Thursday, December 3, 2009

North Korea revalues currency

North Korea revalues currency, destroying personal savings

Washington Post article

"I worked like a dog for two months for the winter, but the money became useless paper overnight," a resident of Sinuiju

"According to two Web-based groups with sources in the North, that limit was set Monday at 100,000 won, which at current black-market rates amounts to $40. All North Korean currency that individuals possess in excess of that amount becomes worthless under the revaluation."

This was a measure to control the free market and privatization... Hard work, saving are wiped out over night. As the dollar is devaluating, we might not see the effect over night but over years. American's saving are also worth-less. Be conscious of the government monetary polices and find diverse ways to secure your hard earned saving.