It is about time that the oldies stand up to fight for their financial liberation and independence from all the rules and regulations that are against their interests. Qualifications, the oldies exclude all the yodas that are being paid million dollar pensions or have several chairmanships or directorships hanging on their feeble necks.
In many mature and developed countries, the oldies will be entitled to privileges in view of their age and a little compassion or acknowledgement of their past contributions to the country. Many are enjoying their golden years, doing the things they want, spending their life savings to amuse themselves. For the fortunate, their children or grandchildren will be showering them with loving tender care and financial freedom. For the less fortunate, the state will assume the responsibility to see that they are housed, clothed and fed without worrying for the next meal, nothing extravagant.
What is the state of welfare for our aged here? The state keeps an arms length away, or betterer, a pole apart. The aged must look after themselves and provide for themselves. Don’t expect charity from the state. And to ensure that the oldies would not be a liability to the state that boasts of having hundreds of billions in the reserve, there are many regulations that will tie the hands and legs of the oldies in the name of protecting them and their money to last till eternity.
How sad that after slogging for a life time, they could not really lay their hands on their own hard earned savings, but instead, the audacious state took control of the money only to dispense to them in drips and drapes, at its pleasure. And the oldies are completely helpless. And the best part, under the current regulations, many will depart from this world, with plenty of money left for eternity. Yes, they will leave behind money that they could not spend. What an efficient and gracious system!
Then the part about force savings imposed on the oldies. Bloody hell, these oldies could be 6 feet in the ground the next moment, and the laws dictated that they must save for tomorrow or a rainy day that may never come. I am referring to oldies that are still working and have to contribute to CPF and Medisave.
Why is the state treating the oldies this way? To protect them of course. You cannot argue against such a noble excuse. And for them to work, to have their own money in their CPF Retirement and Medisave accounts will bring them financial independence and dignity, not being a liability to anyone, family or state. I bow to such brilliant arguments.
But I protest. I say, keep your noble and clever arguments to yourselves. I want freedom to manage my own life, my own finances, to amuse myself with my own money. Can or not? As oldies, what is there to save for tomorrow? We are living by the days and everyday is a celebration. The oldies must stand up to such nonsense and take control of their own lives and finances. They have lived their lives, made all the mistakes they wanted, and there are just so little time left to make a few more before game over. It is the last few luxuries left in life. Freedom from regulations and the chains that little boys and girls put around them, and telling them that they are unable to look after themselves, especially their money.
The saddest thing is that the oldies are no longer able to fight for their own liberation from authority and oppression. They are just like the helpless inmates of nursing homes, at the mercy of their caregivers.
Where is my money? I just want to have a good weekend. Just because god says oldies may live till 90, it does not mean that god can have the oldies money as well.
9/24/2011
9/23/2011
High salary is the root of all evil
Why are banks going down under so quickly? Greed, in the form of high salaries and high bonuses. Paying the top management a ransom is easy, but finding the money to pay is not. The money must come from somewhere. What business in banking can generate that kind of income to sustain the big pay checks and the big bonuses? Gambling and high risk pursuits, trading and selling dangerous products, encouraging clients to gamble and take risk.
The banks have no choice. Every monkey wants to be paid in golden peanuts. The good old days of slow and steady growth, with decent pay cheques are seen as backward and unprogressive, unproductive. The banks are only doing well if they can perform better than the market. That means if one bank or more banks are doing better or betterer, the market indicators will go up. And banks that failed to keep up are seen as failures. Even insurance and pension funds are in high risk financial instruments.
So, if the shareholders want good results, they need to pay golden monkeys to produce the gold. Really? In most cases the shareholders, mostly minorities, did not have any say. It is left to the top management and their self serving logic, circular logic, which all ended up in paying themselves crazy, at the expense of the small shareholders.
In a way, our little island is also caught in the same mousetrap. The high salaries are unsustainable. The money must come from somewhere, not just a few plates of char kway teow. It is more serious than that. The whole machinery needs to be lubricated with expensive oils. That is why high economic growth numbers are indispensable. That is why high population growth is indispensable. Who really benefitted from this high growth formula?
The little guys are constantly trying to make ends meet, told to tighten belts, while the big guys are crying salary not enough. The $200 pay increase will quickly evaporate by the rising cost of everything. The big guys know, and that is why they are asking for more millions. There is no real absolute gain or improvement for the lower income group. Only the small elite group and the super rich are seeing real growth in income and quality of life with million dollar bonuses and tens of thousands in increments. The cost of living cannot touch them. Their real income accelerates at rocket speed against inflation. Inflation only eats up the income of the average and lower wage earners.
High salaries are not sustainable and will add to a lot of costs to the system, including social and the intangibles. I know that some will disagree and will vouch that high salaries should be the way to go, like we have plenty of land to build more houses and facilities for an unending influx of foreigners, 10m, 20m, no problem at all. The secrets to our success are high salaries and high population growth.
No one will look further down the road to see the disasters that can be wrecked by these two gambits.
The banks have no choice. Every monkey wants to be paid in golden peanuts. The good old days of slow and steady growth, with decent pay cheques are seen as backward and unprogressive, unproductive. The banks are only doing well if they can perform better than the market. That means if one bank or more banks are doing better or betterer, the market indicators will go up. And banks that failed to keep up are seen as failures. Even insurance and pension funds are in high risk financial instruments.
So, if the shareholders want good results, they need to pay golden monkeys to produce the gold. Really? In most cases the shareholders, mostly minorities, did not have any say. It is left to the top management and their self serving logic, circular logic, which all ended up in paying themselves crazy, at the expense of the small shareholders.
In a way, our little island is also caught in the same mousetrap. The high salaries are unsustainable. The money must come from somewhere, not just a few plates of char kway teow. It is more serious than that. The whole machinery needs to be lubricated with expensive oils. That is why high economic growth numbers are indispensable. That is why high population growth is indispensable. Who really benefitted from this high growth formula?
The little guys are constantly trying to make ends meet, told to tighten belts, while the big guys are crying salary not enough. The $200 pay increase will quickly evaporate by the rising cost of everything. The big guys know, and that is why they are asking for more millions. There is no real absolute gain or improvement for the lower income group. Only the small elite group and the super rich are seeing real growth in income and quality of life with million dollar bonuses and tens of thousands in increments. The cost of living cannot touch them. Their real income accelerates at rocket speed against inflation. Inflation only eats up the income of the average and lower wage earners.
High salaries are not sustainable and will add to a lot of costs to the system, including social and the intangibles. I know that some will disagree and will vouch that high salaries should be the way to go, like we have plenty of land to build more houses and facilities for an unending influx of foreigners, 10m, 20m, no problem at all. The secrets to our success are high salaries and high population growth.
No one will look further down the road to see the disasters that can be wrecked by these two gambits.
OSA, ISA - The guardians of national interests
The recent calls for more transparency on the two sovereign funds and reports on their performance have elicited an official reply from the MOF. It is now official that GIC and Temasek would not report their numbers as disclosure would put the nation’s interests at risk. Thus divulging such information will come under the OSA, the Official Secrets Act. Maybe there can just report just the profit or loss without stating how this is related to the total assets. At least it will give the people a glimpse or feel of whether the two funds are making money or losing money. If not they will just have to look at other ways to guess if the funds are doing well. A convenient indicator is the CPF savings and whether more schemes will be schemed to delay or push back the withdrawal dates.
We are a small country and very vulnerable. Not only should GIC and Temasek be protected under the OSA, DBS, ST Eng and a few other big GLCs should also come under this umbrella. We just cannot afford to expose too much or else our security would be compromised.
The other important pillar of our national security is the ISA. Just because Malaysia is lifting this skirt, it does not mean that we should also do so. We are small and very vulnerable, especially with terrorism becoming a big threat. We should take this very seriously and not to compromise the happy situation we are having at the moment.
I would recommend that all the digital maps in the internet be removed and anyone in possession of them be monitored carefully. These are highly sensitive and strategic information that should not be easily made available. Also, the schedules of SIA and SMRT must also be made available on a need to know basis. Terrorists will be most happy to have maps and schedules to plan their operations.
Now what else should be protected and covered under the OSA and ISA? Some of you may not realized, taking photos of sensitive and security institutions and their infrastructure is not allowed, including embassy layouts.
Don’t pray pray with our national security. The OSA and ISA are the silent guardians of our national security and survival. Ok, please feel free to disagree with me. This is just my current view. I will change my view if there is convincing feedback to do so. I may even cancel this article.
We are a small country and very vulnerable. Not only should GIC and Temasek be protected under the OSA, DBS, ST Eng and a few other big GLCs should also come under this umbrella. We just cannot afford to expose too much or else our security would be compromised.
The other important pillar of our national security is the ISA. Just because Malaysia is lifting this skirt, it does not mean that we should also do so. We are small and very vulnerable, especially with terrorism becoming a big threat. We should take this very seriously and not to compromise the happy situation we are having at the moment.
I would recommend that all the digital maps in the internet be removed and anyone in possession of them be monitored carefully. These are highly sensitive and strategic information that should not be easily made available. Also, the schedules of SIA and SMRT must also be made available on a need to know basis. Terrorists will be most happy to have maps and schedules to plan their operations.
Now what else should be protected and covered under the OSA and ISA? Some of you may not realized, taking photos of sensitive and security institutions and their infrastructure is not allowed, including embassy layouts.
Don’t pray pray with our national security. The OSA and ISA are the silent guardians of our national security and survival. Ok, please feel free to disagree with me. This is just my current view. I will change my view if there is convincing feedback to do so. I may even cancel this article.
9/22/2011
The Internet Balancing Act
This is the most appropriate statement about the state of affairs in Cyber World. It is all a balancing act by the internet service providers, software designers and producers, software companies and the internet terrorist brigades and their voracious and destructive viruses. They compliment each other’s existence and usefulness, scratching each other’s back and making a pile for themselves. The victims are all the internet users, the institutions that depended on the internet to do their businesses, and the policing forces that are always playing catch up with them.
The software and systems providers need the vicious virus developers to keep the losers continuously upgrading their systems and keeping the industry happy and rich. While they think that this is a good symbiotic relationship to fleece on the innocent users, it will one day grow to such a mammoth proportion that will crash the whole system.
Internet virus developers, including spammers and hackers are dangerous and destructive to the viability of the internet as a convenient business tools. Until the authorities and the software developers, system providers are serious in removing this plague, they will have a life of their own, conveniently accepted by the software developers and system providers, to create problems and generate more businesses.
My redbeanforum.com has been subjected to daily attacks of pornography and nonsensical spammings, nothing different from the attacks on MBS or Resort World, or other govt or commercial institutions. I have made it a read only blog to stop the attack.
I am very pleased with Bloggers for being able to fend off most of the spammings and pornographic attacks and keeping mysingaporenews.blogspot.com relatively free from them. Unlike other blogging or internet platform, Blogger is superior in this sense. Many of you did not see the spamming and have taken this for granted. But I am receiving daily feedbacks on the number of attacks in my email.
There is no reason why the scourge of spamming and virus attacks cannot be eradicated. The culprits are the software developers and system providers who are in a way accomplices to this menace and allowing them to continue to spread the disease. If the authorities can come down hard on them, with their combined resources, every one of them will be arrested. There is no where to hide and no where to run, if the authorities and the industry mean business to wipe out this pain for good.
Until then, it will be a balancing act. Yes, we need the National Cyber Security Centre to combat such crimes.
The software and systems providers need the vicious virus developers to keep the losers continuously upgrading their systems and keeping the industry happy and rich. While they think that this is a good symbiotic relationship to fleece on the innocent users, it will one day grow to such a mammoth proportion that will crash the whole system.
Internet virus developers, including spammers and hackers are dangerous and destructive to the viability of the internet as a convenient business tools. Until the authorities and the software developers, system providers are serious in removing this plague, they will have a life of their own, conveniently accepted by the software developers and system providers, to create problems and generate more businesses.
My redbeanforum.com has been subjected to daily attacks of pornography and nonsensical spammings, nothing different from the attacks on MBS or Resort World, or other govt or commercial institutions. I have made it a read only blog to stop the attack.
I am very pleased with Bloggers for being able to fend off most of the spammings and pornographic attacks and keeping mysingaporenews.blogspot.com relatively free from them. Unlike other blogging or internet platform, Blogger is superior in this sense. Many of you did not see the spamming and have taken this for granted. But I am receiving daily feedbacks on the number of attacks in my email.
There is no reason why the scourge of spamming and virus attacks cannot be eradicated. The culprits are the software developers and system providers who are in a way accomplices to this menace and allowing them to continue to spread the disease. If the authorities can come down hard on them, with their combined resources, every one of them will be arrested. There is no where to hide and no where to run, if the authorities and the industry mean business to wipe out this pain for good.
Until then, it will be a balancing act. Yes, we need the National Cyber Security Centre to combat such crimes.
The horse is sick
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?
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?
9/21/2011
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: )
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