When poor guys like me turn to risky investments such as Lehman Brothers munibonds just for the sake of getting a few more points in interest rate return, you should be able to see who the real devils are behind such decision.
The real devils are the ruling elites in Hong Kong who dictated the very low deposit interest rate for honest hardworking savers in Hong Kong. They are of course the big banks and their governmental allies who design the whole low deposit interest rate system to force poor guys like you and me to turn to risky investments such as LB munibonds, real estate bubble, stock bubble, etc. These devils are almost everywhere in Hong Kong and they dominate the circle of powers and influence in Hong Kong. Poor ordinary guys in the street have no choice but to accept such unfair conditions.
You know our motherland, China, is offering at least 3-4% for fixed deposit in RMB and that should be free of tax under the new law. But even with such rate, China recognizes that the deposit rate is still negative interest due to the high inflation in Mainland China.
When compared with the very low 1-2% interest rate for HKD offered by banks in Hong Kong, our situation is very pitiable and insulting. So if you are a poor guy like me what else can you do to preserve your hard-earned saving? If a bank offers you to invest in risky LB munibonds, you would still jump to it because that investment may offer you a 5% p.a. or more. Sound silly to some who may just buy some high-yield foreign currencies like NZD. But to most common people, they just want to keep their savings with a little higher interest and they won't even bother to think about buying other currencies given the inherent exchange charges and potential losses. So if you ask me who is responsible for causing such decision to buy LB munibonds, I have no hesitation to say it is the ruling elites with the big banks in Hong Kong.
The financial system in Hong Kong is inherently unfair to honest hardworking savers! This is undeniable truth but the pity is that no one in Hong Kong is doing anything to correct the unfair situation. Perhaps, they don't dare to or perhaps they are also blinded by the asset inflation bubbles. But now I think the poor public in Hong Kong should open their eyes to this unfair system and fight for their interests! It is not just poor advice or sales inducements that cause you huge losses; it is the unfair banking system of interest rate that is the fundamental cause. So go and fight for a fairer system.
God, why have you forsaken us?
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