Korean Job Discussion Forums

[Shinnam]

Ok, I just don't get it, and I like to think I understand a thing or two about economics and politics. I know things are screwed up here, but the US has got more. It's not just the Won that's lost it's strength, but even European currencies are sucking hind teat too. What is the deal?

[billybrobby]

Currency traders flock to big-time, established currencies in times of economic uncertainty. There's nothing bigger than the dollar and times have never been more uncertain. The won is seen as a sort of second-rate currency that is undesirable at times like these. Yeah, it's ironic that we've created instability at home and around the world and it only serves to strengthen our currency.

[Yaya]

Korea's currency is the WORST performing in the world this year, losing more than half of its value against the dollar.

I hear it's partly because of risky stuff Korean banks have done, like take out large short-term loans, and their failure to learn from the Asian financial crisis ten years ago.

[bassexpander]

[Soccerstar]

[VanIslander]

and yet korea has a strong asset base and currency reserves: its debt and banking system is on solid foundation

now is the time to buy korean won big time

some are going to make a killing converting their dollars now!

[hagwonnewbie]

The movement of the won seems to mirror the movement of the DJIA.

[bangbayed]

I've got another theory I'm throwing out here: Since Korea's economy is so manufacture-based, and since people are starting to purchase so conservatively now; could buyers buying less mean that the won is being devalued in an attempt to get foreign retailers to keep up purchases in Korea?

Don't have any facts or evidence, but it seems to make sense.

[pest2]

[NoExplode]

I'm not so sure it will rebound. If the US auto companies declare bankruptcy, shed their labor/union pension obligations and that $2,000 cost hole for each car, and can compete again aginst Hyundai's and the like, Korea's gonna be in BIG doodoo, and really might go back to the 3rd world. If they can't export cars to the US, this place will be sub-Thailand in economic might.

[CeleryMan]

Uber protectionist policies + gross incompetence by Korean leaders. BUT I will do my part and cash out $30k large with USD Woori and double my Won instantly. Yes, I will spend most of it in your country buying American beef... if and when I can find it outside of the Dragon Lodge.

Pay backs gonna be a byyyach Mr. Lee.

[Juregen]

[bangbayed]

I think 2MB also had a lot to do with it. A Korean friend just explained to me that when he took office, he purposefully kept the won devalued to the dollar in order to promote exports. When the economy began to drop, so did the won, even more than before. I think this explains why the won is even lower than other Asian currencies vis-a-vis the dollar.

People just aren't buying as many Samsung et al products. Circuit City going bankrupt is huge sign of what's going on back home. If we want the won raised, we better hope the Xmas season brings up demand for Korean goods this year.

[cruisemonkey]

[fiveeagles]