At least there were no bombs bursting in air yesterday, and none so far today, as North Korea made good on its threat to test fire their Taepodong-2 multi-stage long-range missile, which, like early Hyundais, just couldn’t get the job done and was destroyed 40 seconds or so after launch. Then, just for grins, they fired six more, so far, with more promised in the days to come. I’m not Mr. Newsflash, so you aren’t reading this for the info, but here are some of the repercussions so far.

The Japanese sure aren’t very happy! In the Asian commodities markets, Gold prices rose 2.7% and silver prices rose 3.8% on the news of the missile launches. And, how about that greenback! From Bloomberg:

The dollar rose against the euro and touched a four-day high versus the yen after North Korea fired missiles over the Sea of Japan, heightening concerns about its nuclear weapons program.

The dollar also gained against the South Korean won, Taiwan dollar and 14 other major currencies as the tests clouded the outlook for talks with North Korea. The United Nations Security Council will meet to discuss the issue today after Japan, the U.S., U.K. and France criticized the launches.

“The missile tests create higher risk, and in that environment, the most liquid and secure thing you can hold is dollars,” said Simon Derrick, chief currency strategist at Bank of New York in London. “People are looking for a safe haven, and the dollar’s the natural beneficiary.”

Both the Yen and US stock futures fell. Markets all over are antsy. Both China and Thailand expressed concern over No. Korea’s hostile actions.

The White House has had a lot of time to get ready for this, and it doesn’t look like it interfered too much with W’s July 4th celebrations. WH reaction according to this AM’s NYT:

“The Taepodong obviously was a failure — that tells you something about capabilities,” Stephen Hadley, President Bush’s national security adviser, told reporters in a phone call on Tuesday evening in Washington. But other officials warned that even a failed launching was of some use to the North Koreans, because it will help them diagnose what went wrong with the liquid-fueled rocket.

In a statement issued late Tuesday night, the White House said the United States “remains committed to a peaceful diplomatic solution” and sought implementation of a joint statement on denuclearization issued after a meeting with North Korea in September. But it said “the North Korean regime’s actions and unwillingness to return to the talks appears to indicate that the North has not yet made the strategic decision to give up their nuclear programs.”

“Accordingly, we will continue to take all necessary measures to protect ourselves and our allies,” the White House said, offering no details.

Can’t wait to hear the Bush critics piss and moan about his using diplomacy instead of action in dealing with No. Korea — wasting time, dollars and military effort in Iraq and pressuring Iran. As reported by ABC News, Sen. Joe Biden — who’s already announced that he’s running in ‘08 — is “frightened”.

“This is an incredibly immature regime in the north. That’s the part that frightens me about them,” Sen. Joseph Biden, D-Del, ranking Democrat on the Senate Foreign Relations Committee, said Wednesday.

“I’m not concerned immediately about their nuclear capability or anything coming close to reaching the United States in this decade and maybe beyond,” Biden told CBS News. “But I do think they’re so irrational … that they may play a game of brinksmanship.”

The Governor of New Mexico, who’s probably also running in ‘08 concurs a bit:

Democratic Gov. Bill Richardson of New Mexico, U.N. ambassador during the Clinton administration, told ABC News that North Korea’s leader, Kim Jong Il, was using the missile firings to flex his muscle.

International events seem to be the gift that keeps on giving to the GOP — ’cause in the upcoming mid-terms, when the Democrats are desperate to talk about anything except National Security issues, the threats they just keep a comin’! And in your heart of hearts, who do you really want running the country in times of great peril? Yeah, me too . . . (db)

Technorati Tags: North Korea Missile Tests, Taepodong-2, Gold Markets, US Stock Futures

This entry was posted on Wednesday, July 5th, 2006 at 6:19 am and is filed under No. Korean Threat. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.  |   Print This Post  |   Email This Post

Recently Posted:

• “Young Mattie Fein” Political Ad — Hot Linkage & More . . .
• Just Bloggin’ Around: VJ Day Video, Ground Zero Mosque, Obaminations & More . . .
• We The People — An Open Letter To President Obama
• Remembering Annie & Some Hard-Life Lessons
• Obama’s Nightmare In The Gulf
• Obama’s Exectuive Order Banning Federal Funding of Abortion Proves To Be Just More B.S.
• American Women — Takin’ Names, Kickin’ Butt!
• Now Obama’s F’ing Up NASA!
• Happy 4th of July Y’all!
• VOTE!