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(Yonhap Feature) Anonymous economic prophet causes online storm
By Kim Young-gyo
SEOUL, Nov. 25 (Yonhap) -- An anonymous Internet pundit is being hailed as an economic prophet by South Koreans suffering from economic turmoil and drawing a cult following among the nation's netizens with his astringent critiques of government policy.
The handle "Minerva" has become the most talked about subject on Internet portal Daum, which provides the largest online forum for South Korean Internet users, after precisely predicting in a Sept. 10 posting that Lehman Brother would collapse.
Five days later, the mighty Lehman Brothers filed for bankruptcy in the United States.
On Sunday, Oct. 5, Minerva predicted that from Monday to mid-week, the South Korean won will drop sharply against the U.S. dollar, by at least 50 won a day.
Starting at 1,223 won per dollar, the South Korean won fell by 40 to 60 won a day for the following four days.
Each of Minerva's some 200 writings have drawn about 200,000 readers.
What has drawn increasing attention is not only the fact that some of his predictions are accurate, but also his stark criticisms of government policy on currency, real estate and the stock market .
"I have been reading all the postings written by Minerva. Minerva knows how the common people in this country are suffering in this economic situation," said an Internet user with a handle name "Ryan Shim."
"The reason that Minerva is hailed online as an 'economic president' is not merely that he has predicted some of the current situations accurately," said Park Joon-chul, an office worker at a South Korean conglomerate. "It is because Minerva stressed how the masses, who make up 99 percent of the society, should react to the economic troubles, while the government has shaped policies for the other one percent."
Minerva attacked President Lee Myung-bak -- who won a landslide victory in last year's election on the promise to revive South Korea's economy -- over his controversial decision to lower taxes on high-end homeowners, claiming it will only set back further the country's economy.
The posting aroused public sympathy as the decision is viewed by many as a measure benefiting only the country's wealthy.
Finance Minister Kang Man-soo claimed at a parliamentary session earlier this month that online pundits like Minerva only serve to foment public distrust of government policies.
His admission that the government tried to find out Minerva's identity drew vociferous criticism from enraged Internet users.
According to a newspaper report, the government officials presume Minerva to be a man in his fifties, who had worked at an asset management company and had lived abroad.
"There is no restriction on who can forecast the economic situation. While some give outlooks agreeing with the government, others can go against the government," said Woo Seok-hoon, an economics scholar at Song Kong Hoe University.
"This whole syndrome is a reactive phenomenon, caused by the government and traditional media which have been out of tune with the current economic situation," said Kim Sang-jong, a professor at Seoul National University.
"Minerva is filling the void the public has been feeling," Kim said. "If the government and media stay limited in their scope, pundits like Minerva will continuously emerge."
Minister Kang, a long-time friend and economic adviser to President Lee, has been often bashed for what opposition parties and investors charge as inconsistent policies and misguided remedies.
Kang on Sep. 19 claimed that South Korea will be soon out of financial difficulties, saying the country has "an adequate amount of foreign exchange holdings and sound financial firms."
Less than a week later on Sept. 24, Kang changed his position, saying the current crisis would "be worse than the previous financial crisis" of 1997 when South Korea was bailed out by the International Monetary Fund.
Everyone once again turned to the anonymous pundit who, this time, predicted that South Korea's benchmark Korea Composite Stock Price Index (KOSPI) and real estate prices will be halved in value.
"The stock market will bottom at 500 points in South Korea and 5,000 points in the U.S. The Chinese stock market will plummet until it goes under 1,000. The value of real estate in both southern and northern part of Seoul is likely to fall by more than half," Minerva said in an article contributed to the December edition of monthly news magazine Shin Dong-A.
"The recession (in the real estate market) will continue until 2010."
South Korean media on Monday tried to verify Minerva's claims, combing through the pundit's online postings.
"The point of the 'Minerva Syndrome' is that the government needs to come up with more insightful countermeasures against the economic crisis," said an employee at a Seoul bank, asking for anonymity. "The government first needs to gain trust."
Social commentator Kim Hun-shik cautioned against being too taken in by the outspoken pundit.
"When instability is widespread, demand for information rises. However, when uncertainty grows, the amount of information decreases as official channels of information become more reserved," Kim said.
"Minerva's strength is that its handler was able to write what he wanted to write, hiding behind anonymity. Minerva does not have to take any responsibility for what he is saying, but some of his sayings turned out to be right."
ygkim@yna.co.kr
(END)
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