Myth 210 - Singapore Govt's money is not the people's money?

Letter To The Wall Street Journal, 8 Sep 2009 Correcting Temasek Misperceptions We wish to correct some fundamental misperceptions in your Aug. 31 editorial "Temasek's Revised Charter." First, Temasek is an investment company set up as an asset owner to seek returns by taking investment risks. While our sole shareholder is the Singapore government, we are not a "fund," and do not manage Singapore "citizens' earnings." It is factually wrong to imply that Singaporeans have no choice but to "keep their money with the fund." The above is part of a statement by Temasek's MD Corporate Affairs to the Wall Street Journal. To be specific, it says that it manages Singapore's govt's money and not Singapore "citizens' earnings". I am not sure if Singapore "citizens' earnings" is the same as Singapore citizens' money. As a layman, I think the citizens of Singapore will think or believe that the Govt's money is the citizens' money. But many in the forum have told me that this is not true. I think the Govt's money are money from the Govt's income, including taxes, rentals, sales of land and properties, services etc. Technically, they are not the citizens's earnings but the Govt's earnings. Let me offer another example to clarify this explanation. If I lend $1k to A and B lend the $1k to C, C is right to say that he is not spending my money. Cause he borrows it from B and is accountable to B. So Temasek is managing the Govt's money, not the people's earnings. Right.

Notable quotes by Jim Rogers

"They have more than doubled the American national debt in one weekend for a bunch of crooks and incompetents. I'm not quite sure why I or anybody else should be paying for this." Jim Rogers Who are these incompetents and crooks? These are people who churned out corporate profits in the billions when the organisations are technically bankrupts. And mind you, they are the supertalents from the top notch universities. And they do not know that they have done wrong. And they are demanding the same crazy pay and bonuses again. You don't need crooks and robbers when you have them around. And they are much more greedy and deadlier. They have no shame, no sense of moral justice. They only demand a ransom from the organisations and shareholders.

SCCCI broke its silence

The Singapore Chinese Chamber of Commerce and Industry has joined the debate over the lack of linguistic skills of foreign immigrants working in the sales industry. Many forum letter writers have written to the media to complain about this lack of English Language skill and some even suggested that people who can't speak English should not be allowed here. Ah, it brings back memories of the good old days when a pass in English is the key condition for a job in the colonial civil service. I think it is a good idea to make English proficiency a criteria for employment here. Maids, construction workers, sales staff etc and who else to include in this category? Employers must be fuming mad. It will give life to a new industry in language learning, and more private language schools to come into this new business.

Resurrection of the 'Demons' In White

The book Men In White has the inadvertent consequence of bringing together the political foes of our freedom fighter generation. These were the people who fought the British for independence and later fighting among themselves for political supremacy. There was a contest of will, political ideologies and beliefs. They fought and threw punches at each other, or they fought, and one side received all the punches and black eyes, and were demonised, captured or fled the country. Many never ever dream of a homecoming unless they recant their 'wrong doings'. Yesterday many returned. For those who were biting their nails and waiting to see these men with horns on their foreheads, they were disappointed. They came and appeared like ordinary men, with a tie. There were no signs of the terrorists or rugged guerilla fighters left in them. Fighting for political powers in those days were really fighting for life and death, unlike today when fighting for more money, status and power was the order of the day. It is good that old men and women should put down their swords and cudgels and shake hands and call each other friends. It is good to let the bad memories fade into history. Yes, bury the hatchet and embrace one another as old friends. If we can embrace strangers and new immigrants as one of us, there is no reason not to welcome home our brothers and sisters of the past to live among us. A first step forward to more graciousness. The next question is whether the political climate and rules of the game be changed as we move forward. Or would it be just a flash in the pan and things will return to normal, and the weapons be strapped back around the waist, the cudgels in hand, ready to deliver the next deadly blow?

CPF Life the best scheme

The CPF Life annuity scheme is the best scheme that the govt can think of. I won't disagree with that. For many who are unable to manage their forced savings, they definitely need another forced annuity scheme to carry on the trend of being forced to look after themselves. With so many enquiries, the CPF Life scheme is expected to robe in many more contributors, especially with the carrot of a $4,000 bonus for those who are not forced to sign on. I will encourage all those who need someone to manage their money to sign on too. This leaving your money to other people to manage is becoming a Singaporean habit, a Singaporean trait. For me, no way. I will never sign on anything that has a 'forced element' in it. I am very capable of taking care of myself and my money. It is such a great feeling to touch the money inside your pocket and say, 'Yes, it is my money. It is real. And I can do whatever I want with it, any time any place.' Mine is just a personal preference. Actually, with such a great scheme, if it is that good, people will be queuing to sign up, like property launches. No need compulsion. They will queue over night for it too. Community Clubs can help by providing buses to fetch them to CPF Board. Maybe not necessary if they can sign up in the Clubs themselves. Should CPF Board try this and see how many will queue to sign up for this great scheme?