Who would like to be mean tested?

The thought of being mean tested is enough to put a lot of people off. The poor and desperate would not want to be further malu by letting people check their empty bank accounts to prove how broke they are. It is perhaps the most humiliating experience that we can subject our poor to go through. This is probably the main driving reason why the Dover Park Hospice chose to opt out of the Medifund Scheme. I remember the days of holocaust when the Jews were stripped naked to expose everything and being paraded around for all to see. Stripping a man or a woman is as good as tearing away every little pride or selfworth there is left in him or her. I think those who have very fat bank accounts would not mind being mean tested as it would be a way to tell the world how much they are worth. Can we be a kinder society? How can we if we think it is alright to subject our fellow beans to such indignity? Please tell us how the people are going to be mean tested.

HDB prices up by 31%!

Bee tang! All Singaporean HDB heartlanders must cheer for this piece of good news. The value of their flats has gone up like in the 1990 property booms. But better don't rush to sell it off yet. For one must be able to buy another place to live in. Probably not enough to buy a new one. But it may be good to know that the asset is worth more. Can use it as a trade off against the compulsory annuity scheme? Singaporeans are now asset rich again.

Confucianism and Curry Fish recipe

What has Confucianism and curry fish got to do with Singapore's success? In a bowl of curry fish, there are fish, vegetables and curry water. A few will get to eat the fish, some will be happy to have the vegetables and some would end up with curry water. Then some will clear the leftovers. Our success is to be able to convince everyone that those who got the fish deserve to eat the fish, those who got vegetables and curry water deserve rightfully deserve them too. And the cleaners are there to clear the rubbish. In Confucianism, it is to see to it that everyone is happy in their own station in life. Singapore is lucky to find this secret recipe and balance. Everyone accepts their station in life and all under heaven is peaceful. It will only break down when the curry water consumers or vegetable eaters think that they should get a piece of the fish. So far so good. Even the cleaners are happy.

A piece of tin can called Art

Would you pay $2m for a piece of tin can, erected it up, and called it Art? I won't. But beauty is in the eye of the beholder. I passed the spot almost everyday and was hoping for something grand that is worth a second look when it was all wrapped up. It looked better underwrapped, at least with a little mystery to titilate the curious mind. Tell me how you feel about the erection in front of the new NTUC building as Finlayson Green.

Something to crow about.

More Swiss than Switzerland This Place Is More Swiss Than Switzerland By Graham Summers Switzerland's private banking has always been famous for two things: 1. Extreme privacy 2. Avoiding taxes There are no capital gains taxes in Switzerland, unless you're buying real estate. Personal estate taxes are generally 7%. And if you're a foreigner retired in Switzerland, you can even choose a lump-sum tax in which you only pay taxes on an amount equal to five times your annual rent. In other words, you don't have to disclose your net worth or income at all. But all of this is changing... In 2004, Switzerland altered its tax structure to crack down on tax evasion from foreign accounts. For the first time in history, Swiss banking imposed a 15% withholding tax on interest income from deposits. A lot of very wealthy p eople were very, very angry. And funds began to be wired out of Switzerland and halfway across the world to the next private banking hub: Singapore. Singapore now manages $300 billion in private banking assets. Ten years ago, it was only $50 billion. Singapore now accounts for roughly 5% of the world's private banking assets. This doesn't seem like a lot, but consider that Singapore is the 189th smallest country in the world, right after the Federated States of Micronesia. The number of private banks in Singapore more than doubled since 2000. Singapore is now the second largest private banking hub behind Switzerland. Granted, it's a wide margin ¨Switzerland manages $1.7 trillion ¨ but it's shrinking rapidly. Singapore's private banking sector is expected to grow by 25%-30% a year for the next three years. When you consider the benefits, it's not difficult to see why. Individuals worth $13 million can gain immediate p ermanent residence in Singapore, provided they invest $3.1 million in the country ($1.25 million can go toward property). Once you're there, you don't have to pay taxes on income earned abroad. If you're a business owner with operations outside the country, you get the benefits of Singapore's education and healthcare systems ¨ the best in Asia ¨ without paying a dime in taxes. You won't pay taxes on capital gains or dividends either. As you'd expect, the rich are flocking to the country. One of them is investing legend Jim Rogers, who made a fortune managing the Quantum Fund with George Soros before "retiring" in his late 30s. Rogers originally wanted to move to China, but decided the pollution was too awful to put up with. So he relocated to the English-speaking, cleaner, more financially sophisticated Singapore with his family. I have to tell you, I'm starting to be tempted myself. Good trading, Graham