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Len8
Joined: 12 Feb 2003
Location: Kyungju
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 Posted: Thu Jun 10, 2004 4:05 am Post subject: I.M.F. |
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I was in korea when this thing happened, but never really got a handle on why it happened. I remember the guy from the International Monetary Fund coming here and throwing the $25 billion dollar bailout notice at Kim Young Sam. The bailout thing was given to Kim Young Sam in disgust apparently because of all the renaging on U.S. buisness deals by the Koreans. A lot of buisnessmen in the US lost big money to unscrupulous Korean buisnessmen. I remember reading in the nespapers coments by Koreans to the effect that the IMF was deserved. Many Koreans voiced their disgruntlement with their countrymens buisness practices.
Maybe it was something that was manipulated because of the Koreans cut throat buisness practices, and the desire of a lot of western countries to see Korea open up it's buisness sector to outside investors. Could in a sense be said to be a smaller version of us peons wishing Koreans wouldn't be so xenophobic, and be a bit more foreigner friendly. Incidently KimDae Jung had to open up the country to foreign investment(parasites) as a condition for the continuance of the bailout loan
Now the country will never enjoy the boom times that it used to have, because most of the Chaebols are upwards of 40% foreigner owned.That means that too much money is being drained out of the country. Thus a high unemployment rate |
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weatherman
Joined: 14 Jan 2003
Location: Korea
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| Posted: Thu Jun 10, 2004 4:38 am Post subject: Re: I.M.F. |
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| Len8 wrote: |
| Now the country will never enjoy the boom times that it used to have, because most of the Chaebols are upwards of 40% foreigner owned.That means that too much money is being drained out of the country. |
Ahh.. NO. That foreigner ownership means investment, whether it be product, plant or in new tech developments.... Yes, foreign funds to buy and sell heavly in blue chip Korean stocks, but to say this causes the boom times to be over is plain wrong, if anything it helps of company focus on the bottom line and produce a profit which means better investments in products and research and is the engine for the production of jobs.... |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Thu Jun 10, 2004 4:45 am Post subject: |
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I don't have the time to raise all the questions and will leave many to others better qualified than I, but ....
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| Now the country will never enjoy the boom times that it used to have, because most of the Chaebols are upwards of 40% foreigner owned.That means that too much money is being drained out of the country. Thus a high unemployment rate |
How does foreign minority ownership of a chaebol, albeit a substantial minority, mean that money is being drained out of the country? Does that necessarily lead to a high unemployment rate? If so, how?
In any event, where do you get your figures for "chaebols are upwards of 40% foreigner owwned"? |
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Paji eh Wong
Joined: 03 Jun 2003
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| Posted: Thu Jun 10, 2004 9:03 am Post subject: |
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I was in Malaysia when the ass fell out of the market in '97. In my opinion, it was largely waranted. I saw too much corruption, not enough transparancy, and a lot of "irrational exhuberance" on everyone's part. I still see a lot of those things today, especially when I went back to Thailand last year.
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| Now the country will never enjoy the boom times that it used to have, because most of the Chaebols are upwards of 40% foreigner owned.That means that too much money is being drained out of the country. Thus a high unemployment rate |
Sounds like you've been talking only to Koreans. I don't think the Korean economy won't see 8% growth again, and that's probably a good thing. It's just too big now. I think Korea and Japan's economies have stalled because they've reached the ceiling of what industrial society can achieve, and now they need to make the jump to a post-industrial economy. |
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beast
Joined: 28 Jan 2003
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| Posted: Fri Jun 11, 2004 5:37 am Post subject: |
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| IMF is the devil, made the price on hooker hill go up by thirty percent!!! |
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