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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Dear Amused,
Indonesia is one of the most populous Muslim country. You can check this out with the OIC (Organisation of Islamic Countries). A Muslim country is one with a Muslim majority – and NOT necessarily an Islamic State.
The Muslim majority in both Indonesia and Malaysia do NOT want to take in millions of Non-Muslims and have their Islamic culture and environment – diluted.
Singaporeans too – cannot adapt to a Muslim social environment.
Regards
Dr Syed Alwi
I was offered a job by one of the SWFs recently but was rejected during the last minute. Although no contract was sign yet, I do value verbal promise too. If this is how they treat their candidates, how do you expect these 2 SWFs to treat the rest of the citizens? I know who to vote for during the next election already. Since no govt agencies wants to hire me, it doesn’t matter if I vote for the opposition.
khinboon #40, I am afraid your call to be appreciative towards the current government will not work. In the first place, whatever they achieved, they have been paid handsomely for it, and whatever they have been paid handsomely for, it’s all (supposed to be) for work done in the past. Each day is a new day, and they have to continue to prove themselves over and over again, while at the same time drawing high pays. This is exactly the issue that many took in this forum. Their pays are all not small packets of peanuts, so don’t use market forces entirely to explain poor performances. If we do, the conclusion will be that we don’t need a highly paid person there, since he/ she has (or even they : the board) no effect against market forces anyway.
#49 – “Temasek has lost $40billion or 30% of its value in 12 months”
Minor correction – It should be-
“Temasek has lost $40billion or 30% of OUR MONEY in 12 months”
Dr Syed Alwi
I tried to look for some concrete definition of what is a “Muslim country”. Unfortunately, it still sounds very ambiguous to me. I will reserve my stand until I can get a proper definition for this term.
Also OIC is not “Organisation of Islamic Countries”, it is “Organisation of Islamic Conference”.
Indonesia has never declared itself as a Muslim Nation, whereas Malaysia has.
Highest number of muslims in Indonesia tough….
But I have to agree with Dr Syed, it will be very difficult to join either country, islamic or not. There are too many differences.
And Singapore can hold a referendum and be apart of Malaysia, if 75% of us vote to be with Malaysia.(it is in the constitution)
Very well written rebuttal piece to counteract the lies of the PAP-led Government. About time for the compassionate alternative. You have my support …100% …
Dear khinboon #40
We recommend that you immediately become a Singapore citizen and enjoy the “perks” that you boost so much as a citizen of Singapore.
Don’t just come here to earn money and send it back to your country. Bring your whole family here and be rooted. You might even get free tickets to the NDP you know?
Btw, do you know that in Thailand it cost only $80 sin dollar to extract wisdom tooth but in Singapore it cost $400 to $500? well, since Thailand government is so poor, I wonder how to can provide such subsidies for thei citizen? Taxi ride is even cheaper comparing the milage it cover (taxi driver not as friendly I agree), but you can always change to another till you satisfy.
Way to go KJ…. You have my support too.
Sotongball
LOL. I hope it is not your truth life story, but it really paint a truth of what is really happening here.
Dear Amused and prettyplace,
There is a difference between a Muslim country and an Islamic State. Neither Malaysia nor Indonesia are Islamic States. However they are both Muslim countries by virtue of a Muslim majority.
Singaporeans today are far too Westernised to adapt to a Muslim-dominant society and culture. I do not believe that Muslim Malaysians and Indonesians want to accept millions of Non-Muslims into their country either.
Lets face it – they do not want us to change the demographics of their society. They prefer to remain a Muslim majority society.
We do not fit into their society as we are too Westernised………………
Best Regards
Dr Syed Alwi
KopitiamApek,
I wldnt clasfy KJ in the same class as George Soros, Warren Buffet etc, if he was indeed tht smart I dubt h wld be keen in local politics. But in the entire opp I wld say he wld be very diff from the rest if u read up on his CV, profesional training, career etc, the nxt 1 I could think of is Steve Chai but he merely a remiser hence nothing much to scare of but KJ looks v diff, and furthermore given the yrs he has been in the London financial mkts 1 has to be v careful. After this rd of qn wht further qn wld he ask? Wld he dig deeper deeper? Wht r his intentions? Of cos Temasek & GIC r run by professionals (debunking the myth tht only former SAF generals r running the show) hence they knw whts the limit is and wht 2 reveal and wht nt. But to laymen we do not knw until my frd caution me and ask me to read up on this article. Anyway is there a reply by KJ himself I hv nt gone thru all the comments, if there is pls let me knw. As I said I nt here to fuel any speculation its best tht KJ can personally ans these queries if nt they will be forever looming in our minds.
SSAM,
My apologies if I hv hurth the feelings of late JBJ but we chn hv a saying “yi chao tian zi yi chao chen” but to get rid of Ng T S so fast the moment u r in, hw can ur father slp well underneath. Ay1 familiar with local politics knw who Ng is and hw he has stick thru all the bad times with JBJ. The moment u r in u got rid of ur father old ally wht does tht speak of u? U mean u trust Edmund Ng more than Ng T s, ask JBJ (if he still ard), who he trust more. Ask Edmund Ng were was he when Ng T s was helping out, maybe still s**king nipples hhahhahahaah
Hi apache_101 #63,
Many PAP parliamentarians are either either in the financial or banking circles. So what if KJ’s profession is no different? Do you seriously think that his profession will affect his decision-making process? Why don’t you apply the same scepticism towards PAP?
Dear Supporters of KJ,
1 scary thing I learnt when criticisng the opp is tht the man himself does nt hv to necessarily explain things himself, ther r many shou men zhi quan who r willing to bark at intruders even b4 they take any action.
Its a scary phenomenon I duuno why and I dont understand. They r gods, nything given is to be taken as the gospel truth, no qns asked, any orders given is to be carried out in accordance to their wishes failure which u will be branded from anthing like “PAP lackey” “traitor” etc etc.
As in the case here, I hv nt seen a singlr reply frm KJ himself (if I nt wrong) but there r scores of pple unhappy with me. I dun think KJ need to issue any instructions and they started their vivious attacks on me. If tht was indeed the case with the opp which discourages open debate but mere;y to take instructions BLINDLY with no qn asked where do we go frm here.
I hv attended countless PAP forums nvr was I once treated in such a hostile manner. I remembered there was once I wasextremely displeased with 1 minister and I openly shouted at him but he even went up to shake my hand nxt time rd when I attended another event.
It wouldnt do the opp any do if whenever ur leader is criticised, u cant take it, remained defensive and keep defending him even though u knw if he’s wrong. As in the case of KJ i dunno whether he’s rite or wrong as i said its best for him to clarify matters which he has chosen the convenient way out (which is to stay out of this altogether and let his supporters do the nasty job while he looked the other way rd)
very good article KJ. I would like to add one point: at a post-budget dialogue in March 07, our then Second Minister for Finance, Tharman S, proudly declared that “we spend almost $1 out of $3 that we spend on defence ……it’s almost 5 per cent of our GDP. But despite that, our total government expenditure is the lowest in the world. We spend only 15% of our GDP. Compare us to Hong Kong, they spend nothing on defence because they have the People’s Liberation Army behind them..”. That our government takes pride in its ridiculously low expenditure is dismaying. But the expenditure level shows that we are severely overtaxed and/or that we have under invested in public services such as healthcare and education (and i would argue an unemployment benefit). This additional wealth has been pumped into Temasek and GIC? For what purpose? So that someone can say how much money they have made while Singaporeans pay for education and healthcare and get taxed on rice?
hi Apache_101,
“and they started their vivious attacks on me.”
if you scroll back to your 1st post, you will know why. let me quote the personal jibes that is worded to draw maximum response.
“This is indeed a very smart call byt he 1st class son of late JBJ, 1st of all lets salute him, afterall we seldom find a double 1st in PAP let alone opp. Oh lest I forget we also hv to congrats him for ousting the long time ally of his late father, hw filial is he to his father, I think JBJ jiu quan zhi xia bu neng ming mu hahahahah,…”
IMO, sorry came too late. once to cat is out of the bag, its out. prevention is better then cure, you should not have submitted a post without thinking it through. ;)
If you feel that you are fortunate and have benefited by the PAP system of Singapore, you should not just stop at being comfortable or compare what we have to other countries.
We are Singaporeans, Singapore is our business. What other countries do is they’re business.
We have peace. We have a relatively safe enviornment. To say that other countries are chaotic and unsafe, is as complacent a comparison as a Singaporean can be.
“Look… Raffles JC grades are falling …so I guess us Hwa Chong JC should rejoice and don’t need to study that hard lah….anyway we are already top schools what else is there to improve?”
How to be first world with this type of thinking?
Very well said, ErniesUrn.
The PAPis like to pour cold water at First World Democratic nations, as if to claim superiority so that they do not need to improve anymore? I blog my contrasting experiences in UK because it is the PAPies who always mock at such countries. They mock and despise other countries but in reality the civil service always seek expertise from this part of the World (the West). Many big projects including skills development, infocomm etc are on tender as far away as UK!
all these talk and comments here got any use or not? really.
i mean , as long as the majority ensure they do what they always have done, what can the minority do?
tell me leh.
majority wins. sad or happy. I am diplomatically neutral.
62) Dr Syed Alwi
//However they are both Muslim countries by virtue of a Muslim majority.//
If that is the logic then the USA is Christian country but it is not. It is a secular country.
//They prefer to remain a Muslim majority society.//
But even if we want to merge with either of them they will still remain a Muslim majority society as we have only a very small pop. So what is the beef?
/We do not fit into their society as we are too Westernised..//
Or too pragmatic?
1/8/09
KJ’s article is purely academic given his back ground as a Cambridge trained economist,and impossible to be implemented-human capital is just one of the alternative and has its constraints-look at Malaysia who spent billions training their human capital especially one particular race and what happens-I need not have to elaborate.
Temasek made bad ommercial decision which comes with high risks, so are those Uncles and Aunties who lost in Lehman’s junkbonds.Comes next General Election which is around the corner, Ordinary Singaporeans just either votes in more opposition MPs into the new Parliament like our neighbour in Malaysia, Malaysians denied the ruling Barisan Nasional-UMNO two third majority-today is another Black Day in Kuala Lumpur where two camps ie one for ISA and the other Anti-ISA taking to the streets in Kuala Lumpur, all out for each other (thank God this must not happens in our Modern Singapore). At least in our Modern Singapore, our losses are made know publicly unlike our neighbour Malaysia where trillions of Ringgit had been losts since Malaysia’s independence and never been fully accounted.
Let us be focus and ask ourselves ie Temasek huge losses are purely bad commercial decisions, and they came clean and made this annoucement openly.
Regards
Andrew Chuah
Dear Taxpayer,
You do not seem to understand. The Muslim majority in Malaysia and Indonesia do NOT want the influx of millions of Non-Muslims. They do not want you !
Do you now understand ?
They do not want more Non-Muslims in their country !
Whether you consider us to be more pragmatic rather than Westernised – is not an issue. The Muslims in Malaysia and Indonesia view us as being very Westernised and our cultural practices runs counter to their Islamic norms.
Regards
Dr Syed Alwi
Dear Andrew (#73)
The issue is not only about coming clean on the issue of loss. The issue is also, it would appear from sentiment on the ground, about whether Temasek needs a new person at the helm. Better still, if HC would acknowledge her errors of judgement and bow out, to allow a better person and team to manage the show.
Marketplace Thiologist
I cant think of any PAP MP whose profession is so close to KJ can u name any if there’s 1 thks.
mice is nice
As I hv explaind myself, JBJ wldnt be too happy if he knw his son has dismantled his legacy in such a way. Anyone familiar with local opp politics knw Ng T S, a long time solid ally of JBJ, who stick with him thru thick and thin. I mean the moment u became emperor, u got rid of all the lao chen zi, is this the way a new emperor shld behave. Let me quote u from chn history if u r unfamiliar with, there r pple who last 3 generations, from kangxi – yongzheng – qianlong.
Lastly given KJ academic backgrd, wk experience etc etc why dont he suggest ways in which we can better manage our reserves, hw to generate a better return for spore. I believe he has sme ideas, but he chose not to reveal it (reasons best known to himself), instead he chose to dwell on the unhappiness of sporeans ie lack of transparency at the 2 state owned investment agencies. This is very typial of the opp, they hv an axe to grind, a personal matter to settle, cme with a vegeance, even though they may hv sme brilliant ideas as to hw to bring spore fwd, they refuse to share, instead they capitalise on spore unhappiness (eg GST which they knw is necessary), whipped up their emotions and hopefully get a few more votes. This I wld say is politically, socially, fisically irresponsible. A govt formed on this basis wont last long, for being popular can last u so much, once pple saw thru ur populist policies which in turn hv to tax them further, they will no longer vote 4 u.
#78 apache_101
“…. why dont he suggest ways in which we can better manage our reserves….”
Kenneth has said in several of his articles that he would boost domestic consumption by spending more in the domestic market and saving less.
Why don’t you read his articles more carefully?
[i]why dont he suggest ways in which we can better manage our reserves, hw to generate a better return for spore[/i]
have i not myself generate so many ideas for the pap government?
when i was contributin in the youngpap forums
which you claimed you were there a countless time
and i have yet to remember your apache101 nick
to me
apache101 is just a webpage startup page…
Apache101,
Good work with your comments here.
I thnk KJ is busy leading a politcal party. I guess that’s why no time to entertain you lah. Maybe you should go and shout at some other MPs at the PAP forum.
That said, what are your doing for Singapore? What ideas can you contribute. I would certainly love you to hear your side of your story.
Dear EniesUrn
I think he is busy looking for some Apache to shoot down.
By Apache101:
//////JBJ wldnt be too happy if he knw his son has dismantled his legacy//////
1. First of all, how would you know JBJ wouldn’t be too happy? He talk to you in your dream?
2. Now, a father Legacy might not be the Legacy of his son. What works for the father might not do the same for the son.
BTW, Apache101. If you want to type in chinese, please don’t use Han Yu Ping Ying. 请不要像一条疯狗在这里泼妇骂街，谢谢
For your info Apache101:
In the world of Politic, the Ruling Party will capitalize on the HAPPINESS of the country men while the alternate party will capitalize on the UNHAPPINESS.
Unless you are telling me that LKY praise British in front of Singaporean in the past in order to drive the British out.
To those that think TOC is extreme negative to the PAP here, in case you don’t know the above logic. If PAP has even a slight capability to make the Singaporean here happy and capitalize on it. I don’t think we will have so many people come to TOC in the first place.
[i]Unless you are telling me that LKY praise British in front of Singaporean in the past in order to drive the British out. [/i]
well leekuanyew didnt do that by HIMSELF
he eggon tun razak the malaysian/federal prime minister to gain independance
don’t give leekuanyew too much credits
for thinggie he didn’t do
the only thinggie leekuanyew did heroic
was he cried
merdeka merdeka on august 9th
for it was rainnin that day……………….
http://www.slideshare.net/94sadman/chapter-9-how-did-singapore-achive-independence
with grattitute to the above sourced….
Videoman, on contrary, I don’t believe LKY is that great. As I alway put it, if he know Singapore is a goose that lay golden eggs (or to put it simple, he has a slightest vision of what Singapore will become), will he even think about Malaysia merger?
With his recent years BS speech, it re-enforced that he is more like a 刘绑. Except of course he is not a womaniser like him. I also strongly believe that LKY can be what he is today is credit to his wife. Which I think from her 五官, not a simple lady as she look.
If you look at LKY younger day photos, he is more like a rich ah beng. With almost every photo holding on to a cigerette. The woman who can tame such people cannot be underestimated.
Sad to say, non of the Lee descendants inherited from the mother. Maybe there is a god after all and this happened to be their retribution.
who is laulee’s wife?
daughter of a great banker
who really hold the power
in the house
he is a nobody
trust me on this
now you know whenever laulee goes abroad
the wife followed
why and how
is another gossips
prataman have the answer
he is his best mate
since the day
when singapore was known as
Syonan-to
Apache_101
post #77 on August 1st, 2009 11.30 am
” JBJ wldnt be too happy if he knw his son has dismantled his legacy in such a way.”
that is your assumption or you are JBJ himself. lol….
74) Dr Syed Alwi on August 1st, 2009 10.33 am
//You do not seem to understand. The Muslim majority in Malaysia and Indonesia do NOT want the influx of millions of Non-Muslims. They do not want you ! Do you now understand ? They do not want more Non-Muslims in their country !//
Does it mean that they don’t mind having me if I am a Muslim? Does it mean they don’t mind having 20% of the Muslim residents in Singapore (inclusive of foreign workers) or about 1 million Muslim people from Singapore? Does it mean that majority of the Balinese who are Hindus, are not valued in their own countries? Where is the logic?
//Whether you consider us to be more pragmatic rather than Westernised – is not an issue. The Muslims in Malaysia and Indonesia view us as being very Westernised..//
If they are wary of “Westernization” why bother to adopt the common law legal system in Malaysia and the Roman-Dutch legal system in Indonesia? Why not change to Syaria law and the notoriously harsh punishments meted out by it’s “penal code”?
Why allow MacDonald, Pizza Hut, Burger King, KFC, Starbuck, handphones, computers and the internet etc , into the two countries if they are afraid of being “Westernized”? Why have night clubs and allow patrons to drink alcohol? Where is the logic?
//and our cultural practices runs counter to their Islamic norms.//
Is cutting off the hand for theft and stoning to death for adultery in Saudi Arabia considered a more superior cultural practice? Is treating the women as a second-class citizen as in Saudi Arabia and Afghanistan considered a superior cultural practice? If so, why have Malaysia and Indonesia not adopted these cultural practices?
If “our cultural practices run counter to their Islamic norms” why do they bother to wear Western clothes? Why send their young to attend universities in London, Paris, Amsterdam, NY. Los Angeles, Singapore and other schools of higher learning in the West. Won’t that serve to corrupt their impressionable minds and their Islamic norms?
Why is Turkey biting at the bit to try to get into the Christian-dominated EU if the “cultural practices runs counter to their Islamic norms”? Why is that Malaysia and Indonesia even bothered to join ASEAN if other nations’ “cultural practices runs counter to their Islamic norms?
Why is Malaysia asking former Malaysians who migrated to the West (tens of thousands of mostly non-Muslims) to come back to Malaysia if their ‘Western’ cultural practices run counter to Malaysia’s Islamic norms? Where is the logic?
Dear Taxpayer,
The business of race, culture and religion need NOT be logical nor rational. Malaysia grants Bumiputra status to Indonesian Muslims who migrated there but yet the Malaysian Non-Muslims are second class citizens. Is that fair and logical ? Of course not – but it happens all the time !
There are many things about religion that is not logical. But the fact remains that Malaysian Muslims do NOT want the influx of millions of Non-Muslims.
This is a fact. Whether its fair or logical or rational etc is secondary. They do not want us. Period. And thats a fact.
Regards
Dr Syed Alwi
RED-man
Any1 who has lived thru the colonial era knw wht kind of lives they r leading, its only when PAP came into power then things slowly changed. I think every sporean can attest to tht. R u trying to tell me tht we shld continue to cme under colonial rule, r u trying to say under PAP we made no progress. R u implying we shld bring spore flag down and re hoist the British flag?
EniesUrn
Hahahhhah gd comments by u, remind me J F Kennedy, indeed we shld ask ourselves hw we shld contribute to th well beong of fellow sporeans instead of bickering here. But if we dwell deeply on the matter, y shld I propose ideas to pple who r out to ruin the country, I may nt agree 100% with the PAP either but in fact I’m pretty happy tht sme of my ideas hv been quietly adpoted. Worse still if I propose smething nt nice nor plaesing to opp ears they will accused me “PAP dog”, “PAP lackey” (degratory terms tht u and ur fellow suppoetrs hv made used of against me)
peter sellers,
Below r the exact words of KJ rite I hope I did not misquote as many opp memebrs wld say once they r……
“Kenneth has said in several of his articles that he would boost domestic consumption by spending more in the domestic market and saving less.”
Honestly speaking when I hear these words I alomost FAINTED, u claimed to be a double 1st (which is indeed a rare honour) frm Cambridge yet u r so simplistic.
Dosmetic mkt, domestic consumption, may Ia sk in the 1st place hw big is spore, 4m, 5m, 6m. Hw many TV sets, cars, washing machines etc etc can u buy? U think u r china 1.3b huge potential, u mean chn no exports, relied 100% domestically? Hahhahah greatest joke of the century. If tht was indeed viable we wldnt wana join msia in the 1st place, joining msia was for economic reasons nt political. The idea of common mkt failed nt cos it nt viable but cos of political diff (Malay msia vs Msian msia)
Nxt save less may I knw wht kind of intention KJ has? Does spore has oil, minerals, timber etc etc. No we dun hv any of these. In the evnt of a major catasphore where u get the $$$, loan from IMF/World Bank, do u knw their terms and conditions. Wht made suharto so unwilling to sign? Nt so much abt dismantling his cronies businesses but…….
I hoped pple can find out more b4 uttering rubbish and dismissing me as a PAP lackey rite from the start afterall I hv nt seen a single person supporting me. Hahahaha y shld I c tht this is indeed a opp forum no doubt they claim to be non partisan and so on.
If opp the momet they r atacked they beat a hasty retrest with tail between and let thre supporters do the dirty wk of criticisng others, where do they go frm here. If opp only like to hear pleasing words or liked pple who share similar views with them, where do they go from here. Hw do u expand? 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”
u mean to say low t k, KJ, chiam s t r better than LKY & Dr Goh, they cant be challenged, we cant hold alternative ideas to them, whtever they uttered is IMPERIAL DECREE which has to be remain unchallenged, the moment u challenge them u r a PAP dog/lackey etc. I think its time opp wake up. Thks u!!!!!
@ 90) Dr Syed Alwi on August 2nd, 2009 10.48 am
//The business of race, culture and religion need NOT be logical nor rational. //
But it must not be seen to be based on stupidity like what happened in ww2.
//Malaysia grants Bumiputra status to Indonesian Muslims who migrated there but yet the Malaysian Non-Muslims are second class citizens. Is that fair and logical ? Of course not – but it happens all the time !//
I don’t see the point of being a Bumiputra and don’t get to enjoy the fruits of the country’s economic success. Rothschild once said “I don’t care who controls the
govt so long as I control the money.” I think that applies to Malaysia too for which IMHO, the govt is to be blamed.
//There are many things about religion that is not logical.//
Nevertheless it must make sense or it loses its audience’s undivided attention.
// But the fact remains that Malaysian Muslims do NOT want the influx of millions of Non-Muslims.//
Are you implying that they would take in an influx of millions of Muslim refugees from Palestine. Iraq, Afghanistan, Pakistan and Bangladesh? If so I think you are wrong here too.
//This is a fact. Whether its fair or logical or rational etc is secondary. They do not want us. Period. And thats a fact.//
If that is a fact why has Malaysia initiated the Silver-Hair retirement scheme for Singaporeans who would like to retire in Malaysia? Why is the Malaysian govt asking Non Muslims who have migrated to return? Where have you been living in the last five years?
And for your info neither would any country want to take in millions of Malaysians and Indonesians of all political and religious stripes, least of all Australia and Singapore,
Btw, in 51 you said “Indonesia is one of the most populous Muslim country.” That too is incorrect. Indonesia has THE most Muslims in the world.
Dear Taxpayer,
I do not know what is your problem. Shout it out loud if you must – BUT the Malaysian Muslims do NOT want the influx of Non-Muslims. Period.
I am not able to change that reality. And no amount of logic and reasoning can smoothen out the idiosyncracies of race, culture and religion.
You may not like it – but the Malaysian and Indonesian Muslims do not want you.
I am not here to debate what is already a recognized fact.
Why are you so keen in trying to make them change their mind ? The majority of Singaporeans cannot adapt to the social climate of a Muslim majority society.
I suppose if you are so desperate to live in Malaysia – then I guess you should migrate there.
For your info – the Silver Lining things is a FLOP. Most Non-Muslims cannot stomach the going-ons in Muslim Malaysia.
The Malaysian Chinese themselves are trying their very best to migrate to Singapore !
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 ? Who knows ? Maybe you will even come to like Malaysian society and culture !
Regards
Dr Syed Alwi
Read about SWF
“Sovereign Wealth Funds”
Saw Swee Hock and Linda Low 2009
The Saw Centre Finance Studies Series
Hi Doctor Syed Alwi ;;;;; If SIngapore collapses one day, and Malaysia rejects re-merger with Singapore, that will only drive Singapore into the arms of Indonesia. A Singapore merger with Indonesia will freak-out those in power in KL and that is the last thing Malaysia would want, especially as you know relations between Malaysia and Indonesia has not always been that warm [ remember Sukarno, Comfrontasi ]. Therefore a merger with either Malaysia or Indonesia will always remain viable. The racial and religious considerations that you cite will always remain secondary if ever a political ‘chess-game’ occurs between Singapore, Malaysia and Indonesia.
By the way, Taxpayer,
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.
Secondly, 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. Indeed Islam is the official religion in Malaysia. UMNO and PAS are there – ready to “defend” Islam’s position in Malaysia. Whether that is good or bad – is another thing.
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.
I honestly cannot change that. As for the business of religion – well – there is NO logic to it. Islamic scholars have long ago argued that we cannot rationalise God, Islamic rules and so on. Thats the way it is. Thats Islam. I cannot change that too.
If you so desire to live in Malaysia – well – why don’t you migrate there ?
Indeed this issue of demographics was one factor that made the Tunku dislike the idea of merger in the early 1960′s. It was only LKY’s persuasive voice that made the Tunku change his mind.
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.
It has been 46 to 44 years – yet this issue of numbers still remains.
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.
Best Regards
Dr Syed Alwi
Dear budamax1952,
Any merger of Singapore with either Indonesia or Malaysia will NOT last long. These are Muslim countries. Do you understand what that means ? Can you accept the Muslim social climate and culture ?
Singapore of 1965 could not accept Malaysian Malay-Muslim culture. Do you honsetly think that today’s generation of Westernised Singaporeans can stomach the Muslim environment of Malaysia and Indonesia ? I do not think so.
Indeed – Malaysian and Indonesian Chinese are migrating to Singapore !! If they cannot handle the Malay-Muslim socio-political scene – then how can our Westernised Chinese Singaporeans ?
Time to get real budamax1952 !! Merger with a Muslim country will only bring more trouble. Its not a solution.
Singapore’s future lies in a multi-party Liberal Democracy…………………
Best Regards
Dr Syed Alwi
93) apache_101
Can Politicians be honest?
This is a question that has been asked since Roman times, and I suspect, before that. Maybe in cavemen days, in between breaks from dodging T-rexes.
My opinion is that they cannot.
Not because these men/women do not want to, some (or if you are cynical ,most) are sleaze artists who couldn’t tell the truth if they had to.
But I think the position forces them to not be truthful. There are usually two sides on most topics. Sometimes an issue facing politicians can be seen as true or false from many different perspectives, each, in itself true.
I think we want to believe in an altruistic belief that truth is only one-sided. The problem is how can that be given the different cultures, belief systems, and political idea’s present in any society able to explore their intellects. I’m not saying there isn’t one truth for each and every thing,
A politicians job is to only be on the side of his or her own constituency. This makes him someone who talk about what these people want to hear. To be able to give yourself over to this double speak is egregious for many honest people. For the politician, or pundit, spin artist etc. . This is their job.
Some believe that every politician is a necessary evil.
Each and every Politician want to have their name out there, their agenda seen as the best, their work as seen as genuine and work that has helped others. The most important part of a Politicians existence is to be seen as someone who helps, so they constantly portray any action they do as helping others. This in and of itself is deception.
The problem with Politicians is they are needed and fulfill a very important job in Society. I think however, we need to be honest with ourselves and say a Politician’s nature is to allow you to see the veneer he has created, not the truthful representation of a certain issue.
So do anyone really know KJ ?
Singapore will only collaspe upon the collaspe of USA. Very few people are able to relate how Singapore prosper with absolutely nothing.
In the cold war era, the 4 tigers are given help by the west to showcaste to communist the superiority of capitalism. (Taiwan, HK vs PRC, S.Korea vs north Korea).
Singapore doubles as a poster child tp show the neighboring Islamic country to convince them western system is far superior.
Most importantly, Singapore which host the US base and many of the US interest effectively prevents the straits of Malacca to be controlled Islamic states.
China which has its latent problem with Muslim Turkic. It would be the next target of pan Islamism if the West are defeated by Muslim.
And with sizeable Chinese population in Singapore and its potential conflict with Islam , China would see itself align in US interest regarding Straits of Malacca.
I think the tragedy of Islam in South East Asia especially in Malaysia is that their elite are venal and decadence. Religion is being use as a cover for all their wicked lifestyle.
The Shi’ite Ayatollahs, is often the voice of social justice and more often than not is always the dissident. (There are plenty of opposition among Shi’ite Clerical class against Ayatollah Khomeni’s creation of Islamic republic. Khomenic is till now being viewed as a heresy by many Shi’ite Jurisprudence )
Unfortunately, Sunni has historical been subordinate of the state. The Al-Saud family patronise the Wahabbis. Hence Sunni preachas shown more inclined in hypocrisy in condemning the general population moral value and condoning the elite.
Besides, till now, no minority live without persecution in Muslim countries. Even the most secular Turkey practice racism towards Kurds, which is Islamic as well.
If Singapore is govern by people who blame whatsoever their problem to Jews, to USA, to greedy Chinese…etc; That is really a disaster.