Myth 160 - Explaining away a myth

Explaining away a myth Temasek is in London to explain away the myth. What myth? That it is a 100% govt owned fund or that it is going to buy up other countries' national assets? There is this New Zealander by the name of Simon Israel, probably an employee of Temasek, probably a New Zealander, wondering how the Israel part comes in, saying that 'The idea that Temasek is an instrument of the Singaporean Govt could not be further from the truth.' 'All investment decisions have been made by Temasek's board, Mr Israel maintained. The Govt receives a 7 percent dividend, and gets an annual update on performance - and that is it, he said.' So Temasek is a separate entity, nothing to do with the Govt. Period. Or we can borrow the style of our northern neighbour by saying, 'Temasek is neither a Govt owned or non Govt owned organisation.'

Black September - A day of reckoning

Sep 8 can be just like any other day. But it can also be a day where the people grow up and say we are no more third world coolies and farmers. It is a day for the people to say that they are ready to say no to policies that affect them negatively without resorting to violent protest. The wear black call is not a challenge to the govt by another political party. It is simply a statement by the people that they do not want the govt to tell them what to do with their money. It is a statement that no one shall mess around with their life savings. Now the issue is whether the people have finally shed their sheeple image and willing to stand up and be heard. It could be another day of disappointment when the sheepdogs appear to herd them into a corner. Or worst, no one appear in black. On the other hand, will the govt still take the stance that they are the self righteous priests speaking the words of wisdom and must be obeyed? Or will the govt matures as well and say they are willing to listen to the people and would not unleash the sheepdogs at the sheep, allowing more space for the sheep to express themselves? If that be the case, then we are really moving ourselves towards the direction of a developed nation with sensible people talking and govt listening. Or it will prove that we are still like Myanmar as far as political expression is concerned. Where will we stand on Black September Day? Or is it another dream?

Pau tau, pau buay, pau kah tsng

This is what Singaporeans are becoming. We cover our head, our tail(figuratively) and our backside. In no time we will be mummified. Pau ka liow. How many times must Singaporeans cover themselves and plan for their retirement? These are some of the things that Singaporeans, the sensible ones, are doing. Forget about the reckless ones. Nothing can help them. Even you make everything compulsory, they have nothing to be held as ransom. Their CPF will likely be empty. Ok, first they would have a little savings. Then they will have a little flat. And a little family just in case. And some will have a little insurance policy. And many will continue to work till they die. And they will have some compulsory money in Medisave. Ok this one cannot touch unless they are sick. No food, hungry, just too bad. Then there is the minimum sum. Now, all these not enough? Really not enough? How much more must Singaporeans do to plan for their retirement? Now compulsory annuity is being proposed. Sudah lah. Might as well give up all their money and live on plain water and fresh air, then wait for 85 years to collect annuity to live forever. Is this ridiculous? I think it is insanity! Shit, they forget to set aside a sum for their coffin and funeral expenses!

We need laws to protect our CPF savings

As our CPF saving is becoming an everlasting dream, getting stretching further and further into the uncertain future, the people better stand up and ask for some kind of protection that this will not become an impossible dream. It is our money and we must have a say in it and have it back as promise. Not rubber time. If we do not agree with all the recent proposal, we must say it now. Many have spoken in the media and in cyberspace. Some are going to say it this Sat, Black September Day. It will be interesting to see how many will stand up to speak for their own pockets. The govt knows that when it hits the people in the pocket they will wake up. Will they wake up this time round? The choice of black is an ingenious decision as it is a fashionable colour of the ladies. Ladies in black are every where. Many will be caught and probably didn't know what hits them when their innocent walk in Orchard Road is rudely disrupted. And this will apply to the young and the tai tais whose only interest is in fashion black and nothing else. Will be humorous this Saturday.

In the long run, we will all be dead

The new proposal to peg the CPF interest rate to bonds assumes that in the long run bond rates will perform better and CPF interest will be higher than the current guaranteed 4%. Who is the wise guy who claims that this made in heaven assumption must be true? Obviously must be some wet behind the ears talents who are still living in their dreams. Haven't we learnt that in the long run we will all be dead? Haven't we learnt that the same logic and assumption had been flouted to the people many years back and many times over, and all proven disastrously wrong? Remember COWEC scheme, a company employee welfare scheme that guaranteed a return higher than the CPF by investing this fund in stocks. The assumption was that in the long run the stocks would outperform all kinds of investments and the returns would be much higher. The fact that the scheme was buried and forgotten spoke loudly of this assumption. At one time, some analysts put up many charts and papers saying that over a 30 year period, investments in stocks would give a return of 30%. That let to the opening of the floodgate and CPF savings were poured into the stock market. There was an euphoria. But not for long. Many lost their life savings in the stock market before the long term return could run its proper course. It was a terribly big mistake and many CPF account holders were bled dry. Then this mad rush and faith in the stock market were quickly shelved and restrictions were placed to curb using CPF money in stock investment. The rest is history. Do not believe in the long run. The only certainty is uncertainty and death.