[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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The difference between Japan and South Korea in terms of the friendship that Oh Sun - hwa talks about.If you're a friend, give it to me.This is the Korean style.
Wu Shanhua, a professor at Takushoku University's School of International Studies, said that when she first came to Japan to study, she struggled because she couldn't understand Japanese culture. She says that in South Korea, the culture is that you shouldn't differentiate between your friend's things and your own things.
During class, I open my friend's pencil case, use it, and then put it back. They end up using not only stationery, but also things in their bags, sweets, food, and even money if they are left on the table. It seems that the person being used is happy and thinks that the person who is being used thinks of them as a friend.
Of course, Japan does not have such a culture. No matter how much time passes, my friend asked Wu Shanhua at the time, ``I forgot her pen, can you lend it to me?'' When I get it back, I always say thank you. No matter how much time passes, Wu Shanhua will not accept her as a friend. Apparently, there was a time when she worried that they wouldn't accept her because she was a foreigner.
She believed that sharing your things with others was a sign of friendship, so her sensibilities seemed to be completely different from those in Japan.
Another Korean who came to Japan and returned to Korea after two and a half years after having such an experience apparently published a book about Japanese culture in Korea. His anti-Japanese book, which describes Japan as a country of crazy people, has sold 3 million copies and has become a model that is often cited by Japanese culture researchers at universities and other institutions. That's it.
What is your friend's property is yours. This is regardless of the size of the amount. They say that even if it's a large amount of money, you can only be a friend if you pay to help. As a result, the custom of filing lawsuits has become commonplace in recent years, making South Korea a fraud country. Furthermore, it is unclear how far the money was taken from him as a friend, and where the fraud began. In other words, it is not returned while being shared. This has become the norm, but in light of the law, it appears to have resulted in a series of fraudulent acts.
With this in mind, Wu Shanhua says she is also knowledgeable about diplomatic issues. Koreans think that since Japan is an economically developed country, it is natural to provide money for free. I don't use the word "thank you" at this time, and since Japan has many islands, I wonder if it's a friend to make a fuss about just one island. Wouldn't it be possible to have a friendly relationship if Japan gave as much as Shikoku to South Korea? In fact, she explains, there is at least an underlying feeling.
The differences between Japan and South Korea, which include the actual experiences of Ms. Oh Sunhwa, who actually lives in Japan, are surprising, but if you refer to them, you will be able to see some things.
Candidate Lee Jae - myung said that America was to blame for the division of the Korean peninsula - a victim mentality lacking in historical understanding.
What is this person saying? South Korean presidential candidate Lee Jae-myung told U.S. Senator Jon Ossoff that the Korean peninsula was divided without Japan being divided. It is America's fault that the Korean peninsula was divided into north and south. On top of that, it's a statement that says Japan should have been divided.
Losing a war does not always result in division. The former East and West Germany was divided into East and West by the socialist Soviet Union and liberal countries. Since the Soviet Union was largely responsible for Germany's defeat, the Soviet Union gained control of Eastern Europe, and Germany itself was divided into East and West. In multilateral wars, when the victorious nations were unable to come to terms on their merits and interests, the method of partition was adopted. Germany is a perfect example.
So what about Japan? Although it is still a multilateral war, Japan has won against all Western countries except the United States. Only America lost. The Soviet Union had nothing to do with the Japan-Soviet Non-Aggression Pact. The Soviet Union entered the war on August 9, 1945, just before the end of the war. How could the Soviet Union claim its interests against the United States?
So why did the Soviet Union claim interests in the Korean Peninsula? This is said to have been determined by the Yalta Secret Treaty, which determined the division along the 38th parallel. The question is at what point in time should a return to the status quo be made, based on the principle of restoration to its original state in post-war settlements. At the Yalta Conference, Roosevelt, Churchill, and Stalin discussed how to deal with the aftermath of World War II.
The fact that the San Francisco Peace Treaty recognized the return of Taiwan dates back to the Sino-Japanese War. On the Korean Peninsula, Gojong, the Emperor of the Korean Empire, negotiated with Russia to sell the interests of the Korean Peninsula. The Soviet Union built the transcontinental railroad and began colonizing East Asia. The theory is that if Japan had not interfered in the Russo-Japanese War, the Korean Peninsula would have belonged to the Soviet Union. In other words, they are claiming rights dating back to before the Russo-Japanese War.
Why is present-day South Korea a democratic country? This is based on the premise that the Korean Peninsula belonged to Japan, and it was the United States that forced Japan into defeat, so the United States claimed its rights. Therefore, Korea came under the control of GHQ. Based on this premise, the 38th parallel was established as a compromise line with the Soviet Union, dividing the country into north and south.
The Korean won is falling.It exceeded 1,240 won. The reason that Japan must not make promises with the new Korean president prematurely .
The won fell to 1,243 won against the dollar.If the Fed raises interest rates in real terms, it will fall further.The main reason is that Russia's economic prospects are pessimistic. And Yoon Seok-yeol won the presidential election on March 9 and became president on May 10.Yoon called for strengthening the U.S.-South Korea alliance and mentioned the deployment of THAAD.China accounted for 24.8 percent of Korea's exports, twice as much as the U.S., the second largest exporter.When the Park Geun Hye administration decided to deploy THAAD, China imposed severe economic sanctions.China's economic sanctions are only pessimistic for investors, so Korean investment is likely to rise further and the won is likely to fall further.
Next time, South Korea will break its promise with China
Election officials collect voting papers in South Korea's presidential election?an abnormal situation in which one cannot enter a ballot box directly.
Electors were unable to properly manage voting papers during the pre-voting process for those who were confirmed and quarantined on May 5, causing confusion.Some voters protested, saying, "It violates the principle of direct and secret voting," as election workers collected voting papers instead of putting them directly in the ballot box.Some polling stations put voting papers in baskets and transported them, saying, "We don't do this in the election for school president and mayor."The ruling and opposition parties visited the National Election Commission in protest.The National Election Commission said, "It was insufficient for voting management, but there was absolutely no illegal possession," and decided to hold an emergency meeting on July 7 to prepare measures to vote in Japan.
This is a surprising incident, but is it possible in Korea?It is surprising that election officials collect voting papers.In the 2020 general elections in Korea, the ballot box itself was suspected to be replaced and there was a big problem with illegal elections, and this is like this in the presidential election.Moon Jae In said yesterday, "It is regrettable mistake, and the NEC should explain the situation," while Lee Jae-myung said, "We should take thorough measures to prevent confusion in the main vote on June 9."In the first place, it can be said that no countermeasures have been taken even though there was such a disturbance in the 2020 general election.The president's Moon Jae In and the ruling Democratic Party should had taken the measures together.
In the 2020 election, there was a lot of controversy over the illegal election.Korea uses an electronic ballot counting system and its communication equipment is made by Huawei.It is unclear why China is introducing Chinese products into the voting system because it is not a democracy, but some point out that the results of the vote counting may have been falsified due to illegal access from China.A professor at the University of Michigan said, "The ruling party's landslide victory in the general election is statistically abnormal, and there are many illegal votes that is enough to change the president-elect, and he published a paper about that.
Korea makes fun of Japan as a democratic backward country, but in Japan, election clerks cannot collect voting papers.That is, it has been taken care of in Japan.
Bella Poarch battle against Korean. It looks like you're still in a fight with the Filipinos. Koreans attacked Bella Poarch all at once, alleging that the tattoo of the selfie image that Bella Poarch surrendered to Instagram was reminiscent of the Rising Sun Flag. Bella Poarch, who once apologized, later said, "I can't afford to insult not only me but other Filipinos," and it seems to be heating up even more. The concern is that the Philippines is a gun society. The homicide rate is 25 times that of Japan. I heard that many Koreans study English in the Philippines, but is that okay? Are you trying to see if Korean common sense is universal?
The Japanese Navy is promoting military cooperation, such as dispatching destroyers and submarines to the waters of the Philippines and Japan's cooperation in the redevelopment of the former US Navy base. Do you think the Philippines will deny the Rising Sun Flag? Well, please do your best.
![[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)
