North Korea Decided To Blow $100 Million On Kim Jong-Il Memorials

North Korea Decided To Blow $100 Million On Kim Jong-Il Memorials
World
Like Us On Facebook
Like Us On Facebook

After spending a reported $100 million on memorials for late leader Kim Jong-il, North Korea is facing serious financial difficulties. North Korea spent $10 million on a 23-meter statue of Kim placed in Pyongyang- the capital- in April.

They also commissioned seven similar statues to be built around the country totaling roughly $50 million.

It doesn’t stop there. They spent another $25 million on inscriptions of his name on 3,200 “Towers of Eternal Life” at crossroads around the country. All this in order to brand the name of the Kim dynasty.

“Kim Il-sung is the brand,” says the author of Under the Loving Care of the Fatherly leader: North Korea and the Kim Dynasty, Bradley K Martin. “Life in North Korea improved while he was running the country and got worse under his son Kim Jong-il. People remember that, so the boy leader is being cast as the spitting image of his grandfather.”

The country has spent so much money that it is now asking North Koreans working overseas to donate $150 each to help pay for the memorials. If this isn’t enough, the country is also borrowing money from Asian and Russian Banks, and European Loan Sharks at interest rates as high as 40%.

“If it doesn’t have the money, the regime should stop building statues,” says a North Korean defector. “Instead it’s resorting to extortion.”

Before we all jump for joy for North Korea’s imminent bankruptcy- let us not forget that the people of the country are likely to suffer severely before the government allows itself to run out of funding.

Paul Hudson | Elite. 

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Paul Hudson

A young writer, philosopher, and entrepreneur, Paul Hudson (@MrPaulHudson) has been writing for Elite Daily nearly since the start. Currently located in Manhattan, Paul Hudson primarily devotes his time between writing for Elite Daily and a mining startup in Turkey. He loves sharing his life experiences with his readers and makes sure to practice what he preaches.

More In World

World Sean Levinson

Men In Pakistan Make Curry Using Over 100 Dead Bodies They Dug Up

Pakistan has decided that 2014 is probably a good time to officially declare cannibalism a crime. The two proposed laws were inspired by brothers Mohammad Arif Ali, 35, and Mohammad Farman Ali, 30, who were found last April to have dug up over 100 dead bodies from a local graveyard to feast upon. Residents of […]

World John Haltiwanger

4 Reasons Why You Won’t Catch Ebola On The Subway

Ebola has now arrived in New York City, which has prompted fears about the potential of the disease to spread across the city. It’s understandable that this news would be frightening to people. After all, New York is the most populous city in the country, and Ebola is a foreign disease with no cure. Not […]

World Sean Levinson

High School Shooting In Washington Leaves Two Dead And Four Injured

A high school student fatally shot himself and one other student at a Washington school just north of Seattle this morning. Up to four others were injured, all of whom are students. Shots were reported to have been fired at Marysville-Pilchuck High School at around 10:45 am. The Seattle Times reports that the shooter, believed […]

World Sean Levinson

Cellist Eerily Plays A Duet With Her Own Brainwaves (Video)

Chicago Symphony Orchestra cellist Katinka Kleijn has composed a duet combining her cello with the sound her brainwaves make. She did this by way of an EPOC Neuroheadset, an electroencephalography (EEG) device containing 14 sensors that records the speed, volume and depth of her brain activity, the Chicago Reader reports. Sound engineer Ryan Ingebritsen and […]

World Emily Arata

You Can Now Buy A $2,000 UGG Rug That’s As Cozy As It Is Ridiculous

If you’re in the market for a new rug, look no further than UGG’s just-introduced home collection. The selection of luxury furnishings includes a $2,000 Classic Leather-Bound Rug made from “sumptuous” wool. In case the price doesn’t throw you off, the rug’s fine print mentions it can’t be exposed to sunlight or washed. Instead, this […]

Also On Elite

Humor

Guy Eats Sh*t By Running Into Lamp Post While Taking A Selfie (Video)

While using a selfie stick, you must always remember to either a.) stand still, or b.) watch where you’re going. If you’re taking selfies with a selfie stick while moving and not paying attention to where you’re going, there’s a good chance you’ll end up in a situation you’d prefer not to catch on camera — […]

World

Ex-Con Looking To Turn Life Around Saves Woman With Kidney Transplant

An ex-convict saved a mother’s life by donating the kidney she asked for in a newspaper ad at the beginning of the year. Sally-Anne Grainger, 34, of Worcestershire, Britain, was having dialysis treatment for kidney failure three times a week when she took out an ad in the Worcester News last January. The mother of […]

Humor

Adults Playing With Hot Wheels And Acting Out Kids’ Conversations Is Hilarious

Last week, we shared a video from “Senior Snippets,” featuring two adorable little kids acting out a conversation between an elderly couple about their first date. It turns out, the YouTube channel that produced the video, Bored Shorts TV, makes the same videos in reverse. In a series called “Kid Snippets,” adults act out the […]

Technology

Some Genius Invented A Wearable Futon So You Can Sleep Anywhere, Anytime

Japan is known as one of the most innovative, technologically forward-thinking countries in the world. When genius inventions are born from Japanese minds, usually, we’re not so surprised. A Japanese company recently created something we’d expect to see come from a crafty college student: a wearable futon. The Wearable Futon Air Mat Set is part […]

Girls

This Woman Is The Real-Life Version Of ‘The Little Mermaid’ (Photos)

Everyone’s wanted to either be or know a mermaid at some point in their lives. What if we told you that we now know of the closest thing to a real-life Ariel? Meet Sacha Kalis, the daughter of underwater photographer Elena Kalis. Both mother and daughter have been living in the Bahamas for their entire […]