Will the real Emperors of Greed please Stand

From several pieces I’ve read in the U.S. media and a few comments I’ve received on this Blog, it appears that some people think the Chinese are the emperors of greed, but they aren’t.

In fact, greed is everywhere — even, GASP, in the United States.

For example, ABC’s Good Morning America reported, “Phantom Debt Collectors from India Harass Americans, Demand Money.”

GMA reported, “Hundreds of thousands of cash-strapped Americans have been targeted by abusive debt collectors operating out of overseas call centers suspected of links to organized crime in India, law enforcement officials told ABC News.”

Working through call centers in India, the commission estimates that the criminals have dialed at least 2.5 million calls, persuading already cash-strapped victims to send them more than $5 million.

Another example is A New Crime Wave of Identity Theft: Is Your Child in Danger.

“It’s undetected and undetectable. They’ll use your child’s Social Security number with a different name and a different birth date.” In fact, over several years, 57,000 cases of child identity theft was reported to the Federal Trade Commission. A new report from All Clear ID estimates that one in 10 U.S. children are victims.

“Olivia McNamara was starting her freshman year at Vanderbilt University when she applied for her first credit card. After being rejected twice, she did some digging and found that someone had stolen her identity and had run up massive debt – to the tune of $1.5 million. When she was 9, someone had stolen her Social Security number and set up false identities and more than 42 accounts. All of them had defaulted.”

Then in June 2012, the AARP Bulletin reported (on page 20), Locked out of Luck by Sid Kirchheimer. The piece said, “The overwhelming majority of locksmiths with an 800 phone number are not legitimate … In reality, the pro arrives in a van with no fixed address and a scam in mind. … The work is faulty plus expensive—often $1,000 or more, and demanded in cash.”

AARP even has a book out by fraud expert Doug Shadel, Outsmarting the Scam Artist. Shadel and a team of scientists interviewed thousands of victims and dozens of scam artists who revealed their trade secrets.

The Federal Trade Commission warns, “Consumer frauds pose a threat to consumers and the economy. Even the most wary and sophisticated consumers may fall victim to fraudulent offers – in the mail, in the media, and on the Internet.”

The FTC report stated that in the year prior to the survey the number of victims of the most common types of consumer fraud reached almost 36 million with 53 million incidents.

In fact, in 2010, the Better Business Bureau reported, “$2.9 trillion is lost to fraud annually.” In a decade that adds up to $29 trillion or almost twice the National Federal debt.

So, next time you read in the media or in a Blog that China, or any other country, is filled with crooks and corruption, remember that China is not alone. Don’t stereotype anyone. After all, the Chinese were not behind the 2008 financial crisis that cost the U.S. economy more than $22 Trillion in addition to nine-million jobs, and that does not  count what the rest of the world lost. – U.S. Government Accountability Office

One last thought. The 2008 financial crises caused nine-million working Americans to lose their jobs in a few months, but the Economic Policy Institute reports that the U.S. trade deficit with China cost only 3.2 million American jobs between 2001 and 2013 (12 years or about 258 thousand jobs a year).  In addition, a recent report from PBS.org and the BBC says that one in three jobs today will be lost to software, robots and smart machines by 2025—not to China.

Lloyd Lofthouse is the award-winning author of My Splendid Concubine [3rd edition]. When you love a Chinese woman, you marry her family and culture too. This is the unique love story Sir Robert Hart did not want the world to discover.

A1 on March 13 - 2016 Cover Image with BLurbs to promote novel

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