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Omkara
Joined: 18 Feb 2006
Location: USA
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 Posted: Mon Mar 02, 2009 5:53 pm Post subject: |
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Maybe it should be a sticky?  |
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Tokki1
Joined: 14 May 2007
Location: The gap between the Korean superiority and inferiority complex
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| Posted: Mon Mar 02, 2009 7:48 pm Post subject: |
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I remember back in 2002 (-3?) going home with W10,000 and getting over $13,000 Canadian.
Now I'd be lucky to see $8000.
The first job I landed here in 2001 was hot on the heels of the IMF disaster and I was making 1.8. Nowhere near what I'm making now, but when you take a good hard look at that salary, it's probably worth more--considering the plummeting won.
Very scary times. Only for those of us with a lot of money in won. I had the misfortune of talking with a couple who'd been here saving for a few years and are returning to Canada in a week or so. With their savings. Sigh.
I am officially stuck here now. If I see one window of opportunity, I'll jump at an exchange, but honestly I don't see the won bouncing back for at least a few years. It's going to get worse. A LOT worse.
For all of those on here saying 'buy won' I'd say 'go for it', but only if you're prepared to wait a good long while for it to recover, if it does at all. If you have your money in dollars, why the HELL would you want to invest in such instability. It is an extremely poor decision.
Someone mentioned (a few pages up?) something about being 'excited' about having $65,000 in American wired over and transferred into won.
To you I say this: roflmfao! Rent a storage locker in the States and buy a used mattress. Stuff the money into it. Better yet, buy some gold.
Even better, beg the Federal Reserve to print some more billions in imaginary money to try and offset the won's nosedive.
And I really thought this would be my last year here. No way I can leave. Oh, or travel anywhere.
At least the anma prices are stable.  |
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Tokki1
Joined: 14 May 2007
Location: The gap between the Korean superiority and inferiority complex
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| Posted: Mon Mar 02, 2009 8:01 pm Post subject: |
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P.S: Korea Sparkling!*************************  |
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creeper1
Joined: 30 Jan 2007
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| Posted: Mon Mar 02, 2009 9:29 pm Post subject: |
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| xCustomx wrote: |
If you want to wire money back home via KEB, the rate is now 1600.50 
If you have a lot of dollars back home, now might be a good time to convert to won and make some money when the won hopefully improves. |
Great idea! The dollar is too expensive right now.
The reason the dollar is EXPENSIVE (hurting your exports and HELPING Korean exports!) is that trillions of dollars drawn out of stocks, equities, corporate bonds, municiple bonds, hedge funds, Bernie Madoff accounts, etc... has gone into US Treasuries. Google it!
US Treasuries are where the world's money is TEMPORARILY parked! That won't last and then the dollar will fall! |
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Tokki1
Joined: 14 May 2007
Location: The gap between the Korean superiority and inferiority complex
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| Posted: Mon Mar 02, 2009 9:45 pm Post subject: |
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I love hearing news like this.
Hope it's true!!!  |
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Pwillig
Joined: 26 Jan 2009
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| Posted: Mon Mar 02, 2009 10:06 pm Post subject: |
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| creeper1 wrote: |
| xCustomx wrote: |
If you want to wire money back home via KEB, the rate is now 1600.50
If you have a lot of dollars back home, now might be a good time to convert to won and make some money when the won hopefully improves. |
Great idea! The dollar is too expensive right now.
The reason the dollar is EXPENSIVE (hurting your exports and HELPING Korean exports!) is that trillions of dollars drawn out of stocks, equities, corporate bonds, municiple bonds, hedge funds, Bernie Madoff accounts, etc... has gone into US Treasuries. Google it!
US Treasuries are where the world's money is TEMPORARILY parked! That won't last and then the dollar will fall! |
Too bad nobody will invest until there is confidence in a tangible bottom of the market. People thought the DJ at 10k was it, then 9, then 8, and finally 7k. Looks like 6k is the new bottom now.
Last edited by Pwillig on Tue Mar 03, 2009 6:20 pm; edited 1 time in total |
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Tokki1
Joined: 14 May 2007
Location: The gap between the Korean superiority and inferiority complex
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| Posted: Mon Mar 02, 2009 10:07 pm Post subject: |
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| coralreefer_1 wrote: |
News Flash - So called "teachers" concerned about their bank accounts leave Korea based on a weak won. Good riddance!
The "real" teachers out there who teach not because they can save or pay off student loans, but because they actually give a damn about being an educator (what a concept for a teacher) can expect higher pay. Congrats to those real teachers, and bon voyage to the rest. |
I've been teaching here 8 years and I guess I'm still not a 'real teacher', even though I'm a public servant--working in a public school.
The reason I say this is because I still haven't mastered how to punch elementary students in the neck, kick them, humiliate them and force them to engage in Drakonian disciplinary measures.
Perhaps coralreefer could enlighten us unemployable expat lowlifes as to how better integrate ourselves into this glorious, shining example of an education system.
I say 'good riddance' to trollers like reefer and hopefully the current state of education in Korea.
How DARE people work to save money. We know that teachers wake up in the morning simply for the magical journey of discovery and joy they experience at work within the progressive framework of the Korean education system. This does, of course, exclude all hakwon owners who run their 'schools' as businesses, and a good percentage of Korean government-employed educators, who basically grind their days out through hangovers and overwhelming workloads.
As for the officials in the education offices, we all know they're all about education. Best education system in the world.
Once again, get rid of all the drug-addled, lazy, drunken unemployable vagrant foreign expats and Korea will SPARKLE BRIGHTER THAN THE STARS!!!!
Freak. |
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Straphanger
Joined: 09 Oct 2008
Location: Chilgok, Korea
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| Posted: Mon Mar 02, 2009 10:12 pm Post subject: |
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| Tokki1 wrote: |
| Once again, get rid of all the drug-addled, lazy, drunken unemployable vagrant foreign expats and Korea will have nobody left to teach English... |
Fixed it for you. |
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poet13
Joined: 22 Jan 2006
Location: Just over there....throwing lemons.
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| Posted: Mon Mar 02, 2009 10:14 pm Post subject: |
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"The reason I say this is because I still haven't mastered how to punch elementary students in the neck, kick them, humiliate them and force them to engage in Drakonian disciplinary measures. "
Aww shucks, you just ain't tryin' hard enough. |
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Tokki1
Joined: 14 May 2007
Location: The gap between the Korean superiority and inferiority complex
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| Posted: Mon Mar 02, 2009 10:36 pm Post subject: |
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| poet13 wrote: |
"The reason I say this is because I still haven't mastered how to punch elementary students in the neck, kick them, humiliate them and force them to engage in Drakonian disciplinary measures. "
Aww shucks, you just ain't tryin' hard enough. |
Guess not. |
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call_the_shots
Joined: 10 Oct 2008
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| Posted: Tue Mar 03, 2009 3:36 pm Post subject: |
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| call_the_shots wrote: |
| xCustomx wrote: |
| call_the_shots wrote: |
Still no sign of any intervention.
http://ph.news.yahoo.com/rtrs/20090302/tbs-markets-korea-forex-fall-b8dd11d.html
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The South Korean won <KRW=> dropped over 2 percent to hit a fresh 11-year low against the dollar on Monday as local shares extended losses on worries about the financial sector.
The foreign exchange authorities were not yet seen selling dollars to support the currency, traders said.
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And how do the interventions help? The governement spent tens of billions of dollars to try and prop up the won, and what were the long term results? Interventions help only in the very short term and they do not stop the inevitable downward spiral of the won |
I agree. I wonder if the government has learned its lesson by now... |
I spoke too soon.
http://www.businessworld.ie/livenews.htm?a=2372401;s=rollingnews.htm
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Repeated dollar-selling intervention by South Korean authorities lifted the won on Tuesday to snap a three-day losing streak as the finance minister warned speculators against betting the currency would keep falling.
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Traders said the comments suggested authorities would look to defend the won from falling beyond 1,600 per dollar |
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ChinaBoy
Joined: 17 Feb 2007
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| Posted: Tue Mar 03, 2009 3:48 pm Post subject: |
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| and once they run out of dollars...... ? |
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cedarseoul
Joined: 16 Feb 2008
Location: nowon-gu
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| Posted: Tue Mar 03, 2009 5:57 pm Post subject: |
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| the local economy will perk up long before the k-gov't runs out of dollars. even a heavy, sustained intervention like we saw last summer / early fall wouldn't seriously deplete their reserves; they have over $200bil. |
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Yu_Bum_suk
Joined: 25 Dec 2004
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| Posted: Tue Mar 03, 2009 7:45 pm Post subject: |
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| cedarseoul wrote: |
| the local economy will perk up long before the k-gov't runs out of dollars. even a heavy, sustained intervention like we saw last summer / early fall wouldn't seriously deplete their reserves; they have over $200bil. |
When it comes to currency speculation it's not actually *that* much. |
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JFuller317
Joined: 10 Oct 2008
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| Posted: Tue Mar 03, 2009 7:56 pm Post subject: |
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| Some intervention. So instead of yesterday's 1575 on xe, right now we have 1557. I wonder how many billions it took to get a whopping 18 point reduction in the rate. |
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