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basic69isokay
Joined: 28 Sep 2014
Location: korea
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 Posted: Fri Oct 24, 2014 11:53 pm Post subject: How bad is the Korean economy right now?? |
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Just anecdotal things, but Ive recently seen:
-several friends not get their jonsae money back. Owners simply disappeared
-friend got scammed by a yonsei grad who was bankrupt
-MOST 20s Koreans I know are unemployed, doing a worthless grad program, or working part time.
Couple that with miserable contracts for ESL, cuts in public school, parents taking their kids out of hagwons....it really feels like 2009 America. I might be exaggerating but, the economy here looks baaaaad. Maybe a big recession coming in Korea. Could be bigger than most people realize. |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Fri Oct 24, 2014 11:56 pm Post subject: |
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Who knows?
Even the people on the Titanic played music until they were under water. |
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optik404
Joined: 24 Jun 2008
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| Posted: Sat Oct 25, 2014 4:03 pm Post subject: |
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I don't think a couple scams and stagnant wages for ESL teachers are evidence of a crumbling economy.
Don't most english teachers make around 2.1 + housing + benefits? There was an article that did all the math and it came out to 42K iirc for a first time english teacher. That's not bad for someone with no experience teaching. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Sat Oct 25, 2014 4:26 pm Post subject: |
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| basic69isokay wrote: |
| I might be exaggerating but, the economy here looks baaaaad. Maybe a big recession coming in Korea. Could be bigger than most people realize. |
No, the Korean economy is doing just fine. |
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northway
Joined: 05 Jul 2010
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| Posted: Sat Oct 25, 2014 4:49 pm Post subject: |
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| optik404 wrote: |
I don't think a couple scams and stagnant wages for ESL teachers are evidence of a crumbling economy.
Don't most english teachers make around 2.1 + housing + benefits? There was an article that did all the math and it came out to 42K iirc for a first time english teacher. That's not bad for someone with no experience teaching. |
And that's without even considering that you're going to need a car in the vast majority of places EFL teachers hail from, adding another few hundred a month in costs at home. My car payment, insurance, and gas total upwards of $500/month, and it's not like I live in a state with expensive gas or particularly expensive insurance, or like I drive anything fancy (though I did buy it new). |
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jcd
Joined: 13 Mar 2012
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| Posted: Sat Oct 25, 2014 5:23 pm Post subject: |
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http://www.koreatimes.co.kr/www/news/biz/2014/10/488_166633.html
Here's an article that says that since they started circulated 50 won notes, they haven't seen a return on them. Either black market or more likely they are saving lots of cash. Between that and their housing deposits I'd say they are doing all right. |
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basic69isokay
Joined: 28 Sep 2014
Location: korea
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| Posted: Sat Oct 25, 2014 5:44 pm Post subject: |
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Most of those housing deposits are loans, but people dont like to admit it.
Secondly, this wasnt meant as a comparison of EFL vs back home. Just solely KOREA domestic economy in general is hurting. But I suppose most ppl don't see it yet. Hey, no one in the US saw it coming in 2006 either! But yeah, in the next year or so, with samsungs continued decline, its gonna be common knowledge. Recession is coming in Korea |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Sat Oct 25, 2014 6:10 pm Post subject: |
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| basic69isokay wrote: |
| Hey, no one in the US saw it coming in 2006 either! |
I did.
Korean economy is doing just fine. Unlikely to be any recession. |
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GENO123
Joined: 28 Jan 2010
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| Posted: Sat Oct 25, 2014 6:15 pm Post subject: |
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| KimchiNinja wrote: |
| basic69isokay wrote: |
| Hey, no one in the US saw it coming in 2006 either! |
I did.
Korean economy is doing just fine. Unlikely to be any recession. |
only if they crash the won.
Kimchninjoa wrote:
| Quote: |
Posted: Thu Oct 02, 2014 7:17 pm
Japan is actually better off, because they understand where they are...
Americans are still in deep denial. |
http://forums.eslcafe.com/korea/viewtopic.php?t=233986&postdays=0&postorder=asc&start=15
No one whose job is investing would make the such a statement as the above.
follow Kimchininjas' world analysis or investment advice at your own peril .
Last edited by GENO123 on Thu Oct 30, 2014 11:52 pm; edited 1 time in total |
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atwood
Joined: 26 Dec 2009
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| Posted: Sat Oct 25, 2014 7:00 pm Post subject: |
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Friends getting scammed by friends is a common occurrence in Korea.
The government is taking measures to try and jump start the economy. The economy may not be "bad" but growth is certainly sluggish. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Sat Oct 25, 2014 9:11 pm Post subject: |
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| GENO123 wrote: |
| No one whose job is investing would make the such a statement as the above. |
Yet I exist. |
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GENO123
Joined: 28 Jan 2010
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Sat Oct 25, 2014 10:03 pm Post subject: |
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| GENO123 wrote: |
| KimchiNinja wrote: |
| GENO123 wrote: |
| No one whose job is investing would make the such a statement as the above. |
Yet I exist. |
A professional investor the same way Kim Jong Il was a professional golfer. |
And yet my past investment performance exists.
You are the guy who admitted to not seeing the 2008 collapse coming...that one was so obvious. |
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GENO123
Joined: 28 Jan 2010
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| Posted: Sat Oct 25, 2014 11:05 pm Post subject: |
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| KimchiNinja wrote: |
| GENO123 wrote: |
| KimchiNinja wrote: |
| GENO123 wrote: |
| No one whose job is investing would make the such a statement as the above. |
Yet I exist. |
A professional investor the same way Kim Jong Il was a professional golfer. |
And yet my past investment performance exists.
You are the guy who admitted to not seeing the 2008 collapse coming...that one was so obvious. |
When did I make such a statement?? Find the quote and I will apologize.
what past performance??
It is just like Kim Jong Il in golf. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Sat Oct 25, 2014 11:21 pm Post subject: |
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| GENO123 wrote: |
| what past performance?? |
Retired at 40.
I say the local economy is fine, if you have any money (unlikely) go ahead and short it if you like. |
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