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lostintranslation100
Joined: 30 Aug 2009
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 Posted: Sun Sep 20, 2009 4:40 pm Post subject: Are you financially scared to go home? |
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Obama says the economy is going to rebound in 2010, but will it really? I hope so! Is anyone else considering staying in Korea who was planning to go home in 2010? I'm going to leave the K-Land Carnival, but maybe ESL teaching somewhere else overseas would be a good idea?
Also, any news on what is in store for the won next year? People keep saying it's going to tank at Christmas, but it doesn't look too bad right now.
Reference: The article about the economy rebounding in 2010:
http://edition.cnn.com/2009/POLITICS/09/20/obama.king/index.html |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sun Sep 20, 2009 4:55 pm Post subject: |
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| I'm just waiting on the rates. |
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redaxe
Joined: 01 Dec 2008
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| Posted: Sun Sep 20, 2009 5:03 pm Post subject: |
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| Not scared because thanks to Korea, at age 25 I already have enough savings that I could feed, clothe, and shelter myself for at least 2 years without a job after I go back. But I'm staying here for now because the money's still flowing and it will be very, very hard to find a job and living situation back home that allows me to save this much money every month. The way I see it, every year I work here is worth 2 years that I don't have to work back home, and thus 2 years earlier that I can retire. |
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asmith
Joined: 18 Jun 2009
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| Posted: Sun Sep 20, 2009 5:08 pm Post subject: Re: Are you financially scared to go home? |
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| lostintranslation100 wrote: |
Obama says the economy is going to rebound in 2010, but will it really? I hope so! Is anyone else considering staying in Korea who was planning to go home in 2010? I'm going to leave the K-Land Carnival, but maybe ESL teaching somewhere else overseas would be a good idea?
Also, any news on what is in store for the won next year? People keep saying it's going to tank at Christmas, but it doesn't look too bad right now.
Reference: The article about the economy rebounding in 2010:
http://edition.cnn.com/2009/POLITICS/09/20/obama.king/index.html |
2010 is going to be a complete disaster--unless Ben Bernanke starts printing Christmas bonus checks paid for by our Chinese overlords.
After the accountants start computing the holiday shopping disaster, you should start seeing U6 unemployment numbers at over 20 percent by February or March.
I don't know what Kool-Aid you folks are drinking. We're in a depression. A bad depression which will dwarf the Great Depression.
Obama says? What a joke. These politicians are the worst type of liars.
They steal your money and your children's money. Then they give it to their rich friends on Wall Street.
Fasten your seat belts. You are in store for a wild ride. I just hope we survive. |
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lostintranslation100
Joined: 30 Aug 2009
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| Posted: Sun Sep 20, 2009 5:11 pm Post subject: |
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| asmith- What do you think will happen to the Won next year? If it sinks hard, how the heck would any of us send money home? |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Sun Sep 20, 2009 5:12 pm Post subject: |
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| I'm only scared to go home because I want to study and it costs a ridiculous amount of money to do grad school in Canada (unless you get a scholarship... freaking unlikely that.) |
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Tundra_Creature
Joined: 11 Jun 2009
Location: Canada
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| Posted: Sun Sep 20, 2009 5:13 pm Post subject: |
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| I have a simple job back home waiting for me, so no. Not too worried at all. Mind you, I'm also still in school and not looking for a career yet, so I think I'm in a bit of a different boat. |
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lostintranslation100
Joined: 30 Aug 2009
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| Posted: Sun Sep 20, 2009 5:17 pm Post subject: |
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| Yeah, I thought about going back to school just because I don't know what the heck I'm doing. But to tell you the truth, waiting tables in America sounds pretty good after a year of teaching Englishee. |
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michi gnome
Joined: 15 Feb 2006
Location: Dokdo
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| Posted: Sun Sep 20, 2009 6:05 pm Post subject: |
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i agree with asmith. the meltdown has only just begun.
take it from the master Gerald Celente, a professional trend forecaster
http://www.youtube.com/watch?v=9nJ7LM3iyNg |
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asmith
Joined: 18 Jun 2009
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| Posted: Sun Sep 20, 2009 6:08 pm Post subject: |
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| lostintranslation100 wrote: |
| asmith- What do you think will happen to the Won next year? If it sinks hard, how the heck would any of us send money home? |
I think the won will tank in 2010. But what do I know?
How much of the Korean GDP is related to exports to America?
Will the Chinese economy have to contract after the Christmas disaster?
Will the Chinese contraction affect Korean imports to China?
I don't really know the answers. I'm not really an expert. I just play one on the internet.  |
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Epicurus
Joined: 18 Jun 2009
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| Posted: Sun Sep 20, 2009 6:19 pm Post subject: |
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| asmith wrote: |
| lostintranslation100 wrote: |
| asmith- What do you think will happen to the Won next year? If it sinks hard, how the heck would any of us send money home? |
I think the won will tank in 2010. But what do I know?
How much of the Korean GDP is related to exports to America?
Will the Chinese economy have to contract after the Christmas disaster?
Will the Chinese contraction affect Korean imports to China?
I don't really know the answers. I'm not really an expert. I just play one on the internet. |
a) not much
b) a lot, but this can change and adapt
c) not necessarily. The govt controls that economy to a far larger extent than any other and has the biggest warchest of actual money (instead of funny printed money a la Bernanke) in the world
d) Of course, any global contraction anywhere does/would. But there are large swaths of the world that don't have the overhang from the American debt problems. |
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redaxe
Joined: 01 Dec 2008
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| Posted: Sun Sep 20, 2009 6:21 pm Post subject: |
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| Epicurus wrote: |
c) not necessarily. The govt controls that economy to a far larger extent than any other and has the biggest warchest of actual money (instead of funny printed money a la Bernanke) in the world
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China's cash reserves are mostly in US dollars. They've been investing their budget surplus in dollars for a long time now. |
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asmith
Joined: 18 Jun 2009
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| Posted: Sun Sep 20, 2009 7:14 pm Post subject: |
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Korea has two choices as the dollar falls.
It can keep the won as strong as possible. But let's face it. No American is going to pay 45 grand for a Santa Fe.
No one is going to pay 5 grand for a Samsung television set.
If the country keeps the won high, that means economic contraction in the years ahead. Lots and lots of unemployment.
Or they can devalue the won. This is the course the government always takes.
They even did that during the IMF to sell their stuff to Americans.
Either way, we are in for a real crap storm.
Pick your poison. |
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mc_jc
Joined: 13 Aug 2009
Location: C4B- Cp Red Cloud, Area-I
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| Posted: Sun Sep 20, 2009 7:48 pm Post subject: |
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| Quote: |
| Are you financially scared to go home? |
I have more reasons to stay here;
I am making an annual salary that is about the same as a mid-level executive in New York City (In $US), yet living like a complete king because my housing is paid for by the military housing referral.
What do I have to look forward to when I go home?
~ Retirement pension (I am 2 years shy of retirement).
~ A blossoming 401K that is backed by the federal government credit union.
~ Free retiree health care that allows me to go to any hosptial or clinic free of charge
~ interest-free housing loans that can't go up nor payments that raise with the markets
~ Federal employee employment protection
I really have nothing to be scared of.
The only thing that makes me depressed these days is not being able to post an avatar (or how I wrote it, "avitar") with my name  |
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Clockout
Joined: 23 Feb 2009
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| Posted: Sun Sep 20, 2009 8:13 pm Post subject: |
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| Just hope I can find another public school job and stay here for awhile. |
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