Home › Forums › Financial Markets/Economics › US should learn from South Korea’s IMF crisis
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January 8, 2011 at 10:40 PM #18370January 9, 2011 at 6:18 PM #650043EconProfParticipant
Good points about how South Korea fixed its problems by thinking long-term. Instead of monetary and fiscal sugar fixes to stimulate their economy, they took the tough medicine up front and got the problem behind them. That fits what I know about the Korean mindset.
This is the kind of character that I’m afraid americans are no longer capable of. Our politicians, whom we love to blame, are merely reflecting what our public wants.January 9, 2011 at 6:18 PM #650112EconProfParticipantGood points about how South Korea fixed its problems by thinking long-term. Instead of monetary and fiscal sugar fixes to stimulate their economy, they took the tough medicine up front and got the problem behind them. That fits what I know about the Korean mindset.
This is the kind of character that I’m afraid americans are no longer capable of. Our politicians, whom we love to blame, are merely reflecting what our public wants.January 9, 2011 at 6:18 PM #650695EconProfParticipantGood points about how South Korea fixed its problems by thinking long-term. Instead of monetary and fiscal sugar fixes to stimulate their economy, they took the tough medicine up front and got the problem behind them. That fits what I know about the Korean mindset.
This is the kind of character that I’m afraid americans are no longer capable of. Our politicians, whom we love to blame, are merely reflecting what our public wants.January 9, 2011 at 6:18 PM #650830EconProfParticipantGood points about how South Korea fixed its problems by thinking long-term. Instead of monetary and fiscal sugar fixes to stimulate their economy, they took the tough medicine up front and got the problem behind them. That fits what I know about the Korean mindset.
This is the kind of character that I’m afraid americans are no longer capable of. Our politicians, whom we love to blame, are merely reflecting what our public wants.January 9, 2011 at 6:18 PM #651155EconProfParticipantGood points about how South Korea fixed its problems by thinking long-term. Instead of monetary and fiscal sugar fixes to stimulate their economy, they took the tough medicine up front and got the problem behind them. That fits what I know about the Korean mindset.
This is the kind of character that I’m afraid americans are no longer capable of. Our politicians, whom we love to blame, are merely reflecting what our public wants.January 10, 2011 at 9:11 AM #650391dbapigParticipantOne excerpt that caught my attention:
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The dollar’s status as the world’s reserve currency also gives American policymakers options that were not available in 1997 to South Korean officials, whose most immediate problem was a collapse in the value of their currency, the won.
———–Basically, South Korea had to make the tough decisions because they couldn’t print $$$ on their own. US can keep printing $$$ to buy oil/pay-interest-on-debt/etc but South Korea didn’t have the option.
Ultimately one key advantage US has enjoyed (printing $$$ as world currency) for decades might be the destructive drug that will take everything away that US has enjoyed for a long time.
January 10, 2011 at 9:11 AM #650459dbapigParticipantOne excerpt that caught my attention:
———–
The dollar’s status as the world’s reserve currency also gives American policymakers options that were not available in 1997 to South Korean officials, whose most immediate problem was a collapse in the value of their currency, the won.
———–Basically, South Korea had to make the tough decisions because they couldn’t print $$$ on their own. US can keep printing $$$ to buy oil/pay-interest-on-debt/etc but South Korea didn’t have the option.
Ultimately one key advantage US has enjoyed (printing $$$ as world currency) for decades might be the destructive drug that will take everything away that US has enjoyed for a long time.
January 10, 2011 at 9:11 AM #651041dbapigParticipantOne excerpt that caught my attention:
———–
The dollar’s status as the world’s reserve currency also gives American policymakers options that were not available in 1997 to South Korean officials, whose most immediate problem was a collapse in the value of their currency, the won.
———–Basically, South Korea had to make the tough decisions because they couldn’t print $$$ on their own. US can keep printing $$$ to buy oil/pay-interest-on-debt/etc but South Korea didn’t have the option.
Ultimately one key advantage US has enjoyed (printing $$$ as world currency) for decades might be the destructive drug that will take everything away that US has enjoyed for a long time.
January 10, 2011 at 9:11 AM #651177dbapigParticipantOne excerpt that caught my attention:
———–
The dollar’s status as the world’s reserve currency also gives American policymakers options that were not available in 1997 to South Korean officials, whose most immediate problem was a collapse in the value of their currency, the won.
———–Basically, South Korea had to make the tough decisions because they couldn’t print $$$ on their own. US can keep printing $$$ to buy oil/pay-interest-on-debt/etc but South Korea didn’t have the option.
Ultimately one key advantage US has enjoyed (printing $$$ as world currency) for decades might be the destructive drug that will take everything away that US has enjoyed for a long time.
January 10, 2011 at 9:11 AM #651500dbapigParticipantOne excerpt that caught my attention:
———–
The dollar’s status as the world’s reserve currency also gives American policymakers options that were not available in 1997 to South Korean officials, whose most immediate problem was a collapse in the value of their currency, the won.
———–Basically, South Korea had to make the tough decisions because they couldn’t print $$$ on their own. US can keep printing $$$ to buy oil/pay-interest-on-debt/etc but South Korea didn’t have the option.
Ultimately one key advantage US has enjoyed (printing $$$ as world currency) for decades might be the destructive drug that will take everything away that US has enjoyed for a long time.
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