Search Results for: of fools and their money

April 30, 2018

Moon Jae-in just put Seoul on a collision course with U.S. & U.N. sanctions (updated)

THE ONE INVIOLABLE RULE OF INTER-KOREAN SUMMITS IS THAT THERE IS ALWAYS A SCANDAL sooner or later. Kim Dae-jung’s summit with Kim Jong-il in 2000 resulted in a Nobel Peace Prize, eight indictments, six convictions, and a bunch of suspended prison sentences for an illegal payment of $500 million to North Korea. Otherwise, it did not disarm North Korea and did not produce a lasting reduction of tensions.((Previously said $500,000. Since corrected.)) Roh Moo-hyun’s 2007 summit with Kim Jong-il also...

Categories An Alliance?/Kaesong/North-South/Sanctions/Sunshine
June 15, 2017

Meet the fresh-faced kids who want you to commit a felony for Kim Jong-un

I confess that I’ve always hated Facebook, but every now and then, I see something there that interests me. One such example is the Facebook page of a group called Delegations for Dialogue, which led me to this slickly produced website. As it turns out, Delegations is run by a cast of improbably young characters promoting investment in North Korea through a “fact-finding†trip to Rason this August. Now, I suppose there are two kinds of people in this world...

Categories Money Laundering/Sanctions
March 28, 2017

Why human rights must be a part of the Trump administration’s North Korea policy

Yesterday, the State Department hailed the U.N. Human Rights Council’s adoption of a resolution condemning North Korea’s human rights abuses and recommending that member states help identify perpetrators for possible prosecution. The U.N.’s progress has been agonizingly slow, and I won’t argue against those who say that the HRC’s membership standards are Exhibit A in the case for reforming it. Still, for an administration that has not emphasized human rights, that’s an encouraging sign. By now, it’s fairly clear that...

Categories Human Rights
March 6, 2017

Yay, it happened! Jim Rogers got burned by hyping North Korea!

And just like that, crackpot investment advisor Jim Rogers joins the distinguished company of Hyundai Asan, Volvo, Yang Bin, David Chang and Robert Torricelli, Chung Mong-Hun, Roh Jeong-ho, and Orascom’s Naguib Sawaris, all of whom won Darwin Awards in North Korea. I’ve previously written about Rogers and his enthusiasm for North Korea and its worthless currency. That OFK post caught the eye of a New York Times reporter, who has just published a story on the relationship between Rogers and his self-described business...

Categories "United" Nations/Money Laundering/Sanctions/U.S. Law
December 15, 2016

What’s that? You want the Sunshine Policy back? Good luck with that.

If Nate Silver is feeling humble these days, just let him try to predict who wins the next election in South Korea. In the 12 months between now and the time South Korea elects its next president, the ruling Saenuri party will probably break up. God willing, new candidates will emerge to supplant the dismal fare it has served until now. Divisions between the pro- and anti-Park Geun-hye factions may or may not heal. Ban Ki-moon may or may not...

Categories Kaesong/Korean Politics/Sunshine/U.S. & Korea
December 7, 2016

For North Korean banks, 2016 has been like that Corleone baptism montage

Years from today, North Korean bankers will remember 2016 as their annus horribilis. In February, a month after the North’s fourth nuclear test, Congress passed, and the President signed, the North Korea Sanctions and Policy Enhancement Act. Section 201 of the new law all but compelled the Treasury Department to designate North Korea a Primary Money Laundering Concern under section 311 of the Patriot Act. Section 311 allows for a menu of special measures to protect the financial system against...

Categories Money Laundering/Sanctions
September 23, 2016

Invest in North Korea? Don’t let Jim Rogers talk you into prison.

For a few years now, I’ve heard that hedge fund investor, TV provocateur, and crackpot Jim Rogers has been urging his audiences to invest in North Korea. A few years ago, that advice might not have done much worse than condemn your soul to eternal damnation and bankrupt you, the way it bankrupted (or nearly bankrupted) Orascom Telecom and any number of other investors who preceded it. Since at least March, however, Rogers’s advice has been malpractice on a whole new...

Categories Sanctions/Useful Idiocy
July 27, 2016

What Pyongyang Must Do to Get Sanctions Lifted

If a problem cannot be solved, enlarge it. – Dwight D. Eisenhower In yesterday’s post, I confronted two unwelcome facts: first, that Kim Jong-un almost certainly will not give up his nuclear arsenal voluntarily; and second, that we cannot learn to live with a nuclear North Korea (or more accurately, it will not learn to live with us). To these, I’ll add a third: things in Korea will certainly get much scarier over the next few years. Pyongyang is blaming...

Categories Sanctions/U.S. Law
December 16, 2015

Attention North Korean generals: You have exactly six months to plot your coup.

Notwithstanding some reports to the contrary yesterday, it looks like Kim Jong-Un’s big party congress will proceed in May, as planned. According to the Korean Institute for National Unification, a South Korean think tank, personnel changes will be on the agenda: North Korean leader Kim Jong-un is expected to reveal his new aides in a major community party convention to be held in May next year, a South Korean government think tank said Tuesday. [….] Chances are high that it will set...

Categories Engagement/Kremlinology/NK Economics
October 12, 2015

The Myth of North Korean Socialism: How Pyongyang’s Profiteers Fooled the World

Over this long weekend, I’ve been reading Brian R. Myers’s new book, “North Korea’s Juche Myth,” a copy of which Prof. Myers was kind enough to send. Myers argues that juche, that cryptic ideology reporters often mention but never explain, is a sham ideology that is both overblown and seldom understood, by foreigners as well as North Koreans. Very roughly translated, juche means that man must be the master of his own destiny (in contrast to North Korea’s reality, in...

Categories Class Warfare/Engagement/Propaganda/Sunshine/Useful Idiocy
January 27, 2014

Open Sources, January 27, 2014

~ 1 ~ NORTH KOREA PLANNED AN ATTACK ON INCHEON AIRPORT? If Park Geun Hye seems “skeptical about North Korea’s recent conciliatory proposals” and suspects that they could be “a prelude to an attack on South Korea” this may be why: North Korea secretly carried out military exercises simulating an attack on a civilian airport in South Korea, mobilizing special jet fighters designed to infiltrate Southern territory, a source told the JoongAng Ilbo. A South Korean government official who is...

Categories Anju Links
June 7, 2011

Will China Finally Pay a Price for Enabling North Korea?

A staffer for the new, improved, media-savvy Republican Staff for the House Foreign Affairs Committee forwards some interesting video clips of its senior members talking about U.S. policy toward China. First up is Committee Chair Ileana Ros-Lehtinen, who calls President Obama’s treatment of the Dalai Lama “shameful.” Next, Dan Burton contrasts this with the effusive welcome given to the ChiCom emperor, who used the occasion to embarrass his hosts and score points with nationalist, anti-American netizens at home. Finally, Chris...

Categories China/China & Korea/U.S. Politics
July 22, 2010

Plan B Watch: Clinton Announces Tightening of N. Korea Sanctions

Well, it’s about damn time: The Obama administration announced Wednesday that it would impose further economic sanctions against North Korea, throwing legal weight behind a choreographed show of pressure on the North that included an unusual joint visit to the demilitarized zone by Secretary of State Hillary Rodham Clinton and Defense Secretary Robert M. Gates. The measures, announced here by Mrs. Clinton after talks with South Korean officials, focus on counterfeiting, money laundering and other dealings that she said the...

Categories An Alliance?/Cheonan Incident/Counterfeiting/Money Laundering/Sanctions/U.S. & Korea
June 15, 2010

15 June 2010

Here’s more on that report of a ration cut in North Korea, which is sourced to Good Friends: The chairman of the Good Friends organization, based in South Korea, Pomnyun Sunim, says this is taking place because the North Korean government can no longer keep its citizens from starving. The Buddhist monk says the ruling communist party issued a directive May 26th that work units and individuals should fend for themselves. He says this can be understood as either a...

Categories Anju Links
May 24, 2010

Overthrowing Kim: A Capitalist Manifesto

[Originally published at The New Ledger, May 2010; edited for brevity in October 2017] Within the next 48 hours, South Korea is expected to announce that North Korea torpedoed and sank the warship Cheonan and killed 46 of her crew. Among the evidence the multinational investigation will cite will be the North Korean serial number on the torpedo’s propeller, recovered from the ocean floor. The sinking of the Cheonan may be the most serious North Korean provocation since 1968 —...

Categories Capitalism/Regime Change
April 13, 2010

Nothing to Offer, by Glyn Ford

Glyn Ford was a socialist member of the European Parliament until, under even its fringe-friendly rules, he lost his seat by placing fifth in the EP elections. Ford, an early defender of North Korea’s right to possess nuclear weapons, now finds himself with one less demand on his time, and so he reviews Barbara Demick’s Nothing to Envy. I’m not sure whether Ford himself or the Tribune Magazine is responsible for the headline under which his review is published: “North...

Categories Books & Films/Fiskings/Useful Idiocy
March 20, 2010

North Korea Lures Rajin Investment as It Threatens to Confiscate Kumgang

If you want to understand precisely how Kim Jong Il has managed to lure billions of dollars into a money pit that has delivered little discernible return on billions of dollars in investment, look no further than Kim Young Yun’s recent op-ed in the Joongang Ilbo for an object lesson in how incapable of learning some people are, particularly while under the influence of nationalism: Should we just sit back and watch the port of Rajin being handed over to...

Categories China & Korea/North-South/Sunshine