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127:. Prosecutors arrested a man they claim to be Minerva, Park Dae-sung, and charged him with the crime of electronically spreading false rumors that damage the public good. The true identity of Minerva, however, remains to be established. The arrest has also drawn international scrutiny. Minerva posted articles in
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All postings by
Minerva come from two IP addresses and a single log-on ID. The prosecutors say they can single out only one person that matches this criterion. Shortly after the arrest, the prosecutors let Park write a short essay on this year's economic perspective. He produced a one-page report
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newspaper published two articles from the purported
Minerva. In the first article Minerva summarized his previous postings in Daum Agora. In the second article, following the arrest of Park, he claims "Minerva" is in fact a small group of people in the financial business who are concerned with the
352:
quoted a government intelligence source on the identity of
Minerva. The intelligence representative has been quoted as saying that "the government needed to provide Minerva with correct information and statistics" as the reason for looking up his identity. The source said Minerva is an individual in
220:
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. Details cannot be told owing
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Agora bulletin boards. The article claimed that the Korean government issued an urgent directive to major financial companies and explicitly mentioned 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.
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Minerva has successfully predicted major events in the Korean economy and was quick to provide solutions for both the government and households. Despite his warnings, the Korean government's economic policies remained controversial, with
Minerva becoming one of the most influential critics of the
389:
Although the reference to "K" gets reiterated in Shin DongA's articles, readme retorted their version
Minerva is a pure fiction. Park, the arrestee, stated he never wrote for Shin DongA. The prosecutors, however, announced that they have no plan to investigate Shin DongA's "Minerva K".
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which the prosecutors found professionally written. Others pointed out a number of faults in basic knowledge and lack of style. Particularly erroneous was his observation on the growth rate of the
Chinese economy, which he expected to become negative in 2009.
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2008-8-25: Minerva, "Korean
Development Bank has to consider toxic assets that amounts to 50billion KRW" objects to the acquisition of Lehman Brothers by Korean Development Bank. (Lehman shares tumbled over 90% on September 15,
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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.
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575:' 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.
299:) argued that though it is about the criminal penalty, the clause is vague, which is against the Law of Clearance, meaning that the law about crime must be clearly declared for people to understand it, derived from
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A person spreading a false rumor maliciously intending to damage the public interest by using an electronic machine can be sentenced to imprisonment for under five years or given a fine of under 50,000,000
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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.
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2008-12-29: Minerva posted on the government intervention, hinting that households, small and medium enterprises, should utilize this opportunity to profit from changing foreign exchange rates.
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There has been a Daum Agora poster claiming to be a distant acquaintance of Minerva's. The reference "Minerva K" comes from his posting, where "K" is an alphabetical equivalent of a binary
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early 50s who has worked overseas in the stock market business. Minerva subsequently announced that he will no longer post anything on the economy saying that "the country ordered silence".
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2008-12-24: A staff of Ministry of Strategy and Finance admitted to reporters that he asked for "support" of major importers, exporter, state owned enterprises, and financial institutions.
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government's policies. It was under this background that Minerva became known as "the Internet Economic President." Among the famous predictions Minerva has made were: the collapse of
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code Minerva has left in one of his postings. Readme's posting made a wave when he asserted that Minerva is a well-known and influential figure in the South Korean financial circles.
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On April 20, 2009 Park Dae-sung was acquitted and released from jail. The reasoning of the court was that if any of the statements he made were false, he did not know they were false.
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on December 26, 2008. In the meeting, the authority asked them for self-restraint in purchasing dollars. Lee Seok-Hyeon said he heard this directly from a man who was at the meeting.
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Lawschool Professor Park Kyung-Sin said "The most effective way to oppose rumors, which seem false, is not punishment to the speaker, but ensurance of the freedom of expression."
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2008-11-11: Press report "Minerva is supposed to be a man in early 50s with experience with securities company, having lived and worked overseas," quoting an intelligence agency.
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On February 17, 2009, the DongA Ilbo published an apology saying that their Minerva K was not the famous Daum Agora writer and the details are still under investigation.
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nation's economy. Shin DongA's Minerva claimed that Park has been unknown to his group and discredited Park, saying that he revealed serious lack of basic knowledge.
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he left in a posting on his identity in November 2008. Park only answered to questions 3) and 4) in an unsatisfactory way, according to a commentator Damdamdangdang (
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2008-7-14: Minerva, "Households should better prepare for commodity price rises" predicts the heavy impact on Korean households of USA's sub-prime Mortgage Crisis.
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However, South Korean law allows the prosecution to appeal the acquittal, and they are doing so. The appeal is expected to be ruled upon in the winter of 2009โ10.
429:. According to the prosecutors, he did not remember Tobin's q but answered to most of questions. He was able to provide lengthy answers to questions 2 and 3.
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436:) has aired an investigative special on Minerva. They gave Park a written test similar to the prosecutors'. The questions were: 1) dynamic hedging, 2)
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Many people doubt whether the writings of Minerva are obviously false. There is evidence indicating that the government did control the exchange rate.
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On January 7, 2009, prosecutors arrested a suspect believed to be Minerva for "spreading false rumors on the Internet". The prosecutors announced the
807:
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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.
849:)) (Minerva writings were all deleted. But the internet community collected his writings and made 4 PDF files which can be freely downloaded.)
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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)
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and its potential consequences, and the sharp decline of South Korean currency value against the U.S. dollar at specified time points.
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There are many doubts and criticisms surrounding the arrest. For example, the law (Electronic Communication Fundamental Law,
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Minerva Writings Collection Vol.4 Art.10., Sending an urgent official note to the government โ First report (2008-12-29)
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It was that article that prosecutors are said to be motivated to arrest Minerva. They have regarded it as a false rumor.
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2009-1-8: Ministry of Strategy and Finance denies intervening in the criminal prosecution of "Minerva" in a press release
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The prosecutors also tested Park's knowledge by asking a handful of financial jargons he has used in his postings: 1)
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2008-9-18: Minerva, "short cover securities, because KOSPI will fall to 1210~1235". (KOSPI was at that time 1392)
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and cross trade, 3) BDI and freight rates, 4) spread (between onshore and) offshore NDF markets, 5) 01001011, a
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317:, argued that the government actually did request banks to restrain from buying dollars. According to him, the
784:"At the time, the government was briefed on the "intervention in the foreign exchange market" off the record."
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2008-8-29: Minerva, predicts rise of KRW against USD to 1125 in mid September, 1180~1200 in end of September.
503:, a TV program about current affairs), saying that the interview with himself was distorted by the producer.
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Professor Kim "Sorry Minerva" Apology for interview with Sisa360... Netizens demanding an apology from PD
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123:. Minerva's writing evoked the ire of the Korean government, when an entry precipitated a run on the
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696:"<Special Contribution> There is no country but Republic of Korea which punishes a false rumor"
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2008-11-18: Professor Kim, Tae Dong, makes an apology regarding the interview with Sisa360 (
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2008-11-17: KBS, Current Affairs 360, broadcast a programme, 'Why, Minerva is a phenomenon?'
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2008-3: Minerva, starts to post in Economics discussions bulletin in Daum's "Agora"
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An article was posted by Minerva on December 29, 2008, in the economy section of
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2008-11-16: The Union of Citizens for a Democratic Press, award Minerva a Prize
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Electronic Communication Fundamental Law Article 47 Clause 1, Republic of Korea
772:"Sin Dong-A manufacturing contribution of Minerva. Minerva hasn't interviewed"
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2008-11-3: Minister of Justice, mentioned possible investigation of "Minerva"
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Economist, False God?/online Nostradamus, and the search for his identity
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called staff members of the seven main banks into a meeting at the
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to legal problem. But this order is limited within a fixed period.
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Financial blogger's arrest tests Korea's progress on human rights
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AFP, South Korea's arrested Internet pundit pleads not guilty
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2009-4-20: Park Dae-sung was acquitted and released from jail
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Agora, one of the largest Internet debate bulletin boards in
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Objection against KDB's takeover of Lehman Brothers Holdings
683:"Minbyun, "Gov putting prosecutors into the jaws of death""
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Financial Times, Financial blogger arrested in South Korea
796:"Prosecutors "Arrested urgently Minerva, and examination""
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2009-1-5: Minerva's last posting, "We should rely on hope"
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2008-11-13: Minerva, announces s/he will stop posting.
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Lee Seok-Hyeon, "Gov actually ask not to buy dollars"
303:, thus this clause is probably unconstitutional. And
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In February 2009, South Korea's TV broadcaster SBS (
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The Troubles of Korea's Influential Economic Pundit
291:Minbyun, Korean Lawyers for a Democratic Society (
649:"Economic Blogger Who Angered Seoul Is Acquitted"
506:2008-12: Shin DongA, a magazine affiliated with
272:) Minerva is known to have violated is possibly
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740:"Lehman folds with record $ 613 billion debt"
522:2009-1-7: Minerva arrested by the Prosecutors
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189:2008๋
12์ 29์ผ ์คํ 2์ 30๋ถ ์ดํ ์ฃผ์ 7๋ ๊ธ์ต ๊ธฐ๊ด๋ฐ ์์ถ.์
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169:economist was a 30-year-old unemployed man.
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839:Collecting Writings of Daum Agora Minerva
617:Prosecutors arrest man known as 'Minerva'
560:Minerva usually writes articles untidily.
80:Learn how and when to remove this message
808:"Prosecutors, urgently arrested Minerva"
727:Foreigners Puzzled Over Minerva's Arrest
637:Foreigners Puzzled Over Minerva's Arrest
528:2009-1-8: Prosecutors indict "Minerva" .
195:์ค์ ์ธ๋ถ ์ฌํญ์ ๊ฐ ํ์ฌ๋ณ ์๊ธ ๊ด๋ฆฌ ์ด์ฉํ์ ๋ฌธ์ ๋ฐ๋. ์ธ๋ถ์ ์ธ ์ค
43:This article includes a list of general
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542:Constitution of the Republic of Korea
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685:(Korean), Daily Seoprise, 2009-01-09
208:๋ฏธ๋ค๋ฅด๋ฐ ๊ธ๋ชจ์ ์ 4๊ถ, 10. ๋์ ๋ถ ๊ธด๊ธ ๊ณต๋ฌธ ๋ฐ์ก - 1๋ณด
135:, from March 2008 to January 2009.
191:๊ด๋ จ ์ฃผ์ ๊ธฐ์
์๊ฒ ๋ฌ๋ฌ ๋งค์๋ฅผ ๊ธ์งํ ๊ฒ์ ๊ธด๊ธ ๊ณต๋ฌธ ์ ์ก.
49:it lacks sufficient corresponding
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904:South Korean Internet celebrities
837:Minerva's writings (collected by
810:(Korean), Yonhap News, 2009-01-08
798:(Korean), Dong-A Ilbo, 2009-01-08
762:(Korean), Chosun Ilbo, 2008-11-19
313:Lee Seok-Hyeon, a congressman of
199:๋จ ํ์์ ์ธ ๊ธฐ๊ฐ ๋ด์ ์ ๋ถ ์
๋ฌด ๋ช
๋ น์ธ ๊ฒ์ผ๋ก ์ ํ ํ๋ค.
774:(Korean), MoneyToday, 2009-01-09
319:Ministry of Strategy and Finance
248:Arrest and freedom of expression
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786:(Korean), Hankyoreh, 2009-01-09
698:(Korean), Hankyoreh, 2009-01-09
381:), a current event magazine of
232:Acquittal and government appeal
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717:(Korean), edaily, 2009-01-10
651:article by Choe Sang-hun in
216:Translation of the text is:
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323:Korea Federation of Banks
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18:Minerva (Daum Agora user)
729:, Koreatimes, 2009-01-11
673:Magazine, November 2009.
349:Maeil Business Newspaper
337:Maeil Business Newspaper
924:Politics of South Korea
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197:ํฉ์ ๋ฒ์ ๋ฌธ์ ์ ๊ณต๊ฐ์ ์ผ๋ก ๋งํ ์ ์์.
64:more precise citations.
919:Economy of South Korea
909:South Korean activists
369:Shin DongA's Minerva K
346:On November 11, 2008,
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111:" who wrote about the
914:South Korean bloggers
301:Nulla poena sine lege
456:Chronology of events
27:Korean online writer
417:crisis in 1998, 4)
929:Anonymous bloggers
899:Internet activists
713:2011-07-22 at the
654:The New York Times
183:Original text is:
103:) is the Internet
894:People from Seoul
569:A Korean prefix '
193:- ์ ๋ถ ๊ธด๊ธ ์
๋ฌด ๋ช
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167:anonymous blogger
161:Arrest of Minerva
121:Korean government
117:economic policies
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373:Shin DongA (
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70:January 2017
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889:1978 births
442:binary code
327:Myeong-dong
266::
256::
243:Controversy
133:South Korea
62:introducing
878:Categories
852:Download:
746:2008-09-15
603:CS Monitor
583:References
508:DongA Ilbo
45:references
621:Hankyoreh
407:Tobin's q
711:Archived
536:See also
284:โ
224:โ
204:โ
115:and the
105:username
342:Minerva
269:้ปๆฐฃ้ไฟกๅบๆฌๆณ
259:์ ๊ธฐํต์ ๊ธฐ๋ณธ๋ฒ
119:of the
109:netizen
93:Minerva
58:improve
843:Korean
497:Korean
446:Korean
419:spread
375:Korean
340:'s
293:Korean
262:;
254:Korean
107:of a "
97:Korean
47:, but
934:Kakao
866:Vol.4
862:Vol.3
858:Vol.2
854:Vol.1
671:Wired
548:Notes
501:์์ฌ360
468:2008)
409:, 2)
363:ASCII
264:Hanja
450:๋ด๋ด๋น๋น
415:LTCM
174:Daum
129:Daum
101:๋ฏธ๋ค๋ฅด๋ฐ
423:NDF
411:BDI
379:์ ๋์
325:in
281:won
880::
864:,
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669:,
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609:^
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572:๋-
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