Let’s start the day with a dose of vindictiveness and spite, laced with generous helpings of ethno-nationalism! CY Leung’s open (not to say unsolicited) response to remarks made by Jimmy Lai’s son Sebastian when receiving his father’s honorary doctorate from Catholic U in Washington DC. Meanwhile, the persecution of Lai senior continues with one of his former colleagues turning queen’s or state’s or whoever’s evidence.
(I thought the deal was that even if you take foreign citizenship, you’re still a Son of the Yellow Emperor. To see how xenophobic mouth-frothing is done properly, try the wit and wisdom of Prof Chen Xianyi – scourge of foreigner-worshiping, self-hating, race traitors. Amateur psychologists will have fun guessing what’s going on here.)
What do Han supremacists think of Hong Kong’s slavish devotion to the peg, and thus to evil foreign US monetary policy? Perhaps they accept – as most serious economists do – that the arrangement will continue if only for lack of any practical alternative.
Thus, AFP reports, the city faces rising interest rates. While it is fine to overturn freedom of speech and rule of law, one core value remains sacrosanct: keeping property prices as high as possible. We can expect tighter land supply, relaxed mortgage restrictions and similar measures if the housing market falls more than, say, 10-15%. Some things cannot change.