(Clearwisdom.net)

During a party, some of us were discussing the future of the economic situation in China, and none of us were optimistic. One young professor who had been doing research on the economy said, "Don't be tricked by the misleading appearance of prosperity. There are too many potential crises in China's economy. "Bombs" are everywhere. Once the bombs are set off, it will be too dreadful to contemplate."

Below are some of the topics we discussed:

44% of bank loans, which come out of ordinary people's savings in the bank, cannot be repaid. The government manages the Chinese banking industry. They create new debts to repay the old ones. They can only depend on foreign investment and sustain themselves by printing more currency. Once the political situation becomes unstable and people start to withdraw their savings from the banks, the banks will shut down and those who want to withdraw money from the banks will suffer along with them.

The losses from taxes and tariffs exceed the increased rate of the economy, and about 8% of the Gross Domestic Product (GDP) per year is lost due to this and corruption. The loss from last year alone was $80 billion! The cases of corruption have increased at a rate of 9% per year, above the growth rate of the economy.

Officials who have insider information accelerate the corruption by amassing wealth to prepare for their own future. Greed in the midst of such an ominous atmosphere is the true reason for the corruption. One of the main reasons for the collapse of the former Soviet Union was that the top officials took advantage of their power, took huge amounts from the wealth of the nation, and used public assets as their own. Those types of people even yearn for massive political change in order to keep that money legally.

That's why those corrupt officials are the factors behind the instability in China nowadays. Each one of them has a passport and stores their savings overseas. What can ordinary people do if the country collapses?

What can the ordinary people do? It looks like we should find a Falun Gong book to read! It just might have the answers.

Posting date: 2/8/2002
Original article date: 2/1/2002
Category: Latest News from China
Translated on 2/6/2002
Chinese version available at http://www.minghui.org/mh/articles/2002/2/1/24173.html

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