“We have used a generation's worth of savings to combat a crisis of a generation. We must therefore ensure that our fiscal balance is put back on a stable path when the economy recovers ...” - DPM Heng Swee Keat, in MoF’s addendum to the President’s address.
With great respect, this is nonsense coming from the Hon DPM. By any sensible measure of national savings, a S$50+bn draw on past reserves does not represent anything close to a generation’s worth of government savings - or if it did, then the Minister for Finance, and the management of our reserves investment institutions, should be promptly fired!
That’s one reason we need an elected opposition in Parliament - to check the PAP when it’s statements fall off the rails."
On 31 August, gov.sg published a "clarification" article to refute Lian:
- More at AllSingaporeStuff.com https://www.allsingaporestuff.com/article/gahmen-takes-cheap-shot-lawyer-who-disagree-stroke-hengs-ministry-finance-addendum-statement
FB: http://fb.com/allsgstuff
Remember the 10m population misinformation or disinformation or 'spreading lies' or whatever Vivian called it, this 'generation's worth of savings' is coming very close to it. What does Heng Swee Kiat meant by saying 'a generation's worth of savings'? Was it a figurative statement, not meant to be read literary, or an unnecessary exaggeration?
How much is a generation's worth of savings? $50b? So little or too much? What is the real number? A generation is not about one year but 30 years. A generation's worth of savings is about 30 years worth of savings and can be quite substantial.
What do you think?
34 comments:
Had extra another 2.5 millions as burden.
Sponsoring parasites that just contribute another one or two percent to the economy.
Just like gaining a few dollars and lost millions.
Stupidity really no cure.
I take it as a figure of speech because Ah Heng is talking about figures. Pun intended.
Our founding generations saved to spend on the new citizens and foreigners.
Conservative estimates of one generation (30 years) worth of CPF savings alone, not counting other types of savings, is $2.333 trillion.
So the $50 billion is chicken feeds.
Wonder how much losses Singapore's sovereign wealth funds Temasek and GIC have suffered in India during the last 2 decades.
At end of year 2004 the USD/INR was 43.66 and USD/SGD was 1.6902.
Today the USD/INR was last at 73.30 and USD/SGD last at 1.3669.
That means the Singapore dollar strengthened against the US dollar while the Indian rupee weakened against the greenback since 2004.
Effectively the INR/SGD cross rate fell from 0.0387 in 2004 to just 0.0186 today - a whopping 52% !
Just on foreign exchange translation losses alone, how much have Temasek and GIC lost in India? Benefits of India CECA indeed !
The INR/SGD was
What, got some more Singapore talent wanting to take advantage of CECA scheme to work in India to earn rupees?
CECA - An Invasion Without Firing A Single Shot!
Facts:
Singapore's population is 5.85 million, while India's population is 1.38 billion today. 15 years ago, Singapore's population was much smaller.
Question:
Who in the world would sign an agreement of exchange of "free flow of talents" with a country of 1.38 billion mouths to feed, knowing fully well that his own country has only 5.85 million people?
Answer:
Only Singapore's Pseudo Leeders who claimed themselves to be outstanding talents in order to make themselves instant multi-millionaires within one or two years? No one else.
Comments:
1. ALL the other countries that signed the RECP refused to allow India to take advantage of them by including the terms from the CECA agreement, specifically those concerning the "exchange of free flow of talents" clause.
2. Until today, the idiots who have made the grave mistake are still trying to defend themselves with all sorts of excuses and refuse to make amends.
3. If CECA continues in force, Singapore will be "captured" by India without firing a single shot, in the not too distant future. The writing can be clearly seen on the wall. I have no doubt about it.
4. As it is today, the Indians, both local and foreign, are in control of Singapore already. Most of the powers are in their hands.
5. Under the leedership of a very sick man, the Banana has been out-manourved and out-witted by the Mangosteen.
Continues from above:
6. Singapore has become the "Sick Man Of Asia", from 1st World To 3rd!
7. A prodigal son will spend all that his father had saved and destroy all that his father had built. This story has been played out is clear view by all to see. Yet the dafts cannot see, cannot feel, cannot think. It is going to be a very sad ending. So, bite the teeth and wait for it to come.
8. The saga of the high almighty CAG chairman vs a low-salary maid (Giant Goliath against Tiny David) depicts exactly the sad story of Singapore today for all to see and feel. This real life story summarises everything into a single episode, if anyone has bothered to see it in wider perspective and think deeper.
Hi SSO,
Will put your post up tomorrow.
Hi....the Sg government is indeed very very kind very very caring very very generous very very very ........where to find in this world! U tell me lah!
CECA - An Invasion Without Firing A Single Shot!
Facts:
Singapore's population is 5.85 million, while India's population is 1.38 billion today. 15 years ago, Singapore's population was much smaller.
Question:
Who in the world would sign an agreement of exchange of "free flow of talents" with a country of 1.38 billion mouths to feed, knowing fully well that his own country has only 5.85 million people?
Answer:
Only Singapore's Pseudo Leeders who claimed themselves to be outstanding talents in order to make themselves instant multi-millionaires within one or two years. No one else.
Comments:
1. ALL the other countries that signed the RECP refused to allow India to take advantage of them by including the terms from the CECA agreement, specifically those concerning the "exchange of free flow of talents" clause.
2. Until today, the idiots who have made the grave mistake are still trying to defend themselves with all sorts of excuses and refuse to make amends.
3. If CECA continues in force, Singapore will be "captured" by India without firing a single shot, in the not too distant future. The writing can be clearly seen on the wall. I have no doubt about it.
4. As it is today, the Indians, both local and foreign, are in control of Singapore already. Most of the powers are in their hands.
5. Under the leedership of a very sick man, the Banana has been out-manourved and out-witted by the Mangosteen.
6. Singapore has become the "Sick Man Of Asia", from 1st World To 3rd!
7. A prodigal son will spend all that his father had saved and destroy all that his father had built. This story has been played out in clear view for all to see. Yet the dafts cannot see, cannot feel, cannot think. It is going to be a very sad ending. So, bite the teeth and wait for it to come.
8. The saga of the high almighty CAG chairman vs a low-salary maid (Giant Goliath against Tiny David) depicts exactly the sad story of Singapore today for all to see and feel. This real life story summarises everything into a single episode, if anyone has bothered to see it in wider perspective and think deeper.
Sayonara, my beloved Singapore, don't cry for me, I will cry for you.....
SSO - 10 Sep 2020.
RB,
Thanks. I have rehashed and made corrections to typo errors to make it easier for you. Thanks again.
SSO, it's good to have a Sanctuary elsewhere when Sinkiekand became a Feudal Empire.
Daft sheepie Sinkies deserved their fates to be Slaves and their following generations also automatically be owned slaves to the Feudal Lords and Elites.
Only wise Singaporeans will have a survival route out.
The Temasek executive's public defense of his friend in the maid setup case has raised awareness of an ugly aspect of Singapore's modern society.
Even Opposition Leader also Indian. Where got hope?
When China-man Lau Ah Kiang was Opposition Leader for more than 20 years, he never get the title and extra pay of "Leader of the Opposition" (LO)(also means Laughing Out).
But when an Indian took over for only the first year, immediately he gets the Title of LO. What can be more clear than this?
Somebody must be behind all these moves. A pair of very strong unseen arm-twisting hands, stronger than the beneficiary of the knuckle-duster.
If you put two and two together, you can see a pattern of an unseen hand manipulating all the moves in the last 16 years.
In fact, there are two pairs of unseen hands pulling the strings from behind in the dark. These two collaborate with each other to run the whole island. This is my personal perception. I may be wrong.
This Liew can said it's a civic duty to report to the Police when back from overseas, he discovered some of his belongings in the Maid's procession.
What's civic duty? This is actually between Ms Parti and his family and can be settled privately if they are magnanimous enough even if she really stole the items.
Afterall, she already served them for so many years.
Even an ordinary family will also forgive her if this is the case.
Human kindness and rewards for her service.
They looking for an opportunity to fire her and hopefully not to return and give any discriminating statements against them for their chow kar rich people gian png trying to save costs and worked people to death by working for two and three places.
Also, why no action from MOM when she complained to them?
Others, will be prosecuted too late and slow also tulan.
Luckily, the old lady as in our old generation not so evil hearted souls saved her with her honest testimony.
Right you are SSO.
Also Lau Kiang was so civil as loyal OPPO to them..
Never really stir any shits and they nailed them with all sorts of plots.
WP under LTK was even laughed at by some Oppo supporters as PAP second team.
See how malicious and cunning the Papies are.
Singapura would be renamed IndraPura soon.
POOLAH better to Matland.
Aiyo, what's is 34K worth of second hand even Fake Pirated goods?
Just half an hour pay for him.
Singapore is a land of opportunity for all the nationalities of the world, most evidently for those from the Indian sub-continent. Population of Singapore will grow over the next few years, maybe reaching 10m. Very soon, the number of true blue Singaporeans will dwindle, partly because of inter-marriage between true blue and foreign talents. Also as true blues are reluctant to reproduce, percentage of true blues will get smaller over the years. Sorry to see this but as things goes, this scenario is inevitable.
Bro, this type of stifying environment you want true blue Sinkies to reproduce more children to suffer?
Only foolish ones!
So how? What can true blue Singaporeans do? Emigrate? or just live with it? Until the 61% can be educated, things will go on as usual. So sad.....
"Until and when we are prepared to overturn crony capitalism and elitism in our beloved Nation through our voting patterns for genuine change, more of such cases may continue to go undetected unless another Mr Balchandani or M. Ravi are prepared to uphold the principles and spirit of the law education they received.,
~ Dan De Costa.
Just to add.
NOT only suffer but as the Sinkies Fedual Lords and Noble Astro Cats demands that they are also their Owned Slaves.
With their cronyism and favouritism for their own, the peasants in Sinking Land would always be Peasants.
What's Metro Crazies they harping and fighting to level inequalities?
Wow, Mr RB today supposed to be fresh from the Oven's rendition of SSO's article would definitely be cut short by the Fears mongers Lim Kopi and that counter part Soto Mee seller.
Our Great Shame will give another warning of contempt of court as now their own, Their Real OWN AG is reviewing the case.
Better save our 15K or even MORE as peasants for harping on this matter.
LSW as also considered one of their Elites may be let off lightly.
Fear-mongers have been paid to induce fear here. That's their job, which they diligently carry out for the few dollars while the top dogs are earning millions. Stupid or hardup.
Dogs that eat shit cannot change - they must continue to eat shits.
Hey bro. Don't talk like that. I think they have your interest at heart cause u old dude already. They just advise caution cause your ass really can not tahan sodomy lar
Not that I wanted to say you. Be open minded and accept different view lar. If not I akso want to sodomize u to wake u up
Papies paid fears mongers since independence that the dafts till today their present generations with same genes and indoctrinations behaved the same.
Lost cause and LOST country.
Deserved to be screwed and take over by foreigners
No sympathy as thousands and thousands gonna roam the streets
Faking deserved it
Asshole bandit, one of these days you are going to be sodomise by others.
That time they built 3 joss sticks - MBS, they have already started the demise of this island.
Vice
is
Sin.
I think some airport Terminals are going to be White elephants. If air travel can only return from the dead by 2024, wonder how many more will be retrenched from SIA, the airport, the restaurants, the shops etc. Terminal 5 has to be terminated for sure.
As
said many times before,
there shall be many many white elephants in Sin.
RWS, Sands, Sg Flyer, Garden by the Bay, Changi Airport Terminals, Tuas Enlarged Pier and even Exhibition/Exposition Centre shall All become Liabilities.
This
time it is going to be very fatal.
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