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The Korean chickens are coming home to roost
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TexasPete

Joined: 24 May 2006
Location: Koreatown

Posted: Thu Oct 16, 2008 5:51 pm Post subject:

Even if the US could get tens of thousands of cars imported here, Koreans wouldn't buy them. It's all buy Korean here, right? So, if they just said, OK, you can sell your cars here, it wouldn't matter that much I think. I think Korea could turn that into a win/kinda win. Sure, the US may sell a few more cars, but Koreans will overwhelmingly buy Korean still.

mises

Joined: 05 Nov 2007
Location: retired

Posted: Thu Oct 16, 2008 6:03 pm Post subject:

Every step of the way you have been wrong, wrong, wrong.

mindmetoo

Joined: 02 Feb 2004

Posted: Fri Oct 17, 2008 4:53 am Post subject:

mises wrote:

Every step of the way you have been wrong, wrong, wrong.

You claim I lack your knowledge. I ask for primary data so I can learn how you establish your beliefs empircally (claiming I subscribe to doctrine).

Now you're back merely with an ad hominem fallacy.

mindmetoo

Joined: 02 Feb 2004

Posted: Fri Oct 17, 2008 4:54 am Post subject:

TexasPete wrote:

Even if the US could get tens of thousands of cars imported here, Koreans wouldn't buy them. It's all buy Korean here, right? So, if they just said, OK, you can sell your cars here, it wouldn't matter that much I think. I think Korea could turn that into a win/kinda win. Sure, the US may sell a few more cars, but Koreans will overwhelmingly buy Korean still.

Koreans won't even buy Daewoo cars.

bacasper

Joined: 26 Mar 2007

Posted: Fri Oct 17, 2008 5:57 am Post subject:

mises wrote:

Well, here is the thing. You don't have a clue as to what you are talking about. About 6 weeks ago you posted a thread about how the credit crises was over. Do you remember that?

And about six months ago he posted as to how the economic crisis was not going to happen either.

Gatsby

Joined: 09 Feb 2007

Posted: Fri Oct 17, 2008 6:05 am Post subject:

Quote:

I found this link in Marmot's comment section:
Quote:

China Slaps Import Ban on Hyundai, Kia

The Chinese government has stopped importing cars made by Hyundai Motor and Kia Motors alleging violations of monopoly and oligopoly laws. According to the automobile industry on Wednesday, the Chinese government accepted a complaint by an association of the Chinese automobile dealers and stopped issuing import licenses for Hyundai and Kia cars. The Chinese dealers argued that the two carmakers forcefully allocated excessive quotas for dealers.

�Export has not been completely halted as we still have import licenses we got in August,� a Hyundai-Kia spokesman said. The decision only applies to cars manufactured in Korea and exported to China, not those made by local subsidiaries in China. From January to September this year, Hyundai produced 219,000 cars in its Chinese plant and Kia 105,000.

If the companies fail to win more import licenses, it will affect sales of luxury sedans, all of which are produced in Korea. Hyundai and Kia export about 1,500 and 800 cars per month, and losses would be about W50 billion (US$1=W1,240) a month.

�The move by the Chinese government comes under monopoly and oligopoly laws that began to be fully enforced from July this year,� an industry insider said. �The aim is to protect China�s own industry and to tame major foreign carmakers doing business in China.�

Hyundai Motor expects the ban to be lifted within one or two months since it will badly affect Chinese Hyundai and Kia dealers. In June, China banned imports of Toyota�s Lexus luxury line, but imports resumed within two months.

http://english.chosun.com/w21data/html/news/200810/200810160017.html

Korea is a nation of suckers. They actually believe China is their friend, presumably because the Chinese are Asians, and America, which is not, is their enemy.

China has wanted to destroy South Korea ever since 1953. Just when Korean automakers are in trouble, what does China do? They kick them in the balls.

Yepp, China is giving Korea a taste of their own medicine. Just as Korea would like nothing more than to stomp up and down on Japan if given the chance, China is slowly working to grind South Korea to dust and turn them away from the U.S. and the West, who helped them defeat the Chinese invastion.

crusher_of_heads

Joined: 23 Feb 2007
Location: kimbop and kimchi for kimberly!!!!

Posted: Fri Oct 17, 2008 6:12 am Post subject:

With all the insular and groupthink morons we saw over the summer, and most of meet if not work with on a daily basis, the more Obama turns the screw on SOUTH korea, the better; it's for adjosshi's own good.

Ya-ta Boy

Joined: 16 Jan 2003
Location: Established in 1994

Posted: Fri Oct 17, 2008 6:20 am Post subject:

Quote:

Korea is a nation of suckers. They actually believe China is their friend, presumably because the Chinese are Asians, and America, which is not, is their enemy.

I'm guessing you mean the 'progressive' party hereabouts, don't you?

Kuros

Joined: 27 Apr 2004

Posted: Fri Oct 17, 2008 7:45 am Post subject:

bacasper wrote:

mises wrote:

Well, here is the thing. You don't have a clue as to what you are talking about. About 6 weeks ago you posted a thread about how the credit crises was over. Do you remember that?

And about six months ago he posted as to how the economic crisis was not going to happen either.

You guys are fighting the last war, rather than this one.

Nowhere Man

Joined: 08 Feb 2004

Posted: Fri Oct 17, 2008 7:59 am Post subject: ...

Quote:

Well, here is the thing. You don't have a clue as to what you are talking about. About 6 weeks ago you posted a thread about how the credit crises was over. Do you remember that?

About a year ago, using a different account, you were explaining why there wasn't a crisis. Remember that?

mises

Joined: 05 Nov 2007
Location: retired

Posted: Fri Oct 17, 2008 8:06 am Post subject: Re: ...

Nowhere Man wrote:

Quote:

Well, here is the thing. You don't have a clue as to what you are talking about. About 6 weeks ago you posted a thread about how the credit crises was over. Do you remember that?

About a year ago, using a different account, you were explaining why there wasn't a crisis. Remember that?

I sure don't:

PostPosted: Sun Aug 05, 2007 9:39 pm Post subject:

thepeel wrote:

There is no conspiracy.

After 9/11 the Fed printed lots of cash to stimulate aggregate demand. This worked, but classical monetary theory suggests that we should have an a period of inflation as prices catch up to the available amount of credit.

This didn't happen as the Chinese have been hiding the money under their mattress. The Chinese, Koreans, Japanese and others use the USD as a pseudo-greenback-standard. They use their forgiven reserves as a way to manipulate and keep stable their currencies.

Because much the extra cash is under the mattress and not in circulation, the inflation doesn't happen to the extent that it ought. Remember, "inflation is everywhere and always a monetary phenomenon" (Milton Friedman).

But as differing nations release portions of the US$ held assets, the value of the dollar will decline. As the value of the dollar starts to decline, speculators and the "herd mentality" start to kick in.

The commodity bubble will burst, as will the various housing/fixed asset bubbles. Expect higher interest rates and for large amounts of currently out-sourced manufacturing to return to the USA.

But the $ will not decline a huge amount, and for too much of the assets to be released would also decrease the value of the assets currently held. It is in China's best interests for the $ to be relatively stable.

The inflation is coming, I reckon. We can see from the private equity and hedge funds boom, and the amazing power of the American consumer, that there was a huge liquidity glut. But Bear Sterns and others are also seeing that this bubble done popped. Now we will have the tightening and inflation. Interest rates will rise as money needs to become more scarce.

There is no conspiracy. The Fed is a bad institution, in my opinion, but not a member of some grade plot to steal our liberty.

Greenspan simply printed too much money. And the global economic/financial system adjusted to that. Now, we will all have to tighten out belts and this liquidity glut is reconciled and bad investments fail (high and low levels of liquidity affect the type of investments made, al la housing prices).

This is the fiat-caused classic business cycle described by Von Mises et al being taken to the global level. It is not an ideal system, but ultimately a stable one. IMO.

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