In news that is rocking the world citizens of Hong Kong have taken over not only the financial district but most of Hong Kong and across the harbor into Kowloon. Some estimates put the numbers as high as 80K. I don't think anyone actually knows what is going on as the demonstrations have taken on a life of their own.
Police who had at first used tear gas and pepper spray to control the crowds have now withdrawn. Usually protests in Hong Kong are very peaceful, it's thought that the violence on the part of the police has stirred the general populace into joining the protesters.
The protests are about China's decision to renege on it's promise to allow full democracy in Hong Kong under the "one country two systems" deal worked out when Hong Kong was returned to Chinese rule.
China has cut many forms of communication with the island and surrounds in fear of the protests spreading to the mainland.
Backstory via CNN
BBC 6 AM EST
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Update: Thanks for recs, I still think this is potentially a big story that is being followed by the mainstream media a lot more than blogs like DK. I've heard of two reports of armored personnel carriers (APCs) entering the island, this photo via anonymous twitterer of one driving through tunnel. HK govt says now is not a good time to negotiate move towards Democracy behind paywall WSJ.