How long have we been hearing that North Korea is going to open up just like China?:
Jim Rogers
Legendary investor Jim Rogers said Monday that the world will face serious economic problems over the next few years, but North Korea’s opening will create a huge economic opportunity for South Korea.
The global guru made the remarks during a press briefing in Seoul hosted by major local brokerage Samsung Securities.
“Many of your trading partners are going to suffer. But you have this opening up, and if you remember what happened in China as it opened and changed, that is going to happen here and you will be the major beneficiary,” the American businessman said.
Pointing out that North Korean leader Kim Jong-un spent his early days in Switzerland and has ample knowledge about the outside world, Rogers projected that Kim will surely open up his economy.
“North Korea has lots of disciplined, educated, very cheap labor and a lot of natural resources. And [South Korea] has lots of capital, management ability and expertise,” he said, adding that the marriage of those factors will create synergy effects to make South Korea “the most exciting country in the world over the next 10 to 20 years.” [Joong Ang Ilbo]
You can read more at the link, but what Mr. Rogers seems to forget is that China opened up after the death of Mao Zedong which ended the cult of personality in China. The cult of personality is still alive and well in North Korea with the Kim regime. A Chinese style opening of the economy would threaten the stability of the Kim regime.
Kim Jong-un has another member to add to his fan club:
Yes! I’m very excited about North Korea. If I could put all of my money into North Korea, I would. Massive changes are taking place there. I would not have invested in Kim Jong Un’s father or grandfather by any stretch of the imagination, but that’s like saying that in 1980 you shouldn’t invest in China because of Mao Zedong.
Mao was dead and Deng Xiaoping was making huge changes. They are making huge changes in North Korea. The kid is making astonishing changes. [CNN Money]
I am sure that if Jim Rogers wants to put all his money in North Korea, the Kim regime would be more than happy to take it all from him.
Anyway here is another interesting thing that Rogers said that has a grain of truth to it:
When I go to New York I’m so happy that I live in Asia. New York is a third world city, with a third world airport and a third world tax.
Living in Singapore compared to living in New York? Living in Hong Kong compared to Chicago? No I don’t miss it. I’m still an American citizen, an American taxpayer, an American voter, but I’m glad I live here in Asia.
