Singapore benefited from many blessings in its short history of existence. Some are natural, geography, some are through thrift and hard work and the contributions of wise leaders and a compliant population willing to sacrifice and struggle through hard times with the leaders, tightened the belt, spent less, save for tomorrow.
Two of the blessings benefiting Singapore today is plenty of money and the ability to pay many million dollar employees. Singapore is now often spoken of as the richest or second richest country on earth using per capita income as a measurement. The average per capita income for Singaporeans is something like US$90,000. Of course many Singaporeans did not earn this kind of money. The number is being averaged down from the income of many millionaires and billionaires. Nonetheless, Singapore has a lot of money in its national reserves. This is a good thing. Singapore now has officially three state funds managing the nation's reserves which unofficially could be in the trillions.
The second blessing, since Singapore has so much money, means it can pay a lot of employees in the millions. Yes, you need not be a lucky entrepreneur or businessman to become a millionaire or multi millionaire. Just be an employee, be a happy and lucky employee could bring about a great harvest beyond anyone's dream. And the company needs not be super high tech, just simple supermarket or bus companies can still be their top employees in the millions for relatively mundane work.
But these two blessings could turn around to become misgivings or disadvantage. Singapore just has too much money and is caught in a position on how to invest these money. The problem arises when there are too few good opportunities for investment and ended up having to invest for the sake of investing. When investing because there are too much money in the hands of fund managers, karung guni business also good if can make quick bucks. The danger of having to invest for the sake of investing is obvious. Not investing is not an option. This may lead to a tikam tikam mentality. Lose never mind, plenty of OPM to lose.
Then there are the vultures salivating at the money Singapore has and finding ways to lay their hands on Singapore's pot of gold. The combination of vultures coveting at Singapore's reserves and the push factor for fund managers short of good ideas and investment opportunities can be deadly. One trying to grab, one ever willing to part with the money in the hope of making good returns. And why not, it is OPM after all. What is a few million dollar to lose? Singapore has a lot of money to lose, to part, to play with. This is the first step in the thinking that would lead to squandering our huge national reserves. We got so much money, there is nothing to worry. Money chiat buay leow, soo buay leow.
Caveat, people in organisations and companies with loads of money must be reminded that the money did not fall down from heaven, but created and built over the years by their predecessors. These monies are not for them to squander, to tikam, to throw around freely and irresponsibly. They need to protect them like hell. A mountain of gold can be squandered away easily by the reckless and brainless incumbents.
The other blessing of having too many millionaire employees can become a problem when they have to be seen to be working, to justify being paid in the millions. In a similar way, like investing for the sake of investing but not because there is a good opportunity to invest, overzealousness may not be a good thing. When millionaires that have nothing better to do but wanting to show that they are working hard, may come up with spurious projects or schemes that are better not to have than doing. Doing for the sake of doing, coming up with silly projects that are unnecessary or even wasteful, can be harmful than just being wasteful.
Singapore's good blessings must be cherished and carefully protected and not be turned into holes in the pocket, draining away our reserves callously or irresponsibly, all for nothing, all because there is no accountability and responsibility, all because there is too much money to throw around. Do not be so generous with OPM. The OPM are the blood, sweat and tears money of the previous generations.
11 comments:
Unfortunately the millionaires employee are not up to the standard demand of such high paying job. But they think they are worth more than that if they are to look for jobs in the private sector, what a joke. OPM is always easy to spend, you don't feel any heartache even if it was spend wrongly or on wrong things. The best part is also if OPM make some killing on investment, you bet they will all enjoy huge bonus..haha
Blessings do not favor any country forever. Just like everything else. When someone else's turn comes, the tide of fortune also turns. Just look at the USA. It was supposed to be a forever superpower with all the built-in agenda. Everything is in its favor - the US$ hegemony, the military might, the pricing of oil in US$, the world's economy all entwined into its money printing agenda.
Now, BRICS has found the Achile's Heel of the USA - its US$ hegemony targeted by de-dollarization. Everything superior about the USA is tied to its money printing privilege. Take that away and all the more than eight hundred military bases around the world and its military spending falls like ten pins. Without those military bases, the US$ hegemony cannot be maintained or protected. No moves like a walk in the park against countries like Iraq, Libya and Venezuela. What is happening against Iran tells the whole story.
Do not say that blessings cannot go away in Singapore's context. The mention of the Isthmus of Kra project is already sending misgivings to Singapore. Why all the protesting, brickbats and spanner throwing together with the USA? The latter is more afraid of its choking agenda being dismantled. Singapore is afraid of losing its geographical importance as a port. Oh, let us not forget that the choking agenda is all targeted against China, no one else.
Not to worry, we got so much money and can keep on throwing. How much you want?
As the Chinese observed, the First Generation leaders sacrificed and worked hard and strived to build the family's wealth and business.
The Second Generation's leaders try to maintain what the First Generation leaders built up.
The Third Generation upstarts and thereafter take it easy and squander and eventually destroy the family's wealth and business.
It is the same with countries. Singapore was blessed with first class First Generation leaders whose intelligence and wisdom was second to none. They really worked very hard and strived with great sacrifice to build Singapore to what it is today, a brilliant jewel in South East Asia and the envy of the world. Singaporeans have very much to thank First Generation stalwarts like Lee Kuan Yew, Dr. Goh Keng Swee, Dr. Toh Chin Chye, Hon Sui Sen, Lim Kim San, Rajaratnam, E.W. Barker, Ong Pang Boon, President Yusof Ishak and first class exceptional intelligent and wise civil servants like Giam Tong Dow, Chan Chin Bock, Lee Ek Tiang, Philip Yeo and so on.
The Second Generation leaders lacked the quality of the First Generation pioneer leaders but still passable as they strived to maintain the achievements of the pioneer leaders.
But the thaw in quality in wisdom and intelligence can be seen openly in the Third Generation leaders.
But when it comes to Fourth Generation leaders, the people shake their heads in disbeliefs as they are seen to be lacking in all qualities demanding of good leadership and are seen to be performing their duties perceptively and perfunctorily only inspite of million dollars salary.
The people of Singapore are now clamoring for the return of our Fiirst Generation leaders like Lee Kuan Yew, Dr. Goh Keng Swee, Hon Sui Sen, Lim Kim San, Rajaratnam, E.W Barker and so on. Though impossible but at least pray for their spiritual guidance to guide the upstart leaders to do the right things. Otherwise Singpore's survival will face a dangerous future.
Yang Tai Chong
What is 10 million? What is a few billions? This is the mentality of arrogant fake talents thinking they are so talented. They forgot, the money was not made by them. The money is there for them to act important and to talk big. Can afford to throw and throw.
Nothing is more dangerous than pretending that what is to come is always going to be a blessing. Even dynasties fall and empire disintegrate. Blessing is not the prerogative of any country to claim forever.
Third and Fourth supposed to be wiser and smarter than their predecessors with best education and grooming but out to be DUDs
Frankly those who undergone much sufferings and survivals in hard times are streets wise even though with lesser education
Like President Xi in Labouring in the Country sided
The young ones been spoilt with good and comfortable lifes are complacent and took too easy with no real challenges
Anyway good times and good tidings are not.forever
Just hope for the best
One of the most stupid projects by the million$-paid bureaucrats is the returning of the drinks can for 10 cents each . . . . .
Probably little red dot has humongous amount of monies, only problem is how to invest/spent wisely. Tons of monies can be gone will only a silly mistake by an smart alec or stupidly with no cure fellow. Another questions: will there be any next gen naturalized red dot fellows to inherit this legacy, probably no worries at all as there r many Trojan horses to become newly minted red dot fellows, or just throw in more monies or leaves to increase the TeaFR problem solved...
If you buy a drink and walk to the bus stop or MRT, would you care to go back to a machine just to get your 10 cents back?
Invest in Indian AI lor. Oops, I am talking about Air India or AI. Just the right black hole to pour in the money.
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