JISHOU, HUNAN — On my Facebook status I posted a few days ago, I asked the rhetorical question, “Why is there is unrest in the streets?” Today, as a class exercise in speaking, I asked my business English students to help me understand our local economic crisis.
Imagine if 70% or more of a city’s population all invested in the same companies, who were promising 50% to 100% returns on these investments. Imagine if some of those investors, including some city officials and retirees, had put their entire savings in this scheme.
Then imagine what would happen if word got out that all those investments were lost, perhaps forever. We’re talking, say, about US$1 billion in funds.
People might just get a little upset.
Well, that’s what happened in Jishou. It’s why there was enough of a public outcry that this small city in the middle of China actually made it into the Washington Post early this month. It’s also why my ability to leave campus to venture into the city has been somewhat limited from time to time. It’s gotten bad enough for the school to close its gates recently, blocking entry to the campus.
Here’s what I was able to glean today from my class of 12 business management students, three of whose families have lost money in this scandal.
