>Pretty interesting, eh? Sounds more like Singapore's managed markets than
>the casino banking espoused by the neoliberals.
>
>-- Dennis
Many thanks for the concrete details, which give much more depth to the overall picture.
Before the British election in 1997 Tony Blair made a show of saying we must learn from the tiger economies.
Now there has been a fall out, it is important what lessons get learned, and by whom.
Left wingers and marxists could influence this agenda.
Regarding Doyle's information, this is also valuable, but he mistakes my purpose in refering to my "equanimity" about a future HK dollar or yuan devaluation. I am not into prediction or advising fund managers (which appears to be the aim of the sources he cites). The point has been made by both contributors that Hong Kong's foreign exchange position is remarkably robust. Dennis actually confirms that its reserves are more than twice those that Doyle's authorities regard as respectable for an advanced capitalist nation state. If the Chinese do have to devalue, and they have much bargaining power because a Chinese devaluation is clearly greatly feared as a qualitative step in the transformation of the Asian crisis into a global crisis, then who is arguing that the Hong Kong dollar would not also devalue? Even if it devalues on its own next month I think there is enough evidence here that Hong Kong has been surprisingly robust through this Asian crisis.
It is not a socialist statelet, but nor is it a neo-liberal one. The point is worth making.
Chris Burford