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Weigookin74
Joined: 26 Oct 2009
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 Posted: Sun Apr 13, 2014 8:28 pm Post subject: Happy won. Happy day. |
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1 CAD = 945.958 KRW
2,000,000.00 KRW = 2,114.26 CAD
Rise won rise. Oh happy day. Not since the early months of 2008 and before has it been getting into this territory. Six years of awful exchange rates. About bloody time. |
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Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
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| Posted: Sun Apr 13, 2014 9:38 pm Post subject: |
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| Ugh, no. A strong won is not a good thing in an export-driven economy like Korea's. Hopefully the rate will go back over 1100 or so, where it should be. |
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Lucas
Joined: 11 Sep 2012
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| Posted: Sun Apr 13, 2014 9:50 pm Post subject: |
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| Quote: |
| Ugh, no. A strong won is not a good thing in an export-driven economy like Korea's. Hopefully the rate will go back over 1100 or so, where it should be. |
Steelrails, why don't you adopt some Korean children and go live on an island with them (with no internet).
You can 'teach' (indoctrinate) them, set up your own rules and have the kids carve a statue of you.
They can sit on your knee and you can bounce them up and down.... |
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atwood
Joined: 26 Dec 2009
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| Posted: Sun Apr 13, 2014 10:27 pm Post subject: Re: Happy won. Happy day. |
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| Weigookin74 wrote: |
1 CAD = 945.958 KRW
2,000,000.00 KRW = 2,114.26 CAD
Rise won rise. Oh happy day. Not since the early months of 2008 and before has it been getting into this territory. Six years of awful exchange rates. About bloody time. |
Swiss bank economists say it should continue to strengthen a bit. |
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atwood
Joined: 26 Dec 2009
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| Posted: Sun Apr 13, 2014 10:33 pm Post subject: |
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| Steelrails wrote: |
| Ugh, no. A strong won is not a good thing in an export-driven economy like Korea's. Hopefully the rate will go back over 1100 or so, where it should be. |
Maybe they should manufacture better value products rather than relying on manipulating their currency to sell their shite, I mean crap, I mean products.
"Where it should be"--truly egotistical tripe. How the f989k do you know know where "it should be"? |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Sun Apr 13, 2014 11:00 pm Post subject: |
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| atwood wrote: |
| Steelrails wrote: |
| Ugh, no. A strong won is not a good thing in an export-driven economy like Korea's. Hopefully the rate will go back over 1100 or so, where it should be. |
Maybe they should manufacture better value products rather than relying on manipulating their currency to sell their shite, I mean crap, I mean products.
"Where it should be"--truly egotistical tripe. How the f989k do you know know where "it should be"? |
It's been at this garbage level for as long as Steelrails has been in Korea. So he feels it's strengthening, rather than being allowed at long, long last to correct itself to where it should have been a long time ago, because of domestic business protectionism. The regulators have been slowly loosening their grip on the won (they'll probably take action at either 1000 or 1020).
Whether it's good for manufacturing or not is irrelevant. There has been some heavy-duty currency manipulation to keep it artificially weak. |
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Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
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| Posted: Mon Apr 14, 2014 12:28 am Post subject: |
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| Lucas wrote: |
| Quote: |
| Ugh, no. A strong won is not a good thing in an export-driven economy like Korea's. Hopefully the rate will go back over 1100 or so, where it should be. |
Steelrails, why don't you adopt some Korean children and go live on an island with them (with no internet).
You can 'teach' (indoctrinate) them, set up your own rules and have the kids carve a statue of you.
They can sit on your knee and you can bounce them up and down.... |
So...you don't have any comment on the effect a strong won will have?
I'm quite happy where I'm at and with the people around me. Are you?
| Quote: |
Maybe they should manufacture better value products rather than relying on manipulating their currency to sell their shite, I mean crap, I mean products.
"Where it should be"--truly egotistical tripe. How the f989k do you know know where "it should be"? |
If you believe Samsung, Hyundai, LG, Hanjin, Pohang Steel, and so on are selling simply because of currency manipulation and dismiss them as utter crap, I'm sorry. I don't know what to say other than let the hate go.
And as for "where it should be", I think it should be at a level that promotes exports and people around the globe purchasing Korean products.
What is egotistical is being frustrated over a currency and monetary policy because its bad for a few guest foreign workers to send money home and purchase imported luxury goods.
| Quote: |
It's been at this garbage level for as long as Steelrails has been in Korea. So he feels it's strengthening, rather than being allowed at long, long last to correct itself to where it should have been a long time ago, because of domestic business protectionism. The regulators have been slowly loosening their grip on the won (they'll probably take action at either 1000 or 1020).
Whether it's good for manufacturing or not is irrelevant. There has been some heavy-duty currency manipulation to keep it artificially weak. |
Okay, but why do you think it should be stronger? All countries manipulate their currencies in response to economic conditions, so I don't see anything wrong with that. Why should it be stronger?
If this country had a different economy, a strong won might be beneficial and good news. As it stands, its export-driven, which means a weak currency is in its best interests. |
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bobbyhanlon
Joined: 09 Nov 2003
Location: 서울
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| Posted: Mon Apr 14, 2014 1:05 am Post subject: |
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indeed, korean exports clearly aren't shite. there's a good reason people are buying more hyundai cars and galaxy phones than ever. they're simply well-made products.
but shite or no shite, the sad reality is that korean consumers have been shat upon for decades, thanks to an underpriced won. the bank of korea has kept the won artificially weak in order to help samsung et al., and the average korean housewife pays for it every time she goes to the supermarket. meanwhile that galaxy phone or hyundai car tends to cost more here than it does in europe or the us, showing you exactly how grateful these companies are for the assistance of the nation.
what is interesting is that now, companies like samsung electronics make more and more of their products outside of korea, and sell them outside of korea. they are not so reliant on korea any more, and one can imagine a time when the price of the won makes virtually no difference to korea's largest companies. other things being equal, the won should strengthen in the long run as the chaebol demand for a weak won disappears. |
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Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
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| Posted: Mon Apr 14, 2014 1:18 am Post subject: |
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| bobbyhanlon wrote: |
indeed, korean exports clearly aren't shite. there's a good reason people are buying more hyundai cars and galaxy phones than ever. they're simply well-made products.
but shite or no shite, the sad reality is that korean consumers have been shat upon for decades, thanks to an underpriced won. the bank of korea has kept the won artificially weak in order to help samsung et al., and the average korean housewife pays for it every time she goes to the supermarket. meanwhile that galaxy phone or hyundai car tends to cost more here than it does in europe or the us, showing you exactly how grateful these companies are for the assistance of the nation.
what is interesting is that now, companies like samsung electronics make more and more of their products outside of korea, and sell them outside of korea. they are not so reliant on korea any more, and one can imagine a time when the price of the won makes virtually no difference to korea's largest companies. other things being equal, the won should strengthen in the long run as the chaebol demand for a weak won disappears. |
Well, the Korean housewife is hopefully benefiting by her husband having gainful employment at one of those export-driven firms. If it means a more expensive car (oh well, you have to get a 1.8L instead of a 2.0), that's a small price to pay for a good job.
On the other hand, you do mention the growth of outsourcing. It doesn't help that many young Koreans are unwilling to work factory jobs, even if they pay well. If the chaebols and the Korean domestic worker drive manufacturing out of the country and cease to offer that gainful employment, then the country and its people should cease to support policies favorable to them. If that weak currency isn't doing anything to ensure gainful employment, then it's worthless.
Hyundai's that are $1,000 cheaper are worth little if you're employed at Lotteria. Same with back home, Wal-Mart's low priced Chinese goods are worth little if you are working at Wal-Mart because your American company produced more expensive goods which Wal-Mart decided not to carry and you are now unemployed.
There is a time for strengthening of one's currency. I'm not convinced this is the present time and situation. |
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atwood
Joined: 26 Dec 2009
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| Posted: Mon Apr 14, 2014 1:42 am Post subject: |
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| Steelrails wrote: |
| Lucas wrote: |
| Quote: |
| Ugh, no. A strong won is not a good thing in an export-driven economy like Korea's. Hopefully the rate will go back over 1100 or so, where it should be. |
Steelrails, why don't you adopt some Korean children and go live on an island with them (with no internet).
You can 'teach' (indoctrinate) them, set up your own rules and have the kids carve a statue of you.
They can sit on your knee and you can bounce them up and down.... |
So...you don't have any comment on the effect a strong won will have?
I'm quite happy where I'm at and with the people around me. Are you?
| Quote: |
Maybe they should manufacture better value products rather than relying on manipulating their currency to sell their shite, I mean crap, I mean products.
"Where it should be"--truly egotistical tripe. How the f989k do you know know where "it should be"? |
If you believe Samsung, Hyundai, LG, Hanjin, Pohang Steel, and so on are selling simply because of currency manipulation and dismiss them as utter crap, I'm sorry. I don't know what to say other than let the hate go.
And as for "where it should be", I think it should be at a level that promotes exports and people around the globe purchasing Korean products.
What is egotistical is being frustrated over a currency and monetary policy because its bad for a few guest foreign workers to send money home and purchase imported luxury goods.
| Quote: |
It's been at this garbage level for as long as Steelrails has been in Korea. So he feels it's strengthening, rather than being allowed at long, long last to correct itself to where it should have been a long time ago, because of domestic business protectionism. The regulators have been slowly loosening their grip on the won (they'll probably take action at either 1000 or 1020).
Whether it's good for manufacturing or not is irrelevant. There has been some heavy-duty currency manipulation to keep it artificially weak. |
Okay, but why do you think it should be stronger? All countries manipulate their currencies in response to economic conditions, so I don't see anything wrong with that. Why should it be stronger?
If this country had a different economy, a strong won might be beneficial and good news. As it stands, its export-driven, which means a weak currency is in its best interests. |
Still don't get it, do you, Herr G?
First, you don't see anything wrong with cheating.
Then you lie. All countries do not manipulate their currencies.
Next, you still haven't supported your contention about where the won should be other than that it's good for Korean exports. Furthermore, you dismiss the corollary that it's bad for the countries/companies that have to compete with them. How about citing the economic fundamentals?
Finally, if Korean products were so great, then why the need for a weak currency to entice buyers to purchase them, a need you admit to.
Why would they need to dump products?
| Quote: |
Commerce found that Union Steel, Hyundai Hysco, Pohang Iron & Steel Co. Ltd. and Pohang Coated Steel Co. Ltd. sold the products at issue at less than normal value, according to the March 22 notice of final results from the anti-dumping administrative review.
The final results cover the period from Aug. 1, 2007, through July 31, 2008. |
Koreans don't want to compete on a level playing field. Why exactly is that, Herr G? |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Mon Apr 14, 2014 1:56 am Post subject: |
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| Steelrails wrote: |
| Ugh, no. A strong won is not a good thing in an export-driven economy like Korea's. Hopefully the rate will go back over 1100 or so, where it should be. |
Interesting.
In 2002 when I came here the won was way stronger - and the economy seemed better.
Hmmm... could it be that currency is not the only factor in a strong economy? even Korea's?? |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Mon Apr 14, 2014 2:13 am Post subject: |
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Many Korean products no longer need a devalued currency to compete. Their quality has vastly improved and in many cases are as good or better than what the Japanese put out.
A stronger won will drive down imported food and energy costs. Wether or not those savings get passed on to consumers is another story. |
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andrewchon
Joined: 16 Nov 2008
Location: Back in Oz. Living in ISIS Aust.
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| Posted: Mon Apr 14, 2014 2:45 am Post subject: |
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Korea will buy some US dollars to drive down the won soon enough anyway.
Problem is that US dollar is falling against other currencies, too.
And that's God's PUNISHMENT for:
1. thinking about raising the minimum wage
2. letting Bill Nye win the debate against that Creationism Museum guy thus corrupting the young minds
3. letting Seth MacFarlane make Cosmos and thus corrupting even more young minds
4. letting Russell Crowe make the movie Noah and thus corrupting boat loads of young minds and lowering the percentage of Americans believing in the story BELOW the current 60%
This will not pass! US Constitution says Noah's ark made the landfall at Plymouth Rock in 1620!  |
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young_clinton
Joined: 09 Sep 2009
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| Posted: Mon Apr 14, 2014 3:32 am Post subject: |
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| atwood wrote: |
Maybe they should manufacture better value products rather than relying on manipulating their currency to sell their shite, I mean crap, I mean products.
"Where it should be"--truly egotistical tripe. How the f989k do you know know where "it should be"? |
I don't know. I'd buy a Hyundai before I would buy an American car, and I'm American. |
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atwood
Joined: 26 Dec 2009
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| Posted: Mon Apr 14, 2014 3:33 am Post subject: |
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| young_clinton wrote: |
| atwood wrote: |
Maybe they should manufacture better value products rather than relying on manipulating their currency to sell their shite, I mean crap, I mean products.
"Where it should be"--truly egotistical tripe. How the f989k do you know know where "it should be"? |
I don't know. I'd buy a Hyundai before I would buy an American car, and I'm American. |
See you in my rear-view mirror.
http://www.teslamotors.com/models |
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