![]() ![]() Īnd yet bitcoin has climbed more than tenfold since Buffett's warning. JPMorgan Chase CEO Jamie Dimon recently called bitcoin a "fraud" and suggested people who buy it are "stupid." Warren Buffett called bitcoin a " mirage" in 2014 and warned investors to "stay away."Īre you trading Bitcoin? We want to hear from you. In 1995 elections, pro-democracy groups took 70 percent of the vote, but after 1997, the post-colonial government moved rapidly to roll back British reforms.She was in good company. In the dying days of colonial rule, however, last governor Chris Patten pushed for more democratic elections for the city’s legislature. The people of Hong Kong had no say in the choice of London-appointed governors since the middle of the 19th century when Hong Kong became a British colony. DID THE BRITISH MAKE ANY EFFORT TO INTRODUCE DEMOCRACY? Should this electoral package prove less liberal or far-reaching than hoped, the city’s pro-democracy advocates have threatened to resign en masse from the 60-seat legislature. Failing this, the city’s pro-democracy politicians say the electoral blueprint for 2012 must demonstrate clear democratic progress, along with a renewed pledge that true and fully democratic elections will be held in 2017. ![]() The democrats have been increasingly frustrated by Beijing’s foot-dragging over democratic reforms and want universal suffrage implemented in 2012, the next available window. Hong Kong’s pro-democracy politicians control over 20 seats in the city’s legislature, giving them a crucial one-third veto bloc over constitutional amendments including the political reform blueprint. WHAT DOES THE PRO-DEMOCRACY OPPOSITION WANT? China tightened its grip on the territory in April 2004, ruling out universal suffrage any time soon. Rights groups said the bill threatened basic freedoms and it was shelved. More than 500,000 people took to the streets in July 2003 in a show of discontent with Beijing and government plans for a security bill to criminalize treason, secession, sedition, subversion and theft of state secrets. Public opinion polls have consistently shown that a majority of Hong Kong’s seven million people want to see universal suffrage realized as soon as possible, preferably by 2012. Democrats remain skeptical, however, and fear China may propose its own power-preserving version of direct elections, with electoral rules stacked against pro-democracy candidates. It pledged direct votes may be held for the Chief Executive in 2017, and Legislative Council in 2020, with two new electoral methods to be settled by 2012. In December 2007, however, Beijing bowed to public pressure to lay out a timetable for granting universal suffrage. Hong Kong’s mini-constitution, the Basic Law, stipulates universal suffrage is the “ultimate aim,” with the territory’s spirited push for direct elections having posed a long-term challenge for China’s conservative Communist leadership. WHEN WILL HONG KONG BE ALLOWED TO Realize FULL DEMOCRACY? While Beijing has promised to grant universal suffrage in 2017, the city’s pro-democracy political opposition remains angry at the slow pace of progress and skeptical about Beijing’s intentions. Hong Kong, a former British colony that reverted to Chinese rule in 1997 with the guarantee of a high degree of autonomy, is the most politically liberal city in China. After a three-month consultation, a final package will be drafted and voted upon by the city’s legislature. ![]() HONG KONG (Reuters) - Hong Kong on Wednesday released a political reform blueprint for electoral arrangements in 2012 for its legislature and leader that will have a key bearing on the city’s progress toward universal suffrage in 2017. ![]()
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