You have commented 339 times on Rantburg.

Your Name
Your e-mail (optional)
Website (optional)
My Original Nic        Pic-a-Nic        Sorry. Comments have been closed on this article.
Bold Italic Underline Strike Bullet Blockquote Small Big Link Squish Foto Photo
China-Japan-Koreas
N. Korea sells gold in sign of imminent economic collapse
2013-12-16
SEOUL -- North Korea has begun to sell large amounts of gold to China in a bid to tide over its economic crisis, multiple sources familiar with North Korea affairs said Wednesday. The disposal could be an indication of an imminent economic collapse as it goes against founding leader Kim Il-sung's order to never sell the country's gold, according to the sources.

"Since several months ago, North Korea has begun to sell even its gold," one source said, asking that he not be identified. "Overseas sales of gold are a barometer of whether the North Korean economy is in a crisis or not."

It is the first time that North Korea has sold gold since its leader Kim Jong-un took power in late 2011 following the death of his father Kim Jong-il, the sources added. Kim Il-sung is the current leader's grandfather.

According to South Korean government data, North Korea holds about 2,000 tons of gold reserves worth at least US$8 billion.

North Korea's economic situation is expected to worsen following the recent purge of Jang Song-thaek -- Kim Jong-un's once-powerful uncle and guardian -- as he had handled all economic projects with foreign countries, another source said.
He also handled most of the economic links with China.
An economic collapse in North Korea could lead to greater economic cooperation with South Korea but also increase the risk of a military provocation against the South, experts said.
Posted by:Steve White

#6  How could one guy like Jang screw up a country so bad that they would have to sell off gold reserves to stay afloat? What next? Sell off infrastructure or something like that?

Oh, wait . . . .
Posted by: gorb   2013-12-16 22:51  

#5  Hopefully KJU + Regime Boyz can hold out.

A formally reunified democratic DPRK-ROK is in America's historical interest - UNFORTUNATELY, THE SAME IS ALSO IN ANTI-US, OWG MARXIST-GLOBALIST, SOCIALIST INTERESTS.

North Korea = Bammerika's new BFF IN Syria Rising Iran. Iff the DPRK had been allowed to reunify wid the ROK = South Korea back in 1989, or just after the official collapse of the then-USSR IN 1991, it could in 2013 + BEYOND be a viable Globalist candidate for OWG "Co-Superpower" hood like Rising Iran. IN TIME BEING, ANY FUTURE UNIFIED KOREA, LIKELY DEMOCRATIC SOCIALIST + PREFERABLE NUKULAAR, AS IT SLOWLY PAINFULLY MODERNIZES WILL HAVE TO SETTLE FOR BEING A MAJOR ECON PLAYER IN PROPOSED OWG "ASIAN UNION" + RELATED.

To achieve both OWG-NWO + formal inter-Korean reunification, the BALANCE OF POWER, ORDER IN NE ASIA MUST BE CHANGED - however, to do so is VERY VERY V-E-R-Y MILPOL OR GEOPOL DANGEROUS FOR ANY + ALL PARTIES = GOVTS-STATES CONCERNED. This is where US-vs-China brinkmanship, mil confrontation + possible conflict, + POTUS Bammer breaking his own "red lines" comes in.

IMO the bulk of mainstream, Civie America is NOT ready yet for OWG-NWO or Globalist world-sharing. Amers are still "Nationalists" or "Isolationists" in many ways IN CONTRAST TO THE GOVTCRITTERS IN Washington DC + AROUND THE WORLD. IFF THE US IS TO GIVE UP EAST ASIA + 1/2 OF THE PACIFIC TO OWG + "GLOBALISM"-LED "CO-SUPERPOWER" SHARING, THEY WILL DEMAND TO KNOW THE REASONS WHY FROM OUR LEADERS IN WASHINGTON, PUBLICLY + OVERTLY.

There may indeed be Anarchy + Open Rebellion, as Americans will NOT accept being told that their country cannot contemporarily afford to go to war or defend its Allies, Interests anymore ONLY TO DISCOVER OR FIND OUT THAT ITS REALLY ALA ANTI-US OWG SCHEMAS PLANNED MANY YEARS + DECADES AGO.

> PULLOUT FROM US MILBASES IN SOUTH KOREA + JAPAN?
> LOSS OF GUAM-WESTPAC?
> LOSS OF HAWAII-EASTPAC?
> LOSS OF 1/2 OF CONUS-NORAM TO CHINA FOR THE LATTER'S "LIVING SPACE"?
> US CANNOT DEFEND EITHER ITSELF OR ITS ALLIES, ETC. BECUZ IT HAS NO DOMESTIC ECON ANYMORE BECUZ THE ITS DOMESTIC ECON IS DE FACTO CONTROLLED BY OTHER NATIONS INCLUD RIVALS?

"GREAT GAME" SPEAK > "1/2" = "MOST", OR "ALL"???

"GREAT GAME" VERSUS OWG "GLOBALISM" = THE US WILL REMAIN A "SOLE" GLOBAL SUPERPOWER, OR "JUST ONE OF MANY" PAR IN THE OWG-NWO = SPACE GOVT-ORDER???

Lest we fergit, behind Rising China is ["Young Turk"] NUCLEAR RISING RADICAL ISLAM/GLOBAL ISLAM.

What applies to "post-US" wannabe Rising China will similarly apply to Nuclear Rising/Global Islam.

THE PROVERBIAL CLOCK IS TICKING AS TO HOW MUCH LONGER THE SUPERPOWER USA WILL STAY IN EAST ASIA + PACIFIC, + HOW MUCH POWER-N-INFLUENCE IN SAME IT WILL STILL HAVE AFTER THE GLOBALIST AGENDA IS COMPLETE.

No one may recognize the world that they knew.
Posted by: JosephMendiola   2013-12-16 21:12  

#4  And when the gold is gone, then what?
Derivatives?

LOL, no wait... children.
Posted by: Shipman   2013-12-16 17:36  

#3  And when the gold is gone, then what?

This is like using your savings to get you through a crisis. But to prevent yourself being destitute you have to have an income stream where you can start refilling your empty bathtub.

Does NK HAVE an income stream that they can start using to rebuild their gold reserve? How long will it take?

The drain is about to gurgle as the last of the foul bathwater disappears into the sewer.
Posted by: AlanC   2013-12-16 12:47  

#2  [NORTH-KOREA-VS-USS-GEORGE-WASHINGTON here].

Posted by: JosephMendiola   2013-12-16 01:53  

#1  I think 2000 tons is worth closer to 80 billion if I carried the naughts right...thats a lot of gold fer a little pissant country.
Posted by: BrerRabbit   2013-12-16 00:13  

00:00