Here’s what just happened over in North Korea:
TOKYO — Chaos reportedly erupted in North Korea on Tuesday after the government of Kim Jong Il revalued the country’s currency, sharply restricting the amount of old bills that could be traded for new and wiping out personal savings.
…
The revaluation replaces 1,000 won notes with 10 won notes, but strictly limits the amount of old currency that can be exchanged, news reports said.
100:1.
You had $100,000, you now have $1,000.
You had $100,000,000 (one hundred million), you now have one million.
Oh, and if you tried to cheat by taking it out of the system, only $40 of it is exchangeable – the rest is worth nothing.
Yes, this is North Korea, and Kim Jung-Il isn’t exactly a nice guy.
Now let’s ask the question nobody wants to ask:
See the article: http://market-ticker.org/archives/1685-North-Korea-and-Currency-Devaluations.html
3 comments
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December 1, 2009 at 6:21 pm
Ben
With the price of gold at record levels and with no indication of stopping coupled with the threat of passage of the health care bill estimated to cost 1.2 trillion over 10 years, the cap and trade bill which will hobble our economy even further my layman brain goes to hyper-inflation scenarios within 2 years.
December 1, 2009 at 6:26 pm
JAMES
And God help us all.
December 1, 2009 at 10:51 pm
i george
I think this scenario will happen here. (US) How do you find these articles? You’re ahead of the other sites I visit many times. I appreciate all your hard work.