[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
Category:South Korea I'm participating in the ranking.Please click and cheer for me.
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%.
Read it together
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.
I'm participating in the ranking.Please click and cheer for me.
W Cup [Korea] After winning against Portugal, he stepped on -------------------- Excerpt from Seoul Newspaper (Japanese translation)
On the 3rd, the South Korean national soccer team, led by coach Paulo Bentu, suffered a fierce 2-1 win in the third and final match of Group H of the 2022 Qatar World Cup Group League against Portugal, which was held at the Alaiyan Education City Stadium in Qatar. They achieved a come-from-behind victory.
Immediately after the match, the players gathered for a commemorative photo. During this process, Song Min-gyu stepped on the Taegeukgi that was spread on the floor while changing his seat.
Netizens who saw him pointed out that his behavior was inappropriate. Some netizens posted on his social networking service (SNS), saying, ``I know he was happy, but he stepped on the Taegeukgi and took a photo, but please be careful next time.'' While watching the video, I was very surprised and angry.I feel embarrassed before the whole world sees it,'' and ``If you step on the national flag, please apologize first.''
Song Min-kyu posted on his Instagram story, ``After the game, I was so happy that I didn't panic and didn't even realize that I had stepped on the Taegeukgi.I don't think this should happen under any circumstances.'' I apologized.
-------------------- Excerpt from Seoul Newspaper
This country has traditionally trampled, burned, and torn the flags of other countries. Don't you realize that it's a shameful act?
Moon Jae In wants pictures. Looking at the four years of Moon Jae In, it seems that they think that meeting heads of state and chatting with each other will make the world peaceful.Although the North-U.S. dialogue broke down due to Moon Jae In talked lies, Moon Jae In was just wanted to be photographed on camera, and after joint liaison office between the two Koreas was bombed.In ASEAN suddenly approached former Prime Minister Abe and took a picture they were sitting with Moon Jea In for a few miutes."At the Tokyo Olympics, Japan, South Korea, China and North Korea proposed a four-way summit, but the contents are unclear.When we meet, the world will be at peace.Now it is invalid because North Korea is not participating, but I don't understand why he want to meet the prime ministers.He still seems to think that he can achieve it just leaders meet.
What happened to hydrogen fluoride - South Korea claims to have overcome Japan, but what is its relationship with product defects?
Moon Jae-in wants to say we won against Japan
Japanese hydrogen fluoride has fewer impurities
Relationship between hydrogen fluoride and defective rate
Massive recalls in America
Kona EV burst into flames again
Don't worry about exploding cars
In his farewell address, former President Moon Jae-in said that all people came together to overcome the crisis caused by Japan's unfair export restrictions. However, looking at the data, of the three export control items, hydrogen fluoride has decreased by 86% compared to fiscal 2018, while other items such as photoresist and fluorinated polyimide have remained almost unchanged.
Former President Moon Jae-in has loudly declared that hydrogen fluoride has been successfully domestically produced, but regarding the quality of hydrogen fluoride, it is Japan's hydrogen fluoride is 12N (99.9999999999%). There is talk that hydrogen fluoride, which is said to have been developed by Korea's LG Chem, may be 5N. ~N is the number 9, and 12N is 12×9. In other words, Japan's hydrogen fluoride has as few impurities as 12 nines in a row.
Hydrogen fluoride is used to clean machines and processes used in precision machinery manufacturing. What happens when there are many impurities here is an increase in the product defect rate. What about the defective rate of Korean products? Whether it went up or down, if there is no change, then whether it is 12N or not has little meaning.
On August 20, 2021, the US automobile giant General Motors (GM) expanded the scope of the recall due to the risk of fire in the battery pack installed in the electric vehicle (EV) “Chevrolet Bolt EV”. announcement. As a result of this announcement, all models of the Chevrolet Bolt EV released so far are subject to a recall. The battery manufacturer for this car is LG Chem.
In January 2022, another fire occurred in the Kona EV, in which Hyundai Motors had replaced the battery due to a recall after a series of battery fires. A fire broke out while the vehicle was running and was completely destroyed. According to Korean media, internet communities, and fire authorities, a fire accident occurred in a Kona EV that was traveling on Taean Road in South Chungcheong Province at around 6:46 pm on the 11th. The accident vehicle was a 2020 model, and the battery had been replaced due to a recall in September last year.
The explosion of lithium-ion batteries was a hot topic in the past when a Sumsung smartphone exploded into flames, but now that EV cars are being developed, the large batteries used to drive the car explode and burst into flames in the blink of an eye. It is unclear whether it has anything to do with hydrogen fluoride, but there is even a rumor that some Japanese-made hydrogen fluoride is being imported from China.
It would be surprising if they were going to such lengths to protect the country's face-to-face contact, but we should continue to pay close attention to defective products from South Korea.
South Korea has always opposed registration as a World Heritage Site. The meaning of culture is different from the rest of the world. People from all over the world come to Japan for a variety of reasons, including culture, history, anime and manga, cat cafes, maid cafes, traditional Japanese food, and other gourmet food. These are evaluated within the framework of culture. If we look at the definition of culture, we find that `culture is a system of ideas and value standards shared within a society, and a unique style possessed by a group.'
Cultural heritage must be something that has survived for a certain period of time, and can be thought of as something that has had a major impact on subsequent eras, and can be considered to be the "culture" of each country. It can be said that it exists within the range of value standards and definitions. Furthermore, Japan has registered 20 World Cultural Heritage Sites.
In this sense, South Korea is the only country to raise questions about Japan's registration as a World Cultural Heritage Site. This is not a historical issue, but simply a difference in the definition and framework of culture. Can they explain why Auschwitz in Germany and the Colosseum in Italy are world heritage sites? The Colosseum is an arena for killing each other.
If the common concept of ``culture'' in each country is the premise of world cultural heritage, then no Japanese person would object to the fact that Auschwitz and the Colosseum are cultural heritage sites. This is the Japanese way of thinking. In other words, it is different from Korea.
People visiting Japan come to see that there is almost no garbage left on the roads all over the country, and to see that the natural environment is still kept clean in one of the world's most developed countries, which is unique in the world. Although it can be said that this is Japanese culture that cannot be seen, there is no framework or precedent for considering such a culture that spreads throughout the nation as a cultural heritage.
Even if such a cultural framework were to match the world's definition, only South Korea would be opposed to it.
The South Korean government is responsible for the Korean government's refusal to allow its nationals to repatriate - Japan protected them out of human rights considerations.
The issue of forced labor and the issue of residents in Japan are related. Conscription on the Korean Peninsula took place from August 1944 until the end of the war the following year. Until then, Koreans on the Korean peninsula were not subject to conscription or conscription. Employment at Japanese companies is highly sought after, and despite being conscripted, Mitsubishi Mining received seven times as many applications as recruitment.
Normally, those living in Japan would be forced to leave because they are foreigners, but the reason why this is not the case is because of the 1965 Japan-Korea Status of Forces Agreement. The South Korean government at the time received a huge amount of aid, but refused to allow its citizens to return home. Since all Koreans in Japan were believed to be slave laborers who had been forcibly taken away from Japan, it would have been inconvenient for a large number of people who had experienced a different reality to return home. Japan restored diplomatic relations out of human rights considerations and guaranteed the Koreans' status in Japan.
As was made clear in the Gunkanjima issue, the recruitment at that time was legal recruitment under ILO standards. In terms of human rights issues, it lies with the South Korean government, which has refused to allow large numbers of its own citizens to return and has discarded them. That is a human rights issue. And what is being made a fuss about all this is the issue of conscripted labor.
![[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)
