Currency swap: A nightmare approaching South Korea, part 2:
-Korea-Currency swap agreement, not signed with Japan-US-
Korea-Currency Swap Agreement:
Currently in South Korea
China,
Turkey,
Indonesia,
Malaysia,
Australia,
Switzerland,
United Arab Emirates,
With Canada
South Korea has a currency swap agreement.
No connection with Japan and the United States:
But there are no US dollar swap contracts.
All are “won currency vs. local currency” contracts.
Emergency of Ukraine invasion:
In an emergency of Russia’s invasion of Ukraine, “won currency vs. local currency” is of no use.
South Korea’s foreign exchange reserves:
Currently, “Korea’s foreign exchange reserves are only $ 461.7 billion” (as of March 2022).
South Korea’s proper foreign exchange reserves:
BIS (Bank for International Settlements) has stated that “Korea’s fair foreign exchange reserves are at the $ 800 billion level.”
Compared to this, “a state of shortage of 340 billion dollars”
South Korean currency crisis:
South Korea overcame the foreign currency crisis of 1997, 2008 and 2020 thanks to the United States and Japan.
But South Korea
Currently, with “Japan-Korea currency swap and no US-Korea currency swap”,
It became “a situation where one person has to endure”.
South Korea goes anti-Japanese and anti-American:
The Japan-Korea currency swap ($ 70 billion) and the US-Korea currency swap ($ 60 billion) have disappeared.
It’s not something that’s gone on its own.
The Korean side abandoned it without permission
It falls under the category of “things that have been kicked by themselves against Japan and the United States.”
South Korea is an insane nation:
South Korea shows an ecstatic attitude by striving for anti-Japan and anti-Americanism without knowing grace.
There is no possibility that the United States and Japan will offer currency swaps in the future.
Financial protection of Japan and the United States:
South Korea
“In the face of the invasion of Ukraine, can South Korea endure by itself?”
“If South Korea does not have the ability, a nightmare situation will develop for Koreans.”
1997 Korean Nightmare:
For South Korea, 1997 is a “nightmare” itself.
In South Korea, huge conglomerate groups and large corporations collapsed one after another, and the financial and industrial worlds were in turmoil.
At that time, an average of 40 companies went bankrupt a day.
The stock market plunged, the value of the won plummeted, and many people lost their jobs.
Lessons and punishments for South Korea:
“There is no lesson that South Korea has learned from the 1997 IMF crisis.”
To my pity
“Punishment given to fools who could not learn lessons”
There are many cases of “repetition of nightmares that I have experienced before”.
(WoW! Korea) –Yahoo! News
https://news.yahoo.co.jp/articles/ebc7c662aab3fa796b4335a4baf0b5d61df024f2