Categorized | Korea

Kim Jong-il is Costing Me Money

For those who don’t know, a South Korean Naval ship was sunk on March 26th of this year killing 46 sailors.  From the beginning, it was rumored a North Korean sub might have used a torpedo to sink the ship.  Last week a joint committee concluded that this was indeed the case.  After finding a portion of the torpedo, the markings on it led them to believe it was in fact fired from a North Korean submarine.

On Monday, South Korea announced penalties, mostly economic, on North Korea for the apparent violation of nonaggression agreements.  In return, North Korea is severing all ties with South Korea.

One of the more interesting things South Korea will begin is the resumption of radio broadcasts into North Korea.  Loud speakers will be set up in the DMZ to send radio programs into the North.  On a quiet night these broadcasts, which include pop music and programs about how life is better in South Korea, can be heard 10-15 miles into North Korea.

Tensions are definitely escalating, but this is not the first time.  South Korea last used the speakers in 2004.  With that and other sanctions, life on the peninsula is getting more exciting.  It seems every few years tensions escalate and everyone works to find a peaceful solution to the situation.  I am confident the same will happen this time around as well.

Meanwhile, as all of this continues, and throw in the problems in Greece, the Korean Won is dropping like a rock.  With each passing day, I lose more and more in terms of U.S. dollars.  In the end I don’t think it will be a big deal.  All of this I think will blow over in a month or two, at least I hope.  And when this rebound comes, and let’s all hope it does, the won will rise.  So all I have to do is hold my money here with the hope that it rebounds.

About Eric Bynum
I taught ESL for three years in South Korea and now I am looking to set out on a new journey after just finishing my teaching certification in the US. I hope to continue teaching and traveling and you can follow his journeys here.

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2 Responses to “Kim Jong-il is Costing Me Money”

  1. Poi says:

    Would be interesting to be there and see it for myself rather than just going by what I hear on the news.

  2. admin says:

    I find it interesting for sure, especially how some foreigners are really freaked out right now. I don’t think much will happen in the long run, but I would love to go to the DMZ now to see what is going on there now.


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