Korean Job Discussion Forums

Major Kong · Joined: 29 Oct 2007 Location: South Korea

Is this an indicator? Has anyone else heard that major tourist attractions
in India, such as the Taj Mahal, are no longer accepting American dollars?
We'll see what tomorrow may bring. Being paid in Won looks better everyday!

sojourner1 · Posted: Tue Nov 20, 2007 2:37 am Post subject:

I had this thought today when thinking about traveling to SE Asia, that US dollars may be replaced by the Euro as they have liked tourists to bring dollars for over 30 years. Since the value is falling and perceived risk is increasing due to America having a high debt load it probably will not be able to service, confidence in the dollar is decreasing.

I sure hope that the world maintains confidence of security in the dollar and the next US president and business leaders can fix the mess, but things have been and still are, taking a dive bomb during the Bush jr. years.

Kevtron · Joined: 17 Jul 2007

I too am certainly glad that I'm being paid in Won over $. However I've been following the conversion rather closely recently (as the $ finally has serious impact on me being abroad) and have noticed in the past 2 weeks (all this according to www.xe.com) that the Won is loosing to the Dollar.
About 2 weeks ago 1000W was at the high of $1.11, and when I just checked about a half hour ago it's down to $1.08.
Now I'm not an economics major or anything, but if the dollar is going to keep sucking I at least want it to benefit me and my nice new Korean Won.
I'm going to start tracking the W to more stable currencies like the Pound and Euro to see how it's actually doing in general instead of just against the Dollar.
But does anyone know why this loss might be? Is the Won tied somewhat closely with the Dollar?

sojourner1 · Posted: Tue Nov 20, 2007 4:42 am Post subject:

I don't think the dollar is going to tank and we will see bank failures anytime soon due to the US financial markets performing very well off of derivatives of foreign companies and investments around the world outside of America. The current American economic model still has much staying power due to the Asia and India producing decent returns on investment to the American share holders. What's not working is, life in America for the average American and international relations.

Major Kong · Joined: 29 Oct 2007 Location: South Korea

Sojourner1, point taken. I think China has become the wildcard where
American dollars are concerned. I know the industrialists with clout will
keep shaking hands behind the "Bamboo Curtain" before the greenback
goes the way of the "Silverback" in the mist. Unfortunately, those with
little in the bank to show for their efforts will pay the price over time. Yet,
they'll be happy mowing their lawns and going to McDonalds, while paying
a dollar more for their "Big Mac". I'm thinking safe, fuel oil, this winter, and Asian currency...although South Korea has a serious mortgage problem just as the U.S. does, they will not "tank" either. The Won is good vs. the the Dollar at least until election time.