After reading this I suddenly got a dose of humility--call it humanity...
''The government's intervention caused Friday's short-covering rally,'' said market commentator K.L. Law in the Sunday Post. ''But it was a mistake and now Hong Kong has a bull's eye painted across its forehead.''
So now, some believe, hedge funds with far greater reserves than the gov. may attack Hong Kong's markets with furry. This would mean that hedge funds could mount a deliberate attempt to break the HK peg. All this, of course, for a large profit.
I am a big supporter of capitalism, and thus I believe capitalists should be toughist on their own kind. With the freedom comes responsibility -- but that means a sense of community that is not always popular among many 'capitalists'.
Which brings me to a horrifying reminder that there are actually people living in Hong Kong. Their lives will be destroyed if the Gov. 'loses its battle'. Hong Kong could be wiped off the map as a financial center to become just another typical Chinese city. People will lose jobs and lifetimes of work would disappear.
I should know...my mother-in-law, now living in Australia, gets her pension directly form HK. If the peg breaks she could be left with a devalued currency not capable of supporting her as a Widow. It is all she has. She is not alone.
I suppose that none of this would interest a hedge fund manager, a speculator with the power to bring it about, or maybe even some of you. Everyone has their rationalizations. But somehow I think some things are better left alone.
Thanks for listening.
B.
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