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Towards the end of the year 1997, many countries in South
East Asia suffered from a very big financial crisis. Among
those countries, South Korea was perhaps the most affected.
The Korean currency “Won" depreciated so much so rapidly.
It left a huge USD 50 Billion hole in the country’s economy.
This rapid downfall collapsed and crushed the backbone of
South Korean economy. Many banks and industrial houses
had to close down and thousands of citizens lost jobs.
But then an unimaginable wonder happened in South Korea.
In January 1998, South Korea started a campaign called
“Collect Gold for Love of Korea” with the help of 3 companies
Samsung, Hyundai and Daewoo corporation. The government
simply asked citizens to donate their gold voluntarily. And to
the surprise of the entire world, people gave away almost
everything that was very valuable to them.
Housewives donated wedding rings, athletes donated their
gold medals, lucky keys, gold chains etc., and all this was
done on the streets of Seoul, the capital of South Korea.
Managers from these 3 companies would just roam the
streets with big bags and asked the people to donate their
gold. Then people would simply drop their valuable gold items
into those bags very happily. There was no written accounts
of who donated what. The government did not give any
promise or commitment that someday the country will repay it
back to you. Nothing.
What happened next ?
South Koreans collected almost USD 200 Million worth gold
from its Citizens. These citizens easily gave away that gold
to the country.
That time, the population of South Korea was only 45 Million.
But what they gave to the country was USD 200 Million worth
of gold. it was a “Herculean" effort.
During the same period, the world was taken by storm by the
movie, Titanic. But in entire South Korea, not one ticket was
sold for the first two weeks. When international reporters
interviewed people on the street, the answer was simple.
“If we buy tickets in Won (south Korean currency), it would
get converted to US Dollars . Our valuable money goes to
USA. We dont like it.”
South Korea came out of the financial crisis quickly (by end of
1999) and today this country ranks among top 10 economies
in the world. Today South Korea is a great super power in the world.
Today India is in a tough situation because of banning big
currency notes. But Indian government is not asking its
citizens to donate their gold. All that is expected from its
people is patience, faith, bit of hardship for about 3 months.
That's all. Then all Indians will have an opportunity to carry
that sense of pride on their chest. In future, Indians can look
into the eyes of their children and grandchildren and say to
them, “we experienced burden for you”.
Immense national pride motivates us. Optimism motivates us.
Finally one more request is Buy and use only "made in India"
products. Things will definitely change in a near future.
Towards the end of the year 1997, many countries in South East Asia suffered from a very big financial crisis. Among
those countries, South Korea was perhaps the most affected.
The Korean currency “Won" depreciated so much so rapidly.
It left a huge USD 50 Billion hole in the country’s economy.
This rapid downfall collapsed and crushed the backbone of
South Korean economy. Many banks and industrial houses
had to close down and thousands of citizens lost jobs.
But then an unimaginable wonder happened in South Korea.
In January 1998, South Korea started a campaign called
“Collect Gold for Love of Korea” with the help of 3 companies
Samsung, Hyundai and Daewoo corporation. The government
simply asked citizens to donate their gold voluntarily. And to
the surprise of the entire world, people gave away almost
everything that was very valuable to them.
Housewives donated wedding rings, athletes donated their
gold medals, lucky keys, gold chains etc., and all this was
done on the streets of Seoul, the capital of South Korea.
Managers from these 3 companies would just roam the
streets with big bags and asked the people to donate their
gold. Then people would simply drop their valuable gold items
into those bags very happily. There was no written accounts
of who donated what. The government did not give any
promise or commitment that someday the country will repay it
back to you. Nothing.
What happened next ?
South Koreans collected almost USD 200 Million worth gold
from its Citizens. These citizens easily gave away that gold
to the country.
That time, the population of South Korea was only 45 Million.
But what they gave to the country was USD 200 Million worth
of gold. it was a “Herculean" effort.
During the same period, the world was taken by storm by the
movie, Titanic. But in entire South Korea, not one ticket was
sold for the first two weeks. When international reporters
interviewed people on the street, the answer was simple.
“If we buy tickets in Won (south Korean currency), it would
get converted to US Dollars . Our valuable money goes to
USA. We dont like it.”
South Korea came out of the financial crisis quickly (by end of
1999) and today this country ranks among top 10 economies
in the world. Today South Korea is a great super power in the world.
Today India is in a tough situation because of banning big
currency notes. But Indian government is not asking its
citizens to donate their gold. All that is expected from its
people is patience, faith, bit of hardship for about 3 months.
That's all. Then all Indians will have an opportunity to carry
that sense of pride on their chest. In future, Indians can look
into the eyes of their children and grandchildren and say to
them, “we experienced burden for you”.
Immense national pride motivates us. Optimism motivates us.
Finally one more request is Buy and use only "made in India"
products. Things will definitely change in a near future.
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