Are our reserves affected?
We have been told that Temasek lost $58b and GIC is likely to fare worst in absolute numbers, maybe more than $100b. The combined sum is no small change, not the kind of money that people burnt away for the nether world. This is real money and a huge sum in all counts. So, how much of the loss is from our reserves? Or shall I ask, are our reserves affected at all? Can we presume that GIC and Temasek are managing some money that came from our reserves, or what they are managing are independent funds that have nothing to do with our reserves? If the latter, then there is no need to ask further questions about losses or depletion to our reserves. So far we are led to believe, from all the official statements made, that there is a dent, big or small depends on one's appetite, in our reserves. Sometimes back the media reported that our reserves were about $200b. If the combined losses of GIC and Temasek were part of this $200b, we are in big trouble. Oh, another question. How much of the reserves or the losses were the people’s money from the CPF? I am asking these questions because they have not been asked and it is awkward to expect the MPs or ministers from the govt to ask them. I will be glad if they prove the public expectations wrong and start to ask for more clarifications instead of leaving the bulk of the asking to the NMPs and opposition MPs. Inderjit Singh is one of the few exceptions to ask questions related to our reserves. But we are not getting any wiser and the above questions could clear some air as to how bad is the damage to our reserves, if there is any damage at all. The other incredulity is that despite the thick layers of protection to our reserves, once in the hands of fund managers, they could be used for high risks investments. We protect our reserves from our people but not from fund managers. Does this make sense? Oh, if all the money lost is not part of our reserves then all my comments are hot air.