The Korea Herald

[Yuriko Koike] The sun will rise again for the Japanese

ViewpointsApr 22, 2011

TOKYO ― In Japan, memorial services for the dead are normally held 49 days after their passing. The bereaved mourn throughout this period. The number of victims of the earthquake and tsunami that assaulted the Tohoku region of northeast Japan has now reached around 30,000, if those who are still missing are included. This was the largest natural disaster to strike Japan in its history, and the ent
[Editorial] Checks on reactors

EditorialApr 21, 2011

Concerns about the safety of the nuclear reactors in Korea are growing as problems arise in succession at the reactors of the Gori nuclear power plant near Busan. The Gori-1 reactor, the oldest in Korea, which started operation in 1978, shut down on April 12 after a fire destroyed one of its circuit breakers. At first, Korea Hydro & Nuclear Power Co. said a defective power switch caused the power
[Editorial] Defusing debt bomb

EditorialApr 21, 2011

The Korean economy is sitting on a ticking time bomb ― household debt that has topped 800 trillion won. To figure out the risks that this huge debt bomb poses to the national economy, one has only to remember that one percentage point hike in interest rates would increase the interest payment burden on households by 8 trillion won a year. No wonder the Bank of Korea has been hesitant to raise the
Bad immigration laws wilt under own weight

ViewpointsApr 21, 2011

Some political candidates campaigned last fall with a promise to “Take Back Our Country” and urged states to follow Arizona’s lead in enacting state immigration laws that would fill the void left by a neglectful federal government.The fervor grew intense as they whipped up a lather of fear. Arizona Gov. Jan Brewer talked about headless bodies being dumped near the border with Mexico (which she lat
[Rajan Menon] The future of Libya

ViewpointsApr 21, 2011

The fighting in Libya has reached a stalemate: Moammar Gadhafi has proved far more resilient than his adversaries anticipated, and he has also exposed the limits of what can be accomplished by war from afar. If NATO decides to end the standoff by attacking his forces with greater ferocity, there’s only one nation (you guessed it) with the requisite power.This much is evident. What remains unclear
[Wei Jingsheng] A return to the Cultural Revolution?

ViewpointsApr 21, 2011

WASHINGTON ― On April 3, the Chinese Communist authorities secretly detained the well-known artist Ai Weiwei. Neither his family nor friends were notified of what happened to him, why he was seized or where he was. Like everyone else, they have now learned from the Xinhua News Agency that he is under investigation for “economic crimes.”Since this happened to one of China’s most well-known cultural
[Trudy Rubin] Dealing with Pakistan: A few suggestions

ViewpointsApr 21, 2011

The unhappy marriage of convenience between the United States and Pakistan survived another squabble last week.Pakistan threatened to halt CIA drone strikes against militants in its tribal areas, one of the only effective U.S. tools for hitting al-Qaeda and Taliban operatives based there. Pakistani officials then leaked their demand that Washington sharply reduce the number of CIA and special-forc
[Laurence Kotlikoff] Obama might trade parties with Paul Ryan

ViewpointsApr 21, 2011

We all know that Democrats want to spend more on people and Republicans want to tax people less. But giving someone an extra dollar is no different than taking a dollar less from that person; raising spending is the same as cutting taxes, and cutting taxes is the same as raising spending.Gee, maybe Democrats are closet Republicans, and Republicans are closet Democrats.Of course some spending isn’t
[Mohamed A. El-Erian] How risky is the global economy?

ViewpointsApr 21, 2011

NEWPORT BEACH ― Three years after the global financial crisis, the global economy remains a confusing place ― and for good reasons.Should we draw comfort from gradual healing in advanced countries and solid growth in emerging economies? Or should we seek refuge against high oil prices, geopolitical shocks in the Middle East, and continued nuclear uncertainties in Japan, the world’s third largest e
[Editorial] Bad bank

EditorialApr 20, 2011

The proposed establishment of a bad bank is set in motion by the financial regulators, who are worried that soured project financing loans, if not dealt with appropriately, could cause a financial crisis. At the request from the regulators, creditor banks will sooner or later discuss the details, including how much of money each of them will chip in to set up a bad bank and how much of toxic loans
[Editorial] Overeducating

EditorialApr 20, 2011

The number of people who are highly educated but economically inactive has been increasing at an alarmingly high rate during the past decade ― surely an unwelcome reminder to parents that the costly efforts to send their children to university may not pay off.As opposed to the economically active population, those economically inactive are people who do not work and, at the same time, do not meet
Obama’s decision a blow to the rule of law

ViewpointsApr 20, 2011

The administration of U.S. President Barack Obama has abandoned plans to try several terrorists, including the alleged mastermind of the Sept. 11, 2001 attacks, in civilian courts. Instead, it will use military tribunals to administer justice. It is a sad decision. The United States should be leading efforts to show that the fight against terrorism does not require sacrificing the very values that
[Michael Smerconish] Working at McDonald’s and lovin’ it?

ViewpointsApr 20, 2011

When I heard that McDonald’s planned to hire 50,000 people next Tuesday, I thought it was a sign of reluctance by suburban kids to enter the workforce by wearing the Golden Arches.I’m one of the many Americans who have worked at a McDonald’s, which puts me in the company of Jay Leno, Carl Lewis, Keenen Ivory Wayans, Andie MacDowell and Macy Gray. But it’s a bigger group than that. Some estimates s
[Nouriel Roubini] China’s growth strategy is a bad bet

ViewpointsApr 20, 2011

LONDON ― I recently took two trips to China just as the government launched its 12th Five-Year Plan to rebalance the country’s long-term growth model. My visits deepened my view that there is a potentially destabilizing contradiction between China’s short- and medium-term economic performance.China’s economy is overheating now, but, over time, its current overinvestment will prove deflationary bot
The best remedy for the price of gas

ViewpointsApr 20, 2011

There is no magic wand that will bring down the price of gasoline, which has once again crossed the $4 mark. But there is a long-term solution that will inoculate us from higher costs in the future.The Obama administration can’t do much to lower the price of a gallon of gas, but it is on the cusp of a crucial decision that could help consumers come out ahead because they would need less gas.Offici