The Economist

By Unknown

The Economist Chapter 1

The Economist Chapter 1

"Are you sure you will not make any money?"

"What money?"

"I will be graduating next month. I will need dormitory fee and tuition ..."

"Are you crazy? No, the whole nation is suffering from the financial crisis. what is a graduate school?

Now Korea is ... "

My father started to explain the situation in Korea through his phone.

I did not want to hear the nagging, but I informed my father of one fact.

"Dad, this is an international call."

Until last year, I had to pay 1,000 won per minute to speak  from UK to Korea.

And now, the rates for the UK and Korea, which I have now, were higher.

"How much is the telephone charge .......... Anyway, now is a graduate school in this situation."

"It's three years because it is a master and doctor's course. After that, I will earn three more years."

"Did you hear what I said so far? There is no money ..."

"I do not know anyone else but if you tell me that you know something, how do I do it?

You are really ... "

My father hastened to speak before he was finished.

"I do not have any money anyway and I know that you will return home next month ... If you want to continue studying, go to university in Korea. How much is the telephone charge ...? I will quit. "


I screamed, but on the phone 'Torto ...' The distance has only heard the sound of the machine.

"Oh really···."

In late 1997, the Asian economy, including Korea, collapsed.

It was the foreign exchange crisis.

People in their home country will be the hardest, but the same is true for people in foreign countries.

The toughest people in foreign countries are probably international students who pay tuition in their home country


Although the economy has been difficult, the won, dollar or one pound exchange rate has surged in most Asian countries.


As of June 1998, it is better than when it went up, but still much higher than before.


If we can easily say that the won-dollar exchange rate is going up, it means that the value of the won will be lowered.

In other words, even if you send the same money in your home country, it was much less when you switched to dollars or pounds.

I will graduate from college next month.

In the lower grades, it was often not enough to pay tuition fees.

The British government has a little bit of a bit of a part time job for Asian students.

The same was true.

After all, many of the international students from Asian countries at the universities in England where I am staying give up studying abroad

And returning home.

In this situation, my idea of going to graduate school due to the inadequacy of a university could be selfish.

I would go to the graduate school if my family was hit hard by the financial crisis like other people in Korea.

I would not have thought.

I am not without it.

Not exactly in my family, my father was hit by the foreign exchange crisis,

It was a huge amount of money.

No, I already made a lot of money and I was going to make a lot more money in the future.

I had a lot of stakes in what I paid for.

I would have to say that I did not have to go through the process, but on July 2, last year,

I was doing a short summer internship in the London.

At that time, through the seniors who worked at JP Morgan, the fall of the baht was not only limited to Thailand

I heard the story.

An attack on all Asian countries whose currencies are overvalued is expected to continue,

It is said that it is included.

As soon as I heard the story, I called my father in Korea and told him the story.

If you do not feel like you are in Korea,

I talked about Hanbiza.

In Hanbiza, the kingdom is a sign of damnation. "The ruler enjoyed debate, and merchants built wealth outside the country.

If they take only personal interests, the country will perish. "

It is just that.

I could not understand what I was talking about.

Anyway, after listening to me, my father soon began to act.

Did the politicians or businessmen who were acquaintances prepared for the crisis by warning them?

I do not know if there is anything like that or not.

But one thing was certain.

Before two months, my father cashed almost all of his household property and sent it to me in England.

He told my mother, that he really had to throw all his possessions in a hurry.

It was at the end of August, when the won-dollar exchange rate was 900 won.

Then the father told a part of the novel he liked this time.

There are two opportunities to earn big pennies.

One is when the country is built,

One is when the country is ruined,

The bigger the money, the more time the country is ruined.

It's what Let Butler said at the 'disappear with the wind.'

Rett Butler says he earned $ 500,000 at the time of the collapse of the South.

You might think "bare", but the American Civil War was in the 1860s.

For reference, John Hancock, Alias Derby and Vanessrea, who were the richest Americans before the 1860s,

It was about a million dollars.

I had the money and the whole of the assets that my family had ove