Tuesday , November 5 2024
Home / Mike Norman Economics / Ben McGarth – Two-day strike begins in Hong Kong following weekend of protests

Ben McGarth – Two-day strike begins in Hong Kong following weekend of protests

Summary:
The World Socialist Web Site supports the Hong Kong protestors seeing in them the fight against global capitalism. But the leaders of the demonstration come from the libertarian right and their backers are rich pro-US neoliberals, so I don't think this demonstration will spread much in the way of socialism. Although the WSWS are right about exploitation in China.  The CCP, its name notwithstanding, has presided over decades of capitalist exploitation at the expense of the working class since it initiated the processes of capitalist restoration in 1978. It defends the same economic system that has enriched a small layer of Hong Kong elites, a system which is also defended by all sections of the city’s ruling elites including those represented by the official opposition—the so-called

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

Jodi Beggs writes Economists Do It With Models 1970-01-01 00:00:00

Mike Norman writes 24 per cent annual interest on time deposits: St Petersburg Travel Notes, installment three — Gilbert Doctorow

Lars Pålsson Syll writes Daniel Waldenströms rappakalja om ojämlikheten

Merijn T. Knibbe writes ´Fryslan boppe´. An in-depth inspirational analysis of work rewarded with the 2024 Riksbank prize in economic sciences.

The World Socialist Web Site supports the Hong Kong protestors seeing in them the fight against global capitalism. But the leaders of the demonstration come from the libertarian right and their backers are rich pro-US neoliberals, so I don't think this demonstration will spread much in the way of socialism. Although the WSWS are right about exploitation in China. 

The CCP, its name notwithstanding, has presided over decades of capitalist exploitation at the expense of the working class since it initiated the processes of capitalist restoration in 1978. It defends the same economic system that has enriched a small layer of Hong Kong elites, a system which is also defended by all sections of the city’s ruling elites including those represented by the official opposition—the so-called pan-democrat grouping in the Legislative Council.
This fight is an international one as workers come into conflict with the bourgeoisie around the globe. Autoworkers in the US recently voted overwhelming to take strike action, opposing both the auto companies and the corrupt United Auto Workers union. Hong Kong workers and youth should reach out to their class brothers and sisters in the US, as well as workers in the “yellow vest” movement in France, and those engaged in struggles elsewhere around the world.

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *