Tag Archives: political parties

The People Have Spoken

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The tally is nearly completely in for Hong Kong’s Sunday vote for local offices.

Local broadcaster RTHK reported that pro-democracy parties took 390 out of 452 seats in the district council, or nearly 90%.
The polls closed with 71.2% of eligible voters casting a ballot, the election commission said, easily surpassing the figure of 47% in the last such vote in 2015.

Hong Kong’s Chief Executive Carrie Lam suggests

The government will certainly listen humbly to citizens’ opinions and reflect on them seriously[.]

Yeah. She’ll think about it.  But will it act accordingly? Keep in mind, as you cogitate on that question, that the Lam government is nothing but a Beijing satrap.

Gordon Chang, who often writes for The Wall Street Journal and contributes to Fox News, is optimistic:

This is political annihilation for Beijing and it’s going to have consequences that are going to reverberate not just in Hong Kong itself, but perhaps in China as well….

He has a warning, though:

Carrie Lam, the Hong Kong chief executive, she reports directly to Xi Jinping. She no longer has any freedom of action. If he tells her not to give ground, which is what he’s been doing for the last several months, then you’re going to see Hong Kong erupt because, you know, people have expressed their will.
If the political establishment doesn’t make concessions, then we don’t know where this will go, but we know that will become probably much more violent and the protests will become even larger[.]

Are Xi and his Communist Party of China government listening?  Yes, most carefully.  But they’ll likely draw the wrong lessons.  I think we do know where this will go, and it won’t be pleasant, although it will be brief. Tanks rolling against a fundamentally unarmed civilian population will see to that, as was demonstrated in Tiananmen Square a little bit ago.

The US and our putative allies need to become more overt in supporting the good people of Hong Kong.  The PRC has already welched on its handover commitment and its pretense of a one country, two systems policy.

The Republic of China is watching the degree of our resolve, too.

Great Britain’s Socialist Party

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Nominally, it’s the Labour Party, but its MFWIC, Jeremy Corbyn is moving to make it overtly socialist.  He’s jumped onto the Free Stuff, Higher Taxes, and Pay Raises for Government bandwagon with both feet. Sure, these things have been staples of Labour for generations, but Corbyn really intends to outdo his forebears. Corbyn intends to nationalize enormous sectors of the British economy:

  • fixed line network of telecoms provider BT [British Telecom] to provide free broadband
  • rail
  • water
  • mail delivery services.

Having taken over the economy, Corbyn then would raise taxes even higher than they are already, reorganize what would remain of private enterprises, and increase spending:

  • top 5% of earners would see higher taxes
  • workers would be placed on company boards
  • increased spending on health, education, and transport

A Labour victory will do no good for Great Britain, in or out of the EU’s gaol.

Socialism Strikes Baseball

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Major league baseball is moving to rid itself of its minor league teams—42 of them—in a couple of years.  Progressive-Democratic Party Presidential candidate and Senator Bernie Sanders (I, VT) demurs.

Closing down minor league teams like the [Lancaster, Single-A affiliate of the Colorado Rockies] JetHawks would be a disaster for baseball fans, workers, and communities across the country.  We must protect these teams from corporate greed.

Because corporations are welfare organizations, not for-profit enterprises for the benefit of their owners, who have their money at risk.

Sanders was supported by a letter to the MLB from 100 Congressmen:

If enacted, [the elimination] would undermine the health of the minor league system that undergirds talent development and encourages fan loyalty.  It would particularly be felt in areas far from a major league team or where tickets to a major league game are cost-prohibitive.

All of that may well be true.  However, in a free market economy, that’s a decision of the business owners, and it will be supported or rejected in that market by the folks to whom those owners are truly beholden, their customers.

Never mind all that, though.  Playing baseball is a human right.  Baseball corporations are obligated to have non-major league teams.

At least in socialist economies.

Balanced Journalism

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Fox News‘ Howard Kurtz objected to MSNBC‘s use of Mr Kellyanne Conway, George, as a commentator on the President Donald Trump impeachment hearings.  He’s quite right in this but he missed a larger point wit this remark:

Kurtz said it was shocking to him that television networks would cover impeachment hearings only with partisan commentators and political pundits, rather than leaving it chiefly in the hands of bonafide journalists.

Maybe that’s because there aren’t any bonafide journalists; there are only partisan commentators and political…pundits in the journalism guild.

Kurtz and his fellow so-called journalists continue to decline to explain what standard of journalistic integrity he and they use in place of the erstwhile journalism standard of integrity that required two on-record sources to corroborate anonymous sources’ claims.

Financial Transaction Tax

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The Progressive-Democratic Party Presidential candidates (with, for now, the lonely exception of Joe Biden) all want one.  Fred Hatfield, once a (Democrat) commissioner on the Commodity Futures Trading Commission, correctly identified one downside of such a thing.

The tax would be bad for farmers, whose support is critical in the Feb 3 Iowa caucuses.  Farmers manage risk by entering into futures contracts, a type of derivative. Under Mr [Progressive-Democratic Party Presidential candidate and Senator Bernie (I, VT)] Sanders’s proposal, trades of corn and soybeans futures would be taxed at a rate of 0.5 basis point [0.5%].

Even if farmers could somehow be exempted from a financial transaction tax, their cost of hedging would rise because the general cost of trading—of any sort—in commodities would rise, both from the tax and from the reduced liquidity of the derivatives as other traders eschew those markets. Such a tax could only negatively distort the market—as any tax in any market will do.

Moreover, those distortions would extend to other markets: grocery prices would rise from the increased prices faced by farmers and passed on to farm product buyers, beef and chicken prices would rise from the increased cost of feed, alternative farm produce would rise as other crops would substitute in (with their own increased demand-driven prices), and on and on.

And that’s just in agriculture.  The same cascading consequences would occur in all equity and debt markets, in all other commodity futures and forward markets—like metals: iron, aluminum, copper, in addition to “currency” metals—and on and on.

Investment in general, including for plant improvement and innovation, would be depressed by such a tax.

Sanders’, et al., financial transaction tax would have all the broadly negative impact on our economy as does any other social engineering-motivated tax.