A hat tip to Edward for a news item confirming Kim Chong-il as MOTD yesterday. On March 18, Pak Nam-gi was executed by firing squad for treason. A North Korean finance official, he was blamed (scapegoated) for the failure of the government’s currency reform last year. (He was called an enemy of the state , who “snuck into the revolutionary ranks to intentionally wreck the economy.”)
The devaluation forced savings to be converted. 100 won became just 1 new won. Imagine $1 becoming 1 cent. People were allowed to convert only 100,000 won of their savings (worth $50–$86), resulting in instant confiscation and poverty. Pricing chaos was immediate with rice soaring.
