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Old 01-09-2010, 11:26 PM   #8
Avalon Senior Member
Join Date: Sep 2008
Location: Turtle Island
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Default Re: North Korea currency change sparks panic

Thanks Steve A for your insights!!!

North Korean currency crackdown fuels inflation, food shortages

By Blaine Harden
Washington Post Foreign Service
Thursday, January 7, 2010

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 city of Chongjin, according to Good Friends, a Seoul-based aid group with a network of informants inside the country. Another major wholesale market near the capital, Pyongyang, was shut down in June.

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