|
Korean Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
|
| View previous topic :: View next topic |
| Author |
Message |
xingyiman
Joined: 12 Jan 2006
|
 Posted: Sun Jul 13, 2008 9:50 pm Post subject: US economy collapse? |
 |
|
| Is the US economy goin go collapse this next year? It just doesn't look that good. Job losses are increasing exponentially daily and before the year is out lots of banks are expected to go under. How will that affect the Korean economy? Should we be worried? |
|
| Back to top |
|
 |
Kiarell
Joined: 29 Mar 2008
|
| Posted: Sun Jul 13, 2008 10:02 pm Post subject: |
|
|
next year?
Check out democracynow.org for their archive on broadcasts this year. They've had this one guy (was it Ken/Kevin Philips?) who was adie-hard conservative in the Nixon years who's realized the folly of his ways. He projects REAL inflation (on the stuff we need) at like 8 or 9 percent. He's also said that like 20% of the USA GDP (or GNP??) is nothing, just financial work, bloated figures that treat financial services as if they were as productive as agriculture, manufacturing, research, or anything else.
The recession's already happening. And it doesn't amtter if it's McCain or Obama, neither is willing to outline public works projects or anything concrete. Meanwhile tax dollars (primarily the wealth of middle-classers who follow the rules and pay their taxes disproportionately) get funneled to reckless CEOs and bailouts. Plus the food speculation and oil crisis.
So yeah, the US economy is fucked. It's a matter of when, not if. Capitalism always leads to one crisis or another, it's always just a matter of time.
This will affet Korea's export economy as foreign purchasing power decreases in N America and in Europe. However, the dollar will weaken accordingly, so no net loss for us ESL teachers. It might actually work out if Koreans keep pushing for a more localized, not gloablized economy. Though this is a bit selfish: to hope for the increased misery of 300 million people so I can have a better exchange rate. |
|
| Back to top |
|
|
xingyiman
Joined: 12 Jan 2006
|
| Posted: Sun Jul 13, 2008 10:05 pm Post subject: |
|
|
| Kiarell wrote: |
next year?
Check out democracynow.org for their archive on broadcasts this year. They've had this one guy (was it Ken/Kevin Philips?) who was adie-hard conservative in the Nixon years who's realized the folly of his ways. He projects REAL inflation (on the stuff we need) at like 8 or 9 percent. He's also said that like 20% of the USA GDP (or GNP??) is nothing, just financial work, bloated figures that treat financial services as if they were as productive as agriculture, manufacturing, research, or anything else.
The recession's already happening. And it doesn't amtter if it's McCain or Obama, neither is willing to outline public works projects or anything concrete. Meanwhile tax dollars (primarily the wealth of middle-classers who follow the rules and pay their taxes disproportionately) get funneled to reckless CEOs and bailouts. Plus the food speculation and oil crisis.
So yeah, the US economy is fucked. It's a matter of when, not if. Capitalism always leads to one crisis or another, it's always just a matter of time. |
Thanks for the reply. Though not all that reassuring. I am not planning on going back to America anytime soon but I also fear what would happen if the US economy took a complete nosedive. How would that affect the rest of the economies in the world. Would it spur a worldwide recession/depression? |
|
| Back to top |
|
|
eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
|
| Posted: Sun Jul 13, 2008 10:06 pm Post subject: |
|
|
| 8 years of Bush produce a war they can't get out of and the worst economy for many years. |
|
| Back to top |
|
|
mikeyboy122
Joined: 28 Feb 2008
Location: namyang
|
| Posted: Sun Jul 13, 2008 10:08 pm Post subject: |
|
|
| Gas 6 dollars a gallon by next year? Manufacturing jobs long gone. Crime at an all time high. Middle class all but extinct. Hmmm, whaadaya think? |
|
| Back to top |
|
|
pkang0202
Joined: 09 Mar 2007
|
| Posted: Sun Jul 13, 2008 10:08 pm Post subject: |
|
|
http://abcnews.go.com/GMA/story?id=5365939&page=1
| Quote: |
Yarrow, who is also the Russell T. Sharpe Professor of Business at Golden Gate University, says that lack of consumer confidence has been caused by an negative overreaction to recent economic trends.
"We've had great prosperity for the last few years," Yarrow said. "We had very cheap gas. We've had a lot of increase in our home values. We've had it really pretty good as the stock market increases. Emotion is always caused by this mismatch between what we perceive and reality. It's really emotion, the psychology, that's contributing to our economy right now in a negative way."
According to Yarrow, consumers are more focused on problems on a larger scale, such as troubles in the housing markets. and the relative weakness of the dollar, because they have to deal with specific problems on a daily basis, such as rising gas and food prices. When consumers shell out more than $4 per gallon at the gas station, other economic considerations seem closely related and "very real."
In addition, Yarrow said consumers tend to feel threatened when growth is not extraordinary -- an unhealthy and unrealistic expectation. |
If you ignore all external factors (Iraq War, Subprime mortgage criss) and you just look purely at the economic numbers (GDP, GNP, Unemployment, etc...), and you compare that to historical trends in the pat 80 years, the US is doing good.
Then again, you have the media pumping hysteria into people talking about how the Iraq war is costing XXXX trillions, and gas is in records prices, and blah blah blah. Next thing you know, people stop buying. When peopel stop buying, recession occurs.
If you thought Koreans were crazy about the Mad Cow fears, how about Americans and their economic fears. The biggest hit to people's wallets now is Gas prices. Big deal. You are paying an extra $10 at the tank on gas. Ok, you can easily make that up buy buying Generic Medicine instead of paying a premium for a brand name like Advil or Tylenol.
Last edited by pkang0202 on Sun Jul 13, 2008 10:10 pm; edited 1 time in total |
|
| Back to top |
|
|
branchsnapper
Joined: 21 Feb 2008
|
| Posted: Sun Jul 13, 2008 10:09 pm Post subject: |
|
|
Yeah, be worried wherever you are.
Read atimes.com for daily (real!) news and discomfort.
(or you can read the rest of this thread and once again get the ESL-person-in-Korea's guide to economics. Now which is it to be?)
Last edited by branchsnapper on Sun Jul 13, 2008 10:38 pm; edited 1 time in total |
|
| Back to top |
|
|
xingyiman
Joined: 12 Jan 2006
|
| Posted: Sun Jul 13, 2008 10:09 pm Post subject: |
|
|
| eamo wrote: |
| 8 years of Bush produce a war they can't get out of and the worst economy for many years. |
But to be fair I don't blame it all on Bush. I think he's mishandled the economy by letting corporate fat cats do what they wanted. And we all remember the jobless recovery at the opeing of the new millenium right?
But lots of he groundwork was laid back in the Clinton administration. The IT bubble and such. There were lots of high paying jobs created but they were all based on a myth that eventually came crashing down. |
|
| Back to top |
|
|
jackson7
Joined: 01 Aug 2006
Location: Kim Jong Il's Future Fireball
|
| Posted: Sun Jul 13, 2008 10:11 pm Post subject: |
|
|
| Kiarell wrote: |
This will affet Korea's export economy as foreign purchasing power decreases in N America and in Europe. However, the dollar will weaken accordingly, so no net loss for us ESL teachers. It might actually work out if Koreans keep pushing for a more localized, not gloablized economy. Though this is a bit selfish: to hope for the increased misery of 300 million people so I can have a better exchange rate. |
Wish this had been the case recently. The dollar tanked and along with it the won. How can Korea shift from an export-based economy to a more local one if there is nothing here to justify the ability of Korea to be autonomous. Korea NEEDS the United States, and when U.S. consumers are forced to take away the cash-bottle, Korea's newborn-economy is going to throw a tantrum. |
|
| Back to top |
|
|
xingyiman
Joined: 12 Jan 2006
|
| Posted: Sun Jul 13, 2008 10:11 pm Post subject: |
|
|
| pkang0202 wrote: |
http://abcnews.go.com/GMA/story?id=5365939&page=1
| Quote: |
Yarrow, who is also the Russell T. Sharpe Professor of Business at Golden Gate University, says that lack of consumer confidence has been caused by an negative overreaction to recent economic trends.
| | | | |
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
