Category Archives: economics

Seoul.

Downtown Seoul Gwanghwamun (google images)

Living in Seoul for the first time is like being born again.

Everything is so new and exciting, just hitting the streets to explore and observe the city was an awakening experience in itself.  The pulse of this city is so fast and unending that at times I felt as if I were a ghost lingering in the background as everyone and everything passed through me. I’m sure that many have felt the same way when spending time in  big metropolitan city such as New York or Tokyo, however I think Seoul is a bit different.

The current atmosphere in Seoul is almost indescribable. The economic and political environment is saturated with new policy developments which has created  a significant amount of citizen resentment towards the government and wall street at the same time. Korea is now the poster child for developing countries, they have made great strides in such a short amount of time, they are a technological mecca, their economy is ranked 15th in the world, their education system is number one, and they are now the first Asian country to host the G-20 Summit this year. But….

At the same time, there is a dark underbelly of consequences that have also spiraled  along with this rapid growth.

Recently I found out the fourth leading cause of death in Korea is suicide.

Suicide among white collar worker in the financial sector are increasingly high.

Suicide among white collar workers in the financial sector are increasingly high. (google images)

While living in Seoul, I thought about this statistic constantly, trying to comprehend  it. One day while I was in a taxi on my way to a meeting, my boss pointed out the Hyundai building and nonchalantly explained that the chairman of the Hyundai Asan Corp, part of the Hyundai conglomerate, committed suicide by jumping off the 12th floor  of that building a few years ago due to a “cash-for-summit scandal.” Later, I found out that white-collared businessmen committing suicide in Korea is not at all uncommon, in fact Korea’s suicide rate has surpassed Japan’s.

This led me to a second observation. There is an expression in Korea that many people use to describe other people, and this expression is common in America as well; “Two-faced.”

Many Koreans that I have had conversations with will characterize other Koreans they know as Two-faced or having “two-faces,” meaning they have two separate personalities or ways of acting. They will say one thing, smile, agree, and even be kind to your face, but behind your back will feel otherwise.

In essence “two-faced” is how I would describe Seoul.

This is not a negative description at all, this is just the easiest way I could explain the duality of Seoul in general. For example, during the daytime, business is booming in Seoul, everyone is commuting to work, usually working 9-5 jobs, the city is hustling along ,people are out with their families, the elderly are playing Yut in the park and drinking soju…

But at nighttime,

The streets are filled with couples, singles, and business men still in their suits piss drunk and disorderly,vapid of all morals and manners they held just a few hours ago, the smell of raw sewage begins to burns your nostrils, people are pushing and shoving from behind, the streets are littered with pornography. It suddenly becomes unsafe to walk into the once charming back alleys, men are passed out in the middle of the street, uneasiness towards foreigners becomes more apparent, people’s eyes looked unsatisfied and unfulfilled…it’s a wasteland of fluorescent rainbow lights.

Seeing the unique duality of Seoul has led me to understand why the suicide rate is so high in Korea, I think it may be because this country has had such rapid and constant growth, that its people  never had time to look at the bigger picture. Even though Korea has a strong and rich cultural history of preserving the traditional Korean lifestyle, I think that Korea has been so consumed by achieving global success, that they may have actually lost a bit of their identity in the process of trying to become one of the worlds strongest international players. People in Seoul sometimes appear empty. It’s like they are perpetually  looking for a way to fill the hole formed inside of them…

Seoul is beautiful. Seoul is amazing. Seoul is inspiring…

Seoul is tragic.

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Federal Reserve’s Transparency is Better Left Up to Economists and Academic Buisness Men Rather than the People–According to Congresswoman Susan Davis (D-CA)

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Chairman of the Federal Reserve Ben Bernanke

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Congress woman Susan Davis (CA-D)

“The Reserve has this autonomy because you do not want politics to influence monetary policy best left to the academics and economists.  Current Federal Reserve Chairman Ben Bernanke, for example, graduated from Harvard and later earned a Ph.D. in economics.  The system was designed to give the most educated and best trained to make crucial decisions.”– Susan Davis’s exact words written to me justifying Federal Reserve secrecy.

Logging in to check my e-mail today I was surprised to find an e-mail addressed to me from San Diego based Congress woman Susan Davis. At first I thought I had accidentally placed my self on a mailing list, to which I then sputtered inappropriate comments at the innocent computer screen. I despise unwanted mailing lists. Anyways I opened it to find it personally addressed to me regarding the Federal Reserve.

Reading the first paragraph of the e-mail, my memory was spontaneously jogged back into remembering that I did indeed write to Davis nine months prior. About nine months ago, I wrote an investigative paper in my critical thinking class at San Diego City College about the economically damaging  private practices of the Federal Reserve. Part of my paper included an interview aspect, so I thought, “what the hell, lets see what Davis has to say about it.” Before writing to her, I had no real hope in her reading the questions that I posed to her about the Fed, since it had become blatantly obvious that she denies many issues concerning the Fed and does not support any real transparency between Congress and this institution. She does not support H.R 1207, “The Federal Reserve Transparency Act of 2009,” and refused to co-sponsor the bill even though many San Diego residents have urged her to do so.

Needless to say I was surprised that Davis, or one of her interns, even wrote me back. However my enthusiasm for this response shortly turned into disappointment when I realized that I would never get my questions answered, especially from her. This was a chance for Susan to redeem herself, to prove to me that she cared, to persuade me to believe in the system. Sadly it was uninspiring and downright insulting.

Davis’s responses to my questions were laughable, immature, and ill conceived. Either she should brush up on her politician books or fire her interns. Considering the fact that she did not even answer my questions, it made me even more outraged when she unsuccessfully tried to justify no transparency and oversight by implying that Americans should just trust the Federal Reserve and all business men for that matter because, according to Susan, “The system was designed to give the most educated and best trained to make crucial decisions.” I may not hold a degree in economics from Harvard, but I am sharp enough to know when a private corporation like the Federal Reserve is abusing its power and refusing to let congress investigate exactly what they did with the TARP money.

So Susan, if you really are saying what I think you are saying, then what you are ultimately suggesting is that American citizens are too ignorant to understand the mechanics of this institution and should just tune out. If we did exactly what you are suggesting, which would be leaving important decisions up to the people who are more educated and powerful in that area, would that not totally defeat the whole purpose of Democracy?

However, I should not feel so maddened by this, American politics today no longer engage in conversing intelligently with citizens. My experience is just another prime example among many where our representatives just want us to shut up and deal with it, instead of  trying to open up the table for serious discussion.

Go watch some more reality TV and don’t worry about a thing, because we have wealthy,ivy league scholars to make vital decisions for you, that will directly influence the course and well-being of your life!

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Say Something, Anything

English 247, SDCC, Spring 2013

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