Globalisation used to be the in thing

We plugged ourselves into the global system in every field. It was a good thing and we have had phenomenal growth by holding on to the coat tails of the American economy and system. And many countries too jumped in and everyone got hooked up into the same system. When the system is sound and doing well, everyone shares the prosperity. When the system is sick, everyone will be infected.

The unfortunate part today is that the global system is so sick, operated by crooks in all colours. And no matter how well run a country is, it needs a badly run country like the US or one in Europe to drag everyone else along. And this gets worst when many of the so called well run and well off countries are troubles themselves. Every crisis is an opportunity to patch up holes, and to create bigger holes.

And the rot does not stop here. The Americans and Europeans have plundered the system, corrupted the system and cheated the system for so long that it is no longer able to continue with just printing money for the crooks. They just cannot print fast enough.

And the safety of being too big to fall becomes the biggest problem as all the too big to fall is falling. Every too big to fall has an empty or rotten core. This looks like the world is set to have a free fall and there is no where to run.

All those stuck with big mortgages and multi million dollar properties are like those too big to fall. But when they fall, it can be quite disastrous. The big foreign banks are retrenching, downsizing. And the people let off are big earners with big mortgages. It is coming. It is contagious.


Anonymous said...

Leaders have forgotten the principle of diversity and diversification in managing risks, in their haste for globalization.

EU is a good example of integrating trade with a common currency and common monetary policy, lacking flexibility for so many different countries. More currencies, not one currency can mitigate same direction, communal globalization risk.

The direction of one world, one currency, one government is a very, very bad idea.

Anonymous said...

The best thing is not to plug in, and we shouldn't have plugged in. For the world is operated by crooks of all colours, the rich plundering the poor. If we had not plugged in, we wouldn't be at the risk of being infected.

If we had not plugged in, properties prices would not have risen so much, making sinkies sink in their hard earned money into huge mortgages which can only crash - its a matter of time. Cost of living has risen so high. Globalisation used to be a good thing, but now it is not.

Whose fault ? Surely it was the govt's fault. Maybe we should give LTK a chance to govern, close up Singapore and unplug ourselves from the global system. I hope it is not too late. Lets see whether it works, and hopefully, sinkies can earn the high salaries now occupied by FTs in MNCs, have a SIngaporean First Policy in all sectors, earn high salaries. Inflation would come down as there will be less FTs around.

It takes courage to vote for change. Give him some time to recruit capable people as ministers. I am sure he is able to recruit many capable people like Chen So Mow who was talented but now earn a fraction of what he used to earn. Many people in the 30s and 40s will step forward to serve the residents who are the real masters of the country.

Chua Chin Leng aka redbean said...

Globalisation was a good thing and can still be a good thing. The trick is to know what to plug in and what to unplug. Blindly plugging into the global system will not only bring in everything, like GIGO, garbage in garbage out. And there is also the virus that will sneak in. Think GIC and Temasek and the financial crisis. Think our CPF savings.

Look at the financial system and the stock market, just count the number of days before they go kaput. Sad thing is that no one can see the danger of this happening.

China is also plugged into the system. But they are carefully guarding against bringing in garbage that will destroy their system. China will use their great wall to guard against importing toxic products and systems to destroy its financial system.

Anonymous said...

China will kaput sooner or later. Look at their property. As long as they are plugged in, they will be infected. The lure of money will make any system kaput. Money is like drugs, at first it looks innocent enough but as you consume more of it you get addicted without you knowing. And it affects every level every stratum -not only the rich gets addicted. It is just a matter of time.

Luckily our financial system was strong - our banks are among the strongest. Not many toxic products have infected our system. I agree with you GIGO. Luckily for the moment ours are not. But we could still do better.

Maybe WP could do better, better our GIC returns without incurring the billions losses - i.e., a 90-100% success rate in investments. And lower our inflation while increasing base salary for all low level workers. I dont know how to increase low level salary - maybe legislate it. And unplug our self from the system because as long as you are plug, you will be infceted. At most if WP cant do it, we could always go back, hit reset.

Anonymous said...

Globalization is inevitable, but retains diversity and diversification. We have common interests, but at the same time we are all unique. Do not follow the herd blindly, if not we become the pigs for slaughter. Cheers

Anonymous said...

Wow, very Cheem. Heads you win, Tails you win. Just like the Opposition.


Anonymous said...

Can understand. You need to switch on the light in your head.

Chua Chin Leng aka redbean said...

Just remove the blinkers will do.

Anonymous said...

Just look at WP, there are so many potential ministers calibre. LTK as PM, CSM as DPM, .... our dreamteam. Png as Trade n Industry Minister, never mind he opened and closed 8 out of 12 companies in the last 12 years and now runs a flower shop.

Anonymous said...

Opening and closing 8 out of 12 companies means he is a decisive fella and bites the bullet if necessary.

Not like some who pretends that everything is hoky doky when the world is already falling apart starting with the Eurozone.

Opening the flower shop is good. That means he has time to smell the roses, is genial and will not spend most of his time fixing another political party.

Truly my kind of guy!

Ha ha.

Anonymous said...

Haha, jokers.

Anonymous said...

Big depression coming to the world 2101-2012,but it is aklso the beginning of new earth.

Anonymous said...

@ ANON:May 29, 2012 10:55 AM
"Give him some time to recruit capable people as ministers."

We only need honest, down to earth leaders who want to unite Singaporeans.
They don't need to be scholars.
We can hire experts from anywhere in the world to come to Singapore to advise us.

For example:
You want a Swiss standard of living?
Let's bring in a team of Swiss experts from Switzerland to advise us.

Cut out the middleman in white.
No need to vote in the Millionaires in White.
No need to send them to Switzerland to study the country.
And then come back to Singapore.
And implement a half baked version of the Swiss success.

Don't worry about the paper qualifications.
We can hire the best experts from anywhere in the world.
What we lack are leaders who truly REPRESENT Singaporeans best interest.
We need to vote such people into parliament.

Matilah_Singapura said...
This comment has been removed by the author.
Matilah_Singapura said...

Despite its "problems" (aka "opportunities"), I like and fully support globalisation...especially in a world of FIAT currency.

This allows the distinct advantage of living in a cuntry which has "civil liberties" but high taxes, deriving income from another cuntry which has low taxes but perhaps thin on civil liberties, and being a citizen of a cuntry which doesn't tax income derived from overseas. This is known as the 3 Flag Theory.

For those with large asset base, they might choose the 5 Flag Theory.

Because of FIAT currency system, most cuntrees will borrow and print in competition with each other to make their exports cheaper and more competitive, to the detriment of the hardworking savers in that cuntry, who'll see their wages lag behind the increases of cost of living. The idea it not to be caught up in this MAD system, but to exploit the situation and at the same time protect yourself, your family and grow your wealth.

If not, you are apt to join the whining and complaining masses, who have to work longer and harder so that the goods are faster and cheaper.

Got multiple passports?