Hong Kong pan-dems pushed forth a motion of impeachment of Scrooge McCY that was pushed back by the non-democratic shoeshiner monopoly of power. Hong Kong's most annoying shoe-shiner castigates the pan-dems for this futile waste of time over minor affairs, almost sounding like Carrie Lam's bullshit script to LegCo.
It's true the motion had no chance of success, but Scrooge McCY's old age living allowance has no chance of success of even ameliorating the problem of old age poverty in Hong Kong either given it's stingy wealth requirements. (or the expansion of medical vouchers or travel subsidies or...) The real target of the impeachment process was tweaking the nose of the Liaison Office. A not-so-subtle reminder that the Liaison Office, their boy Scrooge McCY, their shoe-shiners and their green spray-painted astroturf roots are a Vichy government in Hong Kong.
And like clockwork the new head of the Liaison Office promptly replies that the Liaison Office does not run Hong Kong and that they have no intent on removing Scrooge McCY from office. In hierarchies, the person running the show is the one that can remove other people from their positions in the hierarchy. Can the people of Hong Kong remove a much detested CE from office? Can the Liaison Office remove any CE from office? Can the Liaison Office tell people whom to vote for in a LegCo or CE election and expect obedience? So now we're all clear on where accountability in the HK SAR lies and who is running the show here.
And of course when the plans of the great and powerful are rubbish, much like Tony Blair and George W. Bush, the cries go out, "But what's your plan?" This of course shows a rather shallow understanding of local affairs gleaned from shoe-shiner/pro-tycoon rags, which only run negative stories to rubbish the pan-dems. For example the pan-dems, if I'm not mistaken, were the ones to suggest to CY to build public housing on government plots that hadn't had auctions triggered by developers. Intriguing idea that CY pondered for a day, but promptly did a 180 and rubbished it because developers didn't like the idea that the government might use the developers' yet-to-be-realised landbank and that "those people moving in next door" might destabilise the neighborhood property markets.
The pan-dems also put forth a motion for the government to buy back the Link REIT, which was shut down by the astroturf roots of the DAB and their tycoon Functional Constituency cohorts. This came shortly before the numbers were posted that public housing had a bad debt this year and the reserves were dwindling. These were the reserves from the Link REIT privatisation deal that the government promised would fund HK's public housing in perpetuity. Guess what? The government that had Scrooge McCY as ExCo convenor and property guru lied. It hasn't benefited public housing tenants despite what the government said and was accepted by HK's courts. That court decision on the judicial review of the Link REIT, which was backed by the pan-dems and not Scrooge McCY, was the one where I knew rule of law was dead in HK.
A reliable stream of commercial rents for the tycoons is more important to Scrooge McCY than the store ownership opportunities for tenants that existed pre-Link. Community is the dirtiest word to a government that has declared multiple times that the only measure of a property's utility is the money generated at auction, since the community is an infestation that blocks the will of Scrooge McCY and his friends from maximising property values.
And it was the community that forced Scrooge McCY to take any action on the flood of hot money from the mainland inflating and distorting Hong Kong's economy. Hong Kong's most annoying shoe-shiner and the property analysts at the most important financial skimmers kept saying the problem was low US interest rates and US monetary expansion. Sorry guys, the problem wasn't that, it's what I was saying all along, hot money from the mainland, which still has double-digit M2 growth due to off-books financial voodoo. Of course Scrooge McCY wasn't serious about stopping the flow of hot money, so he just diverted the money away from the most talked-about pain point, residential property. The money is still inflating and distorting Hong Kong's economy as even the most cursory glace at McDonald's prices could tell a dimwit, but the diversion is enough to gain a pat on the head from folks like Chugani, who then curse as greedy the folks in other sectors that soak up the excess cash with inflated prices. So my first plan, if I were CE, would be to institute strict money laundering penalties with a strict definition of money laundering and transparency for banks to stop the flow of hot money, something like surrender all transaction fees gained from laundered money plus $5n penalty where n is equal to number of illegal transactions prior to notification of authorities. I'd also ensure the courts list the names of beneficiaries of money launderers unlike the current court case of the Guangzhou man that laundered HK$2b over 5 months. And the transparency requirements run counter to Scrooge McCY's proposal to reduce corporate transparency in Hong Kong to keep his friends' skeletons in the closet hidden from the community.
Stemming the flow of mainland money would be combined with statements that the HK government is more committed to its communities and would have no interest in maintaining a stable property market and had plans to ameliorate owner-occupiers with underwater mortgages due to a bubble collapse, but won't lift a finger for investors and speculators under the principle of caveat emptor and moral risk. This would be combined with a mandate for the HKMA and friends to post clear and convenient economic data on their websites, such that even dim-witted property analysts could look at the mortgage loan data in Hong Kong and see it isn't driven by US QE#.
I'd also move on the School Nets scam that's designed to keep classist Hong Kong classist and artificially keeps demand high for properties owned by the classists. This is a start of a program that would put Hong Kong communities first, even if it wiped out a lot of asset-inflated wealth along the way.