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The 'string' keyword is equivalent of 'System.String' so you don't need to using namespace System like following code.

//using System;
namespace ConsoleApplication1
{
    class Program
    {
        static void Main(string[] args)
        {
            string s1 = string.Empty;
            System.String s2 = System.String.Empty;
            String s3 = String.Empty; // compile error namespace could not be found
        }
    }
}

This is my solution. Tested on MVC 3 and MVC 4.

1. Create App_GlobalResources folder in project (easy way is right click to project -> Add -> Add ASP.NET folder -> App_GlobalResource).
2. Add a resx file to App_GlobalResources (e.g. YourResource.resx).
3. Add resource key "PropertyValueInvalid". By default, the message is "The value {0} is not valid for {1}". You can change or translate whatever you want.
4. Add the code DefaultModelBinder.ResourceClassKey = "YourResource" to Application_Start function in Global.asax.

Click on links to see spinner on load image.

function changeImg(url) {
    var img = document.getElementById('previewImg');
    var spinner = document.getElementById('spinner');
    // show spinner
    spinner.style.display = '';
    img.style.display = 'none';
    img.onload = function() {
        spinner.style.display = 'none';
        this.style.display = '';
        this.onload = null;
    }
    img.src = url;
}