Second key tested!

Chua Mui Hoong in her article today in the ST is all praise for the second key system. It has been tested and it works. It works so smoothly like a well oiled machinery. Everything goes without a single hitch. The system has been perfected over time. What if the President said no? Or what if the Presidential Council said no? These are highly unlikely scenarios. But let's say if it happens, what's next? The request to dip into the reserves goes back to Parliament for another debate, repackage and re submit to the President? Could there be a provision somewhere that after 3 rejections by the President the request should automatically be passed in Parliament? Or would there be a vote of no confidence on the President and a new elected President be elected? Or would the govt just accept it and say can't do anything to help the people because the President said no and no money available? Has this part been tested? How smooth will it be?

Time for a one party dictatorship

We are in a major crisis. We cannot afford to have a weak govt. We cannot afford to have all the politikings going around and sapping away the energy of the govt. We need continuity so that the govt can plan ahead to overcome this crisis. All the conditions are ripe for a single party govt to manage the country over the long haul. A combative democratic process is unhealthy. We have lost probably $100b or more of our reserves. And we don't even know how much is our reserves or how much we have lost. Someone told me not to worry, we have much more in reserves than officially announced. Actually it is frightening if losing $100b is seen as nothing. We need really able men and women to make sure that our reserves keep growing and being protected. And if we are to have able people managing them, a one party dictatorship is the way to go. Through our experience many good men and women would not want to be involved in the rough and tussle of running for election. A single party dictatorship will give the govt full authority to appoint the good men to office, something like the American president appointing his cabinet. There were signs of an election coming with the electoral list being updated. The media reported that there were no new faces doing the walkabout, indicating that the team will stay put. This could be a possibility. How about the possibility of an election for a dictatorship or a single party rule? Like I said above, a dictatorship or single party rule has the flexibility for the power to appoint the office bearers. No neeed new faces to walk about and be recognised or to learn the rope of garnering grassroot support. Is it possible? But this is not the issue. The main issue now is for a sustainable govt to be in place for a long time to overcome this crisis. The people must close rank and support the govt, stay together and cut down on all the bickering and allow the govt to do its job. Maybe 10 years, 20 or 30 years, we shall overcome.

Notable quote by Ong Teng Cheong

“My loyalty is first and foremost, to the people of Singapore. It has always been so, and will always remain so.” Ong Teng Cheong, First Elected President.

Time to face the crisis squarely

All the ifs and buts and maybes must be put aside. We are facing a crisis. There is no where to hide. The country is facing a crisis. The people are also facing a crisis. It is time the man himself calls for a TV conference and talk to the nation. I would expect the man to say, look people, we are in difficult times. The whole world is also in difficult times, and we are not alone. Yes, we have been hit. Some of our investments have gone sour. Here are the numbers. We have so much and we have lost so much. Period. Now we need to go forward together in this crisis. We are family. We will face this crisis head on, squarely. We will do everything we can, for the country and for the people. Let's stand united, lock arms, as one people, one nation. We shall overcome. Thank you and have a good nite sleep. It is not the end of the world.

Obama under threats

The American corporations and thieves are holding Obama at ransom. If he does not give them the billions they are asking, they will bankrupt all the big corporations. What they did not tell him is that if the CEOs are not going to be paid well, they will turn to corruption. But one thing for sure, they are threatening to jump ship and join other companies. Maybe they will come to Singapore. We are probably the only country left in this world that has the money to pay them and is happy to have them. Our headhunters are very busy these days reading their resumes.

Earn that Sir!

This is the title of an article written by Dr Tan Chek Wee in Today. He talked about people demanding to be addressed as Sir even in the community. I have borrowed this title to replace the original title of this article which was 'Dark Clouds over the Istana.' Since our independence as a nation, the office of the Presidency has never been in question or a subject of controversy. All the past Presidents from Yusof Ishak to Wee Kim Wee were well regarded in their ceremonial roles. Then came the Elected President with a more important task to guard our reserves. Other than these nothing changes. And Ong Teng Cheong was highly respected for his role and short stay at the Istana. He wanted to do his job well and took it very seriously. Today we are seeing this huge controversy over the Presidency. The Office is even paid more the the President of the US. For doing what? People are questioning almost everything about the Presidency, from pay to how it is being elected and the effectiveness of its role in guarding our reserves. Why should the highest office of the country be subject to so much cynicism? Maybe we should go back to the drawing board and start all over again. Remove all the elitist barriers and return the right to this office to every Singaporean, rich or poor. Every Singaporean must have the right to stand for election as the President of the country. It must must not be the exclusive right of a few rich and powerful. And we should borrow the American practice of allowing the President to appoint his own team of advisers once he is elected by popular vote. No elected president is allowed to take office by walkovers. Perhaps, when people see that the elected President is able to exercise indepedence by the system that brings him to office, will the controversies go away. An Elected Presdent must be elected by the people, from the people and be able to execute his duties independently. I am not saying that the current President cannot exercise his duties independently. And the public is also not saying so.

16th most viewed local blogs

OUTBOUND PAGEVIEWS 1 theonlinecitizen.com 6088 2 wayangparty.com 5185 3 tankinlian.blogspot.com 3981 4 singaporemind.blogspot.com 3968 5 http://www.sgpolitics.net/ 3338 6 http://www.pressrun.net/ 2358 7 mrwangsaysso.blogspot.com 1878 8 mollymeek.livejournal.com 1559 9 feedmetothefish.blogspot.com 1516 10 seijieiga.blogspot.com 1483 11 scientific-child-prodigy.blogspot.com 1340 12 hardhitting-nobs.blogspot.com 1314 13 singaporecitizen.wordpress.com 1206 14 jg69.blogspot.com 1175 15 blueheeler.wordpress.com 1159 16 mysingaporenews.blogspot.com 1111 17 http://www.nowhere.per.sg/ 1064 18 forums.hardwarezone.com.sg 931 19 singaporelifetimes.blogspot.com 931 20 groundnotes.wordpress.com 920 21 http://www.yawningbread.org/ 873 22 wayangparty.wordpress.com 738 23 kakowi.wordpress.com 731 24 http://www.mrbrown.com/ 700 25 singaporeanskeptic.blogspot.com 700 26 wherebearsroamfree.blogspot.com 699 27 singabloodypore.rsfblog.org 677 28 melvintansg.blogspot.com 630 29 gssq.blogspot.com 623 30 singaporealternatives.blogspot.com 604

What's the big deal?

The current financial crisis is not really a crisis if one is prepared to look at the problems objectively. We are not the poor beggars of third world countries. In fact many Singaporeans are still very rich, worth half a million or a million at least, in assets. See, the problems start to fritter away when you are clear and see things in the correct perspective. Unlock the value of your assets. Singaporeans can't go around begging when they are living in big houses or expensive flats. Those in 5 rm flats can downgrade to 4 rm, 4 rm to 3rm. They will be cash rich immediately. When the finances are not in order, how can they still think of staying in 5 rm or 4 rm flats and ask the govt for assistance? And for the 3 roomers, go for the HDB studio or go for rentals. They must thank the govt for the foresight to build more smaller flats and rental flats. But a better solution is to sell and take all the monies to neighbouring countries like China, India and Indonesia. JB is not a bad place too, cheap and good. And one can live in peace without worrying about old age and being sent to JB's nursing homes. Go there now and chop a place first. Brilliant huh?

11 days to unlock the reserves!

Nathan said it took him 11 days to say yes to dipping into the national reserves. Or was it 1 day since the official proposal was submitted to him and he approved it on the next day? Or would it be better if he sat on it for a month before deciding on it, perhaps taking some time for deep prayers and seeking divine guidance? Is the number of days an issue? I think not. When an issue like this comes up, it must be seen from the merits of such a request and all the circumstances that are pushing for it. What should be adequate is for able men in the Presidential Council to deliberate and make their recommendations to the President based on their independent judgement of the case. One may want to ask whether this is possible but that is very subjective. Anyway, what is $4.9b when we have a few hundred billions in the reserves? The more important question is how much of our reserves have been lost. Can the President or Parliament enlighten the people on this? When the unofficial numbers are so staggering, it is necessary to clear the air and set the record straight and move on from there. No amount of shadow play can avoid or delay the disclosure. It must be out. It must be told even if the chin will drop to the floor.

Selfish capitalism

A reality check In today's troubled times, Singapore's political leaders and businessmen may do well to read what is published here. The Times UK. Feb 16, 2009 By Alice Thomson and Rachel Sylvester Pride, avarice, lust, anger, gluttony, envy and sloth: sometimes it feels as if Britain is in the grip of the seven deadly sins. There are arrogant politicians, greedy bankers, lecherous television presenters, furious trade unionists, obese children, competitive shoppers and an underclass of people who do not work. To the doom-mongers, British society is not broken, it is shattered. According to the Archbishop of Westminster, the economic downturn could be the very thing that brings us to our senses. “It's the end of a certain kind of selfish capitalism,” Cardinal Cormac Murphy-O'Connor said. “This particular recession is a moment - a kairos - when we have to reflect as a country on what are the things that nourish the values, the virtues, we want to have ... Capitalism needs to be underpinned with regulation and a moral purpose.” ... "It has been difficult to bring up children with the kind of values we want. Let's face it, we now have a ‘me, me' society, a more consumerist society, a utilitarian society, and our values and virtues have become diminished." “Some of it has got to do with having too much. If your worth just depends on your wealth, that is not healthy. Your worth should depend on who you are.” Nothing exemplified this better than the bonus culture in the City. “I hope people have come to their senses. I don't know why they got such big bonuses. I would cut them out altogether.” Bankers, he said, “were just wanting to make profits but in ways that were rash, and they thought they could continue on this bonanza without querying their excesses. "The industry is so focused on money. Unless that is underpinned with a moral sense and regulation that makes it clear money is only a tool for living, then it is wrong. I think sometimes there weren't enough controls on the City. The above is an extract of an article posted in www.littlespeck.com. The full article, though about Britain, is a good reflection of the woes and sickness of the capitalist countries we are in today.

Are our reserves affected?

We have been told that Temasek lost $58b and GIC is likely to fare worst in absolute numbers, maybe more than $100b. The combined sum is no small change, not the kind of money that people burnt away for the nether world. This is real money and a huge sum in all counts. So, how much of the loss is from our reserves? Or shall I ask, are our reserves affected at all? Can we presume that GIC and Temasek are managing some money that came from our reserves, or what they are managing are independent funds that have nothing to do with our reserves? If the latter, then there is no need to ask further questions about losses or depletion to our reserves. So far we are led to believe, from all the official statements made, that there is a dent, big or small depends on one's appetite, in our reserves. Sometimes back the media reported that our reserves were about $200b. If the combined losses of GIC and Temasek were part of this $200b, we are in big trouble. Oh, another question. How much of the reserves or the losses were the people’s money from the CPF? I am asking these questions because they have not been asked and it is awkward to expect the MPs or ministers from the govt to ask them. I will be glad if they prove the public expectations wrong and start to ask for more clarifications instead of leaving the bulk of the asking to the NMPs and opposition MPs. Inderjit Singh is one of the few exceptions to ask questions related to our reserves. But we are not getting any wiser and the above questions could clear some air as to how bad is the damage to our reserves, if there is any damage at all. The other incredulity is that despite the thick layers of protection to our reserves, once in the hands of fund managers, they could be used for high risks investments. We protect our reserves from our people but not from fund managers. Does this make sense? Oh, if all the money lost is not part of our reserves then all my comments are hot air.

Singing the Singapore Song

Obama and Congress are tightening the screws on the thieves in Wall Streets. And the thieves are screaming, 'If you don't pay us well, we will jump ship!' Now, after the mess they created, who or which country will be in the right frame of mind to want to pay them more to bring them into their fold? Or which country will have so much lose change to pay these thieves the ransom they are asking? I forgot to add that the restrictions placed on the compensation of these thieves are only good in paper. They are exceptional talents and will find ways to pay themselves whatever they deem fit. A thief is always a thief, no matter how much he is paid.

The inhuman factor of JB nursing homes

The netizens are getting violent over Boon Wan's suggestion that the old people be put up in nursing homes in JB. His idea makes perfect sense from the business point of view. Provide a service or product at a competitive price and sell. But he forgot the human or inhuman factor in his suggestion. The response from the caring and feeling netizens, unlike the uncaring elite, was furious. How dare he suggests putting the oldies in JB? For every oldie is either a father/mother or grandpa/grandma to somebody. It strikes hard at the emotional cord attaching to the heart, for those with a heart. They could not accept the idea of abandoning their no longer useful to society oldies in a foreign land. Somehow for the sake of being utilitarian, for being moneywise, prudent, we forgot that family, filial piety, love and care and the emotional attachments to parents and family members cannot be measured in monetary terms. Only animals could do that sort of things, calculating whether it is worth the while and how much can be saved. It is the duty of the family, the children, to look after their parents. It is the duty of the govt to provide the facilities at affordable cost, even at subsidised cost, to promote family values and human values of kindness, compassion, caring and loving for their love ones. In our selfish way, we even ignore the feelings of our neighbours. How would they feel when we want to resite our Sago Lane in the midst of their country? If we think our oldies are not good enough to stay with us, why is it good enough to stay with them? Are we becoming inhuman all because of money? Where is the milk of humanity?

Slowly but steadily

The people are getting wiser by the days, and so are the MPs. Both are beginning to realise that the money in the Medisave is the people's money, kept there to pay for medical bills. Why are there so many regulations preventing the people from using their own savings to treat their illnesses? When has it become the right of the govt to dictate how and what the money can be used for? It is not the govt's money, not a govt grant, not a subsidy, not charity. It is the people's money. Now there is a big debate on whether to let the money be used overseas where the medical cost is cheaper. Hey, think utilitarian, make the money work for the best value it can get, be it JB or Bangkok or anywhere else. Why should the people be allowed only to spend their money in expensive set ups here? It can be depleted very fast.

Notable quote by Lim Hwee Hua

Reserves won't be depleted They are long-term investors and Govt is confident they will deliver: Lim Hwee Hua In 8 months we have lost $58b or 31%. The numbers for GIC is still not disclosed. If one is to extrapolate the numbers, how much more can we lose? Not a reasonable assumption or trend of thought? When we bought into the distressed banks, did we think that losing 70% or 80% is possible? No, conventional wisdom says it was not possible. Can our reserves be depleted? God knows. Any human beans can guarantee that it will not? I don't think any human beans should ever try. But if you are not any ordinary human beans, maybe can. Also if the reserves can be topped up again and again, then it will never be depleted. Now, what or how much would it be considered as being depleted? Is 30% or 40% a depletion? If yes, it is already depleted, by $58b. Or $58b is just another peanut?

Our sacred reserves!

Don't touch it. This is our hard earned savings accumulated over the years. And only in extreme conditions will the reserves be made available, through a complicated systems controlled by two keys and trusted people. The officially declared reserves were over $200b, some parked in GIC, some in Temasek, some dunno where, but are there. We are so careful in spending our reserves. It is not to be touched by any flimsy excuses. It is protected by several layers of thick carbonised steel. But when they were in another form, in the hands of GIC and Temasek, they become easily available for investments. Acceptable that investments are not spending, just investing to grow the reserves. The current crisis and the colossal losses to our reserves, a sum many times more than the $4.9b we are dipping into it, called for a rethink in the investment policies of the two giant SWFs. How much risk is tolerable or acceptable, how much can we afford to lose. Shall our reserves be invested in 'dangerous asset class'? Putting it in simpler words, 'dangerous asset class' is not much different from taking unacceptable high risk, like gambling, double or nothing. When our reserves are near to a point of being untouchables, our investment policies must be one that matches the stringent criteria of protecting our reserves to ensure that it would not be washed out for any investing mistakes. If we protect the reserves like hell, and have an investment policies that compromise its existence, the contradiction is not acceptable. The other point that I want to make is very elementary. If we do not know what is our reserves, how do we know that it is there and not being spent? We may have a fortress guarding a piece of worthless paper for all you know. Can we just rely on the word trust as we were told to do so in Parliament?

The ongoing evolution of Singaporean Chinese names

When the southern Chinese migrated to the south seas, many were from the lower social class. Many were farmers, fishermen and workers. They came to eke out a living and nothing else. Their names were simple and nothing flowery, Tan Ah Kow, Lim Tua Tow, Chan Ngau etc etc. Inevitably the names of animals became common as they were seen as good for the children less the gods would punish them or take them away. The illiterates were just not too comfortable with the words Over the years the names started to evolve and adapt to the social and historical changes, including the intervention of govt and the turns of economic fortunes. Our colonial and religious heritage had their first influence on the people. Tan Ah Kow became James Tan. Lim Tua Tow became John Lim. The Tua Tow disappeared or became TT. The next phase of change was the hanyu pinyin campaign. This was another of the unifying efforts of the govt, to do away with dialects and have a common language. It's effects turned out to be a bit of a rojak. Tan Ah Kow became Chen Ya Kou. The father and son had differently written surname in English, From Mr Tan to Mr Chen. Some refused to accept this as it looked funny. So Tan Ah Kow became Tan Ya Kou, retaining the surname in dialect and the same spelling. Another variation is use Chen Ya Kou alias Tan Ah Kow. The next phase of development was economic. With wealth and affluence, Ah Kow, Ah Ngeow and Ah Gu were no longer acceptable. How could it be when pet dogs and cats were called more respectable human names like Tom and Jerry? That ended the phase when humans were called names of animals while animals continues to have human names. Then came a period when we wanted to become international citizens and adapted international norms of writing names. Tan Ah Kow became Ah Kow Tan. It could be because some foreigners could not understand that Chinese family name was written in front and not at the end. To avoid Tan Ah Kow being addressed as Mr Kow instead of Mr Tan, that was the solution. The most colourful phase came in the 80s when originality and being unique were the fad. Uniquely Singapore must have been an offshoot of this truly Singaporean beginning. Glamorison Tan and Feliciality Tan started to appear everywhere, everyone unique and different and only limited by one's imagination and the combination of words. Forgive the ignorants to think that Singapore was invaded by aliens from another planet. Today I read about John and Melissa becoming too common place. Everyone being introduced is either a John or a Melissa. And for that little uniqueness, after all a name is to identify a person and be different one from another, John will now be John Michael and Melissa will be Melissa Margaret. So, how shall John Michael Tan Ah Kow writes his name? Should it be John Michael Ah Kow Tan or could it be Tan Ah Kow John Michael or Tan John Michael Ah Kow? John Michael Tan Ah Kow is not going to be. His family name is right in the centre and will never be discovered. He will never be a Mr Tan. How about John Michael A K Tan? Possible. Sounds better too. Hi, I am Florissian Lantany Lee. Nice to meet you. I am Jamon Honchu Wong.

How much is our reserves?

Everyone seems to be quoting this word, 'reserves' freely. How much is actually our reserves, what constitute our reserves and where are they? Our CPF a part of the reserves? How much of Temasek and GIC assets are part of our reserves? Then there is another reserves guarded by the President. How much is this and where and in what form? Can someone clarify on the above mess and put the amount and parts in a simpler manner so that we know what it is all about?

How benevolent is our govt?

The govt just announced the resilience budget worth more than $20b to help the people in such a difficult time. Should the people be grateful? We heard the call that we are all family, looking and caring for each other, helping each other and making life better for everyone. I did not hear wrongly. Then you look at the HDB policy, market pricing to max what they can get from the buyers. They used all public resources to monopolise public housing to squeeze it out as much as they could from the people they called family. And when you complain they said it is affordable because you can pay with all your CPF. Hey, the CPF is people’s retirement money! What happens if they have nothing left for retirement and hospital bills? Then the Health Ministry got worried. With so much money being taken to pay for flats, better lock up some in case they need to pay for hospital bills. And there goes another chunk into the Medisave. Then another proclamation, Singaporeans got no problem paying for medical bills. Then another ministry got worried. What if they got no money to retire and demand public assistance? Better lock up for this before there is no money left. Hey, what about me, the one who contributes to the CPF? I got nothing left for myself. Just too bad lah. And don’t expect charity or free lunch from the govt. The govt does not believe in encouraging crutch mentality. As long as the people got money to pay for HDB flats, pay for hospital bills, the two big ticket items, that’s good enough. Oh now got compulsory CPF Life and with easy options except no option to opt out. So now all the money got locked up for some good reasons, and here comes the recession and people got no more savings to fall back on, we have the resilience package. How much will each get and how long will it last? So there you are, a benevolent govt, and a people with one of the highest savings and all crying money not enough.

The Obama Message getting through

Who said Obama could not do anything? His US$500k salary cap for bailout banks is getting through to the thieves. Citibank's Vikram Pandit has seen the writing on the wall and volunteered to pay himself US$1 and no bonuses till Citi is profitable again. Though the rest of the top bankers are still recalcitrant, still did not know that they have moral responsibility and accountability for their decisions, they are now asking Congress to take a lighter touch in the face of fierce critics and congressional grillings. But again, they are not going to walk away without asking for more. They are putting forth the subtle threats to leave for European banks, presuming that European banks and Asian banks would be silly enough to pay them what they are asking when the Americans are saying no to their looting ways. They were told by Paul Kanjorski that they cannot live in a 'one way mirror unaccountable to the public at large and often sheltered from scrutiny.' This should also apply to govt and govt regulators for sleeping on their job or doing a lousy job. Goldman Sach's Lloyd Blankfein accepted the criticism and commented that 'Many people believe - and in many cases justifiably so - that Wall Street lost sight of its larger public obligations and allowed certain trends and practices to undermine the financial system's stability.' Are we also having something like this going around here? Has our govt also lost sight of its larger public obligations and allowed certain trends and practices to undermine our system and stability? Maybe I should write something about this. The statement by the committee's Democratic chairman Barney Frank deserves special mention here. 'Why do you need to be bribed to have your interests aligned with the people paying your salary.' No further comments from me on this. Obama has set a new trend. The looting in New York and corporate America will have to stop and accountability is the now the new morality. But from the comments for congressman Michael Capuano, the thieves are still getting away too easily. He asked, "Who was the brilliant person who came to you and said, 'Let's do credit default swaps?' Find him, Fire him." So easy meh? Just walk away without any criminal charges? And after collecting all the fat bonuses and pay? No restitution?