Expropriation by Redenomination

first_img Facebook Twitter North Korea tries to accelerate building of walls and fences along border with China By Yang Jung A – 2009.12.08 2:55pm News AvatarYang Jung A SHARE News News center_img News Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak Expropriation by Redenomination There are signs that North Korea is running into serious difficulties with its corn harvest Hwang Jang Yop, the President of the Committee for Democratization of North Korea spoke on Monday about how he views the recent currency redenomination, agreeing with the view of most experts: the redenomination was done for the purposes of expropriating the property of the new middle class.In addition, Hwang asserts, the changeover was quite easy to implement due to the nature of the North Korean system. Hwang, speaking on the “Democracy Lecture” radio program put out by Free North Korea Broadcasting (Free NK), explained the backdrop to the move, “There were many people who were earning much more than the regime wanted through the black market. Such people do not tend to follow the regulations of the regime.” He explained the North Korean regime’s principles, “Do not eat more food than is distributed by the authorities, and do not earn more money than their salaries.” “Due to the black market,” Hwang went on, “numbers of consumers and wealthy people, both of which can be easily seen in a free market society, have constantly increased. This redenomination was to restrict them and, moreover, to take away their property.” However, Hwang also cautioned against placing too much significance on the redenomination, as some commentators have done, pointing out that mass unrest in the North is still highly unlikely, “We don’t need to consider this a big deal,” Hwang told listeners, “There have been several previous examples of currency redenomination in North Korea, and South Korea does not need to feel anxious.”Hwang finally explained why, despite the obvious logistical difficulties of a currency changeover in such a poor country, North Korea had a relatively easy time implementing the redenomination, “There was no difficulty implementing it. When you look at the traits of the North Korean system, it is easy to understand. Expropriating the people’s money is all it is; one day in advance the authorities just made cadres get ready for it.” RELATED ARTICLESMORE FROM AUTHORlast_img


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