[South Korea] If you have the world's highest household debt, you don't have enough disposable income - If you don't spend money, it's just bad manners.
2022-06-20
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Private/government debt is ２５４%
In a statement distributed in advance of the conference, Professor Ham Joon-ho of Yonsei University Graduate School of International Studies, who served as a member of the Bank of Korea's Financial and Monetary Committee, stated, ``Korea's macro leverage (private and government debt) level has expanded to ２５４% of GDP. ” he pointed out.
Household debt is １０４.２% of GDP
The household debt balance has continued to expand for １６ years, reaching a record high of １,８５０.９ trillion won (approximately １７６.９８７１ trillion yen) in the April-June ２０２１ period. According to a study by the Institute of International Finance (IIF), Japan's GDP ratio was １０４.２%, the highest among ３７ major countries and regions. Incidentally, the countries other than South Korea are followed by Hong Kong (９２.０%), the UK (８９.４%), and the US (７９.２%).
Global trend of interest rate hikes
On the １５th, the Federal Reserve Board (FRB), the central bank of the United States, announced the first major interest rate hike in about ３０ years. The policy rate will be raised by ０.７５% to a range of １.５０ to １.７５%.
Prior to this, South Korea announced that it would raise its policy interest rate from １.５% to １.７５% in May. The rate was set at １.５% in April, making this the second consecutive month of interest rate hikes. This will also be a severe blow to those who are burdened with household debt.
South Korea's per capita GDP is approaching that of Japan. According to the ２０２１ IMF announcement, Japan's price is $３９,３４０ and South Korea's price is $３４,８０１. However, Japan's household debt is around ６６-７%.
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Economy of the Yi Dynasty Korea "Japan introduced a monetary economy" The central bank of the Korean Empire is Japan's No. 1 bank.
A monetary economy did not develop on the Korean Peninsula
Repeated inflation due to mass production of currency
If there is no money economy, there is no capitalism
Introduction of loans and Japanese banks managing customs
Japan bailed out the past two currency crises
In the early Joseon Dynasty, exchange was limited to salt, a proprietary product, and cloth, rice, and grains. After that, linen, cotton cloth, rice, etc. were traded as physical currency. Kozo coins were issued in 1401 to encourage currency, but they did not become widespread.
In 1423, a bronze coin called Joseon Tsubo was created, and in 1464, a coin was coined, but these were used for the purpose of collecting taxes for the state and were not distributed to the general public. In 1678, the Johei Tsuho coin was minted.
This coin was issued for about two centuries, but confusion occurred because each government office was allowed to mint it. In 1866, Daewongun minted 100 coins to rebuild finances and rebuild Gyeongbokgung Palace.
Rather than rebuilding finances, they were mass-produced, causing the value of the currency to plummet and its currency to be denominated in 1868. Although the Gosen was issued in 1883, its value quickly plummeted and its currency was banned in 1895. Cupronickel coins were issued in 1892, but they were used as supplementary coins during the gold standard system.
In other words, the economy of the Korean Peninsula is based on barter. Slaves were also sold in exchange for five slaves and one cow.
After the Sino-Japanese War, Japan introduced loans to overcome the financial difficulties on the Korean Peninsula. Customs belonged to the Daiichi Bank of Japan, and customs duties were collected in Japanese currency. The money consolidation project was financed by loans from Japan, and Japan's First Bank became the central bank of the Korean Empire.
Without a money economy, there can be no capitalist economy. Japan modernized the Korean Peninsula and developed the market, including the monetary economy and the circulation of capital. Even now, when South Korea conducts transactions with other countries, letters of credit for accounts payable are issued by Japanese private banks. Without this letter of credit, Korean companies cannot conduct international transactions.
Japan also provided relief during South Korea's currency crises in 1997 and 2008. The very currency that is the backbone of the Korean economy becomes something that Japan gives credit to. Although Japan no longer issues currency haphazardly and causes catastrophic inflation as it did during the Joseon Dynasty, no country has ever experienced a currency crisis twice in 10 years. In that sense, it can be said that Wong remains vulnerable. This is the history of currency on the Korean Peninsula up to the present day.
Decrease in disposable income due to mortgage loan
Housing loans are the largest component of household debt. The skyrocketing price of land in Seoul continues to skyrocket, forcing many to borrow large sums of money to purchase apartments. As a result, even if GDP and wages rise, most of the money goes toward repaying household debts, resulting in less disposable income. I don't have any money to spend.
Even after salaries are paid, the money goes straight through the tunnel and is returned to financial institutions, where it is returned to the market. This is the reality of GDP per capita in the Korean economy.
A traveler who just has bad manners
As the coronavirus pandemic begins to subside and overseas travel is gradually lifted, travel to Japan is expected to become a boom again in South Korea. It's not that they like Japan. The above reasons are largely responsible for why Japan is chosen as a nearby travel destination.
And just because you come to Japan doesn't mean you have to spend money. There are quite a few groups that find faults, point them out, and complain to each other. It is said that Korean tourists just have bad manners.
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It's okay to win even if you commit a foul. Don't expect anything from a country with a different concept of sports.
In Japan, there is no question that sports are played to train the mind and body, and this is sought after in all walks of life. On top of that, the champions of each sport are also expected to have good personalities, so Japanese people are very careful when interviewing the winners.
Physical education is distinguished from sports in that it incorporates physical exercise as a part of education and aims not only to train the body but also to improve the mind and personality. Sports are said to be purely about enjoying the competition and the wins and losses. In order to have fun, you can only enjoy victory and defeat within the fairness that comes from following the rules. It is also expressed as sportsmanship.
If you think about whether Korea does physical education or sports, unfortunately it seems like they are failing at both. Even though it is said that political statements should not be brought into sports, athletes who can't stand it anymore and make a big fuss over the Rising Sun flag or claim territory on the field are seen as heroes. He doesn't mind taking fouls in order to win. Do they think that the rules are something that is followed when the referee is watching? There is no concept of sportsmanship here.
I'm sure some people will argue that this is something that some players do, but the relative number of fouls committed by Korean players is too high. And that is what athletes who participate in international competitions do. As I wrote at the beginning, in Japan, sports are viewed as physical education from elementary school onwards, and the higher a player becomes, the more they continue to train, and as a representative of the country, they are expected to act without shame. It can be said that there are almost no players who commit such foul acts when they reach the level of participating in international tournaments.
It is said that all sports are supervised by an organization called the Korea Athletic Association, but it seems that they are more passionate about anti-Japan activities than athletics, and that way of thinking is quite different even internationally.
[Korea] Unable to accept the fact that the Rising Sun flag was saluted at the naval review ceremony, he started saying that it might not be the Rising Sun flag.
Ship review ceremony attended by South Korean military for the first time in 7 years
A disturbing debate erupts
If it's not the Rising Sun flag, don't yell from the beginning
The South Korean Navy participated in Japan's naval review ceremony for the first time in seven years. Attention was focused on whether or not he would salute the Japanese naval ship holding the Rising Sun flag, and it appears he did so. This is the minimum international ritual required for a ship review ceremony. Do Koreans salute the Rising Sun flag? He's a traitor. There are a lot of criticisms like this, but if that's the case, then you should just not participate in it in the first place.
This is the first time the South Korean military has attended a Japanese naval review ceremony since 2015, during the Park Geun-hye government. There are other completely unbelievable discussions taking place in South Korea. The Rising Sun flag of the former Japanese military and the flag of the Japan Maritime Self-Defense Force are very similar but slightly different, so there are opinions that this flag is not the Rising Sun flag, and opinions that it is the Rising Sun flag.
In other words, on the premise that he had to take part in a naval review ceremony and take a salute, he said in frustration that if he looked closely, it might not be the Rising Sun flag. Have they forgotten that they have repeatedly complained that the crab pattern on the wrapper of Burger King's ``Snow Crab Whopper'' is the Rising Sun flag?
The preamble of the Constitution lies at the root of South Korea's anti - Japanese sentiment.The reason for affirming anti - Japanese sentiment and excluding pro - Japanese sentiments is found in the
The preamble of the Korean Constitution states that 3.1 the legal system of the provisional government of the Republic of Korea will be inherited. Then, what is the March 1 Provisional Government of the Republic of Korea? It is an organization that called itself the Provisional Government and was established in 1919 as an anti-Japanese force. Looking at the contents of the charter, we see that the oath is strongly anti-Japanese: ``We will fight to the last man to indoctrinate Japan from barbarism.''
The preamble of the constitution describes the principles that govern the entire constitution. The structure of this idea is to inherit the legal structure of the March 1 Charter of the Provisional Government of the Republic of Korea. If we interpret these without contradiction, Article 21 of the latter part of the Korean Constitution states freedom of speech and Article 22 states academic freedom, but if we read it based on the preamble of the Constitution, we can see that 3.1 Legal framework of the provisional government It can also be interpreted as allowing freedom of speech and academics on the premise of inheriting the law. This is actually the case in Korea today.
If you look at the oath of the provisional government quoted in the preamble of the constitution, it clearly states anti-Japanese ideology. In the first place, the constitution should not quote anything or include language that assumes other countries.
In any case, as long as South Korea is under this constitution, anti-Japanese activities are always legitimate, and on the contrary, pro-Japanese activities are criticized as acts that destroy the legal system of the March 1 Provisional Government Charter and the Constitution. If members of the Diet follow the principle of adhering to the Constitution, then anti-Japanese members are conducting legitimate parliamentary activities. This is the main reason why it is said that #anti-Japan is South Korea's national policy.
How can the preamble of the Constitution be consistent with fundamental human rights such as freedom of speech, thought and belief, and academic freedom? There appears to be no case where a legal interpretation has been obtained in the Constitutional Court through a lawsuit or controversy that has raised this point. The Korean government is free to expand its interpretation as much as it wants. This is the case now, as seen in the No Japan movement, where anti-Japanese activities are legitimate activities, and pro-Japanese speech is denounced as ``traitors.'' Is this an exception to basic human rights, with speech affirming the era of Japanese rule being suppressed, or is anti-Japanese a duty of every Korean citizen as written in the Provisional Government's oath?
Provisional Government OathOathTo my 2,000,000 fellow citizens whom I respect and loveMarch 1st year of the Republic of Korea One day, since the Korean nation declared its independence, men and women, young and old, all classes, and all sects, of course, have come together to fight under the inhumane violence of Japan, the Germany of the East. The sympathy of the world is now suddenly focused on our people because they have expressed the character of a nation that is extremely patient with fairness, longs for independence and freedom for its people, and loves truth, justice, and humanity. It was at this time that the government was organized with the mandate of all the people of the country. I hereby swear that this government, together with all the people of this country, will work wholeheartedly to fulfill the great mission of restoring the nation and establishing its identity as a nation, observing the provisions of the provisional constitution and the principles of international society. My fellow countrymen, be inspired. Every drop of blood we shed is the gift of freedom and fortune to our descendants. It is the precious foundation for building God's kingdom. The way of our people will surely edify Japan's wild horses. Our justice truly trumps Japan's violence. My brethren, rise and battleto the last man.
3.1 The provisional government was the result of an anti-Japanese movement that occurred on March 1, 1919 under Japanese rule, and after that, Syngman Rhee established a provisional government in Shanghai, where he was in exile. This provisional government is considered the legitimate root of the Korean government, and Syngman Rhee became the first president of Korea after Japan's defeat. In other words, the Korean government itself is based on anti-Japanese organizations. Therefore, the Constitution will inherit the legal system of the Provisional Government Charter.
It is no wonder why this story has not been reported in Japan, but it seems safe to assume that there are almost no members of the Korean Diet who are not anti-Japanese. On the contrary, he says that it is impossible to become a member of the Diet while advocating pro-Japan policy. Rather than saying, ``Many South Korean parliamentarians are anti-Japanese,'' it seems more accurate to say, ``South Korean parliamentarians exist because they are anti-Japanese.'' South Korea will never become a pro-Japanese country. That future will never come. Will the South Korean government or National Assembly propose a constitutional amendment and delete the text written in the preamble? If that happens, the roots and identity of the Korean government will disappear.
Anti-Japanese activities are legitimate activities that are affirmed by the Korean Constitution. Depending on the interpretation, it can also be considered to be outside the scope of freedom of speech. We need to think about South Korea with this in mind.
Last One Mile Support In addition to Taiwan and Vietnam, Japan will provide vaccines through COVAX: Cambodia, Laos, East Timor, Bangladesh, Maldives, Nepal, Sri Lanka, Fiji, Kiribati, Papua New Guinea, Samoa, Solomon, Tonga, Vanuatu, Iran.
New target country of "Last One Mile Support" in cooperation with UNICEF: Ghana, Senegal, Mozambique, Malawi, Palestine, the Philippines and Mongolia."Last One Mile Support" will cover 59 countries and regions.
Korea is not a developing country, so it is likely that it will not be able to provide vaccines because now Korea is in the midst of the No Japan movement and Japan respected it and their passion.
the next presidential candidate Yoon Seok-yeol: The relationship between Korea and Japan has deteriorated to the worst level since the normalization of diplomatic relations.Diplomacy should be based on pragmatism and realism, but it has come to this point because of its ideological bias of "bamboo spear songs."The Moon administration is trying to sort things out at the end of the administration, but it seems to have failed.
Li Nak-yeon: I can't believe his recognition when I hear he said about bamboo spears.It was shocking that he made such absurd remark that is shallow historical understanding at Yoon Bong-gil Memorial Hall .
Lee Jae-myung: Japan, an aggressor, should have been divided, but Korea, a victim of Japan's invasion, was divided.
The next presidential election will also be a match between Japan and South Korea.For Japan, Yoon Seok-yeol is better for Japan to pursue diplomacy, but I personally think if the other two would be President Japan should recognize as a hostile country beyond anti-Japanese and historical issues.
In the first place, Japan has nothing to do with the Korean presidential election.Korea should Focus on internal affairs.Either way, Japan will only respond accordingly.Because it's a foreign country.
![[South Korea] If you have the world's highest household debt, you don't have enough disposable income - If you don't spend money, it's just bad manners.](./upfile/409-1.webp)
