Saturday, December 5, 2009

North Korean Currency Grab

To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm.
- F.A. von Hayek

North Korea's shock currency revaluation has sparked anger and frustration in the isolated communist state as citizens see much of their savings wiped out, reports and observers said Wednesday.

The sudden revaluation angered market vendors and others.

"I worked like a dog for two months for the winter, but the money became useless paper overnight," Good Friends quoted a Sinuiju resident as saying.

DailyNK said security forces mounted extra street patrols and imposed a curfew in North Hamkyung province in the northeast.

"After 10:00 pm all movement is prohibited. Offenders must be strictly regulated," it quoted the curfew notice as saying.

All shops, markets and stores remained closed due to a temporary ban on trading during the week-long exchange of bills, it added.

Any activities requiring monetary payments were being suspended until new currency is legally circulated, Good Friends reported.

"The purpose of the currency revaluation is to crush private commercial activities, considered to promote anti-socialism," said Good Friends.

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