[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
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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%.
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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.
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[related article]
President Yoon Seok - yeol said,
The Hankyoreh newspaper reported that the expectation that President-elect Yoon Suk-yuei will "do well" in state affairs has dropped for two weeks since taking office, raising the prospect that he will "do poorly.Moon Jae In Compared to 46.7 percent of the respondents said they are doing well, the expectations before taking office are low.
Yoon Suk-yuei said to move his President's office to another place, but before the inauguration of the president, the ruling Democratic Party of Korea and Moon Jae In have made it unable to move offices.
Meanwhile, the current president and the next president finally met on the 28th.Until then, the succession of the presidential office had not been realized in a tug-of-war between the ruling and opposition parties.The Hankyoreh newspaper seems to be advocating the Dalian government with the ruling party, but it seems to be quite unreasonable.This is because the election pledges of Yoon Seok-yeol and his rival Lee Jae-myung are water and oil , and there are few compatible factors.In the case of the Dalian administration, Cheong Wa Dae will have to make concessions to the ruling party in many respects, and it will end up being difficult to know what they are actually doing, even though they seem to have come together.
In order to resolve the strained situation, the power of the people must win the national election in 2024 and become the ruling party.It is highly likely that many legislative bills will not pass due to resistance from the ruling party even if they implement their own policies in a twisted state for the next two years.In that sense, nothing is expected to change for a while even if he is inaugurated as the new president.How to survive the two years and win the national election will all be after that.
Yoon Suk-yue is calling for improved relations with Japan and strengthening U.S.-South Korea relations, and the ruling party is insisting on keeping a distance from China.
Promise between Japan and Korea If you read the Korean news, They say that Japan and South Korea are using the Tokyo Olympics for political purposes, but they are not objective.This is because Japan has not done anything this time either.Prime minister Suga has done nothing but say that Moon Jae In will respond politely if she comes to Japan.Japan's attitude has not changed consistently, and the message has been conveyed to South Korea many times.Correction of violations of the 1965 Agreement, which was the basis for the restoration of diplomatic relations.This is all Japan has demanded, so there is no bargaining or anything.It was Moon Jae In who underestimated the issue and played tricks on it.
In addition, there are opinions that Japan and South Korea need to compromise and that the leaders of the two countries need to make a decision, but if Japan obscures the 1965 agreement, it will mean a break in diplomatic relations.The reason is that the agreement, which is a prerequisite for diplomatic relations, should be scrapped.The biggest problem is that the Korean people do not understand this and form public opinion.In other words, Japan will not budge an inch from implementing the 1965 agreement to prevent the South Korean government from breaking off diplomatic relations.In this respect, the act of drawing concessions from Japan itself is far from maintaining diplomatic relations.
The preamble of the Constitution lies at the root of South Korea's anti - Japanese sentiment.The reason for affirming anti - Japanese sentiment and excluding pro - Japanese sentiments is found in the
The preamble of the Korean Constitution states that 3.1 the legal system of the provisional government of the Republic of Korea will be inherited. Then, what is the March 1 Provisional Government of the Republic of Korea? It is an organization that called itself the Provisional Government and was established in 1919 as an anti-Japanese force. Looking at the contents of the charter, we see that the oath is strongly anti-Japanese: ``We will fight to the last man to indoctrinate Japan from barbarism.''
The preamble of the constitution describes the principles that govern the entire constitution. The structure of this idea is to inherit the legal structure of the March 1 Charter of the Provisional Government of the Republic of Korea. If we interpret these without contradiction, Article 21 of the latter part of the Korean Constitution states freedom of speech and Article 22 states academic freedom, but if we read it based on the preamble of the Constitution, we can see that 3.1 Legal framework of the provisional government It can also be interpreted as allowing freedom of speech and academics on the premise of inheriting the law. This is actually the case in Korea today.
If you look at the oath of the provisional government quoted in the preamble of the constitution, it clearly states anti-Japanese ideology. In the first place, the constitution should not quote anything or include language that assumes other countries.
In any case, as long as South Korea is under this constitution, anti-Japanese activities are always legitimate, and on the contrary, pro-Japanese activities are criticized as acts that destroy the legal system of the March 1 Provisional Government Charter and the Constitution. If members of the Diet follow the principle of adhering to the Constitution, then anti-Japanese members are conducting legitimate parliamentary activities. This is the main reason why it is said that #anti-Japan is South Korea's national policy.
How can the preamble of the Constitution be consistent with fundamental human rights such as freedom of speech, thought and belief, and academic freedom? There appears to be no case where a legal interpretation has been obtained in the Constitutional Court through a lawsuit or controversy that has raised this point. The Korean government is free to expand its interpretation as much as it wants. This is the case now, as seen in the No Japan movement, where anti-Japanese activities are legitimate activities, and pro-Japanese speech is denounced as ``traitors.'' Is this an exception to basic human rights, with speech affirming the era of Japanese rule being suppressed, or is anti-Japanese a duty of every Korean citizen as written in the Provisional Government's oath?
Provisional Government OathOathTo my 2,000,000 fellow citizens whom I respect and loveMarch 1st year of the Republic of Korea One day, since the Korean nation declared its independence, men and women, young and old, all classes, and all sects, of course, have come together to fight under the inhumane violence of Japan, the Germany of the East. The sympathy of the world is now suddenly focused on our people because they have expressed the character of a nation that is extremely patient with fairness, longs for independence and freedom for its people, and loves truth, justice, and humanity. It was at this time that the government was organized with the mandate of all the people of the country. I hereby swear that this government, together with all the people of this country, will work wholeheartedly to fulfill the great mission of restoring the nation and establishing its identity as a nation, observing the provisions of the provisional constitution and the principles of international society. My fellow countrymen, be inspired. Every drop of blood we shed is the gift of freedom and fortune to our descendants. It is the precious foundation for building God's kingdom. The way of our people will surely edify Japan's wild horses. Our justice truly trumps Japan's violence. My brethren, rise and battleto the last man.
3.1 The provisional government was the result of an anti-Japanese movement that occurred on March 1, 1919 under Japanese rule, and after that, Syngman Rhee established a provisional government in Shanghai, where he was in exile. This provisional government is considered the legitimate root of the Korean government, and Syngman Rhee became the first president of Korea after Japan's defeat. In other words, the Korean government itself is based on anti-Japanese organizations. Therefore, the Constitution will inherit the legal system of the Provisional Government Charter.
It is no wonder why this story has not been reported in Japan, but it seems safe to assume that there are almost no members of the Korean Diet who are not anti-Japanese. On the contrary, he says that it is impossible to become a member of the Diet while advocating pro-Japan policy. Rather than saying, ``Many South Korean parliamentarians are anti-Japanese,'' it seems more accurate to say, ``South Korean parliamentarians exist because they are anti-Japanese.'' South Korea will never become a pro-Japanese country. That future will never come. Will the South Korean government or National Assembly propose a constitutional amendment and delete the text written in the preamble? If that happens, the roots and identity of the Korean government will disappear.
Anti-Japanese activities are legitimate activities that are affirmed by the Korean Constitution. Depending on the interpretation, it can also be considered to be outside the scope of freedom of speech. We need to think about South Korea with this in mind.
The new President Yoon Seok - yeol will be confused by many obstacles to its government.The general election will be held in 2024.
Yoon Seok-yul, the president, will be worried about the distortion with Congress.The Democratic Party which is ruling party has 172 seats (58.31 percent).It is still difficult to determine how the president can implement his policies in this power map.If you look at the presidential authority of the Korean Constitution, there are Articles 53, 73 and 74.Article 73 is the authority to sign diplomatic treaties and Article 74 is the command of the military.Article 53 provides the right to request reconsideration of a parliamentary resolution.Article 49 states that the bill will be approved by a majority of lawmakers and a majority of those present, but if the president requests reconsideration, it will require a majority of attendance and a 2/3 votes.If the figure is to rise from 58.31 percent to 67 percent, the ruling party will have to add to win 25 votes in favor.
The ruling party's bill is likely to be rejected if it is returned.However, since this is a request for reconsideration of the bill already approved in Congress, the bill submitted by the opposition party "People's Power" is likely to be overthrown by the ruling party in Congress.In other words, Yoon will have to wait for the 2024 general election to take effect.Before that, various bills could be rejected by Congress, and the Manifesto incident could be eliminated.In this environment, diplomatic rights such as strengthening the ROK-U.S. alliance may be exercised to sign treaties or agreements.
Yoon Seok-yeol is also eager to improve relations between Korea and Japan.In response, Prime Minister Kishida said, "It is important to communicate closely with the new president and the new administration in order to restore sound relations based on Japan's consistent position.I want to see the new government's movements in the future and talk to the new government."Yoon Seok-yeol said in her manifesto, "Japan's apology and compensation are the prerequisite for improving relations between Korea and Japan," drawing attention to future developments."
In any case, he won the presidential election, but the difference in votes was less than 1 percent, 0.73 percent, and half of the people supported the opposition candidate.
It is difficult to determine how far policies can be implemented with presidential authority alone.Anti-Japanese forces are still strong.
The South Korean government is lying about holding the Japan - Korea summit meeting - A country that lies about the results of diplomatic negotiations It is full of lies to begin with.
Japan-Korea summit meeting is another lie
Japan reacts to lies
Korea prioritizes pride
What all historical questions have in common
Kim Tae-hyo, First Deputy Director-General of the National Security Office of the South Korean presidential palace, announced that they had agreed to hold a summit meeting in conjunction with the General Debate Address at the United Nations General Assembly, which will be held in New York from the 20th of this month, and that they are coordinating the time. According to the presidential office, the meeting is expected to last about 30 minutes, and the agenda has not yet been decided. Regarding the announcement that Japan had agreed to hold a Japan-South Korea summit, Chief Cabinet Secretary Hirokazu Matsuno said at a press conference on the same day, ``Nothing has been decided at this point.'' What I personally noticed about this issue was the difference in the reactions of the people of the two countries.
Japanese people's reaction is largely a reaction to their government blatantly lying about the content of diplomatic negotiations between countries. Up until now, the American and Japanese governments have often denied that the South Korean government has agreed to diplomatic negotiations, even though they have not, or that they have agreed on the direction of the deal. I have the impression that this is the case again, but what Japanese people react to is the act of lying.
Looking at South Korea's reaction, they told us not to flatter Japan and why they wanted to hold a Japan-Korea summit meeting. Don't embarrass the Korean people. That is the criticism. In other words, even though there are various circumstances surrounding this issue with the Korean government, the people of both countries are focusing on completely different aspects of the same fact.
This problem seems to be related to historical awareness. I can't help but feel that there are completely different emotions about the same fact, or that the facts are changed by those emotions. Not only historical understanding, but even the details of the most recent negotiations between the two countries are being fabricated.