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North Korea Implements GoPets Monetary Policy

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North Korea Implements GoPets Monetary Policy

Post by hickerson4611 on Sun Mar 21, 2010 11:06 am

A finance official who implemented a monetary reform policy in North Korea has been executed for wrecking havoc on the economy.

From CNN.com -

Quote:
In December, North Korea revalued its currency, called the won, at a rate of 100 to 1, according to the U.S. State Department - the equivalent of lopping off two zeros, according to Time magazine.

In addition, according to the State Department, new laws were implemented including regulating consumption, tightening state control on the market and banning possession or use of foreign currencies. "The redenomination appears to have resulted in increased inflation and confiscation of wealth earned by private traders and others working outside state-controlled sectors of the economy," according to the department.

According to Time, the North Korean government gave citizens less than a week to exchange their old currency notes for new ones, and limited the amount they could exchange to 100,000 won, or less than $40 at black-market exchange rates, declaring that any amount above that would be worthless.

That's exactly what Erik did on GoPets! LOL And it destroyed GoPets, too. We could have told them it wouldn't work. Unfortunately, Erik wasn't executed for his stupidity. LOL

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Re: North Korea Implements GoPets Monetary Policy

Post by Daeninn on Sun Mar 21, 2010 2:53 pm

I bet that even if Erik was someone important they still wouldn't listen.Just like he didn't listen to us XD

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Re: North Korea Implements GoPets Monetary Policy

Post by niquae on Sun Mar 21, 2010 6:56 pm

lol.

Glad I don't live in there.
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Re: North Korea Implements GoPets Monetary Policy

Post by momtomaeghan on Sun Mar 21, 2010 10:28 pm

OMG - so funny (not the execution, but the similarity to GoPets). It's like they took the idea right out of Erik's head. Maybe he was a paid consultant for their government and we didn't know we were just guinea pigs to see if the system would work. It failed on GoPets, but you know how Erik can rationalize - he probably could have convinced them to go ahead and try it anyway.
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Re: North Korea Implements GoPets Monetary Policy

Post by Daeninn on Mon Mar 22, 2010 9:23 am

momtomaeghan wrote:OMG - so funny (not the execution, but the similarity to GoPets). It's like they took the idea right out of Erik's head. Maybe he was a paid consultant for their government and we didn't know we were just guinea pigs to see if the system would work. It failed on GoPets, but you know how Erik can rationalize - he probably could have convinced them to go ahead and try it anyway.


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Re: North Korea Implements GoPets Monetary Policy

Post by LittleDende on Thu Apr 08, 2010 8:57 pm

Wow... I'm still really bitter about that.
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