This page has been archived and commenting is disabled.

Bank Run In... Korea

Tyler Durden's picture




 

When one thinks of South Korea one tends to think of stable government and an even more stable financial system. That may change very soon. According to JoongAng Daily, "more than a thousand customers lined up in front of the Busan II
Savings Bank located in Busan yesterday as soon as the nation’s
financial regulator announced a six-month business suspension of Busan
Savings Bank and its affiliate Daejeon Mutual Savings Bank." And not helping the mood was a bank employee who told the crowd that "You won’t be allowed to withdraw your money if you are just standing
there without a queue ticket number." Needless to say, most promptly got a number. Those that didn't tried to get their cash at an ATM. Unsuccessfully: "Those without a ticket then headed to the automated teller machines to
withdraw their money, but the machines quickly ran out of cash." And while the bank run at Busan was driven by capital inadequacy (shockingly Korea still hasn't figure out that the best way to mask liabilities surpassing assets is through pervasive fraud and suspension of all common sense accounting rules: they should promptly consult with Tim Geithner and Sheila Bair on the issue), it may promptly spread to the entire banking system. "Analysts expressed concerns that public panic about savings banks could spread.  “The
fears of depositors are mounting, which could lead to bank runs at a
number of savings banks, and it could eventually spread to the entire
savings bank industry,
” said Jung Sung-tae, a researcher at LG Economic
Institute." But fear not, for the Korean government is one step ahead: "A way to secure capital [for savings banks] is to establish a joint
account holding fund amounting to 10 trillion won,” explained Kim
Seok-dong, FSC chairman. “This problem will be closely discussed with
the National Assembly.” Any day now Korea will end up with its own version of a taxpayer funded capital block hole, a/k/a in the US as the FDIC, and all problems will be promptly brushed under the rug. We can't wait until this brilliant idea comes to China (advised by Goldman Sachs no doubt). We just wonder if it will be before or after the Chinese bank run hits...

From JoongAng:

“I’ve saved 40 million won ($35,810) over my whole life. That money was going to be used for my grandson’s marriage but I cannot trust these people [bank employees] saying that I am guaranteed to get my money back,” said Cho So-young, 79.

Although operations of three of Busan Savings Bank’s four affiliates were not suspended, there are fears that they could be hit by a bank run on their deposits.

In the case of Busan II Savings Bank, its capital adequacy ratio stood at 6.0 percent as of the end of 2010, but its liabilities exceeded assets by 12.5 billion won.

Two other affiliates, Jungang Busan Savings Bank and Jeonju Savings Bank, have capital adequacy ratios of 3.6 percent and 5.6 percent, respectively. But they are unlikely to avoid a suspension of business if a bank run occurs.

The state-run Korea Finance Corporation and four commercial banks - Woori, Kookmin, Shinhan and Hana - have decided to inject 2 trillion won of emergency liquidity into the savings bank sector.

In addition, the government has decided to extend the amount of loans that can be borrowed by the Korea Federation of Savings Banks to support savings banks from the current 600 billion won to 3 trillion won.

Financial authorities are currently working to establish a joint deposit insurance account as a safety net for other financial sectors to curb the spread of possible financial risks from the savings banks. Funds for a joint deposit insurance account would be collected by financial institutions.

It is refreshing to see that both US banking insolvency, and its means of dealing with problems (insert head firmly and deeply in sand) are spreading across the world. And with that in mind, and a drink in hand, we now await for the daily trickle of press releases from the FDIC describing today's roster of Failure Friday banks, which have really failed in not realizing that the only way to avoid bankruptcy is to merge with everyone else who is just as insolvent and become a systemic risk.

h/t Creart

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 02/18/2011 - 17:48 | 975666 andybev01
andybev01's picture

Perhaps someone who is going to blow his entire life savings on a wedding isn't the most prudent saver in the first place.

Fri, 02/18/2011 - 17:52 | 975685 Terminus C
Terminus C's picture

He's 79 years old, he can pretty much do whatever the fuck he wants... not much reason left for saving.

Fri, 02/18/2011 - 17:54 | 975692 faustian bargain
faustian bargain's picture

Well, if he's not in debt, apparently he's ahead of most Americans.

Fri, 02/18/2011 - 18:01 | 975718 Gene Parmesan
Gene Parmesan's picture

He could be donating it all to Snooki and the rest of the Jersey Shore cast - who gives a crap?

Fri, 02/18/2011 - 18:38 | 975824 Twindrives
Twindrives's picture

Bernanke's helicopters are dropping bales of U.S. dollars into populated areas of Korea as we speak.  Authorities are preparing for mass casualties.  

Fri, 02/18/2011 - 18:51 | 975868 cougar_w
cougar_w's picture

I read a blog entry once where a guy seriously went over all the reasons why it would be a bad idea to drop actual physical money from actual helicopters, literal money from the sky.

He did not however mention that one problem would be people fighting over the money on the ground, nor did he mention that if the money fell from very high up as wire-bound bails it would probably cause property damage and just maybe fatalities. You know, a brick of paper (regardless of denomiation or rate of inflation) has a fair weight. Could make a dent.

So Ben didn't really think this money-from-helicopters thing through. I think that instead of dropping money from choppers he should just mail everyone a check.

Sat, 02/19/2011 - 06:44 | 977090 zhandax
zhandax's picture

He tried that already.  Remember 2008?  $800 per head to the non banks and 3 Trillion to the banks.  Now he is scratching his head wondering why people are still pissed.  Apparently non-bankers can count better than bankers.

Sat, 02/19/2011 - 14:14 | 977556 Dadoomsayer
Dadoomsayer's picture

maybe learn a little about the culture before commenting.  yes asians save for their kids, that is what they try to do, save.  here if you tell your neighbor you have any kind of positive equity in your home and some money saved they look at you like you are crazy.

our economic system in turmoil, theirs is going full steam.  history will tell which was the smarter way of living.

Fri, 02/18/2011 - 17:50 | 975675 dick cheneys ghost
dick cheneys ghost's picture

the south koreans are saddled with debt, just like the us in america.

Fri, 02/18/2011 - 17:50 | 975676 Azannoth
Azannoth's picture

Amateurs , they should promptly hire some jews to run their banks

Fri, 02/18/2011 - 18:28 | 975779 TeamAmerica
TeamAmerica's picture

You = Bigoted Asswipe.

Fri, 02/18/2011 - 18:43 | 975848 George the baby...
George the baby crusher's picture

Go TeamAmerica.

Fri, 02/18/2011 - 18:55 | 975898 cougar_w
cougar_w's picture

The Joo-baiting around here has reached the level of self-parody. I keep looking for anything substantive but so far it just reminds me of folk back home; mostly harmless.

Fri, 02/18/2011 - 19:02 | 975919 squexx
squexx's picture

WWHHHAAANNHHH! Truth hurts, don't it!!

Sat, 02/19/2011 - 08:57 | 977170 Popo
Popo's picture

Less than .01% of jews work in finance.   Does that truth hurt?

 

 

Sat, 02/19/2011 - 15:11 | 977655 ZeroPower
ZeroPower's picture

Pretty worthless statistic, you know how many 'others' there are? On a relative basis, its much higher, guaranteed.

Fri, 02/18/2011 - 18:44 | 975851 Shock and Aweful
Shock and Aweful's picture

He may be a biggoted asswipe...but I don't think the point he is making is completely based on a racist ideology. 

The funny thing about stereotypes is that they have to carry a certain level of truth to them or they could not sustain themselves. 

FACT:  THERE ARE ALOT OF JEWS IN THE WESTERN BANKING SYSTEM...ALWAYS HAVE BEEN...ALWAYS WILL BE.

I for one thought his reply was funny as hell...and was spot-on....maybe you should not be so sensitve.

Fri, 02/18/2011 - 18:56 | 975900 TeamAmerica
TeamAmerica's picture

He's a holocaust denier.  Maybe you should be more sensitive.

Fri, 02/18/2011 - 19:03 | 975920 Azannoth
Azannoth's picture

http://www.solargeneral.com/library/did-six-million-really-die-richard-h...

As Duke Nukem would say "Eat Shit and Die!" http://www.youtube.com/watch?v=ysx3nIMeHeE

I am basing my 'beliefs' on documented facts what are you basing your beliefs on ? Tortured german soldiers 'confessions' ?

 

Fri, 02/18/2011 - 19:18 | 975963 TeamAmerica
TeamAmerica's picture

I regret these few seconds I'm wasting to respond - you have no rational mind to argue with, and you are not worth my time.

Fri, 02/18/2011 - 22:20 | 976465 Bringin It
Bringin It's picture

You are not Team America.  Why hide?  To create "consensus"?  Good job.  Nobody can see thru you.  Keep up the good work.

Sat, 02/19/2011 - 13:46 | 977499 born2bmild
born2bmild's picture

I needed a laugh this AM, nice work.

Sat, 02/19/2011 - 15:18 | 977669 ZeroPower
ZeroPower's picture

teamamerica you are truly clueless and a moron

Fri, 02/18/2011 - 19:37 | 976020 LeBalance
LeBalance's picture

Az: There will never be an open discussion and collection of evidence.  It is required that history took place in a given way in order for the present to fit into the correct box.

Therefore a certain person must have killed J.F.K. otherwise we are not "here."

Abraham Lincoln was not, I repeat not, a Rothschild scion, true last name of Springsteen.

The dollar is not the world largest Ponzi and global conspiracy, because if it were then one would have to admit that such massive conspiracies would be as prevalent as bacteria in feces.

And these "simple" questions are missed by certain folks and they will never ever see that the entire Matrix is a lie and that every doorway is a lie and that it was built like that on purpose without a stitch of truth.

On purpose, so you could break your mind on it, or laugh like a loon, and flap your arms readying for takeoff.

To wit:

"No reason to get excited"
The thief, he kindly spoke
"There are many here among us
Who feel that life is but a joke"

"But you and I, we've been through that
And this is not our fate
So let us not talk falsely now
The hour is getting late"

>>>>>>>> But there is no way to talk, except falsely, because there is no Truth to talk about.

Sat, 02/19/2011 - 07:03 | 977094 zhandax
zhandax's picture

No deniers here.  We are all in agreement we are watching the latest holocaust unfold, up front and personal.  Today.  2011.  Bought to you by many of the same families who funded the last one.

Sat, 02/19/2011 - 09:00 | 977174 Popo
Popo's picture

Little known fact:  Culturally, banking and finance are very common among Jews because the racist guild-system in medieval Europe forced jews out of every industry of the era, but allowed them to practice banking and lending -- because in those days it was a low-profit enterprise.   You reap what you sow, I guess.

 

 

Fri, 02/18/2011 - 20:11 | 976116 Hedge Jobs
Hedge Jobs's picture

the Jews are victims of the GFC az. The likes of greenspan, bernanke, blankfein, Dick Fuld, Maddoff, actually far too many to mention, had nothing to do with the GFC. Just innocent bystanders. They were very, very unlucky to have profited enourmously from the shit that went down.

Now back to the topic.... Sudoku bank is also reportedly in trouble. A spokesman there said the numbers just dont add up.

Sat, 02/19/2011 - 04:07 | 977020 StychoKiller
StychoKiller's picture

With that in mind, here's a blast from the past:

Following the financial problems in the Greece , uncertainty has now hit Japan!

In the last 7 hours Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches. Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a  song, while today shares in Kamikaze Bank were suspended after they nose-dived.
Samurai Bank is soldiering on following sharp cutbacks, Ninja Bank is reported to have taken a hit, but they remain in the black. Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal.

Cut'nPaste is my friend!

Fri, 02/18/2011 - 17:51 | 975678 Terminus C
Terminus C's picture

We are picking up speed, almost at terminal velocity.

Fri, 02/18/2011 - 18:03 | 975723 Arkadaba
Arkadaba's picture

Yes and I slept for most of the day - wtf!

Fri, 02/18/2011 - 17:52 | 975682 makeyoumiss
makeyoumiss's picture

Surely their accounts are KDIC insured....

Fri, 02/18/2011 - 17:53 | 975686 Ragnarok
Ragnarok's picture

Bang Dae Ho!

Fri, 02/18/2011 - 17:55 | 975694 faustian bargain
faustian bargain's picture

Hu?

Fri, 02/18/2011 - 17:56 | 975698 Azannoth
Azannoth's picture

Wo?

Fri, 02/18/2011 - 18:03 | 975710 The Profit Prophet
The Profit Prophet's picture

Hu Tuk Mei Do?

Fri, 02/18/2011 - 19:05 | 975926 The Limerick King
The Limerick King's picture

Dae Ho Tuk Mei Do!

Fri, 02/18/2011 - 21:28 | 976322 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Kum Pao!

Sat, 02/19/2011 - 00:20 | 976731 UGrev
UGrev's picture

Dae No Mo Do Reft

Fri, 02/18/2011 - 18:50 | 975874 JustPrintMoreDuh
JustPrintMoreDuh's picture

Wii Fuka Yu

Fri, 02/18/2011 - 18:56 | 975902 Yen Cross
Yen Cross's picture

Priceless! LMAO!

Fri, 02/18/2011 - 17:55 | 975699 Dr. Porkchop
Dr. Porkchop's picture

With a Long Duk Dong

Fri, 02/18/2011 - 18:02 | 975696 Zero Govt
Zero Govt's picture

the publics zombie stupor 'all is well' is slowly but surely being awakened...

...every new event is another leaky hole in the dyke of Western confidence we're alright jack...

...next emotion is pessimism..... then fear...... then panic....

...you sooo don't want to be a bwanker when panic arrives because it's accompanied with 'anger'

...watch the clock and tick off the human emotional gears we will all go through... tick, tock, tick, tock....

Sat, 02/19/2011 - 13:49 | 977504 born2bmild
born2bmild's picture

Oh here, this one gets the blood flowing: Freedom to Fascism the whole documentary  http://www.youtube.com/watch?v=8NpTVXitOQk

Fri, 02/18/2011 - 17:56 | 975704 docmac324
docmac324's picture

and away we go...

Fri, 02/18/2011 - 17:58 | 975706 SwingForce
SwingForce's picture

HU cares? Stocks go up no matter what.

Fri, 02/18/2011 - 17:59 | 975707 Cdad
Cdad's picture

Well, when insolvent, best everyone else be insolvent right along with ya.  Gold is hearing the call AH.

Fri, 02/18/2011 - 18:01 | 975715 papaswamp
papaswamp's picture

Global FUBAR!

Fri, 02/18/2011 - 18:02 | 975719 dick cheneys ghost
dick cheneys ghost's picture

wanted you guys to get this first.............Barclays bank pays virually no taxes. Uk taxpayers stunned. 

 

http://nakedempire.wordpress.com/

Fri, 02/18/2011 - 18:10 | 975724 TheGreatPonzi
TheGreatPonzi's picture

I guess there is a real estate bubble poping in SK too. 

Fri, 02/18/2011 - 18:38 | 975781 squexx
squexx's picture

Land prices are in a bubble depending on where you are in Korea. In Seoul, they are insanely overvalued. Especially in the "trendy" areas in Seoul like Kangnam. Some of the land prices are approaching overvalued Japanese levels!

Many, if not most Koreans are also over their heads in debt due to credit cards and trying to spend and live like Americans. Most families have one or two cars and spend money like there's no tommorrow. Just like in Japan and China, Korea will get a financial black eye when the big correction comes.

I own about 1000 oz in Korean commorative silver and gold coins. If nothing else, they are legal tender as well. I'm waiting for the crash to happen here.

Fri, 02/18/2011 - 18:05 | 975725 AG BCN
AG BCN's picture

It will figure heavily on Chinese and Japanese news channels, more PM buying will follow, expect security box shortages.

Fri, 02/18/2011 - 18:30 | 975789 AndrewJackson
AndrewJackson's picture

My little brother just went with my dad to open a safety deposit box for his stack at the local bank. Turns out there is an extensive waiting list. Makes me wonder how many of them have recently turned to pm's.

Fri, 02/18/2011 - 18:33 | 975801 AG BCN
AG BCN's picture

I have 2 boxes 2 separate countries, both times I was on waiting lists. Get them now..

Fri, 02/18/2011 - 20:23 | 976149 Invisible Hand
Invisible Hand's picture

Just a reminder...

The US govt sealed all safe deposit boxes (under FDR) and confiscated all the gold (they did pay below market compensation) in them.

May not happen again but it is something to think about.

Those that forget the past, etc....

Fri, 02/18/2011 - 20:29 | 976165 Hollow_Point
Hollow_Point's picture

Little Bro lucky, Don't even think about putting your PM in a banster's bank!!

Sat, 02/19/2011 - 06:46 | 977092 Quintus
Quintus's picture

Anyone in the UK should absolutely avoid storing anything in a safe deposit box at a bank or specialist storage firms.

The police have, in the past, engaged in a programme of trawling thousands of such boxes under the pretext of looking for evidence of money laundering.  In the process they confiscated and withheld for considerable periods of time, the contents of boxes owned by thousands of completely innocent people who were caught up in the trawl.  In some cases, when the contents were eventually returned, valuable items were missing.

So, be aware.  The State already possesses, and has demonstrated the willingness to use, the power to seize your deposit box under the Proceeds of Crime Act even if you have not been suspected of wrongdoing.  If TSHTF and it becomes desirable for the state to seize assets held in a deposit box, they will.

http://www.lawgazette.co.uk/news/met-safety-deposit-box-raid-slammed

 

Fri, 02/18/2011 - 18:09 | 975733 NOTW777
NOTW777's picture

MSM perpetuating disception in WIS; this is a major story

jesse jackson comparing union shills to those in tunsia

http://www.wkbt.com/Global/story.asp?S=14058089

Sat, 02/19/2011 - 14:02 | 977528 squexx
squexx's picture

That corrupt, shake down artist and race card pimp Jackson never met a camera he didn't like. He's so out of touch, it's amazing but he still has to stick his nose in where he can get some media coverage. What a wanker, like that other race card pimp, Fat Al!

Fri, 02/18/2011 - 18:12 | 975739 Herman Strandsc...
Herman Strandschnecke's picture

 Paying for his grandson's marriage? Wow, the fiance must be a real stunner, then. Normally the other side pay a dowry to get shot of her.

Fri, 02/18/2011 - 18:13 | 975740 NOTW777
NOTW777's picture

remember kass' call on shorting gold and silver

now he s shorting dental stocks and theres not a single question about his PM call

Fri, 02/18/2011 - 18:15 | 975743 zaknick
zaknick's picture

 

Time to face the music.

 

http://english.peopledaily.com.cn/90001/90780/91421/7292688.html

 

The ongoing two-day summit on February 18 and 19 comes a week after the International Monetary Fund (IMF) ramped up the debate over the future of the US dollar.

Host Christine Lagarde, the French finance minister, has the task to picking up the pieces of the group of 20 summit last November. The primary goal of this weekend's Group of 20 Summit, she said, is "how to get help without appearing helpless. To (cope with) the world's financial meltdown -- is the primary goal of this conference."

The reform of the postwar international monetary and finance system is another key point of the conference, noted Christine Lagarde, and France wants new global finance system as the nation hopes that the present monetary system will transit step by step to the "internationalization of new currency" through the means to strengthening the role of special drawing right (SDR) system, the wholesale funding and international capital flow, which could help ensure the future financial stability.

French President Nicolas Sarkozy said the advancement of the international monetary system reform has manifested the trend of the new global economic growth and is aimed precisely to reduce the excessive dependence on the US dollar and enable the currencies of emerging economies to pay a more important role.

Fri, 02/18/2011 - 18:22 | 975761 AG BCN
AG BCN's picture

I have a hunch that Lagarde is going to get a new Global Finance System, this baby’s going down.

Not sure why she always has that tedious smirk on her face.

 

Fri, 02/18/2011 - 18:21 | 975762 AG BCN
AG BCN's picture

I have a hunch that Lagarde is going to get a new Global Finance System, this baby’s going down.

Not sure why she always has that tedious smirk on her face.

 

Fri, 02/18/2011 - 18:48 | 975850 Zero Govt
Zero Govt's picture

she thinks she's getting the top job that's why... stupid bitch, Ronald McDonalds already in there, best qualified to keep this Clown Show going

Fri, 02/18/2011 - 18:15 | 975746 Ragnarok
Ragnarok's picture

Stupid vassal Canadians, they hold all the cards and don't know it.  They take turns being bent over by the UK and the US:

 

http://www.financialpost.com/news/Flaherty+seeks+bigger+role+Canadian+do...

Fri, 02/18/2011 - 18:24 | 975764 Dr. Porkchop
Dr. Porkchop's picture

Flaherty is a twat. He's responsible for the current runup in real estate here due to lax lending. Did we learn anything from our southern neighbors? Fuck no. It's different here!

Our governments usually take turns seeing who can sell us out faster.

Fri, 02/18/2011 - 18:30 | 975790 Ragnarok
Ragnarok's picture

Canada is run by a bunch of idiots (since Federation) who think they are a big player, but it is usually them being played.

Fri, 02/18/2011 - 19:55 | 976068 sabra1
sabra1's picture

being canadian, i'm hoarding all the canadian tire money i can find! it'll never be devalued!

Fri, 02/18/2011 - 18:35 | 975815 pitz
pitz's picture

Yup.  CMHC has over a half trillion of sub-prime mortgages.  Its not going to end well in Canada once those blow up and all the debt gets shoved up Flaherty's ass.

Fri, 02/18/2011 - 18:17 | 975749 gwar5
gwar5's picture

Wow. Pretty stunning to see this in South Korea.

Wouldn't hurt to get money out of banks here now.

There's still money and parking spaces left.

Fri, 02/18/2011 - 18:24 | 975765 arkady
arkady's picture

How does a bank run even happen in the days of fiat?  Don't the Koreans have a Korean Bernanke?

Fri, 02/18/2011 - 18:51 | 975876 Zero Govt
Zero Govt's picture

face facts, the Irish has every fuking bwanker in Europe to the rescue and it's still not enough!

Fri, 02/18/2011 - 20:02 | 976087 arkady
arkady's picture

Uhm!?!??  Huh?  The Irish cannot print Euros, your example/analogy = fail. 

Sat, 02/19/2011 - 03:56 | 977010 A_MacLaren
A_MacLaren's picture

Uhm!?!??  Huh?  The Irish cannot print Euros

Maybe you missed this ZH article:

Accelerating Deposit Flight In Ireland Forces Irish Central Bank To Print Money Independent Of ECB

http://www.zerohedge.com/article/accelerating-deposit-flight-ireland-for...

Sat, 02/19/2011 - 12:19 | 977375 Zero Govt
Zero Govt's picture

they're warming up their cobwebbed printing presses on Euros ready for either the return of the Irish Pundt or maybe going Sterling ....the 2 established Irish Parties, the most succesful in Europe past 45 years, have burnt their boats, they're toast. It'll be Sein Feine in and they're completely anti-IMF/EU (who cna blame them) and unlike most 'professional' politicians have heart rather than snake oil running through their veins  

Fri, 02/18/2011 - 18:27 | 975769 jus_lite_reading
jus_lite_reading's picture

South Korea, huh? I didn't see this coming although I'm surprised the EU has managed (with the help of Dr. Deficit) to fraudulently cover over the missing money in EU banks to make everyone FEEL better. I'm expecting a global bank run shortly, in as little as three weeks. So glad I am well ahead of this- converted almost all my cash in savings into silver, gold and other valuables. Score one for the people.

Fri, 02/18/2011 - 18:25 | 975773 Yen Cross
Yen Cross's picture

 Good! It's about time. Korea is the one of the biggest ACB's washing my dollars every night and diversifying into Euros. I have noticed they are rinse washing later in the Europe session. This should send a lesson. Quit living off a reserve currency, and put your financial house in order.

Fri, 02/18/2011 - 18:27 | 975777 Dr. Porkchop
Dr. Porkchop's picture

Well Samsung fell the hell off the charts.

Sat, 02/19/2011 - 14:02 | 977529 born2bmild
born2bmild's picture

They'll be back with the google chrome $50 laptops this year.

Fri, 02/18/2011 - 18:29 | 975786 Stuck on Zero
Stuck on Zero's picture

Quickly, Korea should transfer trillions to all the miscreants, bamboozlers, and other bank vermin as a way of stimulating the economy.

Fri, 02/18/2011 - 22:25 | 976472 Bringin It
Bringin It's picture

Hurry! No time to waste! or there will be martial law, tanks in the street.

Fri, 02/18/2011 - 18:54 | 975891 Hedge Hunter
Hedge Hunter's picture

Hu wants to be stimulated. Wants dollar replaced and Bennie Bucks be a thing of the past.

Fri, 02/18/2011 - 18:55 | 975899 Reese Bobby
Reese Bobby's picture

Korea is probably just fine.  They make and export things and have a great educational sytem.  They remind me of the U.S. 50 years ago.  Barring nuclear war I'd rather have my money in South Korea than the U.S.

But if I am wrong, and there is rioting the rest of the world should watch to see how it's really done...

http://www.youtube.com/watch?v=KKJyR_JFOKs

 

Fri, 02/18/2011 - 19:01 | 975915 Yen Cross
Yen Cross's picture

Hey the new Hyundais are cute. But devaluing the kospi every night vs the usd is getting old.Would you steal from the hand that feeds you, and then sell the severed hand back the next day at a premium?

Fri, 02/18/2011 - 19:26 | 975987 Reese Bobby
Reese Bobby's picture

No.  I would not steal from China.

Fri, 02/18/2011 - 19:31 | 976005 Yen Cross
Yen Cross's picture

This conversation is relative to Korea. (not PBOC) Are you in N. Korea? China can lick my nutsac!

Fri, 02/18/2011 - 19:37 | 976023 Reese Bobby
Reese Bobby's picture

You have a U.S. centric view of the world; combined with a rudimentary knowledge of finance.

China is South Korea's largest trading partner by a multiple of two.

If you even have a point I am no longer interested...the bar is open!

Fri, 02/18/2011 - 19:57 | 976072 Yen Cross
Yen Cross's picture

Japan is to what? Korea is to what. Grow up little naive Reeses Peanut Butter Cup. I trade currency for a living. It's safe to say I'm not biased. When China gives up the ghost cities to it under privileged, I'll engage your brain washed sino mind. Have fun drinking toilet water.

Fri, 02/18/2011 - 20:02 | 976088 Dr. Porkchop
Dr. Porkchop's picture

I trade currency too! Paper dollars for silver.

Fri, 02/18/2011 - 20:13 | 976125 Yen Cross
Yen Cross's picture

Hey Dr. P.C. Thanks. I'm spot long xag. I'm looking @ some calls though. While they are relatively cheap. Your thoughts?

Fri, 02/18/2011 - 20:22 | 976147 Reese Bobby
Reese Bobby's picture

I checked back in; a common ZH syndrome.  But the all important All-Star Celebrity bball game hasn't started yet...

If you "trade currency for a living" for a PD you are just an order taking criminal stooge.

If you "trade currency for a living" for anybody else you are my future bartender...

I didn't know there still were currency traders; you know, sleeping with a WWII beeper strapped to your head.

But to prove I'm not a hater...put it all on NOK...it's better than black...

Fri, 02/18/2011 - 19:29 | 975991 AUD
AUD's picture

All banks are insolvent, since their vaults are all stuffed with government bonds.

There is no credit bubble bigger than government paper, silver is telling you right now. Only the closest forward month is still in contango, modestly at that.

Sat, 02/19/2011 - 14:10 | 977543 born2bmild
born2bmild's picture

The Bank of North Dakota is solvent and now we have the coming bank of Washington...

Of course they will blow up with the USD but that's not their fault.

Fri, 02/18/2011 - 23:32 | 976630 Tedster
Tedster's picture

I was stationed "over there" for a couple years when .mil ; as I recall the largest note was 1000 Won or something like that, but get this only equivalent to eight bucks. I asked about that, and found that many Koreans didn't use cash for large purchases (duh) but some kind of bank draft or "check". Anyone with a lot of wealth would find it problematic to cash out in Tens.

Used to hang out at the Seoul Pub. My buddie asked Guenther (the Bartender/proprieter) about the exchange rate compared to a bank just across the street - he was complaining - and Guenther replied "Yes, but zee bank vill not serve you a beer."

Sun, 02/20/2011 - 12:37 | 979553 Non Passaran
Non Passaran's picture

Hah, that's funny...

I think you meant the 10,000 KRW note (about $10).

Sat, 02/19/2011 - 12:16 | 977374 MSimon
MSimon's picture

Uh. Have you guys been following the progress of Foot and Mouth Disease in North and South Korea? With some spill over into China?

 

http://powerandcontrol.blogspot.com/2011/02/hunger-coming-to-korea.html

Sat, 02/19/2011 - 13:56 | 977514 squexx
squexx's picture
South Korea Suspends Four More Savings Banks

Sat, Feb 19, 2011
Reuters

 

http://business.asiaone.com/Business/News/Story/A1Story20110219-264348.html

 

I wonder how this will shake out on Monday?

Sat, 02/19/2011 - 14:24 | 977570 disabledvet
disabledvet's picture

I'm a fleabit peanut monkey, all my friends are JUNKIES!  But that's not really true.

I'm a cold Italian Pizza I could us a Lemon Squeezer, what you do babe?

I've been bit and I've been tossed around by every She-rat in this town

How 'bout you?

Do NOT follow this link or you will be banned from the site!