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If War Breaks Out.
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T-J



Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yonshinnae

PostPosted: Thu Mar 07, 2013 7:40 pm    Post subject: Reply with quote

World Traveler wrote:
wanderkind wrote:
When the 2010 incident occurred, did many foreigners leave the country?

One girl I know did. Her mother was afraid for her safety and begged her to come home. The girl didn't like being in Korea anyways, so with the free plane ticket (bought by her mother) returned to the U.S. Some foreigners I knew were freaked out and scared...but they didn't leave.

wanderkind wrote:
Also, can someone elaborate on the financial impact of the 2010 attack?

When I was just about to wire 10,000,000 won to the U.S., 1000 won was worth 90 cents. After the attack, 1,000 won was worth 79 cents. (>_<)


Quote:

USD/KRW March 2010 exchange rate history

Mar 20 1135.0737
Mar 21 1135.0737
Mar 22 1133.7869
Mar 23 1133.7869
Mar 24 1137.6564
Mar 25 1142.8572
Mar 26 1138.9522 <<<Cheonan Sinking
Mar 27 1138.9522
Mar 28 1138.9522
Mar 29 1138.9522
Mar 30 1129.9435
Mar 31 1131.2217


http://www.freecurrencyrates.com/exchange-rate-history/USD-KRW/2010


Really?
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Died By Bear



Joined: 13 Jul 2010
Location: On the big lake they call Gitche Gumee

PostPosted: Thu Mar 07, 2013 7:54 pm    Post subject: Reply with quote

This is the end
Beautiful friend
This is the end
My only friend, the end

Of our elaborate plans, the end
Of everything that stands, the end
No safety or surprise, the end
I'll never look into your eyes...again
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catman



Joined: 18 Jul 2004

PostPosted: Thu Mar 07, 2013 7:56 pm    Post subject: Reply with quote

Paddycakes wrote:
Wolverines, baby! Wolverines!

http://www.youtube.com/watch?v=4Rm0tMA0e5I


Do any South Korean citizens own firearms?
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Ranman



Joined: 18 Aug 2012

PostPosted: Thu Mar 07, 2013 8:02 pm    Post subject: Reply with quote

catman wrote:
Paddycakes wrote:
Wolverines, baby! Wolverines!

http://www.youtube.com/watch?v=4Rm0tMA0e5I


Do any South Korean citizens own firearms?


No. They're pretty much screwed in the zombie apocalypse.
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slothrop



Joined: 03 Feb 2003

PostPosted: Thu Mar 07, 2013 8:09 pm    Post subject: Reply with quote

edit

Last edited by slothrop on Wed Mar 20, 2013 8:05 pm; edited 1 time in total
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World Traveler



Joined: 29 May 2009

PostPosted: Thu Mar 07, 2013 8:28 pm    Post subject: Reply with quote

T-J wrote:
World Traveler wrote:
wanderkind wrote:
When the 2010 incident occurred, did many foreigners leave the country?

One girl I know did. Her mother was afraid for her safety and begged her to come home. The girl didn't like being in Korea anyways, so with the free plane ticket (bought by her mother) returned to the U.S. Some foreigners I knew were freaked out and scared...but they didn't leave.

wanderkind wrote:
Also, can someone elaborate on the financial impact of the 2010 attack?

When I was just about to wire 10,000,000 won to the U.S., 1000 won was worth 90 cents. After the attack, 1,000 won was worth 79 cents. (>_<)


Quote:

USD/KRW March 2010 exchange rate history

Mar 20 1135.0737
Mar 21 1135.0737
Mar 22 1133.7869
Mar 23 1133.7869
Mar 24 1137.6564
Mar 25 1142.8572
Mar 26 1138.9522 <<<Cheonan Sinking
Mar 27 1138.9522
Mar 28 1138.9522
Mar 29 1138.9522
Mar 30 1129.9435
Mar 31 1131.2217


http://www.freecurrencyrates.com/exchange-rate-history/USD-KRW/2010


Really?


Are you calling me a liar?

AT FIRST, no one knew why the ship sunk.

It took a LONG TIME to figure out for sure that NK did it (a torpedo piece with North Korean writing on it was found by divers searching the wreckage), and that's when people started freaking out.

Check out the exchange rate in late May, kthnxbai.
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T-J



Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yonshinnae

PostPosted: Thu Mar 07, 2013 8:48 pm    Post subject: Reply with quote


I'm saying you gave a misleading representation of how quickly the rate moved after the incident.

The rate didn't move noticeably for two months after, while speculation that it was in fact an attack occurred soon after.

Even after the torpedo fragment was found and the final report was presented by the investigating panel the rate didn't move to the point you cited until a week later.

And within a few months the rate was back down.
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World Traveler



Joined: 29 May 2009

PostPosted: Thu Mar 07, 2013 9:59 pm    Post subject: Reply with quote

T-J wrote:

I'm saying you gave a misleading representation of how quickly the rate moved after the incident.

How it is misleading? After means one event follows another. Cause and effect and all that.

T-J wrote:
Even after the torpedo fragment was found and the final report was presented by the investigating panel the rate didn't move to the point you cited until a week later.

김정일 went to China to meet with the Chinese president. That really scared people. Plus there were threats and posturing coming out of the NK.

The point is, the sinking of the warship caused the crappening of the won. It really did. It the Norks hadn't done that, I wouldn't have lost so much money. Even months later, it was 1,000 won = 83 cents. That sucked.
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Zyzyfer



Joined: 29 Jan 2003
Location: who, what, where, when, why, how?

PostPosted: Thu Mar 07, 2013 10:14 pm    Post subject: Reply with quote

Ranman wrote:
catman wrote:
Paddycakes wrote:
Wolverines, baby! Wolverines!

http://www.youtube.com/watch?v=4Rm0tMA0e5I


Do any South Korean citizens own firearms?


No. They're pretty much screwed in the zombie apocalypse.


Guns are not ideal weapons in a zombie apocalypse.
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T-J



Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yonshinnae

PostPosted: Thu Mar 07, 2013 10:31 pm    Post subject: Reply with quote


WT- There were a few things occurring in addition to the slowly unravelling drama and speculation over the Cheonan sinking.

The U.S. passed new financial regulations and the European problems with the Global downturn were also in focus with Spain nationalizing banks.

I'm not saying the political situation in Korea was not a factor in foreign investors risk aversion at the time, but I am saying it wasn't a sharp increase soley based on the sinking.

I appologize if my initial post came across harsh. The impression I was left with from your anecdote was that you were planning on sending funds on Monday but the sinking on Friday caused the rate to tank.

I'll let you have the final word as I suspect we'll have to agree to disagree.
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javis



Joined: 28 Feb 2013

PostPosted: Fri Mar 08, 2013 12:15 am    Post subject: Reply with quote

T-J wrote:
World Traveler wrote:
wanderkind wrote:
When the 2010 incident occurred, did many foreigners leave the country?

One girl I know did. Her mother was afraid for her safety and begged her to come home. The girl didn't like being in Korea anyways, so with the free plane ticket (bought by her mother) returned to the U.S. Some foreigners I knew were freaked out and scared...but they didn't leave.

wanderkind wrote:
Also, can someone elaborate on the financial impact of the 2010 attack?

When I was just about to wire 10,000,000 won to the U.S., 1000 won was worth 90 cents. After the attack, 1,000 won was worth 79 cents. (>_<)


Quote:

USD/KRW March 2010 exchange rate history

Mar 20 1135.0737
Mar 21 1135.0737
Mar 22 1133.7869
Mar 23 1133.7869
Mar 24 1137.6564
Mar 25 1142.8572
Mar 26 1138.9522 <<<Cheonan Sinking
Mar 27 1138.9522
Mar 28 1138.9522
Mar 29 1138.9522
Mar 30 1129.9435
Mar 31 1131.2217


http://www.freecurrencyrates.com/exchange-rate-history/USD-KRW/2010


Really?


I figured he was referring to the shelling of Yeonpyeong-do, which in fact did precipitate a sudden swing in the exchange rate.

Nov 16 1136.3637
Nov 17 1142.8572
Nov 18 1132.5028
Nov 19 1135.0737
Nov 20 1135.0737
Nov 21 1135.0737
Nov 22 1127.3958
Nov 23 1137.6564 <--- YP-do shelling
Nov 24 1149.4253
Nov 25 1149.4253
Nov 26 1154.7344
Nov 27 1154.7344
Nov 28 1154.7344
Nov 29 1164.1444
Nov 30 1161.4402

But then he started backpeddling, and changing his story, so I have no idea.
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slothrop



Joined: 03 Feb 2003

PostPosted: Fri Mar 08, 2013 1:00 am    Post subject: Reply with quote

edit

Last edited by slothrop on Sun Apr 07, 2013 4:15 am; edited 1 time in total
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Deja



Joined: 18 Mar 2011

PostPosted: Fri Mar 08, 2013 2:01 am    Post subject: Reply with quote

I am looking at the ntire year and I wouldn't call any of the changes swings, much less sudden swings. 2% change in a day in not typical, but is faaar from unusual.

CHF chestpounded 5% in one day and blew up 10% in another day/two.. 1-2% change in KRW vs. the USD is NOTHING to even mention.
I notice the KRW drops even after hours sometimes, when it shoudl sleep - simply put, the USD is gaining ground (or loosing sometimes) vs. all currencies.

I am more interested why you keep a big deal of wons instead of changing it into USD/EUR/GBP/AUD and keep it that way?
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Rteacher



Joined: 23 May 2005
Location: Western MA, USA

PostPosted: Fri Mar 08, 2013 2:11 am    Post subject: Reply with quote

I'm not sure that money is the main thing to worry about if you're living close to NK ... http://news.yahoo.com/north-korea-cant-hit-america-south-korea-japan-091839397.html

(I'll post updated articles in the Current Events thread until things settle down ...http://forums.eslcafe.com/korea/viewtopic.php?t=226576 )
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javis



Joined: 28 Feb 2013

PostPosted: Fri Mar 08, 2013 4:01 am    Post subject: Reply with quote

slothrop wrote:
That's not a swing!LOL
in the spring of 1997 the exchange rate was in the 800s, by xmas time that year it was around 2000.

a year before lehman brothers collapsed the exchange rate was around 900. after the collapse it was in the 1500's.

better get used to wild fluctuations. you'll sleep better.


I assume one would also check the exchange rate when exchanging a large amount of money...
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