Korean Job Discussion Forums

[Juregen]

So yes, at the moment there are some serious corrections underway of stocks and currencies ....

But this is not the period to do something rash. We also don't need 200 topics on the same thing. Everyone knows already, and there is nothing much you can do except to act rationally.

As far as my knowledge goes in macro-economics, there is a domino effect in place that is pushing the won extremely low.

The KOSPI is dropping fast too, so what is happening is people sell their shares in Won, and then sell the won in dollars. Pumping the value of dollars and dropping the Won into the extreme.

So stop panicking and don't be fooled. There are a lot of short sellers out there who love what is going on right now.

I wish I had some cash lying around to pick up all those cheap stocks in the aftermath.

[Typhoon]

The aftermath is going to be in about a year. This is the beginning, or the tip of the iceberg as some say, according to most analysts. Things haven't even started to bottom out yet. This is not scaremongering, but the way it is. I for one have benefitted from the different threads as I have learned a little and seen how other people are handling themselves in this situation. I don't think it is a bad thing.

[Yu_Bum_suk]

I'm sure glad I don't have bills to pay back home (actually I do, but I'm a student loans and credit card defaulter) but if I did have monthly bills to pay and they were $500+, having monthly take-home pay go from $2,000 to $1,500 would sure suck.

On the other hand, with the recent Nova collapse and political turmoil in Thailand, Korea still may not look like *that* bad an idea for people who just want to come here to save money. If you're a cheapskate who can live off $500 / month here then you could still save $12,000 in a year. I do imagine that if it gets much worse it will make the Japanese and Taiwanese markets even more competitive.

[Beej]

This is not scaremongering. If the situation gets bad enough the Korean government can and will freeze and sieze all monies in bank accounts held by foreigners. They will just ad it to the general Korean budgetary coffers. Think abuot it.

[Ruraljuror]

[marlow]

[Cornfed]

[Paddycakes]

[Major Kong]

Seriously, if you think "Worry" take your cash and buy canned goods.
If you are rational, take your cash and invest in a good ECON 101 class.

Never get your skirt up over your head or worry needlessly!

[livinginkunsan]

[broken76]

If you have monthly bills back home to pay off as many ESL teachers do then their is going to be a big hit on monthly income. For those that don't then keep your money in won and put it in a high interest account. The currencies will rebalance themselves given some time. It's happened before and will happen again, it's just the way economics work.
If you're not really looking at the exchange rate the current problems probably won't affect your daily lives. If you have the money and are looking to invest now is a great time to analyze stocks. Alot of them will be dropping to bargain basement prices since people are panicking.
The idea that the governement will seize the funds of foreigners is absurd. I don't think other countries would be too happy about that and really I'm sure Koreans overseas have much more money in foreign banks then ESL jet-setters have in Korean banks. If the Korean government seized the money don't you think foreign governments would retaliate?

[DaeguKid]

[Cornfed]

On the subject of bills back home, if people are having difficulty paying them then why not just not pay them? As it doesn't look like our countries will be worth going back to until the global economy has completely collapsed and we're reduced to being hunter-gatherers anyway, your creditors wouldn't seem to have much hold over you.

[Cornfed]

[Rusty Shackleford]