Hongkong and China coming down hard on property speculation

Hongkong has announced more stringent measures to curb property speculations amid warnings by the IMF that the property bubble could burst. Sales of properties within 6 months of purchase will not have to pay 15% of stamp duty. Down payment for properties above S$2m has been raised from 40% to 50%. This irrational fear of property bubble is spreading from South Korea, China to Brazil. The control measures would mean that property prices in these countries will not go up anymore. Now that is bad. In Singapore, property prices can only go one way, up and up. And this is good. It must be. And we have no property bubble to fear. Our properties are all priced to be affordable. This is the ingenious trick that all the other countries failed to learn. The affordability formula is as stretchable as rubber. Even if our HDB 3 rm flats are priced at $1m each, they will still be affordable. From two income households servicing the mortgage for 30 years, this can be made even more attractive by having 4 incomes to pay for it. There is further flexibility to increase the repayment period from 30 years to 60 years too. If these countries would be humble enough to learn from us, they will not need to panic and impose all kinds of anti speculation measures. And they will be cheering everyday for property prices to go up, the higher the better.

Cutting talk time in Parliament is right

When it was first proposed, many people were irked by the move. By restraining MPs from speaking in Parliament when that is the most important part of their job I think, baffles the role of Parliamentary sessions. Parliament is the highest body in the country and MPs must be allowed all the time in the world to say their piece. If MPs cannot talk in Parliament or allowed only a few minutes to talk, might as well abolish Parliament. Those were some of the views from the masses. Today ST published some statistics which proved beyond any reasonable doubt that cutting talk time is the right thing to do. Many MPs don't even speak in Parliament or ask only a handful of questions. So what is the point of having long talk time? Ok, it may be just a provision and whether they use it or not is a separate issue. Who knows some Rip Van Winkles may woke up and want to speak for 3 days nonstop? The curbing of talk time in Parliament may be a bit harsh on those who have a lot of questions and things to contribute. Cutting their time is like telling them that they are talking too much and to shut up. The point is that when MPs have a point to say, especially an important one, time must be the least of concern. Only when an MP is talking rubbish that he/she should not be allowed too much time. With the new restriction, let's hope the Speaker is sensible enough to make exceptions and allow MPs to speak beyond the time limit when the points made are important and relevant. In the same vein, when MPs are talking cock, even the time allocated is too much and the Speakers shall rule the MP out from talking more nonsense. Maybe a little tweaking is necessary here. MPs who are known to ask a lot of questions should be allocated more time. MPs who have nothing to say should not be given anytime. Their time can be apportioned to the voracious question askers. Fair right? Another way is to allow MPs to buy and sell talk time credits like carbon credits. MPs who choose not to ask questions can sell their time to MPs who have plentiful of questions. There can be different variations on how this can be done. But one important thing, Parliament is there for discussing important state matters and time must not be an excuse to curtail talking about them. The saddesst thing that can happen is for the Speaker to ask an MP to sit down because he/she has exceeded the time limit though what the MP is saying is important and all wisdom, and for the good of the country.

Learn from the Americans

America is today the most productive country in the world. And they are now the richest. They can actually buy up the whole world if they wanted to. Just a few weeks back they just printed for themselves US$600b to spend. I think with that kind of money the Americans could have bought up all our properties in the market. And if they print more, they could buy up the whole island. This is the most ingenious way of making money. No need to work, no need to sweat, no need to play tricks in the stock market, no need to devise toxic bonds, no need to go to war. Countries around the world should learn from the Americans and start printing. And with the hot cash, they can go anywhere and buy up everything. Singapore is for sale, all the properties up for grabs. No problem even if we sell our 3 rm HDB flats for $1m. There will be limitless amount of money available to buy them. All Singaporeans can sell their flats and price them more than a million, 2 or 3 million should be no problem too. Just sell and exchange them for the hot and easy money. Oops, heard someone said don't sell. Why not? So much money for the grabs. Oh, just one point, one plate of chicken rice will now cost $300! And our ministers will ask to increase their salaries to $100m. How else would they be able to afford anything when prices of everything is up and up. It will be like the Japanese Occupation time. People will go marketing carrying a basket of banana currency notes. Today they may use the trolleys for the new notes. On second thought, better don't sell your property. It will become priceless at the way things are going.

No apologies for Choenan

President Lee Myung Bak of South Korea is not demanding an apology from the North for the resumption of nuclear disarmament talks. Is this an appeasement, a back tracking, a concession or what? The South has accused the North for killing its sailors. The North must not take this accusation lightly. It must take the case to the UN to demand a thorough investigation for the murdering of South Korean soldiers. It must clear its name or the world and silly South Koreans will think that the North is guilty. Push for an investigation now, and if found innocent, demand an apology from the South, especially from Lee Myung Bak. This is the least that the North Koreans should do, after being falsely accused of murder. If they are not careful, this will be used as an excuse like WMD to invade the North. See that justice is done, to the dead soldiers of the South Korean Navy. The families of the dead soldiers must equally demand for an impartial investigation to the killling. An independent investigation board approved by the families and the North Koreans should be set up under a neutral body under the UN supervision. The South Koreans and Americans involved in the last investigation should be excluded from this independent board of investigators. The South Koreans need to know the truth for the killing of their own people. The North Koreans need to clear its name from being accused as murderers. Do not let this matter rests as it is now. The killers must be dugged out from wherever they are hiding.

Boulders versus pearls

It is quite amusing reading Ravi Velloor’s article in the ST today. The world’s number one gangster went on a world tour to rope in the gangsters to contain the rise of China. On the other hand China was kept busy building ports and signing up commercial contracts with countries around the world. For that, China was described as a rogue and the gangsters anything but rogues. So who are the real rogues, someone trying to do business or someone signing military alliances? But the description of boulders to block pearls is most appropriate, rough and tough gangsters, in the form of boulders, blocking the way of business men doing their business. And India is the most willing of all the boulders to gang up with the evil Empire. It has its own strategic interests and wild ambition to be a world power other than the number one power in the Indian Ocean. Japan and South Korea could be taken for granted as they are mere semi colonies of the Empire. Ravi was also optimistic that Russia and Myanmar would fall in line to be proxies of the evil Empire. Would these two countries be so foolish to become the tools of the evil Empire and got dragged into a hostile conflict to serve the Empire? He should count another willing gangster in Vietnam to join the gang. Indonesia has wisely stayed clear of big power rivalry and choosing its own path of independence and neutrality. It is comfortable being the big brother of Asean. Only foolish rogue nations would gang up to threaten other countries in a pack. Birds of the same feather flock together. PS. Logging in from a laptop seems ok.