Sydney Morning Herald:
SINGAPOREANS aren’t usually given to open criticism of the Lee family that has ruled them for half a century. Rightly or wrongly, some presume that in their tightly controlled island state, walls have ears, and one never knows who is listening. But this time it’s different. Singaporeans are deeply displeased with their Prime Minister’s wife, Ho Ching. – “Lumbered with the boss’s wife”.
Kenneth Jeyaretnam
Investment in our only natural resource, our people, could potentially have had a much higher internal rate of return, in the form of a more highly educated workforce, than that achieved by Temasek or GIC on their overseas investments.
Sovereign Wealth Funds (SWFs) are not a new idea. According to Wikipedia, the term Sovereign Wealth Fund was first used by Andrew Rozanov in an article entitled, ‘Who holds the wealth of nations?’ in the Central Banking Journal of May 2005. A SWF may be broadly defined as a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments.
Theoretically one can distinguish two types of SWFs. The first, and the oldest form of SWF, is one set up to manage revenues from an exhaustible resource such as oil, or one which derives its assets from government budget surpluses. An example of one based on resources, and arguably the first SWF was the Kuwait Investment Authority, a commodity SWF created in 1953 from oil revenues before Kuwait even gained independence from Great Britain. A more recent example is the Norwegian SWF which was set up primarily to ensure that the wealth represented by Norway’s oil reserves was not squandered on current consumption but turned into financial assets which would benefit future generations.
Temasek could be said to be an example of the first type of SWF. It was set up in 1974 to hold stakes in the various government-controlled companies, such as DBS, SIA and Singapore Technologies, that had previously been held by the Ministry of Finance. The Temasek Holdings website states that, “Our investments are funded through dividends we receive from our portfolio companies, our divestment proceeds, commercial borrowings, a maiden Yankee bond issue in 2005 and occasional asset injections from our shareholder, the Minister for Finance (Incorporated).”
The second type of SWF is one set up to manage a country’s excess foreign exchange reserves. GIC is probably an example of this type of SWF since it was set up in 1981 with the explicit objective of managing our foreign exchange reserves for long-term capital appreciation. I say probably, as there is very little transparency, so it is not clear whether it is also funded by capital injections from the Ministry of Finance in the same manner as Temasek. However a significant portion of its funding may come indirectly from the CPF which invests primarily in debt issued by MOF. No information is available on the current level of assets. The website states only that the investment portfolio is in excess of US$100 billion. However various estimates have put the level of assets at between US$250 and US$330 billion.
Singaporeans need to be asking, particularly in the light of the recent investment losses, why Singapore even has not one, but two, SWFs. Singapore does not meet the criteria for the first type of SWF since we do not need to manage a windfall from any natural resources. If Singapore had expanded its domestic investment and consumption over the last 30 years it would have had smaller current account surpluses and thus smaller foreign exchange reserves needing management. MAS already has sufficient foreign exchange reserves necessary to manage the Singapore dollar. No second SWF was needed to fulfil this function.
Again without transparency we have no breakdown of how much government saving in the form of surpluses has contributed to both Temasek and GIC’s growth over the years. But we do know that the cumulative budget surplus over the last thirty years has been considerable.
Where have these oft lauded budget surpluses come from in the first place. Well we all know how to save money. We cut back on expenditures. When a country cuts back on the absolute basics such as free education for its children then it creates a budget surplus. Let’s make no mistake here. No other First World Nation only has compulsory education up to the end of Primary school and even that only for a very short day and that minimal compulsory education not even free (although heavily subsidised). I am not advocating a welfare state but to put it bluntly, Singaporeans have helped to pay for our enormous overseas investments by forgoing free universal education to secondary level, a national health insurance system and other elements of a social safety net which are characteristic of most countries at Singapore’s level of development
The budget surplus, having been taken from the pockets of Singaporeans, then represents money that not only could have, but should have, been returned to the citizens of Singapore in the form of lower taxes, fees and charges. It could have also been used to finance much higher domestic investment in education or in health and welfare. Their website states that Temasek has achieved an annualized return of 18% since inception though that is based on the March 2008 asset figure of S$185 billion rather than on the current valuation of S$145 billion announced by CEO Ho Ching yesterday. Investment in our only natural resource, our people, could potentially have had a much higher internal rate of return, in the form of a more highly educated workforce, than that achieved by Temasek or GIC on their overseas investments.
Instead of the Government investing our money to pick winners through an industrial strategy there could have been greater incentives for investment and R&D in the private sector which might have led to faster productivity growth and higher levels of real incomes. And even if GIC has not been funded directly by the MOF, the growth of our foreign exchange reserves has come about through chronic external surpluses which represent domestic under-consumption and under-investment.
As a final ignominy, CEO Ho Ching announced on July 29th at the Institute of Policy Studies that Temasek was thinking of allowing Singaporeans to co-invest alongside Temasek sometime in the next ten years. How kind of her. I thought we had already invested as outlined above. The only positive side of this news is that it would presumably force Temasek to be much more transparent about its investment process and corporate governance. In any case any personal financial adviser (and I am not one) would not advise an investment in a company without sufficient transparency that required due diligence.
As we all know, calls on the government for accountability and transparency in its sovereign wealth funds is not new. However; I would go one step further! Many of you know that I gave a speech at the Foreign Correspondents Association lunch on the 2 July 2009. In answer to a question put to me after the lunch I went on record as saying that Singaporeans should be given a direct stake in our SWFs, either through their privatization and the issuance of shares to Singapore citizens or through the explicit linkage of part of the value of these assets to the welfare of Singaporeans, as is done in Norway through the Pension Fund.
To counter one possible objection that our national “crown jewels” could end up being bought by foreigners the government could retain a golden share which would prevent this happening to Temasek’s portfolio of domestic GLCs. Longer term there is no reason for Singapore to continue to run large budget surpluses over the course of an economic cycle.
In conclusion whilst I will not let up on calling on our government for greater transparency and accountability into how it manages our money, I would urge it also to look at credible new proposals such as mine, rather than confining itself to the limited steps outlined by CEO Ho Ching in her speech.
—-
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#100 /// So do anyone really know KJ ? /// ;;; Hi Apek /// We know KJ. KJ is the son of JBJ, a great freedom fighter who took on LKY headon. We know KJ. KJ is back to continue what his father has been doing for all of us Singaporeans. We know KJ. KJ is an Economist whose expertise Singapore sorely needs. We know KJ. KJ is secretary-general of Reform Party and that he wil be an integral part of the real opposition(as opposed to the pseudo-opposition that we have now–not counting the SDP) that is going to take on the PAPies in the future. Apek don’t act blur lah brother.
Dear Integrity,
Yes – there is an element of truth to what you say. I frankly do not see the Singaporean Chinese adapting to a Muslim dominated society and culture. The Singaporean Chinese is far too Westernised to fit into a Muslim society.
Best Regards
Dr Syed Alwi
102) budamax1952
From what you wrote, you strongly believe you know him. And I respect your view. But please speak for yourself. Because other than what you stated about KJ, which are info available in the public domain, I really do not know him,
#104 /// I really do not know him ///;;;Hi Apek;;; How many in our population of 4.5 million come forward to actively participate in opposition politics ? only a very minute percentage right. Therefore, for the vast majority of us downtrodden Singaporeans the very knowledge that someone has come forward courageously to take on the PAPies is good enough—and what further doubts about the character and integrity can we have of someone who is the progeny of the great JBJ.
I doubt many citizens knew LKY when he was a opposition member more than 4 decades ago. But the public gave him and his PAP a chance. The rest is history.
Like wise the public should give KJ a chance too. Firstly I have yet to know of anything adverse about KJ, so I believe he deserves the benefit of the doubt.
Frankly I am absolutely put off by the many PAP stooges not speaking up for lesser mortals and the biggest letdown is to see a reluctant and out of place leader at the helm with his famiLee running both SWFs. Name me a country that can top this arrangement.
[i]Even LKY and Dr Goh has their share of arguments which LKY thanked him in his farewell letter when he step down. He said “Without ur opposing views, I wouldnt hv reexamine the premises upon which these decisions r made and we cme to a better solution to the problems tht we face” [/i]
off course laulee thanked Dr Goh Keng Swee graefulLEE
why did Dr Goh Keng Swee migrate to china and rebuilt china?
because Dr Goh Keng Swee already know what laulee is up to
when Dr Goh Keng Swee and the other FEW good men was aroun
they made singapore good great and strong
11 bus compainese were merged into 1
makin it effective cheap public transports
taxi was the ole black & yellow self owned or rented out by a localised laupans who charged cheap rentals
what did laulee do
after all the FEW good men retired 1 by 1
he divide the bus companies again
this time the smaller rival company become his backyard ownership well not owed by him but through his famiLLEE
the utilities endup under his owned private companies
and today it was sold to a foreign power country….
now looked @ china that was developed under Dr Goh Keng Swee masterships
it flourished
is the costin same as present singapore
or dirt cheap by world standard?
see the differences?
apache101?
you should had flown a commanche instead
can even lift a 3 tonner budget lorry…..
and host the great singapore flag…………………
Hi KJ, its a very splendid, well written article. Singapore is proud to have an astounding Economist like you. Hip2 Horah…RP.
95) Dr Syed Alwi on August 2nd, 2009 7.56 pm
//I do not know what is your problem. Shout it out loud if you must //
I think it is your own contradiction that is the problem.
//– BUT the Malaysian Muslims do NOT want the influx of Non-Muslims. Period.//
So tell me do they WANT an influx of millions of refugees from Palestine, Iraq, Afghanistan, Pakistan and Bangladesh since they are fellow Muslims? If they don’t then why bring religion into the debate? Why make Islam into an exclusive and “sinister” religion when it is not?
You tried in vain to answer this in 98 “Malaysia has taken in quite a few Muslim refugees from Bosnia, Palestine and so on. So its completely false to think that Malaysia is blind to religious affiliation.”
But I repeat “do they WANT an influx of millions of refugees from Palestine, Iraq, Afghanistan, Pakistan and Bangladesh since they are fellow Muslims? ”
//You may not like it – but the Malaysian and Indonesian Muslims do not want you.//
I can live with that since they also don’t want an influx of millions of Muslims from other Muslims countries and Singapore also don’t want an influx of millions of Malaysians and Indonesians. This is the reality of life !
//The majority of Singaporeans cannot adapt to the social climate of a Muslim majority society.//
This is another contradiction. The last time I checked, about 5 million motorists crossed the causeway/Tuas bridge to Malaysia in the first 5 months of 2009.
If the “majority of Singaporeans cannot adapt to the social climate of a Muslim majority society.” then why bother to go there and why is the Malaysian govt doing its best to encourage this trend?
//For your info – the Silver Lining things is a FLOP. Most Non-Muslims cannot stomach the going-ons in Muslim Malaysia.//
It was called the “silver-hair program” not “the silver lining things”. Now the name is changed to “Malaysia my 2nd home program”. This contradicts what you having been saying all along that “They do not want more Non-Muslims in their country !”
//The Malaysian Chinese themselves are trying their very best to migrate to Singapore !//
Not because they cannot tahan “the going-ons in Muslim Malaysia” but because the pay here is better and there is also the advantage of a 2.4 x in forex booster.
But most non-Muslim Malaysians I know plan to retire in Malaysia where the cost of living is cheaper!
//I tell you what – since you are obviously very deaperate to live in Malaysia – why don’t you convert to Islam and try your luck there ?//
Why make idiotic generalization? This is a debate not a personal slug-fest !
@98) Dr Syed Alwi on August 2nd, 2009 8.22 pm
//I do not see any contradiction between saying that Indonesia is one of the most populous Muslim country – and the fact that Indonesia is the most populous Muslim country. The 2 statements do NOT contradict each other.//
Maybe the nuance escaped you. This year Carlos Slim Helu is one of the richest men in the world but according to Forbes he is not THE richest.
Bill Gates is THE richest man in the world. Check it out below :
http://www.forbes.com/2009/03/11/worlds-richest-people-billionaires-2009-billionaires_land.html
//I really do not know what you are trying to get at. I really don’t. The Malaysian Malays do NOT want a huge influx of Non-Muslims from Singapore.//
As I say, I can live with that since Malaysia also don’t want an influx of millions of refugees from other Islamic countries.
//Indeed this issue of demographics was one factor that made the Tunku dislike the idea of merger in the early 1960’s//
Do you think he would have been more amenable if Pakistan or Bangladesh had wanted to merge with Malaysia in the early 60s since majority of their people were and are Muslims? If you do then get a reality check.
//Till today – the majority of Malaysian Muslims are averse to the idea of a union with Singapore because they do not want Islam to be diluted by the influx of large numbers of Non-Muslims.//
But this may change TOMORROW, if Malaysia suffers a catastrophic economic meltdown. In politics, never say “NEVER”.
//I cannot change Islam nor the Malays. If you want them to accept you as an equal – well – you can try. I do not guarantee your success.//
One of the reasons Singapore is a success is because it treats all people as human beings. But if the Malays won’t accept me as an equal I won’t lose any sleep over it.
Dear Taxpayer,
Visiting Malaysia for a week-long holiday is NOT the same as living there. Yes – Malaysia has many visitors from Singapore. But how many Singaporeans migrate there ? Visiting Malaysia is NOT the same as living there.
Silver whatever. Its still a flop ! The Malaysian Chinese are trying very hard to migrate to Singapore !
You still do not accept the reality that the Malaysian Muslims are NOT willing to accept an influx of Chinese Non-Muslim Singaporeans. Malaysia has accepted Bosnian and Palestinian refugees BUT – as you pointed out – not in the millions. However Malaysia will never accept Singaporean Non-Muslims. Never. You can go on dreaming about it. Thats your business.
Tell me – what are you going to do – to force Malaysian Muslims to accept you ?
There will never be a re-merger with Malaysia because the Chinese Singaporean cannot adapt to a Muslim society.
Singapore’s future lies in a multi-party Liberal Democracy and not the race-religious politics of Muslim countries.
If you stubbornly insist on returning to Malaysia – well – you migrate there yourself. If you carry out a poll or referendum, you will see the statistics of this debate. It will be in my favour.
Regards
Dr Syed Alwi
By the way Taxpayer,
Why don’t you ask Malaysian Muslims themselves ? Go to the MYKMU website and ask those UMNO people. Or go to Tranungkite and ask those PAS people.
Fact is – if you have debated with Malaysian Malay-Muslims – you will know that Malaysia is mired in race-religious politics. That Malaysian Malays will NEVER compromise on the Islamic supremacy in Malaysia.
So I tell you what – you go ahead and debate this issue with Malaysian Malays themselves. That way you will learn something about them. And that way – you will find out whether re-merger is ever possible.
I will be more than happy to participate with you on this debate – on a Malaysian Malay web-site.
No point arguing here without the participation of the Malaysian Malays. You need to get a direct rejection from them before you realise the nature of the situation.
Best Regards
Dr Syed Alwi
And another point to add, Taxpayer,
Why don’t you socialise with more Malay-Muslims to understand their psyche ?
If you think that a re-merger is possible – then I suggest that you make friends with more Malay- Muslims. Indeed you ought to socialise more with Malaysian Malays to really understand the situation.
I am tired of debating with you. You go ahead and find out for yourself – what the Malaysian Malays think.
Regards
Dr Syed Alwi
After independence, Malaysia has slowly acquire more and more features of an Islamic State instead of a multi-racial nation.
If we take a look at states with Muslim supremacy, we some certain phenomenon.
In the Gulf, the elites prefers to hire expatriate pagan Hindus from India and allow their young man to rot. This is despite the fact that so many youngs in Arabic North Africa and Levant are jobless and dirt poor.
One of the reason being, from young, most people in Islamic countries are inculcated with toxic militancy that eventually prevent them from being more productive and compliant than those of other groups.
Many citizen of Gulf states rely on state handout working as civil service rather that sector that are productive. So far, no Islamic state event to some extent Malaysia is able to shrug off being a natutal resource economy.
Racial problem is another tinderbox. No Islamic state has manage to treat its minority with dignity.
Using Pakistan as an example, during the India partition, the newly created Pakistan believed they are able to solve their minority problem by kicking out almost every Sihk and Hindus. Before partition, there is about 10-20% pagans in Pakistan. After the partition, it is almost 0%.
Instead of solving the problem, Pakistani engage in more internecine conflict because every Islamic group claims to be more authenic than others.
All these has roots in the culture of “My brother and I against my cousin; my cousin and I against the stranger.”…..
Malaysia is fortunate to have Chinese as scapegoat for all their problems. If Chinese are gone, Islamist will fight one another.
Do any saint people want to joint with such political entity?
Dear Integrity,
I fully agree with you. Re-merger with a Muslim Malaysia is inviting trouble. We Singaporeans are too Westernised to fit into a Muslim society like Malaysia’s. Besides – I am sure that the vast majority of Singaporeans do not want a political culture based on race and religion.
I agree 100% with you.
Best Regards
Dr Syed Alwi
@111) Dr Syed Alwi on August 3rd, 2009 9.03 am
//Visiting Malaysia for a week-long holiday is NOT the same as living there.//
That’s true but how many people would like to visit Malaysia if it is as oppressive as you portray it?
//Yes – Malaysia has many visitors from Singapore. But how many Singaporeans migrate there ?//
I am told many people from Singapore are living in JB to take advantage of the low cost of living. Many Singaporeans have bought residential and commercial properties in JB and KL. But why migrate when one can live in JB with a 2 weeks Asean visa that can be renewed by just crossing the causeway and back?
//Silver whatever. Its still a flop !//
That is not the point. The point is that the Malaysia my 2nd home program” contradicts your assertion that “They do not want more Non-Muslims in their country !”
//The Malaysian Chinese are trying very hard to migrate to Singapore !//
Where is your source?
//You still do not accept the reality that the Malaysian Muslims are NOT willing to accept an influx of Chinese Non-Muslim Singaporeans.//
I accept that they are not only not willing to accept an influx of non-Muslims into Malaysia but also an influx of Muslims from Palestine, Iraq, Afghanistan and Bangladesh. No nation can accept an influx of millions of migrants. So what is your point?
//There will never be a re-merger with Malaysia because the Chinese Singaporean cannot adapt to a Muslim society.//
Who wants a merger?
//Singapore’s future lies in a multi-party Liberal Democracy ..//
I agree to a multi-party democracy but why liberal? Who needs another riot?
//and not the race-religious politics of Muslim countries.//
I agree.
//If you stubbornly insist on returning to Malaysia – well – you migrate there yourself.//
What makes you think I would like to migrate to Malaysia?
112) Dr Syed Alwi on August 3rd, 2009 9.13 am
//That Malaysian Malays will NEVER compromise on the Islamic supremacy in Malaysia.//
Everyone who can think knows that. The Italians too will NEVER compromise on the Catholic supremacy in Italy. So what is your point?
//And that way – you will find out whether re-merger is ever possible.//
Who told we want a merger in the first place?
113) Dr Syed Alwi on August 3rd, 2009 10.32 am
//Why don’t you socialise with more Malay-Muslims to understand their psyche ?//
I know a few and they are moderate and highly educated people.
//If you think that a re-merger is possible – then I suggest that you make friends with more Malay- Muslims.//
Who told we want a merger in the first place? Singapore and Malaysia are at peace and that is what counts. Let’s not stir up any bad feelings is my point!
Although the Muslims have many war like tendencies today, which originate from their religious teachings, we can argue that the Christians of the the past were similarly inclined during the middle-ages. Religions of the world, too, evolve. Christianity today is quite a peaceful religion, and in the near future we can confidently predict that Islam will evolve into something similarly peaceful. We should have confidence in the innate goodness of the human race, and not just think that merger between Singapore and Malaysia is impossible, but work towards the merger of every country of the world, one big world without borders and undivided by race or religion, as envisioned by John Lennon.
Hi Budimax
I agree with you. In fact the most state atrocities are conducted by the Sinitic civilization, followed by the Christian. I should say even the most decadence Sheik are do not come close at all to Mao, Hitler or Stalin.
The bloodiest Muslim State sponsored pogrom are Armenian genocide and series of anti Chinese riots in Indonesia, which is very much less wicked.
And individual Muslim commits less sins than other groups. Eg just 0.5% of Somalia people have HIV compared to other African State like S.Africa which has 18%.
When Muslim state evolve into a free and open democracy without discrimination, there would be fewer obstacle to join the country.
Alternatively, PAP may degrade into such base, whereby joining Malaysia is less painful to put up with PAP.
I think PAP is ever becoming a rent seeking leeches elite class which has absolutely no compassion of its people. It has gradually adopted the Chinese court mandarin mentality of blood suckers.
Although Muslim is nowhere at this point of time to appear victorious in the clash of Civilization, I think Muslim will eventually prevails if their individuals holds on to morality.
The promiscuous Chinese and Western tribe are not quite aware the fact the sexual freedom actually destroy their fertility.
And Muslim is now winning the demograhics battle. That is the reason our corrupt elite bring in Foreign Talent.
If Muslim can preserve righteousness (not easy), they will win the demographic battle.
Taxpayer 3- Dr. Syed 0
someone requested a poll of statistics?
i don’t think taxpayer even considered moving to Malaysia.
Yet, Dr. Syed went off at him?
Re-merger is not an option because the cultures are very different and why would Malaysia and Indonesia want a mearger when Singapore is Down?
Would itbe adding value to either of these bigger countries?
Plus it would mean a further redistrubution of wealth. If anything, this means wage reduction for every Singaporean.
Increasing Domestic consumption is the key and this will have the added bonus of reducing carbon- miles on items that Singaporeans consume.
Dear Charles Lee
Well Taxpayer is so keen on re-merger – that was why I suggested that he migrate to Malaysia !
Regards
Dr Syed Alwi
Dear people,
I wish to end this debate. Without the participation of Malaysian Malays – we are going nowhere. I leave it to you people to talk to Malaysian Malays to find out if they welcome a re-merger.
Regards
Dr Syed Alwi
@119) Charles Lee
//i don’t think taxpayer even considered moving to Malaysia. Yet, Dr. Syed went off at him?//
I think he made a mistake.
//Re-merger is not an option because the cultures are very different..”
I agree. There will be a whole host of problems and other imponderables when one plans to merge a first world economy with that of an emerging economy.
//Increasing Domestic consumption is the key and this will have the added bonus of reducing carbon- miles on items that Singaporeans consume.//
To increase consumption there must be a reform to lean towards a living wage for all, that is to say, enough to live a good life whilst one is working and have enough to save for retirement.
Also Singapore needs to reinvent itself and be less dependent on exports to a declining United States and instead align itself with the economies of a resurgent China and India if we are going to avoid cyclical bouts of boom and bust.
We also need to take a ride in the super commodity wave that is going now that China is vacuuming all the strategic metals around the world, especially closer to home, like in Australia. It’s a pity that Chip Goodyear has said goodbye as he is ideally suited to lead Temasek into the commodity promise land.
120) Dr Syed Alwi on August 4th, 2009 7.21 am
//Dear Charles Lee, Well Taxpayer is so keen on re-merger – that was why I suggested that he migrate to Malaysia !//
Not true
121) Dr Syed Alwi on August 4th, 2009 8.37 am
//Dear people, I wish to end this debate. Without the participation of Malaysian Malays – we are going nowhere. I leave it to you people to talk to Malaysian Malays to find out if they welcome a re-merger.//
Thanks for the debate. But we don’t need the Malaysian Malays to tell us that they don’t welcome an influx of millions of Singaporean, just as they don’t welcome millions of folks from Palestine, Iraq, Afghanistan, Pakistan and Bangladesh. We already know that.
As for merger, I don’t think it is in Singapore’s interest to merge with Malaysia or Indonesia. I hope this is now clear.
#122 Taxpayer /// Re- merger is not an option because the cultures are different /// ;;;;; Hi Taxpayer ;;;;; LKY in the sixties tried merger with Malaysia, but he failed, and again recently LKY clearly stated that if Singapore goes down the drain, the only option would be re-merger, otherwise hundreds of thousands are going to starve to death (after the reserves run out ) and anarchy and civil war is going to flatten Singapore. I agree the cultures are different, but with Singapore’s GDP approximately about 40 to 50% ( i’m not sure about the exact figure ) the size of Malaysia’s, and the fact that political and economic power will be under the thumb of KL if a merger occurs, it will be foolhardy of the Malaysians to want to reject re-merger on the grounds of culture or demographics, and the Malaysians know that if they reject re-merger with Singapore, Singapore has the option of merger with Indonesia, and this the last thing Malaysia would want to see. Singapore which was originally part of old Malaya, would be willingly accepted back by the Malaysians if political and economic power remains in the hands of the Malays. LKY is not a fool, that’s why all along he has also maintained close links with the Indonesians, and if things really go bad for Singapore, we have the option of merger with either Malaysia or Indonesia, both resource-rich countries, which easily can feed another 4 or 5 million citizens if required.
@124) budamax1952
// LKY in the sixties tried merger with Malaysia, but he failed,//
That was a different scenario. When the sun set on Britannia the British closed their military bases East of Suez and jobs evaporated. He had no choice but to seek a safer harbor.
//and again recently LKY clearly stated that if Singapore goes down the drain, the only option would be re-merger, otherwise hundreds of thousands are going to starve to death (after the reserves run out ) and anarchy and civil war is going to flatten Singapore.//
Do you have the source of this statement of his? I must have missed it.
Singapore has today the highest per capita reserves in the world and it would probably take another 1930 style Great Depression to bring not only us but all surrounding nations down on our economic knees, in which case, its every nation for itself and no one would even have time or political will to think about any pesky merger.
Today our population, inclusive of the foreign talents, is about 4.6 million but the 1.6 million foreigners and PRs plus a sizeable number of the wealthy lot would leave Singapore for greener pastures when the proverbial sh*t hits the fan, leaving IMHO the core of say 2.8 million true-blue Singaporeans to ride out the Great Depression. In think we can make it if we start buying up farms around the world now.
//Singapore has the option of merger with Indonesia, and this the last thing Malaysia would want to see..//
That would be, IMHO, like falling from the frying pan into the fire!
//we have the option of merger with either Malaysia or Indonesia, both resource-rich countries, which easily can feed another 4 or 5 million citizens if required.//
But do they have the resource to feed us if they are short themselves in a Great Depression?
btw Mr Moderator, is the TOC server undergoing maintenance? It is so slow to get access.
I know if Bill Gates were to request to be a Singapore citizen or any other
country, which government were stupid enough to reject.
To be practical, every governments are run by humans only.
Is it possible that the public will never (as in for eternity) know the accounting (accounting up to now)?
So, who knows the reality?
But as long as the majority accepts it, i may also accept.
Its really in the hands of the Majority, who I assume are highly educated and brainy and smart and wise.
But why so many foreign talents here?
frankly folks…
i wonder and really hope HC who is definitely getting advice or recommendations on the picks of those “bad” deals or advice [buy high and sell low] from her “elite” or “valuable” people in temasek holdings to re-examine who these clowns did TH get into this situation. Yeah it is not within our control…so u are being paid to pre-empt and avoid this out of control situations…instead of stepping away from the quick sand, we dive into it literally…is it possible and i really hope not that a number of these people who gave HC advise and recommendations has their own little private investing going on at the side with these going to fail banks/business enitities…so lead all of singapore into this…
HC can only do so much…so definitely has certain gaps which requires her “elite” or “valuable people to step in as a team…but i guess they screw up big time. So time to hide behind HC.
So HC getting is all the heat. As a leader she is doing that. But i hope as a leader she also know how to “punish too”.. rewarding them is fine by me but there must be proven track records and factual justification] especially since they are using funds [direct/indirect from singaporeans plus FT too].
Anyway HC is back at the helm of TH…for better or for worse we have to accept it and hope she can steer TH to recover the losses and made more $ for singapore…else haiz…price / tax will increase…so she best place to steer TH all back on the right track.
Instead of hiring the best CEO to manage the people/country’s wealth Nepotism select one that happened to be a famiLee member with no proven record to show for. It is our pension fund and who is going to suffer in old age? Certainly not the CEO but the oridinary Sinkaporean. Many who earned just enough to keep the family together and in their late 40s would be seriously affected. There is just not enough time to rebuild their CPF.I know some Sinkaporean took the easy way out and voted with their feet ( one way to Australia, NewZealand , USA & UK) when the opportunities presented itself.The country is loosing talent, the educated professional while we are importing foreign talent. The obvious answer, is make the country welcoming for the local and keep the local talent in the country. I must confess I took the easy way out myself for all sort of reasons. I would be please return if the situation changes to my liking. I am sure many oversea Sinkaporean would as well.
Please see this http://www.swfinstitute.org/funds.php.
Frankly, I cannot understand what’s the issue with having 2 SWFs for Singapore. If you see the site, many countries have more than 1. In fact, we should be asking why not more than 2?
To me, I am more interested in having the 2 SWFs at the top of the table. That can only make Singapore stronger financially!