Korean Job Discussion Forums

[On the other hand]

[On the other hand]

[sojusucks]

I can name one favor.

Bush signed an agreement to bail out Korea's economy which ignited consumer confidence a while back.

I guess the person that wrote this article wasn't aware of that.

Besides, without out Bush, we wouldn't have Bushisms. I used a few once in a class to demonstrate how NOT to speak English.

[Kuros]

[wylies99]

[The Bobster]

ㅁ When one entity performs actions of benefit to itself that also benefit another entity, it is highly incorrect to call this " a favor," because it's a word that implies actions and sacrifices made that have no advantage to the one performing the action. There's no way at all that this applies to the US and it's support, militarily or otherwise, to the ROK.

To assert that actions that benefit one side more than another constitute "a favor" is also problematical - for one thing, it assumes something not in evidence regarding comparable amounts of benefit, and for another it begs the question of why such actions have continued over such a long period if the imbalance is so great as is often described.

ㅁ The attitude frequently expressed that gratitude is appropriate in one direction only with regards to a situation of mutual benefit - this is something I find laughable.

ㅁ To say that the existence of the S Korean nation as a viable entity is due entirely to the US is not true for a number of reasons, chief among them that the military efforts of the Police Action were done under UN auspices with contribution from a number of nations according to their ability to do so at the time and the amount of importance they felt about the endeavor.

To say that Koreans ought to feel gratitude for it ignores the facts that the energies expended were done voluntarily and with full knowledge of all parties that opposing communism was seen as beneficial to those involved. It was not done out of great love for the Korean people, and if those involved had not felt it was worth the trouble, it would not have ever happened.

ㅁ Finally, to say that S Koreans need to feel gratitude for the existence of S Korea itself ignores the fact that unless that their home was employed as a proxy battlefield between Great Powers there would would never have been any need for their country to be divided into 2 halves at all.

ㅁ Those who ascribe altruism to US policy toward S Korea do so without evidence and one suspects they might harbor similar nonevidentiary notions regarding The Tooth Fairy, The Easter Bunny, and the ability of free markets to solve every human problem.

And it's fine if you want to believe in things that have no evidence and seem logically absurd. Just don't ask me to do so also.

[ManintheMiddle]

Peaceman: Kindly refrain from gobbledygook and STFU.

[Guri Guy]

Amen ManintheMiddle. South Korea has been sucking at America's teat for too long. It's time they were weaned.

[wylies99]

Evidently, they want MORE-

01-08-2009 21:28
http://www.koreatimes.co.kr/www/news/nation/2009/01/123_37566.html
Korea Pushes for Unlimited Currency Swap Deal With US

By Lee Hyo-sik
Staff Reporter

The Korean government is looking to expand its $30 billion currency swap arrangement with the United States to further ease a dollar shortage here and stabilize the domestic foreign exchange market and borrow dollars freely from the U.S. to immunize itself from a possible future currency crisis similar to the 1997-98 Asian financial market debacle.

However, it will be difficult for the government to achieve the goal with the U.S. maintaining an unbounded swap pact with just the European Central Bank, Britain, Japan and Switzerland, which use other key international currencies ― the euro, pound and yen.

Deputy Strategy and Finance Minister Shin Je-yoon told The Korea Times Thursday that the government is examining ways of persuading the U.S. administration to scrap a ceiling on the bilateral currency swap agreement.

``The U.S. already did us a big favor by signing the unprecedented $30 billion swap deal with Korea in October. But we would like to expand the arrangement to help the nation better deal with the ongoing global credit crunch. It will also further boost economic ties between the two countries,'' Shin said.

But he admitted that it will be difficult to ask the U.S. to accept the proposition, citing the country deals with other nations and the ongoing transition of the U.S. administration adding that the unbounded swap pact with the U.S. is a long-term goal, not something that Korea can achieve in the near future.

Currently, the U.S. has signed currency swap arrangements with Korea, Australia, Sweden, Brazil, Mexico and Singapore worth $30 billion each. It also has $15 billion swap agreements with Denmark, Norway and New Zealand.

Many anticipate that if Korea signs an unbounded swap deal with the U.S., the nation would never again face a currency crisis. It will also make it easier for local banks and businesses to raise funds overseas at cheaper costs and help improve Korea's international credibility.

In October last year, the $30 billion swap deal with the U.S. greatly aided Korea, which had been grappling with a dollar shortage since the summer as foreign investors dumped local stocks and bonds and took dollars out of the country in the wake of the global credit squeeze.

It became more difficult for domestic lenders and companies to borrow dollars from abroad as financial firms around the world rushed to secure cash rather than extend credit, drying up the nation's dollar supply and sending the won-dollar rate to its highest level since the 1997-98 Asian financial crisis.

Additionally, Korea's current account balance has worsened on surging prices of oil and other imported commodities, while its outbound shipments have declined sharply as a result of falling overseas demand for Korean-made goods.

The expansion of the nation's currency swap arrangements with Japan and China worth $30 billion each in early December significantly boosted investor confidence in the local currency and financial market.

[email protected]

[wylies99]

Why didn't Korea want a "currency swap" when the Won was at 900?

[wylies99]

The USA is keeping the Korean economy afloat. Yeah, there'd be serious talk of default on Korean bonds if it weren't for the USA.
http://www.bloomberg.com/apps/news?pid=20601086&sid=a5T83kKxUFv0&refer=latin_america

[sojusucks]

I have learned a valuable lesson about Korea.

Koreans listen to people who have the power to punish them in life. Look at the classroom if you don't believe me. The teachers that have the power to discipline the students have the most fear/respect.

Same with governments. China will come down on SK so China was respected (China cutting off Korean car imports caused a backlash here). Same with North Korea. NK will come down on SK if they don't do what Kim Jong-il wants so if an old woman is shot it isn't dwelled upon. The US won't punish SK so it's alright to burn their flag, discriminate agains them and other Westerners (because all whites must be Americans right) and so on.

[TheUrbanMyth]

[aka Dave]

Can anyone find me an American politician who has ever, ever said to the American people our foreign policy is conducted out of altruism?

They'd be voted out of office if they did! American foreign policy is always predicated on national security (first and foremost) and what's in the nation's best interest. American politicians gengerally don't view economic trade as zero sum game (some in Michigan, say, do, but compared to other countries Americans tend to be free traders), so they generally believe what's in America's interest roughly coincides with global interests. This has been borne out in the current economic crisis.

The tone of the article struck me as provincial and petty. I agree that an ambassador should at least feign a love for the country he works in, but complaining about his drumming? Geez.

If I recall correctly, the American ambassador's comments during the beef scare was that it's safe. And it is (I've eaten quite a bit of it since home plus started selling it). Really, if there were any justice to that incident, the Korean ambassador would be apologizing to Americans.

Oh, but wait. In America no one gives a crap.

[T-J]