Stock market begins the new year with lies and irrational jokes

Our stock market begins 2008 with some brilliant lies and irrational jokes:

• No. 1 Lie: Real estate price will fly to the roof due to negative interest rate

For those who had experienced the rise and fall of our HK property market before and after 1997, they could tell you why. In the pre-1997 period, our property market was bursting with gold every second when the interest rate was well over 10%. After the Asian financial crisis, our property market collapsed and almost closed down absolutely when we were attacked by SARS in 2003 and during such period, we were enjoying very low interest rate but many property owners wanted to hang themselves! However, don't misunderstand me. I strongly hope that the lie will become true. It seems that our American friends should also hope that the Fed's rate cut will bail out the US housing crisis soon and avoid recession. This explains why we all believe in lies; they are our sweet dreams!

• No.2 Lie: Our economy is in excellent shape because unemployment rate is lowering

What a big joke! According to a recent survey, at least 30% of the so-called "employed" in HK are subsisting below "poverty" line! Their monthly salaries may only range between HK$3,000-5,000 and this means they can take nothing or only very little home after paying travelling and meal expenses for attending work. Everyone knows that the gap between the rich and the poor in HK is the widest in the world. However, don't misunderstand me again. There are surely many "fat cats" enjoying huge remunerations in Hong Kong but they must be the privileged "elite" in HK. From the beginning of time, they have never been "unemployed" and have always been rich and super-rich but it is irrational to say the economy is in great shape based on that. May be this is the way that we should honour capitalism in HK. But you may be surprised to hear that the local government in HK plays the Communist National Song everyday telling the poor and the exploited to stand up and fight for their future. Which cap is the HK local government wearing? Capitalist or Socialist or both?

• No.3 Lie: Mainland China curbs food export and share price of food companies listed in HK must go up

Our Central Government is trying to cool inflation, especially the rocketing price of food (pork, corn,..whatever) in the Mainland by levying "tax" on food exports, etc. Our Central Government is sincerely looking after the livelihood of the ordinary people in Mainland China (and people in HK should also benefit as our food comes mainly from the Mainland) but look what the stingy speculators are doing! These speculators exploit the good intent of our Central Government and twist the whole policy into a means for speculating on food stocks. They invent the lie that the curb on export means that food companies will earn more money and the share price must go up. How could this be true? The effect of the central policy is to lower food price by increasing supply and how could food companies gain more money under such circumstances? Please be a little rational, Mr. Market. Remember: never fight the policy of our Central Government. Look what is happening to the real estate market in places like Guangdong and you know the consequences! Go on to make your bloody money in the HK Stock Casino but please spare the livelihood of ordinary people in China!