For Teachers

We have to visit the immigration office in Sejongno every year. Most of you know that place can be a zoo. (What kind of visa are the pretty Russian girls applying for?) The usual wait time is around 2-3 hours. However, thanks to "Hi Korea: E-government for foreigners" we can make a reservation online.

Here are the steps:

1. First you need to join. Just click here and fill out the information. You'll need to choose a user name and password. (I chose "Damien" and 666 for mine.)
2. Make an appointment by clicking here.

3. Print out a receipt for your reservation. You'll need to show this to the immigration officer.
No more waiting in line. =) In addition, you can make a reservation for your friend(s) as well. Do you have friends?

Now, if only I could make a reservation for Woori Bank...

Inflasia

Recently, the Bank of Korea (BOK) decided to keep "the base rate" at 5%. "The BOK is expected to freeze the rate until the end of this year as it is facing conflicting risks of higher inflation and a slowing economy," said Lee Sung-kwon, an economist at Goodmorning Shinhan Securities Co. The average individual can feel the effects of inflation when you buy gas, rice, or instant noodles. One of my favorite restaurants recently raised their price for a meal from 8,000 won to 9,000 won. That's about a 12% increase. T_T

High inflation does a couple of things:

1. It weakens the local currency. The Korean won has dropped around 10% this year against the U.S. dollar.

2. It slows economic growth.

3. It is bad for stocks.

In order to fight inflation, governments need to raise their interest rates. Korea's inflation is running at 4.9% and the BOK set the base rate at 5%. However, if inflation increases to 5.5% the BOK will have to raise the base rate. Why? Because you don't want to end up like Vietnam.

If you look at the chart above, Vietnam is totally screwed. Their currency (the Vietnamese dong) will soon become toilet paper. This will be similar to the Mexican Peso Crisis of 1994. Does anyone ever learn from history?

In 1979, the U.S. inflation rate was 13.3% By 1980, the U.S. Federal Reserve had to raise the prime rate to 21% to curb inflation. lol Recently, the cost of rice (+8%) and gasoline (+10%) have been increasing in the U.S. However, the price of TVs (-16%) , computers (-13%), cars (-1.2%), and women's clothing (-5%) have been declining. This is good news for those Sex and the City ladies.

In China, inflation is running at 8%. The Chinese government has a weak yuan policy because it's good for exports. Sound familiar? I don't believe this can continue. Therefore, I am still very bullish on the Chinese yuan. Take a look at this graph. I wish all of my stocks looked like that. If you want to protect your money, the Chinese yuan is a good place to be.

Disclosure: I opened up a yuan account while I was vacationing in China two years ago.

Some of My Favorite Music Videos

1981 was a defining moment in music history. MTV appeared on television screens all over the U.S. The music world would never be the same. Now, singers have to be beautiful and sexy. Their sound wasn't as important. I'm not sure if bands like The Eagles or The Rolling Stones would be popular today. None of them are really handsome. I really hate that aspect of music today. They're musicians. Not cover models. However, I still enjoy watching some videos.

So much creativity in this one.


This video reminds me of the movie "Cinema Paradiso." (All the kissing.)


These guys really crack me up.


This Madonna video created a controversy.


Do you like aerobics?


The first "virtual band" was Alvin and the Chipmunks, but I actually listen
to the Gorillaz.


Is it a man or a "wo-man?" lol

Do You Protest the Protests?

Recently, there has been extensive media coverage of the protests going on in Seoul.

Just take a look at these recent articles.

Here are a few questions that I have:

1. Some of the protests are becoming violent. The people in the photos above do not look peaceful to me. I think one guy is wielding a steel pipe. Are these protests really candlelight vigils?

2. Protesters and police officers have been wounded. According to a recent article in Chosun-Ilbo,"13 police officers sustained serious injuries, including a 22-year-old police officer identified as Kim who suffered facial paralysis." A lot of my current and former students are police officers in Korea. Police officers have wives, fathers, mothers, daughters, and sons. They fear for their own lives and the family that depends on them. Who will cry for them?

3. I think we've been very fortunate that no deaths have occurred. What will happen if someone (a protester or a police officer) is killed? Will the entire country plunge into chaos?

4. The current administration has to deal with a lot of issues: inflation (oil and food), the economy, youth unemployment, housing, education, the DPRK, and possible stagflation. These obstacles did not appear overnight. They've been festering for quite some time. The entire cabinet of President Lee offered to resign on Tuesday. Today, people are talking about impeaching the president. How can these problems be solved if the government is paralyzed?

5. How will I get to Incheon airport for my vacation? My airport bus goes through Jongno and Gwanghwamun. Should I take the subway instead?

I welcome your opinions, suggestions, and remarks. =)

The Icahn vs. Yahoo! War

Here's an e-mail from Jerry Yang CEO of Yahoo! to all his employees.

To: Yahoo global staff
From: jerry
Subject: proxy contest update

yahoos,

over the last few weeks, i'm sure you've read a lot about a potential proxy contest leading up to our august 1, 2008 annual meeting of stockholders. the proxy contest has now begun.

so what is a proxy contest?

a proxy contest happens when one or more stockholders proposes nominees for the board of directors other than the nominees proposed by the company. and as you know, carl icahn has also announced his intention to nominate an alternate slate of directors for election to our board.

in a proxy contest, it is typical for a variety of positive and negative statements to be made about a company's board and management. we expect these kinds of statements about yahoo! to intensify in the weeks ahead. we intend to respond to statements that we believe are unfair or misleading, and we did so with the press releases we issued this week.

what should you expect in the coming weeks?

we have already filed our proxy statement with the SEC, which includes the board's nominees for election as directors and the other matters to be voted on at the annual meeting. next, we'll mail our proxy statement to all stockholders as soon as it's cleared by the SEC . in our proxy statement, our board unanimously recommends that all stockholders vote for all of yahoo!'s board of director nominees.

we believe the yahoo! board has the independence, knowledge and commitment to navigate the company through the rapidly changing internet environment and to deliver value for yahoo! and its stockholders. as we've said repeatedly, the entire yahoo! board is fully committed to doing what is in our stockholders' best interests. as yahoos, it's more important than ever that we put aside the rhetoric and continue to focus on strategic objectives and our efforts to maximize stockholder value. i want to thank all of you for your continued hard work and dedication through this distracting time. you are our most valued asset.

please remember that there are certain requirements that apply to communications during a proxy contest, but we'll do our best to keep you as informed as possible.

jerry

The Man That Makes Me Feel Nauseous

Have you ever watched the Discovery Channel's Man vs. Wild? A guy named Bear Grylls teaches people how to survive. Usually, he is dropped into some barren land like Africa, Siberia, etc. and he has to survive by finding shelter, food, and water. It's one of my favorite programs on Discovery, but I can't eat dinner while I'm watching.

(Warning! This is truly disgusting stuff.)

There is water in elephant sh*t?



I guess we all carry some water in our bodies...



If you are hungry in the Sahara desert...



What's for dessert in the desert?



Where can you find water if you're in the desert? (This one is really gross)



No, it's not "deok-buki."


How's your stomach? Anyway, the show offers great tips on survival. Not every show is a buffet. lol

The Movie That Made Me Cry... T_T

"Cinderella Man" is a movie based on the life of James J. Braddock. The film takes place during the Great Depression. Jim (played by actor Russell Crowe), like many fathers in the 1930s, doesn't make enough money to support his family. In this scene, the heat was turned off in his apartment in winter because he couldn't pay the gas company. His kids are becoming sick due to the cold weather and lack of heat. He needs $18.38 to pay for heating and a livable home for his wife and kids. What choice does he have? I hate this scene, but I highly recommend this film. >.<