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N. Korea sells gold in sign of imminent economic collapse: source
Yonhap ^ | Dec 11, 2013

Posted on 12/10/2013 7:31:59 PM PST by rdl6989

SEOUL, Dec. 11 (Yonhap) -- North Korea has begun to sell large amounts of gold to China in a bid to tide over its economic crisis, multiple sources familiar with North Korea affairs said Wednesday.


TOPICS: Foreign Affairs; Front Page News
KEYWORDS: gold; kimjongun; korea; northkorea
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The story goes on to say that Kim Il Sung prohibited the sale of any of the nation's gold. Unfortunately, there isn't much in this link without a subscription. It is still very interesting.
1 posted on 12/10/2013 7:31:59 PM PST by rdl6989
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To: rdl6989

We’re pretty much doing the same thing.


2 posted on 12/10/2013 7:35:24 PM PST by ClearCase_guy
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To: rdl6989

Yes, thanks for posting this.


3 posted on 12/10/2013 7:37:19 PM PST by Cicero (Marcus Tullius)
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To: rdl6989

Gold or METH amphetamine ? NOKOs know what’s best.


4 posted on 12/10/2013 7:37:26 PM PST by Broker (Never submit!)
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To: Broker

Only the Blue Meth will do. Time bring out Heisenburg,


5 posted on 12/10/2013 7:38:36 PM PST by sean327 (God created all men equal, then some become Marines!)
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To: rdl6989

How could a communist workers’ and peasants’ paradise have an economic crisis?


6 posted on 12/10/2013 7:38:54 PM PST by Standing Wolf (No tyrant should ever be allowed to die of natural causes.)
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To: rdl6989

They have been in economic straits for years


7 posted on 12/10/2013 7:40:08 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: rdl6989

Bump.

They should have sold about 2 years ago.


8 posted on 12/10/2013 7:40:24 PM PST by Jet Jaguar
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To: rdl6989

How do you sell gold?

Wouldn’t gold be more valuable to a country than whatever they exchanged it for?


9 posted on 12/10/2013 7:40:51 PM PST by yarddog (Romans 8: verses 38 and 39. "For I am persuaded".)
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To: rdl6989

http://www.youtube.com/watch?v=uwEVUWfSsmw

NK TV news report on removal of Uncle Jang


10 posted on 12/10/2013 7:41:47 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: rdl6989

How does a pile of rubble collapse?


11 posted on 12/10/2013 7:41:59 PM PST by Viennacon
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To: yarddog

When you are starving, food becomes more valuable than gold.


12 posted on 12/10/2013 7:42:20 PM PST by entropy12 (Zero thanks to all who stayed home and helped elect Acorn lawyer Zero.)
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To: rdl6989
The story goes on to say that Kim Il Sung prohibited the sale of any of the nation's gold.

Why? Is that where Rodman gets his bling ?

13 posted on 12/10/2013 7:43:02 PM PST by UCANSEE2 (I forgot what my tagline was supposed to say)
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To: yarddog

Can’ eat gold.


14 posted on 12/10/2013 7:43:14 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: UCANSEE2

I would guess there is always enough food for the leaders.


15 posted on 12/10/2013 7:44:28 PM PST by yarddog (Romans 8: verses 38 and 39. "For I am persuaded".)
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To: GeronL

“They have been in economic straits for years”

Maybe since the Fed has now cornered the market on counterfeiting the USD, it has hit the norks where it hurts.


16 posted on 12/10/2013 7:44:54 PM PST by RS_Rider (I hate Illinois Nazis)
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To: rdl6989

This country has been living under economic collapse for years. The only thing that has kept them afloat is their constant threat of nuclear warfare. This threat has been their way of getting the west to give them the sustenance to stay alive until the next winter winds begin to blow and their next nuclear threat.


17 posted on 12/10/2013 7:44:56 PM PST by doc1019 (Inside every older person is a younger person wondering what happened!)
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To: RS_Rider

NK is the biggest foreign counterfeiter I think


18 posted on 12/10/2013 7:45:28 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: rdl6989

North Korea collapse inevitable, new report says
20SEP2013
http://www.globalpost.com/dispatch/news/regions/asia-pacific/north-korea/130920/north-korea-collapse-inevitable-rand-report

Did little Kim eat all the food again?

North Korea Economy Watch
http://www.nkeconwatch.com/

THE NORTH KOREAN ECONOMY: COLLAPSE, STASIS OR
REFORM?
http://www.brookings.edu/~/media/research/files/papers/1997/7/globaleconomics%20smith/bdp133.pdf
(Yes, I know this is the Leftist thinktank Brookings Institution but they might offer some valid insights.)

The Persistence of North Korea
http://www.hoover.org/publications/policy-review/article/6592


19 posted on 12/10/2013 7:46:23 PM PST by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; me = independent conservative)
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To: yarddog

They use to fly in plane loads of Big Macs from China for the top leaders


20 posted on 12/10/2013 7:48:30 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: rdl6989

A report from three months ago says the collapse of NK is not a matter of ‘if’ but ‘when’.

http://www.globalpost.com/dispatch/news/regions/asia-pacific/north-korea/130920/north-korea-collapse-inevitable-rand-report


21 posted on 12/10/2013 7:49:19 PM PST by JPG (Yes We Can morphs into Make It Hurt.)
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To: Jack Hydrazine

http://www.nkdaily.com

is another good one


22 posted on 12/10/2013 7:50:00 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; cardinal4; ColdOne; ...

Thanks rdl6989.


23 posted on 12/10/2013 7:50:07 PM PST by SunkenCiv (http://www.freerepublic.com/~mestamachine/)
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To: GeronL

I have read that Iran is also a big counterfeiter of U.S. $100 bills. They are so good that they cannot be detected except possibly by serial numbers.

We owe Iran big time for many, many reasons. It is one of the few countries I would be happy to see nuked.


24 posted on 12/10/2013 7:54:09 PM PST by yarddog (Romans 8: verses 38 and 39. "For I am persuaded".)
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To: rdl6989

If North Korea had an economic collapse... how would we know?

Do we have a satellite for that?

Seriously... how would we ever know that the world’s lowest-ranking closed “economy” “collapsed”?


25 posted on 12/10/2013 7:54:12 PM PST by Nervous Tick (Without GOD, men get what they deserve.)
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To: doc1019

“The only thing that has kept them afloat is their constant threat of nuclear warfare. “

how can that be? bill Clinton and madeline notalright got them to agree to no nukes in exchange for wheat.
you don’t suppose bill failed, do you.


26 posted on 12/10/2013 7:54:41 PM PST by willywill
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To: yarddog

true.


27 posted on 12/10/2013 7:55:02 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: Nervous Tick

They have been in famine for a couple years now. They are always in a state of economic collapse.

Something very bad must have happened for this alarm to go out.


28 posted on 12/10/2013 7:55:57 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: ClearCase_guy

With at least two countries doing this, either China is going to own the world by next summer or will be in as bad shape as everyone else.


29 posted on 12/10/2013 7:56:47 PM PST by bgill
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To: yarddog

>> It is one of the few countries I would be happy to see nuked.

heh... curiously, most of the few nations I would be happy to see nuked are Iran and its near neighbors.

There’s just something about that part of the world (cough: Muhammed) that makes it unattractive “with extreme prejudice”.


30 posted on 12/10/2013 7:57:12 PM PST by Nervous Tick (Without GOD, men get what they deserve.)
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To: willywill

I remember being shocked to learn during the Clinton years that North Korea was the largest recipient of American foreign aid.

I would bet against long odds that it did nothing to slow their nuclear program but instead helped it.


31 posted on 12/10/2013 7:58:34 PM PST by yarddog (Romans 8: verses 38 and 39. "For I am persuaded".)
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To: GeronL

I feel sorry for the citizens of North Korea. There but for the grace of GOD...

But I would love to see Kim and his henchmen terminated. And if they rot in hell afterwards, well...


32 posted on 12/10/2013 8:00:05 PM PST by Nervous Tick (Without GOD, men get what they deserve.)
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To: willywill

It wasn’t just wheat, the US-South Korea-Japan provided North Korea with 2 lightwater reactors in exchange for their agreement. But as a Nork General said “That’s your agreement, not ours”


33 posted on 12/10/2013 8:05:41 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: Nervous Tick

me too


34 posted on 12/10/2013 8:06:34 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: rdl6989

It sounds like the uncle was preparing a coup, and the written reason for his firing nearly came out and said that (i.e factionalism).

There is no specific reason North Korea needs to sell off their gold reserves because they mine a fair amount. This story has been in the wind for several months.


35 posted on 12/10/2013 8:09:22 PM PST by sunrise_sunset
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To: Nervous Tick

“how would we ever know that the world’s lowest-ranking closed “economy” “collapsed”?”

Cognac sales would be down 400%


36 posted on 12/10/2013 8:10:17 PM PST by RS_Rider (I hate Illinois Nazis)
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To: ClearCase_guy
As of 2012, the US led the world with 9133 tons of physical gold. Second was Germany with 3391 tons. China was down the list with 1054 tons. No. Korea didn't make the list.
37 posted on 12/10/2013 8:12:55 PM PST by hinckley buzzard
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To: yarddog
Maybe Lady GaGa can do a show wearing her meat dress.

Better be careful...he already ate a bunch of Giant Rabbits...

Kim Jong Il: Top 10 weird facts about N Korea's late leader ...

www.globalpost.com › In-depth series: North Korea, what's next?‎

Dec 19, 2011 - To get things going, he sent a batch of 12 giant rabbits to North Korea, but was shocked to hear they were eaten at Kim's birthday banquet that ...

38 posted on 12/10/2013 8:13:01 PM PST by spokeshave (OMG.......Schadenfreude overload is not covered under Obamacare :-()
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To: sunrise_sunset

I wonder if there is a market for artillery and shells? I have heard that they have one of the world’s largest supply.

Probably few countries would want it tho.


39 posted on 12/10/2013 8:14:51 PM PST by yarddog (Romans 8: verses 38 and 39. "For I am persuaded".)
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To: sunrise_sunset; TigerLikesRooster

http://renewal.dailynk.com/english/read.php?num=11250&cataId=nk01500

Citizens uneasy at news of purge


40 posted on 12/10/2013 8:17:54 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: rdl6989

It’s North Korea. One doesn’t really know what it is a sign of. Perhaps it is a sign that North Korea is simply moving its gold to China in preparation for some action that could endanger it such as a real strike against the South or an oddball missile at Tokyo.


41 posted on 12/10/2013 8:22:37 PM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINEhttp://steshaw.org/economics-in-one-lesson/)
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To: yarddog

They might only technically be “selling” the gold. They may be paying for the importation of necessities with it because they have no cash.


42 posted on 12/10/2013 8:23:59 PM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINEhttp://steshaw.org/economics-in-one-lesson/)
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To: Standing Wolf

Another 20 years of ‘Rat control in DC and we’ll find out right here.


43 posted on 12/10/2013 8:25:28 PM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
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To: yarddog

There may not be or the leaders are looking at shortages that will affect them personally. Ole Kim may be looking at being thin in the near future. Then again you don’t know what they are cooking in the Leader’s kitchens. Those executed Advisors and relatives may not be going to waste.


44 posted on 12/10/2013 8:27:26 PM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINEhttp://steshaw.org/economics-in-one-lesson/)
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To: rdl6989; a fool in paradise
Prolly fool's gold (nothing personal, bud!) North Korea has world class alchemists who can create gold out of dirt (according to my uncle's ex who's a high level NK escapee!)


45 posted on 12/10/2013 8:27:57 PM PST by Revolting cat! (Bad things are wrong! Ice cream is delicious!)
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To: yarddog
I would guess there is always enough food for the leaders.

Good, because Dennis Rodman is a pretty big eater.

46 posted on 12/10/2013 8:28:14 PM PST by UCANSEE2 (I forgot what my tagline was supposed to say)
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To: UCANSEE2

Dennis probably brought food with him. They likely had several attractive Korean girls for him to rape. It wouldn’t be his first time.


47 posted on 12/10/2013 8:34:56 PM PST by yarddog (Romans 8: verses 38 and 39. "For I am persuaded".)
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To: GeronL; RS_Rider
One of North Korea's biggest exports, right up there with nuke tech has been US$100 bills in shiploads to SEA. They are good enough that only the US Treasury possesses equipment that can detect them. It is enough to account for the inflation of the VN Đồng relative to the Dollar. I assume it does the same thing in Thailand and the other countries where dollars circulate. A few years ago the Aussies boarded a NORK ship that was dead in the water and found a hold full of export material. It was surmised? guessed? that it was headed to Indonesia.
48 posted on 12/10/2013 8:36:03 PM PST by ThanhPhero (Khách sang La Vang hanh huong tham vieng Maria)
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To: ThanhPhero

I can believe it!


49 posted on 12/10/2013 8:37:21 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: yarddog

The 100 bills that scared the government into currency changes came in about twenty years ago. They were so good the federal reserve couldn’t detect them. All had different serial numbers and they were printed on the same rag paper we use.

A guy busted for drugs blew the whistle. They didn’t believe the money was counterfeit when he told them.


50 posted on 12/10/2013 8:37:26 PM PST by meatloaf
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