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Subject: North Korea debases its currency
Le Zookeeper    12/5/2009 7:05:11 AM
All the savings gone. FOr the first time people revolted as their savings got wiped out. I wonder if t was changed 10 to 1 or 100s to 1.
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warpig       12/5/2009 11:28:50 AM

All the savings gone. FOr the first time people revolted as their savings got wiped out. I wonder if t was changed 10 to 1 or 100s to 1.

What was probably worse for those that had found ways to profit or at least save money in their economy is that the exhange was capped at how much total amount of currency could be exchanged.  At first it was some paltry sum, but after protests the total was raised to be three times that paltry sum.
3 x 0 = ?

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timon_phocas    WSJ report on new currency   12/9/2009 4:45:20 PM

Excerpted from:


Wall Street Journal

Wednesday, December 9, 2009


North Korea Money Policy Spurs Protests

By Evan Ranstad


Seoul ? New reports emerged Tuesday of protests and deadly violence in North Korea and the country?s authoritarian regime over the past week seized most of its citizens? money and savings via a new-currency issue.


Open Radio for north Korea, a Seoul-based shortwave radio station that broadcasts news to the North, said police killed two men in Pyongsong, a market center outside of Pyongyang, on Friday after they divided their savings among a large group of people and urged them to exchange the money for them, attempting to get around the government?s limit. 


Choson Ilbo, a South Korean newspaper, cited informants in the North in reporting that women working in the goods and produce markets of some towns ?openly curse government authorities despite the risk of being arrested.?


Those reports, and scrutiny of Pyongyang?s human-rights violations, coincided with the arrival of an American envoy for a meeting with North Korean officials.


The reports suggest that North Korean officials may be experiencing more difficulty than expected in using the currency issuance to collar the expansion of private wealth in the country.


?They?ve tried to wind back the system, but they?re potentially teaching the people that markets can?t be controlled,? says Shaun Cochran, head of Korea research at CLSA Asia-Pacific Markets, who published a report on North Korea?s move.


Pyongyang announced Nov. 30 its decision to issue new currency and limit the amount of the old currency that could be exchanged to the equivalent of about $40, based on unofficial exchange rates, at step that essentially scrapped all other private

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