16C/D fighter jets for Taiwan’s self-defense. While an official announcement on the U.S. Congress’s decision is expected next week, an unnamed senior congressional aide was widely quoted as saying that the
Japan’s ruling party must present state vision

ViewpointsSept 23, 2011

The Democratic Party of Japan must deepen debate on constitutional reform and present the vision of the state it aims to establish.In the Diet, Prime Minister Yoshihiko Noda said, “Amid the mountain of pressing issues we face, I don’t think constitutional revision is a top priority on the policy age
[Peh Shing Huei] Retired leaders’ vanishing act

ViewpointsSept 23, 2011

Former premier Zhu Rongji’s new book detailing his years in office created a media stir and strong reader interest when it went on sale early this month.But the man himself was nowhere to be seen.There were no book tours and media interviews and Zhu, 83, did not make a public appearance to promote h
[Editorial] Digital hospital exports

EditorialSept 22, 2011

Korea is set to create a new promising export industry by combining its advanced information technology with high-quality medical services and world-class construction prowess. The new export item emerging from this combination is a digital hospital ― an IT-based hospital in which all medical inform
[Editorial] Curbing greedy bankers

EditorialSept 22, 2011

The prosecution will soon launch a large-scale investigation into irregularities at 11 corrupt savings banks. They include five of the seven banks that were suspended Sunday for capital shortage and the six banks that avoided suspension of operations despite their lower-than-required capital adequac