Sunday, October 19, 2008


The Korean won is really hurting people these days. I hear about it every day. It really does suck. It's a little higher than it was a couple of weeks ago, though. I'm just hoping it doesn't go down any further. Not only that, there is too much going on in the news to do with North Korea. Not good.
South Korea braces for crisis fallout
From: The Associated Press Published: October 17, 2008
With its banks facing potential trouble, its currency and stocks reeling and consumer debt on the rise, the country's woes have stirred memories of the regional economic crisis that struck it more than a decade ago.
Now, amid criticism that officials have done too little too late, government leaders are racing to restore confidence in the country's economy.
Also, the country's broadest measure of trade — the current account — is expected to record an annual deficit for the first time in a decade, meaning South Korea is spending more on goods, services and investments from overseas than it sells abroad.
South Korean stocks have been no exception to the worldwide rout in equities spurred by the U.S. credit meltdown, falling 38 percent this year. They had already dropped 22 percent even before the collapse last month of Lehman Brothers Holdings Inc.
South Korea's currency was also having a bad 2008 even before declines against the U.S. dollar accelerated amid the crisis. The won has plummeted almost 30 percent this year against the dollar and had its worst single day — a drop of 9.7 percent Thursday — since Dec. 31, 1997.

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