Basic Healthcare Scheme – The straw that breaks the camel’s back

Some Singaporeans woke up yesterday morning and thought they had a pleasant surprise when they read the main media headlines. Medisave Minimum Sum Scheme scrapped. For the self employed oldies, no longer need to top up until they reach 100 years or older.  The good news was proven not to be. It was like the devil and the deep blue sea. In place of the Medisave Minimum Sum, with a current ceiling of $43,500, a new scheme has been introduced, called the Basic Health Scheme with a limit of $49,800. Your money in the Medisave Minimum Sum account would be transferred there. And those below 65 could expect this sum to go up and up over the years. Whatever in your Medisave Minimum Sum would not be safe. You can kiss them goodbye.

This BHS is supposed to be better designed to cater for the oldies’ medical care in old age. It also means that the oldies would not be spared from paying to the Medishield Life Scheme even when they are jobless, without any income and dying. Oh, no worry, the BHS would pay.

When a Govt thinks it is alright to make the oldies pay with their coffin money, their life savings, when they are old and jobless and have no income, the Govt lost its moral right to govern. When they would not spare the oldies and think it is alright to take their last few dollars in the name of looking after them, it shows a callous and ruthless mindset completely devoid of compassion and human decency.

There is no point talking about this anymore. Opposition parties better quickly get their acts together, offer an alternative that does not rob the oldies of their life savings. Fleecing on the old and helpless and jobless is ethically unacceptable for whatever farcical excuses. The opposition parties must come out with a plan to provide free coverage for the oldies, not necessary the whole works to keep them alive, hooked to a machine, or expensive surgery and drugs that would cost a bomb. Just provide basic medical care in Class C wards free for the oldies to pass away in dignity, with minimal pain, and with no fear of money not enough and hoping for charity. Many are wishing a quick death when they have nothing to keep them going. Stop the crap that the oldies want to live forever. Only those with millions in their savings would want that. Those that want to live forever would be to afford anything. No need to worry about them.

Oldies 70 and above are mostly in full retirement, some already retired by their mid 50s when they became unemployable due to the FT scheme. Many would hardly have anything left to live by. Many would be dependent on their little savings or children to take care of them. Spare them from the burden of paying medical insurance premium and to live in peace, to be respected and honoured as senior citizens, not to be troubled by having to find money to pay medical insurance.

This is the minimum expected from a caring and people centric govt. This is expected of political leaders that rule with a heart, not those with bad hearts, not mechanical hearts that cannot feel. Vote for any party that would look after the old and helpless, not parties that would want to rob them of their coffin money when they are old and feeble and money no enough.

This is the last straw. It reveals the kind of outrageous values and thinking in sick heads. When they say they got good hearts, don’t believe them. Very likely mechanical hearts or transplants from animals or clones.

Former SEC Director Admits The Truth: The Market Is Rigged

Submitted by Tyler Durden on 03/10/2015 19:00 -0400
 
For more than a decade, John Ramsay kept his mouth shut about how rigged the US equity market was.
 
As SEC Director of Trading & Markets, Ramsay tells Bloomberg he "had red tape over his mouth," but now he is "uncorked."
 
“I’ve been able to find my voice on these issues in a way I couldn’t have done when I was in the government, because you’re always limited by internal politics and not wanting to get too far out in front of the agency,” he said. “I feel like I’ve been a little bit uncorked.”
 
Having joined Brad Katayama's IEX Group (infamous for the Flash Boys' exposure), Ramsay is calling out the “convoluted” and "illogical" pricing rules of major stock exchanges and compared the $25 trillion U.S. stock market’s structure to the Death Star of "Star Wars."….
 
“The current market ecosystem is not sustainable, and significant changes are coming one way or another,” Ramsay said in a speech delivered at a New York technology conference in September.

Ramsay said his opinions grew more critical in recent years as he watched the market fragment into 11 public exchanges and more than 40 less-regulated private venues such as dark pools.

Trading became more complex and prone to technological malfunctions in the face of rules that were supposed to boost competition and create new choices for investors, he said.

He outlined how the market lost its way: conflicts of interest among brokers, a two-tier system favoring the speediest and a general sense that today’s rules have been crafted to the benefit of insiders.
 
The full article is referred to me in my blog and can be read at http://www.zerohedge.com/news/2015-03-10/former-sec-director-admits-truth-market-rigged
 
What is so important about this article?
 
In short, John Ramsay admitted that the New York SEC is running a rigged stock exchange trading system. It means that the management of New York SEC is committing a crime against the people for operating a rigged trading system. It means that the regulators of the New York SEC also knew and are accomplices to this crime.
When the people that are responsible to maintain law are breaking the law to cheat the masses, can you beat that? They knew and they did nothing, not even want to talk about it until they left the govt? And those remaining in the govt continue to live with and promote the rigged system.
 
Should these people be prosecuted in the American courts of law?
 
Now, that is an American problem for the Americans to solve. The big question, is our SGX operating the same rigged system? Ok, here I must vouch to say the right thing, that the SGX would not commit itself to a rigged system as they know that it is criminal. Our honest and highly ethical officials would not commit such crimes against the people. They know that they would be prosecuted if they dare to.
 
But I would like the SGX and MAS to review the trading system to double and triple check that our system is indeed free from riggings like the New York SEC. It must be that way. And should they find anything fishy, suspicious, they must take all efforts to remove them or they could be found equally guilty for not doing anything one day.
 
We have trust in our govt, administrators and regulators not to do the darn things the New York SEC is doing, not to approve the operation of a rigged system. If they cannot tell whether our system is rigged without their knowledge or understanding, if they don’t know like the toxic notes and bonds, they should call in people like John Ramsay and Paul Volcker to give their expert opinions to clear any doubts about our system.
 
There is no harm inviting such righteous and knowledgeable people who know the thieves and what the thieves are doing to review our system. It would be money well spent.
 
What do you think?

Bring back Koh Beng Seng

Where is Koh Beng Seng? For those who did not know him, he was a highly respected top civil servant, the Dy MD of MAS. When he was in charge, the top bankers were Singaporeans. He told the MNCs that they had to train local bankers to take over the running of the banks. He stated the terms and conditions for their right to operate their banks here. That policy, if I am not mistaken, was the brain child of Dr Goh Keng Swee.
 
What happens today happened during his absence. All his pro Singaporean policies approved by the then Govt somehow seemed to have been dumped into the thrash bin. And some silly buggers pretended not to know. Some suddenly worked up and saw the dearth of local bankers. Some pretended to be jumping high and low wanting to train locals to be top bankers. Some simply issued pink ICs to foreigners and say ‘Look, Singaporeans appointed to top jobs”.
 
Sleeping or was there a policy shift? Super talents being paid out of this world salary cannot be stupid right? They cannot fall asleep on their jobs right? They cannot be negligent and not do the due diligence right? They cannot plead ignorance as an excuse for such a serious failure in allowing the banking industry and other industries to be dominated by foreigners and wasting a whole generation of our local talents right?
 
Where is Koh Beng Seng? We need him back to right the wrongs over the last 20 years, to regain control of the banking and finance industry for our very own citizens. Or he is now unemployed or an underemployed PME waiting in line for Job Fair? Or has he been sent for training to be a waiter or security guard? Or maybe he is happily driving taxi? Just kidding. For a man of his talent he would be in demand anywhere.
 
Koh Beng Seng was one of the best in his time. I am sure he has many more good years to serve in a field he knows best, for the good of the country and people. Look at the pathetic state of affairs now without him to steer the ship, without knowing where the ship is going or sinking? The banking and finance industry is like a ship without a compass, without a captain, floating in the high seas.
 
Maybe I am just ignorant. There is a new compass, a new captain and he knows exactly where the ship is heading and what he is doing, but Sinkies did not know.

Chuan Jin planning your retirement with your money

Chuan Jin has come up with a comprehensive plan or several plans for the retirees or impending retirees on how to retire and how much they would need. And your retirement plans and needs would be presented to you by the girl sitting across the table at the CPF, or is it at MOM? She would know exactly your retirement needs that you did not know after spending more than 50 years of your life living and working.
 
The girl across the table would know of your family background, your savings all over the place, including those under your bed, your children and probably even the number of mistresses you have and the number of children by them. How nice. She must have kept a good track record of your life or is it the CPF?
 
How many PMEs did not know how to plan their retirement and how much money they need and require the expertise of the girl over the counter who met them for the first time in their life? If the girl knows, how come the PMEs did not know?
 
Actually not like that lah. The girl only knows how much you have in the CPF and how much you can take out and how many options available to you. Initially I thought how come got so clever girl that can help everyone with their retirement plans. With the high level of education of the younger generations, not the lost generations of illiterates, many would be better educated than the girl across the table or know much more than what she knows about retirement needs. No?
 
Can I plan my own retirement with my own money? Do I need someone else to plan my retirement with my money? Can I have all my money back? Oops, at 55 or 65, the mental faculty is not so good and the thinking also not so clear. Now, is it my money or not my money? Only young girls with a clear mind would know. The oldies and CPF members would not know.
 
Maybe I should ask Chuan Jin. He must know.
 
Did anyone ask Chuan Jin to plan their retirement with their money? Did anyone elect a govt to plan their retirement with their money? I know I did not and would not.

Ministers salary, 3 year no increase, so ‘charm’

It was reported in the main media today that the ministers did not have any pay rise for the last three years. And their salaries are falling behind the benchmark in the approved formula. And in another report it said the average household income has gone up by 38%! Goodness, we are shortchanging the pay for the ministers and politicians. How can we do that? 3 years no increase, cannot be like that mah. And the ministers and politicians are suffering quietly, dare not make a noise or ask for an increase, probably tightening their belts.
 
I think the committee in charge of ministerial salary must convene and recommend an adjustment upwards. We have to be fair and kind to the ministers or else they will quit and join the private sector that would pay them more. Then we will lose the service of these super talents and the economy would go bust, the country will be in deep trouble, our wives and daughters will become maids.
 
How about a 10% increment to make up for the 3 years of no increase? Let’s see, the entry level for minister at MR4 says the salary should be $1.2m. Now the minister’s salary is only $1.1m, a shortfall of $100,000. I think a 10% increase will be just nice, ‘gum gum ho’. What do you think? Since the ministers are so ‘pai seh’ to ask for a raise, the people must not keep quiet and look the other way right?
 
Or the opposition MPs should put up a paper for this. Won’t that be nice. Oops, cannot. Then they will also be accused of being greedy, looking after their own paychecks. I think the best people should be the NMPs. I think they are not only neutral but also very clear thinking. Yes, that’s it, get the NMPs to propose a motion to raise ministers’ salary. Get the new NMPs to say it. They are full of fire and novel ideas, to think out of the box.
 
A 10% increment of $1.1m is about $110,000. Enough or not? How many people earn that much in a year? The median household income according to the media is about $70,000. Household income you know! How many percent of the population earns less than $110,000 annually, as a household? 80%?
 
So? To give the ministers a $110,000 increment should be fair right? Don’t say I did not say, we need to pay the ministers a decent salary for our own good. I know some of you would say, wah, increment already $110,000 and 80% of the people’s household income is less than that. Would it be too much or not? Come on, nothing is too much when you are getting good value for money. The ministers and politicians are worth every cent paid to them. What is another $110,000?
 
Just because they never complain does not mean they are not unhappy. They are just being nice, honourable and reasonable people. If they are forced to ask for a raise then you people will say they are greedy. Let’s do the right thing and petition the Ministers’ Salary Review Committee to do the necessary.
 
What do you think?
 
PS: I think the IBs will clap and say Redbean now very reasonable. Sure support one. And the non IBs will say Redbean ‘kee seow’. Life as a blogger also very ‘charm’, say left got whacked, say right also kena whacked. Got hardship allowance for bloggers or not? Come to think of it, 10 years as a blogger also got no raise.
 
Now kopi also no have. Launch book also not enough takers. So far only about 50 copies ordered and I need at least 200 copies to get it off the ground. ‘Jiat lat’ man.