Minerva (Internet celebrity)
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Minerva (Template:Lang-ko) is the internet username of a "netizen" who wrote about the Korean economy and the economic policies of the Korean government. Minerva, or person(s) behind that handle, posted articles in Daum Agora from March 2008 to January 2009. Daum Agora is one of the largest internet debate bulletin boards in South Korea.
Minerva has successfully predicted major events in Korean economy and was quick to provide solutions both for the government and households. Despite his/her warnings, the Korean government's economic policies continued to steer the nation's economy the wrong way, with Minerva becoming one of the most influential critics of the government policies. It was under this background that Minerva became known as “the Internet Economic President”. Among the famous predictions Minerva has made are: the collapse of Lehman Brothers and its potential consequences, and the sharp decline of South Korean currency value against the U.S. dollar at specified time points.[1]
Arrest of Minerva
On 2009 January 7, prosecutors arrested a suspect[2] believed to be Minerva for "spreading false rumors on the Internet". The prosecutors announced the anonymous Internet economist was a 30-year-old unemployed man.[1]
An article was posted by Minerva on December 29, 2009, in the economy section of Daum Agora bulletin boards. The article claimed that the Korean government issued an urgent directive to major financial companies and explicitly held a ban on purchase of U.S. dollars. The Korean Ministry of Strategy and Finance quickly made a statement denying any such move from the government. The Agora post was initially screened from viewing by Daum and was later removed by the author. Minerva responded with an apology for the article.
It was that article that prosecutors are said to be motivated to arrest Minerva. They have regarded it as a false rumor.
Original text is:
2008년 12월 29일 오후 2시 30분 이후 주요 7대 금융 기관및 수출.입
관련 주요 기업에게 달러 매수를 금지할 것을 긴급 공문 전송.
- 정부 긴급 업무 명령 1호-
중요 세부 사항은 각 회사별 자금 관리 운용팀에 문의 바람. 세부적인 스
팩은 법적 문제상 공개적으로 말할수 없음.
단 한시적인 기간 내의 정부 업무 명령인 것으로 제한 한다.— 미네르바 글모음 제4권, 10. 대정부 긴급 공문 발송 - 1보 (2008-12-29)[3]
Translation of the text is:
2008 Dec 29, after 2:30 PM, sending an urgent official note to the 7 main financial agencies and export-import
corporations not to buy dollars
- the Government Urgent Business Direction No.1 -
Important details can be inquired to finance management team of the corporation. Det-
ails cannot be told owing to legal problem.
But this order is limited within a fixed period.— Minerva Writings Collection Vol.4 Art.10. Sending an urgent official note to[4] the government - First report (2008-12-29)
Controversy
There are many doubts and criticisms surrounding the arrest. For example, the law (Electronic Communication Fundamental Law, Template:Lang-ko) Minerva is known to have perpetrated is unconstitutional.
A person spreading a false rumor to damage public good by using a electronic machine is sentenced to imprisonment for under five years or given a fine of under 50,000,000 won
— Electronic Communication Fundamental Law Article 47 Clause 1, Republic of Korea
Many people doubt whether the writings of Minerva are obviously false. There is evidence indicating that the government did control the exchange rate.
Lee Seok-Hyeon, a congressman of Democratic Party, argued that the government actually requested to restrain buying dollars. As for him, Ministry of Strategy and Finance called finance managing staffs of the 7 main banks into a meeting in Korea Federation of Banks, Myeongdong, Dec 26, 2008. In the meeting, the authority asked them for self-restraint on purchasing dollars. Lee Seok-Hyeon said he heard it directly from a man joining the meeting.[5]
Foreign bloggers writing about Korea have cast doubt about the government's handling of the opinionated blogger. Some express concerns that this would mean demise of freedom of speech in Korea.[6]
Chronology of events
- 2008-3 : Minerva, starts to post in Economics discussions bulletin in "Agora"
- 2008-7-14 : Minerva, "Household better to prepare for the commodity price rise" predicts heavy impact on Korean households of USA's sub-prime Mortgage
- 2008-8-25 : Minerva, "Korean Development Bank has to consider toxic asset that amounts to 50billion KRW" objects to the acquisition of Lehman Brothers by Korean Development Bank. (Lehman shares tumbled over 90% on September 15, 2008)[7]
- 2008-8-29 : Minerva, predicts rise of KRW against USD to 1125 in mid September, 1180~1200 in end of September.
- 2008-9-18 : Minerva, "short cover the security funds, because KOSPI will fall to 1210~1235". (KOSPI was at that time 1392)
- 2008-10-6 : Minerva, predicts that KRW may surge to 1400 without Korea-US currency swap (KRW went over 1400 against USD in the end of October)
- 2008-11-3 : Minister of Justice, mentioned possible investigation on "Minerva"
- 2008-11-11 : Press reported "Minerva is supposed to be a man in early 50s with experience with securities company, having stayed overseas, quoting intelligence agency.
- 2008-11-13 : Minerva, announces to stop posting.
- 2008-11-16 : Union of citizen for democratic press, awards Minerva the Prize
- 2008-11-17 : KBS, Current Affairs 360, broadcast a programme, 'Why, Minerva phenomenon?'
- 2008-11-18 : Professor Kim, Tae Dong, makes an apology regarding the interview with Sisa360(Template:Lang-ko, a TV program about current affairs), saying that the interview with himself was distorted by the producer.[8]
- 2008-12 : A magazine(affiliated with Dong-A Ilbo), "Sin Dong-A" published "Minerva"'s contribution arguing that it contacted him secretly. (But Minerva denied he has ever contacted Sin Dong-A)[9]
- 2008-12-24 : A staff of Ministry of Strategy and Finance admitted to the reporters that he asked for "supports" to major importers, exporter, state owned enterprises, and financial institutions.[10]
- 2008-12-29
- Minerva posted about the government intervention, hinting households and small and medium enterprises should utilize the chance.
- Ministry of Strategy and Finance denies the intervention in a press release[11]
- Prosecutors started an investigation.[12]
- 2009-1-5 : Minerva's last posting, "We should rely on hope"
- 2008-1-7 : Minerva arrested by the Prosecutors
Objection against KDB's takeover of Lehman Brothers Holdings
Minerva expressed concerns over the planned takeover of Lehman Brothers Holdings, Inc. by the Korean Development Bank (KDB). This was well before the financial instability of the US investment bank was known to the public.
See also
References
- ^ a b Prosecutors arrest man known as ‘Minerva’, Hankyoreh, 2009-01-09
- ^ The Korea Times: Foreigners Puzzled Over Minerva's Arrest, 2009-01-11
- ^ Minerva usually writes articles untidily.
- ^ A Korean prefix '대-' means 'big', 'great' or 'to (something/someone)'. So the article name can be interpreted as "Great government sending an urgent official note - First report". The original article was also vague to Korean readers.
- ^ Lee Seok-Hyeon, "Gov actually ask not to buy dollars" (Korean), edaily, 2009-01-10
- ^ Foreigners Puzzled Over Minerva's Arrest, Koreatimes, 2009-01-11
- ^ "Lehman folds with record $613 billion debt". Marketwatch. 2005-09-15. Retrieved 2008-09-15.
- ^ Professor Kim "Sorry Minerva" Apology for interview with Sisa360... Netizens demanding an apology from PD (Korean), Chosun Ilbo, 2008-11-19
- ^ "Sin Dong-A manufacturing contribution of Minerva. Minerva hasn't interviewed" (Korean), MoneyToday, 2009-01-09
- ^ "At the time, the gov briefed "intervention in the foreign exchange market" off the record." (Korean), Hankyoreh, 2009-01-09
- ^ "Prosecutors "Arrested urgently Minerva, and examination"" (Korean), Dong-A Ilbo, 2009-01-08
- ^ "Prosecutors, urgently arrested Minerva" (Korean), Yonhap News, 2009-01-08
External links
- Economist, False God?/online Nostradamus, and the search for his identity
- Financial Times, Financial blogger arrested in South Korea
- AFP, South Korea's arrested Internet pundit pleads not guilty
- Minerva, the reasons of Arrest (Cartoon)
- Minerva's writings (collected by Collecting Writings of Daum Agora Minerva (Template:Lang-ko)) (Minerva writings were all deleted. But the internet community collected his writings and made 4 PDF files which can be freely downloaded.)