| View previous topic :: View next topic |
| Author |
Message |
Return Jones
Joined: 06 Feb 2004
Location: I will see you in far-off places
|
 Posted: Tue Nov 06, 2007 5:10 pm Post subject: $1 CDN = 1000Won!? |
 |
|
I know this has been done to death lately, but I gotta gripe about how the Canadian dollar is now worth 1000 won! That means it now takes 1000 won to buy one Canadian dollar. It only took 800 won about 10 months ago! That's a 25% decrease in the value of the won versus the dollar! Canadians, we just lost 25% of our salary!
Any armchair economists care to venture what's next? I've been keeping my money in won for years and have changed a lot into US$ and investments, but I'm expecting to return home for good in the next 6-8 months and will need to change a chunk into CDN$. This is seriously depressing territory we've reached today. |
|
| Back to top |
|
 |
ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
|
| Posted: Tue Nov 06, 2007 5:11 pm Post subject: Re: $1 CDN = 1000Won!? |
|
|
| Return Jones wrote: |
I know this has been done to death lately, but I gotta gripe about how the Canadian dollar is now worth 1000 won! That means it now takes 1000 won to buy one Canadian dollar. It only took 800 won about 10 months ago! That's a 25% decrease in the value of the won versus the dollar! Canadians, we just lost 25% of our salary!
Any armchair economists care to venture what's next? I've been keeping my money in won for years and have changed a lot into US$ and investments, but I'm expecting to return home for good in the next 6-8 months and will need to change a chunk into CDN$. This is seriously depressing territory we've reached today. |
Only if you are always sending money home. |
|
| Back to top |
|
|
Return Jones
Joined: 06 Feb 2004
Location: I will see you in far-off places
|
| Posted: Tue Nov 06, 2007 5:15 pm Post subject: Re: $1 CDN = 1000Won!? |
|
|
| ajgeddes wrote: |
Only if you are always sending money home. |
Or, if it stays at current rates and you plan to return home for good after 7 years here. |
|
| Back to top |
|
|
Scotticus
Joined: 18 Mar 2007
|
| Posted: Tue Nov 06, 2007 5:28 pm Post subject: |
|
|
Yeah, ironic that a man I despise so much (GW) is responsible for why the money I send home is worth a ton more. Thanks, George, for getting my student loans paid off faster!
Edit: changed "him" to "home"... thankfully I don't make enough to have to pay much of anything in taxes.
Last edited by Scotticus on Tue Nov 06, 2007 6:06 pm; edited 1 time in total |
|
| Back to top |
|
|
JungMin
Joined: 18 May 2005
|
| Posted: Tue Nov 06, 2007 5:34 pm Post subject: |
|
|
| I know....It's brutal!!! |
|
| Back to top |
|
|
boatofcar
Joined: 20 Dec 2006
Location: Sheffield, UK
|
| Posted: Tue Nov 06, 2007 5:38 pm Post subject: |
|
|
| Scotticus wrote: |
| Yeah, ironic that a man I despise so much (GW) is responsible for why the money I send him is worth a ton more. Thanks, George, for getting my student loans paid off faster! |
Exactly! At least he's done one good thing for me  |
|
| Back to top |
|
|
jdog2050
Joined: 17 Dec 2006
|
| Posted: Tue Nov 06, 2007 6:26 pm Post subject: |
|
|
| boatofcar wrote: |
| Scotticus wrote: |
| Yeah, ironic that a man I despise so much (GW) is responsible for why the money I send him is worth a ton more. Thanks, George, for getting my student loans paid off faster! |
Exactly! At least he's done one good thing for me |
If you're American, I wouldn't classify this as a "good" thing. At the moment, product prices haven't really caught up to the dollar's slide. If it stays at this level though, even when you get your money changed and go back home, prices will simply inflate to compensate and your dollar won't go as far.
In other words, don't thank GW yet; he's still got a few inches of your rectum he hasn't explored yet. |
|
| Back to top |
|
|
Scotticus
Joined: 18 Mar 2007
|
| Posted: Tue Nov 06, 2007 7:23 pm Post subject: |
|
|
| jdog2050 wrote: |
If you're American, I wouldn't classify this as a "good" thing. At the moment, product prices haven't really caught up to the dollar's slide. If it stays at this level though, even when you get your money changed and go back home, prices will simply inflate to compensate and your dollar won't go as far.
In other words, don't thank GW yet; he's still got a few inches of your rectum he hasn't explored yet. |
Nope, I'm not worried. Once GW is out (assuming we don't elect another special-needs lower-order primate), the country can start to heal and the damage done will eventually fade away as the economy strengthens. I don't plan on being back in the US (to live) for a LONG time (if at all), so the dollar's got a good decade, or so, to recover before I need to worry about it. |
|
| Back to top |
|
|
Mr. Pink
Joined: 21 Oct 2003
Location: China
|
| Posted: Tue Nov 06, 2007 7:31 pm Post subject: |
|
|
For those Americans blaming GWB, he isn't the full reason your economy has gone to crap. Blame the MASSIVE amount of mortgages and the high percent of defaulters. Couple that with a massive amount of consumer debt, low savings, and there you have it: Americans owe more than they earn.
If you think America will get out of Iraq all the money it has cost since day 1, look forward another 50 years and you might be lucky to be paid in full by then. |
|
| Back to top |
|
|
jdog2050
Joined: 17 Dec 2006
|
| Posted: Tue Nov 06, 2007 7:34 pm Post subject: |
|
|
| Scotticus wrote: |
| jdog2050 wrote: |
If you're American, I wouldn't classify this as a "good" thing. At the moment, product prices haven't really caught up to the dollar's slide. If it stays at this level though, even when you get your money changed and go back home, prices will simply inflate to compensate and your dollar won't go as far.
In other words, don't thank GW yet; he's still got a few inches of your rectum he hasn't explored yet. |
Nope, I'm not worried. Once GW is out (assuming we don't elect another special-needs lower-order primate), the country can start to heal and the damage done will eventually fade away as the economy strengthens. I don't plan on being back in the US (to live) for a LONG time (if at all), so the dollar's got a good decade, or so, to recover before I need to worry about it. |
Pfft, not if it's Hilary Clinton it won't; she's just more of the same. I'm not trying to make this a Ron Paul thread at all, but he's the only one of that...lot...I have any faith in *at all* to make sense of our economy anymore. Universal Healthcare? Great, Hilary, where is all of this magical money going to...oh wait, the Fed will just print more. |
|
| Back to top |
|
|
jinju
Joined: 22 Jan 2006
|
| Posted: Tue Nov 06, 2007 7:36 pm Post subject: |
|
|
| A bad argument, sorry. Exchange rates are not important. You have not lost any of your salary as you are still earning the same amount of won as you were before. |
|
| Back to top |
|
|
ernie
Joined: 05 Aug 2006
Location: asdfghjk
|
| Posted: Tue Nov 06, 2007 7:56 pm Post subject: |
|
|
| i don't think this is a bad argument at all... he's saying that the value of his money isn't what he expected it to be, i.e. he can't buy a much stuff (in canada) as he could before... i'm thinking of waiting until the US dollar bottoms out (probably soon), converting (most of) my Won to US dollars, and then buying CDN dollars when the US dollar strengthens... is this a good idea? or will the buy/sell margins just eat all my profit? |
|
| Back to top |
|
|
jinju
Joined: 22 Jan 2006
|
| Posted: Tue Nov 06, 2007 7:58 pm Post subject: |
|
|
| ernie wrote: |
| i don't think this is a bad argument at all... he's saying that the value of his money isn't what he expected it to be, i.e. he can't buy a much stuff (in canada) as he could before... i'm thinking of waiting until the US dollar bottoms out (probably soon), converting (most of) my Won to US dollars, and then buying CDN dollars when the US dollar strengthens... is this a good idea? or will the buy/sell margins just eat all my profit? |
Still, he has not lost ANY of his wage. All he has lost is purchasing power in ANOTHER country. |
|
| Back to top |
|
|
IncognitoHFX
Joined: 06 May 2007
Location: Yeongtong, Suwon
|
| Posted: Tue Nov 06, 2007 8:01 pm Post subject: Re: $1 CDN = 1000Won!? |
|
|
| Return Jones wrote: |
| That means it now takes 1000 won to buy one Canadian dollar. It only took 800 won about 10 months ago! That's a 25% decrease in the value of the won versus the dollar! Canadians, we just lost 25% of our salary! |
800/1000 = 4/5ths = 80%. 100% - 80% = 20%, Not 25%. |
|
| Back to top |
|
|
kermo
Joined: 01 Sep 2004
Location: Eating eggs, with a comb, out of a shoe.
|
| Posted: Tue Nov 06, 2007 8:02 pm Post subject: |
|
|
| Hang in there-- wait until March and it'll dip again. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
