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This only affects paper cash though, right? So assuming they have most of their value in a bank, savings, stock, physical assets, or whatever it is they do in "

by shughes 17y ago

This only affects paper cash though, right? So assuming they have most of their value in a bank, savings, stock, physical assets, or whatever it is they do in "DPRK," then they should be sort of okay. But I have nooo idea how the banking thing works in DPRK. For all I know, everyone's "bank" is a box filled with cash. Which would make this currency switch suck a lot.

idlewords 17y ago
Stock? Bank accounts? What planet do you live on?
- shughes 17y ago
  I live on Earth. Also, North Korea uses the Korea Exchange: http://www.mapsofworld.com/north-korea/economy/stock-exchange.html http://www.mapsofworld.com/north-korea/economy/stock-exchang... My point is that North Koreans, like anyone else in the world, communist or capitalist, have very little of their value in the form of paper currency. Whether it be goats, rice, gold, stock, bank accounts, etc.. They may value themselves based on a nationally recognized currency (the won?), but that doesn't mean that most of their value is in the form of liquid cash. The theory of currency recognizes the value of a currency based on its level of trust (to be paid back). Soo in a country like North Korea (ESPECIALLY), citizens probably rarely maintain their worth in the form of paper currency. Because they don't trust it (whether they consciously realize it or not). If Americans don't trust the US dollar, you can imagine that North Koreans don't trust their own currency. Educated or not, brain washed or not, that's common sense. Another example. I personally trust the American dollar very much. But how much do I have in the form of liquid cash? About $50 in my wallet. The rest of my worth is in assets, stock, savings, 401k, car, tv, intellect, etc. Just not liquid cash. So if America changed currencies all of the sudden, I'd say, "Rats, I just lost $50." Sooo, again, my point is that this probably doesn't change much for North Koreans. Especially since most of them probably have very little personal wealth anyway (paper cash or other forms of value). Heavens.
anigbrowl 17y ago
You are partially right. Not about the banking system (which is as much a joke and tool of the NK government as the currency), but insofar as you are better off if most of your assets are in the form of rice or some other physcial commodity. On the other hand, it's pretty likely that having more than a certain quantity of any commodity outside a government-operated warehouse is classified as 'illegal hoarding' and would be grounds for confiscation and imprisonment. North Korea practices such an extreme form of socialism that private property is a meaningless concept there. For all practical purposes it is a feudal society which claims all people, land and commodities as state property.

by shughes 17y ago

idlewords 17y ago

Stock? Bank accounts? What planet do you live on?

shughes 17y ago
I live on Earth. Also, North Korea uses the Korea Exchange: http://www.mapsofworld.com/north-korea/economy/stock-exchange.html http://www.mapsofworld.com/north-korea/economy/stock-exchang... My point is that North Koreans, like anyone else in the world, communist or capitalist, have very little of their value in the form of paper currency. Whether it be goats, rice, gold, stock, bank accounts, etc.. They may value themselves based on a nationally recognized currency (the won?), but that doesn't mean that most of their value is in the form of liquid cash. The theory of currency recognizes the value of a currency based on its level of trust (to be paid back). Soo in a country like North Korea (ESPECIALLY), citizens probably rarely maintain their worth in the form of paper currency. Because they don't trust it (whether they consciously realize it or not). If Americans don't trust the US dollar, you can imagine that North Koreans don't trust their own currency. Educated or not, brain washed or not, that's common sense. Another example. I personally trust the American dollar very much. But how much do I have in the form of liquid cash? About $50 in my wallet. The rest of my worth is in assets, stock, savings, 401k, car, tv, intellect, etc. Just not liquid cash. So if America changed currencies all of the sudden, I'd say, "Rats, I just lost $50." Sooo, again, my point is that this probably doesn't change much for North Koreans. Especially since most of them probably have very little personal wealth anyway (paper cash or other forms of value). Heavens.

anigbrowl 17y ago

You are partially right. Not about the banking system (which is as much a joke and tool of the NK government as the currency), but insofar as you are better off if most of your assets are in the form of rice or some other physcial commodity. On the other hand, it's pretty likely that having more than a certain quantity of any commodity outside a government-operated warehouse is classified as 'illegal hoarding' and would be grounds for confiscation and imprisonment. North Korea practices such an extreme form of socialism that private property is a meaningless concept there. For all practical purposes it is a feudal society which claims all people, land and commodities as state property.