2/05/2021

The parallel misguided economic policies of the USA and Singapore

 I must say that there are many parallels between the USA and Singapore, though one is a giant and the other is a midget but deluding itself that it is also a giant. Singapore likes to copy whatever the Americans were doing. If the Americans can do it, it must be the right thing to do, never mind if the USA is of continental size and has 330m population while Singapore is just a piece of rock with 3m citizens and other 3m foreigners. 

When the Wall Street Hedge Funds conned or duped the NYSE to allow them to use high speed computers and high speed trading to cheat the small investors, think GameStop, and change the rules to deregulate and led the crooks in the Hedge Funds to violate all the rules and regulations in unfair trading against the retail investors, creating scrip lending for the small investors to lend their scrips to the Hedge Funds to short the stocks and destroy their values, small bids to allow the super computers to fool around with minimal cost, creating false trading to mislead, hiding their buy and sell positions, etc etc, guess what Singapore Exchange did? No prizes for correct answer.

Now what did Singapore do that is parallel to the USA that is destroying the jobs of the middle class? Sounds familiar already. The American govt allowed the big American corporations to move their operations to China to take advantage of cheap labour, cheap land and rentals and cheap everything, to make super profits without any consideration to the loss of jobs that would affect the American middle class and create a vacuum that could not be filled. Many of the comfortable Americans lost their jobs and became poor! And thanks to the short sightedness and silly economic policies of the American govt, China got most of the jobs and provide full employment to their hungry millions of workers. And China never looked back since and went on to leapfrogging ahead of the Americans.

Singapore did not move its factories to China. Neither did Singapore move its factories to India. It hardly had any. Singapore brought in the Indians/foreigners provided them with good jobs to replace the Singaporean PMETs until many of the PMETS lost their jobs, through early retirement, retrenchment, sacked, or dismissed as unfits or no skills, and the Indians/foreigners from little backward villages of India and the world are hoisted into the sky as the most needed talents, with the skills that Singapore needed, that Singaporeans could not provide. 

The end result is the same as in the USA. Replacing jobs used to be given to Singaporeans to the Indians and foreigners while the American jobs were given to Chinese in China and other parts of the world. American middle class becomes unemployable, jobless. Singaporean middle class gone the same way, for the simple stupid reason of cheaper and better. American solved the unemployment problem of China by creating their own unemployment problem. Singapore provided a few hundred thousand jobs for India at the expense of its own PMETs and creating its own unemployment and underemployment problems for its citizens.

Now the foreigners, especially the Indians, are the new middle class in Singapore, taking over the plum jobs and buying private properties in Singapore from the jobless middle class Singaporeans that have to downgrade to HDB, ie govt housing. The American middle class are having their homes repossessed while the Chinese in China are moving in to new middle class homes.

The parallel is astounding. Neglecting the well beings of citizens for cheap economic gains. What would be the long term effects of this cruel and damaging policies on the citizens of both countries? The jobs lost by the American economy are not going to come back to American homeland. Gone forever. The foreigners that were invited to take up good jobs in Singapore, many are not going away either.

What would be the fate of the American middle class and the fate of the Singapore middle class? Think of the social damage caused to the lives of the middle class of both countries.

PS. The Americans are now investigating their stock market practices to see if the small investors are protected. Or are they going to go after the small investors to protect the Hedge Funds and the crooks in NYSE collaborating with the funds to cheat the small investors?

'The Treasury statement said that both the SEC and the Commodity Futures Trading Commission were reviewing whether trading practices were consistent with “investor protection and fair and efficient markets”.

The meeting on Thursday included officials from Treasury, the SEC and CFTC and officials from the Federal Reserve Board and the Fed's New York regional bank, which serves as a link for the Fed to Wall Street.

In comments earlier Thursday, Yellen said in an ABC television interview that she had convened the meeting because it was important “to make sure that our financial markets are functioning properly and efficiently and that investors are protected”.'

Source: AP

23 comments:

Chua Chin Leng aka redbean said...

Thought I posted this in the morning.

Anonymous said...

Both countries 'Upper Class' got richer and richer leaving the 'Middle and Lower Class' of people got poorer and poorer. Both countries wanto be great nations but become Nay nations. Whilst China has become a Great Nations in terms of economy, financial, science & technological, medical, logistics & military etc.

Virgo49 said...


Oh Mr RB.

Thought you busy preparing for CNY.

Cheers

Anonymous said...

Last year when USA says no need wear mask, Singapore also follow say no need wear mask .

When USA came up with ObamaCare, Singapore follow with Medishield Life.

No original ideas.

Anonymous said...

American CEOs pay themselves millions and millions. So we also pay our CEOs millions and millions, some doing fuck all.

They push their healthcare to become unaffordable to their ordinary folks and made everyone buy insurance with premiums chasing after healthcare cost and healthcare cost pushing up premiums. We also going that road and now all the oldies with no jobs and no income must pay and pay until their CPF boh lui leow, with medical insurance premiums going up and up. This is robbing the oldies that have no more money to rob.

What more to learn from the Americans, trying to put our little finger into everyone's affair?

Bring in more foreigners because we have a continental size island like the USA?

Chua Chin Leng aka redbean said...

Hi Virgo, think I did add a few more sentences and thought I posted it and happily went about doing other things.

Virgo49 said...


Now Dotard Trump younger Bro that Johnson wanted to join the Trans Pacific Trade Pact.

Elder Bro already domiciled and he now a free man not to do his bidding.

Germany.think also getting sick of the Americunts as they kept belittling them about their Victory of the WWII on the Germans by having annual commentary parades every year to show their arrogance.

Now Germany also told the Americunts not to keep picking on China and cooperate internationally.

Chua Chin Leng aka redbean said...

Without the American intervention in WW2, Germany could have ruled Europe and be a bigger empire than the Americans. Now the arrogant Americans kept bullying the Germans, belittling them, that they needed American protection against the Russians.

It definitely hurt German pride like they hurt the Japanese pride. Two former world powers, one conquering Europe and one conquering Asia, needed American protection or else they would be run over by their victims of WW2.

The Japanese even bombed Pearl Harbour and crippled the American Pacific Fleet.

Anonymous said...

Singapore leeders have no more original ideas. They were schooled by the British and the Americans. Even their spouses were schooled in Western universities. None of them ever study in Asian universities.

They are all brain-washed thoroughly by the Ang Mor.

They are basically "Wang Pern"!

Anonymous said...

They have sold their souls to the highest bidder.

Chua Chin Leng aka redbean said...

做人不能忘根,不能忘本

Anonymous said...

红豆先生,您说得对极了,咱们得知道饮水思源,咱们都是华人。

Anonymous said...

This is transferring the wealth from the Middle Class to the top 1% in the USA. The transfer is almost total and the Middle Class has practically been destroyed. The poor in the USA do not even have US$400 in their pockets, so no need to talk about them playing the stock market.

Here in Red Dot, we are moving in the same direction. Jobs that PMET holds are now taken up by foreigners, helped by the Government's open leg policies. These PMETs were the Middle Class. Their destruction is clearly visible judging from their cries for help that have fallen on deaf ears. PMETs have migrated to being taxi drivers, watchmen and hawkers. These are heritage jobs that were shunned by people before. Now it is back to basics. An old calling in a new age.

Anonymous said...

The Americans did not defeat the Germans. They only entered the war in Europe at the tail end to do the mopping up operation to claim the glory of defeating Germany. They were waiting for the Russians and Germans to destroy each other. But when they saw Russia winning the war they were also afraid Germany will be taken over by the Russians.

It was the Russians that did the heavy lifting and defeating Hitler's Army, with help from the Russian winter. It was a long and grinding war with the Russian side suffering more than 25 million deaths. This part of history is lost somehow intentionally in the history books of the West but not in Russian minds who were there.

When they celebrated the last anniversary of the Normandy Landing, they did not invite the Russians, who played the decisive role in Germany's defeat, for fear of being exposed for their boasts.

SSO said...

Latest medical serological tests survey in India shows that at least 21.4% of adults and 25.3% of children between 3 to 17 have been infected by the Covid19 viruses.

This means that at least 295 million of India's population of 1.38 billion people have been infected by COVID-19 infections.

Therefore, India has the highest COVID-19 infected cases in the world.

What India has "officially" reported so far (10 million infected cases) is a far cry from the reality on the ground. PM Modi is living in his deluded world.

Chua Chin Leng aka redbean said...

I think it is hard fight between the Indians and the Americans. The Americans are also lying about their numbers. Some analysts have quoted that at least 30% of the American population is infected.

They are not being transparent but accusing others of not transparent. They spread this virus and blamed China for it. Trump is a good example in all his lies about Biden stealing the election when he is the one trying to steal the election. They just point the finger at others to shift the blame and attention from themselves.

Anonymous said...

With daily increase in new COVID-19 cases since the tests, the figure of India's infected population is by now nearer to 350 million.

Anonymous said...

China has sent vaccines to more than 45 countries, mostly developing countries that did not have the money to pay out front to the sharks producing the vaccines for the rich developed countries.

How many countries have received vaccines from the champion of freedom, democracy and human rights, the USA or UK? Or the US and UK are keeping the vaccines for themselves with a trickle to a few rich countries?

Even the China hating lover of Donald Trump, Bolsonaro of Brazil, has to turn to China for vaccines for the Brazilians.

Anonymous said...

The USA says help is on the way and this will be broadcasted as big news on MSM. But it is only theory. They do not even have enough vaccines for their own use. Do we honestly, sincerely, morally and ethically believe the USA will help other countries, given the mentality of their cruel and criminal DNA? When they help, it is just to advance their sinister motives, not out of moral or ethical considerations.

They don't even help their own Black people. Charity begins with overseas? Keep dreaming!

Anonymous said...

There were 26 new coronavirus cases, all imported, confirmed as at Saturday noon (Feb 6).

Inconvenient measures have to be put up by all of society, and the pandemic is prolonged as long as new COVID-19 cases continue to be imported into Singapore.

Anonymous said...

Whoever responsible for allowing the continuous import of infected foreigners into Singapore must be held to account when the time is roped. No matter how many years down the road.

These people are extremely well rewarded, yet they failed to do the needful. They must not be allowed to escape from their responsibility and accountability. No matter how long it will take.




Speedwing said...

Singapore is fast becoming a mini-United States of America in the far east. Don't worry, big brother will always look after his younger brother.

Anonymous said...

Singapore seems to be proud of the word 'imported'. Every day the word 'imported' must figure prominently in accounting for the number of people infected. As if this is a good thing and that no community infection is not the norm. I think like the import of foreigners, the 'imported' mentality makes them feel good all the same.