North Koreans in shock as cash is 'banned' http://www.timesonline.co.uk/tol/news/world/asia/article6940482.ece We have heard rumors that Kim Jong Il was recently assassinated. They have basically wiped out everyoneâs savings by doing a 100 to 1 reverse currency split with a $700 cap on what any family could have in currency. How long till they either fall and reunify with the south or start a war with the south because it is their last chance.
interesting to me is that this news is about 20 stories below tiger woods banging a cocktail waitress on north american financial market web sites....
Good thing nobody on American Idol sprained their finger, or we'd never have heard anything about N. Korea.
There is a cap of 100,000 won (£419) per family, which means that anyone with significant holdings of cash will have their savings wiped out. Just in case anyone ever wonders the difference between a communist and a free society is...
in a free society they just amass 100 trillion in debt and tax it out of you slowly ( a slow bleed) as well as depreciate the shit out of your currency . as opposed to the more forthcoming system where they just take it from you...pick your poison
See...even in a screwed up country like NK, any of those people holding their savings in gold, still have their money.
yes you are right. the only thing i would worry about is selling it. there would be taxes or something and also who has money to buy it. although it would have value if they went abroad. this story is not widespread but important. without this post i would not know i did a search and it is not on big news groups wtf.
No, but they'll take it after they're arrested as a subversive for not having any faith in the system. Then they'll take their life after they're tried, convicted and formally labeled as an enemy of the state.
They could just use it to trade with. If someone has excess in something and they are not allowed to have too much cash, everyone should be taking gold as payment. 1000s of years ago people used gold & silver and it had less uses then than it does now. Not to mention is was pretty much anarchy the way towns could be raided every year. Some people think that if we every went back to those times gold & silver would have no value, but its not true. They will always have value.