Korean Job Discussion Forums

GoldMember · Joined: 24 Oct 2006

This is a very serious warning. I do some work with some major companies here. A very high executive who warned me more than a year ago about declining demand from China has also warned me that his comapny is preparing for a Korea Default. What this means is that Korea can no longer service its huge debts.

This is not being negative about Korea as some may suggest I am being.

Just a warning. If Korea defaults expect the already clapped out currency here to be anhialated.

These guys are not preparing for just a slow down in business but for complete disaster.

Ekaia · Joined: 31 Oct 2008 Location: Seoul

um, ok.

TheChickenLover · Joined: 17 Dec 2007 Location: The Chicken Coop

Proof or STFU

sojourner1 · Posted: Wed Nov 12, 2008 7:04 pm Post subject:

I believe it. Even US economists are calling for a world wide shut down. http://articles.moneycentral.msn.com/Investing/SuperModels/warning-worldwide-wipeout-ahead.aspx

I would imagine that the US would default 1st, but it could be small countries in huge debt who do first. The nature of this thing is when you see one thing happening in one country, other countries follow the same pattern.

Return Jones · Posted: Wed Nov 12, 2008 7:11 pm Post subject:

Not to be a smartass, but tell us something we don't know. My wife's been lamenting for months how Korea is teetering on the brink.

Trevor · Joined: 16 Nov 2005

So we should jump out of our dinghy and ask for a berth on the Titanic? If Korea goes, the U.S. isn't far behind. For that matter it's probably ahead. Let me whisper something even more unsettling.

The U.S. is in danger of default.

Korea is heavily leveraged, but nowhere near as leveraged as many other countries, including, of course, the US.

Believe it or not this is not the worst place to be for a global meltdown.

seosan08 · Joined: 10 Oct 2008 Location: Korea

Good Ghod! Buy some gold while it is still cheap! Even tho the won is down, I still managed to pick up one of those 37. 5g (1.2 ounces) geum don "gold pats of butter" for W1.1 million. I'm heading downtown to buy some more today. I will do so again when I get paid later in the month. I buy from a mom and pop jewelery store near where I live.

When all the paper starts defaulting, etc... The rush will be on again to gold, and the price will skyrocket. Massive manipulation of the Comex is what's keeping the price down now..

Get some gold before it's too late!!!!!!!!!!!!

billybrobby · Joined: 09 Dec 2004

Ah, Dave's ESL Cafe. Come for the whining, stay for the wacky investing advice and economic predictions.

anyangoldboy · Joined: 28 Sep 2007

I find it strange how all these countries can just throw billions of dollars into their economy...where the *beep* did all the money come from

seosan08 · Joined: 10 Oct 2008 Location: Korea

anyangoldboy · Joined: 28 Sep 2007

http://uk.youtube.com/watch?v=NSQVVHyvOZU

Countries should seek out this guy...

wanderingross · Joined: 13 Oct 2008 Location: Incheon

Korea has been in a shakey position for quite a while now. I don't think it's any worse off than it was, say, two months ago. That's not to say it wouldn't be prudent for ANY large multi-national to prepare for Korean crisis. That dosent mean its gonna happen.

If you check this forum often you'll notice that new threads start up about economic demise every time we lose 100pts on the Won-Dollar exchange rate. These days that seems to happen every couple weeks.

Give it some time. Don't freak out. The rate is still largely moving based on an inverse realtionship to the DOW. If the DOW breaks below 8,000 and the Korean gov't can't hold the Won under 1,500, then I would start to be concerned...

wanderingross · Joined: 13 Oct 2008 Location: Incheon

Korea has been in a shakey position for quite a while now. I don't think it's any worse off than it was, say, two months ago. That's not to say it wouldn't be prudent for ANY large multi-national to prepare for Korean crisis. That dosent mean its gonna happen.

If you check this forum often you'll notice that new threads start up about economic demise every time we lose 100pts on the Won-Dollar exchange rate. These days that seems to happen every couple weeks.

Give it some time. Don't freak out. The rate is still largely moving based on an inverse realtionship to the DOW. If the DOW breaks below 8,000 and the Korean gov't can't hold the Won under 1,500, then I would start to be concerned...

madoka · Joined: 27 Mar 2008

Unposter · Joined: 04 Jun 2006

Default on what? Korea already paid back their IMF loan in record time. On their bonds? They plan to issue new bonds soon so as to raise U.S. dollars. What good would defaulting do? It would be a drag on the Korean economy for generations - it would be better to re-schedule the debt.

The Bush administration is trying to organize the governments of the world to prop up banks by what I assume is printing money. Bush was a C student after all.

I wouldn't worry about a world wide default.

But, that said I do think we are heading toward what could possibly be a world-wide depression unless someone can boost economic confidence or prime the economic pump.