https:// www.marketwatch.com/story/how-to-invest-in-north-korea-2013-04-05

Of note in the article:

"While there’s not much to talk about regarding North Korean stocks, it is possible to buy North Korean bonds — and for pennies on the dollar at that. The bonds were created in the late 1990s when French bank BNP Paribas packaged together bank loans made to North Korea two decades earlier. While the loans have been in default since the mid-1980s, prices jumped to 14 to 18 cents on the dollar from 13 to 15 cents in 2011, after the death of leader Kim Jong Il made it seem possible that sweeping political change could lead to the obligations eventually being repaid."

There is plenty to dig on, there. But let's look at when that debt was created.

http:// www.koreafocus.or.kr/design2/layout/content_print.asp?group_id=104047

"

During the 1970s, a number of overseas institutions sporadically produced provisional North Korean debt figures. The U.S. Congress, for example, reported that North Korea’s foreign debts amounted to $55 million in 1970, which soared to $725 million in 1974. The U.S. Central Intelligence Agency estimated that the North’s external debts stood at $2.4 billion as of the end of 1976, of which $1.4 billion was owed to capitalist states and the rest to socialist nations. The New York Times and the South Korean government estimated the North’s total debts at $2.3 billion, while the West German newspaper, Handelsblatt, reported the total amount reached $2 billion. Based on these figures, it may well be said that North Korea’s foreign debts in 1976 – two years after its debt repayment problems surfaced – amounted to somewhere between $2 billion and $2.4 billion."

There is a reason why Q asked who controls NK… Then who Really does. Kim Il Sun held what official title in North Korea?

He held the post of Premier between 1948-1972. When did NK contract its debts? From 1972-1994, he held the title of "President."

Curiously, after contracting all of these debts and undergoing some organizational changes, NK decided to completely abolish taxes.

https:// www.globalsecurity.org/wmd/library/news/dprk/2006/dprk-060321-kcna03.htm

Frankly, while I applaud the sentiment, I have no idea what system of accounting was going to be used to pay off debts. I suppose trade surplus?

https:// en.m.wikipedia.org/wiki/Premier_of_North_Korea

"The 1972 Constitution created the post of President of the DPRK for Kim Il-sung, transferring to it all the paramount power. The Premier was now the head of the Administration Council, but most of the powers of the former cabinet were passed to the Central People's Committee, the highest ruling council chaired by the president himself. The first premier after Kim Il-sung was his long-time ally Kim Il. The post was then officially known as Premier of the Administration Council (정무원 총리, jungmuwon chongni).

After Kim Il-sung died, the post of president remained vacant (officially Kim Il-sung was proclaimed Eternal President) as Kim Jong-ilplanned a new State reorganization. A constitution revision in 1998 abolished both the Central People's Committee and the Administration Council, re-creating the Cabinet."

https:// en.m.wikipedia.org/wiki/Kim_Jong-il

"By the time of the Sixth Party Congress in October 1980, Kim Jong-il's control of the Party operation was complete. He was given senior posts in the Presidium, the Military Commission and the party Secretariat. According to his official biography, the WPK Central Committee had already anointed him successor to Kim Il-sung in February 1974. When he was made a member of the Seventh Supreme People's Assembly in February 1982, international observers deemed him the heir apparent of North Korea. Prior to 1980, he had no public profile and was referred to only as the "Party Centre".[21]"

This is noteworthy. A lot of changes occur in North Korea around 1972. Kim Jong Il is named the successor to Il Sun, massive debts begin to be contracted out to foreign investors, positions in the government are restructured….

http:// www.news.com.au/finance/economy/world-economy/how-the-hell-has-north-korea-managed-to-build-a-massive-military-stockpile/news-story/9725a9cce653760effd5188a24c0979a

Taken through the prism of media:

"“If China ceases economic co-operation, then Russia steps in and will continue doing the same,” he said.

“North Korea knows that well and plays off Russia against China, allowing Moscow and Beijing to compete for concessions on North Korea’s mining industry, fisheries and port facilities.”

Russia is interested in North Korea because it sees it as a good market for Russian gas, oil and electricity. Russia believes North Korea could also potentially open the corridor for the export of energy to South Korea.

…

Part of the problem is how different countries interpret what is banned by the sanctions.

One example was highlighted after Austrian ski equipment was found at the luxury Masik ski resort in North Korea. Austria later said it didn’t think ski lifts were included in the European Union’s definition of luxury goods prohibited from being sold to North Korea.

An Australian brand of ski clothing was even manufactured at the Taedonggang Clothing Factory in Pyongsong from 2014, but the company said it was not aware of the problem until after production had been completed and shipped to retail customers. It took two years for the company to sever its production line."

http:// www.newsweek.com/north-korea-debt-sweden-volvo-cars-691493

"North Korea is the biggest debtor to the Swedish agency, as the EKN end of year 2016 report show. EKN says it has has agreements with all 13 countries that have outstanding claims, with the exception of Syria, Venezuela and Zimbabwe."

An interesting set of countries.

"Many of the Volvos were put to serve in the small but very present taxi fleet in Pyongyang,” he recalled, “I think I’ve never been inside such an old car even back home in Sweden. This taxi was very well maintained too, close to mint condition it seemed.”"

Creepy.

"North Korea has also ratched up debts with Finland and Switzerland, but the latter has a restructuring agreement in place that currently exempts Pyongyang from repayments, according to the Swiss export credit agency 2016 annual report.

Russia instead adopted a different strategy. In 2014 Moscow cleared most of the $10 billion debt North Korea owed from the Soviet Union times, eyeing instead a potentially lucrative natural gas pipeline and other infrastructure projects."

Amazing how such a small little spot on the map can hinge global politics.

I'll dig deeper into some of the above to try and find hooks and handles for some of our other usual suspects as well as what Q has hinted at.