Commentary: What This Nobelist Can Do For An Encore

Top officials from Kim Dae Jung's Millennium Democratic Party celebrated the South Korean President's winning of the Nobel Peace Prize on Oct. 13 by popping bottles of beer at an impromptu celebration at party headquarters. But one spoilsport wistfully remarked it would be nice if the stock markets joined in. Indeed, the Korean market is down more than 50% since its high earlier this year. What does the market know that the Nobel committee doesn't?

For decades, Kim has been doggedly dedicated to bringing peace and justice to the Korean people. Fueled by his Catholic faith, he passionately believes that he was chosen for the task. The Nobel caps an extraordinary political career marked by assassination attempts, a death sentence, imprisonment, and, finally, Kim's triumphant election as President in December, 1997.