$42b in reserves

When I read this in the old media, I was thinking that this must be gov'ts money. Actually it is not. It is the people's money in the Medisave. Singaporeans have $40b in their savings parked in the Medisave. Now why is this called 'reserves?' Your money, my money, my money your money? Is it not wrong for people to understand that when we use the word 'reserves' we are referring to the general public or govt's money in the national reserves. Why are the people's money in the CPF or Medisave referred to as 'reserves' and not the people's savings? Ok, it did mentioned that it was both. Here is a clip of the press statement. SINGAPORE: Health Minister Khaw Boon Wan said healthcare costs will not be a problem during this recession. Speaking at the NHC Time Capsule event on Saturday, he said most Singaporeans have sufficient savings in their Medisave accounts, and hospitals will be more generous with Medifund applications during these hard times. The total reserves for healthcare stands at S$42 billion, 14 times the annual health expenditure. S$40 billion is parked in citizens' Medisave and it is growing at S$2 billion a year with contributions from workers.... Copied from CNA.

Can you believe it?

Just a few months, and all the iconic institutions of the USA are bankrupt? From investment banks, financial institutions, airlines and the three auto giants, are collapsing? What else is going down? All the hype about AAA ratings of American institutions seemed so real and now a fairy tale. Institutions that are sound, and of that size, cannot be wiped out overnight. The rot must have started long ago. The only problem is that the rot was hidden, concealed, and outside parties are not allowed to know. In fact all the thieves were paying themselves ridiculous salaries and perks and churning out glorious figures of growth and profits. Where is the transparency, accountability and responsibility? Big names never fail, very reliable, proven with good track records. And managed by the best talents money can find.

It’s my money - 5

Got my pay check finally Only the numbers look funny Cause they keep something for me It’s for your own good, be happy The day came to get my money back Rules change, it will be ten years late Or when I’m lying in a hospital bed It’s good for you, be happy Then when I am 85, and I’m still alive My body’s weak, I can do no vice Then a mail came, my savings fine They think I can live till a hundred and five Chorus Oh hear my cry It’s my money It’s my money It’s my money But they don’t reply The above is copyrighted by redbean

HDB lost $500m

I remember a parliamentary session when it was told that HDB lost $500m in one year or something like that, and the reason was the sale of flats below cost. Someone please correct me if the number of $500m was wrong. What is puzzling to me is that if you are running a business, with the best talents, and you decide on the cost of land, the price you are paying the contractors, and you also decide the price you are selling to the customers, and you lose money, $500m! What shall I say? Must be a lot of subsidies at cost. And who decides what is the cost?

The power of sales pitch

We have seen how powerful the sales people were in the current financial crisis. They have made thousands of people part with their money to buy toxic financial products. Isn't it frightening, and a case of irresponsibility? For a product to be labelled and widely acknowledged as being 'toxic' and that respectable people still thinking that there is nothing wrong with them, and to think of peddling more to the people in the future, my god, we need to change the meaning of the word toxic. For all I know, toxic is even more dangerous than drugs, and drugs are banned. The power of persuasion and convincing the masses to do things against their interests is phenomenal and deadly. Imagine telling the people that it is good to hang a noose around their neck? Or imagine selling them a new bogus religion? Reading the media, I am fully convinced that Singaporeans are easily duded to believe in anything, even if you take their money away and give them a fictitious reason, they will go along. Now you can tell them that building an abattoir for their eventual slaughter, as long as you tell them that it is good for them, they will just go along. Can they really think?