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actionjackson
Joined: 30 Dec 2007
Location: Any place I'm at
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 Posted: Mon Sep 19, 2011 11:53 pm Post subject: |
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| I was beginning to wonder why it was tanking so fast this time. A bit concerned as I was here in 2008 and checking the exchange rate everyday then, at least it took several months to really suck, this is quick. |
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Harpeau
Joined: 01 Feb 2003
Location: Coquitlam, BC
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| Posted: Tue Sep 20, 2011 12:04 am Post subject: |
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| Well, I was here in 1997 and it REALLY SUCKED for many of us!! X-Mas Eve. it was 2000 won to $1. I hope that we don't have a revisit of those days again. |
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rainism
Joined: 13 Apr 2011
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| Posted: Tue Sep 20, 2011 12:33 am Post subject: |
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First rule that is learned by any aspiring or actual money manager or currency dealer/trader.
When in doubt, SELL the Korean won. You will likely make money on the trade, even if your doubts are satisfied and you need to cover the position.
If you lose money, your losses are likely to be small.
When needing to raise liquidity and otherwise go "defensive", the first thing you do in Asia is sell the Korean won.
Basic Money Management 101.
the rules almost never fail and that's why the won NEVER spikes down (gets stronger on a spike) but OFTEN spikes up (gets weaker) |
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Highwayman
Joined: 22 May 2011
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| Posted: Wed Sep 21, 2011 6:54 pm Post subject: |
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| All the gains it made in a year, wiped out. |
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Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
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| Posted: Wed Sep 21, 2011 7:44 pm Post subject: |
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| Yes, the won exists to make NETs happy. |
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sadguy
Joined: 13 Feb 2011
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Modernist
Joined: 23 Mar 2011
Location: The 90s
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| Posted: Wed Sep 21, 2011 8:02 pm Post subject: |
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| Yes, the won exists to make NETs happy. |
HE JUST CAN'T HELP HIMSELF.
There is nothing about Korea that our man Steelrails here won't defend. The food, the 'culture', the absurd workplace behavior, the so-called education system.
Even when virtually all of us here are getting shafted by a sinking currency, which as foreign workers would seem to affect us similarly in a way few other things do, Steelrails is here to remind us that if we were just MORE KOREAN in our attitude about it, well, gosh, we'd just feel so more better about the whole thing. Either that, or we need to marry a Korean and make a nice forever life eating fish jerky for breakfast here in the land of the Drooping Won.
Thanks so much! |
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shifter2009
Joined: 03 Sep 2006
Location: wisconsin
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| Posted: Wed Sep 21, 2011 8:29 pm Post subject: |
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| Steelrails wrote: |
| Yes, the won exists to make NETs happy. |
New apologist record: Defending exchange rate! |
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akcrono
Joined: 11 Mar 2010
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| Posted: Wed Sep 21, 2011 8:42 pm Post subject: |
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I like how we're having a discussion (this is a discussion board), and steelrails comes in to remind the zero people who thought otherwise that the won does not exist to make nets happy. That's an important contribution to the discussion right there.
Other steelrails classics:
"Yes, vaginas exist to make NETs happy." - dating thread
"Yes, Foreigner Happy Time exists to make NETs unhappy. - foreigner happy time thread
"The sky is sometimes blue, and sometimes it is not" - What have you learned in Korea thread
I believe you can purchase all of his greatest hits on 2 Cd's from TIME LIFE. |
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Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
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| Posted: Wed Sep 21, 2011 9:32 pm Post subject: |
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Yeah, let's have a strong won so Korea will stop exporting as much.
That should do wonders for us having a job.
I think the currency should remain relatively weak. The weaker it is, the more favorable for Korea's export market. If Korea is exporting, that means people are working, especially the types that work in factories and such and send their kids to the hagwon that employs us.
I don't care about 100 bucks +/- on an exchange if it means the 2500 bucks a month I get paid remains there.
| Quote: |
HE JUST CAN'T HELP HIMSELF.
There is nothing about Korea that our man Steelrails here won't defend. The food, the 'culture', the absurd workplace behavior, the so-called education system.
Even when virtually all of us here are getting shafted by a sinking currency, which as foreign workers would seem to affect us similarly in a way few other things do, Steelrails is here to remind us that if we were just MORE KOREAN in our attitude about it, well, gosh, we'd just feel so more better about the whole thing. Either that, or we need to marry a Korean and make a nice forever life eating fish jerky for breakfast here in the land of the Drooping Won.
Thanks so much! |
So do you feel Korea should adjust its monetary policy so NETs can get favorable exchange rates when sending money home?
Is that what Korea's monetary policy should be based on?
Sure seems like it.
You're not "getting shafted". The won does not exist to benefit foreign workers. Monetary policy should not be based on what is best for foreign workers. Apparently you believe it should.
If you put out tripe like that, absolutely I'll point out its failure of thinking.
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| I like how we're having a discussion (this is a discussion board), and steelrails comes in to remind the zero people who thought otherwise that the won does not exist to make nets happy. That's an important contribution to the discussion right there. |
Like this guy?
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| Just when I was beginning to get my hopes up. This stupid F'n place!!!! |
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| There is nothing about Korea that our man Steelrails here won't defend. The food, the 'culture', the absurd workplace behavior, the so-called education system. |
Maybe if you took a less insulting tone, I'd be less apt to defend.
I never insult NETs and I don't bash foreigners. I simply defend Koreans. Some people on the other hand actively try to bash others, not just defending NETs from the crap the K-media sometimes does to them.
Remember: Judge not, lest ye be judged. If you want to throw punches don't whine when someone tries to deflect one, or God forbid, throws one back.
Yes all the people of this country are more stupid and worse than you. Clearly they should bow down and make you, Modernist, their appointed ruler. You certainly have the right to judge them. Obviously your standards are the ones they should follow.
Modernist, if you were as good as you think you are, things would be different. |
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Koreadays
Joined: 20 May 2008
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| Posted: Wed Sep 21, 2011 9:50 pm Post subject: |
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| well, Im sitting on dollars, so I hoping for it to go UP UP UP!!! |
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sadguy
Joined: 13 Feb 2011
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| Posted: Wed Sep 21, 2011 9:54 pm Post subject: |
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| alright, steelrails, you're officially banned from this thread. |
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nstick13
Joined: 02 Aug 2009
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| Posted: Wed Sep 21, 2011 10:16 pm Post subject: |
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It's not a one-way street. The dollar's gotten stronger lately, too, as people have left the Euro.
Agreed about the weak-spike Money Management 101 point.
Agreeing with Steel Rail that monetary policy is not set for us, but reminding him that currency manipulation is illegal. So long as the KRW is naturally weaker, it's fine. Also reminding him to take a chill-pill, just cause people are bummed about the exchange rate right now doesn't mean they think the exchange rate should exist just to effect him. |
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komerican
Joined: 17 Dec 2006
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| Posted: Wed Sep 21, 2011 10:36 pm Post subject: |
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| nstick13 wrote: |
It's not a one-way street. The dollar's gotten stronger lately, too, as people have left the Euro.
Agreed about the weak-spike Money Management 101 point.
Agreeing with Steel Rail that monetary policy is not set for us, but reminding him that currency manipulation is illegal. So long as the KRW is naturally weaker, it's fine. Also reminding him to take a chill-pill, just cause people are bummed about the exchange rate right now doesn't mean they think the exchange rate should exist just to effect him. |
Every country is manipulating their currency now. You don't think the Germans are using the Greece situation to lower the Euro and increase their exports?
There's a possibility that the US will go into a recession. That's why the Won is taking a hit. In 1998 when the Won tanked, that wasn't manipulation either.
Actually the won was doing well until we had Greece, the PIIGS, and the fear of European financial Armageddon. Also, the general incompetence that is the political leadership in the US and Europe has contributed to the Won�s decline.
I think some folks are just sick and tired of people blaming Korea for everything negative that happens in a Westerner�s life here. Steelrails has a point. |
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tran.huongthu
Joined: 23 May 2011
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| Posted: Wed Sep 21, 2011 10:41 pm Post subject: |
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| Buy FAZ and TZA with your dollar based investment accounts to offset the Won depreciation. These move inversely to the market while the Korean Won moves in tandem. |
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