Hong Kong Holding Its Breath
Not because of smoggy marine-layer haze---one of the world's largest ports is at Dead Slow, almost Full Stop.
I was first here in 1986, and was amazed at the immense fixed cranes for off-loading, which were so large that a container ship simply pulled inside one. Ships typically stacked up outside the harbor, waiting their turn. But as my airplane from Tokyo approached the airport I looked down at nearly empty highways. It was quieter than New Year's day morning, and the expected 90-min. bus ride to our hotel took 40 minutes.
A tour guide chatted on the bus PA, emphasizing the shopping opportunities, and finishing up by encouraging us to help their economy. He was perhaps not clear that we were there to earn, not spend. A forgivable mistake, when US tourists expected bargains and came prepared to buy, in all the good times leading up to now. But I saw a story in the newspaper here that listed the reduction in value of several billionaires' holdings, such as the Kwok family, down from US $ 23 billion in 2008, to only $ 10.9 billion now. Quelle dommage!

