How not to manage a nation
As much as I am pissed at Obama, I am also very happy that I am not living anywhere else. North Korea for example...
From the
London Times:
North Koreans in shock as cash is 'banned'
All cash transactions in North Korea have been frozen after the Government�s shock decision to revalue the won currency in an effort to crack down on the country�s burgeoning free-market economy.
In the capital, Pyongyang, today only the few shops and restaurants permitted to trade in foreign currencies, patronised by the privileged elite and the city�s small foreign population, were open for business.
All other enterprises and services based on cash, including markets, long-distance bus services, barbers, saunas and bath houses, have been suspended until the revaluation is completed next week.
There was confusion after the announcement of the measure, which requires North Koreans to swap existing won notes with new ones at an exchange rate of one to 100, knocking two zeroes off their value. There is a cap of 100,000 won (�419) per family, which means that anyone with significant holdings of cash will have their savings wiped out.
What a complete and perfect example of mismanagement and why strong central government simply does not work. Those poor people...
Posted by DaveH at December 2, 2009 8:44 AM