North Korea this week decided to shaft its citizens this week by devaluing its currency.
If you had $100 at the beginning of the day, after the devaluation your $100 is now worth $1.
This is apparently a move by North Korea’s dictator Kim Jong-Il to deal with the free-market economy that is burgeoning in North Korea and to help ease transition
for his son who is expected to take over the reins of North Korea.
They are capping the maximum amount of money that people are allowed to trade in of 150,000 WON, which works out to roughly $1000.
Can you imagine, having life savings wiped out in one day with no warning?
Awful.
Here’s an excellent documentary that was secretly filmed while in North Korea. I found it highly entertaining, and it’s well worth taking a half hour of your day to watch it.
www.vbs.tv/watch/the-vice-guide-to-travel/vice-guide-to-north-korea-1-of-3
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