Monday, February 24, 2014

In the world's freest economy, people are free to live in cages

From Too Much February 24, 2014:

The world’s “freest” economy? That distinction belongs to Hong Kong, says the Heritage Foundation Index of Economic Freedom, an annual tally that rewards governments for keeping taxes low and regulations on business feeble. Yan Chi Keung probably doesn’t feel particularly free. The 57-year-old, profiled recently by photographer Brian Cassey, lives in a six-by-three-foot cage home that costs him $195 a year. Why do over 50,000 people in Hong Kong live in cages? Rents for even small one-bedroom apartments run over $2,000 per month. So who’s enjoying Hong Kong’s economic “freedom”? Maybe the city’s top 10 richest. These freedom-lovers,Forbes reports, average $14.3 billion each in net worth.