Ked Posted February 23, 2011 Share Posted February 23, 2011 There seems to be little mainstream media coverage on the financial collapse going on in Korea at the moment. Eight banks closed already and more to come by the looks of it: More google news Domin Bank, a savings bank with a capital adequacy ratio below 5 percent, voluntarily decided yesterday to suspend its operations temporarily because of massive withdrawals, becoming the country’s eighth savings bank to close. The decision took both depositors and financial regulators by surprise since it was the first time that a local bank shut its doors on its own. Domin Bank, which has six branches in Gangwon, was placed on a watch list last week by the Financial Services Commission. The move triggered a bank run on Domin Bank. According to Domin Bank, deposits amounting 31.8 billion won ($28.2 million) were withdrawn since last Thursday, including 18.8 billion won on Monday. <!-- insert mushroom cloud image here --> Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted February 23, 2011 Share Posted February 23, 2011 Why it's contained. Not read the links but what's triggered this off? Quote Link to comment Share on other sites More sharing options...
dukat Posted February 24, 2011 Share Posted February 24, 2011 This story is buried by new elsewhere and the joke is, that is it is important and significant. Sky and BBC are competing for news on either Earthquakes in New Zealand or Brits trying to get out of Libya. I mean last month you couldnt see a Brit in Libya for toffee, now they seem to wandering the desert awaiting rescure. wtf is this all about, Quote Link to comment Share on other sites More sharing options...
Dave Spart Posted February 24, 2011 Share Posted February 24, 2011 (edited) This story is buried by new elsewhere and the joke is, that is it is important and significant. Sky and BBC are competing for news on either Earthquakes in New Zealand or Brits trying to get out of Libya. I mean last month you couldnt see a Brit in Libya for toffee, now they seem to wandering the desert awaiting rescure. wtf is this all about, Perhaps the West's intelligence agencies have seen the simultaneous collapse of Middle Eastern regimes and a new wave of banking collapses as a useful thing. Perhaps the aim is to reduce oil prices (excepting an initial spike) to soothe domestic inflation, while getting rid of dangerous maniacs like Ahmadinejad at the same time. Edited February 24, 2011 by Dave Spart Quote Link to comment Share on other sites More sharing options...
Number79 Posted February 24, 2011 Share Posted February 24, 2011 Perhaps the West's intelligence agencies have seen the simultaneous collapse of Middle Eastern regimes and a new wave of banking collapses as a useful thing. Perhaps the aim is to reduce oil prices (excepting an initial spike) to soothe domestic inflation, while getting rid of dangerous maniacs like Ahmadinejad at the same time. Eastern trouble is not going to reduce oil prices or food inflation no matter how intelligence agencies try to spin it. Food prices are a part of the trouble in the arab world. Libya is causing oil prices to rise, Algeria will to. As oil rises so too will food costs, as unrest increases oil production will reduce. Agri, oil and gold are the 3 clear winners this year and have been long before it became obvious. Quote Link to comment Share on other sites More sharing options...
Dave Spart Posted February 24, 2011 Share Posted February 24, 2011 (edited) Eastern trouble is not going to reduce oil prices or food inflation no matter how intelligence agencies try to spin it. Food prices are a part of the trouble in the arab world. Libya is causing oil prices to rise, Algeria will to. As oil rises so too will food costs, as unrest increases oil production will reduce. Agri, oil and gold are the 3 clear winners this year and have been long before it became obvious. As I said: "excepting an initial spike". Once the trouble in North Africa quells production will get back to normal and prices will fall back to pre-revolutionary levels, possibly even falling lower. I suspect the intention is to topple dominoes to encourage Iranians to rise up and remove the anti-Western Ahmadimejad. He knows the financial crisis has weakened the West and this will embolden him. Better to have him removed now. With the belligerent Ahmadimejad gone Middle Easten tensions abate and oil prices fall. Inflation therefore eases off and Western economies can breathe a sigh of relief. Edited February 24, 2011 by Dave Spart Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted February 24, 2011 Share Posted February 24, 2011 With the belligerent Ahmadimejad gone Middle Easten tensions abate and oil prices fall. Inflation therefore eases off and Western economies can breathe a sigh of relief. Aren't you forgetting all the funny money the Ben Bernanke has printed. I doubt this will ease our inflation worries. Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted February 26, 2011 Share Posted February 26, 2011 http://joongangdaily.joins.com/article/view.asp?aid=2932381 Precis 10,000 Koreans lined up outside a Busan bank to withdraw trillions of KRW (2400KRW = £1) And so it begins...... the descent into Injin world. Who bets a convienient north Korean attack against civilians occurs in the next few days Quote Link to comment Share on other sites More sharing options...
Mark Uttley Posted February 26, 2011 Share Posted February 26, 2011 "It has begun......." Melodramatic nonsense! Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted February 26, 2011 Share Posted February 26, 2011 Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning...... Quote Link to comment Share on other sites More sharing options...
LuckyOne Posted February 26, 2011 Share Posted February 26, 2011 Does Korea count as the 1st world? Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted February 26, 2011 Share Posted February 26, 2011 Does Korea count as the 1st world? Why wouldn't it? It has all the charactoristics of a 1st world economy. Horrible Gini coefficient. Youth are totally doomed by their boomer parents. An uber house price bubble. Decent jobs are being taken by migrants (from English speaking white western countries) Pensions not worth a dime Quote Link to comment Share on other sites More sharing options...
the shaping machine Posted February 26, 2011 Share Posted February 26, 2011 Didn't "it" begin with Northern Rock? . Quote Link to comment Share on other sites More sharing options...
Ah-so Posted February 26, 2011 Share Posted February 26, 2011 (edited) Does Korea count as the 1st world? It would be pretty rude not to grant them 1st world status. Samsung is the world's largest consumer electronics firm, Korea has the best and fastest internet connections. There is certainly nothing on the ground there that would shout out "3rd world". Seoul Incheon airport is absolutely amazing and makes Heathrow look positively 3rd world. The only thing that might suggest it is a developing economy is how ridiculously cheap it is. Edited February 26, 2011 by Ah-so Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted February 26, 2011 Share Posted February 26, 2011 Didn't "it" begin with Northern Rock? . Theres a difference I suppose that the S Korean government hasn't turned turned on the printers stepped in to save the bank and socialise the losses thus saving their banker mates a total downfall of the economy. Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted February 26, 2011 Share Posted February 26, 2011 It would be pretty rude not to grant them 1st world status. Samsung is the world's largest consumer electronics firm, Korea has the best and fastest internet connections. Seoul is pretty funny. I remember being in a netcafe and downloading a fairly big 500mb file, I clicked on the link and it flashed for a moment and appeared not to work. I clicked again and it did it again and again. I had a look on the desktop and realised I had downloaded it multiple times it was so smegging fast! Quote Link to comment Share on other sites More sharing options...
injustice Posted February 26, 2011 Share Posted February 26, 2011 My link February 25, 2011 Analysts say the wave of large-scale withdrawals from savings banks has subsided, but the suspensions of eight savings banks will leave the industry conspicuously altered. Quote Link to comment Share on other sites More sharing options...
yellerkat Posted February 26, 2011 Share Posted February 26, 2011 Does Korea count as the 1st world? It's been a member of the OECD since 1996. I suppose membership of the OECD signifies the transition from an emerging to a submerging mature economy. Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted February 26, 2011 Share Posted February 26, 2011 My link February 25, 2011 Analysts say the wave of large-scale withdrawals from savings banks has subsided, but the suspensions of eight savings banks will leave the industry conspicuously altered. They would say that thought wouldn't they? Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted February 26, 2011 Share Posted February 26, 2011 http://joongangdaily.joins.com/article/view.asp?aid=2932381 Precis 10,000 Koreans lined up outside a Busan bank to withdraw trillions of KRW (2400KRW = £1) And so it begins...... the descent into Injin world. Who bets a convienient north Korean attack against civilians occurs in the next few days Actually Ken, as the date on your article alludes to - it began over a week ago and the effect on the rest of the world's financial system has been... zilch. nada. nowt. zip. zero. Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted February 26, 2011 Share Posted February 26, 2011 Actually Ken, as the date on your article alludes to - it began over a week ago and the effect on the rest of the world's financial system has been... zilch. nada. nowt. zip. zero. On come on I was on my recon mission the past couple of weeks, I can't ramp and hyperbole while I am away now can I? Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted February 26, 2011 Share Posted February 26, 2011 On come on I was on my recon mission the past couple of weeks, I can't ramp and hyperbole while I am away now can I? You're forgetting another 1st world country that had a bank run. In 2007. Second name rhymes with "Spock". Unfortunately, the world financial system was still standing after than one as well... Quote Link to comment Share on other sites More sharing options...
Big Orange Posted February 26, 2011 Share Posted February 26, 2011 (edited) Samsung is the world's largest consumer electronics firm, Korea has the best and fastest internet connections. They've also got a cripplingly low birthrate, are now more suicide prone than their Japanese cousins, and they've now hitting their endless economic slump two decades before Japan has. Also Koreans and Japanese alike are very conceited about their history, wanting to play the victim. Seoul Incheon airport is absolutely amazing and makes Heathrow look positively 3rd world. Terminal Five seems Ok (despite its deeply troubled construction and botched opening). Heathrow has problems but France arguably has worse airports. Seoul's airport is very new and has been built from the ground up, not accumilated over the decades like the more patchy Heathrow. Tel Aviv also has very nice airport terminals. Edited February 26, 2011 by Big Orange Quote Link to comment Share on other sites More sharing options...
JimDiGritz Posted February 26, 2011 Share Posted February 26, 2011 You're forgetting another 1st world country that had a bank run. In 2007. Second name rhymes with "Spock". Unfortunately, the world financial system was still standing after than one as well... Yes, indeed. Half a trillion pounds of our fiat money sorted that out beautifully. Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted February 26, 2011 Share Posted February 26, 2011 Half a trillion pounds of our fiat money sorted that out beautifully. The general population were quite happy, as long as "their money was safe". And the British banking industry continued almost as before. Quote Link to comment Share on other sites More sharing options...
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