On June 30th, the US Department of Commerce took a quick action to eliminate Hong Kong’s special status, even ahead of the official passage of the controversial Hong Kong National Security Law by CCP’s rubber-stamp—the National People’s Congress. Miles Guo has reiterated many times in his broadcast that revocation of Hong Kong’s special status would cause unprecedented consequences, accelerate the collapse of the CCP and eventually reshape the world order.
But how will the cancelation of Hong Kong’s “special status” impact the CCP Kleptocrats and their money? After reading through the United States—Hong Kong Policy Act and its amendments, the author came to understand that special preferences enjoyed by Hong Kong in its relations with the United States can be summarized as the following four aspects (full and detailed descriptions can be found in SUBCHAPTER I—POLICY of this act):
- The US supports Hong Kong to participate in multilateral organizations, respects Hong Kong’s rights under international agreements, and its trade status.
- The US maintains, supports, and expands commerce between the United States and Hong Kong.
- The US recognizes Hong Kong’s position as an international transport center and continues to recognize ships and airplanes registered in Hong Kong.
- The US promotes Cultural and educational exchanges with Hong Kong.
Therefore, the cancellation of “special status” means Hong Kong will lose the above-mentioned arrangements. Looking into more details, especially the section that elaborates the “Commerce between the United States and Hong Kong”, the author found an article that will make the CCP Kleptocrats tremble:
We all know that the RMB issued by the CCP can not be directly converted into US dollars. However, when the CCP took over Hong Kong’s sovereignty in 1997, it also appropriated the Hong Kong dollar’s “monetary sovereignty” (Hong Kong dollar is issued by HSBC, Bank of China and Standard Chartered, three commercial banks tightly controlled by the CCP). Thus, the freely-convertible Hong Kong Dollar became a natural intermediate currency between RMB and US dollars. Under the support and acquiesce from local elites—the big four shameless groups （四大不要脸）, the CCP Kleptocrats extensively exploited Hong Kong dollars’ free convertibility and Hong Kong’s status as a global financial hub and turned the city into a “legitimate” money-laundering center: every year, corrupted money stolen from the Chinese people poured into Hong Kong, this money is, first of all, converted from RMB into Hong Kong dollars, then converted into US dollars and later vanished into untraceable offshore financial centers. This perfect plan has worked well for two more decades. Now, ending Hong Kong’s special status means that the US administration can terminate the free exchange between Hong Kong dollars and US dollars at any time. If this happens, the CCP Kleptocrats will not only lose its most important money-laundering channel, what is worse, due to money-over-issuing problems, both HKD and RMB shall witness huge depreciation, causing huge capital outflows and social unrest. This will definitely make them nervous.
The unanimous passage of the Hong Kong Autonomy Act in the Senate and House recently will probably even become CCP Kleptocrats’ nightmare. This act aims to hold the CCP Kleptocrats involved in Hong Kong’s brutal crackdown accountable using property transactions prohibition (which is equivalent to “asset-freezing”) and visa revocations as punishments. This act also targets financial institutions doing business with the CCP Kleptocrats who have undermined the Sino-British Joint Declaration, which means anyone doing business with the CCP, will be punished, this will probably paralyze CCP’s financial systems, leading to the suspension of stock trading in HKSE.
In summary, as Miles Said, revocation of Hong Kong’s special status is just a start and many more actions from the anti-CCP task forces are on the way. Think about it, with Hong Kong dollars and RMB becoming worthless; CCP’s financial systems crippled, and CCP Kleptocrats’ overseas assets frozen; how long can the CCP survive? Everything has begun, the CCP is doomed!
Author: GM34 (Brother Rain)