Talking cock about Return Our CPF

Cybernuts, from Mad Dog Chee to Philip Ang, regularly point out GIC’s and Temasek’s “losses” as evidence for the real reason why the PAP administration intriduced the “Minimum sum” scheme and CPF Life: Temasek, GIC lost money, resulting in a shortfall of funds if CPF can be withdrawn at 55.

I’ll quote two of the heloos of the cybernuts to show that the state can refund everyone’s outstanding CPF balance.

Uncle Leong, of fake analysis fame, points out

Amount due to CPF members is $324.2 billion

According to the Department of Statistics’ Monthly Digest of Statistics – the Amount Due to (CPF) Members is $324.2 billion as of October, 2016.

(Yes I double checked to confirm that he wasn’t faking this.)

So does state have the $ to refund $325bn ++?

Chris K (no cybernut and an unwilling hero of the cybernuts) recently pointed out on FB that looking at reserves as unencumbered assets – i.e. assets minus liabilities or net assets, a term used by Tharman and in the constitution when calculating the net investment return contribution, the ball park numbers are

MAS: $40bn,

Temasek: $220bn,

GIC: $290bn

And this excludes the past reserves still sitting in the various Fifth Schedule entities like EDB and etc LTA.

Still think got no money to repay yr CPF?

So in an alternative universe when Dr Chee becomes PM later today, with a two-thirds majority in parly, he can tell president Yaacob to allow him to draw on the reserves and return our CPF. He will tell President Halimah

I have the mandate of the people. What do u have? How many S’poreans voted for u? None because u won by default.”

Sign or I’ll pee on u and let the mob into the Istana.

She signs and when everyone gets their money back, the lies the cybernuts tell will be exposed.

 

Cynical Investor

Cynical Investor blogs at Thoughts of a Cynical Investor.

 

 

 

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22 Responses to “Talking cock about Return Our CPF”

  • LIONS:

    CPF will never be ‘LEEturn’ to us unless 70 pct of sgs wakes up.

    else,all can dream ‘LOONG LOONG’?

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  • However, the reality is Singaporeans cannot hope to draw out their full sum of CPF savings, whether for hardship reasons or to manage their own funds after retirement unless they renounce Singapore citizenship. Why even at old age, you cannot have control over your own money and make your own choices? If our elderly cannot be trusted with their money, why trust them with a vote? Might as well take away their right to vote in case they anyhow vote and cause the PAP to lose majority representation in Parliament.

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  • Stay focused on 38 Oxley:

    A useless analysis to divert the attention of Singaporeans from Lee family saga. It is irrelevant even if the Government has the funds to return CPF. That fact is it will not be returned as long as PAP is in power. Why? Because the PAP wants to keep Singaporeans on a “short leash” (so they “toe the line”) and dependent on PAP generosity and handouts. LHL used HDB to scam the CPF savings of Singaporeans. So almost all of their CPF money is tied up in their HDB flat. Government has less CPF money to return. Those you want your CPF money should sell their HDB flat. Most of sale proceeds goes back to their CPF accounts. CPF then gives you a “pension” using your own money.

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  • Dead Money:

    Forget about the return of CPF money for as long as you are alive.

    It is meant for them to roll your money investing in useless money losing investments.

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  • oxygen:

    STUPID EGG HEAD TALK ABOUT ACCOUNTING – looking from ONE SIDE of the balance sheet and have no time reference.

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  • CI talking cock:

    Does CI know how much of CPF is tied up in property (HDB and private)? My guess is most of it. So the issue is not whether the Government has enough reserves to return but rather will the high property prices in Singapore hold up. This is dependent mainly on the economy which is not doing well. CPF sucked up most CPF most when Woody Goh started his infamous Asset Enhancing Scheme – making Singaporeans feel rich through a property bubble. LHL expanded the scheme and made it into the “mother-of-all” scam in Singapore more than doubling HDB prices since he became PM.

    Lastly, do not get distracted by the “noise” from PAP stooges like CI. The real (serious) issue now is the Lee family saga and the allegations made by LYL and LSH of abuse of power and dishonesty by the PM and his family. These should be investigated thoroughly.

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  • Singaporeahseng:

    CI, as usual is obeying his master, and earning his salary as IB crony, and commenting on baseless facts, and as usual without supports documentation, and as usual hitting out at our sincere genuine writers.

    Ignore this article by CI which seeks to disperse doubts amongst readers which defending CPF Board for not returning our hard earned CPF savings.

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  • AnT:

    CI is puerile beyond belief.

    But again, the convolution is based the assumption of the 70%.

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  • After 99 years, 38 Oxley = $$?:

    1945: 22-year-old Lee Kuan Yew and his family moved into 38 Oxley Road
    2015: 38 Oxley Road is valued at least S$24 million

    After 70 years, 38 Oxley Road is worth $24 million.

    Our HDB flat.
    After 70 years, how much is it worth?
    After 99 years, we all know it’s worth nothing.

    SOURCES:
    ————-
    http://www.straitstimes.com/politics/lee-family-to-donate-value-of-38-oxley-rd-to-eight-charities

    http://mothership.sg/2017/06/heres-a-timeline-on-lkys-oxley-road-house-over-its-more-than-100-year-history/

    http://www.straitstimes.com/singapore/housing/dont-assume-all-old-hdb-flats-will-become-eligible-for-sers-cautions-lawrence-wong

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  • PAP.SURE.WIN:

    SIDame:
    Why even at old age, you cannot have control over your own money and make your own choices?

    You find your answer on the first 8 lines in this article.

    http://www.tremeritus.com/2017/06/18/latest-statistics-on-the-protection-from-harassment-act/#comment-1773133

    See, our PAP government is right.

    If you let man withdraw all their CPF at one go, he will spend all the money on woman.

    After he finish the money enjoying the woman, he expect society at large to help him.

    Pray, tell me. Do you want to help such kind of Singaporeans ?

    Yes or No ? Of course NO, NO, NO. Why help such idiots.

    You find many such old man at Geylang coffee shop.

    Majullah S$1 to RM 3 and PAP to Eternality
    GE2020 PAP.Guarantee.Win.All

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  • Please ban Cynical Investor's:

    Please ban Cynical Investor, his article are just too short and difficult to read. Unless he writes a proper article, not just cut ad paste all over. Please ban him for life here. Good riddance.

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  • oxygen:

    @ CI talking cock

    EXACTLY RIGHT, cynical dumb blogger is talking cawked. How much of those CPF invested lost their values have been written down to realizable value? Until UBS were sold, it is recorded at historical purchase cost and treated a long-term investment. Once sold, the losses has to be recognized in the accounts – that portion of CPF money invested in UBS previously record as no loss at historical costs – upon sale of UBS shares – suddenly have to account for the loss. That is the total CPF balance in the Govt accounting suddenly have to record a real loss – a gap in the financial account equivalent to the realized loss.

    In other words, the reported CPF balance OVERSTATED its worth by the amount of paper losses NOT BROUGHT INTO ACCOUNT because it is not yet sold BUT LOSING VALUE CONTINUALLY. Over time, stocks like Paladin Energy bought at over 80c now is worth 5c and suspended from trading pending maybe liquidation.

    How much of CPF book balance is still remaining as reported after massive investment losses NOT brought into its account? How much of the CPF money used in housing purchase lost in value and continue to lose in value?

    CI talking cock: Does CI know how much of CPF is tied up in property (HDB and private)? My guess is most of it. So the issue is not whether the Government has enough reserves to return but rather will the high property prices in Singapore hold up. This is dependent mainly on the economy which is not doing well. CPF sucked up most CPF most when Woody Goh started his infamous Asset Enhancing Scheme – making Singaporeans feel rich through a property bubble. LHL expanded the scheme and made it into the “mother-of-all” scam in Singapore more than doubling HDB prices since he became PM.

    This is precisely why I bucketed this idiot writing nonsense of distraction.

    oxygen: STUPID EGG HEAD TALK ABOUT ACCOUNTING – looking from ONE SIDE of the balance sheet and have no time reference.

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  • Rabble-rouser:

    What a thoroughly deficient article by CI. A lot of accounting concept used in calculating reserves (ie. asset values) lack real life market valuation &/or actual financial impact eg. Mark-to-market valuation (realistic/current) vs book value/historical value (past value like a picture taken some time ago); impaired value vs historical cost (eg. Stanchart, Paladin Energy, Stuyvesant Town/Peter Cooper Village, UBS etc.) & most important of all, the lack of transparency of SWFs’ performance in terms of market returns (translated to S$ net of forex/translation gains or losses, cumulative market returns, real returns [net of inflation]), their P&L & their balance sheet. There’s too much of veiled information within S’pore SWFs to have a clear understanding of S’pore’s real reserves & asset base.
    Even for GLCs, there are a lot of questions about their financial performance, IPOs, share valuation, multiple asset & cash injections, etc. Look at NOL eg. it had taken a lot of cash injections in the past yet the balance sheet was still heavily indebted due to large accumulated losses. In the case of Singtel, the asset injection (telecom infrastructure) into Singtel’s IPO was made presumbably below market valuation to inflate Singtel’s IPO price valuation. Same for SMRT – what was the real cost of the rail assets pre-IPO? The taxpayer’s cost for infrastructural developments suppressed pre-IPO & then S’pore govt/SWF creamed off the IPO ‘profits’ post-IPO. But this IPO superprofit never benefited the people’s CPF – we still get a measely 2.5% pa return.
    Same for Govt Land Sales (GLS). PAP Land Acquisition Act acquired much land from private hands for miserable compensation. Yet the GLS to private land developers generated much revenues for the S’pore govt/SLA. Ditto for HDB new flat building program. SLA set a high land price for HDB; HDB in turn set high prices for BTO flats – HDB claims losses for each HDB flat they build & sell. S’poreans feel pity for HDB. But whose the wiser in this right pocket-left pocket hocus pocus? And yet for each BTO/HDB flat that S’poreans buy – their CPF is ‘sucked out’ from their balance. At the end, S’poreans overpay for their essential public housing needs. Yet GLS & HDB doesn’t enrich the people & their CPF scheme.
    And HDB 99 year lease depreciates over time; your HDB asset loses value due to lease depreciation. What happens to your CPF balance then? It goes to zero! And whose the winner? What CI doesn’t know that most of CPF holders balance are tied inexplicably to their HDB flats. This demographic time-bomb has yet to explode on ageing CPF holders. When it does, imagine the collateral damage it will cause of unsuspecting CPF holders.
    Whose the cybernut?

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  • Daniel:

    The cybernuts don’t realise PAP is doing them a favour by not returning their CPF since the first thing they’d do is to gamble IT away which is a typical Chinese thing to do. And they wonder why Malaysians can withdraw their EPF easily. What’s the racial make up like for both countries again?

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  • Leegirlised Crony Corruption:

    If just 20% singporeans petition demanding their CPF, the leaders will have to give in or face serious political backlash right?

    But the people never do that.

    So, the REAL PROBLEM IS THE ABSENCE OF THE DEMAND
    and not that the cpf is , as alleged, being withheld or locked up.

    Singaporeans must reflect on their behavior.

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  • Calbin Cheng Ah Guah:

    Maybe we should be magnanimous enough to let our cpf monies belong to our GABRAMEN for them to use for investments.

    This is for the good of the country.

    We just need to save more and spend less.

    Tax should increase to adjust for oil price increase.

    先有国,才有家。
    钱是生外物。

    I, Calvin Cheng at your service.
    Aka Patriot CHENG

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  • zultan:

    CI have you hears the saying “empty vessels make the most noise”? Should consider it some time.

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  • I wouldn't employ a Sinkie:

    AnT:
    CI is puerile beyond belief.

    Yes, what does it say of such a person if he isn’t able to realize how such childish reference to Dr. Chee only reflects on the immaturity of his own mind and only creates suspicion of how such a mind is able to contribute to any balanced or serious or intelligent discourse.

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  • Is CPF our money?:

    Is it true that Singaporeans would rather choose to be SCARED OF DEMANDING FOR THE RETURN OF THEIR CPF THAN TO DEMAND FOR THEIR CPF?

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  • oxygen:

    @ Rabble-rouser

    EXACTLY RIGHT of conclusion in your brilliant illuminating post comments

    Rabble-rouser: Whose the cybernut?

    And that is precisely I hit him on the head.

    oxygen: EXACTLY RIGHT, cynical dumb blogger is talking cawked

    He often talked of accounting/finance contents without knowing accounting applications.

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  • PATRIOT of TEMESAK:

    Hey you STOOPID CI!!!….CPF is CASH…Moolah…Peso….DUIT just in case you don’t know what CASH means it is $$$$$$$$$

    NOT assets(INFLATED)including CASH…Understand??? Parlavu??? Mengerti??? just in case you DON”T UNDERSTAND the word understand STOOP!!!

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  • fpc:

    2 reasons why CI is wrong.

    1.the assets of th consists of many entities not valued at market value.

    Who says they would be able to be sold at their reported price?

    That sum of non market priced asset held under TH is making up a bigger and bigger portion of th ‘s balance sheet and should alarm us.

    2. the reserve is also used to ensure Singapore can pay its suppliers in global trade. So the bigger the trade size, the bigger the reserve.

    Returning all the monies back to the contributors of cpf can make Singapore not being able to repay those trades dues.

    This is also the reason why when china’s RESERVE dipped near 3 trillion usd, all alarms went off in China. Their global trade is about that level and if the Chinese reserve falls further, they have a problem pay off suppliers.

    hence they enforce currency control.

    Same thing could happen in Singapore.

    3. the size of the cpf due is smaller due to cpf life implementation. you just have to check 2010 figures with this year’s number.

    so ci is wrong.

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