Dear all,
Until recently I have always been "convinced" by the story of the two grandmas buying their apartments in their own ways---one insists on not buying the house unless she has save up enough money; while the American one (who knows where she'
s from, probably from the invention of those speculators) buys the house immediately by using tomorrow's moeny, which they call a mortagage, whatever. By the time the Chinese grandma can finally afford the house, the American wiser has already been living in the house for decades!
Look how convincing and how tantalizing the story is!
For a long time I have been converted to this doctrine to anticipate tomorrow's
incomes. But now an article I read by chance on the Internet cemented my doubt
about the practice of this story, which has taken this historically old yet economically young nation by storm from the word go. Little do I know who the author is and where he's from, but it doesn't matter; the name of the game is whether
his hypothesis makes sense. This is also the reason I re-mentioned the story.
Go to the given link to read the article if you are interested. It's a Chinese
article, though. I thought of translating it into English but on second glance
I gave up; it is beyond my scope:
http://club.mypda.com.cn/sp.asp?tid=95850
Based on the theory that what they are struggling today to pay back the monthly
instalments for their apartment is nothing but "sweeping the asshole" of mistakes made by the government, the article boldly predicted a massive disastrous bankruptcy among today's well-off white-collar class; who are in fact nothing more than the prey of weak laws and traps set up by aggressive speculators. The majority of them fall victim to the "peer pressure", which implies you are a wimp if
you don't have your own apartment in downtown area, and anticipate their future
incomes. The article claims the victim class may end up losing everything and going bankcrupt.
You may find it overblowing or even flashy to some extent, but on further reflection, you'll see the points -- Are we doing the right thing to anticipate tomorrow's wages for something you don't really need, or simply for "keeping up with the Joneses", as well as pre-consume the natural energy that literally belongs to
our next, and next generations?
Pan.