It was a strong and healthy horse. The owner saw the great potential in this animal. He had great plans for the horse to run in all the great derbies across the world, Singapore, Hongkong, Dubai, American, Australian, English etc, to be a champion among the best of race horses.
The best international trainer and manager were hired to groom this horse. World class vets, dieticians, the best diet, drugs and stimulants were injected into the horse. A well planned training regime and the best computer programmes to monitor its progress. The best and finest of everything money can buy were bought for the horse.
For a while things looked promising. The horse was lean and trim, looking more like a race horse. The bets were good and winnings started to roll in. International syndicates were brought in to raise the bets. Big dreams and big time gambling and big egos were fanned.
Then everything started to go wrong. And the horse fell sick, very ill. The punters lost everything and lost interests as well as their capital. The international syndicates also started to lose interests as the winnings got smaller. Their investments were big and they expected big returns. But with all the punters packing their bags after losing everything they had, there was nothing left for the pickings.
What went wrong? Actually it was too obvious. Everyone knew what went wrong except the owner. Even the international manager and trainer knew what was wrong from the start. But they were paid well and tried their best, but not telling the owner. Or maybe they too believed that they could do wonders to the horse.
It was never a thoroughbred to start with. It was a strong and sturdy work horse, a farm horse. It would work hard in the farm and be very productive in its own way and at its own pace. It could never race with the best in the world. It could not take the drugs and the regimes of a race horse.
The name of the horse is SGX.
In the last few sessions, the trading volume has dropped to a level never seen before. It was scary. The investors are fleeing or have gone hiding. They could not win in a system that favours the big players and their machines. Small innocent men are no match against machines. They lost and lost and lost. So were the remisiers trying to trade against the high speed computers.
The next victim would be the brokerage. Their overheads are high. Management, staff, rentals, hardwares, all cost money. The miserable trading volumes would not be able to support their overheads. Retrenchment and downsizing are imminent.
The big players and the machines will find it no longer lucrative to be in the market when there is a dearth of investors. They can’t justify their presence without the comparable income and winnings from the market. They will quit for greener pastures.
The listed companies will find it meaningless to see their shares become penny stocks, practically worthless and unable to raise funds from the market. There is no point paying the listing fee to be in a cheap stock market. It is a matter of time before they start to delist from the exchange as well.
New IPOs will have problems finding takers. The valuation will be low and not worth listing. Even if they are successful in listing, the shares would soon become penny stocks.
The other big losers will be the two great sovereign funds. The values in their blue chip holdings too will go dwindle like any other stocks.
Can the sick horse be nursed back to health? The toll for indiscretion and megalomanic dreams are high. The infrastructure and supporting base of small investors are badly hurt and near to ruins. The industry is at a point of self destruct.
Whither the SGX? Who is killing this workhorse?
9/22/2011
9/21/2011
Is Halloween a wholesome family affair?
My little knowledge of this western cultural event is that it is a family affair where the parents would dress up their little love ones and walk with them, to knock on their neighbours’ doors for a little treat and fun. It is a wholesome family activity really. Or is it not? Maybe our expats here could help to enlighten the ignorant world citizens that claimed to be well travelled and well read of this festivity that it is not anti family.
My memory of the Seventh Moon Celebration also says that it was/is a family affair. The parents would be buying all the goodies and preparing them as offerings to the good brothers for blessing. No one was to say anything bad. Hmmm, respecting the good brothers. All would be in the best of behavior in greeting and praying to them, and offering them the goodies. What’s wrong with diplomacy with the spirits or even devils?
And at the end of it, there would be a feast. Many in those days did not eat chicken or meat regularly. In such a festival, meat, chicken and fish would be on the table. It was a hearty meal for all that did not come often. If this is not a family affair, what is?
The Chinese cultural and religious practices are all embracing and all inclusive. Gods, deities, spirits, devils etc are all welcome to live in peace and harmony with human beans. Gods, deities, spirits, devils can also give blessing and protection to the mortals. When they are kind, they can give 4 D numbers too. There is no constant battle between the gods and the devils. They are all part and parcel of life, in this world and in the other worlds.
Unbelieveable! The physical and spiritual worlds are very colourful and can co exist. And this can only be more colourful with international and foreign devils in our midst. As a cosmopolitan city of the world, we cannot afford to be narrow minded to be religiously correct and puritans.
My memory of the Seventh Moon Celebration also says that it was/is a family affair. The parents would be buying all the goodies and preparing them as offerings to the good brothers for blessing. No one was to say anything bad. Hmmm, respecting the good brothers. All would be in the best of behavior in greeting and praying to them, and offering them the goodies. What’s wrong with diplomacy with the spirits or even devils?
And at the end of it, there would be a feast. Many in those days did not eat chicken or meat regularly. In such a festival, meat, chicken and fish would be on the table. It was a hearty meal for all that did not come often. If this is not a family affair, what is?
The Chinese cultural and religious practices are all embracing and all inclusive. Gods, deities, spirits, devils etc are all welcome to live in peace and harmony with human beans. Gods, deities, spirits, devils can also give blessing and protection to the mortals. When they are kind, they can give 4 D numbers too. There is no constant battle between the gods and the devils. They are all part and parcel of life, in this world and in the other worlds.
Unbelieveable! The physical and spiritual worlds are very colourful and can co exist. And this can only be more colourful with international and foreign devils in our midst. As a cosmopolitan city of the world, we cannot afford to be narrow minded to be religiously correct and puritans.
When scoundrels are in charge
Nations or empires rise and fall throughout history. They all went through the same stages of change in their political ethos regardless of whatever political system.
When an empire or a nation is in the ascent, the leaders will be honourable and work for the betterment of country and people. The same leaders could become dishonourable and cheat, and run the country for their own personal benefits when the empire or nation is in decline. When nations are on the rise, there will be righteousness, rule of law, able leadership and a few good men.
A good example of a nation on the rise is China. Just ignore the political craps coming out from the West and look at how that country is being managed, growing in leaps and bounds, and will soon overtake America, driven by its own talents and political leadership. It was blessed with admirable and selfless men like Deng Xiao Ping, Jiang Ze Min, Zhu Rong Ji, and now Hu Jin Tao and Wen Jia Bao plus a few very able second echelon leaders.
These men are not without faults. But they are driven with a cause. The country is also not without faults, with corruption and abuses of authority in many places. But the rule of law is upheld and will deal with the violators. The violators are the scoundrels and the law is against them. The scoundrels know that they are doing wrong and will have to face justice and the rule of law.
When a nation is in decline, like the US, there will still be the rule of law. But scoundrels are everywhere. And the scoundrels do not think that they are doing wrong and that they have to account for themselves under the rule of law. They hijack and apply the rule of law to their benefits. The rule of law is for the scoundrels. When such a situation is reached, the descent from glory is imminent and unavoidable. For the scoundrels are in charge and the rule of law will not stop them, or cannot stop them from their wrong doings. The scoundrels are on the right side of the rule of law and interpret the rule of the law to their advantage.
See the difference in the case of a nation in ascent? There the scoundrels know that their actions are wrong. In the case of a nation in decline, the scoundrels do not think they are doing any wrong, and their conscience is clear, or they just pretend to be so.
Every society has its own share of scoundrels. But scoundrels are normally put in the right places on legal grounds, ethical and moral grounds. When legal, ethical and moral grounds are blurred and scoundrels can scale over them, no longer obstructions to their actions, when there is no guilt, no wrongs and no conscience pricks, the end is near.
When an empire or a nation is in the ascent, the leaders will be honourable and work for the betterment of country and people. The same leaders could become dishonourable and cheat, and run the country for their own personal benefits when the empire or nation is in decline. When nations are on the rise, there will be righteousness, rule of law, able leadership and a few good men.
A good example of a nation on the rise is China. Just ignore the political craps coming out from the West and look at how that country is being managed, growing in leaps and bounds, and will soon overtake America, driven by its own talents and political leadership. It was blessed with admirable and selfless men like Deng Xiao Ping, Jiang Ze Min, Zhu Rong Ji, and now Hu Jin Tao and Wen Jia Bao plus a few very able second echelon leaders.
These men are not without faults. But they are driven with a cause. The country is also not without faults, with corruption and abuses of authority in many places. But the rule of law is upheld and will deal with the violators. The violators are the scoundrels and the law is against them. The scoundrels know that they are doing wrong and will have to face justice and the rule of law.
When a nation is in decline, like the US, there will still be the rule of law. But scoundrels are everywhere. And the scoundrels do not think that they are doing wrong and that they have to account for themselves under the rule of law. They hijack and apply the rule of law to their benefits. The rule of law is for the scoundrels. When such a situation is reached, the descent from glory is imminent and unavoidable. For the scoundrels are in charge and the rule of law will not stop them, or cannot stop them from their wrong doings. The scoundrels are on the right side of the rule of law and interpret the rule of the law to their advantage.
See the difference in the case of a nation in ascent? There the scoundrels know that their actions are wrong. In the case of a nation in decline, the scoundrels do not think they are doing any wrong, and their conscience is clear, or they just pretend to be so.
Every society has its own share of scoundrels. But scoundrels are normally put in the right places on legal grounds, ethical and moral grounds. When legal, ethical and moral grounds are blurred and scoundrels can scale over them, no longer obstructions to their actions, when there is no guilt, no wrongs and no conscience pricks, the end is near.
The UBS Circus in town
The loss by the trader Kweku Adoboli, has ballooned to $2.9b. GIC is demanding that UBS takes firm action to deal with the problem. The CEO, Oswald Gruebel is asking the board of directors for permission to restructure the banks investment arm. This is like after Mas Selamat had escaped and everyone responsible was calling for corrective actions when the actions should have been taken before it happened.
In the case of banking frauds from rogue traders, it is not something new. It happened and happened and happened. Why are banks paying millions and millions for assholes to run them and allow such a simple crime to be repeated over and over again? It beats me.
The root of the problem runs deeper in the whole financial industry. It is all grounded on greed, to make quick billions to pay themselves. The banks were once an icon of stability and security, rock solid. Banks were conservative, managing wealth. Now banks want actions too, to make quick billions, to pay big bonuses. So engaging in gambling is just another means to achieve such an objective. No, they don’t gamble, they invest in risky products, invented risky products, trade in risky products.
We have seen Barings Bank at ground zero, and a few more strong and solid American financial institutions on the ground too. No one is taking heed. When banks and financial institutions are all gambling in risky products, it is only a matter of time when they go under. This will include DBS, UOB and OCBC, if they are not careful. It will include GIC, Temasek and the SGX. With our SWFs placing their big chips everywhere in such a risky time, a financial collapse could wipe off everything.
The financial institutions and industry have gone far too deep into the abyss of gambling. They don’t even see the difference. It is like drug addicts or the drunkards, without knowing what is happening to them. Only the people watching from outside the fishbowl can see clearly what is happening.
Gambling, taking high risk, conflict of interests, are now part and parcel of the financial industry. More will fail, and fall real hard, if the real problem is not treated. The greed to be big, to be a world player, comes at a big cost, while the ego gets bigger. All cautions were thrown out of the window. Selling of toxic products is fair game, creating an unfair system is fair game, conflict of interests, trading against clients, against small investors is fair game. Making small innocent investors to gamble in useless derivatives is fair game. Paying hundreds of millions of debt of badly run companies, like Manchester United, is fair game.
The road down is very slippery. When will the banks be stopped from risky trading and gambling? When will the financial system be overhauled and toxic products be stopped?
In the case of banking frauds from rogue traders, it is not something new. It happened and happened and happened. Why are banks paying millions and millions for assholes to run them and allow such a simple crime to be repeated over and over again? It beats me.
The root of the problem runs deeper in the whole financial industry. It is all grounded on greed, to make quick billions to pay themselves. The banks were once an icon of stability and security, rock solid. Banks were conservative, managing wealth. Now banks want actions too, to make quick billions, to pay big bonuses. So engaging in gambling is just another means to achieve such an objective. No, they don’t gamble, they invest in risky products, invented risky products, trade in risky products.
We have seen Barings Bank at ground zero, and a few more strong and solid American financial institutions on the ground too. No one is taking heed. When banks and financial institutions are all gambling in risky products, it is only a matter of time when they go under. This will include DBS, UOB and OCBC, if they are not careful. It will include GIC, Temasek and the SGX. With our SWFs placing their big chips everywhere in such a risky time, a financial collapse could wipe off everything.
The financial institutions and industry have gone far too deep into the abyss of gambling. They don’t even see the difference. It is like drug addicts or the drunkards, without knowing what is happening to them. Only the people watching from outside the fishbowl can see clearly what is happening.
Gambling, taking high risk, conflict of interests, are now part and parcel of the financial industry. More will fail, and fall real hard, if the real problem is not treated. The greed to be big, to be a world player, comes at a big cost, while the ego gets bigger. All cautions were thrown out of the window. Selling of toxic products is fair game, creating an unfair system is fair game, conflict of interests, trading against clients, against small investors is fair game. Making small innocent investors to gamble in useless derivatives is fair game. Paying hundreds of millions of debt of badly run companies, like Manchester United, is fair game.
The road down is very slippery. When will the banks be stopped from risky trading and gambling? When will the financial system be overhauled and toxic products be stopped?
9/20/2011
Taking feedback seriously
Wildlife Reserves Singapore is taking feedback very seriously and cancelled a multi million dollar event with 1,000 tickets sold and only less than a fortnight to go. I think this is a progressive spirit to adopt given that Singaporeans are now more outspoken and more willing to give feedback. And sure, feedback must not only be taken seriously but follow up actions must be taken to mean business.
Kudos to the CEO for taking immediate action to cancel the event after negative feedback from the public. I am sure she must have acted on strong feedback, definitely more than the 1,000 ticket holders who wanted to attend the event. I don’t think she would have done so if there were 999 or 99 negative comments to overrule the pleasure seeking 1,000.
After the last Presidential Election, it is obvious that many people are unhappy with the obscene salary that is paid to this office. Nothing got to do with Tony Tan or Nathan. Nothing to do with the office either. It is just that the office is seen as doing too little to justify that kind of ridiculous, out of this world, obscene, nonsensical, insensitive, unjustifiable, unspeakable, shameless… joking pay. This is just my view and I am sure that there are people out there who think that the office is deserving of every cent that is provided for, and the pay is very reasonable for the huge responsibilities of the office. I just want to differ.
Would this office be disbanded, cancelled, just like the Halloween Night event if there is enough negative feedback calling for its dissolution? And how many negative votes will be needed to disband this office?
I am putting up another poll here to ask the people if they think this office of the President should be disbanded or replace with simply a ceremonial one with an honorarium of not more than $250k annually. And I hope everyone here can get their friends to vote this time to give the poll more credence. I don’t think we will get a few hundred thousand votes, but a big enough negative votes should be a good indicator, perhaps, for the main media or govt organization to do a serious poll, maybe even a referendum, whether to scrap this office at all.
Are the people pissed off with such a waste of public money, so many millions, for this office?
Feedback from the lunatic fringe is also feedback.
Kudos to the CEO for taking immediate action to cancel the event after negative feedback from the public. I am sure she must have acted on strong feedback, definitely more than the 1,000 ticket holders who wanted to attend the event. I don’t think she would have done so if there were 999 or 99 negative comments to overrule the pleasure seeking 1,000.
After the last Presidential Election, it is obvious that many people are unhappy with the obscene salary that is paid to this office. Nothing got to do with Tony Tan or Nathan. Nothing to do with the office either. It is just that the office is seen as doing too little to justify that kind of ridiculous, out of this world, obscene, nonsensical, insensitive, unjustifiable, unspeakable, shameless… joking pay. This is just my view and I am sure that there are people out there who think that the office is deserving of every cent that is provided for, and the pay is very reasonable for the huge responsibilities of the office. I just want to differ.
Would this office be disbanded, cancelled, just like the Halloween Night event if there is enough negative feedback calling for its dissolution? And how many negative votes will be needed to disband this office?
I am putting up another poll here to ask the people if they think this office of the President should be disbanded or replace with simply a ceremonial one with an honorarium of not more than $250k annually. And I hope everyone here can get their friends to vote this time to give the poll more credence. I don’t think we will get a few hundred thousand votes, but a big enough negative votes should be a good indicator, perhaps, for the main media or govt organization to do a serious poll, maybe even a referendum, whether to scrap this office at all.
Are the people pissed off with such a waste of public money, so many millions, for this office?
Feedback from the lunatic fringe is also feedback.
GIC’s total portfolio value back to pre crisis levels
Responding to a letter calling for more disclosure for the UBS investment, Jennifer Lewis, Head, Corporate Affairs and Communications, GIC, wrote a reply in the Today paper and also reported in the ST. She said that GIC’s time frame for investment is 20 years. Anyway, all the fears of losing money are unfounded as the total portfolio value of GIC is back to pre crisis levels. No need 20 years to make back the losses.
What this means is that all the losses incurred in UBS and the purchase of American and European banks, and all and sundry investments, have been recovered. At that time it was reported that the total losses were in the region of tens of billions.
Given the assurance from Jennifer Lewis, Singaporeans can now sleep in peace that the super talents in the organization have done their job well and made back all the losses. How much were the losses, and how much were recovered, how were they recovered were not explained. But this is acceptable as such information is probably covered under the Official Secrets Acts or a trade secret that may undermined our security and survival, like not having enough babies.
What perhaps the public may be comforted is for GIC to list out a few of the big gains from its investments that saw the recovering of tens of billions of dollars lost during the financial crisis. It would be very convincing if GIC could just name 5 investments with each making at least $10b profits to assuage the public’s fear of money down the drain. It would be a great public relations exercise to communicate with the people, to explain and inform the people that their money in GIC is safe. Oops, it is not their money as the GIC did not borrow money from the people but from the govt.
Anyway, please tell the people how some of the big losses were recovered and the people will have no reasons to be suspicious of what is happening. Quell the rumour mongers and raise the credibility of the organization, I think, is a good thing to do. It will absolve Tony Tan from all the perceived negative impressions of his watch while in GIC, that there is no more losses, and free Tony to do his unifying job as the Elected President.
What this means is that all the losses incurred in UBS and the purchase of American and European banks, and all and sundry investments, have been recovered. At that time it was reported that the total losses were in the region of tens of billions.
Given the assurance from Jennifer Lewis, Singaporeans can now sleep in peace that the super talents in the organization have done their job well and made back all the losses. How much were the losses, and how much were recovered, how were they recovered were not explained. But this is acceptable as such information is probably covered under the Official Secrets Acts or a trade secret that may undermined our security and survival, like not having enough babies.
What perhaps the public may be comforted is for GIC to list out a few of the big gains from its investments that saw the recovering of tens of billions of dollars lost during the financial crisis. It would be very convincing if GIC could just name 5 investments with each making at least $10b profits to assuage the public’s fear of money down the drain. It would be a great public relations exercise to communicate with the people, to explain and inform the people that their money in GIC is safe. Oops, it is not their money as the GIC did not borrow money from the people but from the govt.
Anyway, please tell the people how some of the big losses were recovered and the people will have no reasons to be suspicious of what is happening. Quell the rumour mongers and raise the credibility of the organization, I think, is a good thing to do. It will absolve Tony Tan from all the perceived negative impressions of his watch while in GIC, that there is no more losses, and free Tony to do his unifying job as the Elected President.
9/19/2011
The only real reason for having more babies
No, it is not about the pleasure of bringing up children, about families and love for children. It is not even about old age security or filial piety where children would look after their ageing parents.
Some mentioned that with low TFR, the young will have to shoulder the burden of looking after their parents. And if there are not enough children, they need to bring in more foreigners. How does that help our young to lessen their burden to look after their parents? Would the foreigners take over to look after them? The logic and reasoning leave me flabbergasted.
You want economic growth or you want stagnation? What a powerful argument! Without more head counts, the economy will slow down, so will the quality of life. The Japanese and many developed countries have been experiencing zero birth rate for decades and the quality of life is getting better, or no worst. Who is kidding who? Are the numbers of headcount the only way to boost productivity and the economy, and a better life?
The truth is out. The reason for more babies is to be cogs to the economy, to keep the economy going. I am saddened that parents are sweet talked into having more babies all because of economic numbers. Holy shit, what is life becoming? Are the future generations being here only to ensure that the economic numbers look good?
Does anyone care if they have a better quality of life, a good living condition, enough space to play, and not having to work till they drop dead?
'The sooner nations reject Ponzi demography and make the needed gradual transition from ever-increasing population growth to population stabilization, the better the prospects for all of humanity and other life on this planet.' Read Joseph Chamie's article, Is population Growth a Ponzi Scheme? in www.theglobalist.com/
Some mentioned that with low TFR, the young will have to shoulder the burden of looking after their parents. And if there are not enough children, they need to bring in more foreigners. How does that help our young to lessen their burden to look after their parents? Would the foreigners take over to look after them? The logic and reasoning leave me flabbergasted.
You want economic growth or you want stagnation? What a powerful argument! Without more head counts, the economy will slow down, so will the quality of life. The Japanese and many developed countries have been experiencing zero birth rate for decades and the quality of life is getting better, or no worst. Who is kidding who? Are the numbers of headcount the only way to boost productivity and the economy, and a better life?
The truth is out. The reason for more babies is to be cogs to the economy, to keep the economy going. I am saddened that parents are sweet talked into having more babies all because of economic numbers. Holy shit, what is life becoming? Are the future generations being here only to ensure that the economic numbers look good?
Does anyone care if they have a better quality of life, a good living condition, enough space to play, and not having to work till they drop dead?
'The sooner nations reject Ponzi demography and make the needed gradual transition from ever-increasing population growth to population stabilization, the better the prospects for all of humanity and other life on this planet.' Read Joseph Chamie's article, Is population Growth a Ponzi Scheme? in www.theglobalist.com/
How not to repeat investment mistakes
Fund managers with a lot of cash are eager to make a killing to show off their talents, plus earning big bonuses. The fact that they are paid a huge salary also makes doing nothing unacceptable. They must show that they can make a difference to justify their indecent pays. Sometimes, some investment professionals ran out of ideas and would even forget the mistakes of yesteryears. To want to prove their worth, cautions are thrown to the winds. Take risk, go for quick results, quick fixes, no matter how silly and hazardous the investment is, never mind, just hope for the best. After all, it is other people’s money. At worst, quit, take the severance bonuses and go for a rich and bountiful retirement. And if lucky, people will say how smart he is, money well spent, every cent of it.
If fund managers or finance professionals are not in a rush, there are many lessons that they could learn from, and avoid repeating disasters. Many who came before them have laid the walkways with their fiascos to warn the eager beavers not to do the same. Briefly, one of the things that one must not invest in is kindergartens. Never put big money in childish stuff. Big money must be invested in real solid businesses. Investing in brick and mortar is quite sound. Investing in blue chip banks too is a foolproof investment strategy. But never invest in companies that are losing money, including banks, no matter how great their reputations are or were.
Some fund managers are crazy about the Manchester United IPO. It looks like some jokers never learn anything at all, even mammoth failures that are too recent to be forgotten. In the first place, football clubs are nothing but another gambling outfit in a different name. If that is not bad enough, football clubs that are in debt of a few hundred millions must have raised a red flag. Those who are clamouring to invest in such clubs must either be genius or mad, like those who bought into Citibank and all the European banks. No fools would want to put their money in a gambling outfit that is losing money.
If anyone thinks that gambling is a good investment portfolio to have, there are plenty of casinos that are making millions annually, and even closing both eyes, putting money in money making casinos will be a million times saner than to put money in a football club deeply in debt.
And there are two casinos that are making great money at the doorstep. Why not put money into them if kindergarten is bad, if banks that are losing money are also bad? Why so adamant about a football club that is in debt of a few hundred millions? Why put money in a business that one has no clue about and has absolutely no control whatsoever? Why not MBS or Genting, when their businesses are more transparent and under close supervision and regulatory control?
It beats me. Maybe because Peter Lim attempted to buy a football club, and he being the man with the Midas touch, following him cannot be wrong. I will never ask any client to put money in a losing concern, and not a losing concern that is a football club. How could a losing money football club be a good bet when a losing money and reputable bank is high risk?
Are Singaporeans being made to bail out Manchester United? How and when will the club be able to earn that kind of money to pay back to the investors? If the club is capable of mismanaging to such a debt, could it do better? Who is responsible to ensure that Singapore investors are not pushed into another shit hole.
Unbelieveable! Who says it is difficult to find nitwits?
If fund managers or finance professionals are not in a rush, there are many lessons that they could learn from, and avoid repeating disasters. Many who came before them have laid the walkways with their fiascos to warn the eager beavers not to do the same. Briefly, one of the things that one must not invest in is kindergartens. Never put big money in childish stuff. Big money must be invested in real solid businesses. Investing in brick and mortar is quite sound. Investing in blue chip banks too is a foolproof investment strategy. But never invest in companies that are losing money, including banks, no matter how great their reputations are or were.
Some fund managers are crazy about the Manchester United IPO. It looks like some jokers never learn anything at all, even mammoth failures that are too recent to be forgotten. In the first place, football clubs are nothing but another gambling outfit in a different name. If that is not bad enough, football clubs that are in debt of a few hundred millions must have raised a red flag. Those who are clamouring to invest in such clubs must either be genius or mad, like those who bought into Citibank and all the European banks. No fools would want to put their money in a gambling outfit that is losing money.
If anyone thinks that gambling is a good investment portfolio to have, there are plenty of casinos that are making millions annually, and even closing both eyes, putting money in money making casinos will be a million times saner than to put money in a football club deeply in debt.
And there are two casinos that are making great money at the doorstep. Why not put money into them if kindergarten is bad, if banks that are losing money are also bad? Why so adamant about a football club that is in debt of a few hundred millions? Why put money in a business that one has no clue about and has absolutely no control whatsoever? Why not MBS or Genting, when their businesses are more transparent and under close supervision and regulatory control?
It beats me. Maybe because Peter Lim attempted to buy a football club, and he being the man with the Midas touch, following him cannot be wrong. I will never ask any client to put money in a losing concern, and not a losing concern that is a football club. How could a losing money football club be a good bet when a losing money and reputable bank is high risk?
Are Singaporeans being made to bail out Manchester United? How and when will the club be able to earn that kind of money to pay back to the investors? If the club is capable of mismanaging to such a debt, could it do better? Who is responsible to ensure that Singapore investors are not pushed into another shit hole.
Unbelieveable! Who says it is difficult to find nitwits?
9/18/2011
Rogue trader lost $2.48 billion
I thought Nick Leeson would be the last rogue trader and all big institutions would have learnt that lesson and all kinds of controls would have been put in place. We are seeing more rogue traders appearing as if no one knows how to prevent such excesses.
This guy in UBS could have walked away smiling if he had done them openly and pass the loss to the bank. Many big institutions have lost billions or hundreds of billions without losing any sleep or anyone being made accountable. It is a game that more than meets the eyes.
In this modern world of high finance, deregulation and minority shareholders all sleeping or unable to do anything, it is so easy to rob a bank or sell off a bank with a ‘rogue’ trader. Some silly big investors even willing to put money in institutions without have any management rights or representation, so trusting, innocent and naïve, believing that the management are all honourable people that will not rob the institutions to line their own pockets.
I got this strange feeling that we are reading Alice in Wonderland, where little innocent children were running around with bags of cash and passing them around like a game of monopoly. But then again I am just too unsophisticated and untrusting of strangers and always think that I can be cheated by decent and respectable men in ties and suits and a string of degrees from the Ivy League universities.
Of course I am wrong. The world is full of honest people. And they get more honest in high places when they are paid their rightful dues. All those rogue traders simply happened by a slip of management supervision. That’s all.
This guy in UBS could have walked away smiling if he had done them openly and pass the loss to the bank. Many big institutions have lost billions or hundreds of billions without losing any sleep or anyone being made accountable. It is a game that more than meets the eyes.
In this modern world of high finance, deregulation and minority shareholders all sleeping or unable to do anything, it is so easy to rob a bank or sell off a bank with a ‘rogue’ trader. Some silly big investors even willing to put money in institutions without have any management rights or representation, so trusting, innocent and naïve, believing that the management are all honourable people that will not rob the institutions to line their own pockets.
I got this strange feeling that we are reading Alice in Wonderland, where little innocent children were running around with bags of cash and passing them around like a game of monopoly. But then again I am just too unsophisticated and untrusting of strangers and always think that I can be cheated by decent and respectable men in ties and suits and a string of degrees from the Ivy League universities.
Of course I am wrong. The world is full of honest people. And they get more honest in high places when they are paid their rightful dues. All those rogue traders simply happened by a slip of management supervision. That’s all.
9/17/2011
Referendum to sell Singapore
At the rate it is going, in 30 or 50 years time, the original Singaporeans will be a minority in the city state. Either they failed to reproduce or they migrated. We used to be 2m. Now we are nearly 4m with new citizens taking up almost 50% of the population. The number of new citizens will only go up with our addiction for more head counts.
What this means is that whatever the 2m original citizens inherited and owned of this island, they now own half, including half of the reserves. The new citizens are taking half of the original Singaporeans’ share of the country’s wealth, and half of the reserves too.
If the foreigners are allowed to keep pouring into the country, say they formed 80% of the population, it will mean that the original Singaporeans will be left with 20% share of the nation’s wealth. And this does not take into account the land and properties that were sold to the rich foreigners.
The bottom line is that Singaporeans will eventually own less of this island. Yes the foreigners will also be citizens and have the right to a share of the island. This is not unlike a family inheritance. All the children will have an equal share of the family wealth. Then the god sons and god daughters, the adopted children, the children of mistresses, all came and taking an equal share of the wealth. Would that be a desirable and acceptable outcome?
While there is still time, and the wealth and assets are still there, and since they will be distributed to new citizens eventually, with the main beneficiary being the eldest son profiting in the process, would it be better to divide the family wealth equally before it is gone?
When no one cares about ownership or inheritance, when the prodigal sons are selling everything they could sell for their own benefits, for their own good, the rest of the children better insist on a splitting up of the family inheritance fast.
If, hypothetically, the whole island can be sold off as a going concern, like a business, and every citizen gets an equal share of the sales proceed, with new citizens getting a pro rated smaller share, it could be a nice way out. Assuming each citizen can have a share of $3m, at 3m population, the going price is $9 trillion only. Make it $10 trillion with the extra $1 trillion to be share by the new citizens, with a formula for sharing based on their tenure as a citizen. This should make everyone happy. (The actual sales price can be worked out after a full valuation of what the islands and all the assets are worth. It may not take 50 man years to do that.) The final price could be double if there are competitive bids to buy this enterprise by the superpowers.
There are many advantages to such a proposition. Firstly, the country is looking more like a hotel anyway and citizenship or no citizenship is not going to mean anything any more. In fact citizenship is too burdensome, and full of responsibilities and unfairness. Secondly, Singaporeans are calling themselves international citizens and wanted to be international citizens anyway. Thirdly, the world is opening its arms to welcome rich migrants. With the windfall, a family of 4 could be richer by $12m, plus whatever they owned, and they can go anywhere and be welcomed as rich expats. Is that not what everybody wants, money and a good life, instant gratification? Or they can still choose to stay put, as residents here, without being a citizen and with no NS obligation to irritate them. Nice right?
The new owner can run this enterprise whichever way they pleased. They can retain the services of all the civil servants and GLC employees, including the cabinet, to run it as before. Or they can change whoever they want. They can bring in all the talented foreigners, rich, skilled, or whatever, increase the population to any number, let the prices of properties ballooned, and there will be no citizens to feel aggrieved. It is a private enterprise, a hotel, a real business concern.
In the meantime, the rich Singaporeans, with loads of money in their bank accounts, can choose to go anywhere and live happily ever after with their shares of the inheritance.
How about it, a referendum to sell off the country, lock, stock and barrel, for money? No more emotional attachments and kpkb about foreigners, about govt, about prices, about politics, just become rich and happy, as citizens of the world. What option is there anyway? The country is being given away on a silver platter to all the new citizens and is trumpeted as the next good thing to happen. As sure as the sun will rise! It will be gone.
Of course this sounds fictional. But with the entrepreneurial spirit of Uniquely Singapore, could there be a possibility that it could happen?
What this means is that whatever the 2m original citizens inherited and owned of this island, they now own half, including half of the reserves. The new citizens are taking half of the original Singaporeans’ share of the country’s wealth, and half of the reserves too.
If the foreigners are allowed to keep pouring into the country, say they formed 80% of the population, it will mean that the original Singaporeans will be left with 20% share of the nation’s wealth. And this does not take into account the land and properties that were sold to the rich foreigners.
The bottom line is that Singaporeans will eventually own less of this island. Yes the foreigners will also be citizens and have the right to a share of the island. This is not unlike a family inheritance. All the children will have an equal share of the family wealth. Then the god sons and god daughters, the adopted children, the children of mistresses, all came and taking an equal share of the wealth. Would that be a desirable and acceptable outcome?
While there is still time, and the wealth and assets are still there, and since they will be distributed to new citizens eventually, with the main beneficiary being the eldest son profiting in the process, would it be better to divide the family wealth equally before it is gone?
When no one cares about ownership or inheritance, when the prodigal sons are selling everything they could sell for their own benefits, for their own good, the rest of the children better insist on a splitting up of the family inheritance fast.
If, hypothetically, the whole island can be sold off as a going concern, like a business, and every citizen gets an equal share of the sales proceed, with new citizens getting a pro rated smaller share, it could be a nice way out. Assuming each citizen can have a share of $3m, at 3m population, the going price is $9 trillion only. Make it $10 trillion with the extra $1 trillion to be share by the new citizens, with a formula for sharing based on their tenure as a citizen. This should make everyone happy. (The actual sales price can be worked out after a full valuation of what the islands and all the assets are worth. It may not take 50 man years to do that.) The final price could be double if there are competitive bids to buy this enterprise by the superpowers.
There are many advantages to such a proposition. Firstly, the country is looking more like a hotel anyway and citizenship or no citizenship is not going to mean anything any more. In fact citizenship is too burdensome, and full of responsibilities and unfairness. Secondly, Singaporeans are calling themselves international citizens and wanted to be international citizens anyway. Thirdly, the world is opening its arms to welcome rich migrants. With the windfall, a family of 4 could be richer by $12m, plus whatever they owned, and they can go anywhere and be welcomed as rich expats. Is that not what everybody wants, money and a good life, instant gratification? Or they can still choose to stay put, as residents here, without being a citizen and with no NS obligation to irritate them. Nice right?
The new owner can run this enterprise whichever way they pleased. They can retain the services of all the civil servants and GLC employees, including the cabinet, to run it as before. Or they can change whoever they want. They can bring in all the talented foreigners, rich, skilled, or whatever, increase the population to any number, let the prices of properties ballooned, and there will be no citizens to feel aggrieved. It is a private enterprise, a hotel, a real business concern.
In the meantime, the rich Singaporeans, with loads of money in their bank accounts, can choose to go anywhere and live happily ever after with their shares of the inheritance.
How about it, a referendum to sell off the country, lock, stock and barrel, for money? No more emotional attachments and kpkb about foreigners, about govt, about prices, about politics, just become rich and happy, as citizens of the world. What option is there anyway? The country is being given away on a silver platter to all the new citizens and is trumpeted as the next good thing to happen. As sure as the sun will rise! It will be gone.
Of course this sounds fictional. But with the entrepreneurial spirit of Uniquely Singapore, could there be a possibility that it could happen?
9/16/2011
A revolution in Malaysia
First he took a major step to sweep aside all the historical baggage and irrational emotional misgivings to sign a deal with Singapore to exchange the railway land with comparable parcels of land. This brought a lot of ire from the old guards who criticized him for being a softie.
Then he talked about treating all the racial groups more equally to the displeasure of his UMNO radicals. Some even accusing him of selling out the interests of the Malays.
His minister also made an affront to conventional wisdom by wanting to limit the sales of properties to stop speculations and a spiraling of property prices.
Now he did the unthinkable, by abolishing the controversial Internal Security Acts that had outlived its usefulness and being abused by politicians to threaten, harrass and arrest political enemies.
The Malaysian PM Najib Razak is turning himself into a revolutionary of a kind that is beyond imagination. Who would ever imagine this aristocratic son of a conservative and ultra Malaysia Prime Minister taking such bold steps to change the ethos of the political culture of his country.
The changes that have started to roll under Najib will have wide ranging ramifications to the modernization of Malaysia and pull Malaysia from the doldrums of selfish and parochial politicking that is getting the country no where.
Malaysia is undergoing a revolution under Najib Razak. Would he go one step further by returning the banks and conglomerates they seized from the Malaysian Chinese and let the original owners run them back to health? Or would he be happy to let the bumiputras run them to the ground? The Malaysian economy has been stagnated for the last few decades when it could have flown off to the sky. The remaking of Malaysia cannot be done alone by the bumiputras and the bumiputra policies. Malaysia needs real businessmen and entrepreneurs to attain 2 digit GDP growth and to compete in the international markets.
The political revolution must follow with economic and social revolution.
Then he talked about treating all the racial groups more equally to the displeasure of his UMNO radicals. Some even accusing him of selling out the interests of the Malays.
His minister also made an affront to conventional wisdom by wanting to limit the sales of properties to stop speculations and a spiraling of property prices.
Now he did the unthinkable, by abolishing the controversial Internal Security Acts that had outlived its usefulness and being abused by politicians to threaten, harrass and arrest political enemies.
The Malaysian PM Najib Razak is turning himself into a revolutionary of a kind that is beyond imagination. Who would ever imagine this aristocratic son of a conservative and ultra Malaysia Prime Minister taking such bold steps to change the ethos of the political culture of his country.
The changes that have started to roll under Najib will have wide ranging ramifications to the modernization of Malaysia and pull Malaysia from the doldrums of selfish and parochial politicking that is getting the country no where.
Malaysia is undergoing a revolution under Najib Razak. Would he go one step further by returning the banks and conglomerates they seized from the Malaysian Chinese and let the original owners run them back to health? Or would he be happy to let the bumiputras run them to the ground? The Malaysian economy has been stagnated for the last few decades when it could have flown off to the sky. The remaking of Malaysia cannot be done alone by the bumiputras and the bumiputra policies. Malaysia needs real businessmen and entrepreneurs to attain 2 digit GDP growth and to compete in the international markets.
The political revolution must follow with economic and social revolution.
Help for big time gamblers
The National Council for Problem Gambling is coming out to help the big time gamblers. The Singapore govt is offering Indonesia help to put out fires by fire starters. And today we have a front page news that a trader of UBS lost $2.48b for betting and hedging on behalf of the bank.
The world is getting to be a stranger and stranger place by the days. What is the point of trying to help fire starters to put up fires? The problem is not with the fire but the fire starters.
The other question is, who are the big time gamblers? The guy who blown away his life savings of $200k or the guy who betted and lost $2.48b? Or is it the guy who sits at the top of a huge bank worth trillions of dollars and authorizing the bank and its army of gamblers to gamble on behalf of the bank? Or is it the politician that put out his soldiers to wars hoping to reap financial rewards at the end of the game? Or is it the politicians that spend and spend without a care of when they are going to pay back, or be able to pay back the money they have spent?
We have just seen how America nearly toppled over. We are seeing Europe on the brink of a financial disaster. Who are the gamblers that are gambling with the nation’s wealth?
Definitely not the politicians? Neither were the bankers and fund managers gamblers. They are legitimate investors, fund managers, taking calculated risks with other people’s money. There is no reason to call them gamblers, while they gamble away other people’s money, the bank’s assets, the nation’s reserves.
The world today is really run by gamblers of all kinds. Everyone is putting his bets for a quick profit for his own pockets but declaring that they are investing for other people’s benefits. Some even claimed to be investing for the long term. When bankers and politicians are looking for quick profits instead of making steady profits and returns by taking small and measured steps, the world can be easily toppled without the need to have casinos. Every stock exchange is now a casino. Every country is also a casino.
The world is getting to be a stranger and stranger place by the days. What is the point of trying to help fire starters to put up fires? The problem is not with the fire but the fire starters.
The other question is, who are the big time gamblers? The guy who blown away his life savings of $200k or the guy who betted and lost $2.48b? Or is it the guy who sits at the top of a huge bank worth trillions of dollars and authorizing the bank and its army of gamblers to gamble on behalf of the bank? Or is it the politician that put out his soldiers to wars hoping to reap financial rewards at the end of the game? Or is it the politicians that spend and spend without a care of when they are going to pay back, or be able to pay back the money they have spent?
We have just seen how America nearly toppled over. We are seeing Europe on the brink of a financial disaster. Who are the gamblers that are gambling with the nation’s wealth?
Definitely not the politicians? Neither were the bankers and fund managers gamblers. They are legitimate investors, fund managers, taking calculated risks with other people’s money. There is no reason to call them gamblers, while they gamble away other people’s money, the bank’s assets, the nation’s reserves.
The world today is really run by gamblers of all kinds. Everyone is putting his bets for a quick profit for his own pockets but declaring that they are investing for other people’s benefits. Some even claimed to be investing for the long term. When bankers and politicians are looking for quick profits instead of making steady profits and returns by taking small and measured steps, the world can be easily toppled without the need to have casinos. Every stock exchange is now a casino. Every country is also a casino.
9/15/2011
Malaysian Govt considering limiting home purchases
‘The Malaysian government may impose a one-house-per-individual restriction, according to Datuk Seri Ismail Sabri Yaakob, Minister of Domestic Trade Cooperatives and Consumerism.
He said that any individual who wants to acquire a second home must sell his /her first house and that the government is studying the possibility of approving only 10 percent rental increases for houses once a contract expires.’
Ahh, the immediate reaction from the smart sinkies is that this must be the stupidest thing to do. They have so much land and the only thing that needs to be done is to build and build and build, like what Singapore is doing. Just increase the supply and there will be no problem at all. Oops, I think to build and increase supply to prevent a housing bubble is only discovered by the smart sinkies recently.
Now, what is the issue? Malaysia has plenty of land, more than adequate to build a house for every citizen. And they are worried of the housing problem. In our little piece of rock when we are not careful and slipped, we may fall into the sea, and we are building and building and selling and selling as if land is unlimited. I think the Malaysians should come over and learn from our geniuses here. They can keep pulling out houses from a small hat like rabbits. It is simply magical.
Personally I am not sneering at the Malaysians. There is some wisdom to the crazy city folks thinking of selling everything when there is profit to be made. The housing game is going out of control, particularly when land is so limited. Everyone needs a home in the first place. And to turn homes into casino chips to be gambled on the casino table is reckless and irresponsible beyond words.
Not only Malaysia is worried about the housing gambling game. Australia and many other bigger countries are concerned about the wanton selling of land and properties to foreigners for speculation, which some called affectionately as investment.
There is a Chinese saying, die also dunno how to write. Housing and property investment are taking on a new shape and no longer the same any more. We may have something to learn from the Malaysians after all.
He said that any individual who wants to acquire a second home must sell his /her first house and that the government is studying the possibility of approving only 10 percent rental increases for houses once a contract expires.’
Ahh, the immediate reaction from the smart sinkies is that this must be the stupidest thing to do. They have so much land and the only thing that needs to be done is to build and build and build, like what Singapore is doing. Just increase the supply and there will be no problem at all. Oops, I think to build and increase supply to prevent a housing bubble is only discovered by the smart sinkies recently.
Now, what is the issue? Malaysia has plenty of land, more than adequate to build a house for every citizen. And they are worried of the housing problem. In our little piece of rock when we are not careful and slipped, we may fall into the sea, and we are building and building and selling and selling as if land is unlimited. I think the Malaysians should come over and learn from our geniuses here. They can keep pulling out houses from a small hat like rabbits. It is simply magical.
Personally I am not sneering at the Malaysians. There is some wisdom to the crazy city folks thinking of selling everything when there is profit to be made. The housing game is going out of control, particularly when land is so limited. Everyone needs a home in the first place. And to turn homes into casino chips to be gambled on the casino table is reckless and irresponsible beyond words.
Not only Malaysia is worried about the housing gambling game. Australia and many other bigger countries are concerned about the wanton selling of land and properties to foreigners for speculation, which some called affectionately as investment.
There is a Chinese saying, die also dunno how to write. Housing and property investment are taking on a new shape and no longer the same any more. We may have something to learn from the Malaysians after all.
Two legs good, one leg best – Redbean
We have the best political system in the world. We are not bragging, the results are out there for all to see. In a short span of 46 years, we have created a first world city state with affluence as a way of life. Everyone is rich in his own way. Poverty is an exception. Practically every child is well fed, housed and in school.
All these we have to thank our one party political system. We can get it so far because of a one party dominant political system. If we have a two party system or multi party political system, we will be in a quagmire like many third world countries. But we persevered in a non communist, non dictatorial, non autocratic one party democratic system. And it works.
And this one party system must go on. Anyone talking about a two party or multi party system is talking about ruining the good things and the good life here. The alternative parties have made advances in the last GE. And it is likely to gain more seats in future GEs. But can they really help and make our country better? Will they be competitive and yet cooperative with the ruling party? Will they be asking embarrassing questions that they should not be asking to make the ruling party look bad in the eyes of the people?
Definitely not. There are too many things that happened over the last few decades that need answers. The people are fed up and wanted to know what is happening, the truths that have yet to be told. Just by asking these questions would put the opposition MPs in a bad light, that they are destructive, trying to score political points. And when the questions get to a stage of being more than just an irritation, would the ruling party say that it is part of the political process, that all the questions were belated and should have been asked long ago and the answers given? Or would the ruling party ride the high horse of rough shod over the opposition party MPs and harden its position?
The latter is likely to be the case. A two party system just cannot work, at least until the carpet is lifted, the cupboard of skeletons aired before things can settle down to a new normal. Only then can a multi party system go ahead in a truly democratic way.
This looks unlikely and a one party system is still the only way, the best way to go forward. But a one party system must not be of another political hue. It must be the same ruling party. A one party system that can work is a one party belonging to the same ruling party, not just any one party. Two parties are good, one party best.
All these we have to thank our one party political system. We can get it so far because of a one party dominant political system. If we have a two party system or multi party political system, we will be in a quagmire like many third world countries. But we persevered in a non communist, non dictatorial, non autocratic one party democratic system. And it works.
And this one party system must go on. Anyone talking about a two party or multi party system is talking about ruining the good things and the good life here. The alternative parties have made advances in the last GE. And it is likely to gain more seats in future GEs. But can they really help and make our country better? Will they be competitive and yet cooperative with the ruling party? Will they be asking embarrassing questions that they should not be asking to make the ruling party look bad in the eyes of the people?
Definitely not. There are too many things that happened over the last few decades that need answers. The people are fed up and wanted to know what is happening, the truths that have yet to be told. Just by asking these questions would put the opposition MPs in a bad light, that they are destructive, trying to score political points. And when the questions get to a stage of being more than just an irritation, would the ruling party say that it is part of the political process, that all the questions were belated and should have been asked long ago and the answers given? Or would the ruling party ride the high horse of rough shod over the opposition party MPs and harden its position?
The latter is likely to be the case. A two party system just cannot work, at least until the carpet is lifted, the cupboard of skeletons aired before things can settle down to a new normal. Only then can a multi party system go ahead in a truly democratic way.
This looks unlikely and a one party system is still the only way, the best way to go forward. But a one party system must not be of another political hue. It must be the same ruling party. A one party system that can work is a one party belonging to the same ruling party, not just any one party. Two parties are good, one party best.
9/14/2011
China helping the ingrates!
The US and its European partners have been challenging and questioning China's sincerity as a responsible superpower. Bloomberg has just reported that China will be extending a helping hand to Italy, Spain, Greece and Portugal and also investment bank Morgan Stanley to overcome their financial crises. China was also instrumental in helping the US tied over their own financial crisis in 2008. And who caused all the crises?
The question is whether these ingrates would turnaround to bite China after they have been nursed to health by China's financial assistance. While the US is running around farting, and only offer words, the Chinese are going to unload its cash hoards to these crippled nations.
So, who is really the irresponsible one?
The question is whether these ingrates would turnaround to bite China after they have been nursed to health by China's financial assistance. While the US is running around farting, and only offer words, the Chinese are going to unload its cash hoards to these crippled nations.
So, who is really the irresponsible one?
Notable Quotes by Zaqy Mohamad
‘Mr Zaqy Mohamad, MP for Chua Chu Kang GRC and member of the PAP New Media Sub-Committee, said he's also seeing more Singaporeans "frustrated" by what they deem as "misinformation" online.’
I think the safest place for readers who want to read only the truth instead of misinformation will be the main media. These are official and professional news media whose articles are written by professionals who took great pride and integrity in their work and would double and triple check their work for accuracy and truth before publishing them.
All thinking people who are hungry for the truth and cannot figure out what is truth, untruth, misinformation, propaganda, half truths etc should just read the main media for their own safety. And for the unthinking, where else is the safest place to read the truth without having to think?
PS. Now that I am telling the official truth, I hope my blog will be classified as safe for reading and those who want to read only the truth and not misinformation will come visiting: )
I think the safest place for readers who want to read only the truth instead of misinformation will be the main media. These are official and professional news media whose articles are written by professionals who took great pride and integrity in their work and would double and triple check their work for accuracy and truth before publishing them.
All thinking people who are hungry for the truth and cannot figure out what is truth, untruth, misinformation, propaganda, half truths etc should just read the main media for their own safety. And for the unthinking, where else is the safest place to read the truth without having to think?
PS. Now that I am telling the official truth, I hope my blog will be classified as safe for reading and those who want to read only the truth and not misinformation will come visiting: )
Property prices to drop by 10%
The writing is on the wall. With the cooling measures in place, and the ramping up of supply, property sales are going down. So is my hope for my $1m HDB flat. The developers are worried. Some are calling Boon Wan to free up all the cooling measures to allow property prices to go up again.
The frenzy of the last few years, the high profits of the developers and speculators may now see some earning lesser than before. This is no good.
We must not violate the principles and virtues of running businesses for profits. The cooling measures are bad in preventing smart people from making a rip off from the property market. The developers will be discouraged to bid higher prices for land and may not want to develop more properties. Our GDP will suffer. Foreigners with their container loads of cash will not be pouring their money here and all of us will be poorer.
I support the developer’s call for the removing of all the artificial measures to curb property prices. The market forces must be allowed to dictate the prices of properties. And knowing how limited our land is, property prices can only go up in a free market system. The speculators and investors know the number game. All Singaporeans will be enormously rich if the land is free for sale.
Before the property market is let loose again, I have one caveat. The profits from the sale of all properties must be equally share by the Singaporeans. And a census be taken immediately and the profits will only go to Singaporeans who have been Singaporeans for at least 10 years. New Singaporeans shall not reap the profit of this selling Singapore exercise.
When this is done, there is no more need to curb property prices or any prices. Let the market do the talking. And no need to restrain influx of foreigners. The more they come the better it is as they will contribute to the higher demand. My HDB flat may not be $1m. It could be $2m or more.
When all the land has been sold, a tally should be conducted and all the profits share by the Singaporeans. And they can have the choice of staying here or migrating to bigger countries where land is aplenty. Singaporeans will have choices from the profits of a free economy and the freest country in the world. Everything is market price. Everyone has choices, to stay or to go, after collecting their windfall.
No need for any emotional attachment to this island. It can go to the highest bidder, as long as the money is spread to all Singaporeans. We can grow the population to 20m or 30m. It could be the most sophisticated and most modern city state. No need to restrict car ownership too. Just pay when one drives at a rate determined by the market and congestion on the road.
Singapore will be a truly vibrant, prosperous and international city of the world.
The frenzy of the last few years, the high profits of the developers and speculators may now see some earning lesser than before. This is no good.
We must not violate the principles and virtues of running businesses for profits. The cooling measures are bad in preventing smart people from making a rip off from the property market. The developers will be discouraged to bid higher prices for land and may not want to develop more properties. Our GDP will suffer. Foreigners with their container loads of cash will not be pouring their money here and all of us will be poorer.
I support the developer’s call for the removing of all the artificial measures to curb property prices. The market forces must be allowed to dictate the prices of properties. And knowing how limited our land is, property prices can only go up in a free market system. The speculators and investors know the number game. All Singaporeans will be enormously rich if the land is free for sale.
Before the property market is let loose again, I have one caveat. The profits from the sale of all properties must be equally share by the Singaporeans. And a census be taken immediately and the profits will only go to Singaporeans who have been Singaporeans for at least 10 years. New Singaporeans shall not reap the profit of this selling Singapore exercise.
When this is done, there is no more need to curb property prices or any prices. Let the market do the talking. And no need to restrain influx of foreigners. The more they come the better it is as they will contribute to the higher demand. My HDB flat may not be $1m. It could be $2m or more.
When all the land has been sold, a tally should be conducted and all the profits share by the Singaporeans. And they can have the choice of staying here or migrating to bigger countries where land is aplenty. Singaporeans will have choices from the profits of a free economy and the freest country in the world. Everything is market price. Everyone has choices, to stay or to go, after collecting their windfall.
No need for any emotional attachment to this island. It can go to the highest bidder, as long as the money is spread to all Singaporeans. We can grow the population to 20m or 30m. It could be the most sophisticated and most modern city state. No need to restrict car ownership too. Just pay when one drives at a rate determined by the market and congestion on the road.
Singapore will be a truly vibrant, prosperous and international city of the world.
9/13/2011
The People’s Association in 2016
Hypothetically, Year 2016 sees a new political party forming the govt. This can be any party other than the PAP. What would be the role of the PA? Would the PA turn around and appoint all the grassroots advisors from the new ruling party? Would it start to ban PAP MPs or PAP defeated MPs from becoming advisors to its grassroots organization like CCC, CCMC and RC and its organized activities?
Does it have any choice given the recent public statement of its role in supporting the ruling political party? One thing for sure, many of its staff will be axed and new leadership will be brought in to ensure that the PA does what it is designed to do, to support the ruling political party that is now the govt, and to remain apolitical.
How about Chee Soon Juan being appointed as CEO of PA? That will be exciting material.
Does it have any choice given the recent public statement of its role in supporting the ruling political party? One thing for sure, many of its staff will be axed and new leadership will be brought in to ensure that the PA does what it is designed to do, to support the ruling political party that is now the govt, and to remain apolitical.
How about Chee Soon Juan being appointed as CEO of PA? That will be exciting material.
So much dignity at stake
The Ministerial Salary Review Committee is still hustling together to hammer out a fair salary for the ministers and the President. It must be fair to incumbents and fair in the eyes of the people. What the Committee must not forget is that their recommendations would affect the dignity of our ministers and President when they get to meet their foreign counterparts. And the last thing they want to do is to diminish their dignity.
There is also another important consideration that they must not take it lightly. Our ministerial salary is a world record that is unbeatable by any country. Please make sure that this record is not broken or compromise.
One way to go about it is to declare everything up front, be it $5m or $10m. The recommendation must not be something like $1m plus one or more variable components that cannot be disclosed and protected under the Official Secrecy Act. This will rob us of the world record and also undermine the dignity of our ministers and President.
I hope the Committee knows what is good for Singapore, the ministers and the President and also the people. They must protect the dignity of the ministers and President at all costs, and also our world record of the at least 30 top paying politicians in the world.
There is also another important consideration that they must not take it lightly. Our ministerial salary is a world record that is unbeatable by any country. Please make sure that this record is not broken or compromise.
One way to go about it is to declare everything up front, be it $5m or $10m. The recommendation must not be something like $1m plus one or more variable components that cannot be disclosed and protected under the Official Secrecy Act. This will rob us of the world record and also undermine the dignity of our ministers and President.
I hope the Committee knows what is good for Singapore, the ministers and the President and also the people. They must protect the dignity of the ministers and President at all costs, and also our world record of the at least 30 top paying politicians in the world.
9/12/2011
Seriously, are opposition MPs a part of the govt?
Parliament is the legislative arm of the govt. Parliament is made of elected representatives of the people from all political parties to discuss national issues and make laws for the country. So, is Parliament a part of the govt? I don’t think anyone will say no. But some may insist that only part of the Parliament forms the govt. The opposition camp is not part of the govt?
Seriously, honestly, administratively, legally, are opposition MPs a part of the govt? We have an obtuse system that the opposition MPs are a small minority and can be easily ignored and dismissed of as not part of the Parliament, or part of the govt. If the representation of both camps is about equal, would anyone dare say that the opposition camps are not part of Parliament, and not part of the govt?
Every MP, no matter which party, sits in Parliament, and has equal rights to speak and vote for a bill. They are also paid by the country’s coffer too. Why are the opposition MPs seen as not part of the govt? Oh the majority party forms the govt so they are the govt, and the minority does not form the govt and thus not the govt nor part of the govt. They are just a part of Parliament which is not the govt of the country, which is part of the legislature, which has the power to make laws, but not the govt.
Very confusing arguments huh?
Seriously, honestly, administratively, legally, are opposition MPs a part of the govt? We have an obtuse system that the opposition MPs are a small minority and can be easily ignored and dismissed of as not part of the Parliament, or part of the govt. If the representation of both camps is about equal, would anyone dare say that the opposition camps are not part of Parliament, and not part of the govt?
Every MP, no matter which party, sits in Parliament, and has equal rights to speak and vote for a bill. They are also paid by the country’s coffer too. Why are the opposition MPs seen as not part of the govt? Oh the majority party forms the govt so they are the govt, and the minority does not form the govt and thus not the govt nor part of the govt. They are just a part of Parliament which is not the govt of the country, which is part of the legislature, which has the power to make laws, but not the govt.
Very confusing arguments huh?
Free spaces, free parkings
I was in Johore over the weekend, meandering through small little towns with big detached houses and sprawling gardens. The Malaysians are growing, developing, quietly and at its own pace, with a lot of space for living, and with a cost of living that is not running away. One does not need $3m or $5m dollar salary to live well. This is the quality of life that we cannot afford any more. And one can drive the car anywhere and park freely, anywhere, without having to pay a bomb. There is growth, but no frantic cries of being too slow.
Today the ST is screaming that we need more spaces for public parks. They are now so popular that they are no longer tranquil getaways from the hustle and bustle of a city. The parks are now amusement parks in a way. Families with children are everywhere having a picnic. The noises are as loud as a fish market. Even in far off Sungei Buloh Wetland Reserves, the birds and the monitor lizards were not spare from the noise of human chatters.
We need more land for parks, for sanity. We have road congestion, hospital squeeze and squeezes of all kinds. The squeeze is heading into the parks.
But no worry. We will need another 900,000 people to fill the roads and the parks. We need them for economic growth. Our TFR is falling and we need to keep the rate up. We need to fill up the parks as well to see growth. We need to find an equilibrium in the TFR and the size of our population.
I think we did quite well when we were 1.5m, when we were 2m. Now we are 3.7m and another 1.5m foreigners, and we are saying not enough. We need to grow and we need more people.
There are only two such insane countries in the world that are pushing for population increase. India wants to be the world’s most populous country, more than the 1.3m Chinese. That is a superpower ambition. What are we chasing, the world’s most densely populated piece of rock?
The 2.1% TFR is like LSD. We will need it at 5m, we will need it at 10m, we will also need it when we are 20m. No free parking for cars, no free entrance to public parks. There may be kiosks dispensing fresh air like canned drinks at $10 a can. ERP may be set up for pedestrians with a fee to pay on busy walkways. Is that the progress we are striving for?
By then Singapore will be owned and populated by new citizens. Is that what we want? Is that progress?
PS. The German and Jap politicians were not paid the out of this world salary. And they could maintain their quality of life, with economic growth despite having near zero population growth. Our supertalents can only see growth by growing the population. Without population growth, there will be no growth.
Today the ST is screaming that we need more spaces for public parks. They are now so popular that they are no longer tranquil getaways from the hustle and bustle of a city. The parks are now amusement parks in a way. Families with children are everywhere having a picnic. The noises are as loud as a fish market. Even in far off Sungei Buloh Wetland Reserves, the birds and the monitor lizards were not spare from the noise of human chatters.
We need more land for parks, for sanity. We have road congestion, hospital squeeze and squeezes of all kinds. The squeeze is heading into the parks.
But no worry. We will need another 900,000 people to fill the roads and the parks. We need them for economic growth. Our TFR is falling and we need to keep the rate up. We need to fill up the parks as well to see growth. We need to find an equilibrium in the TFR and the size of our population.
I think we did quite well when we were 1.5m, when we were 2m. Now we are 3.7m and another 1.5m foreigners, and we are saying not enough. We need to grow and we need more people.
There are only two such insane countries in the world that are pushing for population increase. India wants to be the world’s most populous country, more than the 1.3m Chinese. That is a superpower ambition. What are we chasing, the world’s most densely populated piece of rock?
The 2.1% TFR is like LSD. We will need it at 5m, we will need it at 10m, we will also need it when we are 20m. No free parking for cars, no free entrance to public parks. There may be kiosks dispensing fresh air like canned drinks at $10 a can. ERP may be set up for pedestrians with a fee to pay on busy walkways. Is that the progress we are striving for?
By then Singapore will be owned and populated by new citizens. Is that what we want? Is that progress?
PS. The German and Jap politicians were not paid the out of this world salary. And they could maintain their quality of life, with economic growth despite having near zero population growth. Our supertalents can only see growth by growing the population. Without population growth, there will be no growth.
9/11/2011
What is a translator?
This innocuous term is best described or seen as a profession to help two parties of different worlds communicate and understand each other. When world leaders met, they have translators sitting between them to translate the messages expressed in a foreign tongue to be comprehensible by both parties. We have translators between those who can hear and speak with those who can’t. We have tangkees to translate the messages of the spirits to the human beans. We even have horse whisperers who speak to the horses.
I met this grand old man, in his eighties, who told me that he was a translator in his youth. He was a Malaysian then. He worked for the British colonial govt in a division called the Special Branch. In those days, Communism was a hot issue and Communists were fighting a war of liberation from the British Occupation.
In his expressive mood, to share a bit of his mysterious past, a bit of his past glory, he told his stories to eager listeners. He was quite a bit shot among the local employees of the British though he was just a small pawn in the colonial master’s bigger game plan.
He was anything but a translator. He was a key figure in helping the British to round up the Communists in the community. He conducted raids, arrested suspects, interrogated and beating them up to extract confessions. He did not say how many died because of him. I suspect there were blood in his hands.
He was a local Chinese in a small Malaysian town. And those arrested and beaten up were mostly local Chinese. Did he feel that he had betrayed his community? The question did not disturb him. As a non politicised youth, whose intellect had not been activated with politics, with the rights and wrongs of political ideologies and colonialism, to him, he was just an employee doing his job and getting paid for it.
Yes, he was arresting the people in his hometown, some he knew well, but never had his conscience prick him. He has never seen his translator job as a betrayal of his own people. The British were very successful in creating a small group of local elite who grew, prospered through association with them. Some were flown to London to be knighted. The local elite were proud to be mingling with their colonial masters.
In his twilight years, there is still this little pride in his eyes when he spoke fondly of his days in the Special Branch. I bet he must have kept a few photos of himself in full British uniform, and with his little revolver in his belt. No one ever call him a traitor. He led a good life, very rich in his own ways.
A translator is a translator is a translator.
I met this grand old man, in his eighties, who told me that he was a translator in his youth. He was a Malaysian then. He worked for the British colonial govt in a division called the Special Branch. In those days, Communism was a hot issue and Communists were fighting a war of liberation from the British Occupation.
In his expressive mood, to share a bit of his mysterious past, a bit of his past glory, he told his stories to eager listeners. He was quite a bit shot among the local employees of the British though he was just a small pawn in the colonial master’s bigger game plan.
He was anything but a translator. He was a key figure in helping the British to round up the Communists in the community. He conducted raids, arrested suspects, interrogated and beating them up to extract confessions. He did not say how many died because of him. I suspect there were blood in his hands.
He was a local Chinese in a small Malaysian town. And those arrested and beaten up were mostly local Chinese. Did he feel that he had betrayed his community? The question did not disturb him. As a non politicised youth, whose intellect had not been activated with politics, with the rights and wrongs of political ideologies and colonialism, to him, he was just an employee doing his job and getting paid for it.
Yes, he was arresting the people in his hometown, some he knew well, but never had his conscience prick him. He has never seen his translator job as a betrayal of his own people. The British were very successful in creating a small group of local elite who grew, prospered through association with them. Some were flown to London to be knighted. The local elite were proud to be mingling with their colonial masters.
In his twilight years, there is still this little pride in his eyes when he spoke fondly of his days in the Special Branch. I bet he must have kept a few photos of himself in full British uniform, and with his little revolver in his belt. No one ever call him a traitor. He led a good life, very rich in his own ways.
A translator is a translator is a translator.
9/10/2011
How to sell Christmas Island?
Christmas Island was sold against the interest of Singapore. But then, what could the residents of the island do when they were still subjects of an Empire, and the colonial masters said so? Under those circumstances, when the people had no control over their destiny, you can’t really blame anyone for selling out the island. Under those circumstances, it is not right to accuse Lim Yew Hock for selling the island, or a traitor to the people of Singapore. The people then were not owners, mostly stateless. One only becomes a traitor to the people if the people own the land that was sold away.
Christmas Island can still be sold without selling it the way it was sold, lock, stock and barrel, to another country. Say the residents of Christmas Island, a tiny little piece of rock, decided that they could build properties and sell them to foreigners. In no time every piece of land will be sold to the rich foreigners and the foreigners became de facto owners of the island.
Another way of selling the island against the interests of its inhabitants is to bring in more foreigners to populate the island in the name of progress. When the foreigners become the majority in the island, they will literally inherit everything in the island from its original inhabitants.
Sure, in the name of economic progress, Christmas Island could be the next cosmopolitan city island in the world, the perfect playground for the rich and famous. What about its poor inhabitants? Squeezed out of the island and lost the island forever, to a bunch of new owners.
Selling out in another form. At the end of the day the island will have new owners, belong to other people forever, no longer own by the islanders.
Christmas Island can still be sold without selling it the way it was sold, lock, stock and barrel, to another country. Say the residents of Christmas Island, a tiny little piece of rock, decided that they could build properties and sell them to foreigners. In no time every piece of land will be sold to the rich foreigners and the foreigners became de facto owners of the island.
Another way of selling the island against the interests of its inhabitants is to bring in more foreigners to populate the island in the name of progress. When the foreigners become the majority in the island, they will literally inherit everything in the island from its original inhabitants.
Sure, in the name of economic progress, Christmas Island could be the next cosmopolitan city island in the world, the perfect playground for the rich and famous. What about its poor inhabitants? Squeezed out of the island and lost the island forever, to a bunch of new owners.
Selling out in another form. At the end of the day the island will have new owners, belong to other people forever, no longer own by the islanders.
9/09/2011
Big time rollers
Below is a list of the bets we have placed over the years. This list is, my guess, only a small portion of the total bets we have placed everywhere. It only shows how much money we have to play. I only wish they could let me have $50m to bet on their behalf. I don’t think I can do any worst.
Micropolis $630m
Suzhou Industrial Park $150m
Thai Danu Bank $500m
Dao Heng Bank $1.83b
Virgin Mobile US$700m
Pacific Internet Amount not available. Share price dropped from US$90 to US$2.97 in 2000
Air New Zealand $100m
Shin Corp US$3.8b
ABC Learning $400m
Barclay Bank US$4.5b
Merrill Lynch US$5b
Bank America US$4.6b
Macquarie Telecom Bought 15m shares at $3/share and sold 14m shares at 18c/share.
UBS US$10b
Stuyvesant Town US$575m
Citigroup US6.9b
Micropolis $630m
Suzhou Industrial Park $150m
Thai Danu Bank $500m
Dao Heng Bank $1.83b
Virgin Mobile US$700m
Pacific Internet Amount not available. Share price dropped from US$90 to US$2.97 in 2000
Air New Zealand $100m
Shin Corp US$3.8b
ABC Learning $400m
Barclay Bank US$4.5b
Merrill Lynch US$5b
Bank America US$4.6b
Macquarie Telecom Bought 15m shares at $3/share and sold 14m shares at 18c/share.
UBS US$10b
Stuyvesant Town US$575m
Citigroup US6.9b
Causes of low fertility rate
The govt is complaining about low fertility rate of Singaporeans. One way to overcome this is to send them to the animal farm and learn from those with 4 legs, and fertility rate guarantees to go up. The life style of animals is simply to eat, sleep and have sex, as and when please. Now, that would be a wonderful way to live if human beans can afford to do so.
Human beans are not just animals and have many preoccupations and pursuits in life. That doesn’t mean that they will be less productive. What then are the causes of low fertility rate?
1. Spending too much time trying to get an education.
2. Spending too much time trying to earn money to pay back the loans.
3. Spending too much time trying to make enough money to buy a decent place to put in a family.
4. Spending too much time worrying got money to support a family and children.
5. Spending too much time worrying where to put a maid in a 3 or 4 rm flat.
Do govt policies help or hinder the procreation instinct of the people? Many worry if they can afford to start a family when buying a home is going to leave them with nothing much to spare. A 3 or 4 rm flat is just too small for a family of 4, or worst with parents and a maid. With both spouses working, a maid becomes a necessity and needs a place to sleep. With school going children, a car becomes a necessity to bring the children around. And school transportation is not cheap.
And these are only the few basic things that are essential to starting a family. Basically, the cost is just too prohibitive. It is no longer eat and sleep, have sex and live off the land. The stress to survive and live better is burning out the virility of the young people.
The govt policies on housing, transportation, cost of living, education and paper chase, and the competition from foreigners, etc etc, all becomes hindrance to procreation and starting a family. Bet the govt does not have a clue that they are the biggest problem to procreation and low fertility rate.
Why all the screaming for higher fertility rate? Actually it has nothing to do with raising fertility rate, unless they are bringing in the studs. What is the real agenda? The low fertility problem is endemic in the system.
Human beans are not just animals and have many preoccupations and pursuits in life. That doesn’t mean that they will be less productive. What then are the causes of low fertility rate?
1. Spending too much time trying to get an education.
2. Spending too much time trying to earn money to pay back the loans.
3. Spending too much time trying to make enough money to buy a decent place to put in a family.
4. Spending too much time worrying got money to support a family and children.
5. Spending too much time worrying where to put a maid in a 3 or 4 rm flat.
Do govt policies help or hinder the procreation instinct of the people? Many worry if they can afford to start a family when buying a home is going to leave them with nothing much to spare. A 3 or 4 rm flat is just too small for a family of 4, or worst with parents and a maid. With both spouses working, a maid becomes a necessity and needs a place to sleep. With school going children, a car becomes a necessity to bring the children around. And school transportation is not cheap.
And these are only the few basic things that are essential to starting a family. Basically, the cost is just too prohibitive. It is no longer eat and sleep, have sex and live off the land. The stress to survive and live better is burning out the virility of the young people.
The govt policies on housing, transportation, cost of living, education and paper chase, and the competition from foreigners, etc etc, all becomes hindrance to procreation and starting a family. Bet the govt does not have a clue that they are the biggest problem to procreation and low fertility rate.
Why all the screaming for higher fertility rate? Actually it has nothing to do with raising fertility rate, unless they are bringing in the studs. What is the real agenda? The low fertility problem is endemic in the system.
9/08/2011
A fatal HR Consultant mistake
One of my area of expertise as a HR Consultant is compensation and salary review. And I conduct my salary review as meticulously as possible, and make recommendations from market data available. Some of my clients who were less partial and wanted objective works were quite happy to accept my recommendations. Some who were partial reluctantly accepted my work, but I knew that that would be the last job from the client.
Doing compensation analysis and compilation of data may be time consuming and taxing, but a piece of cake for someone who is comfortable with details. And understanding the data, making sense of the data, is not difficult to a clear and analytical mind. The results can be very objective and rational and makes a lot of sense.
The problem is that the clients that commissioned the survey may have certain expectations, agenda, and wanted certain results. Here is my fatal mistake. I never ask the clients what they wanted to achieve, or their expectations. I brought along my own sense of discipline, professionalism and integrity in the execution of my work. I forgot that in the real world, idealism and sentimental reasons may not put bacon on the table.
See, now I am no longer a HR Consultant. No more compensation and salary survey jobs for me.
Doing compensation analysis and compilation of data may be time consuming and taxing, but a piece of cake for someone who is comfortable with details. And understanding the data, making sense of the data, is not difficult to a clear and analytical mind. The results can be very objective and rational and makes a lot of sense.
The problem is that the clients that commissioned the survey may have certain expectations, agenda, and wanted certain results. Here is my fatal mistake. I never ask the clients what they wanted to achieve, or their expectations. I brought along my own sense of discipline, professionalism and integrity in the execution of my work. I forgot that in the real world, idealism and sentimental reasons may not put bacon on the table.
See, now I am no longer a HR Consultant. No more compensation and salary survey jobs for me.
Just dig a hole
All it needs is for someone to dig a hole that is big enough. It could be an accident, but more often than not, due to bad judgments or bad policies, and a big hole is dug. This would lead to a series of attempts and more bad policies and decisions to cover the big hole. And what it gets is more holes, or the big hole getting bigger.
Our problem with the CPF savings getting out of our reach is one good example. The hole was dug by someone, somewhere, some times back, and no matter how they tried, it is getting bigger and bigger.
Our population fracas too is another big hole started with population control to population decontrol and influx of foreigners.
Our housing problems, some still living in their dreams, will eventually sink everyone, when the bubble bursts. It started with under building or not building to squeeze the supply. But supply there was as seen from the recent policy of ramping up the building programme. Maybe they are holding back the supply to push up prices to increase revenue, or to save for the private property market. There is no way to bring down the prices anymore without causing a bigger hole.
And the uncoordinated flooding of the island with foreigners added to the frantic craze to chase properties. And it started a process, one silly policy or scheme leading to more silly policies and schemes, and all ended up in a bind. All these were unnecessary. It all started with a big hole or a bad policy to start with.
The high cost of living too, started when money was stuffed into the pockets of many people in some quarters, when ramping up property prices was seen as good, a blessing.
The congestion, high demands for goods and services, cars, properties, space, hospitals, schools, roads etc etc, all started with one big bad policy.
Today, they are starting to dig another one, oblivious to all the problems that it is already causing. The experts see that there is no other way except to grow the population for economic growth and viability. If the same kind of thinking is pervasive, the world’s population will be 10 billion in no time. If every country is growing its population relentlessly, then what?
According to these experts, population growth is the answer to everything. Yes, fully agree. It will lead to rapid economic growth, rapid consumption of goods and services, resources and all things. It will lead to rapid destruction of the earth and rapid death. Try imagine how a glutton eats himself to death, growing to enormous size with an equally big appetite to eat more and more. When the world is furiously competing for limited resources to feed its growing population, one thing will surely happen.
Our problem with the CPF savings getting out of our reach is one good example. The hole was dug by someone, somewhere, some times back, and no matter how they tried, it is getting bigger and bigger.
Our population fracas too is another big hole started with population control to population decontrol and influx of foreigners.
Our housing problems, some still living in their dreams, will eventually sink everyone, when the bubble bursts. It started with under building or not building to squeeze the supply. But supply there was as seen from the recent policy of ramping up the building programme. Maybe they are holding back the supply to push up prices to increase revenue, or to save for the private property market. There is no way to bring down the prices anymore without causing a bigger hole.
And the uncoordinated flooding of the island with foreigners added to the frantic craze to chase properties. And it started a process, one silly policy or scheme leading to more silly policies and schemes, and all ended up in a bind. All these were unnecessary. It all started with a big hole or a bad policy to start with.
The high cost of living too, started when money was stuffed into the pockets of many people in some quarters, when ramping up property prices was seen as good, a blessing.
The congestion, high demands for goods and services, cars, properties, space, hospitals, schools, roads etc etc, all started with one big bad policy.
Today, they are starting to dig another one, oblivious to all the problems that it is already causing. The experts see that there is no other way except to grow the population for economic growth and viability. If the same kind of thinking is pervasive, the world’s population will be 10 billion in no time. If every country is growing its population relentlessly, then what?
According to these experts, population growth is the answer to everything. Yes, fully agree. It will lead to rapid economic growth, rapid consumption of goods and services, resources and all things. It will lead to rapid destruction of the earth and rapid death. Try imagine how a glutton eats himself to death, growing to enormous size with an equally big appetite to eat more and more. When the world is furiously competing for limited resources to feed its growing population, one thing will surely happen.
9/07/2011
Say NO to Manchester United
Below is a letter by Narayana Narayana to the press appealing against the listing of this IPO in our stock market. I fully agree with his view and how the football racket is robbing the innocent sports fans and investors through their outrageous compensation scheme. This is no different from the thieves in Wall Streets and other financial institutions, turning innocent investors money placed in their hands into their own personal accounts.
Stock exchanges have behaved irresponsibly in many countries by recklessly accepting IPO listings to improve their own bottom lines and leaving the innocent investors clean and dry for failed and dubious companies. The way the football clubs are paying themselves crazy, like the fund managers and bankers of Wall Street tells one thing, their business is not sustainable.
Any institutions, govt agencies, that pay themselves crazy are suspects as they need to find more and more money to do that. The more they pay themselves, the more money they need to patch up the holes.
The Mailbag Editor,
The Business Times,
Singapore.
6th September 2011
Sir,
The projected US$1 billion Manchester United IPO has come in for regular discussion in your columns recently, with a fair
amount of speculation on what the terms of public subscription will likely be. SGX has categorically put to rest the suggestion
of a dual-class share structure.So far so good.
It is obviously premature at this still early stage to comment on how the IPO.will be pitched.
But what seems undeniable is that the pressing purpose of the IPO is to raise US$1 billion, and asap, 'to reduce the club's
debt burden and finance player purchases' (BT 26 Aug 2011) It was also reported that the club had 'successfully raised L504m
just last year and further piled up L478m in debt by March' (this year). That is no small beer. Intending subscribers are likely to
seriously ponder how that money was spent. An adviser on IPOs of other football clubs has offered the insightful explanation of
"(Man U's) massive debt burden, the massive payroll, and the need to replace certain ageing players'.
Against such a background, it would be interesting, and prudent for nvestors to learn what returns &/or investment merits the
IPO.will offer them.
In this context it may be relevant, and instructive, to revisit the history of IPOs in Singapore.
It was 60 years ago that the first of them, Metal Box, came on the scene. It was in fact a private placing by Fraser & Co., then
indubitably Numero Uno among stockbrokers in Singapore/Malaya. Far from a desperate need for capital, the issue, at $1.20,
promised a dividend of 10 cents or a return on capital of 8.33%. Banks then lent money at no more than 5% p.a., and the
premium effectively made up for putting money into equity stocks, then termed 'risk capital'..
Other well-established British companies trickled in, but uniformly and in common, they all promisd, and faithfully delivered,
handsome returns well over what banks offered for deposits, as well as they themselves lent out. By and large, those
early IPOs all offered good Investment opportunities from companies of repute.
In recent years, the tendency however has been to offer 'growth' as pitted against 'return', with IPOs pitched to 'what the
market would comfortably (or even uncomfortably?)' bear'. The focus of subscribers too has changed from 'return on
invested capital' to 'capital appreciation' with that last hopefully fast and large, yield be hanged..Abysmal and historically
low interest rates too have been a catalyst in promoting a 'how much can I lose after all?' mindset.
One could say that public appetite for IPOs has waned appreciably in recent months.In the particular case of Man U and
its IPO, media hype has focused on the club's large 'Asian fan support base' estimated at some 190 million. How mamy of
them are knowledgeble of stocks and the stock market to apply for IPO shares is arguably a separate issue. Sentiment
could no doubt sway some committed fans, but hard-nosed investors are likely to adopt a more sober stance.
There appears to be jubilation in some camps that Singapore has again stolen a march on its arch rival Hongkong.in this issue.
Similar euphoria erupted just a few months back when SGX landed Hutchison Port Holdings' IPO in preference to its home
base of Hongkong. However taking into consideration its subsequent lack-lustre performance, and that its current market
price is languishing one-third below its IPO price (without even factoring in another 5% depreciation through currency loss) it
can only be seen as a Pyrrhic victory.What was then touted as a 'plum catch' has in the event turned out to be a 'sour plum'
at least where the investing public are concerend. But seen from the other side of the fence, it was a veritable coup for the
promoters and all others involved in the IPO, and of course SGX as well.
Given the size of the Man U IPO, it looks as if strong institutional support will be required, as generally 'sentiment' by itself is not
a particularly strong point among retail investors. Whether the magnet behind the brand name of 'Man U' will of itself pull in
sufficient numbers will be seen when the IPO rolls out.
Yours etc.,
Narayana Narayana
Singapore 469297
Tel: 64461342
Stock exchanges have behaved irresponsibly in many countries by recklessly accepting IPO listings to improve their own bottom lines and leaving the innocent investors clean and dry for failed and dubious companies. The way the football clubs are paying themselves crazy, like the fund managers and bankers of Wall Street tells one thing, their business is not sustainable.
Any institutions, govt agencies, that pay themselves crazy are suspects as they need to find more and more money to do that. The more they pay themselves, the more money they need to patch up the holes.
The Mailbag Editor,
The Business Times,
Singapore.
6th September 2011
Sir,
The projected US$1 billion Manchester United IPO has come in for regular discussion in your columns recently, with a fair
amount of speculation on what the terms of public subscription will likely be. SGX has categorically put to rest the suggestion
of a dual-class share structure.So far so good.
It is obviously premature at this still early stage to comment on how the IPO.will be pitched.
But what seems undeniable is that the pressing purpose of the IPO is to raise US$1 billion, and asap, 'to reduce the club's
debt burden and finance player purchases' (BT 26 Aug 2011) It was also reported that the club had 'successfully raised L504m
just last year and further piled up L478m in debt by March' (this year). That is no small beer. Intending subscribers are likely to
seriously ponder how that money was spent. An adviser on IPOs of other football clubs has offered the insightful explanation of
"(Man U's) massive debt burden, the massive payroll, and the need to replace certain ageing players'.
Against such a background, it would be interesting, and prudent for nvestors to learn what returns &/or investment merits the
IPO.will offer them.
In this context it may be relevant, and instructive, to revisit the history of IPOs in Singapore.
It was 60 years ago that the first of them, Metal Box, came on the scene. It was in fact a private placing by Fraser & Co., then
indubitably Numero Uno among stockbrokers in Singapore/Malaya. Far from a desperate need for capital, the issue, at $1.20,
promised a dividend of 10 cents or a return on capital of 8.33%. Banks then lent money at no more than 5% p.a., and the
premium effectively made up for putting money into equity stocks, then termed 'risk capital'..
Other well-established British companies trickled in, but uniformly and in common, they all promisd, and faithfully delivered,
handsome returns well over what banks offered for deposits, as well as they themselves lent out. By and large, those
early IPOs all offered good Investment opportunities from companies of repute.
In recent years, the tendency however has been to offer 'growth' as pitted against 'return', with IPOs pitched to 'what the
market would comfortably (or even uncomfortably?)' bear'. The focus of subscribers too has changed from 'return on
invested capital' to 'capital appreciation' with that last hopefully fast and large, yield be hanged..Abysmal and historically
low interest rates too have been a catalyst in promoting a 'how much can I lose after all?' mindset.
One could say that public appetite for IPOs has waned appreciably in recent months.In the particular case of Man U and
its IPO, media hype has focused on the club's large 'Asian fan support base' estimated at some 190 million. How mamy of
them are knowledgeble of stocks and the stock market to apply for IPO shares is arguably a separate issue. Sentiment
could no doubt sway some committed fans, but hard-nosed investors are likely to adopt a more sober stance.
There appears to be jubilation in some camps that Singapore has again stolen a march on its arch rival Hongkong.in this issue.
Similar euphoria erupted just a few months back when SGX landed Hutchison Port Holdings' IPO in preference to its home
base of Hongkong. However taking into consideration its subsequent lack-lustre performance, and that its current market
price is languishing one-third below its IPO price (without even factoring in another 5% depreciation through currency loss) it
can only be seen as a Pyrrhic victory.What was then touted as a 'plum catch' has in the event turned out to be a 'sour plum'
at least where the investing public are concerend. But seen from the other side of the fence, it was a veritable coup for the
promoters and all others involved in the IPO, and of course SGX as well.
Given the size of the Man U IPO, it looks as if strong institutional support will be required, as generally 'sentiment' by itself is not
a particularly strong point among retail investors. Whether the magnet behind the brand name of 'Man U' will of itself pull in
sufficient numbers will be seen when the IPO rolls out.
Yours etc.,
Narayana Narayana
Singapore 469297
Tel: 64461342
Notable quote by Dr Yik Keng Yeong
‘Beware of political opportunists online.’ By Dr Yik Keng Yeong
Redbean’s quote.
‘Beware of political opportunists in the main media.’
Redbean’s quote.
‘Beware of political opportunists in the main media.’
Still squeezed out of public housing
Lim Chong Wee wrote to the ST that he still could not qualify for Exec Condo when there was another big article claiming that it is so EC to buy Exec Condo now than DBSS. Yes they have raised the ceiling to $12k which technically means that Lim Chong Wee will now qualify. But there is another clause about eligible only after 30 mths from selling a private property.
Lim is one of those poor rich guys who was forced to take a hefty loan to buy private market when his income was deemed to be rich enough to live in private properties. The truth is that with $10k or $12k, and taking a huge loan, these people are finding it a squeeze. Their only usefulness is to help to inflate the prices of private properties to make their owners get richer.
In the mean time they will have to empty every cent in their CPF to afford those ridiculous prices. And these will be the people ended with nothing to withdraw from their CPF savings when they retired. And no body know why they have little savings! One big chunk taken away by the property and another big chunk by minimum sum and Medisave. The candle burns at both ends.
Of course he is complaining. But to the very rich, they want to force this group of people to think they are rich and must feed on caviar and foie gras. Poor buggers, caught in a cruel scheme. The ugly reality is that going to private properties will put a tremendous strain on them. They look good with their private addresses and cars, but not much left for their retirement.
The really rich are those earning $50k or more monthly. Those in the $10k to $20K bracket could live very comfortably if not being forced by the system and some dickheads to spend every cent they earned. They are not supposed to be thrifty, to be prudent, to save for their children and old age. They must spend and spend to help the economy and support the private property market for the dickheads to get richer.
This is the perfect middle class squeeze. Not because they have to support parents and children, but to support the private property market.
Lim is one of those poor rich guys who was forced to take a hefty loan to buy private market when his income was deemed to be rich enough to live in private properties. The truth is that with $10k or $12k, and taking a huge loan, these people are finding it a squeeze. Their only usefulness is to help to inflate the prices of private properties to make their owners get richer.
In the mean time they will have to empty every cent in their CPF to afford those ridiculous prices. And these will be the people ended with nothing to withdraw from their CPF savings when they retired. And no body know why they have little savings! One big chunk taken away by the property and another big chunk by minimum sum and Medisave. The candle burns at both ends.
Of course he is complaining. But to the very rich, they want to force this group of people to think they are rich and must feed on caviar and foie gras. Poor buggers, caught in a cruel scheme. The ugly reality is that going to private properties will put a tremendous strain on them. They look good with their private addresses and cars, but not much left for their retirement.
The really rich are those earning $50k or more monthly. Those in the $10k to $20K bracket could live very comfortably if not being forced by the system and some dickheads to spend every cent they earned. They are not supposed to be thrifty, to be prudent, to save for their children and old age. They must spend and spend to help the economy and support the private property market for the dickheads to get richer.
This is the perfect middle class squeeze. Not because they have to support parents and children, but to support the private property market.
The intriguing protocol list
A state’s protocol list is a simple ranking of the seniority of govt officials which will then determine who they meet, where they stand or where they sit. In our case we have the President listed as number one followed by the Prime Minister, the Chief Justice and other ministers. In a way it is also the pecking order of the house and taken very seriously. Don’t mix this with the protocol list coming from Caldecot Hill where Jack Neo can be listed as the President, Mark Lee as the Prime Minister or Zoe Tay as the number one.
With the changing of the guards after the last GE, things started to look a bit complicated and messy with the stepping down of some senior ministers to become officially just an MP. As MPs, their standing in the protocol list will drop several rungs and they will no longer be in the limelight. But this may not be true in our case and how much real political power they wield could only be seen in an official function.
The National Day Celebration was the first public event to see who is the top dog and who are just members of a team. I missed this event and did not witness the changes. Then we have the swearing in of the new President and I managed to catch a few glimpses over the news. I saw MP Lim Boon Heng sitting about 15 or 20 rows behind the ministers. I tried looking for MP Mah Bow Tan and MP Wong Kan Seng but failed to locate them. Probably blocked by other guests. Now where is MP Lee Kuan Yew. I think I did not see him either.
The one that was sitting in the front row together with the senior ministers was MP Goh Chok Tong ESM. So what did it say? His ESM is real, equivalent to a senior minister. So he is a minister and not an MP. So, is he getting paid as a minister too, and carrying out duties like a minister? He is definitely being paid a pension of a minister plus his MP allowance and or ESM appointment. Those who think that he is no longer a minister and will share the protocol ranking of Tin Pei Ling will be mistaken. Boon Heng, Kan Seng and Mah Bow Tan will now rub shoulders with Tin Pei Ling and other new MPs at the National Day Parade stand. But Chok Tong ESM will still rub shoulders with ministers of his ranks.
And his picture is in the ST today, shaking hands with President Lee Myung Bak of South Korea. What would the latter be thinking? Is he shaking the hand of a minister or an MP? Or an honorary minister?
Does our new protocol list say anything about who is really the bosses in our political structure? What is the official title of LKY? Ex or former Mentor Minister or MP? Today the ST addresses him as former Prime Minister.
With the changing of the guards after the last GE, things started to look a bit complicated and messy with the stepping down of some senior ministers to become officially just an MP. As MPs, their standing in the protocol list will drop several rungs and they will no longer be in the limelight. But this may not be true in our case and how much real political power they wield could only be seen in an official function.
The National Day Celebration was the first public event to see who is the top dog and who are just members of a team. I missed this event and did not witness the changes. Then we have the swearing in of the new President and I managed to catch a few glimpses over the news. I saw MP Lim Boon Heng sitting about 15 or 20 rows behind the ministers. I tried looking for MP Mah Bow Tan and MP Wong Kan Seng but failed to locate them. Probably blocked by other guests. Now where is MP Lee Kuan Yew. I think I did not see him either.
The one that was sitting in the front row together with the senior ministers was MP Goh Chok Tong ESM. So what did it say? His ESM is real, equivalent to a senior minister. So he is a minister and not an MP. So, is he getting paid as a minister too, and carrying out duties like a minister? He is definitely being paid a pension of a minister plus his MP allowance and or ESM appointment. Those who think that he is no longer a minister and will share the protocol ranking of Tin Pei Ling will be mistaken. Boon Heng, Kan Seng and Mah Bow Tan will now rub shoulders with Tin Pei Ling and other new MPs at the National Day Parade stand. But Chok Tong ESM will still rub shoulders with ministers of his ranks.
And his picture is in the ST today, shaking hands with President Lee Myung Bak of South Korea. What would the latter be thinking? Is he shaking the hand of a minister or an MP? Or an honorary minister?
Does our new protocol list say anything about who is really the bosses in our political structure? What is the official title of LKY? Ex or former Mentor Minister or MP? Today the ST addresses him as former Prime Minister.
9/06/2011
Notable quote by Leong Kai Yan
‘Serving NS in non combat positions just as taxing.’ By Leong Kai Yan.
This is an article in the ST forum today by a Kaiyan Leong. I didn’t know that Kaiyan is a western word like Tom or Jerry to be placed in front of a Chinese surname, or is this the right way to write Chinese name? I am getting out of touch with the new generation. Anyway, a better version will be ‘Serving NS in non combat positions just as dangerous.’ Ok, this is my version.
How so, sitting in the comfort of aircond offices can be dangerous meh? Why not? He can be electrocuted when typing on the keyboard. Or he could trip over a carpet or a slippery office floor and hit his head against a sharp corner of a furniture.
Or the secretary may pour a cup of hot kopi on his face by accident and burn his whole face. What about a ceiling fan dropping down and chop off his head?
Mine, non combat positions are terrifying and truly dangerous. A jeep or tank can overturn. So can a car on the road. Both equally dangerous. A hand grenade exploding? What about the danger of a letter exploding when opened?
I concede that non combat positions are equally dangerous, and taxing too. No wonder not many PES A NSman were allowed to be in non combat positions. Oops, there are some exceptions to the rule.
This is an article in the ST forum today by a Kaiyan Leong. I didn’t know that Kaiyan is a western word like Tom or Jerry to be placed in front of a Chinese surname, or is this the right way to write Chinese name? I am getting out of touch with the new generation. Anyway, a better version will be ‘Serving NS in non combat positions just as dangerous.’ Ok, this is my version.
How so, sitting in the comfort of aircond offices can be dangerous meh? Why not? He can be electrocuted when typing on the keyboard. Or he could trip over a carpet or a slippery office floor and hit his head against a sharp corner of a furniture.
Or the secretary may pour a cup of hot kopi on his face by accident and burn his whole face. What about a ceiling fan dropping down and chop off his head?
Mine, non combat positions are terrifying and truly dangerous. A jeep or tank can overturn. So can a car on the road. Both equally dangerous. A hand grenade exploding? What about the danger of a letter exploding when opened?
I concede that non combat positions are equally dangerous, and taxing too. No wonder not many PES A NSman were allowed to be in non combat positions. Oops, there are some exceptions to the rule.
The indictment of a prime minister
Iceland has taken an unprecedented step to indict its Prime Minister, Geir Haarde, for being the cause of its financial collapse. The charges were ‘intent or gross neglect, mostly violations against the laws of ministerial responsibility.’ According to another law maker, Ath Gislason, Haarde’s great sin was omission. He did nothing and allowed the world financial crisis to hit Iceland to ground zero.
Some law makers were kinder and put the blame squarely on his predecessor, David Oddson. Oddson did something very familiar to countries that are suckers to the flawed American financial system, by allowing the privatization of banks and ‘liberalized banking laws, paying the way for a brief period of prosperity and the bank’s risky and ultimately self destructive behavior.’
What happened in Iceland is a common phenomenon in many western countries, a brief period of ecstasy before doomsday comes. The stock markets too got a small lift, but the collapse is just around the corner. With liberalization, it is like giving a licence to kill to the bankers and big fund operators.
It is so lucky that we have no reason to indict any politician here. They have all done well in their ministries and everything is just fine. Some thought there were a few cases that deserved to be indicted. Some thought the time is not ripe. The financial system and the stock exchange, and the nation’s reserves, are still kicking and looking healthy, just like the housing bubble. Let’s hope that they stay that way and there is no need to indict anyone as the consequences of a bad judgment and decision can be fatally destructive and beyond redemption.
Some law makers were kinder and put the blame squarely on his predecessor, David Oddson. Oddson did something very familiar to countries that are suckers to the flawed American financial system, by allowing the privatization of banks and ‘liberalized banking laws, paying the way for a brief period of prosperity and the bank’s risky and ultimately self destructive behavior.’
What happened in Iceland is a common phenomenon in many western countries, a brief period of ecstasy before doomsday comes. The stock markets too got a small lift, but the collapse is just around the corner. With liberalization, it is like giving a licence to kill to the bankers and big fund operators.
It is so lucky that we have no reason to indict any politician here. They have all done well in their ministries and everything is just fine. Some thought there were a few cases that deserved to be indicted. Some thought the time is not ripe. The financial system and the stock exchange, and the nation’s reserves, are still kicking and looking healthy, just like the housing bubble. Let’s hope that they stay that way and there is no need to indict anyone as the consequences of a bad judgment and decision can be fatally destructive and beyond redemption.
When would stock exchanges be sued?
When the Lehman bonds and High Notes turned out to be lemons, many investors suffered huge losses across the world. There were compensations and pay back to some investors, notably the ignorant and less well educated uncles and aunties.
The well heeled and branded investors, known simply as sophisticated investors, were not so lucky. Even the sellers of the toxic notes were spared except some low level clever sales people who were found to have fouled only because they sold to the ignoramous. If the clever sales people targeted the intelligent and sophiscated investors, it was caveat emptor. No trouble at all. Under the same logic, they could even sell poison.
The bottom line is that the notes were dangerous but intelligent investors should know the risks involved. They were dangerous but not poison. They were not snake oil but high risks financial instruments.
The financial institutions were taken to task not because of faulty products but not telling enough of the risks. No one really was found guilty of any crime except some low level sales people, also not for crime but maybe a bit negligent.
Last week the American govt took up a suit against more than a dozen financial institutions for selling flawed products during the housing crisis. What this means is that someone and some institutions could be found guilty. The names of those senior people instrumental in the packaging of the toxic products have been compiled and awaiting prosecution. This is a serious development as the products were never seen to be at fault.
What if the banks and financial institutions were found guilty of selling snake oil or fraudulent products, or guilty of fraudulent practices? Would the banks and financial institutions here also be found guilty for selling snake oil as well? At the moment everyone is walking around with a hallow on his head, like angels. Water under the bridge, no point digging out shit to get people to court.
The seriousness of the American govt suit against the financial institutions and the legal implications can be widespread, depending on the findings. If fraud can be established, many heads will roll. Those heads over here may have to face the music as well.
An interesting article in the ST yesterday titled America’s great bank robbery by Nassim Nicholas Taleb and Mark Spitznagel is worth reading. It discussed the elaborate schemes of bankers and fund managers in transferring their client’s wealth into their own personal accounts. This kind of day light robbery is not confined to the US but affected all the financial systems modelled after them. The same players, the same systems and the same copycats, all lining their pockets with quick easy money.
Would the stock exchanges be next to be sued?
The well heeled and branded investors, known simply as sophisticated investors, were not so lucky. Even the sellers of the toxic notes were spared except some low level clever sales people who were found to have fouled only because they sold to the ignoramous. If the clever sales people targeted the intelligent and sophiscated investors, it was caveat emptor. No trouble at all. Under the same logic, they could even sell poison.
The bottom line is that the notes were dangerous but intelligent investors should know the risks involved. They were dangerous but not poison. They were not snake oil but high risks financial instruments.
The financial institutions were taken to task not because of faulty products but not telling enough of the risks. No one really was found guilty of any crime except some low level sales people, also not for crime but maybe a bit negligent.
Last week the American govt took up a suit against more than a dozen financial institutions for selling flawed products during the housing crisis. What this means is that someone and some institutions could be found guilty. The names of those senior people instrumental in the packaging of the toxic products have been compiled and awaiting prosecution. This is a serious development as the products were never seen to be at fault.
What if the banks and financial institutions were found guilty of selling snake oil or fraudulent products, or guilty of fraudulent practices? Would the banks and financial institutions here also be found guilty for selling snake oil as well? At the moment everyone is walking around with a hallow on his head, like angels. Water under the bridge, no point digging out shit to get people to court.
The seriousness of the American govt suit against the financial institutions and the legal implications can be widespread, depending on the findings. If fraud can be established, many heads will roll. Those heads over here may have to face the music as well.
An interesting article in the ST yesterday titled America’s great bank robbery by Nassim Nicholas Taleb and Mark Spitznagel is worth reading. It discussed the elaborate schemes of bankers and fund managers in transferring their client’s wealth into their own personal accounts. This kind of day light robbery is not confined to the US but affected all the financial systems modelled after them. The same players, the same systems and the same copycats, all lining their pockets with quick easy money.
Would the stock exchanges be next to be sued?
9/05/2011
A simmering dissent brewing
Over the weekend I read a forum letter in the ST expressing aloud the fear that there will be no minority president in the future. Today I read that the Tamil language on the sign boards of a hospital was removed and only English and Chinese were left. The fear on the president issue is the need for a popularly elected President and statistically it is biased in favour of the majority. The minority races would be disadvantaged.
The reason given for removing Tamil from the signboards was that the customer profile in Khoo Teck Puat hospital does not necessitate the use of Tamil language. The excuse is lame for sure.
Taken simply, the problems will only be solved if the proportion of minority races increases to a point where all are more or less equal. This, I think, shall not take too long and it is only a matter of time when all the 4 racial groups will form about 25% each of the whole population. And we will have our enlightened immigration policies to thanks for.
Don’t worry, everything will be fine. Govt policies are well thought out by the finest talents in the island.
The reason given for removing Tamil from the signboards was that the customer profile in Khoo Teck Puat hospital does not necessitate the use of Tamil language. The excuse is lame for sure.
Taken simply, the problems will only be solved if the proportion of minority races increases to a point where all are more or less equal. This, I think, shall not take too long and it is only a matter of time when all the 4 racial groups will form about 25% each of the whole population. And we will have our enlightened immigration policies to thanks for.
Don’t worry, everything will be fine. Govt policies are well thought out by the finest talents in the island.
Ministerial Salary Review
Read in the papers that the findings and recommendations of the Ministerial Salary Review Committee will be out by the end of the year. And they have received many feedbacks and will take them into consideration.
I just have one point to add on the new salary. It must be absolutely transparent and with little room for too much variations. If there is any provision for bonuses, rightly there should not be, it must be minimal, at most a 13th month.
The last thing I want to see happen is for a small fixed salary and a huge variable that can be paid as bonuses or whatever, like 24 or 48 months more. The tenure of office of an elected govt is 5 years and nothing more. The salary shall be fixed for 5 years and anyone taking office shall know exactly what to expect.
The practice of a fixed salary plus bonus plus bonus shall be done away with. Allowances shall be specified as well. The basic position is that there must be no room for doubts, suspicions and imaginations.
Is the CPF scheme turning into a scam?
It was a pillar of our social infrastructure. It gave the people a sense of assuredness, peace of mind, and a great feeling of security. That was our CPF.
Over the years the changes introduced to the CPF scheme have gradually transformed this institution of the people’s savings into an institution of grievances and frustration. It all started many years ago when some economic whiz kid discovered that there was too much money in the CPF waiting to be had. Anyone with a bright idea could lay his hands on this people’s treasure that have been laid aside to earn pittance from the interest rates.
Now you understand why HDB flats are affordable and why the CPF savings are no longer enough for retirement? The policy of pricing HDB flats according to affordability is like pricing HDB flats according to how much the people have in their CPF savings. Brilliant. And the rest is history.
This logic can be applied to the ever increasing medical costs. The CPF has been turned into a vehicle to enrich the medical profession. You have plenty of money in the Medisave or in medical insurance. Thus you can pay for the increasing medical fees. You can afford it, like it or not, your saving will be taken away from you in advance to fund the medical industry. And you may not need it at all. Medical fees and housing prices will keep going up as they are affordable, because there are money in the CPF savings.
Did anyone really scheme to use the CPF for his own gambling habit, to fund his big billion dollar bets? Did anyone think that in such big gambles he could reap millions in bonuses when luck is with him, and simply ignore the losses as the losses came from other people’s money, not his own pocket? No need to pay back. The CPF contributors would be made to patch up the holes somehow through the shifting of goal posts or more schemes. I really hope that no one really thinks that the CPF money is for them to play. It is theft of the people’s hard earned money in all disguises. The line differentiating gambling from investments is too fine to make a difference.
And I am very uncomfortable for anyone, or any economist, to lump the people’s hard earned money as the country’s reserves. It is the people’s money and not anyone else’s reserves. Once the reserves tag is glued on the people’s money, the one holding the key to the reserves may think that it is his for the taking or for his own schemes of things. I find it not only immoral but down right dangerous.
No one can argue about putting aside some of our income as savings. But there are other important things to consider about savings. For those who can afford to, by all means save as much as you can. There are many out there who cannot afford to save. Saving is like eating half a bowl of rice or keeping the stomach half empty, to put some money aside. Forcing people to go hungry is not helping the people but ensuring them a slow death. Help the poor is to make provisions from other sources of revenue to allow them to have their bowl of rice and not go half hungry and not go half hungry by taking away the rice.
And there is a time to say providing for the rainy day is enough. The insurance agents will tell you that there is never enough in the insurance that you bought. Hmmm, reminds me of the reserves in the NKF as well as the reserves in the country’s vault. How much savings will be considered enough? Never enough. But the pragmatic reasoning will say up to a point, one needs not keep stuffing into the tin can for the tomorrow that may never come. There must be a sense of proportion.
This brings to a point about savings by the oldies. At 60, 70, or 80, as long as one is self employed, one must continue to put money into the Medisave. What kind of stupidity or daylight robbery is that? At these ages, everyday is a bonus. If one is economically productive, one should be allowed to spend his keeps while he still can. Forcing grandpas to save! Economically active grandpas would have the comfort of his savings being left untouched. To add to more savings is the logic of an idiot, or robbing the oldies. Now why would people want to rob the oldies? Wicked isn’t it? No, they say they are helping the oldies so that they have more money to pay the hospitals when needed.
There are many things that make the CPF smells foul. When the noble objective of a scheme is twisted to serve less noble objectives, or warped objectives, all schemes will turn foul. There is no need for oldies to keep savings. There is no moral reason to deprive the oldies from their hard earned savings to enjoy their twilight years even if it is for the use of god.
Now what is the real reason to compel the old uncles and aunties to keep saving when they may hand in their identity cards anytime? Is it mercy or merciless?
We have a very regimented institutions forcing people to save and save and while making it very difficult for the people to get back their hard earned money. On the other hand we have institutions like the HDB and the hospitals who are trying to take your money because you have money in your CPF. They price their products and services according to affordability and market forces, or to take every cent from you. It is like a candle burning on both ends.
I have a better CPF scheme. Everyone must contribute 80% of his income to the CPF. Then he will have money to buy affordable flats, and money for all the medical bills, and for retirement. No more worries liao.
Over the years the changes introduced to the CPF scheme have gradually transformed this institution of the people’s savings into an institution of grievances and frustration. It all started many years ago when some economic whiz kid discovered that there was too much money in the CPF waiting to be had. Anyone with a bright idea could lay his hands on this people’s treasure that have been laid aside to earn pittance from the interest rates.
Now you understand why HDB flats are affordable and why the CPF savings are no longer enough for retirement? The policy of pricing HDB flats according to affordability is like pricing HDB flats according to how much the people have in their CPF savings. Brilliant. And the rest is history.
This logic can be applied to the ever increasing medical costs. The CPF has been turned into a vehicle to enrich the medical profession. You have plenty of money in the Medisave or in medical insurance. Thus you can pay for the increasing medical fees. You can afford it, like it or not, your saving will be taken away from you in advance to fund the medical industry. And you may not need it at all. Medical fees and housing prices will keep going up as they are affordable, because there are money in the CPF savings.
Did anyone really scheme to use the CPF for his own gambling habit, to fund his big billion dollar bets? Did anyone think that in such big gambles he could reap millions in bonuses when luck is with him, and simply ignore the losses as the losses came from other people’s money, not his own pocket? No need to pay back. The CPF contributors would be made to patch up the holes somehow through the shifting of goal posts or more schemes. I really hope that no one really thinks that the CPF money is for them to play. It is theft of the people’s hard earned money in all disguises. The line differentiating gambling from investments is too fine to make a difference.
And I am very uncomfortable for anyone, or any economist, to lump the people’s hard earned money as the country’s reserves. It is the people’s money and not anyone else’s reserves. Once the reserves tag is glued on the people’s money, the one holding the key to the reserves may think that it is his for the taking or for his own schemes of things. I find it not only immoral but down right dangerous.
No one can argue about putting aside some of our income as savings. But there are other important things to consider about savings. For those who can afford to, by all means save as much as you can. There are many out there who cannot afford to save. Saving is like eating half a bowl of rice or keeping the stomach half empty, to put some money aside. Forcing people to go hungry is not helping the people but ensuring them a slow death. Help the poor is to make provisions from other sources of revenue to allow them to have their bowl of rice and not go half hungry and not go half hungry by taking away the rice.
And there is a time to say providing for the rainy day is enough. The insurance agents will tell you that there is never enough in the insurance that you bought. Hmmm, reminds me of the reserves in the NKF as well as the reserves in the country’s vault. How much savings will be considered enough? Never enough. But the pragmatic reasoning will say up to a point, one needs not keep stuffing into the tin can for the tomorrow that may never come. There must be a sense of proportion.
This brings to a point about savings by the oldies. At 60, 70, or 80, as long as one is self employed, one must continue to put money into the Medisave. What kind of stupidity or daylight robbery is that? At these ages, everyday is a bonus. If one is economically productive, one should be allowed to spend his keeps while he still can. Forcing grandpas to save! Economically active grandpas would have the comfort of his savings being left untouched. To add to more savings is the logic of an idiot, or robbing the oldies. Now why would people want to rob the oldies? Wicked isn’t it? No, they say they are helping the oldies so that they have more money to pay the hospitals when needed.
There are many things that make the CPF smells foul. When the noble objective of a scheme is twisted to serve less noble objectives, or warped objectives, all schemes will turn foul. There is no need for oldies to keep savings. There is no moral reason to deprive the oldies from their hard earned savings to enjoy their twilight years even if it is for the use of god.
Now what is the real reason to compel the old uncles and aunties to keep saving when they may hand in their identity cards anytime? Is it mercy or merciless?
We have a very regimented institutions forcing people to save and save and while making it very difficult for the people to get back their hard earned money. On the other hand we have institutions like the HDB and the hospitals who are trying to take your money because you have money in your CPF. They price their products and services according to affordability and market forces, or to take every cent from you. It is like a candle burning on both ends.
I have a better CPF scheme. Everyone must contribute 80% of his income to the CPF. Then he will have money to buy affordable flats, and money for all the medical bills, and for retirement. No more worries liao.
9/04/2011
Wikileaks leak unhappiness of journalists
It is in the media, that Wikileaks intercepted a report on the unhappiness of local journalists for being restrained from what they could write and report. In a confidential article titled, ‘Journalists frustrated by press controls’, it revealed that political leaders were putting pressure on the papers to toe the govt line on domestic politics. And there was a divide between the editors and the younger journalists.
I have sensed this divide and commented on them before. Our local journalists are very well trained and qualified, coming from some of the best universities in the West. They have seen the world and exposed to the vibrant intellectual discourse of the West. They cannot be cowed to become sheep. They are talented and wanted to express and show their talents. With a freer press, the quality of their reports and the media they represent would be a totally different story than the current pathetic state that made them pedestrian, amateurists, when compared to the social media.
How could that be? The social media may have talented people like me writing rubbish gossips, but the fact is that social media are not professional media with the time and resources and the real journalistic talents to produce works of literary art. My apologies to the few literary greats walking in our midst, like Catherine Lim and a few others.
Every time I read the pieces in the media, I feel very sorry for them. They have wasted their talents and skill on writing about food, cooking, pets, leisure and about how people would want to dress on their last journey, with at least 3 or 4 pages of expensive media spaces in yesterday’s ST, and a totally waste of paper. Very anti green movement to cut down trees and dig up raw materials to print such stuff.
Give them the space and they will raise the standard of our local media and win international awards in literary and journalistic skills with in depth coverage of quality news, and not in how nice the pages were arranged, how colourful were the prints, how creative was the layout, or you know what.
We have so much talent but not put to good use. Isn’t that a pity?
9/03/2011
Govt institutions must be freed from politics
This is the most decent thing to do for any govt in any country. The civil servants are neutral and apolitical and just want to have a job to bring up their families. Govts that involved civil servants in politics or meddling in politics will only compromise the civil servants to do things that they should not be doing. Civil servants will be caught in a bind, cannot say no or will lose their jobs or doing things that will affect their values, principles and integrity.
It is unfair for any govt to make civil servants do their biddings for political cause or agenda. In many countries, particularly the authoritarian or dictatorial regime, the fall of the regime will lead to the arrest of civil servants or their escape from their own country as they will be found guilty for working with the authoritative or dictatorial regime.
It is the moral responsibility of all decent govts to free their civil servants to run their ministries and statutory boards in the good of the country and people, without getting them entangled with the politics of the day. When civil servants are not involved, they will provide the continuity of govt during a crisis or regime change, to ensure stability and as little disruption to public services and the security of the people.
The British model of govt is still the role model for democratically run countries to follow. And the neutrality of civil servants should not only be an empty claim but must be seen and believed by the people. Only then can civil servants live in peace and not be pricked by conscience for doing and administering public policies unfairly for the benefits of their political masters.
The civil servants are people and citizens of the country. They must not be coerced or implicated by the power of the day to act against their conscience or against the people. The people and civil servants should not be politicized against their will.
I can’t imagine a new political party returned to power and appoint their own men to run the PA, HDB and all the govt services while those currently in office will have to flee.
9/02/2011
Notable quote by Hsien Loong
‘Drawing on our reserves should only be an absolutely last resort’ Lee Hsien Loong
Hsien Loong cautioned against the worsening world economy and that the govt may have to dip into the reserves again. But this will only be done as an absolutely last resort thing.
I also remember Leong Sze Hian saying that during Nathan’s term as President, the reserves were used for something like 29 times. Correct me if I have misquoted Leong Sze Hian. I think my memory is still ok and I am not suffering from dementia. And one of the reasons for using the reserves was for SERS, en bloc resettlement of HDB flats. True or not!
Pulling down old flats to build new ones is so serious that our reserves were used. Must be absolutely last resort or else something serious would happen to our economy or maybe the new immigrants will go rioting for not having a place to live.
If SERS scheme could justify for the use of the reserves, what else can’t? I think I must have heard wrongly, and there is absolutely nothing wrong with my dementia. Hearing problem? Maybe.
Political appointments, public employees or private employees
Recently some politicians lost the election and their well paying jobs as politicians. I am wondering where have they gone to? Have they found jobs in the private sector or have they been employed in the public sector, or have they been appointed by the govt into jobs that are paid by the public coffer?
There should be no issue if they are gainfully appointed by the private sector for their talents. It will be interesting to find out if they are being employed as public employees or civil servants and how much are they being paid in their new jobs. If the jobs are paid by taxpayers’ money, shouldn’t the taxpayers want to know what is happening?
What if they are appointed as advisors to grassroots organizations? Are these appointments paid or they are doing voluntary services for the community, no pay, like volunteers to social institutions?
There should be no issue if they are gainfully appointed by the private sector for their talents. It will be interesting to find out if they are being employed as public employees or civil servants and how much are they being paid in their new jobs. If the jobs are paid by taxpayers’ money, shouldn’t the taxpayers want to know what is happening?
What if they are appointed as advisors to grassroots organizations? Are these appointments paid or they are doing voluntary services for the community, no pay, like volunteers to social institutions?
The irrational considerations of the presidential election
Let’s talk money. Not that this election is all about money, but it is an interesting angle to pursue. Let me start by dangling a $24 million carrot to see the temptation. It could be twice or three times this amount. A $650k Toto jackpot is really a peanut compares to this handsome reward. Striking Toto 10 times would only bring in a miserly $6.5 million. And you know how difficult it is to hit the Toto jackpot even once, and 10 times is simply impossible.
With such a big carrot dangling, it is unbelieveable that only 6 Singaporeans would want it. Singaporeans are either insensitive to the temptation of money, or simply idiots. Of course the stringent criteria just said, you need to be very rich and clever to apply. Entering the contest is as difficult as a camel entering the eye of a needle.
The next big mystery is for Tony Tan to quit his two well paying jobs to place his bets on the Presidency. If he loses, he will have lost the two well paying jobs and their huge salaries. If he won, he may win less than what he used to get. Now, which is paying more? The Presidency or the two jobs in GIC and SPH? It is bonkers if the two jobs pay more than the Presidency!
And the daft Singaporeans did not think much of the millions to be paid out for the Presidency. Maybe they did not think it was their money. And when Tan Kin Lian and Jee Say offered to take $2m and $500k respectively for the job, they rejected both of them. The Singaporeans rather pay $4m+ than $2m or $500k per annum to the resident of the Istana. And between the 4, every one of them can more than adequately do the job of the Presidency, all fully qualified and passed by the PEC. They are all suitable for the job.
The only one sensible, or a real gambler, in my opinion, is Tan Kin Lian. He staked $48k plus some expenses for a return of many times more. This is practical reasoning and risk worth taking. I may want to consider placing my bets in the next round.
Now, how much did it cost to hold such an election to all parties? The one day of holiday with pay to every worker, the number of hours put in by the election committees and helpers, holiday overtime pay means double pay. The advertising and logistics costs of the candidates. The time and effort of more than 2 million voters also cost a lot of money.
And all the money to vote for a non executive President that can only speak with the permission or advice of the cabinet! A lot of money spent really, for a virtually ceremonial President that many have voiced that they rather not have.
Heard that one candidate sent flyers to every household in the island, assuming 900,000 households at $1 per flyer(postage and sundry), this alone is a cool $900k.
Is it money well spent? I think so, with the jackpot standing at a minimum of $24m or maybe $50m.
Now who dares to accuse Singaporeans of being money greedy? So much money for the taking and only 6 are honest enough to want to have a go at it. And one even gave up more in return for less. Singaporeans are so rich now that money is no longer a useful stimulus to excite them.
9/01/2011
Cheng Bock was the Chosen One
Given the choice, the people will want Cheng Bock as their President. His marginally lost in the election is a technicality. The number of candidates was the main cause of his lost. A straight fight will give Cheng Bock the 30% won by Jee Say and Kin Lian. These are hard core anti PAP votes that will never lend on Tony’s lap and will give Cheng Bock a very comfortable 65% victory.
The polls in mysingaporenews are telling. There is still this corner of the population that is very unhappy with the new President. I do not see how Tony can bridge this gap to endear to this group of people. And this group consists of the hard core 30% plus a big portion of those who had voted for Cheng Bock.
Just ask around, anyone in the street, many will express their disappointment. It is not a contrived argument but a statement of fact. The PAP camp may claim 70% or 100%, the truth is that, unfortunately, Tony is not their desired President of choice.
Time for an Ombudsman
The way the CPF savings are getting further and further away from the people is no laughing matter. The delay in returning the money to the people, the inflating of minimum sums in CPF and Medisave both means that the owners are finding it more and more difficult to get in touch with their hard earned money. And you have jokers ridiculing the people’s stupidity by claiming to be very happy looking at a monthly statement saying how much is in there. In a way it is telling the people to be happy with the piece of paper even if the money is not touchable.
The most distressing part is that the people’s life time saving is now part of the nation’s reserve and can be invested by people who did not need to ask permission from the rightful owners of the money. The smell of blood, sweat and tears are in the CPF money. Who is so irresponsible and outrageous to think that it is ok to take the people’s money to ‘invest’ and claim credit, pay themselves insane bonuses when luck is with them, but if the money is lost, just pat their backside and simply walk away?
The very thought of taking the people’s hard earned money against their interests and will is evil to the core. It is irreprehensible for anyone to think that it is alright without any sense of guilt. It is morally wrong and criminal.
It is time to appoint an ombudsman to look into the people’s life time saving and find ways to return to them while the money is still there. There can never be any good reason, nothing, that can justify depriving the people from their savings.
I say again, anyone with designs on the people’s life savings is evil and wicked. They shall be punished, and it is only a matter of time. If there is no human law to deal with them, they will still have to answer one day. In the mean time, keep playing with the people’s money. There is no where to run from the guilt of conscience.
8/31/2011
Nathan’s conscience is clear
Why was his conscience pricked and he has to make it public that his conscience is clear? In my view, Nathan is the most perfect President according to the terms and conditions of the Constitution. He played the role to the T. No one can fault him for not doing his part as the Elected President or overstepping his role to try to do things outside the Constitution.
Next National Day Nathan will be given the highest award of the country. And his place in Kranji has already been reserved.
On the issue of conscience, only those who took too much and did too little should have to think about their conscience. This shall include those who will be doing nothing and taking millions from the people.
Nathan has done a lot of work as the President without crowing about it. He is always under pressure to perform. The most obvious sign of pressure is his weight. The psychiatrists will tell you that people who are under pressure tend to over eat, took to food as an escapism, and put on weight.
Let’s wish Nathan a good retirement and with less pressure in his life. He may start to lose weight and his hair may start turning white too.
Next National Day Nathan will be given the highest award of the country. And his place in Kranji has already been reserved.
On the issue of conscience, only those who took too much and did too little should have to think about their conscience. This shall include those who will be doing nothing and taking millions from the people.
Nathan has done a lot of work as the President without crowing about it. He is always under pressure to perform. The most obvious sign of pressure is his weight. The psychiatrists will tell you that people who are under pressure tend to over eat, took to food as an escapism, and put on weight.
Let’s wish Nathan a good retirement and with less pressure in his life. He may start to lose weight and his hair may start turning white too.
PE – 100% endorsement for the govt
Some said the PAP got only 35% of the popular votes, some said 70%. I say 75%. The numbers are very interesting and alive, and can be interpreted anyway one wants to look at them. It may be flattery, self deception, cynicism, foolish thoughts and anything but the truth. So reading numbers and interpreting numbers are not so objective and scientific after all. It is an art for the spin doctors.
Why did I say PAP won 75%? Tony, Cheng Bock and Kin Lian were all PAP before. Have they really left the PAP? Who can vouch to know the absolute truth? And I also say that the govt or establishment won 100% of the votes this time, a complete endorsement. Why not? All of them worked for the govt at one time or another. All has govt blood running in them, and govt thinking, including involvement in govt policy making and execution.
Don’t be surprise if all were invited to a tea party by the PM and all say a big thank you to the voters together. Then those who share this view of mine would say, see, all together with the PM, must be of the same camp.
Feeling cheated? The truth is still out there. And the truth is different in the eyes of everyone. The PAP is being conservative and a little shy to claim that it won only 70%. They could have won 100% for all you know.
Time to call for celebration for the great victory. What wayang? No it is the truth.
Why did I say PAP won 75%? Tony, Cheng Bock and Kin Lian were all PAP before. Have they really left the PAP? Who can vouch to know the absolute truth? And I also say that the govt or establishment won 100% of the votes this time, a complete endorsement. Why not? All of them worked for the govt at one time or another. All has govt blood running in them, and govt thinking, including involvement in govt policy making and execution.
Don’t be surprise if all were invited to a tea party by the PM and all say a big thank you to the voters together. Then those who share this view of mine would say, see, all together with the PM, must be of the same camp.
Feeling cheated? The truth is still out there. And the truth is different in the eyes of everyone. The PAP is being conservative and a little shy to claim that it won only 70%. They could have won 100% for all you know.
Time to call for celebration for the great victory. What wayang? No it is the truth.
8/30/2011
Notable quote by Redbean
Half in and half out
We have heard of that before. Now the latest catchphrase is 'One third in, two third out'. Redbean.
Is that the reason why so many people are simply disappointed?
We have heard of that before. Now the latest catchphrase is 'One third in, two third out'. Redbean.
Is that the reason why so many people are simply disappointed?
Selamat Hari Raya Aidil Fitri
Just came back after a day of outing. Let me wish our Muslim friends a happy Hari Raya Aidil Fitri.
8/29/2011
The warnings of the higher self
The GE saw Hsien Loong humbling himself with a public apology for the failed policies and bad decisions of his govt. His apology was heard and he was saved from an embarrassing thrashing in the election. His personal votes went up. This could easily rub the mortals, even higher mortals, the wrong way. In order to register a point that the apology must not be forgotten, a GRC must go and some hot shots would have to be sacrificial lambs in the process. We know what happened.
Subsequently, a few ministers were pruned from the cabinet to atone the mistakes of past years. These were all good and welcomed. The expectation by the people of a govt serving the interests of the people cannot be taken lightly. There were hopes bt the people of a better time.
Then came the Presidential Election. The tail of the fox reappeared and things were looking to take a step back. The first lesson was too easily forgotten and a harsher lesson needed to be handed down.
Tony Tan, the hot favourite of the elite of the elites, was rolled out to ensure a good win. The higher self was not pleased and Tony could only manage to win by a whisker. He could have lost easily if that was intended. The higher self did not want to make it too hard. Imagine if Tony Tan was defeated with only 30% of the votes! It must be the trumping of the year and the biggest defeat of the party.
The higher self was kind and wanted to give the party another chance to redeem itself. The 35% win and a margin of 7,269 votes were too close for comfort. It was a rude reminder that must be taken heed. There will not be another chance if the rulers insist on being rulers and not servants of the people. Five years were all there is to serve and work for the betterment of the people than for self interests and self gratification. The conditions for redemption are demanding. Would anyone still think that the higher self can be trifled with and ignored?
By the next election, PAP could be history, or be given a new lease of life. It all depends on whether the lessons of the last two elections were taken seriously and with all sincerity to be of service to the people and not self.
The graciousness and compassion of the higher self have its limits. Don’t push the luck too far. This is the message of the Presidential Election. Some are still trying to brush everything aside and still deceiving themselves that it was a big victory, and they can go on rubbishing and threatening the people. Fear not, for I know you by your name….
PS. The above was told to me by a ‘tang kee’. I take it as fiction or just a fairy tale. For those who believe that their future is in their own hands and do not believe in any higher self, they may disregard the ‘tang kee’ for his story.
An emotional index with President Tony Tan
Now we have a new President in Tony Tan. I have set up another poll to measure the emotional attachment to our new President in the Istana. This is just a feel good or feel lousy poll that I guarantee you will not affect the results of the Presidential Election.
And your vote is secret!
And your vote is secret!
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