Report: Kim Jong Un and North Korea Are Running out of Money Fast

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Kim Jong Un’s financial resources are quickly depleting and participation in the Winter Olympic Games is part of a scheme to save North Korea’s economy, according to a new report.

Two Chinese sources familiar with North Korea’s ruling elite told Radio Free Asia, that Kim’s inherited slush fund doesn’t have enough money to govern North Korea.

“Due to Kim Jong Un’s extravagant spending, the slush fund from his father, Kim Jong Il, is running out,” one source said.

The source isn’t confident that there will be any changes to Kim’s expenditures.

“It won’t be easy to control North Korea’s high-level executives, who are (cunning) like raccoons,” he said.

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The source is reportedly “well-aquainted” with executives from Office No. 39.

This secretive organization’s job under the North Korean Worker’s Party is to provide $500 million to $1 billion in annual funds “through a number of illicit activities, including counterfeiting, drug production, and international insurance fraud.”

“I heard them worrying about insufficient funds in Office No. 39 a number of times,” the source said.

President Donald Trump has called the North Korea dictator “Little Rocket Man” in the past, and the sources say that Kim’s actions that have given him that nickname could be one of the reasons the funds are so low.

Do you think North Korea is depleting its funds by launching missiles?

“We can speculate that he spent a lot of money from the number of missile (and nuclear weapons) tests he carried out,” the source said. “Most of the funding for nuclear weapon and missile development is coming from Kim Jong Un’s slush fund.”

Four out of six nuclear weapons tests and nearly 20 missile tests have been conducted under Kim’s rule, according to Radio Free Asia.

The source also noted that Kim has spent money on “showpiece projects” such as the Masikryong Ski Resort.

“International sanctions on North Korea have made it extremely difficult to earn foreign cash, and the slush fund is now running out,” he said.

A different source warned that North Korea has other motives for participating in the Winter Olympics: “improve relations and solicit charity from its rival neighbor.”

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“North Korea’s warm gestures toward South Korea have underlying intentions: to use the Pyongchang Winter Olympics that will be held there from Feb. 9 as a breakthrough for their financial difficulties,” the source said.

South Korea’s “Sunshine Policy,” where subsidies were exchanged with peaceful relations between the North and South in the late 1990s and early 2000s, helped North Korea’s economy, but international sanctions will not make it easy for South Korea to help its neighbors.

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Erin Coates was an editor for The Western Journal for over two years before becoming a news writer. A University of Oregon graduate, Erin has conducted research in data journalism and contributed to various publications as a writer and editor.
Erin Coates was an editor for The Western Journal for over two years before becoming a news writer. She grew up in San Diego, California, proceeding to attend the University of Oregon and graduate with honors holding a degree in journalism. During her time in Oregon, Erin was an associate editor for Ethos Magazine and a freelance writer for Eugene Magazine. She has conducted research in data journalism, which has been published in the book “Data Journalism: Past, Present and Future.” Erin is an avid runner with a heart for encouraging young girls and has served as a coach for the organization Girls on the Run. As a writer and editor, Erin strives to promote social dialogue and tell the story of those around her.
Birthplace
Tucson, Arizona
Nationality
American
Honors/Awards
Graduated with Honors
Education
Bachelor of Arts in Journalism, University of Oregon
Books Written
Contributor for Data Journalism: Past, Present and Future
Location
Prescott, Arizona
Languages Spoken
English, French
Topics of Expertise
Politics, Health, Entertainment, Faith




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