One Big News Round-Up

Korea is anything but boring; it seems like everyday there's another incredible news story that you'd never expect in the West. Here's a peek at what's happening here.

First, always a lively topic, North Korea (NK). I'm not sure what was going on with this (some things I just don't research well unless I'm pretty sure it'll affect me) but a few weeks ago everyone was up in arms about repealing or changing the National Security Law. I think it had something to do with a law that would allow NK to get into the South...whatever that may mean (but it certainly does not sound good). It's bad enough there are textbooks here that support NK's view of history. And not its seems NK is getting money not only from 'legitimate' means (basically selling its citizens into slavery for 30 euros a month--little of which probably makes it to the actual workers) but they are even selling the food aid it receives (um, so why give it??). Of course the South has plans to deal with the eventual fall of the North...the problem is maybe too many plans. There was even a DMZ breach recently, but I wonder if the official explanation of a South Korean defecting to the North (what!?!?) makes sense--I believe it may have been an NK operative going home.

That's just it, though, the government here has many far-reaching plans--like the current 'war on suicide'--but how many actually make sense? Why not a 'war on right-handed-iousness'? How about a 'war on bad meat'? Or a 'war for healthy food'? Perhaps a 'war on parasites' might be appropriate. No, no. It's much better to go after them corporate raiders that threaten inefficient businesses, to try to stop speculation the won (not likely); to direct government pension funds to prop up the local stock market, to defend the BOK's brutal forecasting record, or to try to relocate the capital, then get the notion defeated and have many investors and speculators (as well as banks) in a pinch--of course foreign investors didn't fall for it, the bulk of their investment is in Seoul: noted as the best real estate market in Asia. Basically, Korea is inconsistent. Whether in government (Uri Party faction) or business, Koreans like to get together and diverge from time to time.

My favorite topic of the last few weeks is the crackdown on adult/sex parlors (called room salons and many other names). To which, the 'ladies' said "we want to work" and the Johns said "you're violating the human rights of men [to pay for sex]". It would be more hilarious if it wasn't so true. (I'm not sure what they will say to the new Viagra play coming out soon.) Good grief, it could even mean bad news for the economy! Imagine all that money for whiskey and broads being spent on education and family trips abroad. (Although the recent economic slump has increased soju sales at the expense of whiskey consumption, so I think I know where the saving would go.) The government's response to the hardships on both sides is: money for the ex-hookers and condom ads (um, little late).

Then there's the economy. Don't get me started on that...too late. Korea is falling behind the rest of Asia as the number of credit card delinquents (more here) and their balances swell as debts are written off as uncollectible and collateral (properties) are seized in larger numbers. Korea is readying for higher unemployment and higher inflation (in the 70s we came up for a word for this: stagflation) and a hard landing (think parachuting with an umbrella). Businesses are closing down and even part-time workers are getting shafted--just as the income and wage gaps widen and the population turns the corner to being a lot greyer. The rich also control a good portion of the economy and bank deposits here. The true barometer: McDonald's has permanently lowered its prices here.

Everything seems to be working in reverse: Korea imports (literally) tons of kimchi (more here) and chestnuts from China (Chinese kimchi even beats the Korean variety in Japan); and businesses and capital (mostly to evade taxes) are fleeing the country at an alarming rate--some is even going to gold. Foreign investors are opportunistically buying Korean assets (just as they did in 1997/8) so maybe that's a bright spot. Also, Korean culture is being exported at a growing rate (much as Koreans are emigrating); but Korean kids are getting more like their Western counterparts: more materialistic (worrying about such things as how to get a good seat at the movies). That icon of Californiaism (the metrosexual) is also here as Estee Lauder and other foo-foo firms line up to sell Korean men mascara and lip balm.

The good news: you can get wicked digital cameras here. Samsung continues to up the ante to 5-megapixel camera phone and even (recently) a 7-megapixel cam-phone model in an effort to be #1. Also, if you got the dough here life can be good (no sex parlors notwithstanding), especially if you get sick. However, there is only ONE foreigner licensed to practice medicine here so you may not get the same treatment as in the West. (Likewise, Koreans use all-foreigner legal teams for their international court battles.)

That's it, hope you found this picture-less post entertaining, interesting and/or amusing.