More reserves, more taxes

The issue of our grotesquely huge reserves came into the spotlight again when Hsien Loong hinted of raising taxes to meet increasing expenditure of the govt. Heng Swee Kiat also chipped in to defend the govt’s decision not to touch the reserves, not a cent, despite appeals for the govt to use some of the reserves, just a bit more from the gains from investing the reserves. No one is asking to kill the goose that laid the golden eggs or a drumstick, just a few more eggs.

The discussion has gone to the social media, not a whimper is heard in the main media. Phillip Ang was so disgusted that he posted this on his blog and a copy in the TRE.

‘Perhaps Heng might also be hinting to Singaporeans there have been significant investment losses when he said “I will be very cautious about making statements about how big our reserves are…”.

So, could Heng enlighten us on what’s left in our reserves?

After 3 decades of planning, Heng wants us to believe that the PAP did not save for the anticipated rainy day? And reserves cannot be used because they have to increase perpetually to benefit our children?

I don’t think Heng expected his hogwash to be taken seriously.’

I do not know how much reserves we have, and I think not many people know, maybe a handful. This is may be public money but it is top secret! The public need not know. But from the main media and from the comments and nuances of the top politicians and the fun managers, oops, I mean fund managers, our reserves are growing and growing, though may not be in the scale of the past. The point I am making is that our reserves held in the deepest and darkest vaults are growing every year. There is nothing to worry. They are there for the future, for the rainy day. And the govt will keep growing the reserves, and there is no limit to how big this should be. It can be 10 trillion, 100 trillion, never mind, it is good to keep growing the reserves and knowing that it is there when it is needed.

I can only think of those govts that put their gold in Fort Knox for safe keeping by the Americans. They are not allowed to inspect their gold and cannot withdraw, but happily kept it there, knowing that the gold is there and safe in the vaults in Fort Knox. There is no need to look at them like looking at our CPF statements to bring smiles on the face. The thought of the huge reserves, like the bountiful of gold ingots in Fort Knox is comforting enough.

Phillip Ang should have faith that the reserves are there and growing. They would not be stolen. We have the most honest and honourable men and women taking care of them. The last thing that they would do is to lower their integrity to lie about the reserves. Just trust them. And there are two keys to keep the reserves safe. Never mind if the President did not know much is there. I am just presuming. She may know, unlike Teng Cheong. Have pleasant dreams that we are sleeping on a bed of money, plentiful of money.

Just pay your taxes when raised. The govt needs more money for bigger expenditure. The reserves are like the holy grail, untouchable by the untouchables. You need to be gods to touch them.


Anonymous said...

Rb, very well written, reserve is at least 1 trillion or 1000 billion but for future generation, need to grow it to 2000 billion to be safe so taxes have to increase. One to pay for expenses and the other part to built a larger reserve.😨😨😨😨😨😨😨

Chua Chin Leng aka redbean said...

It is so comforting to know that you also agree with the govt to keep growing the reserves and keep it for perpetuity should the rainy day did not turn up. This is very prudent thinking and planning.

What is spending a few hundred more millions on the Youth Olympic or the F1, or maybe buy a few F35s to boost our image?

Anonymous said...

Increase in Reserves = Increase in Taxes. Logically, this is a simplistic equation use by the Papies to justify their budget & expenditures. It's very easy to hoodwink the 70% dafts Sinkies to make them believe that all the garmen is spending for the own good -- ie the future generations. Whether the same old dafts 70% keep believing the Papies in the next GE, probably even more than the 70% dafts Sinkies will believe in the whites garmen-- stupidity is beyond cure & u got that garmen u deserves.

Anonymous said...

The reserves are reserved for future generations of new citizens, not for current born and bred in Singapore Sinkies . . .

Virgo49 said...

Actually, the PAP been spending too much on Elections gimmicks on Pork not Halal politics of buying votes from the Dafts. Secondly too much on expensive toys.

Thirdly, lost too much on Casinos punting on throwing good MONIES on bad.

Said 8 billions already in budget for the PG benefits. Promises first but now deficits. So health spending going to increase.

Must raise more taxes. Still got two over years made you all tulan.

Then when time comes, chow lors like LHY and Company.

You all don't elect us. NOT our faults.

Leave all the Shits behind. Wonderful excuses to pat backsides just like the Expatriates.

Anonymous said...

"The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on."
- Warren Buffett

"Bush-onomics is the continuous consolidation of money and power into higher, tighter and righter hands."
- George Bush Sr, November 1992

"No warning can save a people (or government) determined to grow suddenly rich."
- Lord Overstone

Anonymous said...

The PAP will shout 'Heng Ah' that the MSM did not talk about it, so most of the dafts are not aware of the issue of how much the reserves are left. Not to say that the MSM would dare to talk about it anyway. The top secret is still safely in the bag.

A trillion today might be worth only a quarter of its buying power in thirty years time, if the investment returns are not good enough to compensate for inflation.

Why keep the reserves to benefit the growing army of foreigners who became citizens, and who came here to have a share of the cake and eat it? This is money from the blood and sweat of past and present generation of true blue Sinkies.

Anonymous said...

These posts though reserves is real cash. So sinkieland has trillions cash unused? It seems not.
If one recalls, the budget must have a positive ending figure. If it is 8bil, then 50x8=4000bil cash should sit on the underground store room. U believe?

The telling sign was: the elites sold one ubs partially. It caused a loss $US4 billions. Any tom plays shares will think hard to buy ubs when it was about to collapse, yet kfc explained it was for long term. It cleared part of the account for a loss of sin 6 bil. That whole account is screwed, no way to make 6 bil cash back. Who object?
Why sold the shares at loss? Simply: there are other bonds to be paid. Cash is needed. Why not take from reserves? Can. But according to "immeasurable service", he knew 32 drawings from reserves, something like tat.

So is the reserves in positive figure or negative figures? It goes both way.

Laymen looks at people living in high stories towel and drive big car as rich. This is sinkieland on surface. But a big car boss can go "disappear chaolow" over night. One movie actress acted in huenchukeke was always being featured as millionaires. Her offices in Beijing suddenly emptied. Hanjin shipping was big time in 2016. Its now no more.
Hanjin owed 6.5trillions debts (in krw). Its retained earnings was in negative 2.5trillions. What Hinjin did was covering its short term debts by issuing bonds, until it finished last breath.

Got the story clear? Sinkieland might be short of cash. It cannot borrow by bonds. So it sells lands. Tax the citizens, especially those selling flats with levies. Tax buyers on cars. Tax citizens on GST. These are majors. There are plenty of minors taxes like conservancy charges, surge charges on electricity and water etc.
When comes to social welfare, the elites will say oh now need to increase taxes. Is this a new item in budget? Never.

If every body has high earnings at 60k a year like what the statistics said, why need welfare?
It is a figures play and the words say sinkies are rich. In real sense, few has 60k a year salaries.

The average families are earning probably 30ks. This figure is unchanged since the son took over. The reason is: the elite uses foreign cheap labor to replace whatever jobs citizens can bargain for higher salary. As a result, the taking in taxes are low. The internal consumption which GST based on are low. So the elites tax the citizens more.

Did citizens remember when sinkies make money, they were doing OEM for angmore countries. Now the sinkie s OEM are done in China. Taiwan, eg also kenna Apple changing OEM. From Honhai to Luxshares, soon.

But diehard sinkies elites cannot get away from doing OEM. Instead, they let firms hire cheap labor to replace citizens asking for higher salary. Look at the 2.5millons foreigners. There jobs is similar to sinkies serving bonds to external debtors:
1. the PR cpf will take out 100%. More PR, more cash need to pay off the external debts.
2. the cash earn by foreigners will ship out. This constantly hurt the internal consumption the elite wants to build up. The elites called "re structuring". No salary high enough to spare, got re structuring? So taxes collections is poor. And they really think raising taxes will help to pay off their keep increasing civil service expenses.

Sinkiesland is like Hanjin. With big assets to show off, but run out of cash. Some thought they have reserves as cash? The elites never show the real figure. Can u image if the figure is negative liao? Who knows. The reason they keep it secret is also a telling sign. If disclosing the figures, may be opposition refuse to be govt in next election. Who knows, correct. To increase taxes to pay for a $100 over millions welfare figures is very difficult to understand the needs. Sinkies has 4trillions reserves based on the above estimation. Haha. This post is meant for pondering, nothing else.

Anonymous said...

How much is enough? It seems like a bottomless pit. Government's appetite seems to grow with time. At the end, it will always need more money for the rainy days? This may be Ok but do we really know how much is in the pot? No? And that is really scary? There were rumors that Knot Ford has no actual Gold Bars. How?

Anonymous said...

Now we can understand why opposition refused to be the Government.

They will have to inherit the shit, and may really lose their pants in the process. Like the Town Councils, lots of time bombs will be there ready for them to open the cupboard. The PAP will not pass on a clean and transparent slate to them. There will be sabotages at every stage of the transfer. You can bet on it.

And that is why the PAP have to have people of their own, obedient and compliant as President. It is to keep the skeletons inside the cupboard, tight.

And that is why Tan Cheng Bock cannot become the President. He is likely to open the cupboard to reveal the skeletons. The dafts will believe it is a race issue. It is more than that. It is to prevent TCB from contesting and winning.

jjgg said...

Not sure how much are in the coffers.. but if you have to legislate to increase your stash then it can be safe to suggest that all your assets are largely non income producing..e.g... Why the need to impose a water tax if your investments in all these water companies are doing well.. for more than years 50.. weve been draining johor's water supply.. we've been earning trillions selling water to citizens n johoreans..where did all the money go to so now they hantam another 30% on.. so where will this money go? A government lacking accountability is a dangerous animal.. my take is that there is very little in the kitty its the action that speaks so much louder than words

Anonymous said...

What is important is not what is revealed, though actually nothing of substance.

What is more important is what is not revealed.

And what is even more important is trying to prevent what cannot be revealed from being revealed.

And therein is the staging of the wayangs of the elected president, the need for increase in water & maybe sugar taxes and GST. Put two and two together and you know where it leads to.

Anonymous said...

And therein is the staging of the wayangs of the elected president, the need for increase in water & maybe sugar taxes and GST.
Put two and two together and you know where it leads to.

December 15, 2017 11:40 am

worth repeating

Virgo 49 said...

Right bros, next GE, must make sure that Opp only quarter or half seats.

Let then remained to aanswer for any discrepancies and accountability.

Huat Ah.

Anonymous said...

1Worry not worry not!

Please increase taxes high high!

Please introduce new taxes!

Please please please, come come tax tax!

No problem! Wet wet water!

So,,,,,tax us tax us tax us!

We can tahan!

Anonymous said...

Stop vomiting!

Anonymous said...

Honourable men?

Who can be more honourable than the Oriental Gentleman known as Teh Cheang Wan.

He is so honourable he committed suicide for corruption.

Don't say no harakiri in Red Dot.

Anonymous said...

After GE 2015, who is making life more difficult for Singaporeans?
- PAP or Opposition Parties?

Anonymous said...

Drivers beware:
park your car within the parking lot if you don’t want the HDB or URA to take your $50.


70% of the drivers voted PAP.
They got the government they deserve.

b said...

Some of the reserves are dead assets especially the europeans ones. They are actually liabilities not assets.

Anonymous said...

Foreigners create jobs for Sinkies.
More foreigners more better.
Taxes are good for the government.
What is good for the government
Is good for the people.
So, the more taxes the better for the people.
Therefore, please tax more and more.
Because it will be more and more good for the people.
The more daft the people are, the more government should tax.
Because it will be good for them and their children.
Keep all the reserves; never use them upon the daft.
Keep for the future generations, the children of foreigners.
Wait till all Sinkies are dead, then use reserves.
They will never feel any pain when they are already dead -

Anonymous said...

Employer foreigners in pinoy is cheap, employ from chennai s slightly higher, employ NS men is $3000pm

The logic for the employer to voice unfair was foreigners are available by Pap.

If you are NS men, u should tell the employer to go to Philippines, or Chennai, to save up the money.

U should not vote for Pap because these firms are depending on Pap to provide cheap foreigners to work against the citizens interest.

If u agree with the employer, u are not likely to need this kind of jobs or retired. Do think for your children because they will live in agony for the small sums of salary and bigger sums of expenses than living in philippines and chennai.

NS men have only one way to survive Pap s forcing the salary to be at Phillippines level: vote against the Pap, vote for opposition to survive.

"The comparison of local and foreign applicants for this job listing shows that the lowest expected salary for a local applicant with a bachelor’s degree is $3000. This applicant, an audit executive, has 6 years professional experience.

Meanwhile, the lowest expected salary a foreign applicant with a bachelor’s degree has listed for the same job is PHP 70,000 – or S$1875. This applicant is a customer service team leader with eight years experience.

The second lowest expected salary a foreign applicant with a bachelor’s degree has listed for the same job is INR 100,000 – or S$2096."
From indeedependent.

Anonymous said...

There r 2 very important building which
(Connnnected via basement)rep.our reserve
Along robinson rd.CPF bldg.n temasek bldg.(both no more)

Anonymous said...

When the Chinese emperor visited his father who had gone to the Mount Wu Tai monastery to live as a monk, the father gave his son 4 characters for him to be a wise ruler: " DO NOT RAISE TAXES "

Anonymous said...

More taxes > kids

Anonymous said...

More taxes mean they have run out of ideas and are desperate for money. This is the beginning of the fall when they knew it was a bad idea but had no choice and had to go ahead. Digging their own grave.

Anonymous said...

Actually reserves only semi secret lah. Just take their websites figures at face value:
Temasek abt $270bln
MAS abt $353bln.
GIC disclosed way north of US $ 100bln. Foreign analysts speculate abt $500bln.
So total est about $1.15 TRILLION.
Probably dont want citizens to know we have so much reserves & that they are still SQUEEZING citizens like nobody business and also no need to ACCOUNT for poor fund management performances lah. Thats why disclosed 20 yr real average returns n not yearly absolute returns .....jio see lang. This kind of performance reports to investors will straight away get fired other than in Spore lah. This affirms incompetence n inability to face the truth of scrutiny lah. No standard lah or poor standard lah.What do u expect from papaer scholars bought up by public money all their lives n have no real success in real risk taking skills. Wrong allocation n placement of human resources at the highest levels...another of the myth n fundamental screw up in Spore.

Anonymous said...

Can you imagine billionaire Wee Cho Yaw insisting all his children n relatives every day, every month n every year giving him financial allowances? (Of course not the case) . But this is abt the state of current Gahmen love of money attitude towards sinkies. Hahaha...majority get what you voted for.

Anonymous said...

Bad comparison with Wee Cho Yaw. He has all the money. He did not gamble or squander his money away. So he no need to demand money from this children and grandchildren.