(FinancialHealth) – On December 3, 2020, National Intelligence Director John Ratcliffe published an opinion piece in the Wall Street Journal detailing what he feels is one of the greatest threats to American households – economic espionage.
Economic espionage is the frightening practice of foreign powers using sponsored or intelligence-based activities to influence policy decisions. They may also use unlawful methods to obtain sensitive details about economic, financial, or trade issues. Much of this information, such as that obtained via research and studies, can often be purchased. The theft of this information gives other countries and unfair advantage and creates major losses for the US.
Ratcliffe’s WSJ piece pointed towards China as one of the greatest threats to the American way of life. He estimated their theft of intellectual property costs the country around $500,000,000,000 each year – or approximately $6,000 per household. These thefts not only create economic losses, but can result in disruptions to our stock markets and the elimination of American jobs.
Our friends at Republican Press took a closer look at Ratcliffe’s piece, China’s response, and how economic espionage impacts our way of life. Check it out here >>
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