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Winter of discontent looms for N Korea (market paralyzed; prices skyrocket 15~30 fold)
FT ^ | 12/09/09 | Christian Oliver and Kang Buseong

Posted on 12/09/2009 4:32:23 AM PST by TigerLikesRooster

Winter of discontent looms for N Korea

By Christian Oliver and Kang Buseong in Seoul

Published: December 9 2009 07:41 | Last updated: December 9 2009 07:41

The North Korean grapevine is delivering stories of increasing hunger and shortages sparking rare public dissent in the wake of last week’s redenomination of the currency just as the country’s bitter winter closes in.

The change to the new won, which carry a face value of 1 per cent of that of old won, was supposed to be completed over the weekend, but reports suggest the situation is still unsettled and confused though there is no indication that the authorities are unable to contain public reaction. The disruption comes as Stephen Bosworth, the US special envoy to Pyongyang, meets North Korean leaders on Wednesday on his official debut visit.

“North Koreans are starving because people are reluctant to sell in the market,” said Park Sang-hak, a defector who is president of Fighters for Free North Korea, a Seoul-based campaign group. “Some people have even crossed into China to buy rice with yuan.”

Although impossible to verify stories from defectors who rely on contacts in the North, there are tales of frustrated shoppers openly protesting about the leadership in Pyongyang and people weeping in public for the first time since the 1994 death of the founder of the regime, Kim Il-sung. There are even astonishing stories of graffiti and leaflets attacking Kim Jong-il, the son and successor as leader to the late Mr Kim.

(Excerpt) Read more at ft.com ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: currency; market; nkorea; revaluation
Market vs the state, now it is a full-scale war.

Chia Head had already created huge baggage to N. Korean economy by launching the drive to build 100,000 new buildings in Pyongyang. That requires a lot of scarce resources to drain from already decrepit economy.

Chia Head may end up like Ceausescu if he keeps it up. For a guy who reportedly did thorough study of Ceausescu's downfall to avoid making same mistakes, Chia Head sure behave like him, who did exactly the same thing for Bucharest, Romania's capital. He razed huge section of old downtown Bucharest and embarked on mega building projects.

1 posted on 12/09/2009 4:32:25 AM PST by TigerLikesRooster
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To: TigerLikesRooster; AmericanInTokyo; Steel Wolf; nuconvert; MizSterious; nw_arizona_granny; ...

Ping!


2 posted on 12/09/2009 4:32:56 AM PST by TigerLikesRooster (LUV DIC -- L,U,V-shaped recession, Depression, Inflation, Collapse)
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To: TigerLikesRooster
North Korea highways:

3 posted on 12/09/2009 4:37:11 AM PST by Red in Blue PA (Obama, Hitler, Stalin: Who are 3 people nominated for the Nobel Peace Prize.)
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To: TigerLikesRooster

Been praying for the people of North Korea to do just that - Caucesceau Mr. Chia Head as you call him.

God plesae help and deliver the people of North Korea....

Thanks for the continued updates.


4 posted on 12/09/2009 5:01:10 AM PST by Freedom'sWorthIt (Obama's EPA - Climate Fraud + Obmacare ---- many will suffer and/or die unnecessarily.)
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To: TigerLikesRooster

freezing and starving is such a cruel terrible death.
After the demise of Stalin and Mao, there is no worse place on earth than North Korea

and our adminstration toads and the so-called “UN” continue to suck up to the monsters in charge.


5 posted on 12/09/2009 5:05:49 AM PST by silverleaf (More folks being invited to the White House for Holiday parties than are being sent to Afghanistan)
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To: silverleaf

All the lives in North Korea are not worth one American life lost to save them


6 posted on 12/09/2009 5:15:06 AM PST by bert (K.E. N.P. +12 . Lukenbach Texas is barely there)
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To: Red in Blue PA

Looks like a good road for tanks.


7 posted on 12/09/2009 5:22:31 AM PST by Former Proud Canadian (How do I change my screen name now that we have the most conservative government in the world?)
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To: Freedom'sWorthIt
As amazing as it may sound, there was a time when Pyongyang was known as the "Jerusalem of the East", here's an article I found fascinating:

http://www.cbn.com/CBNnews/188123.aspx


8 posted on 12/09/2009 5:42:58 AM PST by mkjessup (Dec 9, 1941 - President Franklin D. 0bama asks Congress to adopt Japanese as our official language.)
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To: bert
All the lives in North Korea are not worth one American life lost to save them.

Nice to see you getting into the holiday spirit Bert, that whole "peace on Earth, good will towards men" thing.
9 posted on 12/09/2009 5:44:20 AM PST by mkjessup (Dec 9, 1941 - President Franklin D. 0bama asks Congress to adopt Japanese as our official language.)
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To: mkjessup
"peace on Earth, good will towards men" thing.

Peace on earth to men of good will.

10 posted on 12/09/2009 5:47:58 AM PST by verity (Obama Lies)
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To: mkjessup

Thank you so much for the link to that article.

I did not know til reading it that North Korea was once known as the “Jerusalem of the East”.

I did know that South Korea has a tremendous and dynamic Christian population and am very glad to read the information of a re-dedication to prayer for those in the North.

We know God hears our prayers - and He moves in response to them - and perhaps even in this latest horror in N. Korea - we are seeing something akin to what happened in Romania and Poland....

Oh I PRAY that it is!!!!


11 posted on 12/09/2009 5:55:17 AM PST by Freedom'sWorthIt (Obama's EPA - Climate Fraud + Obmacare ---- many will suffer and/or die unnecessarily.)
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To: mkjessup

LOL - amen!


12 posted on 12/09/2009 5:55:52 AM PST by Freedom'sWorthIt (Obama's EPA - Climate Fraud + Obmacare ---- many will suffer and/or die unnecessarily.)
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To: TigerLikesRooster
Obama taking notes...


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

13 posted on 12/09/2009 6:49:08 AM PST by The Comedian (Evil can only succeed if good men don't point at it and laugh.)
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To: bert

Wow.


14 posted on 12/09/2009 6:55:03 AM PST by reagan_fanatic (Socialism is hip until somebody loses a paycheck)
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To: TigerLikesRooster

The change to the new won, which carry a face value of 1 per cent of that of old won

Wow, it is going to take a ton of won to buy won ton....


15 posted on 12/09/2009 7:03:48 AM PST by Buckeye McFrog
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To: Red in Blue PA

Gee that is spooky hardly no one is on the road


16 posted on 12/09/2009 10:37:44 AM PST by SevenofNine ("We are Freepers, all your media belong to us, resistence is futile")
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To: TigerLikesRooster

17 posted on 12/09/2009 8:00:56 PM PST by AmericanInTokyo (State Dept: "North Korea broke 742 agreements with the USA. But trust us! THIS time its different!")
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