North Korea Yet To Pay For One Thousand Stolen Volvo Cars

- July 12, 2024
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For some Democrats, President Biden's recent press conference, while managing to exceed some expectations, did little to salvage his reelection campaign. His performance, marred by numerous gaffes, has led to calls for a change in leadership.

Rep. (D-Conn.), the ranking Democrat on the House Intelligence Committee, voiced his concerns following Biden's unscripted and often awkward interaction with the press. Himes emphasized the risk of relying on an 81-year-old president prone to off-script mishaps.

“Imagine that three months from now, we get another performance like there was in the debate.

For almost 50 years, the communist government of has ignored its outstanding debt for 1,000 144 sedans. It's a strange tale of political intrigue mixed with the kinds of tactics one would expect from someone with a credit score of under 500.

Why Volvo ever shipped so many cars to a country that believes the government should own all property and expect payment afterwards might seem silly now, but at the time many thought it was a sly gambit. But the move cost the automaker dearly and it's doubtful they'll ever see a penny.

Back in the 1970s the Swedish economy was riding high just as the socialist movement really gained momentum. Thanks to political pressure applied by socialist politicians in the Scandinavian country, Swedish companies like Volvo started trading in good faith. The hope was North Korea would allow the Swedes to tap into the burgeoning mining industry on the north end of the Asian peninsula.

However, the powers in Pyongyang are notoriously deceptive and manipulative. Rather than warm to the idea of trading with capitalist pigs, the communists took the goods sent to their country by such gullible people and thumbed their nose at the concept of paying for anything.

In other words, North Korea and your worthless uncle who sleeps all day while dodging the repo man have a lot in common.

Just like that, the courtship between and North Korea fractured.

Visitors to North Korea have documented how the fleet of Volvo 144s are still running around Pyongyang. It's somewhat like the classic cars still going strong in Cuba, another famously insular communist regime.

Every year, the Swedish Export Credits Guarantee Board recalculates the total debt owed by North Korea, adding a healthy amount of interest on top of the original order from the 1970s. Even more bizarre, it's not the only Swedish company owed big money by the communist government, and all those debts keep accruing interest as well. At last calculation, the amount of debt had punched above $300 million USD and likely will keep going.

By a strange twist of modern globalization of trade, Volvo Cars is now owned by Zhejiang Geely Holding, a Chinese auto company that's a privately-held entity in an authoritarian communist regime. One could argue that in a roundabout way at this point North Korea is stiffing the Chinese. What strange times we live in.

This article originally appeared on Backfire News. The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News. Republished with permission.

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