Friday, January 06, 2006

Trials and tribulations in the coalition of the unwilling

Good luck to the South Korean government and to the Bank of Korea. They'll need it.
South Korea’s finance ministry said on Friday it would mobilise all possible means to curb the won’s recent sharp appreciation against the US dollar.

The statement came a day after the currency hit an eight-year high against the greenback, intensifying concern among government officials that the stronger won could hurt exports, which account for more than a third of Asia’s fourth-largest economy.

“We’re deeply worried about moves in the foreign exchange market that can’t be seen as normal,” said Kwon Tae-shin, a vice finance minister, after chairing an emergency meeting with central bank and trade ministry officials and other regulators. “The market has seen an excessive herd mentality because of speculative forces.”
Korea is the most battered member of the East Asian bloc propping up the US dollar. Perhaps "bloc" is too strong a word. "Coalition of the unwilling" might be better for it certainly describes Korea's participation in it.

Led by the Chinese peg to the USD -- or rather now, the Chinese "basket" which continues to function as a crawling near-peg to the USD -- the Japanese yen, the Korean won and the Taiwanese dollar (along with their respective central banks) are also moving in a flock, trying desperately to hold their currencies down by holding the dollar up in order to keep China's pace.

Korea has rebelled briefly several times in the past against membership in a coalition which is costing the Bank of Korea billions. Back in May 2005 the Koreans tried it when the won dipped under 1000 to the USD. They tried it in February 2005 as well to no effect. The problem was always the pain of a rapidly rising currency which the government and the Bank of Korea could not stand.

The won found some relief in the summer and fall of 2005 as the dollar rose across the board. However, since October the won has reversed course -- and rapidly so. In mid-December the rise became a rocket and the Koreans once again have found themselves between the Scylla of the yuan and the Charybdis of the USD.
The won is trading at levels unseen since the 1997/98 Asian financial crisis, driven by the country’s economic recovery and strong exports, and has gained 2.3 per cent this week
Without the capital controls on financial inflows, surrended upon membership in the OECD back in the 90s, Korea is resorting to attempts to drive money out of the country as fast as possible. But this is a tide which won't be held back for long. The tried and true answer: More central bank reserves, sir? Your order will be coming out shortly -- and we don't care how full you are!

22 Comments:

At 3:53 PM, Blogger ADJ777 said...

Your email address has been disabled or discontinued. The "Undeliverable" message follows. Please contact me at AndrewJ@elliottwave.com. Thanks.

Your message did not reach some or all of the intended recipients.

Subject: Hello General/ Globblog.blogspot.com ((Please Reply))
Sent: 1/6/2006 3:40 PM

The following recipient(s) could not be reached:

globblog@yahoo.ca on 1/6/2006 3:40 PM
The e-mail system was unable to deliver the message, but did not report a specific reason. Check the address and try again. If it still fails, contact your system administrator.
< gateout01.mbox.net #5.0.0 X-Postfix; host mx2.mail.yahoo.com[4.79.181.12] said: 554 delivery error: dd Sorry your message to globblog@yahoo.ca cannot be delivered. This account has been disabled or discontinued [#102]. - mta136.mail.mud.yahoo.com (in reply to end of DATA command)>

 
At 9:50 AM, Anonymous Texas Loans and Mortgages said...

Everyone needs a good attorney at some point in time. If you are looking for new home loan make sure have all the resources at your fingertips.

The website http://www.homeloansnationwide.com/Directory has a great informational directory on new home loan so you can find exactly what you need.

 
At 6:26 AM, Blogger Dealer Invoice said...

Wow... great blog!

Have a look at mine. It's about Car Buying Service

Car Buying Service

 
At 5:48 AM, Anonymous Ron said...

No one would think that blogging can be so much fun. I have been posting for days now. It's fun to meet people. I will type in a random term with the word blog and there I am. Time to find another great blog. car part ann arbor should lead me somewhere. Take care.

 
At 9:20 PM, Anonymous Tom Marney said...

Crap, nothing but comment spam. At least you're trying. I don't have anything to say, really, but thanks for the news and analysis and please keep up the good work.

Oh, and I'm not selling anything...

 
At 3:48 AM, Blogger James Baker said...

Hey Fellow, you have a great blog here! I have a web
site & blog about bankruptcy personal credit lines.
Yours is top-notch!
If you have a moment, please visit my site
bankruptcy personal credit lines
I wish you all the best!

 
At 12:06 PM, Anonymous Debt Resources Services said...

With personal debt in the US at an unprecidented level, the good news is that help is at hand for those carrying the burden, in the form of the US Debt Help Manual, produced by the (PRWEB) October 2005__The US Debt Help Manual, produced by The Debt Counsellors. is a free, no_nonsense guide.
If your site is of similar interest contact me and link sites.
Debt Resources Services.

 
At 8:12 AM, Blogger Greg said...

http://2rcs.comdeck building and deck building Ideas for Home Construction projects. If you own a home and need to work on deck building then al I want to say is Yea.... I wood love to let you in on a secret about home repairs... People ask me all the time about deck building and they want to know simple ways to solve ther problems ...well I have the answers and If you go to http://2rcs.com deck building and go through the site you will find what you are looking for... what can I say butt get going ...

 
At 9:57 AM, Anonymous Anonymous said...

Debt elimination services can help consumers who have more debt than they can manage look into options of reducing or negating that debt. When searching for debt elimination, consumers should seek an agency that offers debt counselling and guidance based on an individual's unique circumstance.
business debt help
Debt Resources Services.

 
At 9:59 AM, Anonymous Anonymous said...

Many reputable debt management companies can help you deal with your debt problems. You can work with a credit counsellor to create your own plan to pay off bills.
financial advice
Debt Resources Services.

 
At 12:23 PM, Anonymous joel said...

Debt reduction can be done in many ways. A recent method being used is to buy some debt reduction software. You can purchase debt reduction software online or at a computer software store. The software usually comes with a debt reduction calculator to help you decipher how quickly your debt will be paid off in accordance to your monthly balance payments. Similarly, there are also debt reduction books you can purchase at your local bookstore. The best route for help with debt reduction is to go to see a credit counseller or a debt reduction counseller.
counselors
Debt Resources Services.

 
At 1:25 PM, Anonymous Debt Resources Services said...

Debt reduction can be done in many different ways. A recent method being used is to buy some debt reduction software.You can purchase debt reduction software online or at a computer software store. The software usually comes with a debt reduction calculator to help you decipher how quickly your debt will be paid off in accordance to your monthly balance payments. Similarly, there are also debt reduction books you can purchase at your local bookstore. The best route for help with debt reduction is to go see a credit counseller or a debt reduction counsellor.
If your site is of similar interest contact me and link sites.
Debt Resources Services.

 
At 7:35 PM, Anonymous joel said...

Debt elimination services can help consumers who have more debt than they can manage look into options of reducing or negating that debt. When searching for debt elimination, consumers should seek an agency that offers debt counselling and guidance based on an individual's unique circumstance.
tax debt help
Debt Resources Services.

 
At 7:37 PM, Anonymous joel said...

Debt reduction can be done in many ways. A recent method being used is to buy some debt reduction software. You can purchase debt reduction software online or at a computer software store. The software usually comes with a debt reduction calculator to help you decipher how quickly your debt will be paid off in accordance to your monthly balance payments. Similarly, there are also debt reduction books you can purchase at your local bookstore. The best route for help with debt reduction is to go to see a credit counseller or a debt reduction counseller.
financial freedom
Debt Resources Services.

 
At 3:28 AM, Anonymous The said...

Shop, compare and save on your next home mortgage, refinance, auto loan, payday loan advance and even personal credit lines. Regardless of your prior credit, you can qualify for a better loan at a better rate by shopping and comparing our extensive site of lenders. Fill out a no obligation, simple one page application and get a FREE rate quote. We specialize in great low rates for those with poor or bad credit, even no credit at all. Good credit customers can expect the lowest rates available.

Don't delay, come to www.nwcleasing.com and apply today and get an instant decision and lock in your lowest possible rate.

 
At 3:47 AM, Anonymous equifax credit report said...

thanks for the info

 
At 7:55 PM, Blogger Daedalus said...

you should really turn the spam stopper on...

 
At 9:52 AM, Anonymous Anonymous said...

I wish it was better :(

 
At 1:14 AM, Blogger mamdigs said...

this is one of the funny things
free sex pictures
free sex pics
free sex videos
free sex movies
free sex clips
free sex vids
free sex photos
free sex mpegs
free sex mpgs
free sex galleries
free sex thumbnails
free sex pix
free sex toons
free porn pictures
free porn pics
free porn videos
free porn movies
free porn clips
free porn vids
free porn photos
free porn mpegs
free porn mpgs
free porn galleries
free porn thumbnails
free porn pix
free porn toons
free adult pictures
free adult pics
free adult videos
free adult movies
free adult clips
free adult vids
free adult photos
free adult mpegs
free adult mpgs
free adult galleries
free adult thumbnails
free adult pix
free adult toons
free teen sex pictures
free teen sex pics
free teen sex videos
free teen sex movies
free teen sex clips
free teen sex vids
free teen sex photos
free teen sex mpegs
free teen sex mpgs
free teen sex galleries
free teen sex thumbnails
free teen sex pix
free teen sex toons
free asain sex pictures
free asain sex pics
free asain sex videos
free asain sex movies
free asain sex clips
free asain sex vids
free asain sex photos
free asain sex mpegs
free asain sex mpgs
free asain sex galleries
free asain sex thumbnails
free asain sex pix
free asian sex pictures
free asian sex pics
free asian sex videos
free asian sex movies
free asian sex clips
free asian sex vids
free asian sex photos
free asian sex mpegs
free asian sex mpgs
free asian sex galleries
free asian sex thumbnails
free asian sex pix
free lesbian sex pictures
free lesbian sex pics
free lesbian sex videos
free lesbian sex movies
free lesbian sex clips
free lesbian sex vids
free lesbian sex photos
free lesbian sex mpegs
free lesbian sex mpgs
free lesbian sex galleries
free lesbian sex thumbnails
free lesbian sex pix
free mature sex pictures
free mature sex pics
free mature sex videos
free mature sex movies
free mature sex clips
free mature sex vids
free mature sex photos
free mature sex mpegs
free mature sex mpgs
free mature sex galleries
free mature sex thumbnails
free mature sex pix

 
At 7:59 PM, Anonymous Anonymous said...

Debt Settlement
Debt Relief can help you reduce your interest burden by charging an interest rate lower than the rate on your existing loans. Debt consolidation loan can also allow you to make small monthly payments by extending the loan period
http://www.debt1consolidation.com
Debt Settlement
Debt Relief can help you reduce your interest burden by charging an interest rate lower than the rate on your existing loans. Debt consolidation loan can also allow you to make small monthly payments by extending the loan period
http://www.debt1consolidation.com

 
At 7:09 AM, Blogger Delonix Radar said...

Yes, definately turn on the spam filter.
Jez

 
At 9:03 PM, Anonymous Anonymous said...


Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Using this type of foreclosure process, lenders may seek a deficiency judgment and under certain circumstances, the borrower may have up to one (1) year to redeem the property.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
A notice of sale must be: 1) recorded in the county where the property is located at least fourteen (14) days prior to the sale; 2) mailed by certified, return receipt requested, to the borrower at least twenty (20) days before the sale; 3) posted on the property itself at least twenty (20) days before the sale; and 4) posted in one (1) public place in the county where the property is to be sold.
The notice of sale must contain the time and location of the foreclosure sale, as well as the property address, the trustee's name, address and phone number and a statement that the property will be sold at auction.

The borrower has up until five days before the foreclosure sale to cure the default and stop the process.
The sale may be held on any business day between the hours of 9:00 am and 5:00 pm and must take place at the location specified in the notice of sale. The trustee may require proof of the bidders ability to pay their full bid amount. Anyone may bid at the sale, which must be made at public auction to the highest bidder. If necessary, the sale may be postponed by announcement at the time and location of the original foreclosure sale.

Lenders may not seek a deficiency judgment after a non-judicial foreclosure sale and the borrower has no rights of redemption..



http://www.CalifoniaLoanRate.com

 

Post a Comment

<< Home