Sheba,
Fascinating article.
Some quotes from your article and my comments in bold
"The reforms, if they take hold, would also break up a tightly controlled economy in South Korea where giant conglomerates, known as chaebols, have found ready access to government-backed loans to expand into a huge range of industrial sectors including shipbuilding, electronics and car manufacturing even though profits in these businesses have often proved elusive. Because so much money has been loaned to these family-run conglomerates that employ hundreds of thousands of Koreans, banks have refused to extend credit to small- and medium-size businesses."
"Like other giant Korean electronics firms, Samsung has been hurt by the glut of memory chips, which has cut prices for 16 MB and 64 MB DRAM chips even as the firms have brought more foundries into production."
Oh, really? What a surprise! Samsung is just a victim of circumstance, how unlucky! They deserve more money.
And:
"Korean officials maintain, however, that the nation's problems are only short term and can be solved with cash, not a trip to the economic woodshed. Seoul does not want to lose control of its economy to outside bankers."
'Korea's current situation requires a simple infusion of liquidity, rather than policy intervention,' Lim said Monday."
Yeah, right, just "a simple infusion of liquidity". Sure, guys. So you can keep selling your goods at a loss, and drive legitimate businesses out of business.
And:
"In the streets, Koreans were stunned and a bit shamed by the nation's economic downfall.
'We are so unbalanced, and unstable,'' complained Park Kyung Joo, a U.S.-trained designer and artist. ''We go from very good to very bad so quickly. Frankly, it's little bit scary.' "
It should be scary. As if they were ever "very good". These people have had their labor stolen from them, the whole illusion propped up by a shell game of huge proportions. And of course, they will be the ones who will suffer far more than the real criminals who have been perpetrating the whole hoax, and who undoubtedly will stay in power. If they were Japanese--old style Japanese, anyway--they would commit an honorable suicide. Or at least have the decency to resign.
Must be god's will (reference to the parents of the septupelets who took fertility drugs to get pregnant, then said praise the lord, it was his "plan"--Korea isn't home to the only loonies in the world, as if anyone didn't know).
These people have no shame. |
