South Korea’s recent wave of liquidations has really trapped an entire generation of young people.
I just looked up data from the country’s regulatory authorities, and I’m sweating from the palms.
Over the past month, Korean retail investors lost 21.5 trillion won from leverage trading, which is roughly $1.45 billion.
Worst of all, among the accounts that were liquidated, 62% are young people aged 20 to 30.
The South Korean government is also panicking now, fearing that this round of financial turbulence could turn into a social crisis, and even plans to launch a nationwide, unified 1,375 debt counseling hotline in October.
The name sounds very professional, but really it’s just an intervention phone line to prevent suicide.
Right now, young people in South Korea are really hopeless.
In the first half of this year, many people borrowed money and rushed into the market—the household loan quotas from the country’s five major banks have been used up.
Everyone wants to turn things around with a two-times leverage ETF, especially by focusing on Samsung and SK hynix.
But in the end, that biggest leveraged ETF from SK hynix, which was down 60% from its peak, crushed these people’s comeback dreams.
Leverage: in good times, it makes you feel like you’re a stock genius; in bad times, it won’t even give you a chance to apologize.
I just looked up data from the country’s regulatory authorities, and I’m sweating from the palms.
Over the past month, Korean retail investors lost 21.5 trillion won from leverage trading, which is roughly $1.45 billion.
Worst of all, among the accounts that were liquidated, 62% are young people aged 20 to 30.
The South Korean government is also panicking now, fearing that this round of financial turbulence could turn into a social crisis, and even plans to launch a nationwide, unified 1,375 debt counseling hotline in October.
The name sounds very professional, but really it’s just an intervention phone line to prevent suicide.
Right now, young people in South Korea are really hopeless.
In the first half of this year, many people borrowed money and rushed into the market—the household loan quotas from the country’s five major banks have been used up.
Everyone wants to turn things around with a two-times leverage ETF, especially by focusing on Samsung and SK hynix.
But in the end, that biggest leveraged ETF from SK hynix, which was down 60% from its peak, crushed these people’s comeback dreams.
Leverage: in good times, it makes you feel like you’re a stock genius; in bad times, it won’t even give you a chance to apologize.