Free Republic

Violence in N.Korea as hunger woes mount: reports AFP February 3, 2010, 1:15 am SEOUL (AFP) - Angry North Koreans have attacked security agents as hunger woes mount following a crackdown on free-market trade, according to reports on Tuesday from groups in Seoul with contacts in the communist state. Social unrest and riots have flared since a shock currency revaluation by Pyongyang last November worsened shortages of food and other goods for an increasingly desperate population, they said. /snip "Therefore, people are taking revenge on agents, since they feel so desperate that regardless of their actions, they will die," the...

Before currency reform, food price in Pyongyang and Chongjin (in old denomination per kg) Between Sept. and Nov., 2009, rice: 1800~2400 won, corn: 800~1100 won After currency reform, rice price in Pyongyang and Chongjin (in new denomination per kg) date rice pricein new won contributing factor Dec.2009 1st ~ 9th  20~ 25 government institutes currency reform1 new won = 100 old won 10~15th  30~ 45 price in new currency would not settle properly, and price rises 20~30th  50~ 60 Public Security impose ban on the use of foreign currency on Dec. 28; price rises Jan.2010  1st~5th  80~120 price doubled...

The Great Confiscation Backfires, Badly Posted by Joshua Stanton on January 28, 2010 at 8:34 am · Filed under NK Economics, Famine & Food Aid, Subversion How can we tell that North Korea is in a state of self-inflicted economic chaos? When the regime can’t even conceal it from the barbarians. AFP, quoting an unidentified Western diplomat via Yonhap, reports that “[a]t the Koryo Hotel where many foreigners stay, the [North Korean won exchange] rate swung from 51 won to 120 in the space of a few hours on January 22.” Another report says that currently, prices in North Korea...

Bartering is Back in North Korea By Yoo Gwan Hee, from South Pyongan in 2008 [2010-01-20 16:27 ] As predicted by experts on North Korea’s economy, since the authorities have yet to officially release state prices, the North Korean people are now surviving by bartering. A defector, who spoke with his family in North Hamkyung Province on Tuesday, reported the news to the Daily NK, “I called my family to send some money to them as I had heard they were in trouble, and they told me that the current situation is unspeakably terrible. They live only by bartering with...

North Korean Money Troubles Kim Jong Il's currency revaluation is on the verge of sparking a hyperinflation. By NICHOLAS EBERSTADT The past month has seen an extraordinary spectacle in North Korea: the failure of a hastily announced "currency reform" and the subsequent collapse of the won, the official domestic currency. These developments are of more than numismatic interest. Pyongyang's currency move marks the end of an era of hesitant economic experimentation and ushers in a new era of greater economic, and perhaps political, uncertainties. The seeds for this crisis were sown long ago. The North Korean state has always had...

N. Korean currency crackdown fuels inflation, food shortages By Blaine Harden Washington Post Foreign Service Thursday, January 7, 2010; A11 TOKYO -- Strong-armed currency reform in North Korea, which has confiscated the savings of small businesses and forbidden the use of foreign money, is now causing runaway inflation and contributing to food shortages, according to several reports from inside the closed state. Currency reform is part of an aggressive crackdown on free markets by North Korean leader Kim Jong Il. His government has ordered the closure by the end of March of a large wholesale market in the northeastern port...

/begin my excerpts N. Korea to Shut down Markets for Three Days Effective on Dec. 14: News Letter Market prices higher than state-mandated prices... (the state has) not yet set wage levels (Seoul=Yonhap News) Chang Yong-hoon = Despite currency reform and announcement of state-mandated prices, market price of many goods is not settling down, prompting N. Korean authorities to shut down markets for three days beginning on Dec. 14, according to N. Korea newsletter 'Good Friends' on Dec. 15. In the newsletter, the (aid) organization said, "Since the reform, market price is fluctuating badly, and rising fast. The authorities decided...