[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.
Masatoshi Muto, a former diplomat, says that making concessions to South Korea is a mistake and that South Korea needs a firm response.
Masatoshi Muto on his dealings with South Korea during his time as a diplomat. He says that he made a mistake by listening to everything and requesting as much as possible.
When asked about the anti-Japanese movement taking place in South Korea, Taro Aso, during his time as Prime Minister, asked, ``Does that have something to do with it?'' Japanese people don't care. As a result, the term ``virtual enemy country'' became popular. The view was that South Korea was conducting an anti-Japanese movement due to domestic circumstances.
There is no doubt that South Korea's current enemy is primarily North Korea. The Korean War is not over yet, and there is currently a ceasefire. When we see public opinion in South Korea calling Japan an enemy country while facing each other across the 38th parallel, we can't help but wonder to what extent South Korea is escaping reality.
When considered within the same framework, China is on the side of South Korea's enemy in the Korean War frame. Until now, the South Korean government has not been able to resolve security issues, and has abandoned its military and continued to focus on Japan, which has not fought back, because if it expressed hostility toward North Korea, China, or the United States, it would immediately take retaliatory measures. It's here. This is to gain the public's attention by saying something powerful. In doing so, it is easy to use stories from the past annexation era. Japan understands this environment and has tacitly tolerated South Korea's anti-Japanese movements.
What we need to clarify is that all of these environments are always real problems for South Korea. It seems that as long as Koreans remain anti-Japanese, they can temporarily feel as if their problems are gone. Even now, when the anti-Japan flag goes up, I forget everything due to a spinal reflex.
Park Geun - hye's special pardon has been decided. What is Moon Jae - in planning? It's been 4 years and 9 months.
Former President Park Geun-hye, who was sentenced to 22 years in prison, was granted a special pardon on the 24th and will be free from midnight on the 31st. It has been 4 years, 9 months, and 1,736 days since he was arrested on March 31, 2017.
Former President Park expressed her gratitude to President Moon Jae-in. Lawyer Yoo said, ``I apologize to the people for causing so much worry.Also, thank you for your continued support and encouragement.Despite all the hardships, Moon Jae-in decided to be pardoned. I would like to express my great gratitude to the President and the government authorities.I would like to return to my job as a new soldier, concentrate on my treatment, and personally express my gratitude to the people as soon as possible,'' former President Park Geun-hye said.
The longest prison term for a South Korean president was former President Park Geun-hye's 1,736 days.
In August of this year, in the decision to parole the head of the Samsung Group, the opposition party mainly requested that Park Geun-hye be pardoned, but Moon Jae-in refused. Those seeking a pardon had called for Park Geun-hye's release on the grounds that it would eliminate the cause of national division, but the latest decision by the Blue House to grant the pardon is precisely to eliminate the division among the people.
It may be a naive point of view, but it is customary for South Korean presidents to be arrested for some crime once their term ends. Did Moon Jae-in think that Park Geun-hye would be pardoned no matter who the next president becomes? If she was to be pardoned anyway, I would be the one to be pardoned.
Does this mean that he is showing sincerity to the opposition and wants his prosecution to be overlooked? In any case, the 22-year sentence for bribery charges is shocking. This is a Japanese feeling, but since he was sentenced to prison for 4 years and 9 months, it is best that he was released.
Moon Jae-in won the presidential election despite having little political experience due to the impeachment of Park Geun-hye. Why was he pardoned at this time? It is said that Moon Jae-in was the one who sent Park Geun-hye to prison.
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 violates international law of the sea by not allowing the Japan Maritime Self-Defense Force the right of innocent passage - The Rising Sun flag is a reminder of the past.
The right of innocent passage is a right granted to United Nations member states
South Korea rejects the Japan Maritime Self-Defense Force because of the Rising Sun flag
Violation of China's territorial waters does not fall under innocent passage
Because it reminds me of the past...?
International law of the sea provides ships with the right of innocent passage. Even if ships are within the territorial waters of a coastal state, they may pass without obtaining prior permission from the coastal state, provided that the navigation is not considered harmful as stipulated in Article 19-2 of the United Nations Convention on the Law of the Sea. Thing. In this case, you will need to display the flag of your affiliation. It is a national flag or military ensign.
When considering the Rising Sun flag issue in terms of the meaning of this treaty, South Korea does not recognize the right of innocent passage to the Japanese Maritime Self-Defense Force, even though it has ratified the International Convention on the Law of the Sea. In other words, it is a violation of international law. On the other hand, Japan recognizes the right of innocent passage for Korean ships. The reason is that Japan has ratified the International Convention on the Law of the Sea.
In response to a question in the Diet about the relationship between Chinese ships repeatedly invading territorial waters around the Senkaku Islands and the right of innocent passage, the government decided in June 2021 that this does not constitute innocent passage as recognized under international law. expresses an opinion. The reason for this is that China claims sovereignty over the Senkaku Islands, which are part of Japan's territory, and that violating its territorial waters does not constitute innocent passage, but on the contrary, it is a violation of international law.
Has the South Korean government ever issued an official opinion regarding the Rising Sun flag and the right of innocent passage for Japanese ships, including those of the Japan Maritime Self-Defense Force? It should be released. Saying that you don't like it because it reminds you of the past is no basis for denying the right of innocent passage. This is because there is no such thing in Article 19-2 of the United Nations Convention on the Law of the Sea, which states that navigation is considered harmful.
[Korea] A major failure in the nuclear phase - out policy highlighted by the rise in electricity prices - Passing the blame on to the people and giving them cold water.
South Korea will raise electricity prices
Korea Electric Power fell into a large deficit
Moon Jae-in's obvious mismanagement
Is the Fukushima prefecture product a commotion to distract people?
Countries with anti-Japanese spinal reflexes
The day you regain your composure
The South Korean government has decided to raise household electricity rates by 5 won per kWh starting in July. This year's additional measures are expected to raise prices by about 15%.
KEPCO posted an operating deficit of 5.86 trillion won last year, the largest in its history. The deficit in the first quarter of this year was already 7.8 trillion won, and unless the tariffs are raised, the annual deficit is expected to reach 20 trillion to 30 trillion won. Therefore, the idea is to transfer that deficit to the people as usage fees.
The Moon Jae-in government is being held responsible for its policy of ``phasing out nuclear power without increasing electricity rates.'' KEPCO, which had a surplus of several trillion won, became a loss-making company under the Moon government. During the five years of the Moon administration, KEPCO's debt increased by 41 trillion won. There are reports that if we phase out nuclear power, electricity costs will have to rise by 2.6% every year, and by 40% by 2030.
Korea Electric Power is South Korea's public power company. Japan's ban on importing seafood from Fukushima, the release of treated water into the ocean, and the controversy surrounding athletes' meals at the Tokyo Olympics are all efforts to cover up the failures of energy policy under the Moon Jae-in administration and distract the public. It looks like it was a festival.
They completely ignore scientific evidence, create sensationalism, and link it to anti-Japanese sentiment. When this happens, the Korean people lose their cool and become overheated. This is the result of anti-Japanese education, and is like an anti-Japanese switch that the South Korean government often uses.
The anti-Japanese mood seems to have eased somewhat with the arrival of the Yun Seok-Yeong administration, but will the public bear the burden of the Moon Jae-in administration's failures in energy policy, which will further dampen the anti-Japanese fervor? Regarding the causal relationship between cause and effect, in Korean society the problem shifts to Japan. Japan has nothing to do with the failure of energy policy. Even if people say things have calmed down, I feel like it's already too late.
![[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)
