Stay Classy, Pyongyang

Fri, 19 Mar 2010 13:15:50 +0000

A cautionary tale for macroeconomists everywhere.  Why does this not surprise me anymore?

March 18 (Bloomberg) -- North Korea executed an official of the ruling party last week, holding him responsible for unrest sparked by a botched currency revaluation aimed at reasserting the regime’s grip on power, according to media reports.

Pak Nam Gi, who was fired earlier this year from his post as Workers’ Party head of finance and planning, was shot in Pyongyang for intentionally harming the country’s economy, Yonhap News reported, citing people it didn’t identify. Free North Korea Radio, run by North Korean defectors in Seoul, yesterday reported widespread rumors of the execution.

Read the whole thing, and wonder.