Kim Jong II Dies: The North Fires A Missile & Their Stock Market Is Crashing…

North Korean Leader Kim Jong II Is Dead

By EVAN RAMSTAD
Wall-Street Journal

The death of Kim Jong Il opens a new and potentially dangerous period of transition and instability for North Korea and northeast Asia, while also bringing to a halt some progress in improving Pyongyang’s relations with the U.S. and South Korea.

Mr. Kim died Saturday of a heart attack while on a train, North Korea’s state media said. A television news announcer, dressed in black and her voice quivering with emotion, said Monday the nation would unite behind Kim Jong Il’s third son, Kim Jong Eun, as North Korea’s new leader.

Although the succession plan has been laid out for many months, the elder Mr. Kim’s sudden death comes as Kim Jong Eun, believed to be 27 or 28 years old, has had little time to develop a power base.

The risks of instability in North Korea during the power transition are high.

“Any assessment inside or outside the government would have said the most likely scenario of a North Korean collapse would be the sudden death of Kim Jong Il,” said Victor Cha, a Georgetown University professor and former top U.S. official on North Korea. “We’re inside that scenario right now.”

To preserve its power, the Kim family will have to work closely with the North Korean military. Kim Jong Il maintained a low profile after taking power following the death of his father in 1994 while he courted military leaders and tried to consolidate his power.

Though North Korean media statements have made some references to Kim Jong Eun’s military skills, it is unclear how he is perceived by military leaders. And in a society based on Confucian ideas of seniority-based power, the young Mr. Kim’s age works against him.

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South Korea: North Fires Missile After Leader’s Death

South Korea’s Yonhap News Agency is reporting North Korea has fired a missile, just hours after announcing the death of leader, Kim Jong Il.

According to reports, North Korea test-fired a short-range missile off its eastern coast Monday. The test is not believed to be linked to the passing of Kim Jong-Il, but it is the first time in at least six months such a test has been conducted by the communist country.

Just hours earlier, North Korea media reported that Kim Jong Il died of a heart attack Saturday morning while on a train in Pyongyang. Kim reportedly suffered from diabetes and heart disease and was believed to have suffered a stroke in 2008.

Kim Jong Il took power after his father’s death in 1994. His son, Kim Jong Un is expected to assume his father’s power. Officials at the white house say President Obama is closely monitoring the situation.

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South Korea’s Stock Market Is Plunging On The Death News

By Joe Weisenthal
Business Insider

On news that North Korean dictator Kim Jong Il has died, South Korea’s KOSPI index is plunging. It’s currently off over 4%.

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South Korea Declares Emergency Military Alert

South Korea’s military has reportedly declared an emergency state of alert due to this news, reported Yonhap News.

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