Hong Kong was supposed to be mainland China’s showcase to the world (Taiwan in particular) of the benefits of its “one country, two systems” policy. Instead, it has quickly become the Communist government’s constant headache. The city boiled with discontent as its new chief executive Leung Chun-ying was sworn in yesterday. Being the Beijing-reporting mayor of a fierce freedom-oriented city such as Hong Kong has not been an easy job, and Leung certainly came onboard in a much worse position than

As Americans pause this Fourth of July to reflect on their independence, it’s worth casting a thought across the Atlantic. One story from America’s founding era, in particular, keeps reminding us of modern-day Europe. Recall that during and after the American Revolution, public spending soared. Without the power to directly tax, the Continental Congress had to print and borrow money to meet its obligations. Printing bills of credit led to inflation: From 1779 to 1781, prices increased nearly 10-

In 1933, four years after a calamitous market crash, Americans were losing hope. But then, on a cold day in March, Franklin D. Roosevelt delivered his first inaugural address.The new president pulled no punches, laying blame for the country’s financial woes squarely on Wall Street speculators ― and, by implication, on their benefactors in Washington. “They have no vision,” he said, citing a passage from the Bible, “and when there is no vision, the people perish.”Roosevelt, by contrast, clearly a

Investor activism is on the rise in post-Fukushima Japan. If it takes effect, the proof may show up at Nomura Holdings Inc. Some stockholders want to rename the venerable investment bank “Vegetable Holdings” to urge healthy business practices on a board embroiled in insider-trading accusations. Just as untenable was the suggestion at the annual general meeting that Nomura re-equip its offices with old-style Japanese toilets ― essentially holes in the ground. Yet another shareholder proposal aims

One way the U.S. Congress could respond to Thursday’s Supreme Court ruling on the individual insurance mandate would be to yank the debate over health care policy back to square one. Simply overturn the law and start from scratch, as the Republican chorus is calling for. House Majority Leader Eric Cantor has promised a vote to repeal the Affordable Care Act as soon as next week, and Mitt Romney has underlined his pledge, if elected president, to dispense with it on his first day in office. What

Shortly after the Supreme Court’s historic health care decision, Barack Obama and Mitt Romney appeared before the cameras to offer their spin. Neither took questions. For weeks, both men methodically calibrated their response to what was the most eagerly anticipated pre-election high court decision ever. The ruling settles the law, not the politics. The outcome poses challenges for both presidential contenders. Obama’s claim that it means the country “can’t refight” the law is a pipedream. Romne

Some 1.78 million students in the United States will graduate from colleges this summer and try to squeeze into the weak labor market. Meanwhile, millions of graduates to-be hope to gain some real-work experience to add to their resumes.Jia Fei, a Chinese international student in the U.S., is one of this year’s summer interns. He recorded his road trip on his micro blog. After driving for four days, the communications major at Washington State University arrived in Los Angeles, where he rented a

In a world of turmoil and gloom, Aung San Suu Kyi is a beacon of optimism. Lately, though, the Burmese pro-democracy icon is sounding like a killjoy. Suu Kyi cautions markets and executives against “reckless optimism” about Myanmar’s prospects, a position at odds with her impoverished nation’s efforts to court them. Fellow Nobel laureate Joseph Stiglitz speaks for the economic intelligentsia when he calls her “excessively pessimistic.” Yet there’s an element to her concerns that isn’t getting en

Congress rewrote patent law last year to reduce the number of unwarranted patents and curb abusive lawsuits by “patent trolls,” but the federal courts have done significantly more than lawmakers to strike a better balance among innovators, consumers and patent owners. A good example is a ruling issued last week that rejected attempts by Apple and Motorola to stop the sale of each other’s smartphones. It was a welcome rebuke to companies that have been tying up the courts with patent infringement