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08 December, 2009

North Koreans Burn Bills in Anger Over Currency Reform

As I stated previously, this re-denomination in the form of an unexpected and mandatory currency exchange is just the type of thing we might see here in the U.S. eventually. This possibility becomes more and more likely as the prospect of a continuing policy of quantitative easing leading to a period of hyperinflation continues to loom over our collective heads.

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North Koreans Burn Bills in Anger Over Currency Reform: "North Koreans set piles of old bills alight in anger over their government's surprise move to redenominate the national currency, a report said, a sign of growing frustration among citizens left with hoards of worthless bills.

On Monday, the communist government informed citizens and foreign embassies that it would redenominate the national currency, the won. But it limited the maximum amount of old bills that could be converted into new ones, telling residents to deposit the rest in government-run banks, according to media reports and diplomats.

There are widespread doubts among North Koreans whether they would be able to get their money back..."

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