Hong Kong’s “Umbrella Revolution” To Peak in Next Few Days – Joe Hoft & Dana Loesch
Hong Kong financial executive and author Joe Hoft joined Dana Loesch today to discuss the Umbrella Revolution in Hong Kong and his book “Falling Eagle – Rising Tiger.”
Joe and Dana discussed the recent uprising in Hong Kong, the top Financial Center in the world.
This was a terrific interview on the challenges facing America today.
Joe wrote about the protests earlier today.
Hong Kong has been named the top Financial Center in the world two years in a row by the World Economic Forum. Hong Kong was also tops in the world in the Index for Economic Freedom sponsored by the Wall Street Journal and the Heritage Foundation. This index is a measurement of a nation’s commitment to free enterprise on a scale of 0 to 100 by evaluating 10 categories, including fiscal soundness, government size and property rights. Hong Kong also consistently rates among the top countries in the world by the PWC/World Bank’s Tax survey due to its low tax rate and ease of tax administration.
With all going so well in Hong Kong, why the protests? The reason is that the people in Hong Kong like their freedoms and want to keep them in place. When Britain handed over Hong Kong to China in 1997 a de facto constitution was put in place called the Basic Law. The law stated that Hong Kong would be able to select its CEO, the top spot in the Hong Kong government, through an open election, but Beijing now wants to select candidates for the CEO position. The people in Hong Kong are protesting this decision and calling for universal suffrage.
The protests have been renamed the ‘umbrella revolution’ after the protestors used umbrellas to protect themselves from pepper spray and tear gas in recent clashes with police. With the holidays coming the next few days, the protests are expected to grow.
Joe is planning on visiting the protests today in Hong Kong’s financial district. Already the protests have disrupted the city’s bus schedule and traffic. The subway is still operating.
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