Today, it was announced that Oasis Hong Kong airlines have ceased operation. It was the first long haul airline in world, with return coach tickets from Hong Kong to London costing as little as $250, and business class slightly more than $1000. In the past 2 weeks, 3 other budget airlines have folded in the U.S. It looks like there could be a huge wave to follow.

I am really getting sick of all this inflation. Although the headling inflation rate is still in single figures, it is affecting basic neccessities disproportinately i.e. food, fuel, and transport. So I think the real impact is much deeper. Just a week ago, we had a run on rice here in Hong Kong because people thought that prices are going to go up by at least 30%. Now we are having a run on toilet paper because wood prices are increasing. Our petrol costs have gone up 50% already, although partly because I switched to a larger car.

I wonder when will all this stop. It is as if we really need a worldwide recession to snuff out profiteers and speculators.

-Derek