Hong Kong Local Explains What is Happening There

HK now is a classic example of the ever increasing power of the oligarchy (mostly property tycoons) and the ever increasing power of the State (or perhaps forceful state as its slowly morphing into) colluding for today at the expense of tomorrow.

The oligarchy – top local tycoons and legislators – were called to a meeting in Shenzhen – where they were pressed upon by the communist party to distance themselves from, and indeed condemn, the protests. This was on news sites…so they’re not even pretending there……

In truth, the extradition bill is just the last straw in a 20+ year of corrosion of the laws and autonomy that enabled Hong Kong to advance into a world class post-industrial connected economy.

From another local, a Tom Yam:

“Many young people feel they have no future. They see the economy controlled by a cartel of tycoons in collusion with the government. They see the hypocrisy of the pro-Beijing establishment. Government officials urge them to go study and work on the mainland, while sending their own offspring to the West. Affluent owners of second passports and second homes in Western democracies tell them to be patriotic and accept creeping authoritarianism.

Worse, they see no chance of change for the better. The chief executive is not accountable to the citizens of Hong Kong. She answers to the Chinese Communist Party leaders who anointed her;

Meanwhile, the legislature rubber-stamps colossal and unnecessary infrastructure schemes like the HK$1 trillion (US$128 billion ) Lantau reclamation project, which will transfer Hong Kong’s fiscal reserves to mainland companies bound to secure most of the construction contracts. Youngsters understand opportunity cost: That money won’t be spent to improve housing and healthcare for Hong Kong people."

Welcome to China under Xi Jin Ping…..who wants to take China back to the future …to the ‘glorious era of Qin Shi Huangdi, the First emperor who started construction of the great wall’….

Communists do not know how to make money….They are brilliant, and quite ruthless at taking your money…..