Of fools and their money: Volvo sold North Korea 1,000 cars. On credit.

As a tool of economic isolation, North Korea’s business ethics have proven to be far more effective than U.N. sanctions.

See also Yang Bin, Senator Robert Torricelli and David Chang, Chung Mong Hun, Nigel Cowie, Roh Jeong-Ho, Albert Yeung Sau Shing and the Emperor Group, the Xiyang Group, and Lloyd’s of London. There’s actually a whole market in North Korea’s defaulted sovereign debt “involving more than 100 banks from 17 countries” dating back to the 1970s and 1980s.

And still, the lemmings keep coming.

2 Comments

  1. Silly Volvo, they won’t get paid for them. And it will likely cost a fair few jobs when they try and write off the losses.

  2. A lemming update: After reading the link about the Emperor Casino, I did some google-work and found an article in Asia Gambling Brief from November, 2013. The Casino re-opened in 2007, and is again filled with Chinese gamblers. Beijing only forbids government employees from joining in on the fun. But then there’s this paragraph-

    “Late last year a new 50-km road linking Rajin with Hunchun in neighboring Jilin province opened, funded by the Chinese government. There are also moves in place to bring power over from Jilin province to tackle the area’s chronic power failures. When that comes off, even more and bigger Chinese businesses will want to invest, bringing more Chinese and more potential gamblers to Rason. Trade between China and Rason is currently estimated at about $6 billion.”

    Wow. I wonder if North Korea stiffs China the way it stiffs the rest of the world.

Leave a Reply

Your email address will not be published. Required fields are marked *