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World News See other World News Articles Title: Enemies Of The State By Benjamin Picton, Senior Macro Strategist at Rabobank Just when you thought that politics in 2024 couldn’t get any crazier, the President of South Korea declares martial law. President Yoon Suk Yeol made the declaration yesterday, justifying it as necessary to “eliminate anti-state forces” who he accused of sympathizing with North Korea. The declaration was opposed unanimously by the South Korean National Assembly in a bipartisan 190-0 vote (the balance of the 300 members were not present) as videos circulated on social media of the military surrounding the Assembly building. The Wall Street Journal reports that members had to resort to scaling fences to evade armed guards and attend the vote. Martial law was in effect for approximately six hours before President Yoon lifted it around 4am Wednesday following the vote. The Associated Press reports that an opposition party lawmaker claimed CCTV footage showed troops moving in a way that suggested they intended to arrest the leader of the main opposition party, the Speaker of the National Assembly and even the parliamentary leader of Yoon’s own party before martial law was lifted. It now appears likely that President Yoon will be impeached and fail to see out the remainder of his 5-year term due to expire in 2027. NEXTA @nexta_tv 🇰🇷 Presidents of South Korea 1. Syngman Rhee (1948–1960) – Overthrown. 2. Yun Bo-seon (1960–1962) – Overthrown. 3. Park Chung-hee (1962–1979) – Assassinated. 4. Choi Kyu-hah (1979–1980) – Removed by a military coup. 5. Chun Doo-hwan (1981–1988) – Sentenced to death after his presidency. 6. Roh Tae-woo (1988–1993) – Sentenced to 22 years in prison after his presidency. 7. Kim Young-sam (1993–1998) – Imprisoned during the term of President No. 3. As president, secured convictions against two of his predecessors. 8. Kim Dae-jung (1998–2003) – Imprisoned under President No. 3 and sentenced to death under President No. 5 (later pardoned). Nobel Peace Prize laureate. 9. Roh Moo-hyun (2003–2008) – Impeached (later overturned by the Constitutional Court). Investigated for corruption after his term and committed suicide. 10. Lee Myung-bak (2008–2013) – Arrested for corruption after his presidency; sentenced to 15 years in prison. 11. Park Geun-hye (2013–2016) – Impeached and arrested for corruption; sentenced to 24 years in prison. 12. Moon Jae-in – Recent president; no imprisonment. 13. Yoon Suk Yeol – Impeachment likely. Breaking international solidarity to pursue economic self-interest is certainly the current Zeitgeist. President Trump posted on Truth Social yesterday that he is “totally against” the acquisition of US Steel by Japan’s Nippon Steel. Trump said that a series of tax incentives and tariffs would instead make US steel “Strong and Great Again, and it will happen FAST!” Japan is, of course, an important defence partner of the United States. Meanwhile, China has just announced that it is imposing export bans on Gallium, Germanium and Antimony to the United States. All three minerals are used in the production of semiconductors and have other applications in technology, metallurgy, photovoltaic cells and fibreoptics. Reuters reports that China accounts for more than 98% of the world’s supply of Gallium and almost 60% of refined Germanium. A White House spokesperson said that the new restrictions highlight the importance of de-risking supply chains and finding alternative suppliers to China, but that would presumably require diplomacy and cooperation between the United States and her allies. What will be the carrots and sticks offered to encourage new production and supply of critical minerals? Finally, Bloomberg is this morning reporting that German Foreign Minister Annalena Baerbock has floated the possibility of NATO membership for Ukraine as part of a peace deal that could also include ceding some occupied Ukrainian territory to Russia. Ukrainian membership of NATO is likely to remain a red line for Russia considering that NATO encirclement is one of Russia’s major grievances that Vladimir Putin has used to justify his war, but it is interesting that the once unthinkable ceding of land is now being discussed openly by senior European leaders. This is starting to sound reminiscent of the Concert of Europe realpolitik that prevailed during the 19th century. With Donald Trump set to regain the keys to 1600 Pennsylvania Avenue next month, the ability to strike a deal that safeguards vital national interests while maintaining a balance of power on the continent will be all the more important. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
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