DPRK not affected by the so-called "world financial turmoil"
During the first week of August 2011 the imperialist world was gripped by crisis, chaos and turmoil.
First the US nearly defaulted on its own internal debts which amount to $15.03 trillion dollars(a sum which would feed the world many times over), this was averted at the last minute after squabbling between the 2 US bourgeois parties -the "Democrats" and "Republicans" nearly sank an agreement.
Then later in the week some other EU countries such as Italy admitted problems with internal debts and might need bailing out. Already a number of 'Eurozone' countries have had to be bailed out. A UK travel firm Holidays 4 U went bankrupt. Stockmarkets crashed wiping billions off share and stock values. Of course this is not new. Only 2 years ago banks in different countries had to be bailed out by the state.
One country in the world stands out as being unaffected by the world capitalist crisis, the DPRK.
The Russian paper Pravada.ru commented:
"North Korea, or the Democratic People’s Republic of Korea, most likely does not suffer from the world financial crisis.....North Korea does not suffer from the world economic crisis indeed. There are no market institutions in the country, no joint-stock companies and no stock markets. In addition, North Korea is practically a self-sufficient nation" . It is a fact that no DPRK bank needed to bailed out.
The DPRK does not have a massive budget deficit, its public spending is not financed by borrowing but by profits from state owned industry. In fact in the last financial year budgetary revenue exceeded expenditure by 1.4 % On the Korean peninsula it was the neo-colonial puppet dependent puppet economy of south Korea that had to be bailed out by the IMF in 1998. Todays it's external debt is $370 billion dollars and the internal public debt is 319 billion dollars. The socialist planned economy of the DPRK means that it does not suffer from the cyclic crisis of capitalism. The DPRK has its own stable currency the DPRK Won The Juche -based independent economy of the DPRK means that it is immune from the financial turmoil sweeping the world.
This a great achievement of the Juche idea.