Sunday, July 31, 2011

Inverse Robin Hood 2: Elites enjoy discounted housing while the people compete against the whole world for a shoebox

Justifying elites' housing subsidy
Recently, foreigners were making noise about restriction in owning private property and yesterday ST forum was filled with "patriotic" Singaporean supporting the ban. SLA website explains the rationale of restricting foreigner to buy landed property.

Since 1973, the Singapore Government has imposed restrictions on foreign ownership of private residential property in Singapore. Such ownership is governed by the Residential Property Act (the Act).

The Act seeks to strike a balance between giving Singaporeans a stake in the country by being able to buy and own residential properties at affordable prices......

Average Singaporean exposed to merciless competition in housing market
The claims to give Singaporean a stake in the landed property is a myth to all except the most privileged. First, the working class Singaporean living in HDB have already big problem in paying down their mortgages. Probably, very much less than 1% will be lucky to be rich enough to buy themselves in their life time, landed property.

In the eyes of PAP, Singaporean are simply not miserable enough. PAP mass import foreigners, resulting to a astronomical property hike. Poor and middle class Singaporean are in fact being forced by PAP to compete with the whole world for a humble shoebox housing, made only possible by incurring massive debt that can only be pay off in 30 years. The situation deteriorate much further recently that many young remain single because they are unable to afford a house.

Elites enjoyed huge housing subsidy 
For the top 5% of the population, PAP is going to subsidize their dwelling, by an outright ban on foreigners. PAP gives them "a stake in the country by being able to buy and own residential properties at affordable prices".

Depend on the land size, a landed property may be converted to hundreds of units of apartments. For example, a landed house priced at $50 million may have a potential value of billions, if permit is granted to built apartments.

Landed property carries a potential premium, which is unlocked when permit is given to built high rise apartment. Second, even without such permit, many foreigners with deep pockets will be willing to pay the potential premium, if the ban on foreigner ownership is lifted.

Hence, the ban of foreigner is a de facto housing subsidy to elite, in my estimate excess of 70-90% in some cases. A lift of ban will raise the asset price of landed property overnight. It benefit the current home owner but our elites are not so stupid to price their children out of landed property.

Big stealth property tax break for elites
Our government website states "The amount of property tax you have to pay per year is a percentage of the Annual Value of the property. The Annual Value is the estimated yearly rent the property can fetch if it were rented out."

A landed house with dwelling area similar to a HDB flat may incur less property tax than the later, since the most important factor in determining rent income is the area of abode.

For example, a bungalow owner with a big garden and small living space covered by a roof top, may pay less or not significantly more property tax than a HDB owner of similar dwelling space. Adding to the insult, the HDB owner does NOT own even a fraction of the land where the flat is built (just 99 years lease).

Hypocrisy of foreigners landed property ban
While elites urge Singaporean to face relentless competition from foreigners, the elite class has not impose the same measures on themselves. Housing is just one example whereby they receive lots of stealth subsidies, by ducking foreign competition.

There is no free market competition for elite, only socialism. Competition is only for the people
Free market competition rhetoric is used only in the situation to exploit Singaporean. Upon the events or situation that would expose our elites to relentless onslaught of capitalism, government is quick to cover them with rules and regulations.

There are many other double standards yet to be told. In short, Singaporean elite class is one of the most selfish, foolish and tyrannical in the world, using lies and propaganda and enriching themselves on the pain of the people.

Sunday, July 24, 2011

Defaulting CPF 8: PAP giving all our monies USA for free to condemn us to poverty

Today in Straits Times.

SINGAPORE, Jul 21, 2011 (The Straits Times - McClatchy-Tribune Information Services via COMTEX) -- If the ratings agencies downgrade the United States' credit rating, Singapore's foreign reserves could take a hit amid the collateral damage, although the impact is unlikely to be long-lasting. But the possibility is inching ever closer.

The agencies have already warned that they will downgrade the sovereign rating of the world's largest economy if the US delays its debt payment.

That would be termed as a technical default, but enough to trigger a downgrade -- and massive global market convulsions.

But economists also warn that a downgrade will send US Treasury bond prices falling, and in turn reduce the value of US dollar reserves. This will have an impact on Singapore's foreign reserves, a large portion of which is believed to be held in US dollars and US Treasuries.

The value of the foreign reserves is likely to have already taken a hit, given the weakness in the US dollar. It has declined nearly 10 per cent against the Singapore dollar, to S$1.21, from a year ago.

The Monetary Authority of Singapore (MAS) does not share data on its US Treasury holdings, but US Treasury Department figures state Singapore held US$57.4 billion as of the end of May, just over 20 per cent of the US$242 billion in official foreign reserves it held at the end of last month, preliminary figures from the MAS website show.

But economists said the US Treasury Department figure may not be an accurate reflection of US Treasury holdings.

Citigroup economist Kit Wei Zheng believes it could be much higher, given that countries typically hold about 60 per cent of foreign reserves in US dollars, International Monetary Fund figures show.

But Barclays Capital economist Leong Wai Ho said the figure could be smaller.

"Given that Singapore is a major financial centre, I suspect much of the US$57 billion of US Treasuries is held by local and foreign banks in Singapore, not just officially (by the central bank)," he said.

The impact of a US default may be temporary, as most economists believe the debt ceiling will eventually be raised.

OCBC economist Selena Ling said that after a US technical default in 1995, when it also delayed a raise in its debt ceiling, there was a temporary spike in risk premiums on US Treasury bond yields. This sent yields up and bond prices down.

Ms Ling said if the same were to happen this time, there should not be a flight from US Treasuries. Central banks can look beyond short-term market shocks because a country can typically take a more medium-term view on its foreign exchange reserves, she added.

She said it would be more damaging to Singapore if the US does not get upgraded back to a triple-A rating after the debt ceiling is raised, or "financial markets go into a tailspin for other reasons".

What economists do agree on is that given the troubles in the US economy and its massive fiscal debt, countries like Singapore have likely been diversifying their foreign reserves away from the greenback and into other currencies.

Mr Leong said: "We have seen a conscious shift away from US dollar-denominated safe haven assets to local currency assets in Asia over the last two years. This is not going to change."

The current hottest issue in the US is the default of all federal debt, and when that happens, Singapore will be completely wiped out. Over the years, PAP has made Singaporean worked like slaves, forcing us into piles of debt that take decades to clear, taxing us by means of healthcare, transport etc -- so that they can ship our blood monies and give it free to the US consumer. Over the years, Singaporean has been deprive of our wealth, suffering hugh inequality, living in poverty, seeing our savings chip away by inflation, because our surplus are being shipped to the US.

Everyone know that US debt is unsustainable, and that includes PAP, but their desire to bootlick US is beyond anyone's imagination. Unfortunately, US show their contempt towards us by threatening publicly to default. In my opinion, not defaulting is an even worse solution, because that means US is going to print more monies, result not only in a stealth default, but also hyperinflation around the world that wipe out everyone.

Fully aware of the situation the US is going to repudiate all its debt, crazy PAP bought ever more US bond, increasing its holding by 41% to 57.4 billion, compared to previous years. Singaporean are now screwed. And when things run its course, Singaporean will see our CPF vaporizes in thin air.

Source: US Treasury

Wednesday, July 20, 2011

Singaporean facing extinction: PAP's genocide explain

How to wipe out a tribe
The honest Singapore has always been the backbone of our society. Despite this fact, our PAP government has been extremely effective and utterly relentless in destroying Singaporean. Last year the TFR (total fertility rate) is another record low of 1.16 (each woman give birth to 1.16 baby). Lets pick 1000 people of equal proportion of men and women, and look at the math.

1st generation: 1000 people.
2nd generation: 580 people.
3rd generation: 336 people.
4th generation: 195 people.
5th generation: 113 people.

For every 1000 Singaporean, he will see just 113 great-great-grandson. Within a little more than a century, that 1000 Singaporean will only see their 5th generation reduced by an eye-popping 89%. PAP must have does Hitler proud.

Not true that every developed society will have low TFR 
While its true that as a country prosper, fertility will drop, but experiences from other developed society has demonstrated that low fertility could be reversed. This includes countries like USA, New Zealand, Ireland, France, UK, Iceland...etc, which have fertility rate more or close to 2. In particular France and Iceland accomplish reasonable fertility rate through policies that providing adequate social service and support, as well as regulations to reduce social tensions.

How the genocide works
Our disappointing fertility rate has a lot to do with our stressful lifestyle, high indebtedness due to property and job insecurity. Instead, of improving the above social ills, PAP mass import foreigners, making the matter worse. Meanwhile PAP justify their immigration policies giving reasons that Singaporean are not producing. The relentless influx of foreigners acerbates the exact social ills that sterilize Singaporean.

And when Singapore's fertility rate drops further, PAP import even more foreigners. The vicious cycle goes on and on and it seems that PAP is targeting a fertility rate of zero for Singaporean. When Singaporean has zero baby, PAP can proudly give reasons why they need to import the whole world.

Singapore's demographic time bomb and hell in making
A dodo. Singaporean do away themselves by voting PAP
Even without further immigration, I estimate our population as follows.

Right now at 5 million population, Singapore population will peak at around 5.5 million in 15-20 years time, if current fertility rate of 1.16 continues. If Singapore improve its procreation to TFR of 2.1, which is the ideal case for population planner, our population probably will hit in 20-30 years to about 8-9 million and probably peak at even higher population further down.

In whatever outcome, Singapore's population is likely to explode further. Even if we hit the best outcome of 2.1 TFR, we will still be heading down to disaster of at least 8-9 million of population at a certain point of time. Then, Singapore will be extremely crowded. The property price will rocket stratospherically. At that time, the price of a 5 room HDB flat today may be just enough for a space for toilet bowl. Singapore will be worse than hell.

However, an import of millions more foreigners and a TFR of zero looks more like the outcome instead.

Tuesday, July 19, 2011

Lee Kuan Yew and late president Wee Kim Wee are related

Wee Kim Wee and wife Koh Sok Hiong
LKY's mother Chua Jim Neo wrote a book by the title Mrs Lee's Cookbook somewhere in mid 1970s. Wee Kim Wee who was then the high commissioner to Malaysia wrote the preface of the book, addressing her as "cousin". (Click the attachment below for clearer view).

The preface was mysteriously removed from the later publications.

Wee Kim Wee's family
Wee was born to Wee Choong Lay and his wife Chua Hay Luan. Wee Choong Lay came from a poorer branch of a rich family. He was a ship purser but was blind when Wee Kim Wee was six years old. Chua Hay Luan is likely to be the aunt of Mrs Lee Chin Koon nee Chua Jim Neo, LKY's mother.

Chua had to take on menial jobs to support the family, after her husband was incapacitated. Her cousin Chua Keng Bin, gave them S$10 a month.  The family moved into a rented house in Holland Road and subsisted on poultry and fruit trees that were grown in the home's compound. Wee attended Pearl's Hill School, Outram School and Raffles Institution but halted his education in 1929, at the age of 15, to supplement his family income through work.

Finally, Wee lost his father when he was only eight and his mother when he was 19. Wee married Koh Sok Hiong, a very remarkable woman in my opinion. She loved Chinese culture and forced her children to learn Chinese. Wee worked in the press and served as high commissioner since 1973, and was made president of Singapore in 1985.

Monday, July 18, 2011

Lee Kuan Yew's grandfather: Recontructing Lee Hoon Leong

Lee Hoon Leong
A rich and famous person
There are many significant events and personalities that deserve to be dealt in more depth, in LKY's autobiography, Memoirs of Lee Kuan Yew. Lee Hoon Leong (1871-1942), LKY's grandfather is such fascinating person.

Lee Hoon Leong (1871-1942), is a managing director of the Heap Eng Moh Steamship Company Ltd, owned by the tax farmer, opium cultivator, Oei Tjiong Ham. He has 5 daughters 3 sons and 2 wives.
    The wives are
    • Mark Hup Sin,
    • Ko Liem Nio (LKY's grandmama)

    Sorting out the wives, sons and daughters
    Mark Hup Sin begets

    • Lee Chin Yam (eldest)
    • Lee Choo Neo (eldest) ( 7 September 1895, Singapore - d. 7 September 1947) 
    • Lee Leng Neo (3rd daughter)
    Ko Liem Nio begets the rest including

    • Lee Chin Koon (2nd son, LKY's dad ) (b. 1903, Semarang, Indonesia – d. 12 October 1997)
    • Lee Chin Tong (3rd son)
    • Lee Siok Neo (2nd daughter)
    • Lee Wee Neo (4th daughter)
    • Lee Kim Neo  (5th daughter)
    LKY's autobiography has it as below.

    (Lee Hoon Leong) a purser on board a steamer plying between Singapore and the Dutch East Indies. The ship was part of a fleet belonging to the Heap Eng Moh Shipping Line, which was owned by the Chinese millionaire sugar king of Java, Oei Tiong Ham.

    In between his travels he married my grandmother, Ko Liem Nio, in Semarang, a city in central Java. There is a document in Dutch, dated 25 March 1899, issued by the Orphan's Court in Semarang, giving consent to Ko Liem Nio, age 16, to marry Lee Hoon Leong, age 26.

    Chronologically, it appears very likely that LKY's grandma Ko Liem Nio is a minor wife. In addition, sources has indicated that Lee Choo Neo is a adopted daughter. However, the condition of her adoption is obscure.

    LKY's memoir contains little or almost nothing about his paternal uncles and aunt. Hence, not many know now that his aunt Lee Choo Neo is famous then, for being the first female doctor in Singapore.

    Lee Hoon Leong lost his fortune in the Great Depression and died just after the Japs conquered Singapore.

    Kindly email me if anyone has more info.

    Saturday, July 16, 2011

    Singapore medical cartel 7: The culprits that cause low Singaporean doctor population

    Kwa Soon Bee
    Kwa Soon Bee:
    Brother of Kwa Geok Choo.

    • Permanent Secretary of Health and Director of Medical Services (1984 - September 1996. 
    • Registrar of the Singapore Medical Council (the 2nd most powerful position in the doctor cartel) (1984 – 1996). 
    • And many other fat appointments ad nauseum....etc.
    Lee Suan Yew

    Lee Suan Yew
    Brother of Lee Kuan Yew.

    • President of the Singapore Medical Council from 2000-2004 (boss of doctor cartel). 
    • President of the National Kidney Foundation (1995-1999).
    • And many other fat appointments ad nauseum....etc.

    The above article from Singapore Medical Board, is written by Lee Suan Yew
    Kwa Soon Bee, the medical Darth Vader
    Hogging as the Permanent Secretary of Health and Director of Medical Services from 1984 to September 1996, Kwa Soon Bee was more responsible than others for the role of keeping doctor population low, so that Singapore medical cartel make scandalous profit on the agony of citizens. This is done by keeping low intake of local medical school. In 1993, Kwa Soon Bee went a step further, by reducing the eligible oversea medical schools from 176 to 28. The minister of health then was Yeo Cheow Tong, a politician widely speculated in the web for involving in scandals and corruptions.

    Meanwhile the clown Lee Suan Yew as capacity of president of Singapore Medical Council said "In 1993, there were concerns about an oversupply of doctors leading to increased healthcare costs. To curtail an increasing number of Singaporeans going abroad to study medicine, the number of universities and medical schools in the Schedule was reduced from 176 to 28."

    Lee's argument is completely absurd. Oversupply of doctors will instead reduce their wages and this of course, leads to reduction of healthcare costs. And neither did Singapore has any oversupply of doctor, as its doctor density is till date one of the lowest in the world.

    Lee and TT Durai
    TT Durai
    Lee holds many other appointments. One of  his fat appointment is President of the National Kidney Foundation 1995-1999 (click and see the diagram above). Then, NKF was a vehicle of scam for TT Durai, defrauding the donations all over Singapore. The fat cats were paid astronomical salary and very little of the donations went into dialysis.

    It is unclear how Lee collude with TT Durai. However, TT Durai was winning lawsuit as he sued for defamation during late 90s when Lee was around in NKF. Only after Lee resigned that SPH started to harass Durai. Six years after Lee's departure, Durai on his way of losing lawsuit in court against SPH. Finally, Durai was jailed after public prosecution in 2008.

    Perversion of Medical Cartel
    The perversion of our medical cartel goes beyond the most sado-masochistic porn in recent years. It is bad enough to protect our local doctors, keeping supply of medical graduate low. But by keeping most of the foreign doctors out, Singaporean can still console themselves that there is some sort of protection towards people who make their way to the medical school. Today, the medical cartel keep the supply of Singaporean medical graduate low -- so that more foreigners can be imported and paid a higher salary on the expense of Singaporean.

    The medical cartel now serves the foreigner, short-changing Singaporean. Singaporean must take down PAP to reclaim back our rightful wealth.

    Thursday, July 14, 2011

    How can we monetized Precious Metal

    Right now, the whole world is printing money, while one USD has drop to a record low of 1.217 versus SGD. The sycophantic mass media will praise "strong SGD" in lock step, ignoring the fact that SGD itself has also plunged a record low against gold.

    The days of fiat currency is numbered. While some of the more responsible elite in certain countries has spoken publicly about protecting their citizens against currency debasement, nothing of this sort has come out from PAP. Below is a masterpiece by the respectable Hugo Salinas Price, regarding the re-monetization of silver. If LKY is able to be the first do that, he will be remembered not only in Singapore, but throughout the whole world, as the hero who defeat USA imperialism.

    An Interview with Hugo Salinas Price on a Return to a Silver Mexican Peso
    By: Jeff Berwick – The Dollar Vigilante

    The Dollar Vigilante (TDV): Thank you very much for taking the time to speak with us today! Please introduce yourself and give some background on yourself to our audience.

    Hugo Salinas Price (HSP): I am 79 years old, son of a Mexican father from the city of Monterrey, Mexico, and of an American mother from Bryn Athyn, Pa., where I was born. My education was largely in English-speaking schools. I married early, at 22, and my wife and I are looking forward to our 57th Anniversary later this year. I did not finish any college course for a BA (Editor's Note: Yet another "uneducated" billionaire as per our recent blog post: Debtucation);

    I decided to devote myself to some productive work at age 20 and so I am mostly self-educated. As luck would have it, I managed to build a tiny company building radios into a chain of small stores selling durable consumer goods in installments to the public. After 38 years of one single job, I turned over management entirely to my eldest son, and he has been very successful, indeed. It's certainly not my fault I am considered a "billionaire" - this was my eldest son's doing, he is to blame for it entirely.

    However, monetary affairs have always fascinated me, and in "retirement" I was able to devote myself to thinking through the problem of instability in modern society. Thus, I arrived at the question of silver money, in 1995, when I wrote a little book "Silver - The Road for Mexico" (available only in Spanish). Thus began the long journey which has given meaning and purpose to my old age.

    TDV: Where in Mexico do you live?

    HSP: I live in Mexico City, same house since 1959.

    TDV: You have been very active in lobbying the Mexican Government to integrate silver into the money system. Could you please expand on this?

    HSP: First, I want to make it clear that my campaign for silver does NOT mean backing the Mexican peso with silver. I am not proposing anything so radical as a general reform of the Mexican monetary system - simply because such a program would cause so much disruption and grief while people adapted to it, that it is politically impossible; and so it is useless to spend time working on something so "far out".

    What I propose is simply to give a quoted monetary value to a one-ounce pure silver coin which already exists, the "Libertad" ounce (editors note: Libertad means freedom in Spanish). This coin has no engraved value upon it, and it would be given a QUOTED monetary value by the Central Bank; the quoted monetary value would always be slightly higher than the market price of a silver ounce, and when the price of silver rises, the Central Bank is to adapt to that situation by giving the coin a higher price. When the price of silver falls, the last quote remains in place, so that the quoted value can never diminish, only rise to accommodate the higher market price of silver.

    By this means, something very important would happen: the silver coin would remain permanently in circulation with paper money; the silver coin would never be melted down, because higher prices of silver would simply mean a higher monetary value for the coin. Of course, people would save these coins, the demand for them would be enormous. But they could also use these coins for payments in emergencies or for investments. An excellent and simple way to save!

    There is in the world today, no real alternative to fiat money - fake money. All currencies of the world are equally void of any intrinsic worth. Monetizing the "Libertad" ounce would give Mexicans an alternative and simple way of saving, in money that is truly money, because it is made of silver. Savings in "Libertad" ounces would provide every family with a nest-egg of great importance, as it would consist of coins which cannot be devalued by the State, with a totally liquid value.

    TDV: OK, this clarifies things a lot. So, your goal here is not to fully back the Peso with silver.

    HSP: Yes, as I said before, I am NOT for "backing the Peso with silver". I am striving to have a single silver coin, the one-ounce pure silver "Libertad", MONETIZED by means of a monetary quote to be issued by the Central Bank.

    The Government of Mexico, just like the Governments of every single country in the world today, allows the Central Bank to inflate the money supply through the banking system. Not one of the world's governments is ever going to willingly stop inflating!

    The monetized one-ounce pure silver "Libertad" will provide an excellent refuge for savers who want to preserve the value of their savings for their old age, for the education of their children, or simply to eat when hard times strike. It would be the first and (for a time) the only true alternative money in the world of the 21st Century.

    TDV: In other words, the Mexican central bank can keep inflating under this proposal.

    HSP: Neither the Mexican government nor ANY GOVERNMENT IN THE WORLD will ever swear off of inflating the money supply and expanding credit when it can be done. That's why we need the alternative money, which can be said to be "indexed" to the market price of silver.

    TDV: Why would the Mexican government give the “Libertad” a quoted monetary value? Does this mean that someone can pay a certain amount of pesos for the coin and then, if the peso value of silver halves, they can sell it back to the Central Back for the same price that they purchased it for? Wouldn’t the Central Bank have an incentive to print enough money so that the peso value of silver never falls?

    HSP: The institution giving the coin a quoted monetary value would not be the Mexican government, it would be the Central Bank, in obedience to Legislation passed by the Mexican Congress, which has the constitutional authority to instruct the Central Bank on this matter.

    About "selling the coin back to the Central Bank" for the same price they paid for it, when silver has fallen in bullion value: Yes, they could, but no one in his right mind would do this. The Mexican peso which circulated for 25 years (1920-1945), of which 458 million were minted, contained silver which fell in value sharply during the Depression, yet not one of those pesos was ever returned for PAPER. Gresham's Law, you know. No one ever exchanges better money for worse money.

    Printing pesos to keep the peso price of silver up, means inflating and devaluing the peso against the dollar, in which currency silver is quoted in world markets. The Central Bank would have no reason to do this.

    TDV: We have been debating your proposal amongst some members of the Austrian economics community. Some state that silver is too volatile to use as an alternative currency at this time… they prefer gold. What are your thoughts on using silver versus gold?

    HSP: The monetization of the silver ounce would cause a demand for it that would tend to smooth out the volatility, which I suspect in any case is due to manipulation of the silver market. The best way to combat that manipulation is to create a great demand for physical silver which would put the shorts out of business.

    Talk of a return to gold is important, as it fosters a re-orientation of thinking which is indispensable - from the paper of the last 40 years, to gold, that will give more long-lasting benefits to humanity. Eventually, we'll have to get past the "talking" stage and move on to action; however, no one has a clue, at this point, on how to get from paper to gold!

    Monetizing the silver "Libertad" coin is a FIRST STEP IN THE RIGHT DIRECTION. It does not fix everything, it does not reform everything, it is painless and it is very, very attractive to people. This, my friends, is the only practical way to get anywhere in life!

    To quote an old, old song, "I don't want to set the world on fire, No baby, I'm contented - with a flame in your heart".

    TDV: Nice touch. Just for the record, we here at TDV are fully in favor of setting the monetary world on fire if need be to rid ourselves of these central banks and governments! But we also appreciate the prudence in taking it one step at a time as you are attempting to do with the silver Libertad.

    On other matters, we recently wrote a blog piece about the vibrancy of the Mexican economy (The Rumors of Mexico's Death Have Been Greatly Exaggerated). What are your overall thoughts about the state of Mexico and it’s economy?

    HSP: We're looking great, considering the fiscal chaos in the USA with its $1 Trillion-plus budget deficits as far as the eye can see. We need to have our people save lots of silver, to face the coming readjustments in the US economy, which will be very painful, indeed.

    TDV: Thank you very much sir for your time and your efforts to try to bring some sort of sanity to the monetary system.

    Wednesday, July 13, 2011

    Singapore Medical Cartel 6: Latest medical registration data from the ultra corrupt Singapore Medical Council

    Source: Singapore Medical Council

    On 2010, 331 Singaporeans received full and conditional medical registration (aka registering to be a doctor in layman) and for foreigner, the number is a whopping 484. I have also generated a chart of doctor registration from 2001 to 2009.

    The very sad thing of Singapore is our leaders try to prevent the working class students from receiving the elite medical education--even though our students receive perfect score in A levels. Meanwhile, lots of foreign doctors are imported especially from India. In another word, our medical cartel has betrayed Singaporean by keeping NUS medical school intake low so that more foreigners can practice medicine and earn top bucks here.

    The reason for such pervertness shall be further discuss in future articles.

    Tuesday, July 12, 2011

    Why Tony Tan mustn't be the president of Singapore: Family business

    Above: The Top 3 guys from GIC are relatives until  quite recently. LKY is the chairman, LHL deputy-chair, and their relative Tony Tan is CEO of GIC.

    Not many Singaporean realise the power of LKY even though he may hold no portfolio. His families control the wealth of Singapore. The chairman, deputy-chairman and CEO of GIC had been Lee Kuan Yew, Lee Hsien Loong and Tony Tan respectively, as late as few months back. (Tony Tan is distant relative of Lee Kuan Yew)

    Meanwhile the deputy-chairman and CEO of Temasek holdings, Kwa Chong Seng (nephew of Lee Kuan Yew), and Ho Ching are relatives of Lee Kuan Yew as well.

    In Temasek Holdings, two out of the top three person is from the Lee family
    Very recently, GIC see some changes in management, with the resignation of Tony Tan, promotion of Lee Hsien Loong to chairman. Even though Lee Kuan Yew forgo his cabinet position, he has not dumped GIC entirely. He is currently holding the position of GIC special advisor.

    The Lee family seem to be particularly interested in keeping the control of Singapore's wealth within their family. Not even President Marcos or Suharto were able to have such a firm grip on the purse string of their nation. It is very difficult to see, how a nation can entrust their entire wealth to a single family, without ending up in disaster.

    GIC and Temasek, a big black box
    How GIC and Temasek are run is still a big mystery. When late president Ong Teng Chong tried helping us to find information about our reserves, he got into a big fight with PAP.

    Given Tony Tan's business in GIC and family ties with Lee family, it will not be difficult to see the existence of conflict of interest if Tony Tan become the president. It is likely that he will not be able to properly discharge his duty if he is elected.

    Monday, July 11, 2011

    Anatomy of Money Creation in Singapore 2: SGD vs Gold

    Since 1970, SGD has lost 94% against gold
    Gold Bubble Scaremongering
    At price around USD 1500 or SGD 1900 level, the megaphone of "gold bubble" never ceases from banksters, government propaganda and all privately owned mass media. Instead of gold, SGD seems to be more like a bubble, and on the not so distance future, the value of SGD is going to be zero (unless PAP back it by gold in the future).

    Government and Financial elite's loath of gold standard (gold back money)
    You can read nothing good about gold standard in all economics textbook. Your teacher will fail you, if you try writing something good about gold standard. All students are force fed voodoo monetary economics, by Irving Fisher and Milton Friedman.

    There are countless advantage gold standard that is impossible to enumerate one by one. In the case of Singapore, under the gold standard,

    • Your CPF will preserve its value. There is never a rise in price of gold vs SGD per se, but a debasement of Sing dollar due to MAS money printing. 
    • PAP will never be able to create crazy asset inflation. One policy lever that is designed to cause property inflation is, low and even negative interest rate -- that is possible only under fiat currency standard. Under the gold standard, the government is not able to print monies, unbacked by gold. Hence, when real estate get overvalue, interest rate will automatically be raised as lending get risky. High interest rate will put an end to any bubble.
    • Speculation in property and commodity will be difficult. Under fiat currency, the government will bail out speculator using money from Joe on the street, by means of money printing. Under gold standard, no money printing is possible, all loses have to be paid in gold. The banks and speculators who currently self-bragged themselves as "talent" under this crisis, will go bankrupt if the world follows the gold standard.
    • Much more .....etc
    Gold standard is the nemesis of rentier elite class. You can expect the same people to yell "gold bubble" even when Sing dollar loses 99.99% of its value against gold.

    Below, Swiss is discussing how to protect its citizen against the worthless Swiss Franc. Don't expect this from robber PAP until they have exhausted all other options.

    Sunday, July 10, 2011

    Bank of England blasts HFT meanwhile SGX is launching world's fastest HFT

    Bank of England (UK central bank) lashes out on high frequency trading (HFT) with extremely strong word, and calling for HFT to be regulated. Below are the excerpts.

    Taken together, this evidence suggests something important. Far from solving the liquidity problem in situations of stress, HFT firms appear to have added to it. And far from mitigating market stress, HFT appears to have amplified it. HFT liquidity, evident in sharply lower peacetime bid-ask spreads, may be illusory. In wartime, it disappears. This disappearing act, and the resulting liquidity void, is widely believed to have amplified the price discontinuities evident during the Flash Crash.13 HFT liquidity proved fickle under stress, as flood turned to drought.

    and many many more criticism...etc. Meanwhile SGX will launch the fastest HFT in the world. Chew Sutat, Executive Vice President, SGX, said:

    • "(HFT)To grow the capital markets in Singapore, to support the capital markets in Singapore, growing liquidity is first and foremost......
    • HFT potentially could support growing liquidity......
    • improving the efficiency of the market is a key objective......"

    Our corporate leaders and elites seems to be psychopathic liars.
    BOE On HFT

    Saturday, July 9, 2011

    Singapore medical cartel 5: Much poorer Thailand already enjoying free basic healthcare

    Thaksin healthcare reform
    Thaksin is corrupt. There is no doubt on that. His is hardly a socialist but what differentiate Thaksin from the rest is, Thaksin wants to do something for the poor. He wants the country to advance. In comparison, the rest of Thai premier and politician are hell-bent on squeezing as much blood from the people as possible, very often using criminal means -- all without doing anything for the country.

    The most important thing he did was the 30 baht/visit healthcare (around S$1.50). The 30 baht payment was later reduced to zero by subsequent government. The 1st year cost for the program is just a meagre US175 million for a total Thai population of 60 million people. That really debunk the myths that free healthcare is bankrupting the government.

    The price cost is low because Thaksin administration has focus on basic ailments, accident and emergency, in addition, some ceilings and limited choice of drugs are imposed on chronic elderly diseases and HIV.

    Universal and relentless attacks on Thaksin health reform by academics(corrupt)
    The contemporary academics are corrupt beyond imagination. One could hardly find good things they have written about Thaksin health reform. Strangely, those corrupt academic and PAP seems to share roughly similar criticism against universal healthcare.

    A very frequently criticism against free health care is cost. Many cite western country health care cost structure as an example. This is extremely dishonest. In western countries, the main reason of high medical cost is due to medical cartel involving big pharma and doctor cartel. These parasite will charge couple of hundreds US$ for consultation and dispensing cheap drug just for simple ailment like flu -- to individual (in USA) or to the state (in Europe). In the other extreme like India, such disease can be cured simply by buying less than a dollar of drug from the pharmacy. The example of India manifest the true cost of basic healthcare as well as the exploitive nature of medical cartel.

    Next, basher often points to high cost of drugs and machines to justify against universal healthcare. This is another lie. While boutique drug and fancy equipment do result to high healthcare cost, NONE of these comes into the picture of basic healthcare, which require just cheap generic drug.

    In chronic elderly healthcare, some of them such as basic diabetic control is cheap. Some of them can be expensive. Nevertheless, a list can still be drawn so that certain diseases that are less expensive to treat can be dispense freely or in a nominal price to the people.

    And many many more groundless criticism ....etc and lies....etc trying to discredit universal healthcare.

    The people know who take care of them
    Despite the absence of Thaksin and the inexperience of his sister Yingluck, the Thai elected Pheau Thai party on an ever greater margin of 265 seat out of 500.

    Implication for PAP
    PAP is an ultra corrupt party. They will probably repeat their chant to warn us the danger of universal healthcare and dismiss it as populist, short-sighted and raiding the reserve.

    Now, Thai is paying nothing to doctor when he has fever. Singaporean pays S$30 for such visit. Lee Kuan Yew and Lee Hsien Loong is going to be remembered as clowns in the future history textbook.

    Friday, July 8, 2011

    Collapse of GIC and Temasek Holdings 1: Temasek dismay performance

    Source: Temasek Holdings

    Our main stream media spin a few days ago singing all sorts of praise to Temasek Holdings as below, from AsiaOne.

    Its group net profit rose to S$13 billion from S$5 billion in the previous year, the investment firm said in its annual report, the Temasek Review 2011, which was released yesterday.

    The net value of Temasek's investment portfolio also hit a record high of S$193 billion, up from S$186 billion the previous year.

    Portfolio value increases due to CPF raiding? 
    I shall focus my analysis on portfolio value, as it is the most important indication of fund performance. The increase of our portfolio value was exalted but what is not known is, whether that increase is due to raiding of our CPF.

    Temasek perpetually denied it has anything to do with CPF, which I am skeptical. I believe, CPF was raided by government first. It was repackage into certain asset classes which are then handover to Temasek and GIC. In this way, Temasek has robbed CPF through government without dealing directly with CPF. That is the reason of denial of Temasek with regard to CPF. Nevertheless, there is reason to believe that GIC instead is the preferred vehicle for handling CPF monies and the majority of CPF savings are channelled to GIC.
    Portfolio value increases due to debasement of Sing dollar
    Next, if the portfolio is priced in gold, it actually see a decrease compared to 2010. In 2010 Temasek portfolio is equivalent to 3200 tonnes of gold while this year, it has dropped to 2900 tonnes. And Temasek has not recovered its portfolio peak of 4500 tonnes of gold equivalent in 2007. The increase in portfolio value is nothing more than a symptom of Sing dollar debasement, or more sinisterly, CPF plundering.

    Thursday, July 7, 2011

    Two groups of rich people

    One can often find in this blog, some criticism towards the rich people. I would like to clarify my stance of wealth. There are two main groups of rich people, one group prosper by creating value for the society. The second group is a parasite feeding on the host economy.

    Type 1, the value creator
    These people are entrepreneurs and value creators. Their business create value for the people. This group of rich man create jobs, adding to technology know how, or provide service to increase the material well-being of the society.

    Bill Gate of Microsoft, Larry Elison of Oracle, the founders of Google, the founder of Ryanair..etc belong to this group. In Singapore, people like Sim Wong Hoo, is here as well.

    Type 2, the parasite
    The bankster, crony capitalist, crony CEO, landlord, oligarch, (many mine boss as well),  belong to this group. In biology, the most sick and lowly parasite understands instinctively not to over-feed their host. Without a host, the biological parasite will simply die and hence, it feed its host in moderation.

    In contrast, parasitic rich are so greedy and evil that they have none of the good sense of the biological parasite. The parasitic rich are a bunch of demons incarnate that do not hesitate to suck the last life-force out of the host.

    The parasitic rich can run business that cause 100% harm and no good to the general public and yet raking up the most obscene profit that beyond the wildest dream. Goldman Sachs did nothing except shuffling papers, fraud and scam, destroying people and even enslaving countries, and their employees are the best paid in the world.

    The landlord in Singapore sucks vitality from everyone in Singapore. High rents are driving small businesses to bankruptcy. High property price is condemning the average Joe paying 1/3 of their salary, 30 years, for 99 year lease. On top of our misery, landlord are among the wealthiest in Singapore.

    Beside the landlord, the banks in Singapore has the most glamorous buildings and paid the highest salary. They are rich not because they are creating something, but because they conduct usury (aka fractional reserve banking) against the citizen, money laundering, and facilitate tax evasion for high net worth individual all over the world.

    PAP propaganda
    Very often, PAP tries their almost best to equate the rich with talent, and create stories like rag to riches. Unfortunately, if we really scrutinises our tycoon, CEOs....etc, we will realise that 90% are scumbag.

    Need to distinguish between value creator and parasite
    If the rich got their wealth similar to what Bill Gate did (even Bill Gate success is significantly due to family background) , we should not be envious, on the contrary, we need to motivate ourselves more to emulate their work. The government should also give more support to such people.

    On the other hand, we must unite to bring down the power of parasitic rich, that is destroying our society and economy. And to do that, we must first take down PAP.

    Tuesday, July 5, 2011

    Inverse Robin Hood 1: How Singapore's rich pay 0% tax and poor pay 40%

    Singapore is a wicked regime whereby the rich can pay almost 0% tax, meanwhile the effective tax rate for poor in my estimate is more than 40%. For a rich person that earns for example S$10 million, from dividends, he will pay almost NO tax at all.

    Tax burden on poor
    For a poor man earning $2000, he is not going to be able to retire and withdraw anything meaningfully from CPF due to minimum sum requirement and inflation. Just as the some economist view social security contribution as taxation, we assume that CPF is a form of tax.

    Due to high cost of living, the poor man would be living hand to mouth every month, having zero savings. Hence, all his remaining income is subject to 7% GST. Together with CPF contribution rate of more than 30%, the poor pays around 40% of tax.

    Shifting tax burden to the poor 
    PAP has all these while been giving their own class of people tax cut goodies by providing excuses that the tax cut help to develop financial center and spurs the relocation of high net worth individuals.

    Therefore, taxes on dividends are cut to 0 together with other cuts that benefit only the rich. Meanwhile, to compensate lost of tax revenue, PAP make the poor pay by introducing the regressive GST and hiking it to 7%.

    Alternative tax system
    The GST is a regressive tyranny that we should do away with. The lost of tax revenue in earlier cut can be fully compensated by implementing landed property tax. Since foreigner is restricted from buying landed property, such tax will claw back earlier tax cut to the local rich elite.

    And since landed property tax only hit elite citizen owning landed property, it will not affect the development of financial center. It will not have no impact on any high net worth foreigner wanting to migrate here, so long if they do not buy landed property. Unfortunately, nothing is going to stop our elite from ducking tax burden and dump it to the poor Joe.

    Kwa family to Teo Chee Hean

    The epic failure of Singapore academics, in particular the historian
    There is no historian in Singapore. There is reason to believe that the Singaporean elite feared sunlight, as this erodes the spin on meritocracy. Our newspapers have failed to inform us the background of our politicians. Insiders have kept mum. The academia and elite establishment of Singapore are example of extreme cowardice, apathy, ignorant and insolence.

    It has been speculated wildly in internet that family members of top civil servants and elected officers from PAP either own big businesses or hold important appointments. Although, informations regarding families of our politicians are held almost like a top secret, some interesting dots between them can still be connected thanks to the internet.

    From Kwa (Geok Choo) family to Lim Nee Soon

    Kwa Soon Chuan, brother of Kwa Geok Choo married Lim Chong Pang's daughter, Lim Seok Cheng. Lim Chong Pang is Lim Nee Soon's Son.

    Lim Nee Soon grandfather-in-law is Teo Lee. And Teo Lee is -- the great-great-grandfather of Deputy PM Teo Chee Hean.

    Sunday, July 3, 2011

    Finally a former mandarin admits we are screwed by FT and high paying civil service

    While PAP is on state of denial, former perm sec Ngiam Tong Dow lashes out on civil service pay practices and FT policies.

    On Civil Service wage disparity
    When the gap between the highest and the lowest paid is excessive, the rank and file become disgruntled. Insolence sets in. Morale goes down. The organisation, whether Government, business, or professional practice, begins its slow decline.

    On FT policy
    Using gross domestic product (GDP) as a proxy for performance of the Government and using this as one indicator to determine bonuses for ministers is deeply flawed. For instance, the GDP of Singapore can expand simply by importing more low-cost foreign workers – but this would be detrimental to citizens’ interests.

    Defaulting CPF 7: CPF minimum sum

    Source: CPF board

    You will never see your money
    CPF minimum Sum is something you cannot withdraw. It was initially set at S$80,000 (in year 2003 SGD) which will be eventually raised to S$120 000 (in year 2003 SGD).  If someone who will reach 55 years old in 2011, deposit S$80, 000 into CPF in 2003 -- he will find himself around S$30,000 short if CPF fixed its interest rate at 3%.

    How the looting works
    The minimum sum is increased in 2 ways. The first way is by pegging the minimum sum to inflation rate. While CPF interest rate is dismally much lower than inflation. Inflation is a tool whereby PAP stealth default its CPF liabilities as the counter party is the hapless citizen. (You cannot do it this way if your counter party is Goldman Sachs)

    The 2nd way is by fiat, for example, the increase of minimum sum from S$80, 000 to S$120, 000 (both in 2003 SGD). Nevertheless, I believe 90% of Singaporean would have nothing to withdraw given that our CPF has already been vacuum cleaned by HDB/property much earlier. We are going to be broke.

    Friday, July 1, 2011

    Singapore richest: A bunch of parasites

    All except Kuok Khoon Hong got their wealth either through property, usury, speculation, or inheritance. Even for Kuok Khoon Hong, his success is probably more due to his rich uncle Robert Kuok, than bullshit like hard work.

    The rich in Singapore are there not because they have create value for society, but due to PAP's policy of asset inflation, transferring wealth from productive citizen to rentier elites. Singapore is the least meritocratic society in the world. Nevertheless, PAP propaganda is successful in convincing many gullible slave citizen.

    Now you know why we must pay 30 years housing loan for 99 years HDB.

    Above: The German richest not only pay one of the world highest tax, in addition, their companies create jobs, values, and add-on to technological know-how. Non of their primary business is property.