Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Bitcoin, Crypto Market Black Swans from Google to Obsolescence - 1st Aug 21
Gold Stocks Autumn Rally - 1st Aug 21
Earn Upto 6% Interest Rate on USD Cash Deposits with Binance Crypto Exchange USDC amd BUSD - 1st Aug 21
Vuze XR VR 3D Camera Takes Near 2 Minutes to Turn On, Buggy Firmware - 1st Aug 21
Sun EXPLODES! Goes SuperNova! Will Any planets Survive? Jupiter? Pluto? - 1st Aug 21
USDT is 9-11 for Central Banks the Bitcoin Black Swan - Tether Un-Stable Coin Ponzi Schemes! - 30th Jul 21
Behavior of Inflation and US Treasury Bond Yields Seems… Contradictory - 30th Jul 21
Gold and Silver Precious Metals Technical Analysis - 30th Jul 21
The Inadvertent Debt/Inflation Trap – Is It Time for the Stock Market To Face The Music? - 30th Jul 21
Fed Stocks Nothingburger, Dollar Lower, Focus on GDP, PCE - 30th Jul 21
Reverse REPO Market Brewing Financial Crisis Black Swan Danger - 29th Jul 21
Next Time You See "4 Times as Many Stock Market Bulls as There Are Bears," Remember This - 29th Jul 21
USDX: More Sideways Trading Ahead? - 29th Jul 21
WEALTH INEQUALITY WASN'T BY HAPPENSTANCE! - 29th Jul 21
Waiting On Silver - 29th Jul 21
Showdown: Paper vs. Physical Markets - 29th Jul 21
New set of Priorities needed for Unstoppable Global Warming - 29th Jul 21
The US Dollar is the Driver of the Gold & Silver Sectors - 28th Jul 21
Fed: Murderer of Markets and the Middle Class - 28th Jul 21
Gold And Silver – Which Will Have An Explosive Price Rally And Which Will Have A Sustained One? - 28th Jul 21
I Guess The Stock Market Does Not Fear Covid - So Should You? - 28th Jul 21
Eight Do’s and Don’ts For Options Traders - 28th Jul 21
Chasing Value in Unloved by Markets Small Cap Biotech Stocks for the Long-run - 27th Jul 21
Inflation Pressures Persist Despite Biden Propaganda - 27th Jul 21
Gold Investors Wavering - 27th Jul 21
Bogdance - How Binance Scams Futures Traders With Fake Bitcoin Prices to Run Limits and Margin Calls - 27th Jul 21
SPX Going for the Major Stock Market Top? - 27th Jul 21
What Is HND and How It Will Help Your Career Growth? - 27th Jul 21
5 Mobile Apps Day Traders Should Know About - 27th Jul 21
Global Stock Market Investing: Here's the Message of Consumer "Overconfidence" - 25th Jul 21
Gold’s Behavior in Various Parallel Inflation Universes - 25th Jul 21
Indian Delta Variant INFECTED! How infectious, Deadly, Do Vaccines Work? Avoid the PCR Test? - 25th Jul 21
Bitcoin Stock to Flow Model to Infinity and Beyond Price Forecasts - 25th Jul 21
Bitcoin Black Swan - GOOGLE! - 24th Jul 21
Stock Market Stalling Signs? Taking a Look Under the Hood of US Equities - 24th Jul 21
Biden’s Dangerous Inflation Denials - 24th Jul 21
How does CFD trading work - 24th Jul 21
Junior Gold Miners: New Yearly Lows! Will We See a Further Drop? - 23rd Jul 21
Best Forex Strategy for Consistent Profits - 23rd Jul 21
Popular Forex Brokers That You Might Want to Check Out - 22nd Jul 21
Bitcoin Black Swan - Will Crypto Currencies Get Banned? - 22nd Jul 21
Bitcoin Price Enters Stage #4 Excess Phase Peak Breakdown – Where To Next? - 22nd Jul 21
Powell Gave Congress Dovish Signs. Will It Help Gold Price? - 22nd Jul 21
What’s Next For Gold Is Always About The US Dollar - 22nd Jul 21
URGENT! ALL Windows 10 Users Must Do this NOW! Windows Image Backup Before it is Too Late! - 22nd Jul 21
Bitcoin Price CRASH, How to SELL BTC at $40k! Real Analysis vs Shill Coin Pumper's and Clueless Newbs - 21st Jul 21
Emotional Stock Traders React To Recent Market Rotation – Are You Ready For What’s Next? - 21st Jul 21
Killing Driveway Weeds FAST with a Pressure Washer - 8 months Later - Did it work?- Block Paving Weeds - 21st Jul 21
Post-Covid Stimulus Payouts & The US Fed Push Global Investors Deeper Into US Value Bubble - 21st Jul 21
What is Social Trading - 21st Jul 21
Would Transparency Help Crypto? - 21st Jul 21
AI Predicts US Tech Stocks Price Valuations Three Years Ahead (ASVF) - 20th Jul 21
Gold Asks: Has Inflation Already Peaked? - 20th Jul 21
FREE PASS to Analysis and Trend forecasts of 50+ Global Markets by Elliott Wave International - 20th Jul 21
Nissan to Create 1000s of jobs with electric vehicle investment in UK - 20th Jul 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Korea Steps Back From The Brink

Politics / North Korea Dec 21, 2010 - 05:24 AM GMT

By: Mike_Whitney

Politics

Best Financial Markets Analysis ArticleRealizing that its plan to intimidate North Korea has backfired and brought the peninsula to the brink of war, the Obama administration is now looking for ways to ease tensions. But South Korea's tough-talking President Lee Myung-bak has decided to go ahead with the controversial artillery tests on Yeonpyeong Island and risk a resumption of hostilities. The North has warned that if the drills proceed, they will respond with a "counterattack....that would be deadlier than the strike on Nov. 23."


On Monday, live-fire drills began on Yeonpyeong near the disputed border on the West Sea. An unknown number of South Korean citizens have been evacuated from the island and fighter jets have been scrambled.

The US State Department has defended Seoul's plan to conduct the provocative operations saying, "A country has every right to train and exercise its military in its own self defense". But the White House is worried that a flare up of hostilities will quickly escalate into a full-blown conflagration. So, New Mexico Gov. Bill Richardson has been dispatched to Pyongyang along with Wolf Blitzer and a team from CNN to (presumably) offer Kim Jong-il inducements to back down. As of Monday morning, there are indications that Richardson is making progress on his mission. According to China's Xinhua news service:

"Pyongyang has agreed to allow the return of UN inspectors following discussions with visiting New Mexico Governor Bill Richardson, CNN reported on Monday.

"The North agreed to allow International Atomic Energy Agency (IAEA) personnel to return to a nuclear facility in the country and agreed to negotiate the sale of 12,000 fresh fuel rods and ship them to an outside country, presumably to South Korea," CNN quoted its reporter Wolf Blitzer as saying, who is traveling with Richardson....

The DPRK has also agreed to consider Richardson's proposal for a military commission between the United States, the DPRK and South Korea as well as a hotline for militaries between the two sides on the peninsula, CNN said." (Xinhua)

The CNN report doesn't clarify what the North gets through the negotiations, but that should be expected. After all, Blitzer was sent (by the State Dept?) to construct a credible narrative that would make it look like the North was backing down. This report achieves that objective. But, in truth, the North has probably won major concessions from the US on bilateral talks as well as help building its lightwater reactors which is what they sought from the very beginning.

It's clear that Richardson was acting in an official capacity and that his trip as not "personal" as the State Dept claims. This is from the Korea Times:

"Bill Richardson, the New Mexico governor who is currently visiting North Korea, reportedly made some proposals to North Korea, amid high tensions on the Korean Peninsula as South Korea plans a live-fire drill.

According to CNN, Richardson met with North Korea’s top nuclear negotiator Kim Kye-gwan for one and a half hours and said he would expect the current tension would lessen if his proposals are accepted by North Korea, Yonhap said.

Richardson didn’t disclose what the “proposals” were..." (Korea Times)

"Proposals"? What sort of proposals was Richardson prepared to offer on his "personal trip"? The State Dept. is lying about Richardson's role in the affair which is clearly official. Richardson is trusted by Pyongyang because he worked on Clinton-era negotiations with the North (which the US now refuses to honor.) There's no one in the US diplomatic corps who could have worked out an 11th hour deal like Richardson.

As for Blitzer: By traveling with Richardson, CNN has shown that it's able to control the news cycle by spinning the details of the negotiations in a way that best serves the interests of the Obama administration. In all likelihood, the US probably conceded more than Blitzer reveals in his report, but there is no way of knowing just yet.

The United States has repeatedly bullied the North with sanctions, added them to the State Dept's list of terrorists, forced them from the Nuclear non-Proliferation Treaty (NPT), disparaged them to the world as a member of the "axis of evil", and threatened them with regime change. But now that US is faced with the real prospect of another war on the Korean peninsula, the administration has done a quick about-face and deployed its secret envoys (and propagandists) to defuse the situation.

So far, war has been avoided, but the details of the agreement remain sketchy.

By Mike Whitney

Email: fergiewhitney@msn.com

Mike is a well respected freelance writer living in Washington state, interested in politics and economics from a libertarian perspective.

© 2010 Copyright Mike Whitney - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Mike Whitney Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in