Buffett lost nearly $900 mil in one bad investment. He liquidated to cut
his losses. Is losing $900 mil a big sum or is it just peanuts to some?
Or would someone be saying, ‘What is $900 mil?’ For sure, Buffett did
not think it is a small sum and is very grouchy about it. He must have
felt bad that he had let his investors down. From his comments he came
out very apologetic and assuming the responsibility for making a wrong
bid. Well he wins some and loses some but overall he made a lot of good
calls.
In the same thread posted in TRE, a blogger posted this:
• Say NO to GAMBLING:
March 18, 2014 at 11:33 am (Quote)
How can we be sure that the “SURPLUS” on accounting is still there in reality?
To prevent further gambling losses, all CPF should be returned to citizens when they turn 55.
Now who is gambling and why such a comment? The very reason to keep the
money in the CPF and delaying withdrawals and all the minimum sum
schemes is to prevent the CPF savers from gambling or squandering away
their money. CPF is very safe. And I can quote Lim Swee Say for it. Why
would bloggers make such a comment as if the CPF money is at high risk
from gambling losses?
Can someone explain this to me? I still have some money caught in the
CPF that I cannot afford to lose. I need to know that my money is safe.
The reason why PAP has to hold risky asset is because central banks in the world are no able to hold much gold without incurring the wrath of USA.
ReplyDeleteBut holding of to US treasury bills or dollar is amount to financial suicide.
So PAP need to invest in more risky asset class.
I would suggest we stop owning risking asset class, but hoard up stuff like gold, silver, platinum, palladium as far as possible.
Next in line will be oil, copper, molybdenum, tungsten, rare earth, uranium, tantalum, titanium.
In current system, government MUST not incur too much trade surplus because PAP will never know how to manage it and the value of USA is heading towards zero.
We can give worker higher salary, more holidays, less working hours to slow down surplus accumulation.
Then our babies will increase. PAP ponzi demographics to fuel surplus is economic suicide for Singapore.
Suicide or not,
ReplyDeleteno escape from
Destiny.
If You understand
Reality.
Vote Opposition if you want to make sure your CPF money is safe.
ReplyDeleteWho else will do the job?
Tony Tan?
"Your" CPF (which is not actually yours, and it is actually a tax deceptively engineered to look like "savings") can be used by the govt to do whatever the fuck they like, and there is NOTHING you can do about it.
ReplyDeleteI suspect it is being used to secure the DANGEROUS AMOUNT OF PUBLIC DEBT -- 111% of GDP, 2012 stats.
How to service that debt? Simple. Force people to pay a tax from every paycheck and lead them to believe it is "savings".
As I said before: everyone in the private sector would sacrifice their families to demons if they could get away LEGALLY with such a scheme (scam?) for decade after decade.
CPF -- Simply brilliant! Cash flow? Guaranteed. Revenue? Guaranteed. Profit? Guaranteed. Risk? Zero. Interest paid to members: Negligible. Risk of capital flight? Zero. Sustainability: Indefinite. Size of customer base: entire working population.
Wah. Spectacular business model lah.
Risk is never zero, else why would they cant promise the minimum sum annuity payout. They even passed the bill to stop payment if the fund is insolvent.
Delete@106
ReplyDelete>> Risk is never zero,
Yes, you are correct. However for all intents and purposes, if you personally are "lookng after" the nation's CPF, the risk is essentially zero, because as long as there are working people, there will be "revenue".
You can lose billions, but money is always flowing in. Plus they can change the law ANYTIME to increase your contribution; they'll usually leave the employer alone. They'll start with 1 or 2 % to "cover shortfalls" -- or some other bullshit reason, but they could easily wallop you with another (say) 10% -- which means over 1 year you'll pay another 1.2 months salary Ponzi Scheme Tax.
@ Matilah_Singapura
ReplyDeleteWell said.
Greatest Ponzi Scheme.
What says International Court Of Justice, United Nation and Human Rights Organizations??? Are they condoning the Ponzi Schemes happening around the Globe???
You want out of the ponzi scheme just wait long long lah for your money.
ReplyDeleteIn the Western countries, it is apparently clear that all the pension funds are ponzi schemes, with most actually insolvent and those workers that contributed during their whole working lives are now not even sure of getting their pensions in the years down the road. I hope CPF will not follow suit.
When they designed the pension schemes everything works out fine and rosy with great promise. One financial crisis is all it takes to wipe the plate clean.
Who are the suckers? Were they forced into it or given the option to get out of the scheme?
All gov is evil. Some are more evil than others. How can they be so nice to come out with a savings scheme to help the people? All they want is to take what belongs to you to become theirs. in return, you will have a piece of paper with some numbers on it that is actually quite meaningless. Thus, if the people are wise, they should always enable change in gov so no gov can stay too long and become super evil.
ReplyDeleteAlternatively, you can trade in your ponzi scheme sg to another ponzi scheme my migrating.
ReplyDeleteSomeone told me that TH/GIC/MAS made around $90b gross losses in the last 8 years. Can someone verify it?
ReplyDelete@348:
ReplyDelete>> Are they condoning the Ponzi Schemes happening around the Globe???
Yes. No only do they support these schemes unanimously, but at times have urged sovereign states to increase the scope of these schemes. However they don't call the schemes "Ponzi Schemes". In government parlance it is commonly known as "social security" or "social welfare".
Welfare Statism is very popular amongst the vast majority of planet earth's inhabitants, regardless of culture, creed or nationality.
People around the world vote overwhelmingly to support the welfare state. Invariably, the welfare state -- which is supposed to "help" -- actually shows its true colours and bites The Sheeple in their collective asses -- the true colours being quite plainly a tool of control by those who run the affairs of the state, ENSLAVING the population, for eternity.
Sucked in. No escape.