Korean Job Discussion Forums

[corporate]

korean economy crashes, currency devalues 50% overnight

koreans in recession, which means households will not pay for privates, they are broke!

and to all you bros working in Korea now, doing your split shift and privates, ask yourself, why am i working for peanuts? guess what? you ARE!

the bubble has burst just like the internet bubble did in the US many years ago, at 1400 won to 1 buck, better off working in thailand.

have fun!

[afsjesse]

Troll

[Mr. Pink]

Aside from the troll:

If the exchange rate is nuts, it means Koreans sell more goods abroad, which is what their economy depends on. A super strong won means weak exports and people start losing jobs.

Don't worry...Jimmy Kim's parents will still bankroll that private. They might demand more than a jean and t-shirt scrub foreigner teaching him though.

[bassexpander]

[alex83]

There's a first for everything, and this post is the first time I've ever called anyone a TROLL--talking about the OP, of course.
He's been posting this kind of stuff for some time now.
We get it. You think the sky is falling...the good times forever gone.
Just forgive those of us who don't take too seriously your self-appointed authority on the subject.
Your point would also be made somewhat better if you didn't come off like a ranting, raving maniac.

I do, however, agree with bassexpander. If you're a new teacher and, especially if you have to send money home soon to pay debts, etc., then coming to Korea is probably not a great move right now.
Though, as we all know, things can change quickly.

[VanIslander]

the dumbest move an ESLer in Korea could do right now is cash out their won and head back home

[bassexpander]

[sojourner1]

The troll didn't skew my thinking nor ruffle my feathers. I already know the facts which are not that bad(yet).

We actually have realized a devaluation of 42% in 3.5 months since August. 1000 won to the dollar vs. 1415 Won to the dollar. This is a huge unreasable and irrational difference for such a short time. Korea is taking the 1st hit in this big downturn, becuase it's the little guy between a rock and a hard place.

[dmbfan]

[bassexpander]

The cost of living has skyrocketed here.

I was looking at new notebook computers, but I've given up, and will wait. Why? Because the exchange rate not only went to pot, the businesses here have adjusted their prices to match the US dollar price. So the same notebook computer that would have cost me 550,000 last summer is now upwards of 900,000 won.

This same thing is happening with many, many products -- and not just foreign imports -- Korean, as well. The businesses are feeling the pinch, and rather than lower their prices in the hopes of attracting more sales, they have raised prices in an attempt to cover their losses.

Heating oil prices are to be raised another 9 to 10 percent this winter.

There is talk of increasing transportation prices again for subway and/or taxis.

Food has gone up -- considerably, in some cases.

Milk prices have gone up almost 400 won for the size we buy.

My wife bought a single green pepper yesterday, and it cost 1,200 won! Oranges and apples are about the same.

Things are certainly not looking good at the moment.

[Netz]

[English Matt]

The bubble might seem to have burst from an American perspective, but things are not all that bad for everybody.

The British pound for instance is only about 7% down on where it was in August, and, given the high cost of living in the UK, even if inflation drives the price of some things up here, the cost of living will still be much lower than back home.

It would take 100% of my net income from Korea to rent my own apartment in London, and I would most likely only pull in 30% - 40% more income back home than I do here. Also with unemployment going up everywhere, I'm just damn happy to be doing a job that I (mostly) like and have a pretty high degree of job security.

I would imagine that most South Africans still find Korea to be quite profitable as well.

The dollar will have to drop in relative value eventually, just look at the pound (it was worth $2 a few months ago). What goes up must eventually come back down as has been said many times on this forum.

[marlow]

Seeing as the won probably won't start recovering until summer 2009, I'd say it's a really bad time to start a one year stint in Korea.

[Tobias]

[mountainous]