The Federal Minister of Finance has shared the most dangerous facts. He stated the most poisonous facts without manipulating the record. Considering the economic guidelines. "The wheel of the economy is not running". "Corruption is on the rise due to tariff hikes"
The majority of the readers of champs write will remember that even before the last election, we had started repeating a thing that had been going on for a long time that the economic vessel of this country has been stopped and now even if you put all efforts, it will remain stop.
Let's face it, it's been a long time since anyone has admitted it, but now it's too late and now we have to be ready to face the upcoming unstable situation. Who is the responsible for economic crisis in Pakistan?
As far as corruption is concerned, it started in the form of "fake claims" at the time of establishment of Pakistan and got the status of regular fine arts. This was the invention of financial corruption while moral corruption appeared in the form of fake claims of castes which later turned into various forms.
| Champs Write - Economy Crisis in Pakistan |
On the other hand and instead of blaming each other, we have to think that which government or group of people brought Pakistan into this level. Of course, this situation cannot be at this stage by its own. If you play with a hungry wolf or a poisonous snake, you will get the same return. Don't we remember that at the very beginning of the journey, a person like Chaudhry Muhammad Ali had given a warning that if the debt culture flourished in Pakistan, the day would not be far when one would have to take a loan to repay it.
It is important to note here that debt is not a bad thing in the current system, provided there are no swindlers and policy makers. To understand the science of debt, we take an example that must be considered.
Mr. Grady, a wise investor, sets up a bank in California. An emerging contractor, Mr. Stone, completed one of his contracts and received approx. one million, which he deposited in Mr. Grady's bank, which means the bank now has one million in capital. Meanwhile, a poor female chef sees a business opportunity where there is no bakery in the town but she has no capital. The chef goes to the bank and presents her plan and idea to banker Mr. Grady.
After being convinced. The banker lends her one million, and now she gives the contract to Mr. Stone to build the kitchen bakery. When she gives Stone a cheque for one million from her account, the contractor Mr. Stone also deposits it in Mr. Grady's bank. How much money is in Stone's account now?
Two million dollars! In the second month of the project, contractor Stone tells chef that the bakery will cost 2 million to build and complete. The chef then goes to the bank and persuades Mr. Grady for an additional loan of one million and he deposits another one million in her account and she also deposits this amount in the account of the contractor. How much money is now in the contractor Mr. Stone's account? 3 million … but the bank has a total amount of one million that has been in the bank from the beginning and remember that the current US banking rules allow it to be rotated or exchanged up to 7 more times.
In short, debt is not bad, extensive corruption is horrible and why not, according to the UNDP report, 20% of people in Pakistan control 50% of the country's income, then what will happen if this large number of wealth is owned by few? Our economic structure is neither capitalist nor non-capitalist, it is just an exploitative and corrupt economic system in which a certain class is drinking the blood of this country's economic body by putting as many straws as there are holes in its "body".
In such a situation, there is no way to come out from the economic crisis in Pakistan. This nation has to get what they have done to this country.
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