Hsien Loong – Don’t perform will have to go

During an interview with the CNN Hsien Loong said that anyone in his team would have to go if they did not perform. This statement has been quoted by some bloggers as a reason for Boon Wan to go since the MND is losing several billions for building HDB flats for the people. The issue is not that simple as it is made up to be.
 
How shall a minister’s performance be judged, in particular, like the case of building public flats? Should the measurement be about making profit for the govt or building affordable housing for the people? Or should it be about building enough flats for the people are reasonable prices, not affordable prices, and without having to wait for several years? Or should it be about building enough flats to meet the demands of the people without incurring huge losses.
 
The above questions are quite straight forward reality. In the current case, the issue is not just about the losses, or is it about the losses? And what is this loss, or is there really a loss? This can only come to light if the details of the costing are laid on the table. Then it could become an issue of productivity, efficiency and taking care of the interests of the people. Or it could become an issue to taking care of the interests of the party.
 
The factors to be used to measure Boon Wan’s performance can be complementary or be in conflict with one another. And different people with different perspectives or vested interests would want to judge his performance according to their own set of good or right factors.
 
In this case, the loss of several billions is academic, in a way fictitious as it is a matter of right pocket left pocket. That is why Boon Wan could proudly announce it with a blank expression knowing very well it would not affect his performance. If it would, he could easily ask the finance guy to jiggle the factors and numbers to show a profit instead. It is all about what factors to be used for the input.
 
So, what should be the pertinent factors to be used to judge a minister or Boon Wan to reflect the real performance and the desired results? Should it be the price or the quality of the flats? Should it be the ability to meet the demand and expectation of the people? Should profit be a factor and if so, how should it be measured and what factors should be used to be reasonable?

Chennai Industrial Park

There was a programme on the Tianjin Eco City on CNA last evening. In a piece of waste land, a lake used for dumping industrial waste, up rose a sparkling clean eco city, a joint venture between China and Singapore. The infrastructure was first class, like a super condominium but at least a hundred times bigger in size. The roads and buildings were many times better than our best and newest new towns in Punggol or Sengkang. It was like a modern new suburb in the western world.

Tianjin Eco City easily outclassed the first industrial town built in Suzhou, the Suzhou Industrial Park. I think this is a great expertise of ours that can be easily replicate in other countries. Vietnam is getting one and I think India is getting one soon. The Vietnamese do not need much convincing to want their industrial park Made in Singapore.

The Indians may need more convincing as the project does not seem to be moving, or has it been moving that I don’t know. If convincing is necessarily, actually we have a perfect model of a modern Indian industrial park right in our little island. I have been told many times that the Changi Industrial Park is every inch like an Indian Industrial Park with Indian companies and Indian workers forming the majority of the companies and residents in the Park. It would be a good idea if the govt could invite the Indian leaders to visit the Chennai Industrial Park to take a look at what future modern Indian industrial parks would look like. Oops, I mean Changi Industrial Park.

This Changi/Chennia Industrial Park could be a big tourist attraction for Singaporeans to want to have a feel and taste of what an Indian Industrial Park looks like without flying to India. And Indian tourists, not necessary just the Indian politicians, can be arranged to tour to this Park, a model on which future Indian industrial parks would be like. I am sure they would be very impressed by what they see in Changi/Chennai. And the residents in Changi/Chennai Industrial Park could bear testimony to the good life here, the great and modern facilities that they have come to live with and enjoyed that they could not find anything better in India. Maybe I am wrong and there are better and more modern Indian Industrial Parks than the Changi/Chennia model.

But that is not all. Even if the Indian govt could replicate the physical part of the Park. What they could not easily replicate is the software, the ease of doing business the Singapore way. This is the trump card of Changi/Chennai Industrial Park. Singapore and the Indian govt could have a long list of cooperation in building more industrial parks in India if the Indian govt could come and see it for themselves. It is already there, a working model with many Indian companies and a nearly all Indian workforce.

Our community centres and Residents Committee now have a new place to visit for their constituents. It would certainly be a wonderful experience to be in Mumbai or Chennai in Singapore. Come and visit our Indian Industrial Park at Changi.

What is real behind the myth of freedom of navigation

 Freedom of navigation in the regional seas has been harped by the Americans in every occasion available to raise tension and fear among the Asean countries. Hugh White, the Professor from Australian National University has an article in the ST last week to demystify this rubbish talk of the Americans.
 
Freedom of navigation in the Straits of Malacca and the South China Sea has never been an issue. There were a few cases of piracy that were nothing more than mosquito bites and could easily be dealt with by the coast guards of Malaysia, Indonesia and Singapore. There is no need to bring in the American Seventh Fleet and all the nuclear tipped missiles to deal with the pirates. And even if the pirates were navy guys in civilians, like the Pinoys in the South China Sea harassing and bullying the fishing boats and kidnapping them for ransom, they can be easily taken care of. The Taiwanese have shown the Pinoys that they would sink their navy ships if they dare to attack their fishing boats again. China is going to sink their biggest antique warship with compliments from the Americans.
 
So what is the real issue of this freedom of navigation shit? When it was the Straits of Malacca, the Americans were aiming at the Malaysians and the Indonesians. In the South China Sea, the target is China. But then, the whole thing is a hogwash. All the three countries have never threatened freedom of navigation in the region. All of them, according to Hugh White, needed freedom of navigation for trade. How on earth would they threaten freedom of navigation against their national interest?
 
The American humbug played at the highest key with the biggest orchestra is all noise to deceive the countries in the region. The tension and bickering by pesky countries like the Philippines and at one time Vietnam and India, were all the works of the Americans egging them on. Now with Vietnam and India backing out, Japan is now dragged into the frying pan, willingly of course, with the new right govt of Abe aspiring to rearm Japan as the new military power in the region. Under normal circumstances the Americans would have objected after suffering from the devastating sneak attack of Pearl Harbour and the thousands of American lives lost. The Americans would want to continue to keep this barbaric people under a pacifist constitution they imposed on Japan. But because of its wild big power ambition and rivalry with Japan, they are willing to use the Japanese card to give trouble to China. American is consenting and helping Japan to rearm and return to its military past.
 
Hope the Japanese would be strong enough to return the Americans the favour of two nuclear bombs to remember Hiroshima and Nagasaki. But before that, the Americans would be using the Japanese to raise tension in the region, with the Pinoys in tow.
So much for the fear of freedom of navigation in the Straits of Malacca and South China Sea. When have the Indonesians or the Malaysians or the Chinese done anything to threaten freedom of navigation? The real threats of freedom of navigation is when the American Seventh Fleet is here to choke up the passages and control the movement of ships through the region, and to conduct searches as and when they like on the pretext of intelligence reports of terrorism.

The injustice of justice

In this modern world, the treachery of the elite is much more sophisticated than the wisest of yore. The elite are using the system to cheat and scam against the interest of the ordinary men in the street.
 
Just read in the media today, ‘JP Morgan set to pay record S16.1b in deal’. What is wrong with this statement? Everything is wrong with this statement. It is trickery, treachery, deception and lies of the highest order. It is never about justice though it gives the appearance of justice. There is no justice!
 
The elite are exploiting the goodwill, reputation, funds and power of big institutions to cheat, to fraud, to scam for their own benefits. In the JP Morgan case, and many other related financial frauds during the financial meltdown, the top management of these financial institutions devised and designed fraudulent notes, CDOs and all kinds of gambling chits in the form of derivatives to cheat the people, the funds and also high net worth customers. And when they were successful, they paid themselves crazy and walked around like gods.
 
When they were caught with their crimes, with their hands in the cookie jars, they used the funds of the institutions to pay for the fines. The guilty party is the institution, no the management. And the money is from the shareholders, not theirs. The shareholders have to pay for their crimes, for their salaries and big bonuses. They have no personal responsibility and accountability. To them, they can cheat and forge all kinds of dubious products and instruments, and they win in all ways. The masses and shareholders are the losers. It is head they win and tail the masses, shareholders and the main street will lose.
 
They will not be caught to pay for their wrong doings. They have the law enforcers in their pockets, paid by them to share the loot. And they are repeating their crimes in bigger ways since then, with the help of the law and lawmakers, that they will not be prosecuted or persecuted. They are the modern day bandits and crooks in suits and ties. They can do not wrong and are above the laws. Many billions will be coughed out from the banks and financial institutions to pay for their crime, now passed to the banks and financial institutions.

Where is the justice? There is no justice.The bank pays the fine and the criminals keep their loots.

Gintai lost his job as a train driver

One of our regular bloggers that stopped posting after his long story of his conversation with Shanmugam posted in his blog has lost his job as a train driver with SMRT. He worked 18 years in the company and is still fit to drive maybe for another 10 years. Was he dismissed, sacked, asked to resign, asked to leave, or whatever term you called it, he lost his job. He is a full blooded Sinkie.
 
This is what Gintai said of his experience as a train driver,
 
‘For almost 18 years, I live, sleep and breath within the train system. I worked almost every day including off days unless I was on courses or on leave. I can’t even recall when was the last time I reported sick. I work with all kinds of odd hours with bizarre reporting timings and rotating shifts with rotating off days. Almost everyday, I had to remember my train timings, places (depots, stations and different platforms etc) to take the trains and worry about my train schedules. If I miss taking the train, the handing over driver will need to continue driving the train. With few misses within a short time-span, it’s out you go. That is one example of many where I was always pre-occupied with trains – even in my sleep; over the last 18 years. I had to force myself to sleep if I were to wake up at 4am the next morning to prepare for work sleep or no sleep! The train must be launched from the depot! No one will understand what I’m trying to say here except the 400 over train drivers in the system whose job is to move millions of passengers regardless of rain or shine, flooding or ponding, lightning or thunder!’
 
And this is what his India Indian friend had to say about his abrupt departure.
 
‘My FT Indian friend Manish had this to say, “… India maybe 3rd world country but it seems that Singapore is poorer than India in all respects now. If they can’t take care of a person who served 18 yrs loyally, then it’s curtain down for them where human values are concerned. You take care my friend.” PS: Reproduced with permission.’
It is so regrettable that an experienced train driver with so many years of dedicated service and loyalty will have to be let off. Nevermind, they will train another foreigner to take over his job if they cannot find another Sinkie to do so. Welcome to the unemployed PMET club.
 
Gintai should give his friend Shanmugam a call. Maybe he will be able to fix him with a better job now that the govt is talking about Fair Consideration Framework to consider Singaporeans first in job offers. Looks like Gintai did not benefitted from FCF.
I feel sorry for Gintai. Hope he will get a job soon. If not he can join Gilbert Goh and speak up in Hong Lim Park for the unemployed PMETs. This group of Sinkies is growing in strength daily. And thank God the govt is working very hard to help them and get them a job.

FCF is not just balancing of employer worker interests

Rip Van Winkle woke up after a long stupor to find a pool of local PMEs underemployed and unemployed while foreigners of all shades are taking over their jobs. What if Winkle continues to be asleep, would anyone know of this problem or would anyone recognize that there is a problem. What is the meaning of being proactive, being able to see over the horizon?
 
Now we know there is a problem, and the problem has grown to a point that nice talk is no longer an option. But they are going to talk nice to the employers who have exploited the situation at the expense of alienating a group of experienced and well educated citizens to the fringe of the country’s development. Industries have been taken over or dominated by foreigners to the point that they could not find locals good enough or available to fill even low level positions. And millions of foreigners are now living among the citizens and their sudden departure could create a social and economic crisis.
 
The influx and employment of foreigners in great numbers and the exclusion of citizens in vital and essential services and jobs are no small matters. There are strategic and security implications at stake. A country that is populated by foreigners and employed in essential and strategic industries is like allowing the foreigners to have a stranglehold on its security and national interests.
 
Total Defence is not limited to the uniform groups but also to the economy, the well being of workers/citizens and the sustainability of the economy to continue to run without being held at ransom by foreigners. Do I have to say more when key positions are occupied or dominated by foreigners who could do harm to the country? Do I have to say more when key industries are owned by foreigners that could undermine the nation’s interest in time of crisis?
 
Getting our citizens to be fully employed and in essential and strategic jobs and industries must be part of our national defence. Well, a good start has been made. According to Lim Swee Say, ‘The next step, he added, would be to work with the companies to put in place a programme to nurture local talent over the next few years.’ Things should improve with this programme and over the next few years it will be better. Thank God they are finally doing something.

Limiting influx of foreign talents may affect growth

‘For the past couple of weeks, I have been teaching my annual course in microeconomics in Singapore, a country whose remarkable growth owes a lot to the theory of incentives embedded in my course.

An independent country only since 1965, Singapore is now one of the wealthiest countries in the world in terms of per capita income. Visitors agree that it may be the cleanest and safest country, with remarkable racial harmony and city streets that can be driven at rush hour without the gridlock that you see in most of the rest of the world….

In response to a growing income gap between the many less-well-educated Singaporeans and the highly-skilled foreign workers who are well-paid in the country, the increasingly democratic government has begun to yield to populist pressure to greatly limit foreign workers. Even more so than the U.S., Singapore has benefited from the highly-educated, creative and hard-working expats who drive much of its economic growth.

By subverting the laws of supply and demand and deliberately not allowing the most talented workers to be hired at the going wage, Singapore may be relegating its miraculous growth to the past.’

Dr Lewis Mandell is a financial economist with a research specialization in financial literacy and a teaching specialization in investments and valuation at the graduate and undergraduate levels

The above is part of an article by Professor Lewis Mandell reprinted in the TRE with his permission. It was a nice piece of work praising the great achievements of the govt and what they have done to this island. As a Sinkie, reading it also makes me feel shiok. We are so damn good, but with a few drawbacks. The professor said Singapore must keep opening its door to let the ‘ highly-educated, creative and hard-working expats’ in or else  ‘Singapore may be relegating its miraculous growth to the past.’ I beg your pardon, when Singapore was rebuilding this country, were these foreign expats here and what were their contributions? Thought they were here only after everything has been built, the infrastructure, the industries, the big local banks and institutions?

The article has generated more than a hundred comments from netizens, 116 when I last read, mostly not too complimentary, and still adding. The daft Sinkies were just being disrespectful to this eminent professor. He is here to add value to our universities, teaching our young undergraduates about microeconomics. And he wrote such an enlightening piece on Singapore and even gave free advice to bring in more foreigners for Sinkies’ own good. How can our laypeople spoke so dismissively against this article and the professor without knowing their place? Boh tua boh suay.

No foreigners and dogs allowed

Below is a short paragraph posted in TRE by a blogger, pijitailai, in Mandarin.

新加坡可是越来越威风了，在洋人的地盘竟然不让洋人进入新加坡日的庆祝会。真想不到，新加坡政府在澳洲的一小片短暂的不到一天的租界，竟然表演出一幕《洋人与狗不准进入》的种族歧视风….

The gist of the article is about the Singapore Day in Sydney’s Botanic Garden. Let me try to translate. Singapore is getting more and more garang. In a foreign land Singapore refused to let foreigners enter to celebrate Singapore Day. Can’t believe it, the Singapore govt in a short span of time in Australia could demonstrate ‘foreigners and dogs not allowed in’ racist behavior.

Please regard this as a joke. Of course not, the foreigners could hang such a notice in Shanghai in those colonial days. Singapore would not do such a thing especially in Australia. Now that it has incurred an unfortunate racist protest, maybe to do some damage control and at the same time to advertise how happy we are to welcome foreigners to Sin, it can hold another Singapore Day for foreigners only to make amends and to soothe the nerves of the offended foreigners. It would be good PR and money well spent if more white Australians would visit Singapore and make it their home.

In job adverts in Sin, the foreigners are saying, No Sinkies and PRs needed. This one is true. No bluff.

Xenophobia frenzy in Singapore

The anti foreigner trend is gaining momentum in this city. The intolerance of foreigners is becoming second nature and openly flouted by the perpetrators in job advertisements. A few cases have been quoted with many violations sent to the MOM who are now investigating. The victims of this xenophobic outlash are furious and are standing up in protest and taking matters into their own hands. They are doing their own investigations and feeding the whistleblowing section of the MOM with more cases of outrageous and demeaning discriminations against the Sinkies. They know that if they don’t help themselves, they can only expect lip services and nothing will happen.

Yes, the victims of xenophobia in this city state are the citizens, the Sinkies. It is true, the citizens are quickly becoming an absolute minority if the trend is not stop or reverse. There will soon be more foreigners in the city state and they may think that the Sinkies are foreigners. The following are examples of job advertisements that have been posted in the social media and the respective CEOs have made apologies and retracted them. They are only the tip of the iceberg.

1. FST, a British firm, in its advert for an Art Director, ‘Must have Singapore residency(PR) status or PEP visa status.’

2. Randstad, a foreign recruitment company looking for a Merchandiser Planner, ‘The position is open to candidates who are not Singapore citizens or PRs.’

3. La Fondue Swiss Restaurant that wanted to recruit a Pinoy chef and proudly claimed to have a 100% Pinoy crew and Pinoy working environment.

What is happening? Sinkies are xenophobic or victims of xenophobia in their own country when discrimination against them is open and blatant, without the need to be polite and to disguise for fear of offending the Sinkies. Where is the sensitivity that is demanded from the Sinkies to be understanding and kind to the foreigners when the foreigners are bloody rude and abusive and discriminating against Sinkies?

Why like dat?

Thrift is not our national ideology

Just look at a few examples one would not fail to notice that thrift is not the ideology of this sinfully rich country called Sin City. The third world countries were once sneered at by the rich and matured countries of the first world for wasting money on grand projects like building mausoleums and palaces or anything that is good for nothing but costing a bomb. How much did it cost to build the artificial garden at Marina South, $1b? And much is needed to maintain it annually, another $300m? Anyone knows the actual figures?

And this is not the end. Another similar crown jewel is coming up in Changi to attract visitors to visit Sin City. Beg your pardon, is Singapore a destination or just a convenient gateway to the region? Like it or not, as long as the Airport is good enough, the people will come and go. But the Airport is never a destination. Neither is the artificial garden. The casinos maybe.

Then there is the F1 when everyone keeps telling that it is money well spent. Ngiam Tong Dow compared it like paying for the English boys to come and race their sports cars as a hobby. And we paid for it. How many hundreds of millions for playing host for the English boys to party?

And look at the money they are paying themselves. It is now a world record and would put Obama to same. Even a minor minister would have taken back more than the President of the USA, the Emperor of the American Empire. Thrift?

And what about the people? They are made to buy properties according to how much money they have. They cannot buy smaller properties from the govt if their income is more than the affordable formula. And if they are earning a bit more, they must squander their income, over 30 years, to buy private properties. Thrift? No, it is spend if you have it. Retirement no money? Who cares?

And the same formula applies to being warded in govt hospitals. The patients are frowned upon to ask for lower and cheaper class wards. There is also a mean testing to make sure they cannot get admitted to lower class wards. And if they do, the disincentive is that they will not get the same subsidies as the lower income, very meritocratic. And it is not the intent of the hospitals to build more lower and cheaper class wards with more beds to cater to the demand of those who do not want to splurge or squander their hard earned money away. Getting sick and admitted to hospital is a great opportunity to spend, to show how much money one can afford to spend. Spend until no money left for retirement or go bankrupt.

And the latest, spending millions on Sinkies living overseas. Some are questioning why the need to spend such money when the money can be put to better use at home, to feed the less fortunate. Is this about thrift? No, it is spending in style. We are the envy of even Europeans who insisted that they be invited into our eat all you can parties for free. My God, we are truly rich beyond the imaginations of the people of rich countries.

We have the money, we have a lot of money in our reserves, and we can afford to spend, to buy the latest and most expensive military toys at several hundred millions a pack. Who says the money is for rainy days? If the money is not spent, if people are thrifty, how can the economy expand, who is going to buy all the expensive homes and cars, how can the GDP keep growing?

Spending is good. Over spending is better. After all, money value shrinks quickly with the high inflation, and saving and not spending are as good as letting the money to rot away.

Affordable has destroyed our retirement plans

SG+ is a new programme very similar to Talking Point. Last week’s topic was about CPF and whether Sinkies have sufficient money left for retirement. After the two experts gone through with Melanie, the host, it was a glaring admission that many Sinkies will be in deep shit when they retire. The only hope to survive those greying years is to downgrade their homes, provided they have one and is down gradable.
 
The two were talking about having more savings and more schemes to bolster the existing schemes which would not be enough due to high inflation and the huge amount of money sucked into housing and medical insurance. The recommendations are something like another CPF to cover for the shortfalls in the current CPF and more insurance schemes to cover for the inadequate schemes that the people are paying now. 

The assumption is that the people have a lot of spare cash to pay and save. My ballpark figure to ensure that these people have enough to retire, to live well and to pay for their medical is to save 70% of their current income. Madness is another word.
Don’t blame the recommendations or the experts. Basically our retirement savings through the CPF are screwed. Despite being one of the biggest savers in the world, we don’t have enough for retirement. No joking. If the planners would have their full proof schemes, everyone must earn 3 times what they are earning today or save 2/3 of their incomes if they want to be safe.
 
What went wrong? Affordable is the word. By declaring everything is affordable or priced to be affordable, the savings of everyone is at risk, to be just enough for the day, for all the schemes, including housing and medical but somehow retirement was forgotten. They computed everything to be affordable, ‘gum gum ho’, and nothing left for retirement.
 
How did it start? It goes back many years ago when housing was priced to one income and to be paid off by 15 years. At this kind of affordability, many people’s savings started to grow. They genuinely smiled when they looked at their CPF statements, I mean the average workers. They would have paid up their housing loans and started to save everything they put into their CPF. And better still, if the spouse is also working, the whole CPF contribution would be in the CPF, and growing at 4 to 6% pa.
 
Then someone must have noticed the big and bigger savings in the people’s CPF. Heheh, they got plenty of money. Public housing prices must be made affordable to these people. They can afford to pay more. The prices became affordable for one income from 15 years to 25 years. Still got a lot of money leh. Make it even more affordable, with two incomes and 25 years. And then even more affordable to stretch it to 30 years or more. They called it market pricing or market subsidy or something like that, but very affordable.
 
Today, the first 30 years of CPF contributions by both spouses would be just enough for the affordable public housing. The real savings will come after 30 years of working, when both are about to retire or already retired. How to have enough for retirement? And there are the minimum sums to set aside, and now another great scheme, the Medishield Life is going to make retirement a less stressful time without the fear of big medical bill, but would tax on whatever is available in the CPF. The premium sure affordable, to who?

Best for HDB not to declare its losses or deficits

The latest $797m deficit that HDB said it has incurred due to the building of more flats is going to be disturbing to many readers. It was $2b a few years back, then it was $1b of losses. In these three announcements, a total of $3.797b has been lost by HDB on behalf of the MND. Can the ministry really believe that the people will be convinced by these numbers without questions asked? Can the ministry blame the people for doubting the validity of these numbers given the market pricing of the flats sold?

What is the purpose of the ministry declaring that it made such colossal losses? Is the ministry telling the people that the govt is so generous in absorbing the huge losses that should otherwise be forked out by the buyers of the flats? Is the ministry trying to tell the people that they should be grateful to the govt for carrying the losses? Or is there any other purpose or reason for wanting to show the people such drastic sums of money lost for building HDB flats?

Whatever is the agenda, it is going to boomerang and instead of gaining some goodwill or sympathy and understanding, it is raising many eyebrows. Pardon the people for saying, ‘How can it be?’ Throw a straw poll or a proper survey and I can guarantee that most people would not want to believe the numbers. They are just so difficult to believe to the point of absurdity. Don’t blame anyone for thinking this way.

If the ministry thinks it fit to throw out such numbers, it must be prepared to give the details to remove all doubts. If it is not prepared to do so, this could be a failed PR exercise that makes thing looks even worse. It is better not to issue such claims and probably the people would not even think about it. Saying it only invites a lot of unnecessary questions and even anger and cynicism from the people.

So, MND, what do you think?

HDB incurring $797m deficit

It is unfortunate that the HDB has incurred a $797m deficit, a jump of $354m from last year. This is caused by the ramping up in the building of HDB flats. 72,737 units are in various stages of construction. HDB has to spend $5.2b just to acquire the land for the flats. Some of the deficits were due to higher subsidies for the new flats. The people, or those eligible to buy HDB flats must be grateful to the govt for absorbing the higher prices, a whopping $797m.
 
Assuming an average price of $300k for each flat, the 72,737 units of flats should fetch $21.8b of revenue. I hope my numbers are as close to the real numbers. I only have 10 fingers and it is a bit touch trying to use the toes as well. With this revenue, I am wondering what would be the final deficit when all the flats are sold. Last year about 10,000 units were sold. I am not sure how the $797m deficit is derived, but the deficit for 72,737 units must be at least 5 to 7 times more when all is done.
 
I am afraid the govt is going to run a loss for building so many flats. But it is good for the people with such affordable priced flats. Just hope that there will be no more schemes to cover up for this deficit.

Singapore a truly rich country

We held parties called Singapore Day for our citizens and their friends abroad in cities like New York, London, Melbourne, Shanghai and the latest in Sydney. Each event could see near to 10,000 Sinkies being feasted with our local favourites to remind them of home, all free, paid by our govt. And the cooks and their foodstuff were flown there from home to ensure authenticity. We even flew a real minister and several big shots there to really make them feel at home. See how hardworking our ministers are. Each event would probably cost a few peanuts at most. Good value for the money. Our overseas Sinkies will be so happy and their guests will be impressed. I don’t think the Americans or the Japanese could afford such parties.
 
It is one of those events that Sinkies really feel like Sinkies and being surrounded by Sinkies. You can’t even find such a gathering and atmosphere back home except in Hong Lim when Gilbert Goh threw a party. And this is what a Sinkie, a Anthony Sim, in Sydney said, ‘… he had never seen so many Singaporeans congregating in the one place.
 
“It is quite heartwarming to know we are not alone. Everyone of us were on the same page,” he wrote.
 
"There were no PRCs, India Indians, Bangla or Pinoys to annoy us.” Ahem.
Sinkies back home would not have many chances to be in the company of just Sinkies.'

Unfortunately this Sinkie event has attracted the wrong gatecrashers who demanded to be invited. And when failed to get in, they accused the organizers of racism. KNN, how can our govt be accused of racism when they invited all foreigners with their open arms here? Typical outback country bumpkin mentality! It is unbelieveable but it is true. The two hungry and hard up white Australians said on a talk show that they were refused entry to a private party for Sinkies. I hope the Australian govt is not going to demand an apology and for SIA to fly the two men for a two week fully paid vacation in Sin City to appease them.
 
Actually since we have so much money to spend, the Singapore Day could be open to all and sundry. It can’t cost that much more than the F1 or the synthetic garden in Marina and another one coming up in Changi. It is goodwill money and will be money well spent. And the hard up Aussies will be blowing our trumpet happily on how generous we are and how good are our hawker cuisines, and all the good thing about Sin. Ya, good PR value for tourism money.

Asia Asean partied in the absence of the gangster

The Asia Asean Summit came and gone, cordially and with many economic issues addressed and advanced. The Asean states and their Asian partners locked themselves up in Bali and Brunei to discuss and chart their path for economic cooperation and trade. The climate was conducive and dignified and befitting of a platform of national leaders in conference. The enmity and hostility were totally absence. There were no thumping of the table and no gangster was there to set the agenda for Asean. It was Asean taking the lead as host to other Asian leaders. It was all about moving forward for their mutual benefits. No gangster was there to seize the moment, to hijack the meeting for its hideous motives and agenda.
 
The recent Asean Asia Conference and Summit were marked by the absence of tension and big power rivalry and big power agenda. The gangster was not there to stoke tensions talk about instability and threats of war where there were none. The gangster was not there to agitate and incite interstate rivalry and hostility when there was none without the gangster behind pulling the strings.
 
The meeting was one of the most productive and least contentious that Asean and Asia have had for a long time. Whenever the gangster was around, it was the gangster that set the agenda, for more bickering and for creating fears and threats of war.
Thank God for keeping the gangster away, for keeping him busy and no time to cause mischief in the region.

Chipping at the Greenback

One by one, slowly but steadily, countries are starting to negotiate to trade with China using the Renminbi or Yuan and their national currencies. The Indonesians have started the ball rolling and soon more Asean states would do likewise. Why would they want to use the Greenback that is losing its value rapidly with the Americans happily printing them to consume more and getting more into debt?
 
The latest American crisis and the threat of a debt default is very real and it is only a matter of time even if they could kick the can further down the road. The British have also signed a new agreement to be the centre of Yuan Pound swap in London. It is going to make London the biggest financial centre to trade the Yuan.
 
With this move by London, knowing how strategic the Brits are in their thinking, more European countries would not want to lose out. And this also applies to New York. There is no stopping for Yuan to be used more widely as an international currency. And the victim to this development is none other than the Greenback.
 
Countries holding on to huge American Treasury bonds are sweating in their pants with the Greenback shrinking in value like melting ice in the summer heat. The Americans are not helping either. They could not as they are deep in the shit and wanted to print more to reduce their foreign debt.
 
An avalanche is waiting to happen with the Greenback turning into banana currency very real. The confidence of the Greenback is being eroded daily and all the holders must be planning on how to get out, how to get rid of the Greenback at the earliest sign of trouble or opportunity to do so.
 
The Americans have killed two Arab leaders that were trying to scuttle the Greenback supremacy and a third one in Assad temporarily delayed. They could not be culling the British PM or other European leaders for wanting to cut down on the use of the Greenback.
 
Don’t worry, the Americans have worked it all out. It is time for another pow wow at Bretton Woods. And the Greenback would have a few zeros sliced off its back and buried for good at Arlington with the American flag wrapped around it. So would the holders of American Treasury bonds.

The Socrates syndrome

Socrates a great philosopher of ancient Athens who died around 399BC was blamed for all the ills and failures of the City State in Athens and was sentenced to death by the state.
Socrates -  ( ancient Greek philosopher )            Versus            Athenian City State

Ngiam Tong Dow  ( a pragmatic Head of Civil Service )     Versus           Singapore City State


Result
_____


Socrates:   Death  by drinking hemlock , a poisonous drink

Ngiam Tong Dow :       Recant

Verdict in History
______________

Socrates :         An honourable man vindicated by History

Athenian City State went into decline after Socrates death

Ngiam Tong Dow : People in tune with his original version

Singapore is in the doldrums, unsure of its  future

In praise of Singapore

Below is an extract of an article posted in Thoughts of a Cynical Investor blog.
 
Why more FT Indians here than local Indians?
In Economy, India on 15/10/2013 at 4:52 am
 
…’Assuming he is correct about the FT Indian population being bigger than the local Indian population, there is possibly a gd, sound economic reason for it:- Our local Indians are not the “right” kind of Indians S’pore needs?
He may not be aware that S’pore’s an offshore hub of India, along with Dubai and Mauritius.
 
The largest hub for Indian trade is probably Singapore. It is the centre for investment banking, which thrives offshore, owing to the tight regulation of India’s banks and debt markets. Reflecting this, the global exposure to India of Citigroup and Standard Chartered, the two foreign banks busiest in India, is 1.9 times the size of their regulated Indian bank subsidiaries.
 
Fund managers running money in India are often based in Singapore. India’s best financial newspaper, Mint, now has a Singapore edition. At least half of all rupee trading is offshore, says Ajay Shah of the National Institute of Public Finance and Policy in Delhi. Investors and firms do not like India’s fiddly rules and worry that the country may tighten capital controls if its currency falls too far, says one trader in Singapore…..
 
Indian e-commerce firms often get their data crunched in Singapore, using web-hosting and cloud-computing firms, such as Google and Amazon. Amitabh Misra, of Snapdeal, says bandwidth costs less, technology is better and you avoid India’s headaches—such as finding somewhere to work, coping with state-run telecoms firms and having to wait to import hardware.
 
Singapore is also a centre for legal services. International deals involving India often contain clauses which state that disputes be arbitrated outside India, with its clogged courts. Singapore, along with London and Paris, has become the preferred jurisdiction. “The level of comfort Indian companies get from Singapore is unmatched,” says Vivekananda N of the Singapore International Arbitration Centre.’
 
This is the kind of tribute paid to Singapore that is not often spoken. It would be good that our dumb asses take note of such praises and stop short selling the value of this city like a prostitute’s den. We have great and absolute value and the foreigners are not going to run away if we insist on implementing polices and laws that benefit our own people and country. Instead they will come crawling at our doors just to get in. Those cheapskate companies that think they could threaten our weak dumb asses to bow to their demands are best that they leave this island. There is a very long queue of foreign companies waiting to come in, with a horrendous long queue of foreign workers begging to be let in to find their pot of gold here.

The top does not know what the bottom is doing

Coming closely behind the La Fondue Restaurant advertisement for a Pinoy chef and the management claimed ignorance of the advertisement, another similar episode is happening in Compassvale Villa in Pasir Ris Punggol GRC. This time the commonality is Pinoy again. A poster was put up for Pinoys to join a RC Pinoy Sub Committee.

Teo Ser Luck said he did not know about it and told the RC to take it down when he came to know of it. Netizens have been complaining about the conflicting objectives of integrating foreigners by having an exclusive Pinoy Sub Committee. Some were just against foreigners in Residents Committee as they see that as using public funds for non citizens and wrong purpose.

Would it be funny if the Pinoy Sub Committee were to include similar messages as the advert for Pinoy chef? We are an all Pinoy Sub Committee in a Pinoy working environment. We are here to promote Pinoy culture to the Singaporeans to help them appreciate us and our contribution to the island.

It is so lucky, or unlucky, that Teo Ser Luck came to know about it and took down the poster. What do you think this episode is going to lead the blind and unthinking Singaporeans forward to?

Greetings to our muslim brothers and sisters

“Selamat Hari Raya Aidil Adha”