economic crisis south korea
economic crisis south korea
Do You Have What It Takes to Survive the Financial Crisis?
As international financial titans continue to collapse on the floor with echoing smashes, the financial world spins into chaos. Pictures of bewilderment and loss of financial confidence not seen since the Great Depression in the early 1930′s, fill our newspapers and television. This isn’t the time to panic and allow your emotions to take hold.
So What’s the Facts?
• The worldwide titans of the finance world are the ones who have been humbled, because of their over-borrowing without any power to repay it back. They could be dripping tears into their caviar, but when eighteen billion converts into a mere 3 billion, who is counting, except the dirty rich?
• Many ‘everyday’ business proprietors are swallowed underneath the bed covers shivering in fear.
The present-day situation has been compared to economic Darwinism, where survival of the fittest is the guideline. You will be able to select to either allow yourself to drown in doom and gloom, or survive. You do have a option.
The crucial key to your survival is the management of your money. All right, that seems like precisely the same old poppycock, but in this modern day you’ve to rethink everything. You’ll survive the financial crisis, if you’re prepared to make a couple of changes.
• Your number 1 priority is not to panic. Nor respond emotionally to the situation and allow your emotions dominate you. Work from the brain not the heart in this situation.
• Secondly, you need to evaluate the global situation for yourself, not simply accept everything the media hype is feeding you. They will report the story the way that sells copy. Remember they are experts in Bad News. Take time out to do your own
research.
• Universally we have developed into being a consumer society on a large scale, then take a long hard look at your personal set of circumstances. Reevaluate in cold blood and calculatingly. Reduce every last expense wherever you can. Streamline for additional efficiency and stop wastage. Spend income wisely and save it wherever and whenever possible.
Now is the time to separate the wants list from the necessitates lists. Don’t abandon your dreams, but they’re something you’ll have to work up to.
You are swamped with thousands of different ways to spend your hard earned cash as quickly as possible, especially if it involves credit – where only the banks are the victors! It’s time to understand the fact that credit is a product the equivalent as any other form of commodity. They’re continuously being sold to you.
Yes, in a few instances people are losing their occupations, but that can happen in any economic climate. Be prepared to branch out. So what if you’ve done the same job for the last several years. You’ve got other talents, some you are not even aware of. Adaptation is the answer to your survival. Find out new fields you could break into. Discover what areas are still progressing.
Jean-Claude Larreche, professor of marketing said “It’s not the creative entrepreneurs but the large companies that are being challenged. Creative companies can survive any circumstances”, once he was reporting from the World Knowledge Forum in Seoul, South Korea.
“A tremendous quantity of opportunities will come forth as a outcome of the current worldwide economic deceleration but companies need to be intelligent in order to strike quickly and resolutely to actualise these opportunities”, says Sir Richard Branson.
This isn’t the time to retreat in fear, or to bury your head in the sand and just trust it will all disappear. This is the time to rise up and take constructive action. Find out what your choices are, plan carefully and step forward with boldness. When things get tough, the tough get cracking.
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how can the North Korean won be worth more then the South Korean won?
I went on currency calculator and did the exchange rate between the North Korean won and the South Korean won and the North Korean won is stronger, how can that be ? especially considering that North Koreas economy is in ruins and is dirt poor and has nothing going for it, while South Koreas economy is also weak, it’s doing a billion times better then North Koreas eceonomy and it is one of the worlds fastest growing economies due to the big manufactruing and produce of technology.
North Korea also has embargos and sanctions against it which has also contributed to the collpase of it’s economy.
I simply just can not understand how North Korea which is suffering from a major economic crisis can have a stronger currency then South Korea which is much more economically stable.
The current exchange rate between the North Korean won and then South Korean won is
1 North Korean won = 422.205 South Korean won
Does anyone know how this can be.
The answer is so simple you’re going to get mad at me for writing it.
The worlds currencies are valued by the amount of debt they owe at the international level plus domestic debt minus the assets held in storage in their central bank. However the U. S. is exempt from this rule.
Therefore, South Korea’s overall debt burden outweighs their overall production output, which means there flooding the country with Won to pay off debt.
As more & more Won are pumped into the system the “VALUE” of the Won is dileted. {Sound familiar?}
North Korea on the other hand has no international debt yet because they haven’t borrowed any international money yet and the people haven’t borrowed any money yet.
They may still back their currency with Gold/Silver or something of value at the international level.
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