Wednesday, December 02, 2009

The horrifyingly most non-event in currency news today

North Korea revalues currency, destroying personal savings
Chaos reportedly erupted in North Korea on Tuesday after the government of Kim Jong Il revalued the country's currency, sharply restricting the amount of old bills that could be traded for new and wiping out personal savings.

The revaluation and exchange limits triggered panic and anger, particularly among market traders with substantial hoards of old North Korean won -- much of which has apparently become worthless, according to news agency reports from South Korea and China and from groups with contacts in North Korea.

The currency move appeared to be part of a continuing government crackdown on private markets, which have become an essential part of the food-supply system in the chronically hungry North.

etc.

And so the world's most worthless currency becomes more worthless. It's not like the US currency has lost favor, is it?
Renewed Appetite for Risk Drives Dollar to 15-Month Low

Yen Could Extend Rally after Post Dubai Stabilization

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