American Dream crumbling, what about the Singapore Dream?

One of the key features of the American Dream is to own a home with a little white fencing around it. This is becoming elusive to many Americans. To make matters worse, they are ‘more than a quarter of all home owners owing more on their mortgages than their properties are worth,’ according to an article in the ST today.

Many Sinkies are smiling, our Singapore Dream is still ok. Many are home owners, never mind that it does not sit on a piece of land or has a white fencing running around it. It is still home in the air. During the last financial crisis, quite a number of Sinkies ended up in the same fate as the quarter of American home owners, with negative assets, ie owing more than the value of the properties they owned.

Is the situation better now? The first fallacy is that the Sinkies think they are home owners when they have a 30 year mortgage to service and all they paid was 10% or 20% of the property. Wise up, get real, you only become a home owner when you fully paid up the mortgage, or for those who have the ability to pay all, or on the last few years of their mortgages, the Singapore Dream of homeownership is there or nearly there. Many are just servicing their mortgages while the ownership of their properties is with the lenders, the banks.

The next fallacy which many take for granted is that it is a lease. Even after paying up the mortgages, the lease would only have a remaining life of 69 years and getting shorter every year. Homeownership of a 99 year lease is a temporary ownership, a lease is a lease.

In another 50 years or so, the first batch of lease owners of 99 year flats will no longer be homeowners. And the pace of disowning their homes will pick up after that when we will see many Sinkies losing their homes unless they can afford to buy another lease at $2m or $3m for a 3 rm public flat.

Other than those living in freehold properties, the Singapore Dream of homeownership is, yes, a dream. It is a 99 year dream and who ever ends up living in the dying years of this dream will have to wake up to face reality.

Aung Sang Suu Kyi – Did we learn anything from her visit?

She came and gone and left her fragrance behind. Some may find it a breath of fresh air, some may find it a little pungent, a little uncomfortable after taste. While she was here she must have learnt quite a fair bit of this little jewel city, with another jewel coming up at Changi Airport soon, a gleaming oasis of modern skyscrapers and facilities, the beautiful gardens and the F1 that she was shown and expected to be in awe. From her statements we all know what she had learnt and would pick up only the right or relevant things for her country.
 
Have we learnt anything from her visit? Learnt what? Are we supposed to learn from her, a third world country? No, she was here to learn, and we were there to teach her, to show her the way to a modern first world country, oops, I mean city.
 
I don’t think Singapore learnt anything from Aung San Suu Kyi’s visit. Our mindset was that we have it all and everything that Myanmar wanted. And we were so willing and eager to please her by offering our helping hand. We were so helpful. Shit, she did not seem to appreciate what we can do for her country.
 
But some Sinkies did learn a bit. Some are questioning whether this mad race to make more money to buy more things, to have more money in the bank accounts are all there is to life and living. Could we seek some balance in our life and live a little, smell the flowers, and sit on the sand along the beach, watch the sunset, play with the children. What is living all about?
 
Yes we all feel very rich, with all the modern convenience around us. Material life is good definitely. So?

Upheaval in the stock market

Spectacular rises lead to spectacular falls. Over the last 3 months the stock market saw some phenomenon activities in a few select stocks. These stocks were penny stocks in the July/August period and saw a meteoric rise to above two dollars. And every day there would be a couple of surprises where out of the blue some penny stocks would double in values or increase by more than 50% in value.
 
This morning the stock market scene took a turn. Three stocks went tumbling down. Asiason was only 95c in August and hit a high $2.90 recently. This morning it crashed to $1.04, losing $1.66 within a couple of hours. Blumont was 85c in August and rose to $2.54. It fell to 88c, losing $1.14. LionGold was $1.15 in July and hit a high of $1.76. This morning it fell 87.5c to 63.5c before it was suspended from trading. Asiason and Blumont were also suspended.
 
Some stock markets have a built in limit mechanism to suspend stocks or the market when the change in prices is more than 15%. Apparently we did not have such a mechanism to stop the trading of these stocks and the falls were allowed to continue before they were suspended by a human decision.
 
The above changes could see hundreds of millions of dollars or billions wiped out within a couple of hours. The two casinos could not match the amount of money changing hands at this pace in the stock exchange. Fortunes were made and fortunes were lost in a matter of hours.
 
Welcome to the biggest casino in Sin City.

China, the bogeyman returns to Indonesia

After living through half a century of misinformation and lies, the Indonesians are now receiving China’s President Xi Jinping as a friend. In the 1950s, China was one of the closest friends of Indonesia under Sukarno. They were leaders of the non aligned movement culminating in a non aligned conference in Bandung in 1955. Indonesia under Sukarno was a leader of the Third World.
 
Unfortunately the close Sino Indonesian ties were sabotaged by the Americans. With the American dubious scheme of regime change, Sukarno and many Indonesian military commanders and elite were murdered by Suharto in a framed up charge of a communist coup. The reality was an American sponsored military coup that led to the biggest bloodshed in Indonesian history, with Indonesians killing Indonesians and putting the blame on China and communism.
 
To live with the lie, China was branded as enemy Number One and official relationship was cut off for more than 40 years. On the other hand, the bloodied hands of the murderers of several hundred thousand Indonesians were smiling quietly in Washington. Is communism more frightening or American exceptionalism? Who have been bullying Indonesian and who were there to squeeze the balls of the Indonesian President Suharto during the Asian financial crisis.
 
When would Indonesians rewrite the darkest chapters of their history and to name the devils that caused the death of so many of their elite and the downfall of their popular President Sukarno?
 
Would Indonesia and China resume their close ties once again to the level of the Bandung era and higher? They did not have real problems with each other but suffered under a western lie. With a combined population of 1.6b people, the two countries are home to one quarter of the world’s population. China is offering to work jointly with Indonesia in many economic, social and infrastructure projects, to build a comprehensive strategic partnership. This is a huge departure from the standard signing of defence and military pacts that the Americans are offering to Asean countries. The few things the American can offer are military hardware and their war machine for war, to go to war.
 
While China and Indonesia are keen to rebuild bilateral relationship and take it to a higher level, would another coup and regime change take place and ties be broken once again between the two countries? The American pivot is in the region and poised to do damage at the most opportune moment. While China and Indonesia are signing trade pacts, the Americans and the Japanese are signing military pacts.

When trust is an issue

 
When Chok Tong handed power over to Hsien Loong, the PAP govt was still smooth sailing and trust was not an issue. It was riding on its past glories and good track record. The govt had delivered a better life for most of the citizens and trust was a given. The people trusted the govt and allowed the govt to do what they did best while the people went about their lives with a certain level of contentment.
 
The trust was still there in the first few years of Hsien Loong’s premiership. Today Hsien Loong is asking the people to trust the govt. This is a tell tale sign that something is not right, or something seriously not right. The govt must have felt it. This time the feedback on how dissatisfied the people are with the govt got through. Even if the grassroot leaders are still telling only the good news, there are many other sources and events that said the sentiments of the people are not with the govt. The by elections and election for the President did not bode well for the ruling govt.
 
For a govt that thinks and believes that it is doing all the right things for the good of the people and to lose the trust of the people is a strange feeling. Either the govt is doing all the wrong things but thinking that they were the right things, or the people are just ungrateful and too demanding. It could be a mix of both.
 
So? Is Hsien Loong’s plea for trust going to be received kindly and reciprocated by the people? Or is it going to be a futile last gasp to regain the lost confidence and votes of the people? It cannot be just a plea and expecting the people to come back to give him a big hug. There must be things that went wrong that drove the people away from the PAP. And these must be put right if the support and trust are going to return.
 
What should the PAP do to win back the trust of the people? Policies and leadership are two of the main bugbears that make the people lost their trust of the PAP. The leadership today, and the leaders, are simply appalling. They don’t lead and still think they could talk down to the people with fuzzy logics and loose talks. When ministers and MPs could not explain govt policies coherently to the people, they lose the people.
 
And bad policies don’t help either. Maybe it is unfair to blame them when the policies are unacceptable to the people and cannot be explained away even by the cleverest minister. Bad policies are bad policies. Policies that don’t benefit the people or make lives more difficult will be just that. No amount of communication of fake and obtused reasonings and logics can change them.
 
the people start to trust the govt again? I think it is not so easy. The people want the govt to prove that it is worthy of trust, to deserve to be trusted again. So far no good, and getting worse by the day. The people are not saying anything. They can’t, or even if they do, is the govt and the political leaders listening or willing to listen? There is a huge gap in the meetings of minds. The govt only want to hear what it wants to hear. The people are saying things that the govt does not want to know. How can there be trust?

The govt needs to do the right thing to gain the trust of the people. And the people are the ones to decide whether it is the right thing or the wrong thing.