Wednesday, November 19, 2008 13:00
Las Vegas Sands and election punting: cut your losses or double or nothing?
In Choo Zheng Xi, Main Stories, Top Story • 2,096 views • 51 Comments
Breaking News: Global cargo transport and logistics company Neptune Orient Lines (NOL) will cut about 1,000 people from its workforce… About 50 positions is expected to be affected in Singapore. (Channel NewsAsia)
TOC Op-Ed
Choo Zheng Xi / Editor-in-Chief
In the 2005 debate on the introduction of the Integrated Resorts (IRs), leader of the Worker’s Party (WP) Mr Low Thia Kiang said in Parliament that ‘if the Government’s judgment is wrong it would lead the nation and our people on to the “river of no return”, where the cost would be very real and very heavy.’
Three years on, there is no doubt we are quite some way down that river without a paddle. The Marina Bay Integrated Resort (IR) is in trouble.
But the IR has a political price tag that far exceeds its construction cost. Understanding just how much political capital has been expanded on this project might be the key to catching a glimpse of when the next elections might be called.
The odds
The numbers tell a grim tale. Shares in LVS have lost an astonishing more than 90% in slightly over a year, and it was US$8.8 billion (S$13b)in debt as of last Thursday. The share price it was trading at early week was hovering above US$6, down 94% from it’s high of US$122.96 in December 2007
Attempts at putting a brave front on the state of Las Vegas Sands’ (LVS) ability to finish the IR on time, or at all, are starting to smell of desperation.
Just how dire the situation has become is evident from Minister of State for Trade and Industry S Iswaran’s open discussion of the Singapore Tourism Board’s (STB) legal options if LVS fails to deliver. STB has begun talking about a ‘staged opening’.
This is the backdrop that the “reassurance” of LVS’ CEO Sheldon Adelson’s US$525 million loan to LVS needs to be seen against. Not very reassuring.
The stakes
One thing is sure: blame for the IR’s failure will be placed squarely on Prime Minister Lee Hsien Loong.
Mr Lee acknowledged the responsibility when announcing the decision to introduce casinos in 2005: ‘As Prime Minister, I carry the ultimate responsibility for the decision’.
Blaming Mr Lee for the parlous state of LVS’ finances would hardly be fair, any more than he can be blamed for the current global financial crisis or global warming.
But the fact remains that the decision to put Singapore’s eggs in the IR basket was made by him, and not without expending large chunks of political capital.
The decision to introduce a casino into Singapore was made against the strong objections of not just the Christian and Muslim communities, but social workers and concerned citizens from all walks of life. Even members of the PAP voiced their personal discomfort with the casino’s
introduction, and Minister Mentor Lee Kuan Yew flagged his initial hesitation with the plan, stating he was ‘emotionally and intellectually’ against having a casino.
If indeed LVS fails to deliver, Singaporeans will be reminded daily of the largest white elephant ever to grace our shores as they commute to and from the Central Business District (CBD). This spectacular eyesore will be seared into the collective consciousness of the electorate, an omnipresent reminder of failure that no Suzhou Industrial Park or Buangkok could ever have hoped to match.
The gamble
Is it a coincidence that the Elections Department began designating civil servants to be elections officials less than a week after LVS’ auditors submitted their regulatory filing to the US Securities and Exchange Commission that began the furore over how bad LVS’ financial position was?
Perhaps.
Pundits have said that a snap election early next year after the Budget is unlikely because of dissatisfaction on the ground over the structured products fiasco, job losses and sluggish economic growth.
But one would be foolish to underestimate the size of an electoral issue a failed IR has the potential to become. If the IRs do not materialize in 2009 and 2010, the sentiment on the ground will not just be sour, it will be rancid. And there is no certainty that the recession will have subsided by then: God forbid, it could get worse.
Mr Lee might just decide to cut his losses and call an election before the IRs go belly up and become an albatross around his neck. Could the government bite the bullet before LVS bites the dust?
If I was a betting man and wanted to know when the next elections were to be called, I would keep my eye on LVS’ share price.
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51 Comments
Best Job in the world for any sector
*Royal Flush*
It is more than meets the eye…I wonder how long can Sands hold on in these uncertain times.
isa
Eh… this article is just saying “THEY ARE WRONG”.
Heads I (Mr Choo) Win – IR failed to be build, PAP loses political credibility.
Tails I (Mr Choo) Win – If IR is opened but fall short of expectation, Singapore will be reminded of a white elephant.
Gilbert Goh Keow Wah
I am also sceptical that Sands can keep to the IR opening schedule.
If they go bust, I believe the govt has a back up plan for sure. They won’t let it go down the drain. It will then undermine what the govt has held all along that the IRs will be the new flag ship of the economy.
The recent economic crisis has revealed alot of how our govt does things. There are alot of hiccups just over these two months alone that it is frightening to know how much more ugly dirty linen will be dragged out if we dig further.
How can make such a call? The President? The opposition MPs?
Sometimes I wonder why we land up in such a state of affairs. Maybe we are too gullible? For a first world country our population is certainly very third world in thinking. It boils down to us giving them too much power in return for economic prosperity. Unless we learn this bitter lesson and change we will forever be enslaved by such one-party dominating governance.
Zheng Xi
ISA,
No one in Singapore will win if the above situation plays out, but you’re right in that it looks like quite a bleak choice between the devil and the deep blue sea for the MIW. I wrote this piece not to tout my prescience but to highlight the lousy hand the PAP’s been dealt.
gemami
PAP must send LHL for some gambling reformative program.
Seems like there is a serious case of high stake gamblings going on in recent times. Structured products, Town Council investments and now Sands IR development project. All these stakes have either been wiped clean or are on the verge of being wiped clean.
What else is on the card?
This batch of PAP govt is gambling the whole of Singapore away.
This is only the third watch and we are already in so much shit.
How are we to know what the fourth watch will be? Do we want to find out? Do we want to gamble too?
Gamblers NEVER win.
T
GE likely in the first quarter. MPs are already walking the ground…
Bian Zhen Ban
Though most would not think its likely they will do a snap one,
i think announcing the training so early can have indirectly caused the following:
1. those interested to run for election may start to say and do more and get noticed. then they might indirectly know who’s out there and potential competitors. kinda of a sizing…..
2. get a feel of the ground sentiments . If the response or reaction is strong or not. How’s things going? reality…… test test testing 1,2,3, microphone working or not…. so many issues are being discussed on the net…..where do we stand now?
i no no wor. Juz guessing wor.
smallvice585
GE likely in the first quarter. MPs are already walking the ground… – T (#7)
It is time for the Loyal Opposition to walk the ground too, not just the SRCs and their own wards, but also PAP wards.
Gilbert Goh Keow Wah
Ya I think GE will likely be in Jan/Feb 09 immediately after the budget roll out in Jan 09. Nevertheless, it will not take a politician to realise the ground now is rather bitter than sweet for the ruling party.
If they call for election so soon, they are gambling away their political career as I see alot of people are upset and unhappy with so many hiccups springing out by the cartons.
interesting thesis.
but i dare say much will also depend on the share prices of C, UBS, BAC (ML) and other investments made by government entities that have gone sour. these are real losses incurred by the state.
i think there will not be a shortage of suitors seeking to step into LVS’ shoes should Adelson default on the contract – so i don’t think a white elephant is really too much of a fear.
Dr Albert Winsemius
Referring to 3) isa on November 19th, 2008 1.33 pm Eh… this article is just saying “THEY ARE WRONG”.
Technically speaking, you are right. However if the Casino open (even in stages), in the long run PAP would win (PLEASE NOTE I MENTION PAP not LHL. He is likely to get the shits for starting this). I can bet you on this.
Look at the History of Las Vegas on Bugsy Siegel and I believe you will see the parallel. Problem with Bugsy is that he was too ambitious and spent too much on building the Casino before he start to get profits from it. He was later gunned down by the Mafia when they no longer want to wait for the Casino to yield result.
Remember this, compared to LHL, Bugsy actually faced more problem proposing this Casino. Mainly because it was proposed to be build in the middle of the desert and not to mention convince many mafia bosses to pump in the money for this investment (which most mafia see the idea as crazy).
So in contrast to LHL, he is much lucky for start because of his backing (Singapore itself). However, he would face the same problem as Bugsy since he is the one that actually give the green light (TAKE NOTE AGAIN, IDEA IS NOT FROM HIM SO I SHALL NOT SAY PROPOSE). They are:
1. In any cases the Casino stop half when (He kanna)
2. If he use Singapore money by increase tax to substain the carry on of the Casino. (He kanna also).
3. No business for the first one to two year after the opening (He kanna also).
Which no.3 scenario is highly possible given the current world economy situation. However, he has to do this dirty job when a large portion of people employment is at stake.
Dr Albert Winsemius
Referring to 6) gemami on November 19th, 2008 1.57 pm, Gamble never win:
Must take note they we are the BANKER not the one gambling. Of course, I would agree that we might have very big problem in becoming the BANKER in the first place.
Like I said in my previous posting, I am not concern about if the Casino will take place. This is because the LHL come too far to make it fail. Moreover, construction industry is the best way to provide employment during economy crisis (Empire State Building was built during the Great Depression is a very good example).
What I am concern is, when the Casino start to make money. Is PAP going say this is their credit and increase their pay instead of having more subsides for the people. In chinese culture, gamble winning is always consider as ill gain money. Thus, it would be just that these profits should go to the well-being of the people especially the poorer one.
slev
ISA,
Mr Choo has written a balanced article. It’s not about Mr Choo winning or losing here. It’s not about “THEY ARE WRONG”. It’s about our nation here. The reality is that the casino plan has run into problems and our government did stake a lot into this casino plan.
Dr Albert Winsemius
Being one of the people among the few who agree with our Government to start a Casino, I closed it with the following suggestions to PAP at that time:
1. The casino shall not be built using Singapore reserves.
2. Government should not at all involve in any of the stake holding, instead should lease the place to them and collect profits in the form of taxes.
3. No issuing of license to small gambling den shall be allowed (actually these are the direct cause of social problem and encourage syndicate run by mobster).
4. Gain from the Casino shall also be included into the welfares of Singaporean.
As mentioned in my previous post, purposes of having Casino in Singapore is to secure employment for this generation of Singaporean. This should be the main objective! From the gain, the Government should slowly:
1. Upgrade our local education system and facility to better prepare new Generation of Singaporean for future industries and economical needs. (E.g. High-Tech precision industry such as Medical Research, Nano-Tech, Bio-Tech, IT and other form of advance R&D etc).
2. Improve Singapore other aspect of life.
However, before even making money from the Casino, sad to say that our Government had already spent too much for it arrival! Inflation caused by World Crisis? It might be partial right but not the whole truth. Our inflation was caused by GROWTH! Not that it is unnecessary, but we are going to fast that we wait for no one that has been left behind.
Like the Chinese say: The lips and teeth go together, without the lip (people) to protect the teeth from cold (Government). It would have died together.
T
/// 10) Gilbert Goh Keow Wah on November 19th, 2008 2.27 pm
Ya I think GE will likely be in Jan/Feb 09 immediately after the budget roll out in Jan 09. Nevertheless, it will not take a politician to realise the ground now is rather bitter than sweet for the ruling party. ///
Yes, Gilbert – agree the ground now is rather bitter. But it is very likely to get much worse over the next two years – economy will tank, more people will be jobless, the financial distress translating into all kinds of social distress…
Better now when they still have a chance, than 2 years down the road when the ground will be bile, vile and toxic…
Gilbert Goh Keow Wah
Ya i am against the casino when it was proposed as firstly it is against my faith and secondly I know the social harm that it may cause.
The IR not only brings out gambling issue but also prostitution, loan shark, touting, drugs, gangsterism and other problems.
I am not advocating it even though it brings jobs as the social ills outweigh the noble profitable gains that LSL so promoted.
The last I heard is that the 30 000 jobs will largely be held by foreigners. Up to 60% of the work will be carried out by non-Singaporeans as we are deemed unskilled in this casino/IR trade.
Sometimes, one has to see beyond the tangible returns. Our country has largely run on the premise of economics. Our Town Councils got into trouble becasue of economic greed. Our GIc has also ran aground becasue they have too much money and need to invest it for better returns. I think those losses recently will take at least another 10 years to be regained.
One has to know what is right and wrong and stand by one’s principles. Money is not everything. If you ask me how many people are happy right now I would tell you less than 20%. Many are affected by the crisis. Why? Because they have invested their hard earned money into all kinds of get-rich-fast schemes. Those who work, save up a a bit and spend within their means are perhaps the happiest people now. They put their family first, help out those who are in need and live a simple life.
We must all learn to live simply after this economic crisis or else we have learn nothing at all. Life is beyond money, profits amd valuation.
One thing is sure: blame for the IR’s failure will be placed squarely on Prime Minister Lee Hsien Loong.
Mr Lee acknowledged the responsibility when announcing the decision to introduce casinos in 2005: ‘As Prime Minister, I carry the ultimate responsibility for the decision’.
[...]
But the fact remains that the decision to put Singapore’s eggs in the IR basket was made by him, and not without expending large chunks of political capital.
Ah! Quite incorrect! You see, he made the decision to build the casino. That’s a right decision. So who’s wrong? Probably the committee who awarded the contract to Las Vegas Sands. They ought to be blame. They should’ve chosen a more solid company.
On second thoughts, it’s not their fault. It’s the global economic crisis. And this is triggered by the US economy meltdown. See, isn’t the PM right all the time? Having such oppositional or two-party politics is bad for all countries!
smallvice585
Having such oppositional or two-party politics is bad for all countries! – Jackson Tan
Are you being sarcastic or are you actually endorsing the one-party system?
alky
I think if the elites are smart they should definitely reduce the size of the mega GRCs now that the ground sentiment is against them. The possibility of losing a GRC is getting more and more likely with all their lapses that we have seen so far. They have to consider whether to risk losing 5 or 6 seats at one go and possibly even more?
It is definitely going to be a huge gamble for our dear elites on whatever strategy that they decide to play with at the next GE.
I would beg to differ. Building of the IRs has many reasons and the govt undertake such a big project is looking towards the future in the next 5 to 10 yrs. the current finger pointing at bad govt decisions blah blah is more of a sour grape (like, I told you so).
The current global financial meltdown is something that happen worse than expected. the plans for the IRs is to boost the investments and to bring in dollars for the people. with the 2 IRs, directly and indirectly, 30,000 jobs will not be created and more for those supplying stuffs to them. What happen to Sands is quite normal. any company who bid for such projects requires huge financing. since the financial meltdown, even banks are struggling.
The IRs decision is still a good decision, what will happen to tourism, hotels, F&B, Entertainment and related sectors if we are not able to pull in visitors? do you think you can go pubbing everyday and dine and wine everyday to support these sectors? we are too small to maintain it. Looking at other sectors which indirectly benefit, it will create more wealth and jobs necessary for people to feed their families etc. If no IR, sure the property market will drop like hell too.no expats would want to come here at all.
LSV will not fail as the govt will not want it to fail. even putting the money in, it is still worth it as the indirect benefits outweigh the investments. we need to look further and not be happy to step on the govt when times are down. we need to look beyond personal gains and things as a whole. you may be well fed and well paid but think of people who benefit from this project. i dun think you would want to share what you have with others.
I am not a proactive supporter of the govt as some decisions sucks but not all decisions are bad. it is very tough to take such decisions. they are not heartless as mentioned above and they need to answer to the people. Maybe the ERP irks you becoz you drive, maybe property prices high becoz you want to buy, maybe becoz of other issues that you would want to find a way to step on them for everything they do.
for temasek investments, who can foresee the future? we do make bad decision at times and no one can be spared. so far, temasek has been positive in gathering returns over the years. the lehman issues, this is due that the investment bank withhold information and also those idiots scholars who are out to impress etc. the portfolio of temasek if so wide that it is hard to notice everything.
yup. it is our cpf money etc, compare to it, you still get 2.5% interest yearly. if you make losses on investments through cpf, you cannot blame the govt but the agent or bank or your own self. (i also make some losses through this and I LL as it is my fault)
Someone need to be the bad guy and make the decisions, if someone just refuse to make decisions and play along, we are no better than malaysia or we will become like them. LHL is facing a tough job and he has no qualms to take the blame. if you really see him in person, since taking over as PM, he has look so tired and haggard. this is the tough times and the most stressful of all. not many people can really weather that. i find it really unfair to criticize him.
If need too, you need to blame the middle management who hide facts or scholars who just know how to do things to climb up the ladder, they are the root of our problems. make decisions but not practical and do not even want to go to ground level to understand things.
Are you being sarcastic or are you actually endorsing the one-party system?
- smallvice (#19)
That particular quote you lifted was sarcastic, and so is, to a good extent, my entire post, but it’s a two-way argument: while that is probably what the Prime Minister will say if pressed, it is not entirely a flawed decision.
That is, just because LVS tanked doesn’t mean the decision to build the casino is a poor one. Yes, I oppose it on idealistic grounds, but if it ultimately brings in jobs and economic boosts, then it may be a good decision ultimately. Or at least, a well-intentioned one.
smallvice585
LSV will not fail as the govt will not want it to fail. even putting the money in, it is still worth it as the indirect benefits outweigh the investments. we need to look further and not be happy to step on the govt when times are down. – Saga (#21)
Now that it is something presumptuous. Letting LVS collapsed is not the same as letting Marina Bay Sands Casino & Resort collapse. Your argument puts a lot of weight on economic gains. Not that I disagree with you but I disagree that Singapore and Singaporeans should bear the entire burden of Marina Bay Sands. I am in favour of other foreign companies taking over LVS stakes in Marina Bay Sands, but not GLCs, TLCs, GIC or Temesak to take over Marina Bay Sands. The risk of tourism volume should be taken up by the real private sector.
if you really see him in person, since taking over as PM, he has look so tired and haggard. this is the tough times and the most stressful of all. not many people can really weather that. i find it really unfair to criticize him. – Saga (#21)
Cancer relapse? :D
Dr. Albert
Dear Gilbert, basically can understand your concern. You are not wrong at all to have this worry. However, you do want to take note that current without Casino, we already have underground gambling dens, prositution etc. The reason why it did not go out of portion is not because we have effective police force or because we have a good government! It is actually geograhy and people like you who concern that extend some control outside police ability. Geograhy because Singapore is small and relatively easy to control if certain of our current regulating policies does not erode with time.
In bigger picture, we have to face the fact that while other country education system had started to produce scientistS and inventor. Our PAP choose to build more ITE even until now which did not help to bring in more advance industries into our country thus open flow gate of FT into Singapore where problem leads to another problem. Think about it, with the current numbers engineers and management ready people, which industries will come into the picture since all the manufacturing had already slowly and surely going to China and regional?
How long do you think those MNC going to stay in Singapore without further suppress the pay of the people? Our cuurent situation is like MNC survived, we die. We survived, they die. Both equation cause suffering to people eventually. Moreover, having a casino does not really mean the focus on gambling. Theme parks, hotel, resorts, hotel, finance are the main focus that we want to derive from this Casino. These areas actually provide jobs that best fit our current population. We need it to ride thru this generation.
Quoted : 23) smallvice585 on November 19th, 2008 5.26 pm
Now that it is something presumptuous. Letting LVS collapsed is not the same as letting Marina Bay Sands Casino & Resort collapse. Your argument puts a lot of weight on economic gains. Not that I disagree with you but I disagree that Singapore and Singaporeans should bear the entire burden of Marina Bay Sands. I am in favour of other foreign companies taking over LVS stakes in Marina Bay Sands, but not GLCs, TLCs, GIC or Temesak to take over Marina Bay Sands. The risk of tourism volume should be taken up by the real private sector.
Agree with what you say. this could be another alternative. call for tenders to take up the project. so what sands has dumped in will not be recovered. however, if another temasek linked company take it up, we could open up a new industry line. :)
genting is making good money, we can do that too. haha.
Cancer relapse? :D
i hope not. frankly speaking, not many choices to replace him at this point of time. he is the best among the lot so far. you would want LKY or GCT to take over again
TuLan
Mabye the fengshui for Marina very bad. Remember Khamis the conman? Fooled EDM and the other agencies and then scooted off without spending a day in jail.
LetsSe
Could be some of the US$2.1 billion just raised by LVS came from DBS Bank. POSB Bank was ’sold’ to DBS to create a bigger entity with a healthier balance sheet when DBS took a hard knock in Indonesia. Maybe now DBS has been asked by the pappies to return the favour. Not being able to say no, it has no choice but to retrench staff in order to stay viable and to reduce its own risk. Probably also why it didn’t talk to the union before it announced the retrenchment — there simply wasn’t any time.
Dr. Albert
saga
Not really truth LKY will take over if LHL cancer relasped. I predict that his days would be numbered too given the grief plus his wife condition. GCT will out of the picture too, after working so many years of planning to ensure lee family get back the power! Best bet LHY. There are many reasons why lee cannot afford to lose power. Many people is waiting to open his closets once in power. This might include his party members too. If you ask me why LKY don’t want to leave the politic, I say it is the politic that do not allow him to leave! He is trapped in his own power that he had created.
I think he know that too well, therefore absolute control in the only way to protect his family and name. That is also going to be his family and his undoing.
A Tan
#3
Spot on. You will recall that Choo was once helping PAP MP. So he must have learnt something useful.
Dr. Albert
Can I ask the people here. How many of you actually believe that Singaporean are mostly fond of gambling? Looking at the Singapore Pools counter where the Q is almost full on daily basis after off peak. Second to that, is credit cards debts getting more and more.
Have anyone here actually think it might be these people simply are the people that were “left behind” by the country and slaves to the current system? Just give some thoughts about it. The progress in Singapore is so fast that all want to catch up try to find the most easy way out available to them.
smallvice585
Cancer relapse? :D i hope not. frankly speaking, not many choices to replace him at this point of time. he is the best among the lot so far. you would want LKY or GCT to take over again – Saga
But Singaporeans need shock therapy to wake up their apathetic dream.
ZL
KS
Dr Albert
Agree with your #28 post.
The old man needs a friendly party to hold power to keep the closet closed. He’s one very smart bully.
Gilbert Goh Keow Wah
Ya I can see how hard LSL persuaded the locals to accept FTs as there is no other way.
Our operating cost has gone up too high for MNCs to survive. If the govt curbs FTs I am sure that many will pack up and left and that will be bad for us all.
We may need to revamp ourselves here as one day the MNCs will all pack and go like the 1990s. A worker in China only earns $200 a month and ours earn at least $1000. So there is no fight here in terms of cost and feasibility.
Both ways we are all screwed. The ruling party may need to sit down and ask what do they want for the country rather than for themselves. Sometimes one has to sacrifice abit so that the whole country can gain. The govt has being cruising along cluelessly the past few years without any aim or vision.
Sometimes when economies fail it is the spirit of the people that will carry the whole nation through the down times. Let us hold our chin up Singapore.
T
/// 17) Gilbert Goh Keow Wah on November 19th, 2008 4.09 pm
Ya i am against the casino when it was proposed as firstly it is against my faith and secondly I know the social harm that it may cause. ///
Gilbert – I am neutral as to the casinos. But I think we should all keep religions out of such discussion. Singapore is a secular state and politicians should not mix politics and policies with religions. If it is against your faith, then don’t visit the casino. But you should not prevent those who do not share your faith from going there for a flutter.
By the same token, I am for euthanasia. It is a choice for those who want to avail themselves or their loved ones of euthanasia. But for those whose religions forbid euthanasia, they are free not to adopt it. The key word is – let people have their choices.
Lim Peter
I go to Genting often, from my observation most gamblers are Malaysians, less than 10% are tourists (including China tourists), base on this fact I think our IRs’ failure is a sure event.
logicalman
No. 4 Gilbert Goh Keow Wah
“Sometimes I wonder why we land up in such a state of affairs. Maybe we are too gullible?”
My friend, it’s called “Greed”.
logicalman
No. 21 Saga “we are no better than malaysia or we will become like them”
Economic KPI-wise, Malaysia might seemed worse off, but my friends and relatives in Malaysia are almost always happier than their peers across the causeway.
Like what Gilbert pointed out, life is more than just money & economics, something that our Govt seems obsessed about. From what I have seen all these years, I can only conclude that the Govt is only too happy to take as much as possible from her citizens, more than what she could chew in fact, and she ended up vomiting everywhere (Shin Corp, ABC Learning, UBS, Citigroup, etc).
At the rate the Govt is systematically transferring wealth out from her citizens through all manners of policies and legislations, what is so different between us and the communists that PAP was purportedly opposed to?
GoodSingaporean
I also agreed with #28…it like taiwan ex-president….Chen only 8 yrs in power..but the old lee is 45yr in power…even more things to dig!!!
Dr Albert
“One or Two Party” I think it is not the number of party that matter. I think focus should be no one man lead or rule. We can be from the same party but do not see eye to eye and eventually when thing go soul, we break off.
We can be two party but if both party intention is to con the people. They are equally bad. Politic can never be clean. Chinese has a saying, all credited General will climb a pile bones to reach to the top.
Even by now, we should have realised that Communist might not even be wronged. At the end of the day, it is how the person up there that steer the system. I have a theory that one day this world will eventually move towards communism doesn’t matter you like it or not. If you like science friction, Star trek is a very typical example of communist system. Basically, I felt that Communist system is about empower the people to steer it course for the country.
However, why do all Communist countries in the past failed. I think, human are just not mature enough for this system, especially with the present of physical currency. One main reason also because in actual fact, the history of China, Russia, Vietnam etc never really embraced the real concept of communism. Power had always been remaining with one man. I ever heard from foreigner that Singapore is more like a communist country and consider as successful model in the past. Similarity include, majority family income gap is close, a lot of rules and regulations and finally the country run like a clock work we almost everyone pointing at one direction.
Anyone care to share your view and enlighten me what I might have missed out? Thanks
Dr Albert
Truth communism do not need to be chaotic, the nature will run it course. As the world eventually obsolete currency, it will actually make poorer country easier to catch up with the rich. And therefore without the burden of sustaining the value of it country currency, can the poor country come in line with the others.
Not possible? Think again. We are moving towards a cashless world here starting with plastic, eventually when technology allowed, bio-implant. When currency has no physical form, I believe human focus will be more aware of their surrounding rather material. Have you realized the world is starting to see the damages that it had done to our earth in the past and the danger that we are heading. This to be is a silent evolution of human mindset that preparing ourselves to see a much higher aspect of life. Quality!
Like Deng Xiao Ping said, China did not give up communism by exposing her people to capitalism. It is conditioning her people to embrace fully to communism itself which this path is inevitable and cannot be avoided. Another sign of united front is the Euro currency, which again demonstrated awareness of co-operation. For all that had been mentioned above, I conclude that communism will eventually come to us and not us seeking one.
Lets not rejoice so soon, the other eggs are in Australia and America. I wonder if they’d be cooked like IR. Perhaps this is the result of high risk gambling and decision making.
Perhaps all is not lost for IR – less the casinos, at least it could serve as a resort. Frankly speaking I personally quite like the area over there, could do with nicer beaches for people to let off their minds in such times of crisis.
@28
That was one very interesting point of view too!
Dr. Albert
Hi James
I felt the same. Just went to the Marina Barrage and I think that area is going to be very nice in the future with the Garden project finished. Sure take away some boredom from this tiny island. Cheers
SSC
Gambling is a vice, no matter how much money it may bring in. The winnings from gambling make the hard work and skills we put into our jobs a mockery. Money is something we exchange for our time, our skills, talents put into work. This money in turn helps to clothe, feed and shelter us so we can be a blessing to the ones we love, the society we live in. People who can afford to splash their money in casinos are usually those whose monies are ill gotten gains. They don’t care if they lose much and if they win, they probably throw them away at women, wine and song, or more gambling.
It is sad PM Lee does not listen to his father LKY’s advice against casino and the promotion of vice. I quite like to see the whole Marina IR go pear shape so the land be used to grow organic vegetables or something worthwhile – good to eat, close to nature, without having a whole lot of foreign ‘talents’ come in just to promote gambling and run the establishment. People who have dedicated their lives to the gambling industry and only know how to make quick bucks cannot be people with great character and substance. Singapore can do without these foreign “talents’.
Can’t wait to see the stupid company running the IR goes to dust so Singapore does not turn into another Macau or London. Organic veggies will look good at that plot. Those who grow the veggies will enjoy great exercise and good health – win win all around. The next PM who promise to turn IR into organic farming plot gets my vote…
seaporter
The IR is going to be washed down the drainage of PAP System. We oppose the idea, but they are for the idea. And if it’s going to lose billion, time to vote them out and let the most hardworking and faithful take over. Why pay for a white elephant??
Daniel
“So in contrast to LHL, he is much lucky for start because of his backing (Singapore itself). However, he would face the same problem as Bugsy since he is the one that actually give the green light (TAKE NOTE AGAIN, IDEA IS NOT FROM HIM SO I SHALL NOT SAY PROPOSE). ”
No worry for LHL. He has a lot of scapegoat for him who willing to take all the shit and blame for sheer millions.
When he is finance minister and as chairman of MAS, he created Shit to increase GST, approve ScamBomb , discover that and make Tharma finance minister ! Problem Solved !
Run away from ScamBomb by making Woody Chairman of MAS ! Problem Solved !
When the casino bombed , as usual LHL will have no problem finding scapegoat using unlimited taxmoney. Problem Solved !
Whatever, LHL has a dragon emperor life that easy and pamper on him.
Daniel
The problem with this desperate gov and the pinkish clown is that they can’t even handle SCAMBomb thingy and MAS SELAMAT’s escape, and our billions dollar reserve, and blame it on anything as long as it is not themselves, what make these clowns think that they are prepare to handle the social , the crime and complexity of casino business ? Are the citizen so gullible to believe these irresponsible and unaccountability clowns who are not street smart and inexperience can handle these casino thing ? Atlas when thing go wrong, who to blame for casino’s business woe ? Must be Citizen again !
Worried
Everything that could go wrong, went wrong.
Things that can not go wrong, went wrong too!
Sigh…
tiredsingaporean
Last night I dreamt about the 3 towers collapsing, dunno whats the meaning but I think something bad is going to happen, suay dream, choi choi!
gemami
49) tiredsingaporean
You know what the three towers are?
No, not the IR – it’s still under construction.
Someone mentioned somewhere about the father, son and goalie goh?
Could it be the Pillar And Pillar about to collapse?
Maybe not so suay after all. Don’t touch any wood.
tiredsingaporean
ya lo gem, dunno leh but they looks mighty high and hugh lo, but as you said about the father, son and the goalie, hey maybe got connection leh, the height of these 3 also quite tall one hor! this time see liao!

Before upping my ante, I ask for Show Hands.