Why Singapore’s future in the next ten years is a bleak one
February 26th, 2010 | 
Author: OPINION
In a speech made to Tanjong Pagar residents recently, Singapore’s strongman Lee Kuan Yew said Singapore’s future over the next five to 10 years is an “optimistic” one.
Lee did not elaborate on the reasons behind him thinking so, but he appeared to bank his hopes on the tourism industry spear-headed by the two IRs drawing in the necessary number of visitors to give Singapore’s domestic economy a boost.
Though the state media has been busy of late trying to generate positive publicity for the IRs, external observers are not too optimistic about their success.
An analyst from Citicorp Anil Daswani expressed doubts about the profitability of Singapore’s two integrated resorts in September last year.
In a report on the prospects of Las Vegas Sands (LVS), which owns Marina Bay Sands (MBS) here, Citi said that assuming MBS contributes 20 per cent of LVS’s total Ebitdar in its first full year, every eligible Singaporean will have to go to the casino five times a year and spend more then the average visitor to Macau.
However, a hefty entry fee of $100 is likely to put off some Singaporeans. Furthermore, unlike Las Vegas or Melbourne, Singapore has a small population of only 5 million people.
Ronnie Chan, chairman of Hang Lung Properties Ltd., Hong Kong’s fifth-biggest developer by market value, said recently in a Bloomberg Forum in Hong Kong that the two casino-resorts in Singapore will fail because they won’t be able to attract high-rollers:
“The big rollers are what make money in casinos, they will never come to Singapore, it’s a family entertainment” location. You think big-rollers will go to Singapore where they have teeth and fangs coming out sideways? There are too many rules. I was in Sentosa island, I really think that it’s going to be a flop…..The whole integrated entertainment industry, I’m worried for them. The good thing about Singapore is that if you flop, you’re given a second chance,” he said.
Singapore cannot depend on the IRs to spur economic growth. Neither can attracting MNCs to set up manufacturing plants in Singapore do so as our workers are becoming more expensive compared to our neighbors.
The key to a nation’s success lies largely in growing the personal wealth of the middle class which forms the bulk of the population and to ensure that the lower income group do not fall further behind.
The seeds of Singapore’s decline and eventual failure have already been planted a few years back by the ruling party which is running fast out of viable ideas to lead Singapore into the next phase of development.
Singapore’s economic growth in the last few years has been fueled by the easy availability of cheap foreign workers which boost GDP figures by keeping labor costs down.
However, Singapore cannot depend on cheap labor forever to gain an edge over its competitors and we may already have crossed the limits.
According to a recent Wall Street Journal editorial, the relentless influx of foreigners has depressed the wages of ordinary Singaporeans, increased the cost of living, especially that of public housing, decreased labor productivity and led to an overall decline in the standards of living.
While the rich has become richer, the middle class and the poor has become poorer as a result.
The negligible increase in the wages has been offset by sky-rocketing property prices which plunge Singaporeans into ever greater debts and wiping off their retirement savings.
The lack of a comprehensive social safety net for the vulnerable and needy in the community has perpetuated a vicious never-ending cycle of poverty.
Only the rich elites and foreigners have benefitted from Singapore’s economic boom, but a nation cannot survive solely on these small group of people.
The ruling party’s recent U-turn in its economic policies to place more emphasis on productivity is nothing more than a rehash of the productivity drive launched in the 1970s and 1980s.
In order to increase the income of the average Singaporean, we have to start producing high-valued goods which our competitors like China, Malaysia and Vietnam can’t.
We have to evolve into a knowledge-based economy like Japan, South Korea, Finland and Sweden instead of relying on manufacturing, tourism and other industries to continue to thrive and prosper.
Due to the high cost of living in Singapore, Singaporeans cannot expect to compete with workers elsewhere in terms of cost.
Stagnant wages and inflation will lead increase the level of stress and tension thereby contributing indirectly to Singapore’s low birth rate.
The private sector is the best medium to grow the economy. Singapore’s domestic economy is currently dominated by major state-linked companies which stifle both creativity and competition.
The ruling party has to relinquish control of Singapore’s economy and return the ownership of the nation to the people.
Only then can we harness the full potential of every Singaporean and build a knowledge-based economy to compete with the rest of the world.
Unless the political economy is liberalized to allow new players to enter the fray, Singapore will risk becoming an economic basket-case within a decade with the emergence of China and India.
The factors critical for Singapore’s success in the last fifty years have now become its liability.
While complete political control ensures stability and continuity, it does not foster an active citizenry to partake in the nation-building process.
A “tops-down” approach serves only the interests of the ruling elite and not the society as a whole.
We are already witnessing the pitfalls of the present system: the middle class is falling behind, Singaporeans are getting increasingly flustered, unhappy and worried about their futures, birth rates are falling and the sense of pride in Singapore as a nation is diminishing with each passing day.
If we persist in doing things as they are now, we may end up becoming a playground only for the rich and powerful, but with no nation to speak of.
Posted in Opinion
“…The good thing about Singapore is that if you flop, you’re given a second chance,”
That’s right, this second chance applies to the ruling elite. Hence I don’t think SIngapore future will be bleak because got second and even third and more chances for them. Just look at what happened election after election. Hahahaha
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Seeing as how the dealers dun even how to place the bets correctly, dun think big rollers will be coming by soon…
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Are you sure we can even be a playground for the rich?
The rich “Singaporeans” will be first to leave – which it a big concern for PAP* – and the rest-of-the-world rich have the world as their options, and if world class Singapore have problems struggling with global competition, how much more when it is no more class at all.
(*property prices being high is one aspect of this, for if your property in Singapore remains high, you are tempted to remain invested in Singapore.)
But then is that a bad thing?
At the least the poor have their land back, to make it their own.
And I rather have a kampong house on the beach, living off my free ranging chicken and fresh fish from the sea, than work as a security guard in a casino and stay in a tiny pigeon hole 50 storeys high in the sky.
I think this preoccupation and obsession with the rich, and this pandering to their whims and fancies, such as gambling and sex, is an immoral thing. And the rich needs no help to be richer, nor do they need a power to protect them.
The world belongs to the poor, and it is the poor that needs protection from the excesses and greed and scheming of the rich. And the poor is the majority anywhere, and the government, at least for a democratic one, is supposedly for the majority, ie the poor.
So when the government is more concerned for the rich than the poor, the government has lost is moral authority, and has corrupted and prostituted its power and purposes and its reason for being.
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Singapore has been slowly ruined by PAP and straits Times, too, have a greater part in this. The world does not recognise the way ST reporters do their reporting because they way they do their work is not nation building but destroying us.
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I believe its future is bleaker than before even in the next 5 years.
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MM Lee is not wrong. The future is optimistic for people like himself, holding multiple properties and receiving increasingly higher paychecks. For the ordinary Singaporeans, life gets harder. Good luck to the future generations!
Our leaders should ask themselves why Singaporeans are not convinced about their visions of the future, instead of hiding behind the controlled media.
The apparent disconnect between our leaders’ vision with the common man tells of a very disturbing story: Our leaders have stayed in their ivory towers too long and have lost touch with the common ground.
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Honestly….IF im a highroller….why would I bother coming to SG to gamble?….Restrictions are abound…some many rules to follow? There are so many other more attractive places that beckons. I have been to both Venetian Macau and RWS…and sadly….RWS is really like some cheap gambling den when compared to the Venetian.
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Can this imply that we are in the beginning of the end?
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It is a moot point whether the two IRs will succeed in the longer term. Let’s give the two IRs room to improve and iron out all the kinks. After all, it is a new industry and surely it is not fair to compare with Macau or Las Vegas – the two gaming capitals.
Genting (Malaysia) took some time to reach where it is today. Visitors and tourists may or may not patronise the two IRs but with the IRs, there is one (two) more ‘attraction’ so to speak. Almost every visitor to Macau would have stepped into one of the many casinos though Macua has other attractions too. If the casinos there don’t make money, others would like transport operators, hotels, restaurants and the almond cookie shops!
No one in his right mind would want the IRs to fail. The fallout may be more harmful to economy than otherwise.
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Europe is struggling to even stabilise at the moment. Greece is deeply in trouble, Spain is still stuck in the trough of recession and all other major economies in Europe have gone to balance sheet restructuring, how to turn around Europe on a sustainable basis for the next decade UNLESS ONE IS DREAMING?
Look at all those corporate profits reported in US. It is INCREASING but SALES IS DECREASING ACROSS THE BOARD – profit came from retrenchments. So where is the consumer spending boost to sustain the US economy? This week report warned of slackening of consumer confidence sliding in again. And much of the sales were due to inventory restocking cycle. Unless end buying by consumer comes in, the demand will slack of again. US consumers shaken by umemployment fears are busy paing down debt levels, so where is the demand for China-made consumer goods.
China recently rein in credit twice – the fear is banking bad debt as a result of reckless lending through 2009 which feeds into the housing sector bubble. My fear is without pick-up in US and European consumer spending, China will slow down again.
Everywhere the stimulus spending which kept global economies afloat is being weaned off.
So where is the optimism except in idle dreams?? Truth be told – stock markets globally is falling since day one of this calendar year. Are businessmen an investors getting it wrong????
Even our Government forecast strong first half but weaker performance in the second half.
WHERE IS THE DURABILITY AND SUSTAINING CONFIDENCE IN THE ECONOMY GOING FORWARD???
THE NUMBERS AND TRUTH DON’T ADD UP.
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The situation has always been optimistic…for the ruling elites and their running dogs.
Even at the worse of times, they still receive million dollar pay and pay increases.
Of course they will see it as optimistic.
When 2006 election, they claimed that WP’s proposals are time bombs and the WP cleverly said the time bomb is for PAP.
From these episodes you can see that PAP is only talking about their own welfare and not that of Singaporeans.
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Dude, I was there. Some dealers can’t even take the bets right. Crowd control plz. Casino for the rich? Somehow, I pictured that without foreign workers staring at your hand while standing directly behind you. Optimistic? Yeah sure, if you’re retarded uneducated S’poreans to believe everything LKY says.
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Basing on the past 10 years, you can safely predict that Singapores future is bleak for various reason:
The PM is very weak overshadowed by his father, MM who is tightly in control. The lack of inspirations, direction and caring the people. Increasing indirect taxes but losing a lot of monies in overseas investments. No improveement in peoples livelihood.
Lack of capable leadership and objective.
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Like a lost tribes wondering aimlessly in the desert.
Leader without followers is no leadership.
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According to Prof. Huang from the MIT, the government has “milked the system for all it is worth”. What more can we say of our future?
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In US, the elected President holds office for maximum 2 term i.e. 4yearsX2 = 8 years.
Here, we have a PM elected together as a group in a GRC coming into power and he is not chosen on he own merit. Being the son of MM, he has been closely kept under MM watchful eyes. Thus, the results were far from satifactory.
The people hardly can decide for themselves and with such a system, changes are going to take place sooner or later.
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The big rollers will come here to roll about with the bangla workers who sleep on the floors in the casinos. Yea…
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I have been here for almost 20 years as one of PMET and PR, somehow I’m a not well off, middle-class one.
Contemplating of taking citizenship but put off by recent decision of putting more burden to PR (to placate resentment of Singaporean toward PAP) was seem to be act of no-brainer.
Government is always making more money out of situations instead of solving real root causes, in numerous cases.
I would not go ahead taking citizenship unless fundamental shift take place within government and future government is smart enough and humane enough to lead the country.
Good luck…
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I’m no supporter of PAP policies but unfortunately I believe there is a valid concern regarding Singapore’s viability without their “leadership”. It is not so much an issue of leadership but rather confidence, specifically confidence foreign investment here has in the PAP to keep us in line and cheap.
The worry is that should we the voter finally stand up for ourselves and the electoral process allow us to meaningfully exercise our vote, the ensuing instability may very well kill our economy for a period of 10-20 years.
For better or worse, the path with the PAP took which I must admit had been very successful in the past, ie attracting foreign capital here, has crippled our appetite for risk and consequently, our entrepreneurial spirit.
To unravel our economic malaise may take a whole lost generation much like Japan’s, the question is would we rather suffer a death by shallow cuts or bite the bullet now and put it all on the line.
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Given the PAP’s extensive reach in the grassroots, the control of the media, and local Internet and telecommunications, full access to data from the ERP system, the banks, etc, which all adds up to the possibility of, if not actually, an intensive internal surveillance system, it is unlikely at all that the PAP is unaware of the true sentiments and perceptions on the ground.
And they may have a more complete and accurate picture than we can ever get from gleaning samplings of sentiments here and there. And that is how the PAP does its election planning, which includes the drawing of electoral boundaries, timings and the kinds of sweeteners to dish out. And you have some of the brightest brains working these strategies out.
And also they are not too concern about all this negativity.
For really, they believe, all will look after themselves, first and foremost, as they themselves have amply demonstrated time and again.
And they can even admit that they have make mistakes and have hoodwinked you, but then do you really have an alternative to the PAP, whatever their shortcomings are?
Would you trust your livelihood to some unknown, untested and not so smart opposition, or you rather bite the bullet and bear with them, and let them do what they want, to create this “optimistic” future that they painted for you, or would you rather take the risks of a highly uncertain, possibly bleak future?
For really, if the future is more difficult tomorrow than yesterday, who would rather have in power to lead you: someone you know, for good or bad, or someone you don’t? Would you take chances with your own livelihood?
And the belief in this, that at the end of the day, you rather have the PAP in power, for at the least there will be crumbs for you, enough that you will not starve; and that you will not risk everything just for the abstract, and possibly empty and poor, ideals of liberty, freedom and democracy.
You rather survive than live. You rather be a prisoner living off crumbs, than a free man in your own land, but poor, hungry and homeless. It will be rather hard to wean a kiasu and kiasi Singaporean to put his stomach at low priority in life.
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Complaints ! Complaints! Complaints !
For those who don’t have what it takes to compete, please take the slow boat down to Perth.
You are still a Singaporean. You can still participate in the general elections and do your NS.
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Lss spoke of the knowledge based economy… how can knowledge drove productivity lower?
He has to explain what he has been doing.
Did anyone ever think that Singapore was successful in attracting foreign capital because China was closed to foreign capital then?
The game has changed.
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Looks like the next 10 years is going to be bleak. I need to pack up. Can somebody give me a list of countries where I can easily PR there? Note, I don’t work or pay tax, nor invest in High Note or Pinnacle. Most of the time I prefer to play holes.
For the list, please exclude China, India, Cambodia, Laos, Myanmar, Indonesia, Malaysia, all African countries, all Muslim countries, all the ‘tan’ countries, Arctic, Antarctica, Iceland, Greenland, Siberia, North Korea, and Timbuktu.
Having lived on an island all my life, I prefer the list to include Virgin Island and Bikini Island, but not Batam or Bintan.
Thanks.
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Let’s be more optimistic. The future will depend on all Singaporeans, not just rely on a few political leaders. Don’t forget Singaporeans can still exercise the voting rights to vote PAP out if it fails to deliver the basics.
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To: qussl3 on Fri, 26th Feb 2010 2:59 pm
There you go again with the off the shelf quote, to the tune of: there-is-nothing-better-than-pap-now and an alternative party-may-bring-the country-to-disaster.
How shall you be reformed?
Let me try.
PAP is what it is today because of the old man. You have to understand that the old man is moving closer to the nether world. We Singaporeans, have to take the bitter medicine of a world without his “wisdom” sooner or later. It is definitely true that in the few years close to this event, Singapore economy WILL suffer. Foreign investors will be frightened, because it is an Unknown, no one venture before without the old man. But unfortunately, bitter medicine is something we have to take sooner or later. …
Get this: the sooner, the better.
It is better to take the bitter medicine early, and pre-plan the age of the “post-old man Singapore” TODAY without any further delay. Unless perhaps you are under the illusion that after the old man fades away, there will be still absolute unity in the parliament and his cissy son has the ability to hold everybody together for another 10-20 years? If you think so, then you can stop reading the rest of my post.
Face it, the old man is the glue which binds all of them together. You;ve got to be out of your senses to want to continue to wish Singapore to be led under a motley group of carry-balls MPs when there are no more balls to carry.
Therefore, we just have to accept the fate, that for a short while a pap-less singapore will suffer. BUT WE WILL SURVIVE if we give a chance to those with the passion to lead. We will not survive if we tell ourselves, we can’t survive. You have to be weaned off the milk of pap. We have grown up, pal. There ARE people around, it is just that old man suppress it, and the media gags everybody. Be optimistic and have faith. Take the bitter medicine as soon as you can. It will do you real good.
zero
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It will be too late by then…
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LHL said during the last election, “Just leave politics to the PAP. We have the smartest people to run the country. You just work hard and enjoy”. What a fool he was during then by making such a statement. These are the people the govt wants? Then the whole country is doomed trust me… Personally I feel Singapore is doomed. We’re finished unless there is a political change and free market economy is being embraced rather than state owned enterprises.
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It is true, very bleak indeed, Singapore can’t compete anymore
What a load of craps, our industries had been hollow out
What in the world happened to our Labor Intensive Industries?
Singaporean goes by bus load to Malaysia to seek Medical help
What in the world happened to our Medical Hub, our Service Hub?
What happened if Shanghai open her own Casino?
We used to have intellgence, we used to be very smart
But I guess we are losing it…Singapore the has been asian tiger
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Growth needs optimism and there is enough optimism around else all global banks would not be here doing business and investing everyday.
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The title of this article should be:
Why Singapore’s future under authoritative PAP in the next ten years is a bleak one
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zero on Fri, 26th Feb 2010 8:16 pm
I concur with your viewpoint absolutely. Singapore is definitely sinking in recent years. The numbers are staring right in front of our face.
Productivity growth in the last decade is 1% annually. Population inflow in the last two year totalled about 10% but the economy stagnates average 2% between 2008 to 2009. That means a 5% average increase in migration influx and foreign workers adds to just 1% gain in GDP. HOW LONG CAN THIS LAST, YOU ADD 5% in population base to get 1% gain in GDP – THE LEAKAGE IS 4% OF MISSING CONSUMER SPENDING THAT THIS 5% OF FOREIGNERS SHOULD HAVE BROUGHT INTO THIS ENONOMY. There are other costs not factored in this equation – higher costs of housing, costs of living and overhead costs of infrastructure support.
Are we going to continue to add 5% in migration and foreign workers to add 1% to GDP – every year??
HOW LONG CAN THIS LAST OF A SINKING SHIP?
Wait for that funeral day or make that change now for the better. When one see the ship with the captain DEFINITELY sinking, do we wait to sink and get drown with the captain? Or are we better off get on the lifeboat, put on the life jacket and bet our luck with the storm?
I will get on the lifeboat and wait for the storm to subside and the rescue to come.
In danger, the most dangerous place IS THE “SAFE” CROWDED PLACE. How many survive the obedient route of German gas chamber march for those Jews. If all of them fight or run, most will get gunned down, some will survive. Nobody who marched naked into the gas chamber came out alive when obdience is thought to be the safest route. It is the most dangerous route. The safest route in the most dangerous circumstance is the most risky route. Just like investment, buy when fear is maximum. If one play safe, you never invest in the cheapest moment and never sell in the best moment either ( because it is thought the safest market conditions when every stock rises in blind confidence of safety)
By taking the decision to abandon the captain, WE DECIDE OUR OWN DESTINY, NOT HIS OR HER FUNERAL DECIDING OUR DESTINY.
IN CRISIS, THOSE WHO SURVIVE ARE THOSE WHO SEARCH FOR ESCAPE ROUTE, AND TRY UNCONVENTIONAL IDEAS. THOSE WHO WAIT WILL GET OVERWHELM BY UNCONTROLLABLE TURN OF ADVERSE EVENTS.
IN LIFE, MANAGE YOUR CIRCUMSTANCES, NOT LET CIRCUMSTANCES MANAGE YOU.
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OK, if Singapore future is really so bleak, we can consider the following:
If Singaporeans were forced to choose one from:
1) Singapore to reunited with Malaysia, OR
2) become a SAR of China, just like HK, and fly the 5-Star Red Flag
which one will Singaporean prefer?
OK, maybe a third choice, beg Australia to take Singapore in as one of their State!!!
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However, a hefty entry fee of $100 is likely to put off some Singaporeans. Furthermore, unlike Las Vegas or Melbourne, Singapore has a small population of only 5 million people.
You are damn right man! stabdard singaporeans mentality, can gamble big time but to gain entry through ERP gantries for some $2-$3 they prefer to wait outside till the lights goes off. So to say, Las Vegas Sands be prepared to lose big time, good for singaporeans, bad for the MIW, kapoot! game over!
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when some1 keep telling you there is no problem, that’s the time to worry.
How much worries? It depends on the rank and influence of the person. In this case MM, highest ranking in SG, so big time worry!
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One scary point in the recent posts is that the PAP through its extensive network of cadres, RCs, CCCs, PA, snoopers and informers must be aware of the rising tide of discontent against them. And yet they persist in continuing with their policies, their distaste and disregard for the ordinary Singaporean labeled by them as complacent, lazy and stupid.
Why so? Is it because they are so confident that come election time they will unleash a flurry of peanuts that would pacify and placate the Singaporeans to allow them to rule for another five years?
Or is it that they think that this is just another example of a noisy bunch of complainers on the internet who will be outnumbered by the conservative heartlanders and who have always rallied to the PAP come each election time?
Maybe they cannot do anything different because all these policies represent the bedrock of thinking of LKY and until he dies or changes his mind, whichever is later, they are stuck with his out of date and silly ideas?
Perhaps they are confident that irrespective of any election result they will still remain in power because if they should lose, they will call out the army and police to overturn the election result?
Or are they convinced that the ordinary Singaporean is so gutless, fearful of losing his job, HDB flat and of his wife and daughters working as maids in neighboring countries, they will continue to vote for the PAP?
Or perhaps simply they just couldn’t care less since they are so rich they would welcome a change so that finally they could go ahead and spend all that they have accumulated over these years.
You take your pick and come to your own conclusion. Either way we are all doomed, citizen, pr, pinoy, bangla or chinaman, conned by the longest and greatest fraud of all time.
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To anonymous @Fri, 26th Feb 2010 11:37 pm
I think your ideas are extremely thought provoking. I like the way you word it:
quote:
In danger, the most dangerous place IS THE “SAFE” CROWDED PLACE. …
The safest route in the most dangerous circumstance is the most risky route.
unqoute.
If you don’t mind, in the next few days i will modifiy your writing and post it on Tan Kin Lian’s blog as a new post. His blog has more creditable readers reading it daily, the rich people who think that they are very safe. They really need to be reformed with your strong logic.
zero
Ps > to curious. don;t be childish. when you are in trouble, you solve your own problems. you don’t beg other people to solve your problem. Have faith and passion in what you do, and with a little bit of luck, nothing is impossible.
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TR ADMIN>>>>>>>>>>
proof of the PUDDING. Even Zero claims that Tan Kin Lian’s (the opportunists) blog has more creditable readers reading it daily.
So stop trumpeting about your readership achievement blah!blah!blah! and do something before you end up just like the rest.
TKL is OMO and TR is thinking of going corporate and be the voice of Singaporeans????ThinK & ThinK hard man.
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Sad state of affairs. It seems the 3rd generation of leaders is steadily leading Singapore into a playground for the rich.
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zero on Sat, 27th Feb 2010 8:33 am
You certainly can “borrow” ideas from different blogs in TR, put it into a cohesive argument as your OWN as a NEW post in another blog of your choice. You can’t copy word for word for copyright reasons I guess but “ideas” or “concepts” can be learnt or borrow all over the internet and cyberspace. THAT IS LEARNING.
Be forewarned though – some of my unconventional ideas may stick some spurs into the hides of rich investors. There may be unpleasant feedback from those disagreeing. A lot of people has got this “bird mentality” while others got “caterpillar” mentality of investing.
Birds have their meals fly like crazy, burnt out all their energy and look for the next food opportunity at different place – THEY ARE ALWAYS TIRED, NEVER GROW BIG, THEY POO AS MUCH AS THEY EAT AND BURNT AS MUCH ENERGY AS THEIR FOOD GIVE THEM ENERGY. hahahaha, it is hilarious.
They got no ideas of risks and perception of risks are opposites. Give you one example, why do people fled to US dollar every time there is a crisis – like Greece recently? Fear!
Even gold investors do that! PRETTY AMAZING I THOUGHT.
Gold is denominated in US dollar, so when US Dollar rise, gold price fell as some swtiched out of gold into US Dollar – which is thought to be the ‘SAFEST’ place under conditions of banking and economic uncertainty of Greece, Spain and some East European countries.
My OWN THOUGHT AND PRIVATE VIEW IS THAT GOLD INVESTORS SHOULD STICK TO GOLD when Greece is in financial turmoil. Think along this unconventional track, if Greece and Europe escalated and infected US economy and financial market, what would happened? Another round of sub-prime crash in US, sending US economy into a tailspin. WHAT WOULD THAT DO FOR THE US DOLLAR??? ANOTHER BIG TUMBLE perhaps, so buying US Dollar safe haven good strategy for a brief moment of “felt” safety because of Greece turmoil?? When US Dollar tumbled again, they lost a BIG FORTUNE and what could happen to gold price?
ESCALATION UP I BELIEVE since gold trade is denominated in US Dollar. When Dollar fell, Gold goes up and in reverse of course.
Gold is thought NOT safe because it is not related to US economy. Dollar is thought “safe” because it is the lifeline of US economy. Did the last sub-prime crisis prove that in turmoil, economies spin out of control??
So gold traders who switch out of gold into Dollar in crisis are crowding in the “safe” place when it is MOST DANGEROUS. Gold thought to be another dangerous place is, I suspect, the “safest” when the crisis escalates and implode – exactly what investors and economists fear most.!!! Those who bought into “safe” US Dollar and hold it will lose their shirt, pants and pen*s and those who bought “unsafe” gold, gained to the extent of US Dollar decline.
Hahahaha.
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The ST is always singing good songs for the PAP and always paint a bring future for Singaporean. W/o accurate reporting and trueful reporting and diverse views, we will soon run a nation where people feel cheated. When you feel cheated, you will not be proud of who you are and not patrotic. How many are truely proud of being a Singaporean having know the obscene salary our flopped ministers took home. Obama don’t even earn so much. The LEE just want to dominate in every part of singapore and working us to our hell and still want us to Pay And Pay. We vote for them this time, they gonna increase the GST to 10% or 12%, since we will run a deficit financing the 2 IRs. The 2 IR will surely be a flop and white elephant in time to come. Who would want to visit a casino with so much rules and restriction. I might as well go Macau and jump from casino to casino. Furthermore it’s not too crowded also.
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Singapore is PAP and PAP is Singapore.
If you don’t like it, you can go.
If you can’t go, shut up and sit down; but don’t even think you can remove the PAP from power.
Singapore is for winners and those who are smart.
Daft people and losers have no place here. You can collect garbage and clean tables, and live off scraps and crumbs, if you still want to remain here, but don’t ask for any minimum wage, or handouts from the PAP. We are too busy looking after the smart and the rich.
And don’t even think you are indispensable also. For every one that leaves, you can be easily replaced with another two or three, that are just as, if not smarter than you, and even before your plane or ship have departed.
Singapore was, and always will be, a migrant state. Its vibrancy and dynamism have always come from people from all over the world. It was so, and it will be so in the future.
It will only be bleak when we stop this enriching lifeline and try to make do with the stagnant, small pool of so called citizens, and accede to their demands to be pampered and priviliged just because their forefathers came a little earlier in time.
In fact it is the new comers, the migrants, that should be accorded greater priority and privilege, for they are the ones that is the real hope and future for Singapore.
Just look at the people writing comments and making complaints. Are there are newcomer amongst them, or are they all, 100%, residents, the so called citizens? The newcomers don’t have time to waste to read and write these rubbish that you are writing. They are too busy making Singapore be what we want it to be.
You people here are a bunch of losers, unfit for the competition. For your good you are advised to better spent your time planning how to get out of this country, then try with your pathethic and impotent words to make any opinion. All your words summed up to a grand total of zero in impact.
For it remains a constant enduring truth, that Singapore in PAP, and PAP is Singapore.
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@ Singaporean on Sat, 27th Feb 2010 2:33 pm
“Singapore was, and always will be, a migrant state. Its vibrancy and dynamism have always come from people from all over the world. It was so, and it will be so in the future.”
I AGREE WITH YOUR FICTION ONLY BECAUSE IT FITS MY DESCRIPTION OF ‘BIRD MENTALITY”
The problem is that the incoming migratory birds given PR shelter are of, let says politely correct and pleasant of language here, the “chicken farm” grade – massueses, cleaners and sometimes caught criminals and along with some “free-lancers” in our IRs. The better investment grades flew to USA, Canada, Australia, Europe, South Korea and Japan.
But that is good concession to your imaginative thought – YOU GOT NEW COLOURS OF VARIETY including those blackmailing ordinary men on the street for mentally-imagined molest and rapes to keep our poodles-in-blue on endless busy wild goose chases. These excitement will increasingly add fodder to “information” ( not “news” ) publishing of the “nation-building politically correct” media, and hopefully some excitement to your boring life of making money while you can.
Sorry to remind that it may not last very long – looking at the statistical reminders that this economy is falling apart faster than you are aware of. Smarter ones knows the bullshit about GDP statistics which include spending money building more sewerage plants to cater for the “regular” habits of migrating birds pooing all over your little red dot.
We winners here think we will change the political landscape by a voting revolution to weed out the incompetent and irrelevant “political digits” for a better life for all Singaporeans and clear our streets of poo-pregnant migratory birds adding to our risks of HINI bird flu.
Rest assured that it will also benefit the not-so-smart but self-acclaimed smart ones like you.
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To Singaporean on on Sat, 27th Feb 2010 2:33 pm
You are almost correct except for one point. The correct observation is
Singapore is LKY and LKY is Singapore.
Also, LKY is PAP and PAP is LKY.
Riddle: If lky is dead, where is Singapore? still pap? not so sure?
zero
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I am not easily provoked but this much I will say to you “Singaporean”(without doubt not local born). Fuck U, Fuck U & Fuck you again.
Our forefathers work, sweat blood and tears for this land and so did the generation of 1959-1965 that adhere to the call of PAP and the govt that consists of a generation of self sacrificing warriors.
Without THAT generation and the NS generation there is no PAP.Listen & listen good.Without SINGAPOREANS there is no FUCKING PAP,most likely we will be singing Negaru Ku and talking in Malay with an ah pek accent.
So don’t tell me PAP is Singapore & Singapore is PAP.Fuck you! as for the new migrants, I have nothing against them,but why the Fuck should they be pampered at our expenses,walking into jobs while our young are serving NS to keep our land from the clutches of our neighbours.Having a good head start by the time our young finish their obligations to the nation and having to compete against them for jobs which were created by their father’s and forefather’s sacrifice.
CAN YOU HEAR ME!!!MR. “singaporean” WITHOUT SINGAPOREANS THERE WILL BE NO PAP,WE WILL EITHER BE MALAYANS or MALAYSIANS.
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If LKY had his way at the beginning, we would doubtlessly be Malaysia’s Malaysians today. But alas LKY have to be a Singaporean.
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Some examples:
1. NTUC squeeze the private provision shops and force many out of business.
2. Ployclinic is takeover the private GP patients load and force many doctor to close their clinics.
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The Global macro picture is BAD and Government has very very alternative/s available to remedy. Even the IMF, the bastion of conservatism has changed its tiger stripes if anyone noticed.
IT WENT AGAINST ITS LONG HELD RELIGION – DITCHED FINANCIAL PRUDENCY, AND INSTEAD STRONGLY RECOMMEND FINANCIAL EXTRAVAGANZA OF BIG SPENDING IN THIS SUB-PRIME CRISIS.
Why?
MONETARY POLICY WON’T WORK for two BIG reasons, the problem was NOT economic growth. The problem is bankrupt or near bankruptcy financial institutions such that lowering interest rate would not rescue banking collapse – in fact it would have accelerate banking collapse as lower interest rate environment squeeze margins available on all lending business. Secondly, most interest rates like Japan and US already near zero or zero and in Singapore also very low – so how much lower can you reduce lower interest costs to borrowers to boost the economy? NEXT TO NOTHING IS THE ANSWER.
To avert banking collapse, the IMF changed its “religion” and recommend worldwide FISCAL STIMULUS of huge Government spending to prop up banks and also to spend on infrastructure spendings to shore up the economy in the face of corporate and small business collapse to sustain employment and economy.
How long does that last???? Not very long from this point. Most countries are either near the end of stimulus spending USA or Singapore or already working to snipe it out like Australia and China.
SO WEAKER CONDITIONS WILL PREVAIL AHEAD WHEN STIMULUS SPENDING BOOST IMPACT ON THE ECONOMIES OF THE WORLD ENDS.
US Government is running out of money – huge budget deficit, cannot afford to spend recklessly anymore. China worry about hot money NOT going into business but speculative gamble on property and commodities markets – both risking their own sub-prime banking risks. They can’t afford to risk that further too.
So what policy option left on the table?? I would say EXCHANGE RATE MANIPULATION AND TRADE WARS – here it is each man for himself. You see signs of trade fiction between US and China, steel, tyres etc and US is pressuring China to revalue the Yuan. Now that could be interesting when European economies are fearing the resurgence of banking sub-prime in Greece and no recovery of economies for much of western Europe except Germany. CURRENCY TRADERS ARE BETTING ON A STEEP DECLINE OF THE EURO.
If Euro collapse, US Dollar appreciates, China will be under even greater pressure from US to appreciate its Yuan harming its export sales to US and further eroding its manufacturing sector. China’s economy will slow down and India too small to make a difference for Asia.
But if Euro do NOT fall and US economy do NOT pick up shortly, my best guess is that OBAMA HAS NO ALTERNATIVE LEFT but to deflate the US dollar to accelerate American exports to a weakening European economies and China. That unofficial devaluation will make US export cheaper BUT MAKE HIGH COSTS OFFSHORE MANUFACTURING BASES LIKE SINGAPORE UNECONOMIC. In those circumstances, I think a lot of US multi-nationals will shift out of Singapore and even China back to US because currency fall to “cure” economic woes are likely to be ‘permanent” in nature.
WE, totally dependent on foreign investment, WILL BE IN DEEP TROUBLE THEN.
SINGAPORE IS CAUGHT IN A TORNADO OF WHIRLWIND AND CLUELESS OF WHEN IT WILL LIFT US UP AND DITCH US WITH A BIG CRASH.
I think the Government is aware of this vulnerability. THAT IS WHY IT IS CURBING PROPERTY SECTOR with new measures recently because a collapsed economy burdened by a mortgage heavy property sector could imperil the banks. Very dangerous indeed.
ANY OFFICIAL TALK OF GOOD TIMES AHEAD OF OUR ECONOMY BY POLITICIANS CAN HARDLY BE CREDIBLE OF MY BELIEVABILITY AND TRUST OF THOSE WORDS.
IF THINGS ARE THAT ROSY AND THE ECONOMY NEEDS A CHANGE OF DIRECTION, WHY IS THE BUDGET 2010 DOES NOT HAVE HUGE SPENDING SPREE IN FULL CONFIDENCE OF POSITIVE OUTCOME OF FAVOURABLE ECONOMIC ENVIRONMENT AND OUTLOOK AHEAD??
The talk of economic ebullience and relaities of action in policy decisions on housing and budget DO NOT ADD UP.
Anyone disagreeing???
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Another adverse surprise hit world economies tonight. A massive 8.8 magnitude Ritcher scale struck Chile. THE EXTENT OF DAMAGE TO COLLAPSE MINE – BOTH OPEN PIT AND UNDERGROUND MINING IS UNKNOWN BUT COULD BE SUSBTANTIAL.
Severe damage to Chile’s mining industry could cut major supply of copper, zinc and molybdenum supply forcing price spike and supply shortage for maybe a year or longer.
NOW THAT WILL SLOW DOWN INFRASTRUCTURAL DEVELOPMENT IN CHINA MAINLY AND REST OF DEVELOPING WORLD.
CHILE LIKE AUSTRALIA IS A MAJOR SOURCE OF AND SUPPLIER OF MATERIALS (metals) and the impact of supply shortage could be substantial and durable of consequences of slowing economic activities forward.
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old man lee die off & jerks in govt wil reveal their true colours… splits occur within the elites(have their own hidden agendas) in this govt itself. unstable govt leads to decline of S’pore.
New citizens(foreign workers) have more kids & down the road, original native S’poreans wil eventually be replaced by this massive no. of “new citizens”. S’pore becomes a hotel island, no longer a country… Local S’poreans already feel that they’r strangers in their own country!! Foreign workers & local people juz transit to & fro from this hotel island, don’t bother to stay here… Violent conflicts between new & native S’poreans.
Melting iceberg’ll keep increasing water level,flats/houses near sea’ll be under water. Good if u can run up to higher ground – sink/swim.
More native original locals leave this hotel island,future population of this hotel island consists majority foreign-born new citizens… there won’t be any national identity,social fabric, patriotism in this hotel island. It’ll still remain a playground for the bloody rich & greedy fat cat bankers
Civilisations & empires rise & collapse… S’pore juz a tiny island is no exception. S’pore is not ctr of the earth & if those who think S’pore will remain safe & prosperous forever,they remain clueless
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After 97’ recession, PRs of HK migrate back in flocks. Within a few years, private and public housing both sink to the bottom. Migration and housing price dragged down further the GDP beside the true economic recession.
Therefore after the bottoming during SARS, Gov come out with new plans:
1. Control HDB numbers, “from build to” order to “order to build”.
2. Increase the population of the nation to new high figure (start from 2004 to present). In turn stimulate the rental price; in turn fuel the housing price; and in turn contribute to increase the GDP indirectly.
3. To prevent “flock back” migrations (drag down housing price and at the same time reduce CPF amount in Gov reserve), Gov introduce new rules to encourage PR to convert to S’porean.
All the above steps meet the required results, until the new recession. The new problems arise:
1. Over-flooded foreign workers squeezed the average income of mid-class employees (comprises both citizen and non-citizen).
2. Increase the no. of part-timers and contract-workers which has less privilege, benefits and may be no CPF.
3. Deceasing in productivity (compared by the ratio of output / manpower).
4. Sky-high priced HDBs pressure youngster who want to form a new family (nearly 30% or more of their income is used for the loan for 30 years), consequently low reserved for giving birth to baby(ies).
What is the foundation of Singapore? Plan to switch from production to servicing and knowledge-based country like others. Perhaps servicing is easy, but knowledge-based, we can’t compete at all. Japan got Sony, Mitsubishi, Toyota, Honda, Nissan, Canon etc.; while Korea got Hyundai, Samsung, LG, Kia, etc.; and HK & Taiwan got PRC back-support. Thailand, M’sia, Indo, Phil got land and natural resources. Singapore? Got Akira, Creative? Underground? Float-buildings? Super-high buildings?
Beside Logistics, Trading and Servicing, Singapore income mostly (still > 50%) generated from PRODUCTION-line such as: oil and gas, ship-bulding, electronics, pharmaceutical, food processing, etc. These are “true-INCOME”, not from “IN-HOUSE” servicing-sectors. That’s the reason Singaporeans work long-hour, to produce, produce and produce for more and more and more…. Do longer to earn more.
Recent years, for quite a number of years, Singapore investors start “migrate out” the production facilities due to high cost (both land and workers).
Despite the funds loses, all these problems increase the “headache” of the ministers. What are the new plans? Will increasing productivity plan works? Will both IRs contribute enough to generate the incomes for the nation? What will it be in future 5 to 10 years, 20 years? May God bless Singapore.
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Just hot out from the news front. This will impact China.
Big copper mines in Chile forced shut down – loss of power supplies. EXTENT OF MINING PIT WALL COLLAPSE AND UNDERGROUND MININGS ACROSS CHILE STILL UNKNOWN BUT TRANSPORT FROM MINES REMOTE LOCATIONS TO PORTS ARE MOST LIKELY CUT AND EXPORT PORTS BADLY DAMAGE.
http://www.reuters.com/article/idUSN2717216020100227?type=marketsNews
Anglo-American is NOT the largest copper mine in Chile by any imagination. THE BIGGEST IS CODELCO – one big mine from COLDELCO PUT OUT OF ACTION FOR A YEAR WILL SET BACK CHINA’S ECONOMY FOR A FEW YEARS. I expect major stock markets globally to react adversely if Codelco is hit substantially.
Who can predict this kind of natural upheavel in Chile a few weeks ago and how they will struck China’s economy and the rest of us and then forecast 10 years ahead “rosy”?
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Another one, Chile’s Codelco mine lost contact ( even by mobile phone???)
“The world’s top copper miner, Chile’s Codelco, said it was checking for damage at its El Teniente and Andina copper mines after a major earthquake hit Chile on Saturday.
“I have not been able to make contact with those mines,” said a Codelco spokesman.
Both mines produce around 600,000 tonnes of copper combined annually.
(Washington World Desk)”
http://www.reuters.com/article/idUSN2720036820100227
IF El Teniente and Andina copper mines ARE DESTROYED, I think we can safely bid goodbye to China’s stimulus spending on infrastructure. Why build road, highway, and open up economic sector when there is no copper cables to run power lines to production floors, mining, agriculture and all other economic activities.
When China stimulus package collapse, it will be our economic earthquake as well.
Won’t be surprised of negative growth again this year instead of 4.5% to 6.5% unless artificially boosted by Government’s spending action in the first half.
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Pay take already, so its OK.
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Anonymous>>>
cbc13>>>>>>>
toughtime>>>
Gentlemen,thank you for your simple and analytical postings.These are postings that make sense for logical & rational debate.
Not the Greater than thou Highfalutin and preacher posting of FUCKING asses who if they think they are that great,join a local forum in public like Rony Tan and argue till your ass is as hot as your mouth.
Meantime, lets get back to our bread & butter issue.GE is definitely around the corner June, July or August.My take is LKY will step down and is shouting his last hurrah unless he kicks the bucket.
TR should be posting solid contributions on matters for GE.Constructive articles from various opposition groups for discussion and debate in TR instead of readers running around all blogs for a sane understanding on what the FUCK is going on in our political scene.My main issue would be as before and will always be my greatest concern are the poor & elderly, jobs and cost of living comes next,maybe others have better concern.
I hope I need not use the FUCK language ever again.
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“The quake forced the suspension of up to a fifth of Chile’s
mine capacity — estimated at around 4.5 million tonnes of
copper in concentrate annually — and even though government
officials said exports would continue unhindered, market
watchers said prices would rise when trading started on Monday.”
“Copper’s sensitivity to Chile is analogous to oil’s
sensitivity to tensions in the Middle East. Copper is already a
tightening market and this could accentuate that story,” ANZ’s
senior commodity analyst Mark Pervan said.”
“And even if the mines themselves haven’t been directly
affected, there is a whole lot of infrastructure running
through the whole thing — roads, rail and hydropower that
could have been damaged.”
http://in.reuters.com/article/domesticNews/idINSGE61R00220100228
IT IS STAGGERING – 1/5 of Chilean copper production on hold. If power is running at low capacity forcing frequent shut-down, I suspect even the big mines like Escondida mines UNDAMAGED by the quake, could risks operating uneconomically because Chilean copper mines are HUGE low grade ores.
BHP said Escondida production had already been hurt by a lower ore grade and weaker output from milling operations.
http://www.chinamining.org/News/2009-04-22/1240362103d23886.html
Without copper, the world economies stimulus spending will all be affected.
One can only now hope for the best for Chile and world economy.
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Its a worrying picture for my children…. HOW?
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no need wait for 10 years, now is already bleak liao.
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It is amazing how dislocated the global economies are. Europe remained trapped in recession and Greece struggling to keep afloat. The Euro is strongly bet by financial institution for a big fall – meaning a steep rise in US dollar to Euro convertibility and exchange rate.
DESPITE THE EXPECTED RESURGENCE OF US DOLLAR TO EURO, GOLD PRICES CONTINUE TO RALLY UPWARD IN THE THE LAST TWO WEEKS. This is very disturbing, because
a) a rising US dollar aided by a more stable modest growth in US economy helped by a declining Euro SHOULD have DEPRESSED GOLD PRICE BUT DID NOT.
b) so there is now a decoupling of gold price to the rising US Dollar – one of them must be a “liar” because gold price is fixed in US dollar or the linear logic has compelling reasons to depart.
c) my guess is that there IS IN FACT COMPELLING REASONS FOR GOLD PRICE TO DEPART AND DECOUPLE FROM RISING US DOLLAR. The reasons are numerous. I believe inflation is emerging as a result of over-spending in fiscal stimulus last year risking inflation in bubble economies in China, South Korea, Hong Kong and Singapore. Food prices and material costs like iron, copper, zinc are going up underpining inflationary pressures. US DOLLAR NO LONGER PROVIDE SAFE HAVEN because financial market thinks the current US Dollar rise is cyclical, NOT SECULAR – the underlying massive budget deficit will escalate to force down the US dollar once the euro stabilised.
Gold is seen increasing a “safer” sustainable hedge against inflation, falling US dollar because ALL THE MAJOR PROBLEMS OF SUB-PRIME CRISIS in Europe and US are NOT GOING TO GO AWAY BUT SUSTAINING OF CONSEQUENCES FOR THE REST OF THIS COMING DECADE.
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Both IRs will be EPIC flops/failure.
Deficit Marina Bay Sands Deficit!
Deficit Resort World Deficit!
All thanks to the NappyBoy for his great “foresight and vision”.
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Let us be fair here and not over criticise PAP! If PAP and LKY is not good, then how would such a tiny country like singapore thst is hardly on the map become such a successful nation despite the bad economy we are in. If we keep looking at our government in such a critical light, of course we will find negative things! But I feel we should not take our nations peace, harmony, economic success etc for granted!
If an unproven opposite party takes over and fare much worse, it would be chaos for singapore! We would be crying then why are we in such a mess! We won’t know for sure would the new party be the corrupted sort or mess things up, they can talk well but do they have the capability to run the country well??
Talk is easy and cheap. To prove it is not.
Personally, I have my grievances against the PAP but on the whole, I feel that what we have now should not be taken for granted. We may think what we are is because of LKY but how we know, LKY may have his many advisors who were working quietly and contributing to everything but we think everything is due to LKY.
I have no confidence if un unproven party takes over and I believe it will be worse than having PAP and giving them time to settle down and work out the future.
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Singapore tax is already at one of the lowest in the world. Imagine such a small country with such a small population and hardly any resources to fall back on. It is not easy to run a country like that. The government got to feed the poor in singapore as they are hardly paying any tax at all while the rich are paying tonnes (indirectly paying for the poor). The roads we walk on are not free. It is funded by the government. It is naive to think the government does not care for the poor. They pay virtually no tax and yet they still get their subsidies etc.
The government needs to take care of the rich who are the ones paying chunks of taxes that the government needs to feed the country. Just imagine a company that earns one million profit has to pay the government 17% tax which is a lot of money!
That is why the government (whoever that is) will have to make policies that attracts foreign investment. They pay chunks of taxes too and create jobs for the people. But unfortunately wages have sky rocketed and companies start to hire foreigners instead. Singaporeans will have to adjust to a lower pay or upgrade themselves to get a higher pay. They have to accept this fact.
Lowering the costs of public housing I see it as a must as it would help to relieve financial burden to many people. If they lose their jobs, they risk losing their flats and I hope we don’t get into similar situation as the subprime crisis in the USA.
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