The Recession Connection

I’ve got a lot of holiday time coming up. I have three trips to prepare for: Hong Kong, Manila, and Canada. Even though I got some deals on my airfare, my time off will inevitably cost a sizable chunk of dough. I’m trying to save as much as possible, so several pages of my neurosis-notebook are filled with currency conversions, cost estimates, and budgets. Looking at such a page from a few months, or even weeks, ago is a shocking experience.

1 month ago: $30,000 NT = $969 CAD
Today: $30,000 NT = $1,135 CAD

2 months ago: $100 HK = $13 CAD
2 weeks ago: $100 HK = $15 CAD
Today: $100 HK = $16 CAD

If I had any money to send home, I would be very happy right now. I would have $166 CAD for free. Unfortunately I spent my last paycheck on airline tickets, which are costing more and more in Canadian dollars every day. Everything costs more than previously thought. Three days in Hong Kong is getting particularly pricey. My $39 CAD hotel will now cost $48! Perhaps this doesn’t sound like a lot, but when you’re the type of person who flies to Hong Kong and stays in the nation’s cheapest hotel, it’s a big difference.

National Snapshot
Taiwan makes its money in the service sector, and with its dazzling array of electronics. There are about a dozen Taiwanese computer companies (the only one I’ve seen in Canada is Acer) and a dozen more accessory and parts companies. So if people around the world can’t afford computers, Taiwan is in trouble. This happened in late 2001, and Taiwan was in a recession for about a year.

The current global recession is increasing the unemployment rate. In August, the unemployment rate was 4.14 per cent. In September, the rate was 4.27 per cent, or about an additional 12,000 unemployed people. The first nine months of the year averaged 3.96 per cent.

A lot of people blame President Ma. There was a protest held in Taipei yesterday, and over 500,000 people attended. Half a million. The last time this happened was… well, about two months ago with a protest of about 300,000. I’ve learned that Taiwanese people are one with the streets. Constant parades, protests, and overall lack of rules make the streets like the yard they never had. Anyways, these protests both called for President Ma to step down. The protesters are frustrated that Taiwan was bowing to China without any economic gain. They want an independent Taiwan with an independent economy, and they want to be protected from China’s dangerous products. Or something.

During campaigning in the spring, Ma promised to “make our society immediately better.” Well, people believed him. If Ma doesn’t stop giving privilege to China, a member of the opposing party has a fresh idea: “If the government continues to refuse to listen to the anger of the people, we will take to the streets again and show them the consequences of not listening to our voices,” she said.

Sources: http://www.etaiwannews.com/etn/news_content.php?id=772274
http://www.etaiwannews.com/etn/news_content.php?id=772526