“Life in Zimbabwe: Wait for Useless Money,” a report in the New York Times for October 2,
is a firsthand look at the effects on any society whose government has recklessly inflated its currency, thereby destroying its value. Even the next-to-worthless Zimbabwean currency is in short supply, since the nation’s central bank governor, instead of supplying banks, has been sending agents with suitcases filled with Zimbabwean currency into the streets to buy U.S. dollars and South African rand on the back market.
According to a confidential statement made by diplomats associated with the International Atomic Energy Agency on October 9, the North Korean government has barred UN monitoring of its Yongbyon nuclear complex. The diplomats made anonymous statements to both Reuters news service and the Associated Press, citing confidentiality.
The International Atomic Energy Agency in Vienna announced on September 24 that North Korea had barred United Nations inspectors from a reprocessing plant at its nuclear reactor plant in Yongbyon. The plant converts spent nuclear fuel rods into weapons-grade plutonium. By its decision, North Korea has reneged on an agreement reached in February 2007.
The ongoing chaos in the world’s financial markets shows no sign of abating, and governments, financiers, and their kept economists are now openly talking of a reprise of the Great Depression, unless something is done quickly.