All the countries doing the wrong things
The US is going to curb employment for foreigners. And KL is also doing so. The big bourses in Tokyo, Australia and some others are curbing short selling. People are having second thoughts on minibonds and derivatives, high leverages on stocks and assets have proven to be very destructive. The exception is Singapore. We know we are doing the right thing while the world fumbles with about everything. That is why we are so successful. We will continue to welcome foreign talents. We will continue to sell minibonds, with a bit more care. We will continue to let short sellings in our stock market, it can only be good. Let the market forces determined the price. And we will continue to have derivatives and more derivatives. Leverage is good. Imagine one can take 5 or 10 mortgages on a house. There will be more liquidity. Why would Conrad Raj wrote against introducing more derivatives in such a time? He said it is like encouraging gambling. One stock with 10 derivatives means it is multiplied 10 times. If it fails, it will hurt 10 times, exactly like minibonds. Our stock market does not need more stocks or IPOs anymore. We can keep expanding by just multipling the stocks with more derivatives. So many people have been burnt with fortunes destroyed because of derivatives. Why can't we learn a little and be a little more cautious? Why can't we learn from other's mistakes? No, the others were less talented than us and do not know how to do it right. We are so talented until we can't find anyhow to fill Ho Ching's position and need a foreigner to come and help us find the way. By the way, I fully agree with Conrad Raj's reservations and concerns.