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Old 10-03-2008, 01:29 PM   #26
larissarissa
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Default Re: Project Cameloter in South Korea

Hi guys, I'm in Gumi, center of Korea, about 3 hours drive from Seoul. Nice to know you are there, I've been in Korea 10 months and have had no contact with other foreigners, I'm the only foreign teacher in my hogwan.

Sorry, but I don't understand the panic. How many of those dire predictions have ever come true? There is a possibility but no certainty. For a balanced view of possible outcomes I would check out David Wilcock's forum on Divine Cosmos.com. He gives his own predictions which you can check out on the home page.

I was planning on stopping off in USA after my contract is up here. Hmm, maybe that's not such a good idea, we'll see. We can only take one day at a time and respond as things unfold. I'd love to talk to some of you if you care to contact me. My email is larissayng@yahoo.com, and my phone number is 054 465 5531. I've actually never been to Seoul, but would like to visit at some point. Hope to talk to someone soon! Love, Larissa
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Old 10-03-2008, 03:28 PM   #27
ideagoras
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The Korean Won is pegged to the dollar. A dollar collapse will no doubt significantly affect the Korean Won/Asian currencies but this scenario will not be much different than what happened to the Korean Won during the 1997 currency crisis in terms of short run effects. In 1997 Korea had a mere $35b in foreign reserves (mostly US) as a means to protect the Korean Won from a major currency devaluation. Obviously this was insufficient (as the Won depreciated from 650 KRW to 2000 KRW at its peak that year) and required a $20b bailout from the IMF subsequently to restore the KRW to the 1200 level.

Korea today has accumulated $230b in foreign reserves to protect its currency and is spending approximately $5-10b per month to provide local market liquidity in reaction to recent US credit/bank meltdown. If the House (US) passes the $700b bailout bill, then Korea's foreign reserves will be able to have a greater short term impact in terms of stabilizing its currency for the next 6-12 months. If the bill does not pass, the dollar could collapse as many now predict. In such a situation a de-pegging of the KRW to the US dollar would immediately cause Korea to lose the value of its $230b in foreign reserves and the country would be in a crisis similar to that in 1997--or until it pegs its currency to a basket of other currencies. Japan and China are in a similar situation and therefore the three countries are now meeting to discuss how to jointly respond to the US financial crisis. Of the three only China is de-pegged from the US dollar (since 2005). It may very well be that Korea switches to the Yuan/basket of currencies from the dollar depending on what transpires in the meeting/ in the US and in such a situation would lessen the damage from a dollar fallout.

My point is that Korea/Asia will certainly go through another financial crisis if the US dollar collapses. But Korea, like other Asian economies, is not in debt and would be in a position to find export solutions to save itself again regardless of how much foreign reserves it may lose due to a dollar collapse in the short run. I predict a massive increase in intra-Asian trade and this will be the basis of the economic recovery in the region (as I have said, if there is an economic recovery in the world it will be most likely be in Asia first).

As for the US and other debtor nations, the situation could very well be as bleak and dire as some are predicting (e.g. end up with third world status economically) and it may take decades for the country to recover.

I am not sure people here will need to worry all that much about "survival" for the basic necessities of life. Much more likely would be a situation where we may end up sending food/instant noodles and other non perishables Stateside to family and friends next year and beyond if this thing does really happen.
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Old 10-03-2008, 03:44 PM   #28
Jeremiad
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Default Re: Project Cameloter in South Korea

Psssh... I knew there was a reason the universe sent me to this side of the planet. Guess it's time for me to be the caretaker of the family.

Damn I hate responsibility =P
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Old 10-05-2008, 02:46 PM   #29
Nicomachus
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Quote:
Originally Posted by ideagoras View Post
The Korean Won is pegged to the dollar. A dollar collapse will no doubt significantly affect the Korean Won/Asian currencies but this scenario will not be much different than what happened to the Korean Won during the 1997 currency crisis in terms of short run effects. In 1997 Korea had a mere $35b in foreign reserves (mostly US) as a means to protect the Korean Won from a major currency devaluation. Obviously this was insufficient (as the Won depreciated from 650 KRW to 2000 KRW at its peak that year) and required a $20b bailout from the IMF subsequently to restore the KRW to the 1200 level.

Korea today has accumulated $230b in foreign reserves to protect its currency and is spending approximately $5-10b per month to provide local market liquidity in reaction to recent US credit/bank meltdown. If the House (US) passes the $700b bailout bill, then Korea's foreign reserves will be able to have a greater short term impact in terms of stabilizing its currency for the next 6-12 months. If the bill does not pass, the dollar could collapse as many now predict. In such a situation a de-pegging of the KRW to the US dollar would immediately cause Korea to lose the value of its $230b in foreign reserves and the country would be in a crisis similar to that in 1997--or until it pegs its currency to a basket of other currencies. Japan and China are in a similar situation and therefore the three countries are now meeting to discuss how to jointly respond to the US financial crisis. Of the three only China is de-pegged from the US dollar (since 2005). It may very well be that Korea switches to the Yuan/basket of currencies from the dollar depending on what transpires in the meeting/ in the US and in such a situation would lessen the damage from a dollar fallout.

My point is that Korea/Asia will certainly go through another financial crisis if the US dollar collapses. But Korea, like other Asian economies, is not in debt and would be in a position to find export solutions to save itself again regardless of how much foreign reserves it may lose due to a dollar collapse in the short run. I predict a massive increase in intra-Asian trade and this will be the basis of the economic recovery in the region (as I have said, if there is an economic recovery in the world it will be most likely be in Asia first).

As for the US and other debtor nations, the situation could very well be as bleak and dire as some are predicting (e.g. end up with third world status economically) and it may take decades for the country to recover.

I am not sure people here will need to worry all that much about "survival" for the basic necessities of life. Much more likely would be a situation where we may end up sending food/instant noodles and other non perishables Stateside to family and friends next year and beyond if this thing does really happen.
You must be reading off of those Korean English newspapers and believe what they say about Korean economies and all. The matter of fact is that Korea has never been a safe haven from the gloabl economic crisis. Korean Won is losing its vaule against US dollar now reached 1230 as of today which it used to be around 900 three months ago(inspite of global dollar value loss?). The goverment officials insist they have enough liquidity to handle all the dollar based ecomic crisis, guess what! They have NO MONEY!! The most of the dollars they insist to have, that can be cashed immediately in case of emergency, are now invested in the US bond markets. And do you really believe Japanese and Chinese are gonna help korea setting up the 800b dollar Asian union fund for an ecomomic crisis of Korea? I don't think so. You know they have been bluffing for all these years.

The most vulnerble nation after the US in this global economic recession is KOREA. Sorry to say this but it's quite true.

Tomorrow morning the curruency market will soar up to 1260~80. And if anything goes off the norm or expectency in Europe and US markets, tudesday in Korea will turn out to be a hell that can be remembered for years and years.

Better go make a contingency plan my friend!

And good luck to you all and see you on the other side.

Last edited by Nicomachus; 10-05-2008 at 03:06 PM.
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Old 10-06-2008, 07:19 AM   #30
Nicomachus
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Default Re: Project Cameloter in South Korea

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Originally Posted by ideagoras View Post
Hello. I appreciate your intention, I'm guessing you were actually trying to be helpful. Knowledge is gained most often when you find that you are in the wrong and shown a better explanation.

If you could substantiate your claims perhaps we could learn something.

Have a nice day.
I said yesterday evening : Tomorrow morning the curruency market will soar up to 1260~80. And if anything goes off the norm or expectency in Europe and US markets, tudesday in Korea will turn out to be a hell that can be remembered for years and years.

I guess it's substantiated enough?
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Old 10-06-2008, 12:23 PM   #31
mbowie361
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Default Re: Project Cameloter in South Korea

I just want to say that there are some disagreements as to how and what the Korean economic situation is going to be in the near future, however most of us can agree on the fact that the US economy will collapse very soon?

I think we should focus first on the materials we all agree on then prepare ourselves accordingly. If there are those who feel nothing will happen, then there is nothing that needs to be done, and there is nothing that should be feared.

There are of course, some of us who are not as sure which way the pendulum will swing, and if you have any doubt as to what is coming, I think it's reasonable to make at least some preparations.

I know there is going to be different levels of preparedness we can talk about. The absolute worst situation is probably going to be nuclear weapons going off, and the as George Green and perhaps Bill Deagle puts it the northern half of the Earth will be engulfed in radioactive waste, with riots, food shortages, or whatever your imagination can think of in dire moments.

I for one think we will fall some where in between, but I can say for sure if Nukes do go off I don't have the means prepare myself for that. But on the other hand, if there is going to be an economic collapse and Korea does fall into the black hole of US debt, there certain measures to protect ourselves.

Moving money out of dollars and even wons into gold and silver; make sure having enough food in case of a food shortage; water; etc...

I am not going to speculate what is going to happen definetly, I just listen best as I can to people who seem to have an idea of what is going on, but at the same time I not going to depend on anyone else to save my butt if things do go sour.

In conclusion, people should move according to what they believe, but don't put yourself in any postition where you think you are going to regret any decisions you have made.

I have never been a boy scout, but I agree with their moto "Hope for the best, prepare for the worst."

Mike
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Old 10-07-2008, 11:00 AM   #32
IndigoPhoenix
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Default Re: Project Cameloter in South Korea

i'll see u guys on saturday

Last edited by IndigoPhoenix; 10-07-2008 at 05:35 PM.
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Old 10-08-2008, 02:45 AM   #33
IndigoPhoenix
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Default Re: Project Cameloter in South Korea

whoa..hold up. Time to calm down folks...look we r in this together and we need to work together...personally i believe that getting into debates about what currency is going to do what is pointless and counter producive...they r all going belly up..its a global meltdown, we need to focus on helping ourselves and eachother out (which r ultimately the same thing) in whatever ways possible.

...anyways before a full blown argument gets kicked into full gear, and nagativity rapes and plunders the land, i thought id try to step in and try to prevent it..i'd appreciate some back up on this too guys.

ideagoras..those r mighty strong words please watch the vibes.

Nicomachus..i dont know where u get ur info from and im not really sure i care that much about the future of any currency...in my view as well as probably many many others on project avalon is that holding any currency is not good..it will all be worthless soon anyway so use it up and get stuff u can eat and keep u warm and dry..u know ..stuff that really matters to the well being of someone..u cant eat money, gold isnt going to keep u dry, and silver wont keep u warm (though gold and silver do have value for other things)... i am in the process of doing everything i feel i need to do. getting dried food, survival gear, warm clothes, blanket, even gold and silver too ..i suggest u and everyone do the same.

We r trying to create a radiant zone..if we r arguing..our zone isnt worth a damn, far from radiant...also i think it is consensus through the emails i got... no mooches...so in short focus on the task at hand and get as prepared as u can in the short amount of time we have. arguing and bickering is pointless and hurts us all so unless u want to be responsible for that...chill out and think about more pertinent issues...like feeding urself , helping others and shelter..we gotta help each other out or all of our efforts r in vain.

Also as a reminder...we are the same organism caught in the illusion of separatism. we are eternal beings and this samsara is illusory (yet very convincing) in nature. so arguing with each other is ultimately arguing with yourself....which makes arguing and bickering even more pointless.

I suggest, again, we stay focused on what needs to be done, also stay positive and remember to forgive others as well yourself.

peace
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Old 10-08-2008, 03:32 PM   #34
Nicomachus
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Default Re: Project Cameloter in South Korea

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To the rest of you: good luck and don't forget to enjoy the moment.
And I'm very sorry if I have ever offended you by any means. To be more substantiated, I was just little upset about your overly positive attitude on Korean economy and your seemingly overwhlemed faith on Mr. Wilcock.

And my apologizes for everyone here Camelotters in Korea that I might have caused little disturbance.

To make a long story short, I KNOW we are all in ONE. Let the spirit grow toward the vicory of us all!


And personally to ideagoras, i am very sorry, I mean it. Sorry about that "SEE YOU ON THE OTHER SIDE" thingy



I won't be able to meet you guys up there this Saturday, but I will keep in youch with you guys for sure.



My name is Art, a Korean native, educated in the States, and a sutdent of Greeks.
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Old 10-21-2008, 10:05 AM   #35
IndigoPhoenix
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Default Re: Project Cameloter in South Korea

Where has everyone gone? These korean forums seem rather lonely after the meeting.
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Old 07-19-2009, 02:21 PM   #36
mudra
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Default Re: Project Cameloter in South Korea

Friends visit my thread: Radiant zones and community building...Where are we up to ?

http://www.projectavalon.net/forum/s...ad.php?t=15480

loving kindness
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