Leverage

Since so many American businesses—Apple, Alphabet, the NBA, to name a few—put their individual fiscal game ahead of American values, especially regarding Hong Kong and its citizens ongoing struggle for their own liberties (which just happen to lie at the core of our values), here are some thoughts on the fiscal value of Hong Kong to the People’s Republic of China.

Since 1997, mainland Chinese companies have raised $335 billion by floating in Hong Kong, tapping a broader range of shareholders than they could onshore.
…since the Hong Kong dollar is pegged to its US equivalent, and the city has no capital controls, a listing there can generate hard currency for foreign takeovers and investments. It would be harder to use a Shanghai stock sale for the same goal.

And [emphasis added]

For global investors, Shanghai and Shenzhen have become more accessible. But investors typically prefer Hong Kong’s legal protections, and they have other concerns about mainland markets, including the difficulties of moving money out.

And

Hong Kong is by far the largest offshore center for bond sales by Chinese firms. Companies can borrow for longer than they can onshore and, crucially, can raise funds in hard currency….

And

Hong Kong serves as the main offshore hub for yuan loans, bonds, and trading.

Interestingly [emphasis added],

When it comes to dollar bonds, big state-backed banks and industrial companies even prefer to sell these in Hong Kong…. US deals would be overseen by American regulators and would require greater disclosure.

And

Hong Kong is a preferred location for Chinese and international financiers or business people to conduct transactions because it has a Western-style legal and regulatory system that is seen as fair and nonpolitical.

In sum,

…Hong Kong stands out from its mainland rivals for its rule of law, competent regulators, low taxes, free movement of capital, and use of English.
Neither Shanghai nor [the People’s Republic of] China’s free-trade zones “can really compete with what Hong Kong is and does….”

Hong Kong is still [the People’s Republic of] China’s financial window on the world, and the rest of the world’s financial window on [the PRC].

RTWT; there’s more.

Sadly, too many of our major corporations don’t have the moral underpinnings to exercise that leverage.  Apple’s Tim Cook would rather the prestige of sitting as Chairman of a major university in Beijing.  Alphabet would rather work on censorable search engines for the PRC and help develop AI tools for the PRC’s government and People’s Liberation Army than it would work with our own defense establishment on such tools or refuse to support PRC censorship.  And we’ve seen, just in last couple of weeks, how the NBA as a whole, and its individual team staffs and players think their pocket books are more important than the rights of others.

Secular Authority and Morals

A letter writer in a recent Wall Street Journal‘s Letters to the Editor section, demurred from Attorney General William Barr’s remarks on secularism and religion at the University of Notre Dame’s Law School and de Nicola Center for Ethics and Culture. The letter’s author wrote,

Our society can teach morality, ethics, civility, self-reliance, and humility without reference to religion or any particular faith. Children can be taught….

Certainly, such principles can be taught.  But how to enforce them? Relying on Government for enforcement means relying on the men who are in Government from time to time, men with views on the legitimacy of those principles and the means of their enforcement that are as variable as those men. And each man’s views will vary over time.

No, moral and ethical principles are universal and timeless, and the only even moderately sure way of enforcing them is through appeal to a higher power—in fine, to religion, which is what our republic’s founding documents do, and our Founders did.

Free Speech and Social Media

Facebook MFWIC Mark Zuckerberg has come out against private enterprise censoring politicians’ speech or the news we citizens choose to consume.

Sort of.

Zuckerberg wrote an op-ed for The Wall Street Journal in which he pushed back, a little, against Progressive-Democratic Party Presidential candidate and Senator Elizabeth’s (D, MA) demand that he censor President Donald Trump’s commentary on Facebook.  But he continues to show that he doesn’t take free speech seriously.

He wrote

…a strict First Amendment standard would mean allowing content like terrorist propaganda or bullying.

“Would mean” means Zuckerberg continues to feel free to impose his personal version of censorship on the rest of us.

At Facebook, we’re focused on addressing viral misinformation that could lead to imminent physical harm, like misleading health advice. We’ve built specific systems to remove threats such as child exploitation. In countries at risk of conflict, we take down content that could lead to imminent violence or genocide, and we’ve built systems that can detect risks of self-harm within minutes.

Then he wrote, with a straight face,

There are diverging views on what people consider dangerous.

But Zuckerberg’s view is Better.  He’s even developing Algorithms to execute on his superiority.

Which is another reason to insist in a strict First Amendment standard. We have perfectly fine laws dealing with conspiracy to commit crimes, incitement to violence, child (and other) pornography, human and drug trafficking, etc. Those laws are correctly applied through our legal system.

No private enterprise should be in the business of defining for itself or its Precious Woke management what constitutes conspiracy or incitement.

Full stop.

Red Flag Law in Action

It seems an old veteran in Massachusetts had his legally-owned firearms confiscated by the local police—for no reason at all, other than a waitress chose to call the cops on him after eavesdropping on a part of a private conversation he was having with a friend in her restaurant. The waitress’ uninformed tattling also got him fired from his school-crossing guard job.

While he was at a local diner, [Stephen] Nichols was speaking to a friend about a school resource officer who apparently was constantly leaving his post to go for coffee in the morning.
Nichols said he was worried somebody would come in and “shoot up the school” while the officer was out on one of his coffee runs.

The waitress, having eavesdropped on only part of Nichols’ conversation (and I fail to see how she could not know she’d snooped on only part of the conversation), reported the “shoot up the school” part to the police.

There’s more:

[Tisbury Police Chief Mark] Saloio and another officer relieved Nichols of his crossing guard duties while he was in the midst of performing them and subsequently drove to his home and took away his firearms license and guns.
“He came up and told me what I said was a felony but he wasn’t going to charge me,” Nichols said of Saloio.

No charges, but his firearms were seized, anyway by the government’s officers.

And this:

Asked if he was given a letter or any paperwork for the seizure of his license, Nichols said, “No he just told me to hand it over so I took it out of my wallet and handed it to him.”
Nichols said he has been licensed for firearms since 1958.

Nichols has since had his crossing guard job reinstated, but the State still refuses to return to him his firearms license and his firearms.

This is the Progressive-Democrats’ (and too many Republicans’) red flag law in action.

The restaurant where this PC sewage went down is Linda Jean’s in Oak Bluffs, next door to Tisbury on the island of Martha’s Vineyard.  Linda Jean’s owner, Marc Hanover, appears to be trying to wash his hands of the whole sordid affair.

He said he believes one of his servers “overreacted.”

Hanover apparently has chosen to do nothing about his waitress, whose anonymity has been carefully protected, even as the woman has dragged a good man’s name through the mud.

Yes and No

Progressive-Democratic Party Presidential candidate and Senator Elizabeth Warren (D, MA) wants to break up Facebook, and in the meantime, she wants Facebook to shut down free speech the speech of those of whom she disapproves—especially political ads posted to Facebook (for a fee charged by Facebook) by Republicans and Conservatives.  Zuckerberg’s response?

Facebook’s vice president of global affairs and communications Nick Clegg wrote that the company does not believe its role is to “prevent a politician’s speech from reaching its audience and being subject to public debate and scrutiny.”

Warren is, of course, angrified that a mere business won’t submit to her bidding, and so she tried to expose Facebook’s arrogance:

She taunted the company by submitting a false ad of her own claiming that Facebook CEO Mark Zuckerberg had endorsed Mr. Trump “to see if it’d be approved.” It was.

Of course it was. It was a political ad, by Warren’s design.  It also was not a false ad; it told the truth. The truth wasn’t that Zuckerberg had become a Trump supporter; that was obvious parody.  No, the thing that made the ad a true one was Warren’s own statement, early on in her parody, that her claim regarding the new Zuckerberg-Trump palsiness was itself false, its purpose being to show Facebook’s penchant for running false political advertisements solely to take money to promote lies.

(Given Warren’s own penchant for lying for her personal gain, that last is especially parodical.)

It’s too bad that Facebook’s position here is contaminated by its penchant for censoring conservative speech that isn’t part of overt political ads.