[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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Meeting with South Korean parliamentarians and Foreign Minister Hayashi. Is it meaningful to deal with mere performance diplomacy? An unprecedented response between members of the Diet and government ministers
Foreign Minister Hayashi met at the Ministry of Foreign Affairs on the morning of the 25th with the "policy consultation delegation" sent by South Korean President-elect Yoon Seok-you to Japan. There have been criticisms within the Liberal Democratic Party of having a meeting between a mere parliamentary group that has not yet been established as a government and Japanese government ministers. Since it is unknown whether they are really delegations, will the Foreign Minister visit all of them when a foreign member visits Japan? And since I had an interview with the members of the Diet, there is no reason why Yoon Seok-you would not have an interview after taking office as president.
Interview in a state of violation of international law
Currently, the Japanese government is in a position not to negotiate unless the Korean government corrects the state of violation of international law, and the state of violation of international law has not changed yet. After that, They had a meeting with former Minister of Finance Fukushiro Nukaga of the Liberal Democratic Party and former Minister of Education, Culture, Sports, Science and Technology Nakagawa of the Constitutional Democratic Party, who are the chairman of the Japan-Korea Parliamentary Union, at a hotel in Tokyo for about an hour and a half. One of the points that should be evaluated is that the Korean parliamentarians should return to the Japan-Korea relations at the time of the 1998 Japan-Korea Joint Declaration. In 1998, it became a joint declaration that embodied the ideal way of exchange between Japan and South Korea from the 1965 Japan-Korea Basic Treaty, such as the opening of Japanese culture in South Korea and the resolution of the problem of fishing rights in Takeshima. Even if it is simply said to improve Japan-South Korea relations, it is commendable that they have discussed them many times and have shown specific target points because the Korean side has destroyed everything for their own convenience. However, even if it returned to the time of the Japan-Korea Joint Declaration, this declaration was virtually invalidated by the National Assembly of South Korea in less than two years. How can we prevent it from being invalidated again even if it returns in 1998? That point is missing.
Do you make another promise with a country that does not keep your promise?
I think that the problem that South Korea does not keep its promise is that the country itself does not have a structure to keep its promise. Even if the president of that era considers the times and makes a promise with Japan through diplomatic immunity, Korean parliamentarians who have an anti-Japanese structure and an anti-Japanese constitution will invalidate them with the power of the legislature. Is the Kishida administration rushing for easy diplomatic achievements as it has no diplomatic achievements so far? Foreign Minister Hayashi is in a good mood playing the piano in the United Kingdom. Will he repeat the Japan-Korea relations that he has repeated over and over again?
Yoon Seok - yeol wins the 20th presidential election...with a narrow margin of 1 percentage point.
Yoon Seok-yeol of the opposition party won the 20th presidential election by a narrow margin of 1 percent.Conservative parties have taken back the chair where pro-China and pro-North Korean left-wing presidents sat for five years.Yoon strongly criticized the Moon Jae In administration's policies and is eager to improve relations with Japan by taking a pro-U.S. stance.However, there are many concerns.
The future of the Korean economy, which relies heavily on the Chinese economy, is uncertain because the Democratic Party won about 60% of the seats in the 2020 general elections and Yoon Seok-yeol mentioned the deployment of THAAD.And even if Japan is eager to improve relations, it is based on Japan's apology and compensation, and in fact, it is drawing a starting line in the same place as the Moon Jae In administration.
The Japanese government is expected to remain parallel for a while because it is difficult to change its position that it has already been resolved through the Japan-South Korea Claim Agreement and the Japanese Military Sexual Slavery Agreement.However, the anti-Japanese movement is expected to subside as Korea's anti-Japanese sentiment is limited to Japanese Military Sexual Slavery and recruitment issues, but the Japanese government is expected to use U.S. power to demand an apology from Japan.
The election results are close to 1%, so regions with significant results are:
North Gyeongsang Province: 72.83% for Yoon Seok-yeol, 23.73% for Lee Jae-myeong
North Jeolla Province: 83.05% for Lee Jae-myeong, 14.36% for Yoon Seok-yeol
South Jeolla Province: Lee Jae-myeong 86.22%, Yoon Seok-yeol 11.34%
Gwangju Metropolitan City: Lee Jae-myeong 85%, Yoon Seok-yeol 12.56%
The difference is between 5% and 20% at most, regardless of which of the four regions is dominant.In any case, Lee Jae-myung's approval rating is close to 1 percent depending on the Honam region.Lee Jae-myung won only in Gyeonggi Province, Sejong Special Self-Governing Province, and Jeju Special Self-Governing Province.I heard that Moon Jae In also became president with the support of the Honam region.This is an enthusiastic pro-China anti-Japanese area, and this is probably the central area where they want to sell their seafood by inciting harmful rumors of Fukushima Prefecture seafood and criticizing Fukushima treated water.
First of all, it's a good thing that a conservative president takes office as a choice for better one, but Japan needs to calmly identify the other person.
Tokyo Olympic Summit With the possibility that Suga's general election will be held in September, is Moon Jae In trying to shake up the situation by citing summit talks and participation in the Olympics?To put it bluntly, holding a summit between Japan and South Korea will only have disadvantages for Prime Minister Kan.Shigeru Ishiba, who has been considered a candidate for the next prime minister in last year's general election, was criticized by the people as a result of his appeal for reconciliation with China and South Korea.Prime Minister Suga probably does not want to get involved before the general election.
The ''North-South division issue'' and the future aimed at by Kim Gu - Lee Jae-myung's assertion is an unrealizable hypothesis.
South Korean Democratic Party members Moon Jae-in and Lee Jae-myung cite Kim Gu as the politician they most respect. Kim Gu was a person who served as the president of the provisional government of the Republic of Korea. He rejected the postwar state of US-Soviet trust between North and South Korea and proposed a plan to unify the peninsula among the Korean people, but this idea was rejected by Kim Il-sung of North Korea. It was an unrealizable idea that would be denied by the United States as well. After a political dispute, Syngman Rhee, who was recommended by the United States, became president, and Kim Gu was subsequently assassinated.
Lee Jae-myung recently told a US senator that the North and South were divided because of the US. I guess he is trying to say that if he had done what Kim Gu said at that time, there would have been no Korean War or division between North and South. However, there is absolutely no basis for this "if". At that time, there were no people in Japan or abroad who supported this idea.
Kim Gu's ideas did not produce any results in the environment of the time. Based on this premise, there are no objective facts in history; all that exists is the existence of South Korea and North Korea since the founding of the nation more than 70 years ago. North Korea established the current state of North Korea without paying any attention to Kim Gu's claims.
In other words, it is logically impossible to trace back to Kim Gu's assertion what the basis for the unification of North and South is advocated by the No. 1 and No. 2 members of the Democratic Party of Japan. They are the most pro-North Korean and pro-China faction in the South Korean National Assembly. Even now, that claim is not appreciated at all by North Korea, the United States, or even China.
Korea, where the government recognizes history, will not be revised even if new facts are discovered.
History is just a collection of cognition.History of the past is incorporated into history in accordance with the interpretation that it is the same with one sentence, one letter, and one word.It is impossible to prepare enough evidence in history to confirm the facts in the current trial.
History recognized as the past is corrected by newly discovered facts.It is a case in which conflicting statements are found in past views that have been found.Whenever new facts are discovered in historians' quest, historical cognition is corrected.
In Japan, new facts have been discovered and history has been reviewed one after another.U.S. military information such as Hullnotes, which triggered the start of the Pacific War, has been released one after another after the deadline for confidentiality.As a result, the U.S. military's Sea of Japan chart, which is the basis for the start of the war and the dropping of atomic bombs, and the establishment of borders in Sea of Japan after the war, has been discovered and revised.
How do you explain that the photo in the textbook, which was published as a forced work man in Korea, was found to be a Japanese working in a coal mine and canceled it?
King Gojong, for example, is said to have failed to sign the Japan-South Korea annexation treaty.What would happen if King Gojong found a new note saying he was in favor of the annexation treaty?Will Korea correct history?
If the Japanese government is to be found guilty of the Japanese Military Sexual Slavery issue, it must at least present substantiable evidence under current law.It is evidence to support when, who, how, and in what way.There is no such evidence and is sentenced only by testimony.
History is like a creature that is constantly examined, supplemented, and corrected within the bounds of academic freedom.Therefore, it is impossible for the government or the judiciary to determine history.
The "no distortion of history " and "pro-Japanese praise ban " proposed in South Korea are laws that do not change the history of Koreans being enslaved under Japanese rule and prohibit the development of the Korean Peninsula under Japanese rule.
In other words, the legislature is submitting legislation that restricts freedom of speech and suppresses academic freedom.
Historical problems are basically problems between historians.The government of that time cannot recognize history.
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