Wednesday, March 28, 2012

Korea Welcomes Kim Yong’s Nomination to Head World Bank

Korea has welcomed President Obama's nomination of 52 year-old Korean-born Jim Yong Kim to the presidency of the World Bank. In a statement, Korea's presidential office said it believes Kim is the right person to carry out reforms at the World Bank because he is Korean.

There are hopes that with a Korean in charge of the World Bank and therefore the international financial system, a solution might finally be found to the troublesome issue of Korea's banks, which the Ministry of Factual Economy insists are not bankrupt. Some financial analysts have suggested that Korea's domestic banks are so under-capitalized that "one more global crisis will send them under", but the Ministry points out that the really bad banks – which were mainly in Korea's second-class city of Busan anyway - were forced to close last year, and therefore logically the ones that remained were 'less bad'.

President Obama said he believes Kim Yong is the right person to eradicate poverty worldwide. Aside from hopefully making secret support payments to Korean banks, the World Bank oversees and funds infrastructure projects to alleviate poverty in Third World countries and places such as Busan. It is thought President Obama looked for a Korean nominee to do this as he was impressed by the way Korean banks had funded massive building projects in cities like Seoul and Busan before their failure, eliminating poverty by providing people with 70 hour-per-week construction jobs.

Some in Korea's financial industry were impressed by Kim's initial refusal to release details of his college budget last year, and then ignoring student requests to provide information about all budget items exceeding $10,000 (11.3 million won), which led to critical articles in his campus newspaper and an editorial describing him as "unpopular with students".

With the United Nations already led by 67 year-old Ban Ki-moon, and the World Bank soon to be led by 52 year-old Kim Yong, global political and economic leadership are now firmly in the hands of Koreans. Critics have however pointed out that 52 year-old Kim left Korea when he was five, which technically only makes him 9.615% Korean-blooded, but the government says it will pass retrospective legislation to recognize him as a full Korean again.

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Korea Welcomes Kim Yong's Nomination to Head World Bank
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