CPF minumum sum raised again, to $148,000!

Yahoo! News Singapore, 7 May 2013

From July 1 this year, CPF members who turn 55 between 1 July 2013 and 30 June 2014 will need to set aside a minimum sum of S$148,000 in their Retirement Account.

The minimum sum for those who turned 55 last year was S$139,000.

In a statement on Tuesday, the CPF board announced the Medisave minimum sum for those turning 55 and above will also be raised from S$38,500 to S$40,500. This is the amount that a person needs to set aside in his old age for his own or his dependants’ healthcare expenses and basic MediShield and ElderShield premiums.

Can this keep on going without the consent of the people, the owners of the money? How many people have died after saving for a life time without the luxury of enjoying a little of their savings? How many people are still struggling for a living when they have so much money in their CPF? How many people would like to buy themselves a decent meal, a little present for themselves or for their loved ones but cannot do so because so much of their money are retained by the Government against their will, without their consent? Is this morally right a thing to do?

Whose money is that? Who has the audacity to take the people’s money away from them claiming that it is for their own good?

CPF is our money, not your grandfather’s money!

The young bailing out the old

With the inflation game to stimulate growth and provide liquidity, the housing Ponzi Scheme will get an added boost and prices will spiral even higher over time. The fact that a $20k HDB flat can fetch $400k or more is already a norm, even when the remaining lease is getting shorter and shorter. And when new buyers got to pay for higher and higher prices, any fall in housing prices is going to hurt the these buyers. And in order to protect the buyers, the late buyers and later buyers would have to bail them out.

The young of today will have to bail out the buyers of yesterday. And the buyers of tomorrow will have to bail out the buyers of today. The ultimate buyers will have to pay the ultimate price for their purchases.

In between, those who are able to jump out of the scheme will benefit from this Ponzi when the prices are artificially kept to go one way, up up and away. And the people benefitting from this will be the foreigners who come and go, buy and cash out. A guaranteed investment promising guaranteed great returns! It cannot go wrong. The FTs know the game plan and they have the options. They can game the Ponzi and laugh all the way to the bank.

And who are the suckers left to buy the ever higher priced flats but those that have no where to go, ie the Singaporeans. Like it or not, they will have to buy the flats no matter how expensive they are. They cannot pitch tent at the beaches or in the parks.

These captive buyers in a market that is carefully crafted to move up, will end up the biggest suckers. The current prices of HDB flats are cheap, really. If no serious effort is taken to prick the bubble, which would hurt mort people, the prices can only go higher and higher. Don’t ask me who created this problem. Don’t tell me they did not know.

Who is going to save the young from this enforced ransom of their lives, to bail out the early buyers, speculators and property developers? It is highly irresponsible to make the young to be the victims of the Ponzi Scheme. It is outrageous!

New banking laws to rein in playing with dirty money in the banking industry

Jul 1 when the new banking rules kick in, banks handling dubious money will have to face hefty fines, criminal charges and licence gantong. And this is what one European banker said, ‘The good old times in Singapore are over…We don’t need dirty money anymore.’

What this banker knows and is not telling is that the banks are playing with dirty money all the while. Unbelieveable. Isn’t it legal, criminal? With so many stringent controls and all the laws against money laundering and fraudulent practices, dirty money seems to be the main driver of the banking industry. How many banks and bankers are in it with eyes wide open? No wonder there are so many banks here and so many bankers. And this is only the tip of the iceberg. The recent report on the arbitrary fixing of the rupiah rate by bank traders, the continuation of selling toxic products in various forms, derivatives that are no different from betting chips, what else is new?

The clamp down, if real, may see the moving out of some dubious banks to Virgin Island or some new havens for money laundering and illegal banking activities. What is intolerable is to know that this is common knowledge and common practice in the banking industry, and quite prevalent here.

I am seeing a lot of halos hovering around innocent bankers’ heads.

So what is happening?

Malaysia – What it could have been

If Anwar was not ousted and thrown into jail by Mahathir, this GE would be Anwar’s third term in office as the PM of Malaysia. Or Anwar could step down and this would be Najib’s first term. Badawi would not have been the PM and Khairy would have been Anwar’s son in law.

The next ‘what it could have been’ is akan datang. Najib could be forced to step down. And things would get a bit messy if the future next PM is meant to be Mukhriz. If Mahathir wants to slate him in as the PM, it would be one after whoever is to succeed Najib after he steps down. The whole game plan would be built around Mukhriz. If he is to be the PM, he must be the next Dep PM. This would mean either he is deputy to Muhyiddin, thus bypassing Hishammuddin and Khairy, a very tough act to do. Hishammuddin is not going to make way and he has strong grassroot support to back him for the post.

The possibility of PM Muhyiddin and Dep PM Hishammuddin would mean Mukhriz would have to mark time as the Education Minister. Khairy can be forgotten with Badawi not in the PM seat and when Mahathir is calling the shot. But this scenario is still not good enough for Mukhriz as it could be another 20 years if both Muhyiddin and Hishammuddin would to remain for two terms.

A more likely outcome would be to engineer the removal of either Muhyiddin or Hishammuddin to go with Najib. That would put the Dep PM slot open for Mukhriz and he could be nicely placed to take over after whoever replaces Najib.

What would have been if Najib is removed, the possibility is getting clearer by the day and now it is up to Najib and Mrs Najib to hold on to the fort and defend the Mahathir onslaught to replace him. This would demand the skill of the greatest political strategist or genius to walk this tightrope and stay on course.

What could have been or would have been, who would be the PM this time next year, is being shaped today.

NUS ranked Number 8!

The Quacquarelli Symonds World University Ranking system has ranked NUS as the 8th top best university in the world. NUS, according to this system, is ranked higher than Princeton and Imperial College of London. And since Yale is not in the top 10, Yale must now rank lower than NUS. This is a great honour, said NUS Provost Tan Eng Chye, a recognition of how good NUS is today.

What are the implications? When NUS was ranked much lower and like unknowns, there was a need to boost its credential by cooperating with other higher ranked universities like Yale and Imperial College. NUS is now ranked higher than these two great universities. Would it thus not really necessary to be linked to them, not that it is not good, but in terms of rubbing off some of the glitters? With such a high ranking, there is really no longer any necessity to be have joint campuses with other top universities as only a few are better ranked than NUS, like Cambridge or Harvard.

Looking at it from another angle, all the lesser rank universities will be forming a beeline to be linked to NUS. And this is a great money making opportunity to lend our good repute, the name of NUS, to other lesser known universities, the same formula as Yale NUS. A slight problem is that there may be a need to hire more American and western professors to make it desirable.

Another good repercussion to this high ranking is that employers must also be forming a beeline to hire NUS graduates. True or not? No need to hire foreign graduates from western universities and Third World universities. This high ranking must be added in the testimonials of NUS graduates to prove how good and the type of pedigree they are.

And our students need not have to go overseas to study in lower ranked universities like Yale and Imperial College. NUS is better. Can save a lot of money too. The Govt too can save a lot of money by sending their scholars to NUS now.

This ranking has many good economic implications and savings for the Govt and parents whose children wanted to go overseas. No need to do that anymore. NUS is the place to go, the place to be.

When education and medicine become so expensive…

Your health and physical well being is your responsibility, an individual responsibility. If one gets sick by not taking care of himself, it is a personal problem, maybe a little personal tragedy.

Education, getting a good education, is a personal aspiration. Anyone who wants to move up the social ladder, a better quality of life, at least materially, one has to acquire a good education, by working hard and paying for it.

Both are personal matters. True. What if education is so expensive that many cannot afford to go for higher education, or because the returns from higher education are just not rewarding and may be a losing concern? Why would people want to pursue higher education to become taxi drivers or become jobless or become part time workers? It becomes a losing proposition, a losing investment.

And when medicine is so expensive that people just cannot afford to pay for medicine or visit the doctors? What happens if people choose to remain sick, and worst, with transmittable diseases like Sars that could spread, could cause an epidemic? And they refused to seek treatment or be admitted because of affordability! Or because they do not want to be robbed of all their savings?

When the people are not going for higher education, when the sick are not going to pay for their medicine or see the doctor? What would become of the society and the workforce? More foreign talents to be imported? Driving taxis not really need a degree or diploma. And would there be people dying everywhere, diseases spreading every where?

Our population saturation has reached a point that any breakdown in MRT could stifle social and economic activities. Our housing prices have reached a point that it is going to become a social problem. When would the cost of education and medicine become a socio economic and health problem?

When people are voluntarily dropping out of schools, though very unlikely, and when sick people are staying at home waiting to die but infectious and spreading the diseases, what happen? Force people to pay up or else? No money no talk?

AIM aimlessly

The official verdict of the AIM saga is out. There is no wrong doing in the sale of the management software to AIM. Everything is done properly. There is thus nothing for the Govt to take AIM or the Town Council to task. The prosecutor will have nothing to work on, nothing to prosecute.

The WP is going to raise this issue again in Parliament. They are likely to pore through every word in the review recommendation with a microscope to shift out whatever little inconsistency or suspicious nature in the transaction, maybe lucky to show some wrong doings. Unless they can prove so, to give the Govt and prosecutor something to work on, there is nothing really to go on in this case. The Govt has already accepted the findings of MND and it is all clear.

Somehow this all clear signal or verdict is not going down well in some quarters. I am not sure how big are these quarters and how much it will impact the image of the Govt? Expectedly it is only in the social media that dissatisfaction is heard. You don’t hear them in the main media. So does it matter?

You see, in cyberspace, there is this prejudgment going on. AIM was guilty long ago in the views of those in cyberspace with whatever information they had. There is no kangaroo court in cyberspace. But one could detect the feelings and sentiment, they called it perception, right or wrong perception. And mind you, it may be just a feeling, a gut feel, but it can be wild and infectious. It is all in the mind of those who want to see this case as guilty.

Of course it is not right to pronounce an innocent case as a bad case. When there is no wrong doing, one cannot fabricate a wrong doing to please the unthinking masses because that is what they want to hear. Hypothetically it would be nice, a good PR opportunity if there were some wrong doings, a little wrong doing, and someone got his knuckles smacked. That could appease some of the negative feelings, that justice was meted out. It would take a lot of heat off the cooker, relieve some steam. Well it is not to be. This case is just another normal administrative process, unlike the Brompton bikes or golden taps, and no dirt can stick on it.

I must say many people must be disappointed. But what to do? No case means no case. I think these people just want to see someone got hang and if no one is hung they would not be happy. Some even expected a small gesture like an apology from the Town Council or whoever is in charge. How to manage such unfounded and unjustified expectations?

Malaysia GE – The Chinese scapegoat

Just when things were appearing to get better, the Chinese bashing in Malaysia has been reignited. UMNO and MIC leaders are calling the Chinese ungrateful for their poor showing in the GE. Utusan Malaysia front paged, “Apa lagi Cina mahu (What else do the Chinese want?) in what appeared to be an attempt to shape the results of Election 2013 as a Chinese-vs-Malay vote”.

Mahathir led the charge and questioning if Najib should step down. While analysts were saying that it was an urban shift, a shift of the urban Malaysians across non racial lines against the corruption and race insensitive govt. The poll results were clearly showing this is the case. The opposition PR won more popular votes than the BN but somehow only have 89 Parliament seats against BN’s 133. Given the absolute majority of the Malays, around 70%, the more than 50% popular voters for PR means that many Malays have voted for the PR, and not just the Chinese and non Malays that formed a small minority of the population. It the Malay ground shift that really matters.

Though Najib has called for a national reconciliation, this is going to be difficult when he is pressured to take a more racist line or face being ousted. With Mahathir firing his cannons and treading on racist politics, and with Anwar calling for a mass protest against the result, tension is going to rise. The Malaysians should best be reminded that they should cool it from stoking racist emotions or a 1969 crisis could be in the making.

The test now is whether Najib has enough support and clout to keep the racist thinking leaders within UMNO in check and to keep his premiership secure. The risk of the country going in flame can still be a possibility if the provocateurs were allowed to run wild. Would Najib survive this brewing crisis and steer Malaysia away from returning to racial politics and Malay dominance rhetoric?

There are many leaders eagerly waiting on the side line to see his downfall and to replace him at the first opportunity. The progress made under Najib’s watch could immediately go to waste if he is no longer in charge. Events in the next few days can be very unnerving.

Singapore’s media ranking – 149th

Singapore hits record low in World Press Freedom Index ranking
'Singapore fell 14 places to a record low of 149th position from the previous 135th position in terms of press freedom index in the latest annual ranking by Reporters Without Borders (RWB) [Link].

It is Singapore’s worst ranking since the index was established in 2002.

Singapore is even behind countries like Ethiopia (137th), Tunisia (138th), Oman (141st), Congo (142nd), Cambodia (143rd) and Russia (148th)….'

Now, what is this Reporters Without Borders or RWB? How could they ranked

Singapore’s award winning media in the company of countries like Ethiopia, Tunisia, Oman, Congo etc etc? Does RWB know that Singapore is a First World country, rule of law, and one of the most open society in the Free World?

This ranking of 149th is very disrespectful of Singapore even if there are still 20 or 30 countries ranking lower than us. Our people are free to read all the news in the world and can tell the difference between craps and truths. Even if craps are printed, the readers will know they are craps, so does not make any difference really. It would be different in closed countries when the citizens only read state media and knowing one side of the story. In our case, telling lies is simply naïve and easily exposed and sneered at by the well educated and well informed readers.

RWB should take this into account when rating our official media. And don’t forget, many of our reporters are foreigners or new citizens. So they cannot be as blind as daft Singaporeans. And our official media also reposted many great and highly rated articles from the New York Times, Washington Posts, from Reuters, AP, AFP etc especially those on China and North Korea. The writers of these articles were often renowned academics from the West. With such great names from the Free World, how can our media not be free and get a better ranking?

Or they may want our editors to be westerners to gain more credibility and score more points. This ranking could be a subtle pressure for our local media to recruit and pay westerners to be our journalists and editors. CNA has already taken the first step to have anchor programme host from the West, a kind of compromise to allow westerners reporting and commenting on Asian news and Asian affairs. It used to be the locals reporting on their national issues to give the local flavor. Maybe in order to sell, western flavor is still important. And we have quite a number of western journalists too, but apparently must be too small to gain more recognition and a higher ranking.

Like the university ranking system, the ranking system for the Press by RWB can also be gamed, and spending some money could get us to a better ranking. We should aim to be in the top 10. It would be money well spent, if money can do the trick. Money can do wonders.

Sino Indian border tension – The self deluding Indian Govt

Sino Indian border tension heightened with claims by the Indian Govt of Chinese border guards crossing to Indian territories. And both sides sent troops to boost up their defences. Last heard, both sides have withdrawn troops and tension has cooled. Both India and China have disputed claims along their borders. Thanks to the British colonial empire that took liberty as the colonial power of the day to draw their own maps. They drew the whole of India as part of the British Empire, including Pakistan, East and West, many parts of Africa, Middle East, SE Asian and the rest of the world. And along the Sino Indian border, the British did the same, writing Chinese territories as part of the British Empire. And when they gave independence to India, they gave the same British map to the Indian Govt who now claimed that those lands too were Indian land. This is the source of the Sino Indian border dispute. Indian conveniently assumed that what the British took, they too could take or inherit.

What is hilarious is the regular drumming up of fear by the Indian Govt, echoed by the western powers, that China is an expansionist power and covet Indian territories, the disputed territories, and would invade India.

The truth is that since the communist took power in China, they have respected all treaties, including unequal treaties signed during the years of the weak Qing Dynasty. They kept to their words and did not use force to retake their territories like Macau and Hongkong, which they could take back any time before the lease forced upon a weak China. They have yet to take back Diaoyu Islands, a war loot signed away when China was defeated by Japan in a naval battle in 1894. And in the case of border dispute with India, China has not resorted to force to take back its land.

In the 1962 Sino Indian border war, it was India that attempted to seize the disputed territories by force. After losing that war, the Indians have been rewriting their history to sell the story that it was China that invaded India. The facts were as clear as daylight. After the incursion by India, China suffered initial losses which was natural for a country that was hit unprepared. This was the first proof that India was prepared for the war and took the initiative, the element of surprise. A China that was preparing to attack India would not have suffered that kind of losses.

China mounted a counter attack and chased the invading forces all the way to the outskirt of New Delhi. The supremacy of the PLA was unquestionable and the ability or lack of ability of the Indian Army was infamous. The Indian Army simply capitulated. China could take over all the disputed territories it claimed then, open a few more fronts to take over every piece of land it wanted. It did not and withdrew to the earlier disputed border. An aggressive invader would not do such a polite thing. Its policy of not using force to retake its lost territories was consistent as the consequences of such an act would mean perpetual war and hostility with India at the border, just like Israel taking over Palestinian land, the West Banks and Gaza. China seeks to negotiate for a peaceful settlement of the border dispute. Taking them back by means of war, by military force is not an acceptable solution.

The noises made by the Indian Govt then and now are not only mischievous but naiveity. China had all the chances to take over the disputed land many times over. Why would China want to do it now and start a war with India? It is childish diplomacy on the part of India, making childish pranks daily drumming the fear of a Chinese invasion. China is not the USA.

The recent China Japan tension at the Diaoyu Islands is another example. Deng Xiaoping has set aside the island problem with earlier Japanese leaders not to do anything to force a settlement. China is prepared to leave the disputed islands to posterity, to the far future as it is not something that is easy to resolve without going to war. The Japanese were the ones that created this recent tension by pushing the Chinese to react. The Japanese created the farce of buying the islands from another Japanese to create a fait accompli situation. China had no choice but to interrupt this ruse. And Japan is continuing to raise tension by tough talks of force. China could overrun Japan tomorrow if needed. Japan’s cockiness will be their wrong doings.

India better stop talking foolishly to try to raise tension at the Sino Indian border and let the status quo remain. It is better for the two giants to be friendly neighbours and live in peace than to bicker and raise hostility.

Anwar Ibrahim and the Malaysian GE 2013

There were many significant changes to the Malaysian politics during this GE. One of the major developments is the recognition and resurgence of non Malays and their votes. Anwar Ibrahim has pulled the most unlikely combination of DAP and PAS together again to be part of the Pakatan Rakyat. This time the coalition is warmer and more accommodating.

On the side of BN, this is the first time since the racist politics of Mahathir, that BN warmly courted the votes of the non Malays. There was much lesser racist rhetoric from UMNO leaders against the non Malays and about Melayu Ketuanan. UMNO has abandoned a lot of its Malay supremacist politics, coming out to win the non Malay votes. Though not every UMNO leader was supportive of this change, it seemed that Najib was able to bring them together for his One Malaysia formula.

At the rakyat level, the election results were proof that the people of all races were voting for parties and change. The multi racial support for PR candidates was manifested in Malay candidates particularly from PAS being elected in predominantly Chinese constituents and Chinese candidates being elected in Malay majority constituents. This is a much welcomed sign of progress being made by the Malaysian rakyat, that they would no longer be moved by racist politics.

This did not mean that racist politics have been uprooted. Many were still voting on racial lines. But many Malay and non Malay BN supporters were also voting for Najib’s One Malaysia policy. Otherwise BN would not be able to continue as the next govt. BN cannot win the election strictly on the support of a Malay based voters. Many of the Malay voters have moved over to support PR.

The other major shift was that Chinese votes that were for MCA had gone to DAP. MCA is at the verge of becoming history. Gerakan is history. DAP has taken over as the main Chinese based party. BN is left with an ineffective and baseless MCA and other non Malay parties.

All in all, the voting was much lesser on racial lines, more for a more inclusive Malaysia both envisaged by PR and the BN. And if Najib has his way, the new Malaysian govt is likely to be less divided on racial issues and would be pushing for a more Malaysian Malaysia. It has to go that way if it wants to prevent losing more seats to PR in the next GE. PR’s brand and goals of a more inclusive Malaysia is striking the right cord among the rakyat of all races. Najib and BN has no choice or it would only have to count on the remaining Malay votes. It is also the first time that an UMNO leader made a call for reconciliation after a GE, a gesture that reflects a more conciliatory politics of convergence than division.

The other unfortunate development of this GE is Anwar Ibrahim. He failed again in his bid to be the Malaysian PM. In all counts, Anwar could have been the PM long ago. He was the Dep PM under Mahathir and was groomed to be his successor. He fell out of favour and suffered the most brutal and serious violation any Malaysian leader had ever received. He was charged for sodomy, locked up in prison, beaten up by the Police Chief while under custody, suffered physical, mental and emotional assault that could break down any ordinary man.

Anwar was no ordinary man or politician. He was a self made man, a self made leader. He rose to national leadership on his own steam. He is articulate, an intellectual with few equals among the Malaysian leadership, a natural leader and very charismatic. He came out of prison and no one could imagine that he could still garner the support of his followers and believers to fight his way back to Parliament after what Mahathir had dealt him. He was finished, but no. He is the proverbial phoenix that rose from the ashes.

This GE was his swan song, his call. All the predictions gave him a very good chance of leading his coalition to power. It seemed that he was cheated once more. A cruel fate, a cruel twist that deprived this man from his rightful place as the PM of Malaysia.

Anwar Ibrahim was and is the most unfairly treated and victimised Malaysian leader in its history. He has everything in him to beat his competition hands down. He overcame so many odds and harsh obstacles put in his way. Unfortunately fate was not on his side. Inshallah, he may still have one more chance in 5 years time when he just hit 70. Would it be too late? Would Anwar get what he deserves, to lead his country and people as the future PM of Malaysia? He paid a very heavy price to be one, robbed of the premiership by Mahathir and more or less ‘cheated’ again in this election. His PM dream is still an elusive dream that is getting more difficult to realise with the passing of time. So close yet so far. Life has been very cruel to this man. That’s all I can say of Anwar Ibrahim.

I will belanjar him kopi if I meet him.

The capture of tax haven Ireland: "the bankers, hedge funds got virtually everything they wanted"

The capture of tax haven Ireland: "the bankers, hedge funds got virtually everything they wanted"

Cross-posted from the Treasure Islands blog

‘The Financial Times is carrying an important and fascinating story about the tax haven of Ireland. It focuses on a particular issue which is dear to my heart, and the subject of a whole chapter of Treasure Islands.

This is, at heart, a story about how small financial centres become entirely 'captured' by financial services interests, with the deliberate removal of democratic checks and balances and carte blanche given to financial services interests to write laws in secret. This is exactly why I call offshore the 'smoke-filled room,' where gentleman arrange the world's financial affairs over cognac and cigars....

“The bankers and hedge fund industry got virtually everything they asked for while the public got hit with a number of austerity measures”.

There you have it...The last sentence epitomises the captured financial state. ...

Now take a look at what happened in Cyprus. The very same phenomenon, in different form. It's just the same in Jersey. And in Delaware. And the same, in more diluted forms, in Switzerland, the United States, and the UK.

This is what's happening, all over the world. Anyone wanting to understand the offshore phenomenon needs to understand: this is what it is all about.’

Posted in Tax Justice Network.

The power of bankers and hedge funds to control financial centres is not new. They have even controlled the operations of stock markets around the world. They determine how stock markets should be run, the rules and operating systems.

Stock markets that are modelled around New York Exchange have similar features that were dictated by the bankers and hedge funds to give them undue and unfair advantages over the innocent investors.

The main features that change the game plan of stock markets are as follows:

1. They demanded the Exchanges to allow them to plug in their super computers to the Exchange’s trading system to have privy information of the ‘buys and sells’ in the market and use their computers to compute and take the best positions against other innocent traders.

2. They insisted that the trading bits be downsized to the smallest unit possible to enable them to trade in big volumes and ensure profits by simply scalping the system.

3. They insisted that commission will be neglible for them to make profits while normal traders could not do so. They mostly trade at minimal charges or no charges at all.

4. They made Exchanges to invest in high speed super computers to match their super computers while normal traders were trading manually at snail pace.

5. They made Exchanges to provide large scrip lending facilities for them to cover their big short positions when they sell down the market for profits.

6. They made exchanges run continuously without lunch breaks to facilitate their computer trading.

7. They made HFT legal when it is illegal, HFT is basically front running.

8. Above all, they made unfair trading activities legal when they are against the laws of securities trading.

9. And together with bankers, they create high risk and toxic products in derivatives and made them legal for sale and tradings. Derivatives are a big financial nuclear bomb that is waiting to blow up the western financial system.



Charlie Munger, the right hand man of Warren Buffett, has openly denounced the bankers as cheats, cannot be trusted, and needed to be reined in before they blow the whole financial system up. And while all the Exchanges were coerced to allow HFT knowing that it is illegal, it needs a brave man like Munger to call a spade a spade, that HFT is illegal. And this is not the only thing that is illegal in the finance and securities industry. When the bandits or robbers are dictating the law, dictating how the system should be played, and the law is either on their side or simply helpless to touch them, the exploitation will continue till it blows up on its own face.

How and what should govts do to bring an end to such criminal activities in the finance and securities industry? Not doing anything will make govts accomplices to these horrendous crimes against the innocent traders and investors. Who is robbing the people? Would the Americans start to clean up their house and set the standard for the rest of the world? If the Americans continue to allow the bankers and hedge funds to cheat the main street, the rest of the world will just follow this fraudulent system blindling, thinking that since the Americans are doing it, it must be ok.

Khaw Boon Wan discourages ITE and polytechnic graduates from pursuing university degree

Finally some wisdom and hard truths from Boon Wan. Our university education is anything but cheap, and 3 to 4 years to waste. So what if our universities are among the best, among the highest ranked, when the graduates have difficulties finding jobs or uncompetitive to third world graduates? The reality is that the piece of paper must be useful and wanted. There is no point even if one gets a degree from Harvard or Cambridge if the employers prefer one from Sungei Road University.

I still recommend that for those who want to secure a good job with a tertiary education to send their children overseas, to India as the top designation. For those who want an easier degree, maybe the Philippines. And for those who want a degree immediate, without have to go through the mills, there are degree mills to issue the degrees.

Singaporeans must act smart, street smart, not book smart. Go and get a degree from universities that are preferred by the employers, employers who believe that those universities are really good. Forget about all the claims and rankings. There are gimmicks, academic. And of course, a polytechnic diploma is much better. At least there is lesser competition with the FTs. The PMET level of jobs are the exclusive market for FTs. Singaporeans are better advised not to compete in those levels or are likely to end up as taxi drivers, with degrees.

Enemies of the State

The second major protest Rally against the Govt’s White Paper to increase the population to 6.9m went off smoothly on May Day. The international media were there to cover the event to brief the world of the kind of democracy and freedom of expression in this First World model city with a mixed of western democracy, Confucianist mandate of Heaven and a tinge of dictatorship. I hope I would not be called up to meet Sue for mentioning the taboo word like dictatorship. But that was on a placard during the Rally. It read, ‘We need a new dicktator’.

It is good that such irritating protest is gradually being accepted by the Govt without bringing in Sue into the picture though Sue was mentioned many times in the speeches of the speakers. Sue is a famous national icon and often sent a chill down the spine of unwary Singaporeans who talked too much, the opposition politicians, the comic writers and yes, the bloggers as well. One just does not know how far one has crossed the rubicon. They called it the OB markers.

Many things happened prior to the May Day event in Hong Lim with many fearing for the safety of Gilbert, the organiser, and the cancellation of the protest Rally for some unknown reasons. There were some correspondence between Gilbert and the authority in the innocuous guardians of Parks. Though the police did not ask for anything, Gilbert received a kind reminder by the Parks minder that it would be appropriate for him to apply for a Police permit to hold the rally. Somehow, this friendly gesture became a kind of nightmare and many people read many things into it. Of course it was silly of them to do so as it was just a formality for the Parks minder to do the necessary. And Gilbert did the necessary by politely replying to the Parks’ guardians that there was no requirement to do so. It all looked so polite and friendly, but there were great tension and trepidation coming out from the exchange, of course there was nothing to it really.

Why was there an element of fear being spread around with people saying that they would not attend the Rally to avoid being troubled? And there were many discussions in the social media with the pro rally activists trying to dismiss the fear element and the opponents playing it up. Gilbert and his team were somehow seen as enemies, being watched closely be unseen eyes, and as if something nasty could happen to them. Why should it be in a democracy for the people to fear the people they elected to be their Government, to look after them and protect their interests? It is a difficult contradiction, must be.

Recently many bloggers and activists had their encounters with Sue and were sweating cold sweat instead of thinking of having a good time with her. Are they also enemies of the State? Many bloggers were openly threatened and harassed in social media by forces that assumed that they had the right to do so and acting as if they were the law, or above the law. I too was harassed and attacked daily and threatened for acts of sedition, and may have the good fortune of meeting Sue. There appears that certain groups of people are seen as enemies of the state and are living life dangerously without having to commit any crime but just because they did not agree with policies of the authority, or have different viewpoints.

Are the citizens living in fear of the dark forces in a democracy? Is there really something out there, forces that will devour citizens in the name of the State, in the name of Sue? Who are the real enemies of the State?

Ominous signs to slow down

The latest discovery in the MRT story is rail crack. Monday morning peak hour, crack was found on the North South Line causing massive jams and delays to the train service. Subsequently the speed of all trains was slowdown as a precaution. MRT quoted an incident in England that resulted in several deaths due to rail cracks.

The main cause of rail cracks is metal fatigue contributed by a combination of temperature, age and uneven wheel.  Are these the signs of an ageing system that needs either a complete overhaul, a complete change or just simply to slow down, and things will be ok again? Or we really need a change, a new system to replace the ageing system that is getting sicker by the day and there is no other option left?

Monday’s morning the East West trains were also travelling at much slower speed. Would this be the new beginning, a new trend of travelling in our MRT system, our not so rapid transport system?

Looking at the bigger picture, our rapidly maturing economy may also need to slow down to avoid overheating and heart burns. Everything is running at full steam for so long and maximized to yield results but getting marginal or diminishing returns. Even our workers, those past expiry date types, are still recycled into the job market to keep the economy going. The Dad’s Army is still kicking in the food courts and hawker centres.

And strangely, the PMETs, some very much younger, have been pulled out of the system before their expiry dates. But this is a different story altogether. Maybe they should consider themselves lucky to be able to slow down and not be squeezed dry for another few more years. We need much younger and more talented workers to drive the economy faster than the lazy and not good enough PMETs, we need to bring them in to replace the locals for a more energized economy. No losers allowed.

Our cars are retired when many were still in peak conditions and could run for another ten years or more. Our housing is being pulled down only to rebuild with more levels to increase the yield. Our land are harvested to the fullest, every inch must be made useful. We are running out of training grounds for NSmen and soon there will be no land for military camps.

We need to slow down. The symptoms being thrown out daily by the MRT are ominous signs that we cannot go at the same speed anymore or we risk more breakdowns and accidents. Heed the warning signs and avoid going over the cliff. There is no remedy to ageing.

A big stride in Singapore Malaysia relations

Since the sealing of the new land swap deal between Hsien Loong and Najib, relations between the two states have improved beyond anyone’s imagination. There wer more joint developments and more meetings and friendlier comments on both sides, patting each other’s back. This is definitely good for both countries going forward and for people to people relations. Iskandar Economic Zone now got a big boost with Singapore becoming the anchor tenant and biggest investors.

I know things are looking good and fine but did not know that it could be that fine until yesterday when Abdul Ghani, the incumbent Mentri Besar of Johore, paid a friendly visit using the second causeway from Gelang Patah.  This is not all. It was reported that it was part of his election campaign to woo Malaysians working in Singapore. And I thought Lim Kit Siang too would make the same friendly gesture. But he chickened out, did not want to give the wrong impression and be accused of as a branch of the Singapore PAP. DAP has its root in PAP during the days when Singapore was in Malaysia.

So we will miss seeing this grand old politician from across the causeway in Jurong. Let’s hope this friendliness will continue and come 2016, our ministers can visit Iskandar to campaign among the Singaporeans working or staying there. Iskander is likely to see the presence of many more Singaporeans and could justify a visit by the contesting candidates.

This is a good start for a closer Singapore Malaysia relationship. Nice. Singaporeans should not kick a row about applying for police permit to campaign in Singapore. Malaysia could also then extend the same courtesy to our politicians in the next GE. Let’s be abang adek again.

And it is good that no negative retorts were heard when Najib said that there was no Chinese school in Singapore. In the past there would be some rash reactions to a comment like that from either side of the causeway. Our relationship with Malaysia has matured to some degree.

Further improvements are hopeful. If travelling could be made more convenient, Singaporeans more warmly received, more Singaporeans would be selling their HDB flats and buy up properties in Malaysia. This would be a win win solution. Singaporeans could make a killing by selling out their million dollar HDB flats to FTs, and Malaysian developers benefiting from selling more properties to Singaporeans.

A slight drawback is that Singaporeans that sold their HDB flats would never have the chance to buy another property in Singapore again. The prices would be beyond them. They would be perpetual PRs in Malaysia, and may be better to take up Malaysian citizenship if they are welcomed to do so. Malaysia will also see a property boom but this will lead to some inflation and higher cost of living, and jams at the two crossings. With the larger land mass, these changes could easily be absorbed unlike a small island like Singapore.

Overall it would be good for Singapore with Singapore island becoming the land of rich foreigners and FTs, a great vibrant city, while Singaporeans migrate over to Malaysia. Singaporeans can also move nearer to the nursing homes in Johore as well as landed properties for after life.

We are not the cheapest

While the message has got through somehow, the drug for more foreigners is difficult to wean from the businesses and the Govt’s mentality. And let’s not confuse ourselves again and again. The foreign workers are needed. It is the middle and top management that are flooding the market at the expense of our PMETs that is the real problem, the pain facing our highly qualified and trained workforce. We shall not trade our PMETs for cheap FTs and making them drive taxis for a living, ferrying cheap FTs that took over their jobs. Thinking of this I boiling already.

As Hsien Loong put it in his May Day message,

‘We have spent many, many decades nurturing this reputation for reliability, for openness. We have made a name for ourselves; not necessarily the cheapest place but a competitive and dynamic city that’s worth paying the premium for. And we must keep that reputation because otherwise we’re dead.’

So, do we believe that we don’t have to compete to be the cheapest? We have so many advantages, tangible and intangible, that all the foreign businesses will be salivating to be here. Think SPGs aplenty. What a life! Let those who want to leave, let them go. Be selective, shrink a little to relief the pen up appetite for more FTs. We can start by getting rid of those businesses that are here and employing mainly FTs. The Govt can start by getting all GLCs to employ Singaporeans first.

Why be threatened by a few businesses and buckled under their threats of not investing here? What would Goh Keng Swee and his colleagues do when faced with such rubbish threats? Do we believe in ourselves? Do we have confidence in our system and infrastructure that the businesses need to pay a premium and not getting a Singapore discount? We have world best universities with Angmoh professors that would turn out graduates as good as Angmohs, if not, would still be better than third world universities right? With so many high quality third world FTs replacing our local graduates, I think I may be wrong on this count.

We have world famous man made gardens that cost us a fortune, F1s, casinos, safe and secure streets to party till the wee hours. These don’t come free. There is value for money. The more expensive the better right? This one surely right. We keep on raising university fees to raise the quality of our education, and also medical fees for better medical services and professionalism. We have all these good stuff within 15 mins of driving, in a world class city. Want cheap cheap, go to operate in third world countries lah.

See, I also can sell koyok for my country. It is time to seriously relook and restructure and take in only those that are beneficial to our bigger game plan that compliment and not sabotage our social and economic development of our people. We want to continue to be in the First World and not downgrade to cheap cheap Third World. Swee boh?

I can also sing a song of being cheaper and cheaper and cheaper or else all the foreign businesses will run away. Singaporeans must tighten belt, compete with all the hungry workers. It is market forces at work. The song I sing depends on my mood and the weather.

Can we afford not to be selective?

As our Govt continues in its relentless drive for growth, without growth no salary increment, it has become something like the Hokien saying, 什么南鸟都要。Who can say don’t want growth and don’t want salary increment? But can they say got increment must be more than inflation? Got $200 increment, inflation and cost of living eat up $500, good huh?

We have three national universities and several semi govt funded universities. Now we have this thing called NUS Yale University that is costing a bomb for the infrastructure and the foreign staff being brought in. Not forgetting all the great professori in the other govt universities. Do we really need this NUS Yale University and all the expensive foreign professors that are paid so handsomely that all of them is looking more handsome than before arriving here? Yes, our students will also become more handsome and would earn just as much as them or more.

We have F1 supposedly bringing in more revenue indirectly than the direct cost. This is necessary, I think, as all the rich and super rich need a past time like the F1 to kill their boredom. And all the hotels, retail shops and supporting businesses will get more businesses. Simply put, it is good for business and the indirect income is more than the millions spent. The businesses must be grateful for this govt largesse.

We have a super expensive man made garden. This one sure brings in more tourists to spend more money here. One day it may get into the Guinness Book of Record as one of the new 7 wonders of the world, man made wonders. Then Singapore would be known world wide and the publicity is worth every millions spent on its maintenance. And the people got to enjoy the great plants in them.

We allow all kinds of industries and businesses to operate here. Many businesses need not be here but because we are so good, good in everything, infrastructure, power that never break down, water that comes out of the tap without fail, MRt that never stop, and a world class workforce, world class workers to support the businesses. And if the workers are found not good enough, too expensive, the businesses can import their own workers, or at least most of them. Just make sure they have some pieces of papers to say they are talents.

And we are selling properties like hot cross buns with great profits.  We have unlimited land and we can afford to keep selling and selling. The sky is the limit. We can build higher than the Tower of Babel or deeper than the deep blue sea. In this sense, we have no land constraints. That is why 10m population is no big deal. I am thinking of 50m or more. Our ingenuity beats the world hollow.

We are never short of talents. We just import them. No need to grow them from young. No need nurseries or pre schools or primary schools. We bring them in like ripe durians, minus the trees. We are bringing anything that walks on two legs and called them talents. We can have the old and mature ones. We can have the young ones, just pay for their tuition fees, food and accommodation and hopefully they turn out good. We can have those that came with papers, fake ones also can. No worry as long no one knows. Just pray no one blow the whistle and everything will just look fine.

Everything is about generating money and more money. With land no longer an issue as the sky is the limit, we crave for more and more people to fill up our land, to create more economic activities, it is easier than manufacturing, to generate more revenue and money, but there is a little hitch. Somehow the average people are finding money no enough, and money disappearing everyday, even those in the savings. They said inflation is under control, no problem.

Can we be more selective in what we want, what we do, what we allow to come in, what kind of businesses we want, and how we spend the money that we made so easily? Or shall we adopt the gambler’s mentality of easy come easy go? We have so much money, spend lah! Just keep on buying anything we fancy, more angmoh professori and FTs, F35s, or buy anything in the name of investment, short term, long term, or very long term as long as it is not gambling.

We are such a blessed city, with God’s grace, everything will just go on fine. And everything is just looking fine. Bring in the people to increase economic growth. No need Samsung, Apple or Toyota. Our products are people and unlimited good value added land.

Hsien Loong accepts MND’s review on AIM

SINGAPORE - A National Development Ministry (MND) team that reviewed the controversial sale of software by People's Action Party (PAP) town councils to Action Information Management (AIM), a PAP-owned company, has found that the transaction in 2010 had complied with the Town Councils Act and the Town Council Financial Rules….

The above is the latest news on the AIM saga reported by Channel News Asia. It is all clear and the saga was just a saga and nothing to it. Everything is in order, in compliance with the Town Councils Act and the Town Council Financial Rules. For those who smelt a rat and hoping for the worst, sorry, nothing of that sort. There were no lapses or wrong doings. Case closed. The squeaky clean image of our system is intact.

I have not read the detailed reports, all 37 pages with recommendations on what needs to be improved to avoid negative perceptions from the public.

The arrogance of western powers

‘US sees DPRK as security threat in Northeast Asia

WASHINGTON - The Democratic People's Republic of Korea (DPRK) poses one of the most critical US security challenges in Northeast Asia as it is pursuing nuclear capabilities and developing long-range ballistic missiles, the Pentagon said Thursday….

Australia's role is to keep peace in region

CANBERRA - Australia's 2013 Defence White Paper underlines the country's role in keeping peace in the Indo-Pacific region, Prime Minister Julia Gillard said at a press conference of launching the white paper on Friday….’

The above two extracts are exemplary examples of the arrogance of the Americans and the Australians to dictate to the world. In the first article, the Americans simply declared that the DPRK is a security threat when the North Koreans are just trying to develop long range missiles for their own defence. And the USA is across the Pacific Ocean and could turn North Korean into the Stone Age! The Americans already possess enough long range missiles and nuclear warheads to hit anything in North Korea and always threatening to strike North Korea and conducting war games at the borders of North Korea. Should not it be the other way, that the North Koreans see the USA as a clear immediate and present danger, a security threat?

The North Koreans cannot hit the USA but the USA can hit the North Koreans any time it wanted to. So, who is a threat to who?

In the case of the Australians, they simply declared that they are the policemen in the region, to keep peace. Who they think they are? Did they ask Indonesia or the Asean countries for permission to do that? They are here to keep peace in the region? Are the Asean states little war mongering countries and needing the Australians to keep peace, to clobber anyone of them if they disturb peace?

Should the Asean countries pay tribute to this master of the region, a regional empire? Why could not the Indonesians, being the biggest country in the region, be the respected leader to keep peace in the region, or Asean as a collective unit, to keep peace? Why a small country of 20 odd millions thinks that it is its right to rule over a region of so many countries whose combined population is well over 300m?

Are the Australians crazy or what? Do they have any respect to the countries in the region? Are they the new colonial master of Southeast Asia?