The right sees Obama’s falling numbers and Israeli pressure as signs that war with Iran is imminent. Chairman of the Joint Chiefs of Staff Mike Mullen went on record with “Meet the Press” that America is ready to attack Iran. However, Front Page Magazine reports that North Korea may be the next opponent in a horrific war. Businesswise, a New Korean war would hurt both South Korea and the U.S., while North Korea would no doubt be totally devastated.
A New Korean War in somber tones
Numerous territory clashes between North Korea and South Korea – which culminated in the sinking of the South Korean ocean vessel Cheonan – have pulled the U.S. into the potential New Korean War conflict, says Front Page and various other news sources. North Korean leader Kim Jong-il says his country is ready to fight, which has caused global stocks to plummet. That task of unification, according to the Associated Press, could include “powerful nuclear deterrence.”
In addition to outright war, North Korea has also said that sanctions levied over the Cheonan incident will also prompt a violent response.
The U.S. in on South Korea’s side
A recent opinion poll indicates that more than half of American adults fully expect a new Korean War in the near future, reports UPI. Among those respondents, less than half are against the U.S. getting directly involved in a North-South Korean conflict. Considering the Secretary of State Hillary Clinton said after the Cheonan sinking that the U.S. would defend its ally – South Korea – in an armed conflict with North Korea, the intent is clearly there.
Boasts of war, busts of business
In America, the noise over a new Korean War is financially troubling, says The Detroit Bureau. From an import standpoint, war could be disastrous. Automakers like Hyundai and Daewoo, as well as electronics manufacturers like LG would be hurt, as would import-dependent retail giants like Wal-Mart and Best Buy. The South Korean economy would dip, and the war would send refugees over the border into China, whose economy would also be hurt. Eventually the domino effect would hit the U.S.
America without South Korean imports
As South Korean manufacturers have admitted that they don’t have a New Korean War contingency plan, lanes of shipping would likely dry up. North Korea reportedly doesn’t have a top flight military anymore, but the potential is still there for significant damage to lives and economic systems. If commerce lanes are blocked, South Korea and America will suffer, even though North Korea will no doubt suffer ultimate defeat.
Associated Press: http://newser.com/article/d9h5b3183/north-korea-threatens-nuclear-retaliation-to-us-south-korea-military-exercises.html
The Detroit Bureau: http://thedetroitbureau.com/2010/05/how-a-new-korean-war-would-affect-u-s-business/
Front Page Magazine: http://frontpagemag.com/2010/05/26/the-new-korean-war/
Real Clear Politics: http://realclearpolitics.com/articles/2010/08/04/iran_war_option_on_the_table_106598.html
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