7/24/2014

CPF savings backed by Govt’s substantial assets


This is what Tharman said about your CPF savings, ‘Singaporeans who wonder if their CPF monies are safe can rest assured, because their CPF savings are backed by a govt that has substantial assets in excess of its liabilities’. In the same line of thinking, the Americans need not worry about the debts they owed to the whole world as they are backed by substantial assets in excess of their liabilities, ie the land from LA to New York and Chicago to Houston.. When forced to pay up, they could sell their aircraft carriers and their nuclear arsenals. Or they could sell the Rocky Mountains as well. Similarly the Greece govt needs not file for bankruptcy. They could sell their islands, the ancient ruins and whatever.
 

Are we supposed to feel assured by this kind of statements and this kind of asset backings? Would we be comfortable if the CPF money is gone and the govt starts to patch up the holes by selling the power stations, the heritage sites, SIA, DBS etc etc if the Net Investment Returns Contribution(NIRC) is not enough. Oops, I forgot, we have many billions or trillions of reserves to take on the first charge.
 

OK, OK, now I am feeling quite assured. At worst, just sell a few islands or the whole island. But this is hardly possible as it is impossible to lose so much that we need to sell the whole country right? We have so many valuable assets to sell just in case. Our CPF have a lot of assets to back it up, very very safe.
 

What do you think? Safe or not?

Kopi Level - Yellow

27 comments:

Veritas said...

When financial crisis come, the value of these assets converge to zero.

That is why all former central banks back their assets by gold instead of shares, properties or worse USD reserve.

By the way, I have written an article on Malaysian Malay's recent MTV hit "Chinese Pig", in response to TRS forever posting articles insinuating Singaporean Chinese as racist.

Everything is sellable. Grandmother, cuntry, fella ordinary folks....... said...

Many countries need a strong man to straighten things up.

We have one very old but alive very valuable asset.

He could be worth billions, or even trillions.

When pimps resort to any method including selling their grandmothers, what would stop them selling anything?

For the sake of bathing in honey nectar, swimming in a pool of fine wine, gurgling shark fin soup everyday, staying in 50,000 sq ft 20 bedrooms French Chateau, going for $100,000 overseas exotic cooking lessons and come back to trumpet about it, what cannot be sold and done to maintain such decadent and opulent lifestyle?

The tradeoff is many ordinary folks will be living a hand to mouth or some even a wretched life..........

Anonymous said...

This guy went to borrow $100k from his friends to gamble in the casino. He told his friends his papa very rich. What is $100k?
His papa got many houses, many directorship, got many businesses.

He lost his $100k and wanted to borrow $500k. Told his friend not to worry, got a lot of assets to back up.

Anonymous said...

My question is: What are those assets he is talking about? Don't give me the answer that we need 50 years to calculate.

Since they claimed that CPF funds is not managed by Temasek, and I assume also by GIC, which together holds the lion's share of Singaporean's reserves in name only, where else are the assets he is talking about?

Oh, I forgot, it must be the HDB flats, which in reality still belongs to them, lock stock and barrel. Singaporeans are just lessees, not owners. In the worst case scenario, I wonder what will happen.

Anonymous said...

The issue is "keep your promise - return money at age 55 years old".
- the issue is not how secure or safe the CPF money

Don't get fooled by red herrings.

Anonymous said...

They are so drunk by the years of abusing their power to withhold the people's money as they pleased. They never think that there is anything wrong with it. And they still want to hold it like before.

Chua Chin Leng aka redbean said...

To the many foreign visitors looking at this thread, can a govt withhold the people's life savings as it pleases, decides when to return to the people, how much to return to the people, and make the people buy life and medical insurance on a compulsory basis?

The money is not a state pension but the people's life savings over their working life.

Anonymous said...

redbean
I think Singaporeans need to better clarify what we want from the PAP government.
We say we want our CPF money back at 55 years old.
But then in GE 2016, we will vote PAP again.
This is very confusing to PAP.
The poor things are very confused.

So let's send a very clear message.
Those who want their CPF money back at 55 years old - Vote Opposition.
Those who want PAP to continue to withhold their CPF money until 85 years old - Vote PAP.

Chua Chin Leng aka redbean said...

Agree, that will make things very simple to understand.

Anonymous said...

If it is so reassuring safe, the why have a condition that CPF Life will not pay out if it is insolvent?

b said...

Safe is a mental state. It is better for pheasants to think they are safe than worried about safe but can do nothing about it. Nothing is 100% safe in this world. People dying every second.

DONG! TIMES UP? said...

The many non-transparent measures in recent years, indiscriminate pricing policies, apparent pervasive crony capitalism practices, massive displacement of Singaporeans by lax immigration policies and cheaper foreign workers in employment... etc have completely made countless Singaporeans SHAKEN and VERY DOUBTFUL of their future in this red dot not only in the long run but also even over the next few years.

Nothing originating from the establishment seems trustworthy in the eyes of many.

Short of a HUGE CHANGE, NOTHING arguably would bring the much needed CONFIDENCE and FAITH to many in the streets.

Even if CPF policies are revamped, many are likely not supportive of this regime which is seen to have more than fully depleted its political capital.

Some, if not many at the top may have overstayed their welcome.

With such record in recent years, many would have been kicked out long ago in other countries, even in the third world.

The question is not if but how many will remain after the dust settled.

Anonymous said...

"Nothing originating from the establishment seems trustworthy in the eyes of many"

Exactly. Abraham Lincoln said: 'You can fool some of the people all the time, and all of the people some of the time, but you can not fool all of the people all of the time'.

The PAP would like to think they are different just because they are the highest paid politicians in the world.

THE REAL HARD TRUTHS said...

Everything seems getting from bad to worst each passing month?

The trains are still as unreliable even with the massive spendings on recent repairs and maintenance.

The seeds of decline and destruction were long planted many years back.

Recent problems are likely the tip.

Many of the seeds will eventually become huge rain forests --- almost insurmountable problems layers after layers.

If now all these young shoots are already giving white termites one hell of a time, imagine when the seeds of evil and problems long planted transform into full grown rain forest?

MRT train service already proven the two paper generals in charge, one a three star ex general and another a no look and lagi no talent ex admiral are all nothing but good on paper generals.

How many will dare fight an enemy with all these paper pussy cats in charge if ever there was a war?

The track record of the train unpredictable service and breakdown already speaks volume of the calibre of the self patting on the back paper generals.

Anonymous said...

The train services are like the country. The problems are so deep that when surfaced, it is too late to do anything. More and more serious problems will keep cropping up and only get worse.

ANYTHING BUT WHITE! THIS IS THE REAL HARD TRUTHS! said...

Anon:
//Those who want their CPF money back at 55 years old - Vote Opposition.
Those who want PAP to continue to withhold their CPF money until 85 years old - Vote PAP//

Rb://Agree, that will make things very simple to understand.//


WRONG!

Things are NOT SO SIMPLE!

Likely MANY in the 40% and more and more in the 60% will vote for a dog if it is put there as long as it is NOT WHITE!

Anonymous said...

The Men and Women in White will be grateful to Sinkies for voting them out. This will give them very good reason and opportunity to emigrate.
Can You imagine them living in mansion, villa and bungalow with huge gardens and having much investment that will provide them a life of opulence. Their succeeding generations will have plenty to splurge.
On the other hand, Sinkies will have to deal with all the mess and shit they leave behind.

Kaffein said...

This is so hilarious.

Can anyone tell me how much cash and sellable asset SG has? Will the Finance Minister hold any weight since he is also in the Board?

Imagine a food review book owned by a certain restaurant.

You can be assured the book will claim that all the food the restaurant dishes out are the best in world. Hence we need an independent body to evaluate and review.

Yet I'm certain many will take the whole bait, line and sinker and believe without questioning.

Kaffein

天下无不散之宴席 said...

// The Men and Women in White will be grateful to Sinkies for voting them out. //

If that is the case, sinkies shall do that as the farewell gift to them.

Mb somebody can send a msg to them not to waste anymore resources on last ditch band aid efforts.

There will not be any witch hunt.

Anonymous said...

Wasting resources?

The Only Natural Resource Of Sin is Human and this is exploited to the maximun.
Other available resources are infrastructures that were built over the years. They too are mostly sold, most to foreigners. As such, what band aid efforts? Efforts for what and who?

Anonymous said...

"Likely MANY in the 40% and more and more in the 60% will vote for a dog if it is put there as long as it is NOT WHITE!"
July 24, 2014 4:40 pm

Why is this PAPig so disrespectful towards our fellow Singaporeans ... the Opposition?
Who is to blame for Singaporeans being so distrustful of WHITE?

You WHITE buggers brought this upon yourself.
You promised us our CPF money when we turn 55 years old.
And now you want to unilaterally "evolve" CPF rules?

Whether I carefully spend my CPF money at 55 years old.
Or
I spend my CPF money recklessly.
It's none of PAP's business.

Carefully or recklessly - no PAP government will help a Singaporean.
So fuck off my CPF money.
Keep your sticky fingers to yourself.

Matilah_Singapura said...

RB: Can you spot the lies and/ or stupidity/ and or the presupposition that the people are dumb and easily conned:

First they say: CPF is your money.

Then they say: it is backed by our assets.

Congratulations. You are now a money-lender to the govt.

WOW. This gets more interesting...I like, I like... ;-)

Anonymous said...

They took your money to 'invest' and tell you no worry. Lose, we got a lot of assets to back up. Not necessary to repay you hor. Just back up to make you feel your money is safe, just don't know when to pay you back.

Chua Chin Leng aka redbean said...

It's your money, it's not your money, it's your money, it's not your money.....What can you do about it?

Vote them out in the GE?

Anonymous said...

The most valuable asset I can think of is that 91 year old idol, as someone above mentioned.

So, please do not let him go, otherwise your CPF also follow him to Kranji, I suppose.

Anonymous said...

The people's money in CPF is gone. Pinky mongoose and foxy jinx had gambled with CPF money in toxic American assets and lost every cent of it. Just sue them in the international court to get back the money.

b said...

"CPF savings are backed by a govt that has substantial assets "

- CPF is backed by a substantial assets ie. a 91 yo Lee old man. Can auction him away whenever needed.