Wednesday, December 2, 2009

Explain why this won’t happen in the UK

North Korea revalues currency, destroying personal savings

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 replaces 1,000-won notes with 10-won notes but strictly limits the amount of old currency that can be exchanged. Imagine if yesterday you had £100,000, today you have £1,000.

Posted by devo @ 06:45 AM (1233 views)
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6 thoughts on “Explain why this won’t happen in the UK

  • The Bank of England is already trying to make this happen with its money printing strategy.

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  • The Bank of England is already trying to make this happen with its money printing strategy.

    Yes. It just amazes me that the poeple of this country are so daft as to accept it. Most people would rather focus on Jedward and the size of Jordans t1ts.

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  • HP

    They focus on jedward and jordon because they have nothing else, people realise they are slaves to their mortgage and simply have nothing else to do after work..

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  • Yes, the good old Bank of England has this programme well under way.

    Just cancelling existing money would be seen for what it is, so instead it prints up a load of new money like the Weimar Republic – then tells us it’s saving the economy. Yeah right.

    Either way, goodbye savings!

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  • Hang on a moment. Isn’t this attack on savers deflationary rather than an inflationary? Inflation is the classic stealth tax whereas the the North Korean story is a no screwing around shotgun-in-your-face robbery.

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  • BoE creating money may devalue your savings in todays terms but your debt is still measured in yesterdays terms.

    So taking £10K savings and spending it on paying off some of a £100K mortgage will always be 10% of that mortgage even if it costs £10K to buy a banana.

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