|Busan Bankruptcy Exhibition Center|
Debt levels in several Korean cities have been growing alarmingly during the last few years with politicians making a series of ever-wilder political promises to get elected as they finally realized that the beauty of the Korean education system is that it produces gullible voters incapable of independent critical thought, which is why significant reform of the education system is the one promise no politician has made.
Busan is currently running the third highest-level of fiscal debt in the country behind Seoul and Greater Seoul, with a debt-to-budget ratio in the 25 to 40 percent region, formally placing it under a 'debt warning'. The problem has accelerated in the last two years due to declining tax revenues from a sluggish real estate market and the Busan banking pyramid scheme.
The festival will kick off at the Bankruptcy Exhibition Center near Haeundae Beach on August 2nd and highlights will include Korean magicians who will perform knife tricks, a disappearing act involving pro-North political activists, 'The Dokdo Illusion', the 'Magic Hat' where banknotes are turned into winning legal cases, and contractual slight of hands.
Visiting magicians from Japan are promising to attempt a feat of mass hypnosis in which they say they will try to convince audience members that certain historical events never happened, though there is some controversy surrounding this as Korean magicians say it is based on their own famous 'False Memory Syndrome' routine. In addition, American magicians will perform 'The Vanishing Lady' trick during a nighttime show, although again, this is based on Korean traditional magic.
The festival will end on August 5th with the joint attempt to conjure away the city's massive debt. If successful, some say it may even change the nature of the performance of magic forever, with magicians being invited to openly become part of local and national government administrations, savings banks and the legal establishment.
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