N.K. Says U.S. Financial Meltdown a Showcase of Capitalism's Weakness

SEOUL (Yonhap) -- North Korea made cynical remarks about Wall Street's recent financial meltdown, saying the unprecedented financial crisis showcases the weakness of capitalism.

Radio Pyongyang on Sept. 21 announced that "amid agonizing cries" of financial
meltdown, the U.S.'s No. 4 investment bank, Lehman Brothers, filed for bankruptcy
on Sept. 15 due to over-exposure to the subprime mortgage crisis, while the No. 3
investment bank Merrill Lynch also was sold at a discount to the Bank of America.
The move also alluded to U.S. mega-insurer AIG's urgent call for government
support due to mismanagement, the broadcaster added.
The socialist country's mouthpieces have usually highlighted the negative sides
of capitalism, while claiming that the North is the country to spread its own
socialism in the 21st century as an alternative.
"The spillout effect of the U.S. financial crisis is felt in other countries and
regions, too," the broadcaster said, adding that there is "big chaos" in other
capitalist countries, such as Japan.
"Such facts show the weak nature of the capitalist economy, which is
characterized by speculation, swindle and disorder along with confusion," the
broadcaster added.