[Congressional Record Volume 143, Number 144 (Thursday, October 23, 1997)]
[Senate]
[Page S11019]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     HONG KONG STOCK MARKET DECLINE

  Mr. D'AMATO. Mr. President, last night, the Hong Kong stock market 
lost 10 percent of its value. In the past week it has dropped 25 
percent of its value. Panic stock selling has taken over the Hong Kong 
market. All stock markets around the world are declining very heavily. 
And as of 2:30 this afternoon the Dow Jones industrial average was down 
215 points.
  This is no coincidence. This is not just the normal fluctuation of 
the stock market. This is a warning sign of what could be yet to come 
in Hong Kong now that the Communist Chinese have taken over.
  I have spoken out before on this floor about the dangers of the 
Communist takeover in Hong Kong and, regrettably, my fears appear to be 
coming true. There is a simple but profound lesson here for Americans 
and for all freedom-loving people around the world. Until recently, 
Hong Kong was an oasis of economic vibrance and freedom surrounded by 
the Communist dictatorship on the Chinese mainland. Hong Kong was 
economically strong because Hong Kong was free.
  Freedom knows no boundaries. Whether it is in America or Europe or 
Africa or Latin America or Asia, freedom is what creates the 
opportunity for people and ideas to prosper, but wherever the 
Communists have ruled freedom dies.
  Mr. President, the collapse of communism in Russia and Eastern Europe 
is one of the epic stories of our time, a true triumph of the human 
spirit against the forces of oppression. Unfortunately, the brave 
people of Hong Kong are suffering a reversal. It is tragic to see a 
free people come under the yoke of Communist rule.
  There is still freedom of Hong Kong today, but the warning signs are 
ominous. We Americans, as the world's foremost champions of freedom, 
must remain vigilant in our efforts to prevent the Chinese Communists 
from imposing the full force of their dictatorship on the people of 
Hong Kong. I pledge to do that, and I encourage all of my colleagues to 
join me in this noble effort to be vigilant and not to permit the 
compromise of freedom on the altar of greed and profits.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Massachusetts is recognized 
for up to 5 minutes.

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