We have overcome

Asia Insurance Building was the tallest building. Bukit Timah Road was the longest Road. Two battalions armed with 303 rifles and a few guns, we used them for ceremonial salutes today, were all we had. We had 3 tiny reservoirs and had to depend on Johore for our water supply. Each family had 8 to 10 children, mostly uneducated, under employed, and crammed into attap huts or Chinatown cubicles. There were unemployment and shortage of housing. Small businesses had to pay protection money to secret societies to remain in business. We had several small family banks run by self taught businessmen. We overcame the odds. Asia Building is now dwarfed by HDB flats. Longest road is either AYE or PIE. We have an armed force equal or better than anyone in the region. We are self sufficient in our water needs. We have full employment, solved our housing problems, educate our people to the highest level possible. Now what? We have housing problems all over again. We have unemployment among our own people in spite of full employment. We cannot solve a little flooding problem. We do not know what to do with littering by flyers. We built 3 large local banks that operate in the international market, all by our local talents. Now we are sneering at our local talents that they were not good enough to run these banks, and we need to employ foreign talents to run them. And very likely none of these foreign talents even know how to start a banking business. We have one of the world’s highest saving rate only to find out that many will not have enough money for retirement. A visit to the dental clinic or hospital is like offering oneself to be robbed. Maybe it is true that our local talents are hopeless, despite paying them top dollars. That is why we are struggling with little petty problems and got caught off guard now and then. Those days when we could overcome all odds and surmount all problems, no matter how big are over. We can’t even come out with a simple fare structure for public transport and the oldies/students have to subsidise the able, and no one can do anything about it. They just put up a show of protest and live with it, as what had happened to all the unpopular policies. What is happening?

YOG and empty stadium

Why students not attending YOG events despite being given free tickets? Why, maybe transport fare is too expensive. You think travelling around is free and the students got so much money to spare?

War crimes in Sri Lanka and Myanmar

America is behind the war crime investigations in Sri Lankan and Myanmar under the UN umbrella. How come there is no war crime investigation against America in Vietnam, in Iraq, Afghanistan, Pakistan and Guantanamo? Why were there no war crime tribunal against the indiscreet killing of civilians in Nagasaki and Hiroshima by the Americans. And pushing it a little back, why no crimes against humanity against the Americans for slavery of Africans and genocide against the Red Indians? When will the UN grow some balls to initiate war crimes or crimes against humanity against the Americans?

How much are the fare increases?

We know that the fares were raised. We know that it was meant to be a fairer system. We know that 3 out of 4 commuters would benefit from the fare hike and 1 out of 4 would have to pay more. How much more and how much less? We also know that the transport companies would lose $88m in revenue. Really? Let’s look at some numbers. I am using what I know to extrapolate the impact on all the commuters. A senior citizen will save 15c if he travels a short distance of 4/5 stations, (68-53). If he travels longer distance, he would have to pay 18c more(86-68). Before the changes, a senior citizen pays 68c for maybe 24 stations. With the new changes, the transport company would even out the reduction in the first 4/5 stations from commuters who travel the next 4/5 stations. Subsequently the rest of the journey or more than 10 stations will be pure additional profits. Give away 15c for 4/5 stations and collect 18c from the next 4/5 stations is already a profit. The rest of the journey collects 18c. Not bad a formula. How could they lose $88m? And the same principle is applicable to students and normal fare commuters. The percentage increases could be much more in the normal fare category. When you collect more and give out less, I think the profit is enormous rather than losing $88m. I stand to be corrected on the exact numbers as I am just extrapolating from the fares of senior citizens. SMRT are cordially invited to provide the exact numbers here.

The financial industry getting darker

With more big players coming here to operate dark pool electronic trading, the activities in the finance industry will surely get darker. Dark pool operations are against the merits of transparency. Ronald Arculli, chairman of Hong Kong Exchange said that ‘dark pools pose a “systemic risk” to financial markets because of their lack of transparency.’ However, when the industry practice is less then virtuous, playing in the dark side seems to be easier to accept. Many experts in US and Europe have cried out loud against this practice and have told of the dangers it presented. It is also unfair to the rest of the investors for not having such information and trading in the dark. It is no longer a level playing field when information is withheld by some parties. Stock exchanges that see it their responsibility to provide and level playing field and transparency need to re examine themselves and ask if they are violating the very principles and regulations that are supposed to uphold. Will dark pools turn out to be as toxic as toxic notes and mini bonds one day? Welcome to the dark side.