South Korea said on Thursday it had arrested an elusive blogger accused of undermining the country's financial markets with his doom-mongering, ending a case that has illustrated government unease with the growing influence of online gossip in the world's most-wired economy.
See, because "elusive bloggers" are what's wrong with modern economies today and if only we could get a handle on them we might not have had this problem. (That and mouthy congresscritters, short sellers, David Einhorn, Jim Chanos, John Paulson... you get the idea).
"Minerva", who was arrested on Wednesday, has become a celebrated online guru in South Korea during the crisis. He gained instant kudos for what were seen as uncannily accurate utterances on the fall of Lehman Brothers and the crash of the Korean won, which plunged 26 per cent against the dollar last year.
Although some had speculated he might be a civil servant or even a market insider, authorities said Minerva was an unemployed university graduate without any substantial expertise in economics.
Oh. Apparently we forgot to add "unemployed university graduates without any substantial expertise in economics."
In all seriousness, some clever talent spotter should give this guy UK citizenship and seed Minerva Capital, the dedicated Asian short fund.
Financial blogger arrested in South Korea [The Financial Times via the always excellent Alea]