Posted on 12/04/2009 2:39:33 AM PST by TigerLikesRooster
NKoreans burn bills in anger over currency reform
By KWANG-TAE KIM (AP) – 1 hour ago
SEOUL, South Korea — North Koreans set piles of old bills alight in anger over their government's surprise move to redenominate the national currency, a report said, a sign of growing frustration among citizens left with hoards of worthless bills. On Monday, the communist government informed citizens and foreign embassies that it would redenominate the national currency, the won. But it limited the maximum amount of old bills that could be converted into new ones, telling residents to deposit the rest in government-run banks, according to media reports and diplomats. There are widespread doubts among North Koreans whether they would be able to get their money back, they said. Angry citizens burned piles of old bills at two separate locations in the eastern coastal city of Hamhung on Monday, the Daily NK, a Seoul-based online news outlet that focuses on North Korean affairs, reported late Thursday, citing an unidentified North Korean resident.
It quoted the resident as saying he saw graffiti and leaflets criticizing North Korean leader Kim Jong Il in and around a college in Hamhung — a rare move in a country where the totalitarian government keeps tight control over its 24 million people.
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Ping!
Good advice. We are so used to waiving around pieces of paper that it will take a while to adjust to the new reality. But civilization has already broken down at the international level (albeit in slow motion). As the real economy continues to be looted by the financial fraudsters, it is inevitable that it will break down completely down to the bare ground.
Now it shows others how to confiscate wealth and rein on free market activity. In this case, U.S. and China may take notice, in addition to NK's usual allies.
They need to burn their leaders.
Servers dedicated to running financial software for trading derivatives will be looted from server farm and traded for two ounces of gold.:-)
Notice how they call it “currency reform” when they should be saying “government renders savings valueless.”
This is about a communist government fighting the underground economy. Communist paradises forbid the private ownership of the means of production. Communist paradises set all prices and salaries, and everyone works for the government. However no communist government has ever been able to completely stop free enterprise. People find a way to start an illegal business. They make a few bucks and put it away.
This action by the communist dictatorship renders all savings essentially zero, and makes people dependent on the government.
In the land of Chia Head, he makes sure he is the only choice for everything if people want to live.
As I read this each person is only allowed to get new money for a certain amount of the old.
They should get that amount and find a poor person and hand them that certain amount and then another poor person to get that amount.
Make some deals with these poor people give them half for turning in the money. It would be expensive ,but it might work. I wouldnt burn it, I would hand it out in the street to bums before burning it.
According to what I heard, trust is a rare commodity in N. Korea, where everybody is set up to spy on everybody else. In light of economy breaking down, this has gotten only worse. People feel that arrangement based on trust and contract is ludicrous. You get what you have now and run before somebody goes after it.
In this case, those who is asked to exchange money for 50% cut would simply take it and run, even if you promise that you will give him more if he keeps up his end of bargain.
I heard a story from S. Korean church mission in the border region of China with N. Korea. They sheltered a N. Korean refugee in the church and planned on helping him further, once he is settled. But he just stole stuffs in the church and ran away, even when they made clear their intention to help him. Apparently, he did not trust them, and he got what he can grab and ran. Suspicious of everybody and promise means nothing. Living in the world where one's outlook does not go beyond a single day.
Ah, the fruits of communism; reducing people to a pre-Stone Age culture of basically a wild animal.
Ditto East Germany.
That’s happening in America right now as well. 401k’s were cleaned out, jobs lost, homes lost....
Those falling off of unemployment, are signing up for welfare, by the millions.
As long as no one trusts anyone else, they will never band together to fight the government. Typical totalitarian tactic for keeping the people enslaved.
The late 1970s movie “Rollover” has come true in North Korea.
“They need to burn their leaders.”
For these kinds of stories, that’s usually chapter 2.
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