12/08/2011

Are we chasing the high net worth foreigners away?

The best indicator of whether more foreigners are coming is the MRT. Just take the train regularly and you can feel and sense whether there are more or less foreigners in the country. These few weeks I have noticed an exceptionally higher presence of foreigners in the train. They are all over you, front, back, left and right. And the whole train smells.

I only wish the ladies will wear a little more fragrance to make the air more pleasant. Maybe they have given up hope as the smell is so over powering that their expensive fragrance may lose out to the competition.

And yes, there are more foreigners, the foreigner workers, not the foreign PMETs. They used to be a lot of time. But lately the trend is changing.
And with the surprise this morning, yes, surprise, hike in stamp fees for property speculations, the high end foreigners may also move out. No more money to make from the Sinkies. Yes, whenever some speculators, local or foreigners make money from speculating properties, someone loses. Who is that someone? No prize for getting the right answer.

The net losers in the property speculation game are the Singaporeans. Other than the property speculators, there is another big winner, or two actually. The developers and one more, this one cannot mention mah. Can only guess.

Why do we want more foreigners to speculate properties and in the process Singaporeans ended the big loser, holding the baby? The same rationale applies to the stock market. Why allow all the big funds to come here and clean up the market with their super computers? Whose money is being swept away? What is the net gain for their presence? Or what is the net loss for their presence, big funds speculating in the stock market and the rich foreigners speculating in the property market?

Oh yes, more vibrancy, more oomphs, a vibrant financial centre. Who is paying for it? I simple minded, only want to know at the end of the day, is it a gain or a loss to the country and people?

15 comments:

Anonymous said...

Many social problems we are facing today were created by short sighted economic policies. Short sighted meaning profit motivated and taking the easy way out to fast wealth creation. And when painted into a corner, the most creative solutions they can ever come out with are even more taxes and fines. Who suffers? Everyone! Except them of course.

Matilah_Singapura said...

A robust open border policy encourages a big tent.

So it isn't limited to just high net worth individuals. WEALTH is, but at the beginning created out of nothing but human desire, ideas and above all ACTION.

As S'pore is a MERITOCRACY, broad spectrum of immigrants is thus encouraged.

... Which is the way it's supposed to be.

Roll on 15 million!

Anonymous said...

http://www.independent.co.uk/opinion/commentators/johann-hari/the-dark-side-of-dubai-1664368.html

Haven't you read the dark side of dubai? Can you see the many parallels here..once you're hooked on heroine, you can;t stop...

Anonymous said...

Sin must practise meritocracy to the letter. No care citizen or no citizen, good talent stays, no good talent ship out. Sin will then be a city of talents, no hanger ons to the tail coats. That way, Sin will prosper forever, only for the talented.

Matilah_Singapura said...

Fuck Dubai and fuck the dark side. Anyway the dark side gives any city more interest and character.

Bring it on lah, don't be a bunch of pussies.

9 millions by 2015... Please!

15 million by 2020!

Let's go!

Chua Chin Leng aka redbean said...

Matilah, why must you sabo Sinkies? At 5m everything is breaking down. Transport congestion, not enough roads, not enough housing, not enough hospital beds, not enough talents, everything not enough.

You want to suffocate us to death or what? They are building flats that are getting smaller and smaller. They may even reduce the size of hospital beds to cram in another bed.

Tolong, tolong, don't do us in can?

Anonymous said...

The elites will thrive in Sin.
And there are hundreds of millions of elites around us.

Anonymous said...

No big deal lah. Still got enough Sinkies and PRs buying condos to support ministers multi-million dollar salaries and lifetime pensions. Anyway in 2013, govt will rollback all these cooling measures. No more buyers stamp duty. No more 16% sellers stamp duty. In fact sellers stamp duty will be reduced to 1% across the board. Private property owners will be welcomes to buy HDB without having to sell their private property. Govt may allow people to buy 2 HDB per person. And also allow non-PR foreigners to buy HDB as well.

Matilah_Singapura said...

@redbean:

OK, all joking aside...my dirty mind, foul mouth and masturbating monkey...put all those "bonuses" aside...and let's address your concern about me "sabo-ing" Singaporeans.

You are way, way waaaayyy off comrade. I am actually the one who stands for REASON and SUSTAINABLE ideas.

Fact: close the borders and you shut off freedom. More freedom means better ability to handle global shifts, changes in situation, and free exchange of ideas, capital and labour. Therefore: open the borders.

Fact: Ownership. More diverse ownership of private property means more diverse "self interest" in protecting the cuntry. i.e. the more foreign owners you have, the SAFER the cuntry because these folks will act to protect their assets if there is a threat.

Fact: Diversity in gene pool. In the long run, a more robust local population. Better immune systems, better brains, better looking, better physical attributes, more resistance to disease.

Fact: replace multi-racialism with individual diversity, and cultural plurality (this is NOT "multi-culturalism). The idea of "multi racialism" has long worn out its use. For starters, it is completely UNSCIENTIFIC.

Fact: Embedding the idea of MERITOCRACY -- a necessary component of TRUE REPUBLICANISM.
Singapore is a REPUBLIC, not a democracy. The REPUBLIC is governed by the rule of law, the people doing the governing are chosen democratically. In a democracy you can vote in anything you like...even if it punishes some minorities. However under the rule of law, even minorities are afforded protection.

Keeping the borders open and a "success driven" culture will ensure Singapore will thrive as a REPUBLIC.

The motherfucking chow chee bye Singaporeans who make me sick with their constant complaints are the morons who engage in NATIONAL SABOTAGE on a daily basis. They won't even try to change to move with the times. They have become lazy, just like their counterparts in the western democracies.

It is unsurprising: when the cuntry moves from poor to rich, people become complacent, demanding and they over-value themselves.

I'm not claiming the govt is the "good guy", but at least the important policies -- they have it significantly correct, not perfect, but not bad!

OK once in awhile you get an idiot like Viv Bala opening up his long past-due-expired debating mouth, and shit comes out, not only embarrassing himself but ... no, he just embarrasses himself ;)

Chua Chin Leng aka redbean said...

My reply to each of your fact.

Fact: close the borders and you shut off freedom. More freedom means better ability to handle global shifts, changes in situation, and free exchange of ideas, capital and labour. Therefore: open the borders.

No Singaporean is disagreeing with this. Non issue. Only issue how big is the hole and how many should be brought in. Bringing in 1m is 1/3 of the population. Bringing in 10m is 1/30 of the US population.
Only crazy govt will do this kind of reckless thing and the people must get rid of them. It is selling out the people.

Fact: Ownership. More diverse ownership of private property means more diverse "self interest" in protecting the cuntry. i.e. the more foreign owners you have, the SAFER the cuntry because these folks will act to protect their assets if there is a threat.

This is nonsense. We are too small. If there is no control, the whole island or all the choice properties will be owned by foreigners. Another big sell out. Any govt allowing this to happen is traitor to the country and people.

Fact: Diversity in gene pool. In the long run, a more robust local population. Better immune systems, better brains, better looking, better physical attributes, more resistance to disease.

No disagreement. But how chap cheng is necessary? We have enough pool of diverse genes and adding a few now and then is ok. A cup of milk with some kopi becomes kopi susu. A cup of milk with 10 cups of kopi becomes dirty looking kopi.

Fact: replace multi-racialism with individual diversity, and cultural plurality (this is NOT "multi-culturalism). The idea of "multi racialism" has long worn out its use. For starters, it is completely UNSCIENTIFIC.

We have been living with cultural diversities for decades. Let the mix develops gradually and naturally. Forcing the issue is dangerous. Add a little poison in the water, the people may still survive drinking it, like one dead body in a water tank. Put a few bodies there and let them rot and see what happens?

Fact: Embedding the idea of MERITOCRACY -- a necessary component of TRUE REPUBLICANISM.
Singapore is a REPUBLIC, not a democracy. The REPUBLIC is governed by the rule of law, the people doing the governing are chosen democratically. In a democracy you can vote in anything you like...even if it punishes some minorities. However under the rule of law, even minorities are afforded protection.

The idea of meritocracy is good. But one must accept that not everyone or every family will forever produce talented children. And meritocracy varies and is relative. Going pure meritocracy is as good as preparing to cull the lesser talents.

A country or state consists of the good, bad and ugly. Mindless meritocracy will never work as the cleverer or betterer will want the less clever and less better to go. The less talented are also stake holders of the country.

Keeping the borders open and a "success driven" culture will ensure Singapore will thrive as a REPUBLIC.

No dispute with it. It is the unrestrained prostitution with legs open wide wide and eyes shut that are frightening and criminal to the stakeholders of the country.

Keeping borders open does not mean displacing the stakeholders with anyone that wants to come in. Not feasible and not practical and irresponsible to do so.

The talented will one day see their progeny being retards also. This is the cruel play of life. And their progeny will be looking for the abler to look after them. They think the accumulation of wealth will last forever to protect their future generations. Not going to be so easily planned.

The whole new batch could be diseased. If they don't have compassion to look after the less able within the community, the cruel twist of fate will see them fall flat for doing exactly what they think are selfishly right.

Life is unpredictable and there is room for compassion for the less talented. We are human beings, not the animal kingdom.

Matilah_Singapura said...

Talent is overated. The guiding action behind the idea of meritocracy is hard work, and it's frame personal responsibility and the content of ones character.

Get over your irrational fixation on talent.

On the point of character : observe the assholes on this blog and ones similar. No fucking character. Blame foreigners. Blame government. Blame greed. WTF?

In the meantime, those with a healthier, more positive outlook, Singapore offers a wealth of opportunity hard to find elsewhere.

Negative people are toxic motherfuckers. One thing I do enjoy is making fun of their pain... or rather the fact that they prefer to play the victim, instead of rising up, and dusting off, and growing a pair of BALLS.. Please carry on negative people. Entertain me!

Chua Chin Leng aka redbean said...

You have the impression that Sinkies are lazy and good for nothing but demanding. You are very wrong and I thought you knew that by being a Sinkie yourself.

Sinkies are the most hardworking lot, the most thrifty lot, saves a lot but ended being at the wrong end of the rod.

Many of them would not only ended without enough savings, thanks to the high inflation and high cost of living policies, and also would have nothing at the end of the day, or before the end of the day.

The petty little sum that they could have for reverse mortgage of the roof over their heads would not be enough for one hospital admission. They would have to sleep in the parks after the hospital gives them another COE.

Anyone working as hard as Sinkies and as thrifty as Sinkies should be quite comfortable at old age. The sad hard truth is that they are going to be badly disappointed. If they are lucky, may be able to clean tables and wash plates at 80.

Matilah_Singapura said...

Redbean there you go again with yur motherfucking LABELLING. I'm a Singaporean but I'm also an individual.

People are lazy because some individuals are lazy. Sometimes (for the sake of this discussion) those individuals happen to be lazy, whining Singaporeans.

Don't like the label "lazy"? No problem.

Let's agree then that many foreigners trounce the locals because they're willing to exchange more of themselves for less in return, and which in a market place of free exchanges means these folks have more value to offer.

Therefore if the locals don't match this, perhaps they are LAZY?

You make up your own mind. I already know the truth :)

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