Moody’s downgrades Hong Kong’s Aa2 credit rating to ‘negative’. The explanation echoes that of Fitch…
The change in outlook to negative reflects the rising risk that the ongoing protests reveal an erosion in the strength of Hong Kong’s institutions, with lower government and policy effectiveness than Moody’s had previously assessed, and undermine Hong Kong’s credit fundamentals by damaging its attractiveness as a trade and financial hub.
The ratings-speak sounds almost cryptic: there is a ‘rising risk’ that ‘protests reveal’ an ‘erosion in the strength’ of Hong Kong’s institutions. It adds that ‘the longer the stalemate persists, the greater the risk that these strengths are revealed to be eroding’. Stripped down, it means the protests are highlighting just how surprisingly crap Hong Kong’s governance might be. As with Fitch, Moody’s expresses concern that closer political and economic ties with China will drag Hong Kong’s standards down. It adds…
The weakening capacity of the Hong Kong government to implement policies to preserve living standards, competitiveness and financial buffers could in turn undermine key drivers of its competitiveness and macroeconomic stability.
Translation: the idiots running the city are a menace to its well-being.
The idiots respond with the standard whiny press release, which – as if they’re not looking pathetic enough already – also deliberately distorts Moody’s wording.
To further emphasize the point, the local government – with nothing else to do now Beijing has taken control of key functions – announces an ‘Office for Dialogue’ (even the SCMP puts the absurdity in quotes). Having refused to listen to outsiders for 20 years, withdrawn ever deeper into a bureaucrat-tycoon echo chamber, barred young people from the legislature and ultimately lost all legitimacy, it now sets up a bureaucratic body to organize some sort of interaction with the natives. With (let us guess) special guest star Henry Tang!
Maybe it can start by discussing some recent opinion poll results.
The idiots running the city are beholden to the corporate fictions and colossal scumbag cowards posing as upstanding human beings hiding inside them.
Make cage homes great again!
There has been, throughout Hong Kong’s history, a pathological need by those in power to rationalize public discontent. They cannot admit that people are angry about the thing they say they are angry about.
And thus the current unrest and Occupy Central were “really” about the house prices, and the 2003 anti-Article 23 protest was “really” about the economy and SARS, and the taxi riot of 1984 was “really” because the youth were bored, or something. Even the Star Ferry riots of 1966 were “really” about poverty, although at least we got the public housing programme out of that one.
So I suppose it’s time for round 17 of “It’s All About the House Prices So Let’s Build an Artificial Island”.
It’s not just corporations that are legal fiction. The same can be said about nation – states and people actually worship these entities
The point about the new office is for lining up pro government sectors is probably right. The name doesn’t specify who the target for Dialogue is, or what purpose.
We are told that PR firms have refused to be engaged by the HK Government. At least that has saved taxpayer money from being spent on an indulgence. “Serving The Community”?
It has been reported that Christine Loh was found in a fetal position under a bush in Tamar Park this morning, sobbing and blabbering incoherently. Apparently when she found out that she had missed out on the appointment of chairwoman of the Dialogue Diarrhoea Committee, she lost her mind. If anyone finds Christine’s mind, please return immediately.
@old git:
From The Guardian:
“Out of the three international PR firms contacted by the Guardian that reportedly turned down the government, Ogilvy said in an email it had decided not to proceed “after an assessment regarding the availability of our internal resources to meet required timelines as stated in the RFP (Request for Proposal)”.
Translation: “There isn’t enough time or money in the world for us to rescue your reputation”.
@Mark Bradley
Yeah nation states themselves are made up of corporate zones with private owners, team flags, team songs etc. The governing bodies inside them operate as corporations. And why not? Everything else is an imaginary joke full of immoral scumbags too.
Note that Bonnie and Clyde with the arsenal in the boot of the BMW live in public housing. According to media reports ‘Bonnie’ owns a restaurant. As many have pointed out over the years, if Housing Authority were to follow the trial of the ‘wheels’ parked in its tax payer subsidized premises and kick out wealthy tenants and those using the units as holiday homes, store houses, drug dens, digs for domestic helpers, etc, the queue for public housing could be halfed by the end of the year.
@Cassowary: Oh, economic issues such as housing have long been filling the powder keg. “The thing they say they are angry about” is the spark.
The government’s brain-dead solutions to the underlying issues also help keep the powder keg full.
@ Guest: The house prices don’t help, but many cities have outrageous housing costs and incompetent governments without their citizens throwing brickbats. The trouble with “actually it’s about the house prices” is that it’s only the least condescending of the explanations the government feeds itself. See: blame foreign forces, they’re just bored, they’re doing it for the cash, it’s the liberal studies curriculum’s fault, they’re spoiled and ungrateful children, they’re insecure because Shanghai is richer than Hong Kong now, they don’t properly understand the government’s position. People have had it with being patronized and pathologized by these arrogant numpties.
Personally, I think the entire system, not just HK Inc., is just about ready to reboot itself. Close your eyes and choose your destructor!
And then get ready for the new boss…same as the old boss!
😉