The affable George Yeo, the intellectual of the PAP, is quitting politics for good with his stepping down as advisor to the Aljunid GRC. Though he is still very comfortable financially, and has a life long million dollar pension, it will be a waste of his talent if he is not appointed to some of the big jobs when talent is so short here.
Many yodas have been recycled year after year and holding many chairmanship positions. Some even being recalled regularly when the lack of talent younger generation CEOs were found hopeless in crisis management. George’s experience should come in very handy especially when he is still a young man.
When is George Yeo going to be appointed as Chairman of some GLC or Temasek companies?
12/09/2011
We also contribute to your economy….
Might as well say we are here to help you Singaporeans. Without us foreign talents, Singapore will go down to the third world. Then I will say, good, then you will wait for us at your door, in your third world, to welcome us.
We have heard some foreigners are unhappy with the property curbs. And they are claiming credit to help our economy and demanding that they should be treated favourably. Now where did these foreigners got this silly idea from, that they are here to help us and we owe them a living?
Did they not forget that it is here that they have the best opportunity to earn a decent living, some even making it rich, and being very well treated? They should be kneeling down on both knees and say thank you to the Sin govt. The average Singaporeans are not too keen for their presence and would want to get rid of them soonest possible. If they can find a better place elsewhere, or can do better elsewhere, would they be here?
Time to dispel this silly myth that the foreigners are here to help us and Sinkies have to go down on their knees to serve them, yes masters! Our apologies that you are disappointed with us. Please go somewhere that you don't have to be disappointed. Maybe can go home first, where you won't be disappointed.
We have heard some foreigners are unhappy with the property curbs. And they are claiming credit to help our economy and demanding that they should be treated favourably. Now where did these foreigners got this silly idea from, that they are here to help us and we owe them a living?
Did they not forget that it is here that they have the best opportunity to earn a decent living, some even making it rich, and being very well treated? They should be kneeling down on both knees and say thank you to the Sin govt. The average Singaporeans are not too keen for their presence and would want to get rid of them soonest possible. If they can find a better place elsewhere, or can do better elsewhere, would they be here?
Time to dispel this silly myth that the foreigners are here to help us and Sinkies have to go down on their knees to serve them, yes masters! Our apologies that you are disappointed with us. Please go somewhere that you don't have to be disappointed. Maybe can go home first, where you won't be disappointed.
A right policy will be well accepted
Has the govt came out with any policy recently that is tough but willingly accepted by all parties, including those that were targeted by the policy? The latest curb on property speculation is one of those rare policies that can be classified as tough and good. The affected parties, particularly the foreign speculators knew that the game is up. They have no rights to complain, neither do they have the right to speculate properties at the expense of the citizens. That is another story of a flawed policy.
The developers quietly resigned to the fact that it has to come. Anyway they have built in all the profit margin and the only thing that would affect them is lesser profit. They are not going to lose money or any sleep. They had a good time over the last 10 years with very good profit. So it is time for a break and a deserving holiday.
Local speculators may grumble a little but they would find other places to speculate and make money with their money. Some interest and money may go back to shore up a dying stock market.
For Singaporeans who are genuine buyers of a home, the relief is welcomed though a bit late. Better late than never. But more needs to be done to protect them from paying a ransom for a home that they need simply to live.
As for the rest of the Singaporeans, the only thing that may matter is that the paper gain from their properties will slide down a little, but of no significance. And some may change tack and instead of property prices are affordable, they may claim that property prices are cheap. Both positions are simply silly as the base has changed.
Property prices are still far too high for living and still not affordable to many. It is only cheap for the speculators. The illusion of wealth of living in a $1m flat is just an illusion. When the flat costs $30k, $300k or $1m, if it is the only asset to live in, it is better to be cheaper than more expensive. And don’t have to worry about paying higher property tax that is based on rental income that is irrelevant to the ordinary citizens.
There is a need for more pro people policies and policies that would not draw curses at the policy makers. This is one such policy that no one will curse at Boon Wan other than a few late speculators.
The developers quietly resigned to the fact that it has to come. Anyway they have built in all the profit margin and the only thing that would affect them is lesser profit. They are not going to lose money or any sleep. They had a good time over the last 10 years with very good profit. So it is time for a break and a deserving holiday.
Local speculators may grumble a little but they would find other places to speculate and make money with their money. Some interest and money may go back to shore up a dying stock market.
For Singaporeans who are genuine buyers of a home, the relief is welcomed though a bit late. Better late than never. But more needs to be done to protect them from paying a ransom for a home that they need simply to live.
As for the rest of the Singaporeans, the only thing that may matter is that the paper gain from their properties will slide down a little, but of no significance. And some may change tack and instead of property prices are affordable, they may claim that property prices are cheap. Both positions are simply silly as the base has changed.
Property prices are still far too high for living and still not affordable to many. It is only cheap for the speculators. The illusion of wealth of living in a $1m flat is just an illusion. When the flat costs $30k, $300k or $1m, if it is the only asset to live in, it is better to be cheaper than more expensive. And don’t have to worry about paying higher property tax that is based on rental income that is irrelevant to the ordinary citizens.
There is a need for more pro people policies and policies that would not draw curses at the policy makers. This is one such policy that no one will curse at Boon Wan other than a few late speculators.
12/08/2011
Getting to be more like Malaysia
Several years back there was a property boom in Johore. The developers built and built, huge estates of landed properties for sale at a fraction of the price in Singapore. See also salivate. Many Singaporeans went in to buy and buy. Then the citizens complained. Singaporeans buying up everything and pushing up the cost of living.
Suddenly new regulations came out on ownership and stamp duties. The property boom collapsed as Singaporeans could not buy anymore. Property developers also went kaput.
Familiar story that is being repeated here. Why let the situation gets so bad before doing something drastic?
Suddenly new regulations came out on ownership and stamp duties. The property boom collapsed as Singaporeans could not buy anymore. Property developers also went kaput.
Familiar story that is being repeated here. Why let the situation gets so bad before doing something drastic?
China must prepare for war
When the mad man is broke, and agitating for war, China has to be more alert and prepare for war. After starting wars and fighting wars for the last 5 decades, and impoverished a great nation, the richest nation the world has ever seen, America is now under a mountain of debt. And the debt keeps piling up daily with more expenses for war. And war is the only business that America is hoping to keep its economy running.
Imagine if America had not embarked on this unending adventurism and destruction and killing of other nationals, America would still be the richest and most powerful nation on earth. It is still the most powerful nation on earth, but no longer the richest, maybe looking to be the poorest. But they are optimistic, and leaders of their allied countries are saying kind words to them. So are the Americans themselves, that they will come back stronger and richer.
The stark reality is saying otherwise. For instead of rebuilding its economy, it is still relentlessly pursuing wars everywhere. The next target, China, is going to be very costly. It is still hammering at China’s door. It is asking China to tell them all its military secrets. Is America willing to tell China all its military secrets?
It continues to pressure its crony allies to provoke China, in the East China Sea, in the South China Sea. Chinese fishermen are fair game to be arrested by the Navies of Japan, South Korea and the Philippines.
Hu Jin Tao has responded with unflinching words, that China must prepare for war. Its naval forces must armed and equipped itself for imminent war with the Empire. The Empire may continue to send its cronies to provoke China. There must be a time when the limit is crossed and China needs to kick asses. As a major power, it cannot be provoked or harassed continuously by pesky little countries. China must carry the big stick and use it when the pests come too close.
And it is a matter of time before China tells the US to get lost and stand up to fight for its rights. It is very important that before it does so, that its military is strong enough to take on the Empire. It has to, and it is only a matter of when.
Imagine if America had not embarked on this unending adventurism and destruction and killing of other nationals, America would still be the richest and most powerful nation on earth. It is still the most powerful nation on earth, but no longer the richest, maybe looking to be the poorest. But they are optimistic, and leaders of their allied countries are saying kind words to them. So are the Americans themselves, that they will come back stronger and richer.
The stark reality is saying otherwise. For instead of rebuilding its economy, it is still relentlessly pursuing wars everywhere. The next target, China, is going to be very costly. It is still hammering at China’s door. It is asking China to tell them all its military secrets. Is America willing to tell China all its military secrets?
It continues to pressure its crony allies to provoke China, in the East China Sea, in the South China Sea. Chinese fishermen are fair game to be arrested by the Navies of Japan, South Korea and the Philippines.
Hu Jin Tao has responded with unflinching words, that China must prepare for war. Its naval forces must armed and equipped itself for imminent war with the Empire. The Empire may continue to send its cronies to provoke China. There must be a time when the limit is crossed and China needs to kick asses. As a major power, it cannot be provoked or harassed continuously by pesky little countries. China must carry the big stick and use it when the pests come too close.
And it is a matter of time before China tells the US to get lost and stand up to fight for its rights. It is very important that before it does so, that its military is strong enough to take on the Empire. It has to, and it is only a matter of when.
Leave it to the Malaysians
As I was pondering over how Iskandar Economic Zone could rival Singapore and turn Johore into a blooming state with all the vibrancy that this island wants, the Malaysian govt just threw a spanner into the works. Instead of facilitating travel between the two states a breeze, they are going to raise toll fees into and out of Johore. And it is reported that the increase is 6 times the current rate. There you have it.
So, will more Singaporeans go over? Or will the cost of doing business going to be cheaper? Actually still cheaper because of the exchange rate. But it won’t be long when more and more cost are added into it.
So, will more Singaporeans go over? Or will the cost of doing business going to be cheaper? Actually still cheaper because of the exchange rate. But it won’t be long when more and more cost are added into it.
Are we chasing the high net worth foreigners away?
The best indicator of whether more foreigners are coming is the MRT. Just take the train regularly and you can feel and sense whether there are more or less foreigners in the country. These few weeks I have noticed an exceptionally higher presence of foreigners in the train. They are all over you, front, back, left and right. And the whole train smells.
I only wish the ladies will wear a little more fragrance to make the air more pleasant. Maybe they have given up hope as the smell is so over powering that their expensive fragrance may lose out to the competition.
And yes, there are more foreigners, the foreigner workers, not the foreign PMETs. They used to be a lot of time. But lately the trend is changing.
And with the surprise this morning, yes, surprise, hike in stamp fees for property speculations, the high end foreigners may also move out. No more money to make from the Sinkies. Yes, whenever some speculators, local or foreigners make money from speculating properties, someone loses. Who is that someone? No prize for getting the right answer.
The net losers in the property speculation game are the Singaporeans. Other than the property speculators, there is another big winner, or two actually. The developers and one more, this one cannot mention mah. Can only guess.
Why do we want more foreigners to speculate properties and in the process Singaporeans ended the big loser, holding the baby? The same rationale applies to the stock market. Why allow all the big funds to come here and clean up the market with their super computers? Whose money is being swept away? What is the net gain for their presence? Or what is the net loss for their presence, big funds speculating in the stock market and the rich foreigners speculating in the property market?
Oh yes, more vibrancy, more oomphs, a vibrant financial centre. Who is paying for it? I simple minded, only want to know at the end of the day, is it a gain or a loss to the country and people?
I only wish the ladies will wear a little more fragrance to make the air more pleasant. Maybe they have given up hope as the smell is so over powering that their expensive fragrance may lose out to the competition.
And yes, there are more foreigners, the foreigner workers, not the foreign PMETs. They used to be a lot of time. But lately the trend is changing.
And with the surprise this morning, yes, surprise, hike in stamp fees for property speculations, the high end foreigners may also move out. No more money to make from the Sinkies. Yes, whenever some speculators, local or foreigners make money from speculating properties, someone loses. Who is that someone? No prize for getting the right answer.
The net losers in the property speculation game are the Singaporeans. Other than the property speculators, there is another big winner, or two actually. The developers and one more, this one cannot mention mah. Can only guess.
Why do we want more foreigners to speculate properties and in the process Singaporeans ended the big loser, holding the baby? The same rationale applies to the stock market. Why allow all the big funds to come here and clean up the market with their super computers? Whose money is being swept away? What is the net gain for their presence? Or what is the net loss for their presence, big funds speculating in the stock market and the rich foreigners speculating in the property market?
Oh yes, more vibrancy, more oomphs, a vibrant financial centre. Who is paying for it? I simple minded, only want to know at the end of the day, is it a gain or a loss to the country and people?
12/07/2011
A dull Sinkie joke
This joke will always make a come back whenever there is a price hike in public service. For so many years whenever the public transport operators announced a fare increase, you will hear Sinkies saying it is okay if the service is improved. And if this logic holds true, the service quality of our public transport must be better than any premium services in the whole world. But the sad truth is that the service quality will remain the same everytime. Any improvement will be cosmetic and will not last more than a few weeks.
Now we are looking at the impending taxi fare hike next week and some Sinkies are already bring this joke back. They would not mind if the fare hike will also mean better service. And this joke will be the joke of the town until next week, then forgotten till the next fare hike.
When has any fare hike or salary increase brought about improvement in the quality of services? Even when people got million dollar pay hike, the quality of service is still the same or may even get worst. Sinkies better get use to this joke and acknowledge that it is just a joke.
The only one that is serious in making people pay more for better services or quality is Vivian Balakrishnan. Recently he is calling for the upgrading of professionalism in hawkers. See, improve, be more professional, these must come first. Then when the quality and services are better, the announcement for higher prices will be accepted willingly. This is a big deviation from the norm, that high prices mean high quality.
But this time the official reason is higher cost. Nothing to do with quality of service. And the increasing demand of taxi services due to increasing population, which should translate into more income, is not even talked about.
I must say that Vivian got it right this time. Improve first and price hike later. As for the dull Sinkie joke, I am wondering whether the joke is dull or the Sinkies are dull. I know Sinkies are famed for being daft.
Now we are looking at the impending taxi fare hike next week and some Sinkies are already bring this joke back. They would not mind if the fare hike will also mean better service. And this joke will be the joke of the town until next week, then forgotten till the next fare hike.
When has any fare hike or salary increase brought about improvement in the quality of services? Even when people got million dollar pay hike, the quality of service is still the same or may even get worst. Sinkies better get use to this joke and acknowledge that it is just a joke.
The only one that is serious in making people pay more for better services or quality is Vivian Balakrishnan. Recently he is calling for the upgrading of professionalism in hawkers. See, improve, be more professional, these must come first. Then when the quality and services are better, the announcement for higher prices will be accepted willingly. This is a big deviation from the norm, that high prices mean high quality.
But this time the official reason is higher cost. Nothing to do with quality of service. And the increasing demand of taxi services due to increasing population, which should translate into more income, is not even talked about.
I must say that Vivian got it right this time. Improve first and price hike later. As for the dull Sinkie joke, I am wondering whether the joke is dull or the Sinkies are dull. I know Sinkies are famed for being daft.
Taxi fare hike hots up
It is unusual for a small fare hike to generate so much heat. When comparing to the fares in big cities like New York or London or Paris, or Tokyo, the taxi fares here are too cheap. It can go up another few notches to be in the league with the big cities. We are now the 6th most expensive cities in Asia which is still too far to claim the top position. We need to work harder to be at the top.
So what is all the hooha about the taxi fare hike? Cost of living has gone up, property prices, car prices, diesel prices, and the taxi drivers need to get some pay increases as well. When people earning millions of dollars are not satisfied and wanting more increases, it is only natural that the taxi drivers should want to earn more as well. They may not be thinking of another private property or upgrading to private properties, but the cost of a public flat is no longer that cheap anymore, but of course mah, still affordable.
Let’s not begrudge the taxi drivers from wanting to earn more income to support their families. But the way they went about it may cause some concern. The Competition Commission of Singapore has raised its sensors when ComfortDelgro opening called for other taxi operators to join in the fare hike. It is lucky that they made it an open call for fare increase. If they have done it quietly, it will become price collusion or price fixing. An open call is not price collusion or price fixing. They are safe and not violating any laws.
Some taxi operators are itching under the pants. Who would not want to raise the fare and bring more money home? It will be very tough for any operator not do follow suit.
Would it be too much to ask for to expect a few operators to hold their fares and refuse to join the hike? Actually it will be a big boost for all the operators not to go along and the passengers would have an easy choice to make when calling for taxis. They could all boycott, okay boycott is not a good word to use, they could all call for other taxis except those from ComfortDelgro. In this way, they need not pay more while the other taxi operators will enjoy at least a doubling of income when the demand for their cabs goes up immediately.
We have never seen such competition in practice in a free market situation. With limited number of operators, it is difficult to prevent collusion or monopoly of fare prices. This current fare hike is a great opportunity for the taxi industry to try to do what is best for them and their customers and allow free market forces to be in play. Alternative political parties may want to chip in to support a system where the fare structure is different for different operators. Nevermind the argument that everyone must follow the same system and structure so as not to confuse customers.
At this point in time, the customers are used to the present system and announcing that they will stick to the present system will not confuse anyone. The only customers that will be confused will be those taking ComfortDelgro and faced with the new system.
The ball is now in the court of the smaller taxi operators. They could go it on their own and claim a bigger market share. This time the market share will be big without them having to do anything. I say, give the customers a chance to have different fare structure and different fares.
Be loyal to your customers and think of their interests and their pockets.
By not hiking their fares, their income will still go up if the loyal customers and new customers choose not to call ComfortDelgro cabs. But the price is that they would be working harder as the demand will definitely be very high. I will definitely go for the other operators when there is a choice.
It's business and fair competition in practice. Go for it man, get your market share and a bigger piece of the pie, and win more goodwill from the grateful customers. The customers will definitely remember and reward the taxi operators for not hiking fares at a time like this.
So what is all the hooha about the taxi fare hike? Cost of living has gone up, property prices, car prices, diesel prices, and the taxi drivers need to get some pay increases as well. When people earning millions of dollars are not satisfied and wanting more increases, it is only natural that the taxi drivers should want to earn more as well. They may not be thinking of another private property or upgrading to private properties, but the cost of a public flat is no longer that cheap anymore, but of course mah, still affordable.
Let’s not begrudge the taxi drivers from wanting to earn more income to support their families. But the way they went about it may cause some concern. The Competition Commission of Singapore has raised its sensors when ComfortDelgro opening called for other taxi operators to join in the fare hike. It is lucky that they made it an open call for fare increase. If they have done it quietly, it will become price collusion or price fixing. An open call is not price collusion or price fixing. They are safe and not violating any laws.
Some taxi operators are itching under the pants. Who would not want to raise the fare and bring more money home? It will be very tough for any operator not do follow suit.
Would it be too much to ask for to expect a few operators to hold their fares and refuse to join the hike? Actually it will be a big boost for all the operators not to go along and the passengers would have an easy choice to make when calling for taxis. They could all boycott, okay boycott is not a good word to use, they could all call for other taxis except those from ComfortDelgro. In this way, they need not pay more while the other taxi operators will enjoy at least a doubling of income when the demand for their cabs goes up immediately.
We have never seen such competition in practice in a free market situation. With limited number of operators, it is difficult to prevent collusion or monopoly of fare prices. This current fare hike is a great opportunity for the taxi industry to try to do what is best for them and their customers and allow free market forces to be in play. Alternative political parties may want to chip in to support a system where the fare structure is different for different operators. Nevermind the argument that everyone must follow the same system and structure so as not to confuse customers.
At this point in time, the customers are used to the present system and announcing that they will stick to the present system will not confuse anyone. The only customers that will be confused will be those taking ComfortDelgro and faced with the new system.
The ball is now in the court of the smaller taxi operators. They could go it on their own and claim a bigger market share. This time the market share will be big without them having to do anything. I say, give the customers a chance to have different fare structure and different fares.
Be loyal to your customers and think of their interests and their pockets.
By not hiking their fares, their income will still go up if the loyal customers and new customers choose not to call ComfortDelgro cabs. But the price is that they would be working harder as the demand will definitely be very high. I will definitely go for the other operators when there is a choice.
It's business and fair competition in practice. Go for it man, get your market share and a bigger piece of the pie, and win more goodwill from the grateful customers. The customers will definitely remember and reward the taxi operators for not hiking fares at a time like this.
12/06/2011
The Americans are coming to save Asians
The Americans are coming to Asia to lead the Asians to a better future. Asia is where they belonged. They have never left. If you stand at Changi Point and squint your eyes a little, you may be able to see LA at the horizon. Bangkok or Jakarta would probably be too far away.
This morning when I read Tommy Koh’s address to the Japanese on how peaceful and how welcomed the Americans are, I feel that I must be pretty naïve, or I am suffering from dementia. It is more a combination of both, really.
The Americans are like Asians on the other side of the Pacific Ocean. And they have been bringing peace to Asia for the last 70 years since the end of World War II. When the Koreans and Vietnamese were trying to start another big world war, it was the Americans who came in to defeat them and bring peace to East Asia. Otherwise the region will be marred in unceasing conflicts among the belligerent regional states.
The great deeds of the Americans can best be seen in the Middle East. Look, they have brought peace to Iraq, Afghanistan, Pakistan and Libya. Now that their job is done in that region, it is the turn of the Asians to receive the American blessing.
And the Asean countries are opening their arms widely to receive the Great White Hope, to emancipate them from poverty, war, dictatorship and authoritarian regimes. The Philippines, Vietnam and Indonesia are feasting the President like a Hollywood star. They were all gaga where he graced the Asean summit with his imposing presence. Without him, the Asean summit would have been meaningless, leaderless.
And India too would be flipping over with the sight of the Americans. The President even goaded the Australians to sell uranium to India, the first beneficiary of the American generosity, for peace of course.
The next great blessing coming the Asian way will be the Trans Pacific Pact to replace the FTAAP. The later is moribund, ineffective without the great leadership from America. And who says the TPP was an American concoction? It was launched by Chile, New Zealand and Singapore. The Americans just assumed leadership and make it better, that’s all.
And it has absolutely nothing about containing China. China is not excluded from joining. It can invite itself in on condition that all the members agree to accept its membership just like when China tried to join WTO. Nothing unusual, nothing of the sort like containing China. Please do not read too much into this kind of arrangement.
The Americans will lead the region to prosperity and peace with more cheap American goods to go around. Chinese cheap goods are of poorer quality and manufactured from exploitation of its own labour and abusing human rights and should be excluded.
The Americans are in the region to share power with the Chinese. But China’s entry into TPP would have to be blessed by the Americans. Oops, not really, but by all the members of the Pact. The Americans have no more use of their military forces in the peaceful Middle East they have left behind and would probably deployed these peaceful soldiers to the western Pacific Region for peace and stability. The first beneficiary of this peaceful gesture is Australia where the first consignment of troops will be stationed. But the 2,500 marines would be too small a force to maintain peace. The Asian nations will have to wait for the full deployment of the American main forces with its HQ likely to be in the Philippines or Vietnam, for a better guarantee of peace in the region. Without the presence of American troops in the region there can never be peace.
Remember the Korean War and the Vietnam War? It was the presence of American troops that brought peace to these two countries.
My apologies for the incoherent grumbling. I am just too naïve to see the goodness of the Americans in the region. The ineffective regional associations like Asean and FTAAP should make way for new associations led by the able leadership of America. Only then can this region live in peace and prospers. Please forgive me as I also have a bit of dementia and my views are pretty childish at times. You can be nicer to me by calling me innocent. But I must say that with the return of America to the region, good times are coming.
The Philippines, Indians and Vietnamese are celebrating. Of course Australia, Japan and South Koreans will feel more secure and more Asians. Not sure about the rest of Asean and China.
This morning when I read Tommy Koh’s address to the Japanese on how peaceful and how welcomed the Americans are, I feel that I must be pretty naïve, or I am suffering from dementia. It is more a combination of both, really.
The Americans are like Asians on the other side of the Pacific Ocean. And they have been bringing peace to Asia for the last 70 years since the end of World War II. When the Koreans and Vietnamese were trying to start another big world war, it was the Americans who came in to defeat them and bring peace to East Asia. Otherwise the region will be marred in unceasing conflicts among the belligerent regional states.
The great deeds of the Americans can best be seen in the Middle East. Look, they have brought peace to Iraq, Afghanistan, Pakistan and Libya. Now that their job is done in that region, it is the turn of the Asians to receive the American blessing.
And the Asean countries are opening their arms widely to receive the Great White Hope, to emancipate them from poverty, war, dictatorship and authoritarian regimes. The Philippines, Vietnam and Indonesia are feasting the President like a Hollywood star. They were all gaga where he graced the Asean summit with his imposing presence. Without him, the Asean summit would have been meaningless, leaderless.
And India too would be flipping over with the sight of the Americans. The President even goaded the Australians to sell uranium to India, the first beneficiary of the American generosity, for peace of course.
The next great blessing coming the Asian way will be the Trans Pacific Pact to replace the FTAAP. The later is moribund, ineffective without the great leadership from America. And who says the TPP was an American concoction? It was launched by Chile, New Zealand and Singapore. The Americans just assumed leadership and make it better, that’s all.
And it has absolutely nothing about containing China. China is not excluded from joining. It can invite itself in on condition that all the members agree to accept its membership just like when China tried to join WTO. Nothing unusual, nothing of the sort like containing China. Please do not read too much into this kind of arrangement.
The Americans will lead the region to prosperity and peace with more cheap American goods to go around. Chinese cheap goods are of poorer quality and manufactured from exploitation of its own labour and abusing human rights and should be excluded.
The Americans are in the region to share power with the Chinese. But China’s entry into TPP would have to be blessed by the Americans. Oops, not really, but by all the members of the Pact. The Americans have no more use of their military forces in the peaceful Middle East they have left behind and would probably deployed these peaceful soldiers to the western Pacific Region for peace and stability. The first beneficiary of this peaceful gesture is Australia where the first consignment of troops will be stationed. But the 2,500 marines would be too small a force to maintain peace. The Asian nations will have to wait for the full deployment of the American main forces with its HQ likely to be in the Philippines or Vietnam, for a better guarantee of peace in the region. Without the presence of American troops in the region there can never be peace.
Remember the Korean War and the Vietnam War? It was the presence of American troops that brought peace to these two countries.
My apologies for the incoherent grumbling. I am just too naïve to see the goodness of the Americans in the region. The ineffective regional associations like Asean and FTAAP should make way for new associations led by the able leadership of America. Only then can this region live in peace and prospers. Please forgive me as I also have a bit of dementia and my views are pretty childish at times. You can be nicer to me by calling me innocent. But I must say that with the return of America to the region, good times are coming.
The Philippines, Indians and Vietnamese are celebrating. Of course Australia, Japan and South Koreans will feel more secure and more Asians. Not sure about the rest of Asean and China.
About time to switch from cars to taxis
The charges for taxis will be going up next week. ComfortDelgro, the biggest taxi operator, has just announced the price hike, for good reasons. Cost of diesel, cars etc have been going up. Also, taxi operators need a pay rise too with the high cost of living. And demand is getting stronger with bigger population and more tourists coming in. I agree that these are all good reasons for a price hike.
And comfort is asking the other taxi operators to follow their footstep, to raise their fares. This is nothing to do with anti competition or collusion to fix prices. The other operators have a right to do otherwise.
With the higher fares being charge, it is expected that some of those who cannot afford the hike will have to take buses or trains. I will wait for another few more hikes to make it a bit pricier so that only dignified people can afford to take taxis. Then I will give up my car and switch to taxis when taking taxi becomes a dignified affair.
And comfort is asking the other taxi operators to follow their footstep, to raise their fares. This is nothing to do with anti competition or collusion to fix prices. The other operators have a right to do otherwise.
With the higher fares being charge, it is expected that some of those who cannot afford the hike will have to take buses or trains. I will wait for another few more hikes to make it a bit pricier so that only dignified people can afford to take taxis. Then I will give up my car and switch to taxis when taking taxi becomes a dignified affair.
Minus one zero from your Sing dollar
Singaporeans are feeling rich with high property value and high salary. If you compare the wealth of Singaporeans today and 30 years ago, Singaporeans are generally better off, richer, with more asset value to their credit. And the smarter and more talented ones are richer than their counterparts in the past beyond words.
Yes everyone is getting richer, but the real wealth or value is about one zero less from what they have. The real value of a 5 rm today is really the same value of a 5 rm flat yesterday, with a little enhancement. A $500k flat is actually the same $50k or $30k flat then. And only half life left.
An income of $5k is really $500 then. That is the real value of our money’s worth. There are certain items where the prices are about the same as in the past, some may even be cheaper. But for many things, the prices have gone up by more than 100%.
A 10c cup of kopi is $1. A 30c bowl of noodle is $4. A car of $10k is $100k. A flat of $30k is more than $300k.
In order to maintain the same level of living, one should rightly be earning 10 times the income 30 years ago, ie $1000 income should be $10k income. Today this is achieved in quite a number of households by adding two incomes together. While in the past, it was quite reasonable for an average worker to earn $1k. Today, to make $5k is not that easy really and to take home $10k by an employee is quite exceptional, unless one becomes an MP.
So, is it reasonable to say that our real money value compares to 30 years ago is less 10% of the face value? It is actually much lesser. One can’t even buy a decent HDB flat with $400k from the resale market when $40k could get one a semi D then.
There is no need to officially remove one zero from our paper currency yet. Pray that there will not come a day when a few zeros need to be written off. The Americans and Europeans are actually writing one zero off now without saying so.
Yes everyone is getting richer, but the real wealth or value is about one zero less from what they have. The real value of a 5 rm today is really the same value of a 5 rm flat yesterday, with a little enhancement. A $500k flat is actually the same $50k or $30k flat then. And only half life left.
An income of $5k is really $500 then. That is the real value of our money’s worth. There are certain items where the prices are about the same as in the past, some may even be cheaper. But for many things, the prices have gone up by more than 100%.
A 10c cup of kopi is $1. A 30c bowl of noodle is $4. A car of $10k is $100k. A flat of $30k is more than $300k.
In order to maintain the same level of living, one should rightly be earning 10 times the income 30 years ago, ie $1000 income should be $10k income. Today this is achieved in quite a number of households by adding two incomes together. While in the past, it was quite reasonable for an average worker to earn $1k. Today, to make $5k is not that easy really and to take home $10k by an employee is quite exceptional, unless one becomes an MP.
So, is it reasonable to say that our real money value compares to 30 years ago is less 10% of the face value? It is actually much lesser. One can’t even buy a decent HDB flat with $400k from the resale market when $40k could get one a semi D then.
There is no need to officially remove one zero from our paper currency yet. Pray that there will not come a day when a few zeros need to be written off. The Americans and Europeans are actually writing one zero off now without saying so.
12/05/2011
New opportunities in hawking
Raising standards of hawkers is a good thing and offers many opportunities for more economic activities and economic growth. The first thing is to set up a culinary school for hawkers, give it a good branding and French men may come here to take lessons too. Make sure the fee is high and at the end of the course, give a nicely printed Diploma on a nice shit of paper.
The next money making opportunity for the hawkers is to raise the price. The customers can’t expect to pay $4/$5 for a plate of quality char kway teow prepared by chef from our culinary school right? The hawker chefs will definitely be preparing better quality food in hawker centres and food courts and the customers will definitely be happy with better quality food. No doubt about it.
Actually there is another way to make easy money in hawking, and no need to work so hard. Just get a hawker stall and sublet it to the hawker chefs and sit back to collect $10k or more rents. This is the clever way of earning big money without having to sweat the small stuff.
Next development will be making fishmongers, butchers and vegetable sellers more professional, and upgrade smelly wet market to clean air conditioned market. The quality of life must improve and we cannot go on and on with wet and dirty markets. They can join the hawkers and call themselves PMETs. This is upgrading definitely.
The next money making opportunity for the hawkers is to raise the price. The customers can’t expect to pay $4/$5 for a plate of quality char kway teow prepared by chef from our culinary school right? The hawker chefs will definitely be preparing better quality food in hawker centres and food courts and the customers will definitely be happy with better quality food. No doubt about it.
Actually there is another way to make easy money in hawking, and no need to work so hard. Just get a hawker stall and sublet it to the hawker chefs and sit back to collect $10k or more rents. This is the clever way of earning big money without having to sweat the small stuff.
Next development will be making fishmongers, butchers and vegetable sellers more professional, and upgrade smelly wet market to clean air conditioned market. The quality of life must improve and we cannot go on and on with wet and dirty markets. They can join the hawkers and call themselves PMETs. This is upgrading definitely.
Are you glad that lease buy back scheme is extended to 4 and 5 rm flats?
Some people are glad that this scheme is extended to them so that they can sell their flats away and live on the proceeds till they die. Come with nothing go with nothing. I think they are all Buddhist or are living out the philosophy of Buddhism. And probably these people may also be those with no children to want to hand something down to them. Or maybe they have lived a dignified lifestyle, financially independent of their children and there is no obligation or attachment to want to do something kind to their children.
Or maybe family and kinship are no longer relevant or important in the culture of Singaporeans. So everyone is independent, no emotional attachment, no sentiments. They may want to die in some foreign land and would not care less if their children or relations will be present or absent at their last days or last rites.
Of course many probably understand that by the time they hit old age, they will be so broke, for one reason or another, that the only thing they can fall back on is their little flat to see them through the last years. Just pray that they do not need to be hospitalised or the little flat would not be enough to pay for the hospital bills. Or if enough, they would not have a lease buy back to fall back on anymore.
It reminds me of fate of living in smaller space. Eventually it is not unforeseeable that each Sinkie will have a space as big as those in the mortuary. And they will say no choice if we want economic growth and a better quality of life. They forfeited the right to think, to ask themselves if this is what they want, if there is an alternative, or if other people’s choice is The Choice and they cannot do anything about it.
Or maybe family and kinship are no longer relevant or important in the culture of Singaporeans. So everyone is independent, no emotional attachment, no sentiments. They may want to die in some foreign land and would not care less if their children or relations will be present or absent at their last days or last rites.
Of course many probably understand that by the time they hit old age, they will be so broke, for one reason or another, that the only thing they can fall back on is their little flat to see them through the last years. Just pray that they do not need to be hospitalised or the little flat would not be enough to pay for the hospital bills. Or if enough, they would not have a lease buy back to fall back on anymore.
It reminds me of fate of living in smaller space. Eventually it is not unforeseeable that each Sinkie will have a space as big as those in the mortuary. And they will say no choice if we want economic growth and a better quality of life. They forfeited the right to think, to ask themselves if this is what they want, if there is an alternative, or if other people’s choice is The Choice and they cannot do anything about it.
Another good catch for Singapore
Botanic Garden has appointed a Briton as the head of the
Garden after an international search. With his reputation as head of the fame Kew Garden in London, his credential is unmatched by any Singaporean. With this move to search the international arena for the best talents to help Singapore to become a betterer country in everything, it is a matter of time before they go on an international search for the Prime Minister’s post. They may also look into the position of the President. George Bush is here, and they may want to sound him out if he is interested. We can’t have these high profile positions filled by nerdy looking candidates.
We have sent so many students to the best universities in the west to learn from the best. Many would have studied in the same university as the newly appointed director. Why is it that he is betterer than all the best Sinkies we have? Did they keep a few secret chapters to themselves and would not teach foreign students so as to maintain their higher level of competence? I don’t think that is the case.
I think it is in the blood. The Westerners have good genes, genes that will automatically put them as choiced CEOs. Even if they are educated in their worst neighbourhood university, they will still look like a leader and will be hunted down by international search firms for countries that lack leaders, like Singapore.
Should the govt continue to send coolie children to the great universities of the West when they will still return looking every inch a coolie, no leadership quality? I think a better option would be to breed them. Take our best and marry the best of the Westerners. Then maybe there will be hope that the new Sinkies would be of leadership material to lead our national institutions, and looking every inch like an angmoh, suave, refined, handsome and six feet tall.
Garden after an international search. With his reputation as head of the fame Kew Garden in London, his credential is unmatched by any Singaporean. With this move to search the international arena for the best talents to help Singapore to become a betterer country in everything, it is a matter of time before they go on an international search for the Prime Minister’s post. They may also look into the position of the President. George Bush is here, and they may want to sound him out if he is interested. We can’t have these high profile positions filled by nerdy looking candidates.
We have sent so many students to the best universities in the west to learn from the best. Many would have studied in the same university as the newly appointed director. Why is it that he is betterer than all the best Sinkies we have? Did they keep a few secret chapters to themselves and would not teach foreign students so as to maintain their higher level of competence? I don’t think that is the case.
I think it is in the blood. The Westerners have good genes, genes that will automatically put them as choiced CEOs. Even if they are educated in their worst neighbourhood university, they will still look like a leader and will be hunted down by international search firms for countries that lack leaders, like Singapore.
Should the govt continue to send coolie children to the great universities of the West when they will still return looking every inch a coolie, no leadership quality? I think a better option would be to breed them. Take our best and marry the best of the Westerners. Then maybe there will be hope that the new Sinkies would be of leadership material to lead our national institutions, and looking every inch like an angmoh, suave, refined, handsome and six feet tall.
12/04/2011
The robbers are complaining
This world is getting crazy. The robbers that are fleecing the consumers by selling them highly priced items are complaining that no one is allowed to sell items priced lower than them. The Americans are threatening sanction against China for selling solar energy equipment at a cheaper price than them. This is a new kind of crime as it deprives them of higher profit by selling goods at higher prices.
Should not the Americans and the world be thankful that China could produce things cheaply and sell them cheaply as well? Anyway this international robber has had it so good for so long that he is now up in arms and threatening everyone with sanction for not getting his way, to rob.
Yes, sanction is the only word that the Americans knew. Who was that woman that professed that the Americans would not resort to coercion or threats against other countries? White lie! No, no, she is saying white truth.
And the Latin American countries, including the Caribbean countries, all 33 countries, are going to form their own economic association, not military alliance, and will exclude the US and Canada. Yes man, the Americans and the Canadians will be left out in the cold. They are smart enough not to allow them to muscle in to be the leader by coercion.
At least the Latin Americans are smarter and could get their acts together, to do what they think is best for themselves. They want to decide what is best for them and not be dictated by the Americans.
Would the stupid Asians and Africans learn to be wiser? Afraid not, with the Philippines behaving like a super power, happily arresting Chinese fishermen and thinking that China would not dare to kick their asses. And with kind of provocation by a pest, and if China reacts, the gangster will march and all the western media will cry out at the same time, that China is being assertive, bullying a pesky little country like the Philippines. And all the silly Asian countries will believe, and pretend to be in fear.
Anyway, with the unthinking Asians and Africans, it is their fate to be ruled by the Americans and to be led into another war among themselves. I just hope and pray that President Chavez of Venezuela will not be assassinated by the drug lords. Of course it will be done by the drug lords, NEVER will the Americans assassinate another country’s president. They are just so peace loving, and always use diplomacy and peaceful negotiations to settle international relations issues. No, they don’t even use threats or coercion.
No wonder the Asean countries are so happy to embrace the Americans to be the leader of Asean.
Should not the Americans and the world be thankful that China could produce things cheaply and sell them cheaply as well? Anyway this international robber has had it so good for so long that he is now up in arms and threatening everyone with sanction for not getting his way, to rob.
Yes, sanction is the only word that the Americans knew. Who was that woman that professed that the Americans would not resort to coercion or threats against other countries? White lie! No, no, she is saying white truth.
And the Latin American countries, including the Caribbean countries, all 33 countries, are going to form their own economic association, not military alliance, and will exclude the US and Canada. Yes man, the Americans and the Canadians will be left out in the cold. They are smart enough not to allow them to muscle in to be the leader by coercion.
At least the Latin Americans are smarter and could get their acts together, to do what they think is best for themselves. They want to decide what is best for them and not be dictated by the Americans.
Would the stupid Asians and Africans learn to be wiser? Afraid not, with the Philippines behaving like a super power, happily arresting Chinese fishermen and thinking that China would not dare to kick their asses. And with kind of provocation by a pest, and if China reacts, the gangster will march and all the western media will cry out at the same time, that China is being assertive, bullying a pesky little country like the Philippines. And all the silly Asian countries will believe, and pretend to be in fear.
Anyway, with the unthinking Asians and Africans, it is their fate to be ruled by the Americans and to be led into another war among themselves. I just hope and pray that President Chavez of Venezuela will not be assassinated by the drug lords. Of course it will be done by the drug lords, NEVER will the Americans assassinate another country’s president. They are just so peace loving, and always use diplomacy and peaceful negotiations to settle international relations issues. No, they don’t even use threats or coercion.
No wonder the Asean countries are so happy to embrace the Americans to be the leader of Asean.
Surrendering one’s right
Political activists are always a minority in all countries. But they are organised, just like gangsters. And as an organised force, they wield tremendous power over the people. They dictate how society should be structured, how people should live their lives, they control and run the country in the name of being the govt, elected, self appointed or by inheritance.
When a country is blessed, the political leaders are wise and will make decisions for the good of the majority. Some could really be idealistic and selfless. On the other extreme, political leaders could be selfish, self serving and ruthless. Most political leaders lie in between the good and the bad, some uglier than others.
We are blessed with good fortunes for 4 decades, with the winds blowing our way and with good men and women assuming political leadership. The blessing has made Singaporeans apathetic to what is going on around them. They surrendered their rights to decide what is best for them and allowed the political leaders to think and decide for them. Can’t blame them when good and talented leaders are thinking and working for them. When good men are in charge, an amicable populace that give the leaders a free hand will facilitate more efficiency in policy making. When not so good men are in charge, such a situation will hasten the making of bad policies.
Has Singapore reach a stage when bad policies are being made and claimed as good policies and shafted down the unthinking populace who have forgotten that they are the one to decide what is best for their own good? Or would they continue to let political leaders to rubbish them with flawed or half baked ideas and policies and tell them that they are good, the way forward?
There are many policies which I personally think are bad for the people. But the people think otherwise. Some still think that they are good. Some unsure and some just do not want to think.
This morning I will just touch on small is good. This is the new idea that is being spread in the media. Small is good, in fact can be better. So Singaporeans are being prepared mentally to expect to live in smaller spaces and pay more for them, as they are told that it is a good thing. One issue is whether this is really good or another Singaporean myth that daft Singaporeans will have to live with. The second point is whether daft Singaporeans are willing to accept this new myth and allow their lives to be structured around small is good. The third issue, which Singaporeans would not want to think about, is whether this is inevitable, that there is no way out. That we must keep increasing out population to eat up all the space that is needed for a decent and healthy living environment?
If they continue to surrender their rights to decide what is good for them and their children, it will be soon that they find themselves living like the Hongkies and the Japanese in Tokyo and trying to compete to see who is more ingenious in living like dogs in kennels.
I think it is okay for dogs to live in kennels as they are not supposed to think and will accept whatever the master provides. But some masters are more generous and even petition the govt for more space for their dogs to run around, to swim in public pools or the seas.
One day, Sinkies could really be competing with dogs for more space and the ending will be that the dogs will win and the Sinkies will have to be content to live in dog’s kennels. Have Singaporeans awaken to their rights to think for themselves, to think what is good for themselves? Or would they allow some foreigners or jokers to tell them that living in dog’s kennels is good?
I must say that some political leaders are wise, some think they are wise, and some strongly believe that they are wise, and all their policies are also wise. And when they proclaim something is good for the people, it must be good for the people. Would Sinkies be bothered at all, I mean the average Sinkies that are at the wrong end of the stick?
When a country is blessed, the political leaders are wise and will make decisions for the good of the majority. Some could really be idealistic and selfless. On the other extreme, political leaders could be selfish, self serving and ruthless. Most political leaders lie in between the good and the bad, some uglier than others.
We are blessed with good fortunes for 4 decades, with the winds blowing our way and with good men and women assuming political leadership. The blessing has made Singaporeans apathetic to what is going on around them. They surrendered their rights to decide what is best for them and allowed the political leaders to think and decide for them. Can’t blame them when good and talented leaders are thinking and working for them. When good men are in charge, an amicable populace that give the leaders a free hand will facilitate more efficiency in policy making. When not so good men are in charge, such a situation will hasten the making of bad policies.
Has Singapore reach a stage when bad policies are being made and claimed as good policies and shafted down the unthinking populace who have forgotten that they are the one to decide what is best for their own good? Or would they continue to let political leaders to rubbish them with flawed or half baked ideas and policies and tell them that they are good, the way forward?
There are many policies which I personally think are bad for the people. But the people think otherwise. Some still think that they are good. Some unsure and some just do not want to think.
This morning I will just touch on small is good. This is the new idea that is being spread in the media. Small is good, in fact can be better. So Singaporeans are being prepared mentally to expect to live in smaller spaces and pay more for them, as they are told that it is a good thing. One issue is whether this is really good or another Singaporean myth that daft Singaporeans will have to live with. The second point is whether daft Singaporeans are willing to accept this new myth and allow their lives to be structured around small is good. The third issue, which Singaporeans would not want to think about, is whether this is inevitable, that there is no way out. That we must keep increasing out population to eat up all the space that is needed for a decent and healthy living environment?
If they continue to surrender their rights to decide what is good for them and their children, it will be soon that they find themselves living like the Hongkies and the Japanese in Tokyo and trying to compete to see who is more ingenious in living like dogs in kennels.
I think it is okay for dogs to live in kennels as they are not supposed to think and will accept whatever the master provides. But some masters are more generous and even petition the govt for more space for their dogs to run around, to swim in public pools or the seas.
One day, Sinkies could really be competing with dogs for more space and the ending will be that the dogs will win and the Sinkies will have to be content to live in dog’s kennels. Have Singaporeans awaken to their rights to think for themselves, to think what is good for themselves? Or would they allow some foreigners or jokers to tell them that living in dog’s kennels is good?
I must say that some political leaders are wise, some think they are wise, and some strongly believe that they are wise, and all their policies are also wise. And when they proclaim something is good for the people, it must be good for the people. Would Sinkies be bothered at all, I mean the average Sinkies that are at the wrong end of the stick?
12/03/2011
Iskandar will be Singapore’s nemesis
The Iskandar Economic Zone, if it flourishes from all its potential, will be Singapore’s nemesis. Is has all the advantages over Singapore. It’s proximity could allow it to exploit fully, Singapore’s weaknesses and advantages to grow into a major economic centre. Given the right attitude, strong and task oriented management that is tenacious in the pursuit of its economic goals, the bulk of Singapore’s economic activity could go north, right into Iskandar.
This is the potential that Iskandar holds for the future. But there must be a political will to want to do that, to accept that economic growth and a highly intensive growth programme could also demand a price from the state. The cushy and laid back life style would be compromised, the pace of life fasten, and cost of living will rise.
Singapore has on its own way driven itself out of competition except for some key areas where it can still hold a big advantage over Iskandar, the financial centre, the expensive and presumably good consumer markets, education, perhaps medical sciences, and high tech industries. But for these Iskandar can live with as there are many areas that Iskandar can take over and grow with a big advantage in cost of labour and land.
Singapore would have to give up many of its industries that are no longer competitive. It would only be able to hold on to some core interests. The rest of the economy, the bulk of its economic activities, will have to flow into Iskandar.
And it is not all bad really. Both will benefit from the expansion of the economic zone from Singapore into southern Johore. Of course Singapore would have to give up and lose out in many of the service industry and relatively lower skill businesses. Some of the higher skilled industries too will find a place in Iskandar to complement their operations in the island. A new level of cost versus benefits will be established, with the cost of living coming down in Singapore, and winding down also of many economic activities that will go the Iskandar way.
Iskandar, from a new and lower base, will absorb and inherit many of the businesses from the island as long as it plays its card right. And Johore will be the main beneficiary of a vibrant economy arising from a bigger base, bigger land and catchment area, a bigger workforce and more investments and economic activities.
The caveat, is the Johore govt and population ready to make this leap forward. If they are, there is nothing to stop Iskandar from becoming a fully developed and integrated commercial centre of a larger Singapore, an extension of Singapore as a regional economic hub. It will rise to replace the failed golden triangle of Batam, Singapore and JB. Singapore and Iskandar will be good enough to grow into a bigger economic zone which could eclipse Batam and Bintang temporarily but not eventually.
This is the potential that Iskandar holds for the future. But there must be a political will to want to do that, to accept that economic growth and a highly intensive growth programme could also demand a price from the state. The cushy and laid back life style would be compromised, the pace of life fasten, and cost of living will rise.
Singapore has on its own way driven itself out of competition except for some key areas where it can still hold a big advantage over Iskandar, the financial centre, the expensive and presumably good consumer markets, education, perhaps medical sciences, and high tech industries. But for these Iskandar can live with as there are many areas that Iskandar can take over and grow with a big advantage in cost of labour and land.
Singapore would have to give up many of its industries that are no longer competitive. It would only be able to hold on to some core interests. The rest of the economy, the bulk of its economic activities, will have to flow into Iskandar.
And it is not all bad really. Both will benefit from the expansion of the economic zone from Singapore into southern Johore. Of course Singapore would have to give up and lose out in many of the service industry and relatively lower skill businesses. Some of the higher skilled industries too will find a place in Iskandar to complement their operations in the island. A new level of cost versus benefits will be established, with the cost of living coming down in Singapore, and winding down also of many economic activities that will go the Iskandar way.
Iskandar, from a new and lower base, will absorb and inherit many of the businesses from the island as long as it plays its card right. And Johore will be the main beneficiary of a vibrant economy arising from a bigger base, bigger land and catchment area, a bigger workforce and more investments and economic activities.
The caveat, is the Johore govt and population ready to make this leap forward. If they are, there is nothing to stop Iskandar from becoming a fully developed and integrated commercial centre of a larger Singapore, an extension of Singapore as a regional economic hub. It will rise to replace the failed golden triangle of Batam, Singapore and JB. Singapore and Iskandar will be good enough to grow into a bigger economic zone which could eclipse Batam and Bintang temporarily but not eventually.
12/02/2011
Conditions for a failed stock market
Technology and financial whiz kids have made stock trading not what it was before. High speed computers and how they are being applied to the stock trading system are a recent development that is more a curse rather than light at the end of the tunnel. Then there is high speed communication and the ability to move huge funds across borders to effect trading makes stock trading very precarious.
The war chests of big funds today are so huge that many could dominate the trading activities of small stock markets. And when operating in concert, several funds could execute transactions many times the size of the normal daily trading volumes of a small market. The implication is that they could corner not only several stocks but virtually take control of all the trading activities in a market. They could churn stocks up and down to their advantage.
Such a situation is made worst by small stock markets with fewer stocks and smaller capitalisation, and lesser number of investors. The small traders become easy preys to the big funds. And with the permission and connivance of stock market regulators, the funds could muscle their way into the system with their computers plugged in and extracting whatever information on buy and sell in their favour.
The rationale that the same thing is being done in New York is invalid. In a big market, with many similar big funds, there is a possibility of them cancelling each other’s action. In a small market, it is like a big fish in a small pond, it can cause big waves and rule the pond.
To make matters worst, some small exchanges are in a hurry to grow, to show results, and are tempted by the big funds’ presence. The big funds took advantage of the greed and impatience of small exchanges by dangling the carrot of bringing in their war chests to increase trading volumes to a small market. In return they dictated to the small exchanges how the trading system should operate, reducing bid sizes, reducing trading fees, and applying a lighter touch through deregulations, and of course allow their computers to plug into the system. The big funds thus were able to manipulate the trading systems and rules and regulations for easy profits.
Rules could be bent to accommodate the needs of the big funds, for instance, while short selling is not allowed in many exchanges, the big funds could circumvent this through scrip borrowings. The exchanges could be easily convinced, and being a willing partner that is dependent on the patronage of big funds, they would create a scrip lending systems for the big funds to cover their short positions. The convenient excuse is that it is another business for long term investors to enjoy some income, and for the exchange too.
The truth is that these innocent and ignorant long term investors would earn a pittance in scrip lending but end up facilitating the big funds to drive down the value of their long term investments.
Under normal circumstances, most exchange regulators would not condone to such violations to the integrity of the trading system. But exchanges are hungry for income and business. The higher the trading volume the more clearing fees they will collect to boost their bottom line. And they could justify to their stakeholders with the good returns, and keep a close eye while the big funds clean up the small investors in the market. And they can claim that it is caveat emptor, that the investors came in with their eyes open. No one is forcing the investors to trade.
A more convenient situation will be an exchange that is self regulating. It can then do anything it wants, provides whatever flimsy excuses, to run a flawed system, a system that allows the big funds to take advantage of the small traders. The outcome is quite clear when only the big funds are making profits and the general investors are all losing their pants. This can only happen when the authority ignores the risk of conflict of interests, when an exchange is profit seeking and allowed to regulate itself.
The govt or authority is the ultimate arbiter of the conduct of an exchange. It is the authority of last resort to ensure that stock exchanges are properly run and not run solely for its own benefits at the expense of other stake holders. But the ultimate authority can also fall asleep, thinking that if they have the best men in charge, an exchange will be properly and fairly managed.
There are many other reasons for a govt to give an exchange a free hand to do as it likes. It can be a matter of convenience, or a matter of incompetence, that they are dumber than the exchange management and are afraid to question what the exchange is doing.
There could also be a higher objective, to want to build up a big exchange at all cost, at the quickest time. Such wild ambition, and without full knowledge of how the exchange is being run, how destructive the big funds and their high speed computers can be to an exchange, things can go very wrong. As long as the exchange management can claim that what they are doing is to achieve the objective of a big and vibrant stock market, they could be easily left off the hook.
Another condition is that there is no whistle blower. No one wants to assume the leadership to point out the flaws in the system. Everyone is watching, knowing that things are going wrong, but not willing to rock the boat. All the institutions that claimed to look after the interests of the investors just looked the other way. Maybe they could not see anything wrong. Maybe they are waiting for things to happen to play safe. Doing nothing is the safest thing to do. And the govt or authority continues in their ignorant bliss. No complains, so everything is fine.
In reality, exchanges are normally managed wisely by competent managers. There could be some misses now and then, and some of the above conditions may exist at one time or another. But it is unlikely that all the conditions will exist at the same time. When there is a confluence of all these conditions existing, the failure of the stock exchange is imminent.
All govts and regulators must be alert and watch how their exchanges are being operated, and to look out for such warning signs and to take preventive actions early. Failing to do so is being negligent and irresponsible.
The war chests of big funds today are so huge that many could dominate the trading activities of small stock markets. And when operating in concert, several funds could execute transactions many times the size of the normal daily trading volumes of a small market. The implication is that they could corner not only several stocks but virtually take control of all the trading activities in a market. They could churn stocks up and down to their advantage.
Such a situation is made worst by small stock markets with fewer stocks and smaller capitalisation, and lesser number of investors. The small traders become easy preys to the big funds. And with the permission and connivance of stock market regulators, the funds could muscle their way into the system with their computers plugged in and extracting whatever information on buy and sell in their favour.
The rationale that the same thing is being done in New York is invalid. In a big market, with many similar big funds, there is a possibility of them cancelling each other’s action. In a small market, it is like a big fish in a small pond, it can cause big waves and rule the pond.
To make matters worst, some small exchanges are in a hurry to grow, to show results, and are tempted by the big funds’ presence. The big funds took advantage of the greed and impatience of small exchanges by dangling the carrot of bringing in their war chests to increase trading volumes to a small market. In return they dictated to the small exchanges how the trading system should operate, reducing bid sizes, reducing trading fees, and applying a lighter touch through deregulations, and of course allow their computers to plug into the system. The big funds thus were able to manipulate the trading systems and rules and regulations for easy profits.
Rules could be bent to accommodate the needs of the big funds, for instance, while short selling is not allowed in many exchanges, the big funds could circumvent this through scrip borrowings. The exchanges could be easily convinced, and being a willing partner that is dependent on the patronage of big funds, they would create a scrip lending systems for the big funds to cover their short positions. The convenient excuse is that it is another business for long term investors to enjoy some income, and for the exchange too.
The truth is that these innocent and ignorant long term investors would earn a pittance in scrip lending but end up facilitating the big funds to drive down the value of their long term investments.
Under normal circumstances, most exchange regulators would not condone to such violations to the integrity of the trading system. But exchanges are hungry for income and business. The higher the trading volume the more clearing fees they will collect to boost their bottom line. And they could justify to their stakeholders with the good returns, and keep a close eye while the big funds clean up the small investors in the market. And they can claim that it is caveat emptor, that the investors came in with their eyes open. No one is forcing the investors to trade.
A more convenient situation will be an exchange that is self regulating. It can then do anything it wants, provides whatever flimsy excuses, to run a flawed system, a system that allows the big funds to take advantage of the small traders. The outcome is quite clear when only the big funds are making profits and the general investors are all losing their pants. This can only happen when the authority ignores the risk of conflict of interests, when an exchange is profit seeking and allowed to regulate itself.
The govt or authority is the ultimate arbiter of the conduct of an exchange. It is the authority of last resort to ensure that stock exchanges are properly run and not run solely for its own benefits at the expense of other stake holders. But the ultimate authority can also fall asleep, thinking that if they have the best men in charge, an exchange will be properly and fairly managed.
There are many other reasons for a govt to give an exchange a free hand to do as it likes. It can be a matter of convenience, or a matter of incompetence, that they are dumber than the exchange management and are afraid to question what the exchange is doing.
There could also be a higher objective, to want to build up a big exchange at all cost, at the quickest time. Such wild ambition, and without full knowledge of how the exchange is being run, how destructive the big funds and their high speed computers can be to an exchange, things can go very wrong. As long as the exchange management can claim that what they are doing is to achieve the objective of a big and vibrant stock market, they could be easily left off the hook.
Another condition is that there is no whistle blower. No one wants to assume the leadership to point out the flaws in the system. Everyone is watching, knowing that things are going wrong, but not willing to rock the boat. All the institutions that claimed to look after the interests of the investors just looked the other way. Maybe they could not see anything wrong. Maybe they are waiting for things to happen to play safe. Doing nothing is the safest thing to do. And the govt or authority continues in their ignorant bliss. No complains, so everything is fine.
In reality, exchanges are normally managed wisely by competent managers. There could be some misses now and then, and some of the above conditions may exist at one time or another. But it is unlikely that all the conditions will exist at the same time. When there is a confluence of all these conditions existing, the failure of the stock exchange is imminent.
All govts and regulators must be alert and watch how their exchanges are being operated, and to look out for such warning signs and to take preventive actions early. Failing to do so is being negligent and irresponsible.
Let’s scoot to Sydney
From flying super first class in specially designed cabin to San Francisco, lying in cosy beds in wide bodied aircraft while crossing the Pacific Oceans, SIA is now trying a new business in budget airlines. It is like Shangri La going into foodcourt business. With this downstream business strategy, SIA’s business will be complete if it takes on food catering for the airline as well. It reminds me of DBS going back into post offices to serve the customers better.
The greatest achievement perhaps is the acquisition of another foreign talent as its CEO. Such talents are rare, exceptionally rare to find in this island. We have more than 40 years of aviation business history, but producing aviation professionals is something that is just simply difficult, like producing CEOs for our banking industry. Our locals just would not have the experience and the X factor to be CEOs of banks and airlines. The only chance to be one is by setting up a family business.
I believe this Australian CEO must come from the best Australian university, like all talented Australians. Singapore also has sent many of our local talents to Australian universities to study under the same lecturers and courses. Shouldn’t they be at par or similar in talent or knowledge acquired?
I read in the blog that an Australian university graduate of Singapore origin is driving taxi here. He has been replaced by foreign talents from, possibly Australia, could be the same course mate he studied together in university. And very likely their grades could be similar, but the Australian will be here as foreign talent, and may be his boss as well, enjoying all the perks and first class treatment as foreign talent.
There seems to be something missing. Why should two graduates from the same foreign university ended differently, one driving taxi and another as a top executive. One seen as non talent, another as super talent? Maybe their grades were different. Maybe the Singaporean was the average student of our system and the Australian the cream of their students. The truth is difficult to find out unless we can put their education records side by side for comparison.
Maybe there is something else. The X factor that Sinkies or most Asians just don’t have. Sinkies just don’t have that something to be suitable for top positions except in the civil service or as politicians. Put them into the private sector, they somehow don’t look good enough for the top jobs. Even foreign talents from third world countries look more desirable, and better, to fill top positions than Sinkies.
Maybe Singaporeans still look like their coolie parents and grand parents, somehow they don’t have that charisma to front the organization. Some say you need to look good in those high level positions. Some say it is a kind of aura, either one has it or doesn’t.
Blame it on the coolie stock. Until our coolie stock don’t look like Ah Seng or Ah Hock, until they are given the chances and exposure to be in those top positions, let’s keep them at the second level and leave the top management positions to foreigners with that special oomph. They really look good and possibly have straight As degree from the top Ivy League foreign universities. Our Sinkies may have straight As also, but ….
No wonder our taxi drivers are speaking quite good English and perfect to every inch as a butler. Many are probably graduates from foreign universities. Their fault is probably because they are Sinkies. If they hold a different passport, they could be here and welcomed as foreign talents.
The greatest achievement perhaps is the acquisition of another foreign talent as its CEO. Such talents are rare, exceptionally rare to find in this island. We have more than 40 years of aviation business history, but producing aviation professionals is something that is just simply difficult, like producing CEOs for our banking industry. Our locals just would not have the experience and the X factor to be CEOs of banks and airlines. The only chance to be one is by setting up a family business.
I believe this Australian CEO must come from the best Australian university, like all talented Australians. Singapore also has sent many of our local talents to Australian universities to study under the same lecturers and courses. Shouldn’t they be at par or similar in talent or knowledge acquired?
I read in the blog that an Australian university graduate of Singapore origin is driving taxi here. He has been replaced by foreign talents from, possibly Australia, could be the same course mate he studied together in university. And very likely their grades could be similar, but the Australian will be here as foreign talent, and may be his boss as well, enjoying all the perks and first class treatment as foreign talent.
There seems to be something missing. Why should two graduates from the same foreign university ended differently, one driving taxi and another as a top executive. One seen as non talent, another as super talent? Maybe their grades were different. Maybe the Singaporean was the average student of our system and the Australian the cream of their students. The truth is difficult to find out unless we can put their education records side by side for comparison.
Maybe there is something else. The X factor that Sinkies or most Asians just don’t have. Sinkies just don’t have that something to be suitable for top positions except in the civil service or as politicians. Put them into the private sector, they somehow don’t look good enough for the top jobs. Even foreign talents from third world countries look more desirable, and better, to fill top positions than Sinkies.
Maybe Singaporeans still look like their coolie parents and grand parents, somehow they don’t have that charisma to front the organization. Some say you need to look good in those high level positions. Some say it is a kind of aura, either one has it or doesn’t.
Blame it on the coolie stock. Until our coolie stock don’t look like Ah Seng or Ah Hock, until they are given the chances and exposure to be in those top positions, let’s keep them at the second level and leave the top management positions to foreigners with that special oomph. They really look good and possibly have straight As degree from the top Ivy League foreign universities. Our Sinkies may have straight As also, but ….
No wonder our taxi drivers are speaking quite good English and perfect to every inch as a butler. Many are probably graduates from foreign universities. Their fault is probably because they are Sinkies. If they hold a different passport, they could be here and welcomed as foreign talents.
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