Mimicking North Korea, China Tries to Alter Its Own Reality

RCM ^ | 08/13/2015 | John Tamny

[SeekAndFind]

According to last Saturday's Wall Street Journal, "North Korea is making time for itself - literally." Apparently the country's leadership has decided that clocks will be moved back 30 minutes to reflect "Pyongyang time." Let the laughter from the developed parts of the world begin as this most backwards of nations attempts to redefine time; the sun and planet earth be damned.

But is our smirking countenance truly warranted? Please read on.

As is well known now, China's monetary authorities announced a planned 1.9% reduction in the value of the yuan on Tuesday. Some see the latter as big news, but consider how much the U.S. Treasury has allowed the dollar to slip since 2001, let alone 1931. Since the 1930s, no first world nation can hold a candle to the U.S. when it comes to debauching its currency. Currency fiddling renders playing with time quite small by comparison.

So while North Korea lives in an unreality in terms of time (and to be fair, many other things), much of the developed world naively presumes to reshape reality through changes in the measure of value that is money; the negative economic consequences of doing so vastly understated. What's missed by those who should know better is that to alter money with an eye on changing the underlying truth is the comically deluded equivalent of Stephen Curry shrinking the inch so that he can be taller, Tom Brady lengthening the second so that he can be faster, and Paris Hilton expanding the centimeter so that her feet can be smaller. Try as all three might to achieve the equivalent of decreeing that 2+2=10, Curry will always be short by NBA standards, Brady slow, and Hilton somewhat bigfooted.

Money is no different.

[BenLurkin]

most backwards of nations attempts to redefine time; the sun and planet earth be damned.

Says someone from the country which goes through the asinine process of changing the time on its clocks twice a year.

[hanamizu]

I believe Venezuela did the same thing—switching to Boivarian time. Seems to have worked well for them!