F-35 Lightning II, another American con job

The F-22 Raptor, reputed to be the most modern and advanced multi purpose attack aircraft, is facing a mutiny. American pilots are refusing to fly this aircraft for fear of their own safety. Many dangerous situations have cropped up in flight with oxygen supplies being terminated, and in once case leading to the death of the pilot. Pilots have complained of blackout while flying, my goodness.

Now the American arms industry is pushing for the ultra expensive F-35 as the must have. Actually all these claims were bullshit. The specs of this latest white elephant, and those that came before, is nothing really special, but to match an imaginary superior Russian aircraft that the Americans need to be better of. What a load of rubbish. But the industry will keep on building a bigger and bigger demon and to con the Americans to pay for a bigger and bigger fictitious respond. This strategy is applicable to the other arms as well.

It is good for the American image, for the aircraft manufacturers and a lot of money to go into someone’s pocket. But who is paying? The tax payers are paying billions and trillions for a few pieces of toys claimed to be the best but never be so as newer ones will come on line and asking for more to be paid.

This is another big American con job. And not only the Americans are made to pay, the Allies are also made to pay as if without these aircraft they will lose their country or lose a war. Where is the war? Oh yes, coming, the Americans are going to start a few more in the neighbourhood and states will go to war and will need more advanced aircraft. More advanced than what, a Piper Cherokee or a Cessna?

To cut the story short, there is plenty of money to be had with such hype and by raising tension or starting wars. Russia and China could exploit this American weakness by playing up their own superiority, build imaginery superior aircraft, ships or land weapons and let the Americans chase after the shadows. The Americans love that kind of challenge. Oops, the defence industry loves them and will blow them out of proportion to make the American taxpayers pay for them. And they will spend themselves to bankruptcy much quicker.

Policy change in the main media?

In the last GE the main media was seen as providing a more decent coverage of opposition parties’ election campaign than they were used to. This went down well with the readers for a fairer game. When I flipped open the papers this morning, there was no denial that there was a deliberate shift in the coverage. It was so stark that there is no need to guess or to think where the sentiment lies.

Take the ST for instance, front page says, WP ‘chose not to send Png to Parliament.’ In page A6, a full page of coverage with headings like, ‘Voters free to pick best man’ and subheading, WP already has 5 MPs, Democracy is being free to choose: Denise Phua. Next, WP ‘changing tunes and taking Hougang voters for granted.’ The last two articles were titled, Desmond Choo on why he stayed on despite GE defeat and Parties keep up outreach.

Where is the coverage on WP?

And in Today, the headings, WP flip-flopped on national issues: DPM Teo. The next article on the same full page on the by election, with pictures of DPM Teo and Desmond Choo is, Will WP still serve Hougang if it loses, asks Desmond Choo. I was trying to find something on the WP, but again nothing reported.

And in mypaper, on page 2, Hougang voters value honesty, integrity most in candidates, says reporter Samantha Boh. The article is about how Desmond Choo can deliver and also about how clean he is. Another full page on page 4, Choo: Hougang belongs to residents, and another, Being scandal-free ranked low in poll. There were some mentioned of WP activities at the end of the former article though and one photo each of Desmond and Png.

The message is clear as to who should deserve more coverage in the main media. The battle line is drawn.

PS. Still searching for reports on the mammoth turnout at WP rally. If only it could be turned into votes. Maybe the majority were PAP supporters being there to give the WP a false sense of confidence.

Hougang does not matter, really?

Would the result of who wins Hougang really matter at all? A WP win will add the tally for opposition MPs from 5 to 6. A PAP win will add the PAP’s majority from 81 to 82. So what is the difference?



PM Lee: Whoever wins Hougang by-election will not change the basic picture in Parliament



And he is telling the truth. Hougang is non issue, inconsequential. The WP will remain an insignificant minority party that would need a loud speaker to have its voice heard or it would be drowned out by a cacophony of laughters. As for the PAP, all the bills will be passed, constitutions can be changed at will as it still holds more than two third majority.



So, is the Hougang by election a waste of time? Yes, it is. At least for the term of this Parliament, nothing will really change. At best there will be one extra vote against unpopular bills. At betterer than best, there will be one PAP MP in the name of Desmond Choo that would speak for the Hougang people, but would he still vote for whatever the PAP tabled even if he is against it, spoke against it, or if the Hougangkia did not like it. How can any MP be effective when he cannot vote against a motion by his own party? Such MPs will be as ineffective as the bloggers, only can kpkb for a bit of wayang.



Hougang is immaterial for the short term. Hougang is only meaningful in the longer term. Hougang is like a glimsp of the future, a statement from the people of what they really want or who they want to represent them as the govt of the people. A vote for the PAP is an affirmation that the PAP is the right party to stay and run the country. A vote for the WP is a statement that change is needed, whether a regime change or a change for more opposition MPs to check the govt and have a govt that is more representative of the whole spectrum of the population, not just for the winners and the elite.



But there will be many minor issues that will distract the voters, some very personal and private, some very mundane, some over a bowl of porridge or a hearing aid, or some because they have stood their ground for fairness and democracy. Would the larger good of the people and country take the main stage? Would the WP be able to raise the thinking of the Hougangkia to a higher level, to see further over the horizon? Or would the Hougangkia be convinced that it is a non issue, vote whoever you like, or vote for a little goodie or handouts? It doesn’t really matter, really.



And the big turnout were there just for a party, just for fun? Daft Sinkies do not think politics or politics is not something that bothers them. This Hougang could mean more good years, depending on who you are. Hougang could also mean a stamp of disapproval of the PAP. If the later comes true, Hougang will be a very significant milestone in our political development and political history. The PAP will be history in 2016 if the WP could add on to their previous gains.



What will Hougang foretell in a week’s time? Whatever, it is best not to dismiss Hougang as inconsequential.

Rar Art - A Life Time

This is a piece of very complex rar art. It combines a blending of colours, criss crossing of lines and strokes and layering. All these features come together in a harmonious way without anything looking out of place. The colours are beautiful, the strokes are mature and well executed while the layering gives it depth and complexities.
There is a couple in the centre of the painting and it looks like their whole lives were unfolding in front of them. As one views the painting slowly, more and more images will appear to tell a series of stories of the lives of the couple. Take your time to enjoy this beautiful creation of Mother Nature

A different perspective to population growth

We need population growth to generate economic growth to enjoy a better quality of life. This is the biggest bullshit to come out from any sensible person. Population growth is not the only factor that leads to growth and a better quality of life. The sure things about population growth are inflation, congestion, higher demand for goods and services and many undesirable social and economic consequences that cannot justify the little benefits of growth.

Take a continent like Australia as an example. If with 50m, they can enjoy the whole continent, be productive enough to grow all the food and wine to make merry, why do they need to rush the population to 100m? If without population growth, maintaining at 50m for perpetuity, and they can produce a bit more for each person to better their life, what is the point of producing 100 times more to feed 100m people but did not live better except for a few super rich?

Coming back to home, if with 2m people, the people can have all the space to live in bigger properties, and own cars with more roads to drive around, and they could produce more goods and services to raise the quality of life, why do they want to push the population to 5m or 10m to have lesser space to live, cannot own cars but only to work ever harder to feed a population of 5m or 10m? 

What for? Because the economists say there is no growth? If the population can be maintained at 2m, and everyone has a bigger property and two cars to go with, no traffic jams, and higher skills of people, goods and services produced are getting better with higher productivity, who the shit needs another 3m or 5m people to take away all the land and roads and landed everyone in shoebox flats and car ownership becomes limited only to a few? 

I think the thinking is too simplified. What kind of growth, what kind of progress, what kind of quality of life? If every leader in the world subscribe to the population growth formula for a better life, the whole will be destroy at double quick time. Nature has ensured that population is controlled and not allowed to growth indiscriminately by throwing in many measures to keep it that way. If a better quality of life is simply to have more people, there is no need to have super talents or smart people to run govts.

The situation in Europe is slight different. They could continue to have a good life by being creative, innovative, improving knowledge skill and productivity with a smaller but able population. But they conned themselves into allowing less productive immigrants to fill the ranks and bloated the population base.  They have reached a turning point where the Caucasian or Aryan stocks are being depleted by lesser stocks. This will bring about their demise as a self inflicted cancer. Japan will shrink its population but will continue to enjoy a better quality of life without being adulterated with lesser productive stocks to bloat its population. A smaller and leaner population is good for them.

 If we are not careful, we could end up in the same way as Europe. Irresponsible and mindless increase of population is like drug consumption.

JP Morgan Chase is the best

Obama has about US$1m deposit in JP Morgan Chase. And he is so confident of the bank to praise it as one of the best managed bank in the US. If JP Morgan Chase is one of the best and losing US$2b due to a flawed risk management formula that they have relied on, how many lesser well managed American banks are waiting to implode? Or is this a case of American is best, even when they can fouled up to such an extent?

How many high net worth private investors are licking their wounds for their blind faith in American financial wizardry? How many Sinkies are still staunch believers while privately cursing at the money they have lost from listening to American bank advisers?

Come to think of it, like Obama said, what is US$2b? There are many very well run funds losing tens of billions or hundreds of billions and still crowing how well their funds are being managed. Losing US$2b is chicken feat, a great achievement really, seriously, honestly. Just don’t check my books. The American banking and financial system is the best. They have exported this great formula of success to the world. The last port of call is China, before curtain’s up.

Blessed are the believers.

Hougang - A very strange feeling

I got this gut feeling but not sure if everyone feels the same. There is Desmond Choo out there in the trenches at the front line fighting. And he is telling his superiors to leave him alone, to let him fight his own battle. Is he really that confident that he could win this fight without the big guns? Or is he worried that the big guns will do him more harm than good, like killed by friendly fire? In football parlance it is called scoring own goals.

Could the big guns instead of hitting the enemies, landed on their own troops. The first minister that spoke in the by election is Boon Wan. And he is drawing more fire from the critics. Who is next to speak and to draw more fire to himself and Desmond Choo?

This is the gut feel that is bothering me. Ministers used to lend their weight to a candidate to make the fight easier. What if the minister himself is unworthy or not seen as credible and anything he said could only make things worst? Can this be the case in Hougang? Is there any minister that could speak out and win more grounds for Desmond Choo instead of doing him in?

The whole ball game has changed. How could Desmond Choo depend on the big guns when the big guns are a suspect and could be better off to stay away from him?

Coming to terms of being a loser

This FT smashed his $1.5m limited edition Ferrari to prove how good he was in road racing, so it was reported. Though he killed three innocent people in the process, he hit the newsstand as a young and handsome, successful and rich foreign talent. And they even ogled at the wealth he left behind, a luxury BMW, multi million dollar condos. Who cares where the money comes from? It was reported that he was a very clever investor and made his own fortune. Though there were suggestions of mafia links and money laundering, these were not important in a city state that worshipped success in terms of money in the bank account. More of such successful talents would be welcomed to shore up the property prices and the COEs.

At the other end of the spectrum, there was this retiree lamenting and complaining about a hefty $83 bill he was served with at the Alexandra Hospital’s A&E department. He was also unhappy that the parking fee came to a whopping $6. How could the hospital charge $6 for parking.

The widening gap of the rich and famous living it up and the losers trying to make every dollar counts, no longer making cents count as cents were practically worthless, is raising its ugly head. Throw a few coins on the road no one will bother to pick them up. Throw it into a beggar’s hat and he would frown.

For the loser retirees, they have yet to come to terms with living in a first world city state among the rich and famous when a tip to a doorman could be $50 and to a nice waitress could be more than enough to pay for the hefty hospital bill with plenty of change left. If the retirees are living on their pensions, sorry lah, unless the pension is millions of dollars which some privileged yodas are getting.

A $100k COE is simply peanuts. A few million bucks for a private property is small change. Where did the money come from? The money seems to be floating everywhere, as abundant as hell money. The moral of the story, as told by the elite, live within your means and stop kpkb.

Wealth creator versus wealth manager

Ngiam Tong Dow has spoken of the need to have more wealth creators instead of wealth managers. One is creating wealth and the other is just managing the wealth. He made a false assumption that wealth managers are there to manage the wealth, ie to ensure that the wealth will be there or at least not depreciating. This assumption has proven to be drastically and painfully wrong if we look at the bigger picture especially those coming out from the US.

Many wealth managers are basically gamblers. They are just placing chips everywhere and hoping that there will be more winners than losers. If only their books were to be opened, many owners do not know the truth until the hole is too big to fill.

In reality, many wealth managers are actually wealth destroyers. Yes wealth destroyers. The first thing they do is to demand to be paid a ransom. And whether they deliver or not is not guaranteed. Most will try their best to do a good job. And when the chips are down, when the losses piled up, they take bigger bets and bigger bets, hoping that lady luck will smile on them for once. If not, just too bad. It is other people’s money on the table. They do not guarantee any winnings. The only thing that is guaranteed is the ransom that they will be paid.

Wealth creators, wealth managers and…wealth destroyers. The first is real. The latter two are interchangeable.

The temptation of Hougangkia

For more than 20 years, Hougang was like a step child, abandoned by the establishment and left to fend for themselves. They soldiered on under the leadership of Low Thia Kiang. They literally bit the bullet and accepted their fate, that for some reasons, they would be at the end of the queue for any goodies or handouts. They stood their ground. They were resolute and committed to what they believed in. Today, the pride of Hougangkia and their resoluteness are being tested.

A handsome man came along with a pushcart of abalone porridge or the best free porridge one could find. And he is yelling, this is only the appetizer. Yield to his master and he will rebuild Hougang and improve the lives of all Hougangkia. He is so confident that he could do a lot of good to the band of drifters. No one has yet to ask him where is the money coming from. Everyone, including the young man, takes it for granted that the money will be there to turn Hougang into a Disneyland.

Will the knees of Hougangkia turn soft to the temptation? Will the step child turn into the favoured child of the favourite concubine? That is what Hougang will become if the young man is elected as their representative in Parliament. Hougang will be the new favourite child and bestowed with all the sweets and candies in the candy shop. And Hougang will be represented in Parliament and their voice will be heard.

The last nail going in

We used to have a healthy and vibrant stock market and a finance industry supporting several thousands of professionals and supporting staff. The market used to be plodding along happily in its own steam with steady growth and an envious reputation of a successfully run system. This was despite the fact that it was a very small market with relatively small number of stocks and small number of investors.

There were some unique features in the system that allowed the stock market to function the way it was, punching above its weight like they used to say. The market thrived on volumes and demands over supplies. Where were the volumes and demands coming from in a small city state? There were two unique features that made this possible, remisiers and contra trade. The former took on the role of ‘ah long’, taking high risk, to extend credit facilities to their clients which no banks would want to do or allowed to do, too risky and without collateral. But it worked most of the time, based on trust and knowledge of the client’s ability to pay for losses. This allowed the clients to trade many times more than they were able to without being limited by upfront collaterals or cash deposits. It worked. The market was alive.

Contra trading also facilitates liquidity in the market. Clients could take positions and settle the differences when they squared off their positions. It used to be more than 14 days, and that gave the clients more room to manouvre. The longer the exposure, the greater would be the risk, but also more chances of market changing positions. In a way contra trading played the same part as remisiers in allowing clients to take bigger and more positions than they were able to if trading is restricted to money upfront. For a small pool of investors in a small city state, contra trading allowed the trading volume to appear tens or hundreds time larger.

Between the credit lending role of remisiers and contra trading, the market was able to trade with much more volumes than it could otherwise do. Doing away with remisiers and contra trading would be like knocking in the last nail to send the stock market into the incinerator.

No, apparently the smart alecs don’t think so. They believed that there is no need for remisiers and trading could be done online by computers. The shallowness of such stupidity has proven itself, and online trading is still standing on the high pedestal as a white elephant, too high cost to operate and for too little return. And there were all the other factors that made online trading ineffective and unworkable as a business model. It is history. It is also a reminder of where the market will head if people with little knowledge of how the market works make the decision. And there will be people who know but kept quiet, follow orders as long as they are paid, and do the master’s will.

The next attempt is to do away with contra trading. It is too risky, reduce the duration of exposure. Traders still have 5 trading days to square their positions. And there is no collateral, too risky. There were bad cases of bad debts. This too must be taken care of. Margin trading could be a solution. Better to do away with the remisiers altogether.

In all businesses, there were risks involved and bad debts could be incurred. So far, all the bad debts were manageable and were part and parcel of the business. The bad debts were not in the proportions of hundreds of millions, billions or tens of billions like the losses of well managed funds and banks. If bad debt is such a serious concern, all the big funds and banks should be closed down or not be allowed to take those risks. How come their colossal losses were acceptable as part and parcel of risk takings and taken in their strides as clever investment strategies but losses of small investors were unbearable? How come the few millions of losses by a few individuals in an industry of a few hundred thousand players were seen as so fearsome to live with?

There were rumours that contra trading would be replaced by CFD or contract for difference. What’s the difference between CFD and contra trading? CFD is claimed to be much better than contra trading. It allows the traders to hold their position longer, several weeks even if they wanted to. Shit, contra trading used to be like that but the length of holding to long positions were curtailed, deemed as too risky. In CFD, holding long and longer position is a plus point. CFD also can short positions. Now, why were short positions not allowed in contra trading? Isn’t this as good as saying having free sex is bad but going to prostitute is okay, both offering the same thing but the latter got to pay more?

What’s the difference between CFD and contra trading? Isn’t it contra trading in another name, another form? Oh it is not called contra trading. It is called Contract For Difference. Brilliant eh? The industry is being prepared to switch from free sex to having sex with prostitutes as a better option.

When this happens, the contra players would vanish. The remisiers too would vanish. And they expect the market to continue to thrive, bustling with billions of trades done by the computers. And the funds would still be churning the market without any suckers to pay for their expenses and profits. The funds would be happily chucking along in a stock market with practically no investors and no money to make, just to make the stock market look good for the city state.

Just wait for the smart alecs to knock this last nail in and everyone in the industry can go away. The fictitious trading volumes will still be there, an envy of all the outdated stock markets who can never dream of such volumes. But their phones in the brokerages will be ringing. The brokerages here will be as quiet as a cemetery, if any is still left standing.

Hougang is like part of a bigger scheme of things

Hougang is like part of a bigger scheme of things


Under normal circumstances this could still be the honeymoon period for the elected ruling party to ferment whatever it wants to do. The next GE is another four years away. This is the period for more increases in everything and whatever unpleasant policies, now is the time to throw them to the people. There will be some pain and unhappiness, but the people will get used to it, get over it over time. Then comes the last chapter, the pre election phase when the wounds are healed and little goodies would do the trick to prepare the electorate for more good years.

The Hougang by election must have come at an inopportune time. With this in the air, with the people getting political again and being agitated by all kinds of issues, and introducing or implementing tough policies would give the opposition a good platform to shout them down. Not doing so would have to delay it further down the road and may be too close to the next GE.

Whichever way, the temper of the people would not be given a chance to take a break. The temperature will rise again as in all elections. And expectedly, the opposition would rub the salt in wherever there is an open wound, or would open up old wounds. And it is defending time. The full backs and the goal keepers would not be able to rest or sleep soundly. Where are the goal keepers?

The other important development coming out from Hougang is the closing ranks of all the opposition parties. This is one of the rare instances that the oppositions are coming together to fight a common enemy. It would be interesting to see who would be speaking in the WP rallies. It would also be an opportunity for the opposition parties to rally together, to seek common grounds and build a closer rapport and understanding before the next GE. Hougang could pave the way for a better understanding among the opposition parties, and more give and take later on, and who knows, a united front that they have yet to forge after so many years.

Hougang could also be a testing time for people forced to reveal themselves to do damage to the WP’s cause. Many believe that there are plenty of moles in hiding in the opposition parties. It is a time to see the real stuff, the real enemies within, the desperadoes. But they are unlikely to cause a dent on the WP’s armour.

The PAP will, for the first time, be facing the opposition parties as a single bloc, speaking in unison. No more divide and rule, pulling strings here and there for the opposition parties to dance and bicker at each other. Maybe it is too premature to talk about this. It would be an interesting battle with more actors playing more important roles on both sides. All the big guns from both camps would be firing at the same time. A Tchaikovsky’s 1812 Overture in the air.

Sajeev Kamalasanan’s resignation from WP

A candidate in the last GE resigned from the Worker’s Party and made an allegation that it is ‘discriminating against Indians’ according to his press statement. How bad the timing is in view of the by election? At this point in time, every factor and matter counts to both parties and candidates in the election. To have a resignation of a key member is bad enough. To be accused of being racist may cause a lot of votes for the WP, true or otherwise. Some voters would be easily swayed by such a statement.

WP must count it as bad luck to have this incident splashing across the news everywhere. I am sure Sajeev’s resignation was not intended to do any harm to the WP. It just happened and no need to read too much into it. Still the WP would have some damage control to do.

Funny, it seems that such unpleasant things often happened to the opposition parties during a run up to an election. I hope Sajeev and the WP do not allow this matter to distract the main issues in the by election and the voters could put this aside for the moment. Alas, knowing how light the ears of the masses are, one goal has gone in.

Money, power politics and Wall Street

There is a four part documentary on the aftermath of the subprime crisis cum world financial crisis created by Wall Street in 2008. The documentary is quite lengthy and very detail in the key players involved in the crisis and the intricate handling and exposure of the toxic waste created by the brightest American financial minds, which happened to be kids really. The derivatives structured by these kids were meant to lower the risk of exposure by the banks to high risk subprime loans. But it multiplied and morphed into many other things and became a bigger risk that almost toppled the whole financial system of the world.

This documentary (http://video.pbs.org/video/2229573868/) is a must view for all regulators and govt officials meddling with their financial systems as well as finance professionals. The lessons to be learnt are many and they were obvious and avoidable but were pooh poohed away by the muscles of financial institutions and the corruption of the members of the Congress. They allowed the toxic waste to go into the system and grow without control, infecting not only Wall Street but also Main Street of America.

Have they learnt anything? With the recent loss of US$2b by JP Morgan Chase, does it tell anything? With the glorification of big earnings by the banks and hedge funds and paying themselves crazy again, do they say anything. As far as Wall Street is concerned, everything is back to normal, before crisis time, and all system is on a roll, just like the good old time. The same flawed and obscene financial system did not change a bit. Banks are still taking high risk is in derivative and proprietary tradings to make quick and easy money to pay themselves millions and billions all over again. Conservative bank practices are obsolete.

The first obvious fault of the subprime crisis was the culture of greed which led the greedy bankers to go after quick money and dumping morality and prudence in the back seat. The banks and hedge funds operators were just gambling, playing with other people’s money for quick and huge returns. And if anything wrong, like JP Morgan Chase, wait for the Fed to bail them out with the taxpayers money. They made the Fed to close both eyes, arguing that they need more freedom to execute their business. There is no need for disclosure. Deregulation and darkness fell on Wall Street. Transparency of deals by the banks and hedge funds were ignored for the bankers to hide whatever they were doing. They cooked the books, devised toxic products, engaged in proprietary tradings against their clients, all under the cover of deregulation or no regulations. They could commit mass murder in a way without anyone knowing, without transparency and accountability. All losses were reported as profits only to justify paying themselves crazily.

Without transparency, without regulations, without accountability, no one was wiser as to what was going on. The bankers kept chalking up glorious P&L, claiming billions of profits when the truth was that they were under billions of debt in taking up toxic waste and trading losses. As long as they could hide them under ingenious accounting, it was as good as sweeping everything under the carpet. And they partied and partied with ill gotten gains and kicking the problematic ball further down the road.

The simple age old wisdom that anything that cannot be told must be told as what cannot be told is simply dangerous was forgotten. That was why it could not see light and must be kept hidden. And Wall Street and the banks got away with it by bribing Congress to let them play bandits and robbers.

They even designed unfair and obscene trading systems using computers to trade against innocent small investors and no one will stand up to say it is wrong, it is unfair practice, it is cheating. And they even got their flawed and corrupted gaming system sold to the rest of the world as the system of the future, with high speed trading, derivatives and deregulation, high liquidity, high volume, high buzz and a quicker bust. They have gained access to many countries, and the stock markets are still ticking only superficially, kept alive by drips, when they are actually in the intensive ward, or nearly there.

Now the Americans are banging on the doors in Beijing to want to introduce such atrocious system to create havoc to the Chinese stock market and financial system. Would the Chinese be smart enough to say no and slam the door at the American face? They would need to seek wise counsel from the Hongkong Exchange to have a better feel of the evil in the system and the damage it is causing to the Hongkong market. There is a Chinese saying, ‘lai ze bu san, san ze bu lai.’ Pardon my translation, it basically says that those who dare to come are not easy to deal with or with ill intent. Ask a simple question, why are the Americans so forceful and persistent in wanting to break into the Chinese financial system? To do charity and bring money to the Chinese or to go in and scope everything there is in there? They have done severe damage to the Hongkong and Singapore financial market except that no one dares to admit it. The dead body is getting stiffer by the days and soon it would not be able to move completely.

Mortis rigor is only a short while away. The Chinese govt and other Asian regulators should view this documentary carefully and know what they are being led into and the dangers ahead. Would China be the last sucker to fall into the trap and become another victim of toxic waste?

Would there be any changes after this latest JP Morgan Chase failure? Some were calling for tighter regulations, invoking the Volcker’s Rule to prevent banks from proprietary trading and taking high risk. The real fault lies in the system, it is systemic, where the administrators and regulators colluded, gave their silent consent to daylight robbery. They could not see anything wrong with the system but were very clever in finding faults with the little guys. Until some of the administrators and regulators are put behind bars for being accomplices to the unfair trading practices in the financial markets, nothing will work. Never has the financial market been so deregulated, when unfair trading practices like high speed computer tradings, proprietary trading by banks against their clients, that cheating the small investors is fair game. And because New York sets the rule, the rest of the unthinking world markets just followed blindly. Were they dull or were they just having a good time with the gravy train?

Hopefully New York will set the precedence and prosecute the whole management team of NYSE for mismanagement and for allowing fraudulent trading practices into the system. Until then, the financial system and stock markets are only waiting to implode.

Buying American snake oil

Friday, May 11, 2012


Risky Systems, Dire Consequences...

Yesterday night a somber CEO had to announce publicly that his bank had lost U$2B dollars in set of complex synthetic derivatives trade,



This CEO is no ordinary CEO but the king of Wall Street, Jamie Dimon, one of the most astute bankers around. The bank went through the financial crisis unscathed but suffered heavy losses last week when a unit of the bank took on complex derivative positions that resulted in unexpected losses:



“This portfolio has proven to be riskier, more volatile and less effective as an economic hedge than the firm previously believed,” - Jamie Dimon, CEO JP Morgan.[Link[



If Jamie Dimon and his bank can't figure the risk they were taking, how will the rest of us ever fully appreciate the risks we are exposed to? ….



The above is written by Lucky Tan in his Diary of a Singaporean Mind blog. It tells a lot about the kind of snake oil being introduced into the financial markets around the world and how the world blindly bought what the Americans sold. Singapore is one of them. China must resist all it can from being duped by the Americans. It is just not worth whatever returns there is. It can ruin financial institutions and the whole stock market. Only duds who think they know best or are gullible enough to believe the American’s sales pitch will go in with eyes wide shut.

North Korea is Singapore’s friend

Singapore is the third largest trading partner of North Korea. Its second highest ranking leader, Kim Yong Nam, had just paid an official visit with a trade delegation and is now in Indonesia for a similar purpose, to expand trade. Indonesia is also a good friend of North Korea.

But in Singapore, the North Koreans have many enemies. These are the unthinking Singaporeans who have been fed with a diet of anti North Korean misinformation written by westerners and proudly printed almost daily in our media. And the minds of these morons have been so tarnished that when they talked about the North Koreans, they behaved as if their homes have been burnt and looted by the North Koreans or their mothers were raped by them. Such simple minded people with an empty and unthinking head are easy to be programmed to think like little monkeys.

To these people, North Korea is bad, poor, abject poverty, famine, miserable people, aggressor, wanting to start a war with every country, wanting to send their nuclear missiles to attack them. Funny, do they know where is North Korea? Or do the North Koreans even think that these people exist? No, the North Koreans don’t even know of their existence and have had nothing to do with them. But why the hatred? Why did they think, or think they knew so much about North Korea to hate them? Daft is a very appropriate word here. Their whole thinking and mindset have been programmed for so many years that they are behaving exactly as what the programmers wanted them to behave.

Singapore is the third largest trading partner of North Korea. What does that say? Singapore’s leaders have been visiting North Korea frequently and the North Koreans too are visiting the island just as often. It is fortunate the leaders of Asean have not turned into puppets on a string and be made to dance by the puppeteers. They know that North Korea is just another country living its own way of life. And Singapore’s initiative to bring the North Koreans into the main stream of international relations like what it did to the Myanmese is the best way to go forward. Embrace the North Koreans and integrate them into the international community. Not threats of war and sanctions like hooligans and gangsters.

Singapore media has a role to educate the daft Sinkies to think objectively and not to be manipulated into how to think and what to think of the North Koreans in particular and the rest of the world in general.

Going back to the 60s

When Hsien Loong asked if Singaporeans want to go back to the 60s, I thought he was using that as a reminder that going back to the 60s was a bad thing. The things that are happening today point to one direction. It seems that it has all been planned for Singaporeans to go back to the good old 60s.



Just look at what Singaporeans have been told and how their lives are changing. The first thing is that they have been told to live in smaller flats and mentally prepared to think that small is good. They have also been prepared to go around in bicycles or take public transport. In the good old days, only the very rich drove cars, the rest took buses and private taxis. This too could become a reality.



Today I heard that Singaporeans are encouraged to become hawkers. What about the dreams of becoming doctors, lawyers and engineers? Actually becoming hawkers or pasar malam stall owners isn’t a bad thing. Hawkers can make big money and many are driving Mercedes and living in landed properties. I concur that this is an extremely good idea. No need to waste so much time and money for a university education only to buy a 3 rm flat on graduation, and maybe ended as a taxi driver or a hawker.



I am reminiscing the great times of those good old days of the 60s, carefree as a substitute to being out of jobs, and yes, our womenfolk were factory workers or maids. And my favourite, and in support of the govt policies, to integrate the foreigners, let’s live together with them under the same roof. Singaporeans can rent or share their flats with them, or they can rent or share their flats with Singaporeans. Then they can communicate and learn to live with each other happily and learning another culture and way of life. Singaporean’s life will be so much richer with the experience.



And of course there will be more hawker centres selling cheap and better food and faster in serving as well. Sounds like cbf. All the mothers need not worry so much about queuing for the best schools and wasting money on tuitions. Back then the aspirations were very low and thus not much stress in education. How much stress can there be if the aspiration is to be a hawker or a taxi or bus driver? Oops, actually taxi driving is the new ambition of PMETs when they can become their own bosses, independent, no one to breathe down their necks, a new breed of entrepreneurs or SME businessmen. Very 1960s.



We are progressing to the 60s. The new ambition of school children, 'I want to be a hawker.'

Cauldron of Life

This is a series on life and the fire one has to go through in life. Surviving the cauldron of fire of life, one comes out as solid steel. Failure will see a melting down and turning into scrap iron. Living is a test of will, a test of character to survive in a path one chose to tread. It is not a walk in the garden. There are many twists and turns and one could be burnt any time in this journey of a life time.

Heavenly beasts - Pi xiu

This is another series of photopaintings that I have created with the help of Mother Nature. The image has never been seen before. They are not the mystical dragon or lion or the qiling. The closest I could relate this to is the pixiu, a smaller creature claimed to be the proetector of the owner and his wealth. Many images of the pixiu have been crafted, mostly in stone or jade, and displayed in homes or business premises. This photopainting could be hung on the wall at the entrance area, or the reception area of an organization in place of the carved varieties.


The unique feature of this kind of photopainting using the Art of RAR technique is that the images must first be photographed using a camera as the originals are unrecognizable in the water and will be there only momentarily. They will only appear in the full glory after some processing. This is a very unique and revolutionary way of painting, like painting the thoughts of Nature.

My tree of Life series is also created in the same manner.

A little mystery, a little miracle, a whole new way of painting.

The fearsome population numbers

We need a population growth of 25,000 to 30,000 immigrants a year to sustain our society and economy, so said the wise men. There is no better solution. This is probably another CBF solution that is the best and nothing but the best. No other mortals will be able to think of anything else out of this box, the box that all the super talents’ brains are boxed in.

If these new annual intakes, they are mostly adults, were to turn citizens and move into a single ward constituency like Hougang, what kind of impact it will have on the social and political balance of the ward? Hougang only has about 23,000 voters. At 25,000 to 30,000, there will be one Hougang equivalent of voters in the making every year. On the other hand, the babies being produced by the citizens would need another 21 years to come into stream.

Don’t pray pray with this kind of input.