Friday, September 30, 2011

Inside Job

According to wikipedia, Inside Job is a documentary film about the late-2000s financial crisis directed by Charles H. Ferguson. The film was screened at the 2010 Cannes Film Festival in May and won the 2010 Academy Award for Best Documentary Feature.

Ferguson has described the film as being about "the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption." In five parts, the film explores how changes in the policy environment and banking practices helped create the financial crisis. Inside Job was well received by film critics who praised its pacing, research, and exposition of complex material.

Inside job - Subtítulos en español from dai dai spain on Vimeo.

Thursday, September 29, 2011

Singapore inflation numbers 2011 August and comparison

On the month August 2011
Singapore CPI up 5.7%
Malaysia CPI up  3.3%
Indonesia CPI up 4.79%
Thailand CPI up  4.29%

Again Singapore win in the race of rising CPI. PAP has proved to be increasingly corrupt and greedy without a thought of the people's plight. Yesterday, MSM reported FT ponzi hits new level. We are descending into a banana republic.

Yingluck continues to do the right thing. In August, Thailand has bought another 300 000 ounces of gold reserves. A significant news that was swept under the carpet by almost all media. She is really picking a fight with USA and all those corrupt bankers by preferring gold over US FX. Now, Thailand has 125 tonnes of gold while we have 127 tonnes (We do not really have 127 tonnes. Our gold are gone, 127 tonnes are just phoney accounting).

In Malaysia, the ultra corrupt PM Najib, son of pogrom instigator late PM Tun Razak, and who was alleged to mastermind the blow up of Mongolian woman shows himself as a enlighten man. He is going to dump ISA.

Wednesday, September 28, 2011

Obnoxious PAP population ponzi destroying Singapore: Here we come, 6.5 million in 2022

Since more than a year Lee Hsien Loong has been talking about moderating FT ponzi, our population hit another startling record high standing at 5.18 million today, 100, 000 more than a year ago. The annual growth of our population actually increases from 1.8% to 2.1%. Not only there are no moderation, but further full speed ahead.

Looking at time series statistic, PAP FT ponzi appears extremely heinous. Over the last decade, our population grew some of the fastest during 2007, 2008, 2009 at rate of 4.3%, 5.5% and 3.1% whereby the economy was undergoing the deepest recession. FT ponzi blasts ahead fully when everyone are losing jobs. The property tycoon and banks cheers. While PAP claims ridiculously low unemployment numbers, World Bank put our jobless rate over 5% for most years during the last decade. The jobless rate for Singaporeans only is probably higher closer to 8%.

Unemployment statistic from World Bank 2006-2009. More time series data are available from World Bank. See this.

Data from World Bank

Population projection: 11 years to 6.5 million
Since Loong has been for more than one year, mentioning something like slowing FT ponzi, I take the 2.1% population increment of this year as "slow rate" that PAP is pursuing. At this rate, we will reach 6.5 million in 11 years on 2022,  and 10 million within 32 years on 2043.

Can PAP FT ponzi slow down?
I am increasingly pessimistic about future. There are chances that the FT ponzi are going to accelerate even further especially during economic crisis. In such time when people are losing jobs, PAP will import more and more FT making even more losing their jobs and hope that the new comer will bail out property and banks.

Kuan Yew doing sales for FT ponzi by fear mongering aging society AGAIN
CNA reported recently Mr Lee said for the time being the government has to go slow on (FT ponzi) this, because Singaporeans don't want to find strange faces around them.

But he feels the situation may change when Singaporeans grow older and need people to look after them, like nurses, and that's when views of admitting foreigners would change.

To look after our old, just maids and some nurses will do. Others are unnecessary. 99% FT that Lee imported do not take care of our old.

Tuesday, September 27, 2011

Singapore Freeport gold vault full

Above and below: Singapore Freeport
Singapore FreePort has received more inquiries over the past six months on the storage of (precious metals). Tenants are already thinking of expansion plans...... Swiss Precious Metals expects its Singapore vault at the FreePort to be 80 per cent full by December - with clients willing to pay as much as one per cent of the value of their holdings each year - translating to a fivefold jump in demand in the year since the Geneva- headquartered company opened the facility.

The intervention of Central Banks on gold suppression has caused increasing volatility over the recent years. Right now, government is still successful in duping people believing that dollar is a safe haven by manipulating gold downward, especially in time of crisis. None the less, the ultra elites who are proxy to insider information are well aware of that. 

MAS is highly suspicious to be one of participants in gold take down, and Singaporean paid the price of losing our gold reserves.

Monday, September 26, 2011

The Collapse Is Coming...And Goldman Rules The World"

"This economic crisis is like a cancer, if you just wait and wait hoping it is going to go away, just like a cancer it is going to grow and it will be too late."

Singapore has little entrepreneurs 2

Entrepreneurs are created out of state policy. Development of countries in Asia Pacific roughly falls into two model. Taiwan, S Korea, Japan fall into the north east Asia model, while the rest including Singapore, HK belongs to the south east Asia model. China is a hybrid in between the two.

Exploitation of workers, exporting capitals and products to the western countries in suppression domestic population is their deadly flaws that are increasingly unsustainable. Nevertheless, the north east Asia model works better than the south east Asia model.

The north-east Asia model that worked (better)
The model develop from Japan which was under the threat of colonialism by western power. Industrialization was deemed the solution to fend off the imperialist. Besides, the then patriotic elites carried out land reforms that distributed land to the peasants against their own interest, in order to make the country strong. Government contracts were given to talented indigenous businessman, especially in industries. Banks were ordered by government to fund the projects. The government does not interfere much in the running of companies.

All sorts of protectionism were erected shielding the early stages industries from foreign competition and policies were erected to prevent foreigners from owning controlling stakes in the indigenous company. 

Protectionism works
Companies like Mitsubishi, Hyundai, Samsung benefited from defense contract. TSMC developed when Chiang Ching Kuo gave real talent TI's Morris Chang free rein on the job. (Charted Semicon fail thanks to many ex-civil servant trying to be talent manager)

These state sponsored companies train a large army of reserve managers, scientist and engineers. Without significant GLCs, the government contracts encourage the emergence of talented contractor. All these provide a fertile ground for aspiring entrepreneurs that eventually create one of the biggest economics miracle in history. These are achieved with low GINI of 0.38, 0.31, 0.33 respectively for Japan, Korea and Taiwan.

These countries have build a huge reserves of indigenous production capacity that whatever economics turbulence happened, they are able to survive by producing stuff. The problem of Greece today is because it is not producing anything.

The lesson we can learn
Great enterprises do not pop out from nowhere. If Korea or Japan had adopted the model of politiking GLCs, deliberately starving entrepreneurs from capitals and government contracts, they would not have MNCs like Samsungs.

True indeed, many in Japan and Korea are Zaibatsu or Chaebol. None the less, these are still many times better and less wicked than those backbiter we seen in our GLCs. While our nefarious GLCs has squandered the wealth from us, the north Asian conglomerates have somehow redeem themselves a little by building internationally competitive giants.

Free market competition works only in certain cases. If USA did not employ protectionism in early industrialization, their nascent industries will be crush. Apple did not grew solely out of garage, but rather by tapping the engineers trained during their work on government contracts.

Sunday, September 25, 2011

Singapore has little entrepreneurs 1

Kuan Yew is looking after you
Kuan Yew claimed that Singapore has too little entrepreneurs because government is "looking after" people
In the recent video clips below, Kuan Yew explained why Singapore as few entrepreneurs.
The absence of comprehensive caring government that has created a need to be enterprising and innovative. We have looked after everybody's need and people are comfortable and being entrepreneur means they take a risk and requires effort. So not many has taken the risk and effort.

Lee's take on Hong Kong's entrepreneurship
Good life under the caring PAP
Because they came from coastal provinces of China. The entrepreneurs were running away from the communist. So they started off with a group of people that were naturally gung ho, who refused to find themselves strap with the communist, and started new businesses or carried on with businesses, under new condition. They have a group of people, whose descendants carried on the culture, which attracted more people into entrepreneurship. We did not have that selective group of people, who are naturally entrepreneurs...

Hong Kong is more a feudalistic society
We shall first look at HK before coming back to Singapore. Economist cheer the HK system conveniently ignoring its dark side. In fact, HK represents everything the capitalist can dream about in enslaving people.

HK is not a free market but rather a cartelized system. The executive power creates ultra-high barrier for market entry while favoring the incumbent players by imposing only minimum regulations. The poor are forced to pay a life time mortgages to the banks, enriching only the landlords.

The myths of HK entrepreneurship
There are certainly more tycoons in HK but one will soon realize that few are self-made. Although the richest in HK are benefactor of dynastic wealth, they forever spin a myth of rag to riches. Take for example Li Ka Shing who self-proclaims to drop out and started work at 15 years old laboring 16 hours a day before he strikes riches.

In reality, Li worked for his rich uncles(owners of Chung Nam Watches), one of whom eventually gave Li his daughter, and the necessary financial backings.

The only person who made it from a humble origin is probably Henry Fok by starting his career in organized crime.

Nevertheless HK has more entrepreneurs than Singapore because...
In HK, government has little involvement in private sector. If the running ports or power utilities of Singapore was awarded to local entrepreneurs, then we will have our own Hatchison Whampoa, China Light and Power....etc, and we will have the tycoons who owns them such as Li Ka Shing, the Kadoories.

In comparison, we have all the GLCs, that prevent the emergence of indigenous entrepreneurs. Even our two gambling dens licenses were awarded to foreigners, that shows that the sworn aim of PAP is to undermine Singaporean capitalist except the cronies. Will explain further in Part 2.

Saturday, September 24, 2011

Mah Bow Tan: Singapore government only plan for population closer to 5 million

MAH clarified that, in spite of press reports, a Singapore population of 6.5 million is not a target but rather the "maximum number" of people Singapore could support while maintaining the "current quality of life." In any case, he said that it will be 40-50 years before Singapore's population reached that level. In the near term, the GOS is planning for a population of closer to five million. About half of this figure will comprise immigrants

MAH BOW TAN told the delegation and Ambassador that the GOS will not interfere with the overheated real estate market via legislation. The recent imbalance is temporary, he claimed, and will naturally correct in the next 2-3 years......

According to Singstat, our population already hit 5.077 million in 2010. Besides, if we project population base on past ten years of growth, we will hit 6.5 million in merely 2025 or less, which is 15 years from now. We will see how Lee Hsien Loong can slow the FT ponzi down without crashing the real estate. What happen after 6.5 million population is another big question. Will PAP import another 10 million?

And property market does not correct even in today which is already 4 years later. 

Friday, September 23, 2011

Singapore's banks outlook gloomy

Yahoo reported as below.
Shares of Singapore's big three banks have been under increased selling pressure in the last month, trailing behind the already weak STI.

Industry experts said the share prices have not bottomed out yet.

Ng Kian Teck, investment analyst at SIAS Research, said that manufacturing companies will reduce their borrowings "because of the uncertain economy.

It is not reduced manufacturing borrowing that will hit the bank, but expected reduced speculation on property. Close to half of our bank loans go into real estate. PAP can either sit by watching our bank downsized or further its FT ponzi. Either way, its going to be painful for the citizen.


Thursday, September 22, 2011

Reasons why UBS must be given large bonus despite of blown up

In the midst of US$2.3 billion blown up, Reuters reported that UBS bosses are meeting now in Singapore, the home country of its biggest shareholder GIC. GIC has since lost 77% of its 11 billion Swiss Franc investment. 

Now its chance for GIC to push for bonus claw back
So will GIC push for bonus claw back? Given that many in UBS already have claw back clauses in their contract, this is the time to test whether GIC wants to do the right thing.

In addition, this is also a good opportunity to introduce further claw back clauses, risk control and to sack the whole lot of crazy gamblers in UBS.

Or will GIC connive so that UBS "talent" got their bonus
The excepts of an article in Bloomberg titled Swiss Must Save UBS’s Bonus Pool or Die Trying is as below, telling us paying talent good salary is everything.

  • If the bankers don’t get their bonuses, the best and brightest UBS employees will leave for competitors.
  • Is it really fair that hundreds of high-net-worth UBS professionals should pay for the alleged sins of a lone 31-year-old Ghanaian trader, just because they failed collectively to oversee him?
  • The failure of the UBS bonus pool at a time of major global and economic instability would exacerbate the challenge of reigniting consumer confidence...... the effects of disrupting the industry are wide-ranging and significant

Wednesday, September 21, 2011

Chavez, a golden anti imperialism fighter

Hugo always dress in red, a symbol of socialism
Bloomberg reported Venezuelan President Hugo Chavez ordered the nationalization of the gold industry and gave companies 90 days to form joint ventures with the state Price.

The government will hold at least 55 percent of any joint ventures, according to a decree in today’s Official Gazette. The decree sets a royalty rate of 10 percent to 13 percent and says that all Venezuelan gold production will be sold to the state.

Chavez first announced the nationalization of the industry and plans to repatriate Venezuela’s foreign gold reserves on Aug. 17.

By nationalizing gold mines, Chavez ensures the people get a fair share in the mineral wealth, rather than enriching capitalist. The requirement that all gold must be sold to the state will further strengthen the reserves. And the repatriation of gold reserves stored abroad home prevents confiscation.

The action of Chavez is yet another crucial piece of jig-saw puzzle in dismantling the dollar as the reserve currency. Besides, it will also make people to be aware of the world monetary system which will further the destruction of the dollar supremacy.

Tuesday, September 20, 2011

PAP step up surveillance: Police state in making

Straits Times reported LTA to run trial on using CCTV cameras to curb illegal parking. Such system would not be economical, as it requires a lot of man power sitting in front of computers observing vehicle movement, unless LTA is able to develop image processing algorithm that capture the vehicle number on the event of illegal parking. Its application in preventing illegal parking is hence limited.

However the CCTVs has another extremely attractive features that every big brother would like. The system is able to store every event on the streets, which can be replayed on demand by the authority, acting as a surveillance. It seems that the system will be slow in its introduction, but will start creeping and covering more and more area.

In UK, the CCTV plays a big role in apprehending the rioters in the recent upheaval. As people get increasingly despair, CCTV is a good intimidating tool to maintain the status quo. 

Monday, September 19, 2011

Indonesia wants its monies back

The central bank expects the rule will add an average of $29.5 billion of foreign-currency reserves to Indonesia’s banking system each year, Perry Warjiyo, Bank Indonesia’s director of economic research, said today.

The central bank will issue the new rule at the end of this month and it will take effect Oct. 1, Nasution said. There will be a sanction-free transition period from Oct. 1 until January for companies to report revenue and proceeds, he said.

Guess how this is going to affect Singapore, which holds much of Indonesian's deposit, if the above regulations are successfully implemented? (Till now, Indonesia rich are good at dodging government's regulations)

Not many in Singapore knows that we derive our prosperity very much by using Indonesia as our hinterland. In times to come, Jarkata will increasingly assume the role of regional financial center, when Indonesia become more developed. 

Sunday, September 18, 2011

Fake degree scam: Quick verdicts against the social vulnerables

While the workers knew their degrees were fake and had lied in their applications for employment passes, they claimed they had little choice after having paid S$8,000 each to agents in China to land a job here.

Meanwhile, the employers who were involved in hiring the workers, a total of 17 men and 1 woman, will be charged in court at a later date.

The workers were each paid a monthly salary of S$2,650 which was transferred into their bank accounts, but after payday, they each had to return around S$1,600 to a man sent by their employer. They claimed not to have known why there were asked to do that.

The verdict against the poor workers who trespassed under coercion and vulnerable circumstances, were meted out fast. The legal process against the employers are tardy.

Worse, nothing is ever mentioned regarding the rogue agents that for many years, profit by false promises of a good job. I believe they are let off hook again this time. According to Agence France-Presse, some(worker) claimed in court that they were forced by employment agents to produce fake degrees to have their work passes approved.

Friday, September 16, 2011

Austria rations gold, Italy's elites lobby to outlaw notes

Moscow 1983, people queuing up to buy bread
The western economist brags the superiority of free market capitalism by pointing out that rationing only happens in central planning economy such as Soviet Union.

According to capitalist, planners often price products lower than its actual value which creates excessive demands, that can only be counter measured by rationing.

They advocate that free market demand and supply will solve the problem. It was so argued that capitalism will never have rationing. 

Gold rationing the only way to postpone death of financial capitalism. Free market is already dead.

As per the new Austrian policies, individuals who wish to purchase gold will be restricted to purchase only 15000 Euros worth of gold at a time
Meanwhile, in Italy, top industrials and professionals have sent a letter to the government and parliament to ban all cash transactions above 300 Euros, and only permit electronic transfers!

People are kept from the fact that bankers are rich due to the absence of gold standard. The day when currency is backed by gold, 90% of the bankers will either end up begging or queuing for social security.

Purchasing physical bullion in another perspective is selling banker issued fiat currency. Never mind about demand and supply theory, bankers will do whatever to outlaw gold if possible.

Italy go one step ahead. Her elites lobby to outlaw physical notes
Meanwhile in Italy, bankers try lobby to outlaw even physical fiat currency, to ensure that people go through banks at any transactions, so that all monies are being held as bank deposit, instead of leaving the banking system.

This is really an outward sign of problems in banks' liquidity.

Buy gold now.

Thursday, September 15, 2011

Kuan Yew promotes FT policy again: Misinformation

On the seventh anniversary of the Lee Kuan Yew School of Public Policy, Kuan Yew explained our low fertility rate and the corresponding counter-measure that PAP government takes

Kuan Yew believes Singaporeans are unable to replenish themselves 
"Stopping at two has nothing to do with what's happened. It's happening throughout the developed world. Once you have women educated, with equal job opportunities. they do not see their future as just bearers of children.......

I don't not see the fertility rate going back to 2.1, the replacement rate. The only way this could happen is you  'diseducating' , or 'uneducating' women."

His claims are not untrue but the main reason of our sterility seems to be heavy household debt load due to high property price that forces woman to work. Right now, a medium size resale flat cost around 300k-400k, which is more than 10 times of medium annual income.

Experts agree that property is affordable when priced around three times the median annual income of a person. At this level, our afore barren "educated woman" will bear babies, and we will have TFR of 2.1. The more FT, the more property bubble is going to perpetuate. PAP is waging war against babies while blaming us.

Fear mongering an pathetic aging society
"There would not be enough people to look after the old and work the economy at the same time.

People now in their 20s and 30s, it's going to be like that for them for a long time, but suddenly they will find that they are in their late 50s and 60s, and they need more medical care, more home nursing - and where are the nurses, the paramedics and the doctors."

The above statements are completely misleading. First, we do not need FT (talent) or migrant to look after the old, just a few maid will do. 

We do need more doctors and unfortunately, the doctor shortages are created by PAP's medical cartel. And besides, the majority of FTs imported by PAP are not taking care of our old folks. The FTs compete jobs against Singaporeans.

Wednesday, September 14, 2011

Singapore's population to hit 5.2 million in 2015: Anything lower, property will blow up

Over the last few months, property market has turned increasingly bearish. Fortunately an analyst was found to be rather optimistic. Straits Times reported the opinion of Dr Chua Yang Liang, head of research at Jones Lang LaSalle (JLL) South-east Asia, regarding property market.

The flow of new homes will have some effect on prices and might slow the gain in the Urban Redevelopment Authority's (URA) property price index to about an average of 1.8 per cent to 7.5 per cent a year from now until 2015, depending on immigration inflow.
This assumes a tighter immigration policy with the population growing to just 5.2 million by 2015.

FT to infinity is way to go
Our real estate value is forecasted to increase by 1.8% per annum, which is almost certain to be below inflation, provided we have 5.2 million population in 2015. (What if there is a recession in between?). 

There is no way Singaporean can escape this epic disaster created by PAP. Importing FT propping up assets will injure our job security, depress wages, and even create unemployment. Closing door to immigration will see our asset value vaporize.

What happen when we hit 5.2 million population in 2015? We will still need more FT for the ponzi to go on and on. PAP seems to be having the idea of importing FT to infinity.
Untitled 3

Tuesday, September 13, 2011

Malaysia to consider repealing Internal Security Act

Few days earlier, our MSM informed us that three more person were locked up under ISA

Yesterday's press statement from the MHA came a day after the 10th anniversary of the Sept 11 attacks, and as Singapore's leaders reiterated the importance of vigilance in tackling the terror threat.

He (Jumari) had undergone para-military training organised by the JI, including the handling of weapons and firearms. Jumari was apprehended in November last year and was deported to Singapore.

Samad, another JI member, was one of the pioneer members of the Singapore JI network, the MHA said. He had undergone terrorist training with Al Qaeda in Afghanistan in 2001 and fled to Indonesia following the crackdown on the JI network.

He (Abdul Majid) had "undergone para-military training in weapons-handling and the making of improvised explosive devices" at the MILF's Camp Abu Bakar in Mindanao, Philippines.

Incidentally, the racist apartheid Malaysia shows that they are making progress politically by considering to repeal ISA today. 

Below are excerpts from CNA.
There were strong rumours earlier this week that Malaysian Prime Minister Najib Razak may be looking into possibly doing away with the controversial Internal Security Act......

Mr Hishammuddin (Home Minister) said: "I didn't say we are not going to abolish it. I didn't say we are not going to amend it but we are looking at all possibilities. As the prime minister said, we are looking at transformation.

"We've gone through the government transformation, we've gone through the economic transformation, which has traction, and now we got to look at the social and the political transformation. Malaysia is on the move and we have to get it right the first time."

The Home Minister himself admitted that the security act itself is outdated and a review is long overdue.

It is not clear whether the our news released on ISA is scheduled to coincide just before Malaysia announcement. On the backdrop of Malaysia's possible repeal, putting Singapore in a vulnerable light certainly diffuses lots of dissatisfaction. However, I cannot see any reason of denying those ISA detainees including Mas Selamat a fair trial. We could have him indicted if he is really guilty and lock him up. 

Thomas Jefferson wrote as below.
Why suspend the habeas corpus in insurrections and rebellions? The parties who may be arrested may be charged instantly with a well defined crime; of course, the judge will remand them. If the public safety requires that the government should have a man imprisoned on less probable testimony in those than in other emergencies, let him be taken and tried, retaken and retried, while the necessity continues, only giving him redress against the government for damages.

Examine the history of England. See how few of the cases of the suspension of the habeas corpus law have been worthy of that suspension. They have been either real treasons, wherein the parties might as well have been charged at once, or sham plots, where it was shameful they should ever have been suspected. Yet for the few cases wherein the suspension of the habeas corpus has done real good, that operation is now become habitual and the minds of the nation almost prepared to live under its constant suspension

While Malaysia is making great strides, PAP remains reactionary believing nothing is wrong with incarceration without trial indefinitely.

Monday, September 12, 2011

Doctors' wages increase thanks to cartel. Medical career for foreigners, junk career for Singaporeans

Thanks to doctor cartel SMC in controlling local medical school enrollment, Lianhe Zaobao reported a shortages of doctors in the ER department driving wages as high as S$100-120 an hour for locum.

SMC's favorite hobby is to prevent many best Singaporean students entering the medical school, and import lots of foreign doctors. The most famous victim is Chen Show Mao from the Workers party.

While controlling med school intake, the cartel choose to pass the larger amount of profit to foreigners. 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. See this. Adding to the misery, among these 331 Singaporean doctors, many are trained overseas funded by father mother scholarship, as SMC deliberately keeps our medical school intake low. 

Foreign doctors especially those from the third world strike gold. Singaporean are screwed.

The courses for Singaporean are the dumping grounds including engineering and IT, which leads to lousy career and even financial risk. PAP has just opened Singapore Institute of Technology (SIT). In the near future, the Singapore University of Technology and Design(SUTD) is coming online, churning out more engineers despite of excessive engineers due to domestic overproduction and foreigners over import.

TodayOnline reported wages are so low, working condition so bad that about 23 per cent of IT professionals in Singapore intend to leave the profession for a completely new career path.

PAP forcing our young man to financial ruin
The "subsidized" tuition ranges from $9,300 to S$14,000 for SIT per year. The "non subsidized" fee can go up to S$40,000. A student can easily choke up S$40,000 of debt in a four years program. Together with terrible career prospect, our young men are made debt slaves for many years.

Meanwhile, SIT highly paid "talent professors" and "talent managers" are laughing themselves to the bank, by over-charging their own students to poverty.
Untitled 2

Sunday, September 11, 2011

Singapore's parking woes: PAP profits by making trouble

One smells a bad omen of yet another round of levy hike looking at a recent Straits Times article that bemoans a lack of parking space.

The article begin by putting the blame on the pace of growth in car ownership has overtaken that of HDB's carpark-building programme.

However, the real reason seems to be government's bad planing, or worse scarcity creation for profiteering, even with advance knowledge of vehicle increase, thanks to the COE system.

The number of HDB carpark spaces has risen from 539,800 in 2005 to 557,000 as at June this year - a 3.2per cent rise.

But the number of HDB households - the bulk of Singapore households - with a car has grown by 26.3per cent to 310,400 over the same period. And the number with more than one car has shot up by 76.5per cent to 45,900.

In addition Straits Times tries exonerate HDB for rigging parking lot supply by putting the blame to Auditor General for rapping the Housing Board in 2005 for building far more carparks than are needed.

Hence, HDB now has no balls and its only adding 1,800 parking spaces this year, an expansion of less than 1 per cent. Anyway, whoever wants to restrict supply, whether it is HDB or Auditor General, makes no different. All of them belongs to the PAP government.

Besides, HDB is a good boy trying very hard to solve the problem--by collecting more monies from us. HDB now has electronic parking at 189 carparks and will extend it to another 300, the spokesman said. Where night parking is allowed, it has doubled charges to $4.

Many years ago, PAP sold us the idea of COE by telling us Singapore is too small. And so, the poor people must not own a car. Meanwhile, PAP tells us that Singapore is too big enough for importing 3-4 million foreigners, to a population of 6.5 million. Below PAP uses "land limited" again to justify under building car parks.

'......the car population has just gone beyond what the infrastructure can take.'

HDB said it was a challenge to match supply with demand.

'As land is limited, it is not tenable to keep adding carparks indefinitely. HDB needs to balance the needs of other residents and safeguard land for other uses, such as precinct facilities and recreational areas,' said a spokesman.

It is customary for Straits Times to set the tone before any policy. Be prepared for further hike in parking. 
Untitled 1

Saturday, September 10, 2011

Money as debt 1

The documentary below teaches you more about banking than what economics or finance students learn in university. The college courses are designed to mis-informed and distract, rather than to educate. Only the very top elites and very little commoner know how the banking system works. This knowledge must be kept from the people because it will greatly undermine the elites.

Friday, September 9, 2011

The maggot manifesto: REDAS urges govt to review property market tightening measures

Just few days after clowns like LKY and Dr Yap Mui Teng tried convincing Singaporean to make themselves more miserable by importing more foreigners, the maggots that feed on our blood moan. CNA reported

(REDAS) It is urging the government to review its land sales programme to ensure that new supply is introduced only when the market is confident of absorbing it.

To ensure a more sustainable market, REDAS wants the government to moderate its land sales by putting more sites on the Reserve List system instead of the Confirmed List.

That way, land is put up for tender only when there is sufficient interest.

  • advocating for central planning to reduce supply. Never mind the free market demand and supply principle.
Wong Heang Fine

REDAS president Wong Heang Fine said: "The Reserve list actually works well because all of us can actually trigger the land sales and each of us can then look at the particular site a bit more carefully.

Group CEO of Frasers Centrepoint, Lim Ee Seng, echoed this sentiment. Mr Lim said there is "adequate" supply in the market and he does not see the need for more sites to be introduced in the near term.

  • Redas management commitee members are some of the richest in Singapore including the Kweks (Hong Leong) families, the Kwee families...etc. President of REDAS Wong Heang Fine is CEO CapitaLand Residential, the infamous GLC. They are asking for a bailout at the moment.
Lim Ee Seng

REDAS also urged the government to review the various property cooling measures introduced so as to avoid artificially suppressing genuine demand.

  • Advocating free market capitalism when comes to demand. They feel that cooling measure is as rigged as central planning.

Are these chaps communist hell bent on central plan economy or free market advocate of capitalism? They are none of those.

They are parasites that suck blood and vitality from everyone of us, using the principle of head we win, tail Singaporean loss. Their reckless gamblings betting property going to infinity at the pain of citizens are not going well at this moment. Hence, they openly press for a bailout in the form rigging the market.

Thursday, September 8, 2011

Singapore's birthrate new low. Dr Yap Mui Teng's plan will drop it to zero

Kuan Yew said during a speech in NTU, "Last year, the total fertility rate – which measures the average number of children born to a woman over her childbearing years – was at an all-time low of 1.15.

Dr Yap Mui Teng @IPS,
 fertility expert. 
Mr Lee said: “The birth rate today, the fertility rate, is 1.01. In other words, for every couple, you have 1.01 babies."

Amidst the daily struggling Singaporean to survive just another day, someone by the name Dr Yap Mui Teng of IPS advocates to import more foreigners. Her plans in favor of foreigners, will ensure Singaporean live miserably, so that birthrate fall to zero.

At that time, she will even has better reasons to proclaim that Singapore need foreigners. See my article on PAP's genocide, and foreigners imported to bailout banks for more info.

The fact is without foreigners and allowing real estate to fall, Singaporean will have a higher fertility due to a lower cost structure.

PAP are drug addicts craving for ever more heroin.

Freight rate collapsing: Foreboding coming tsunami

Yesterday from bloomberg
Freight charges collapsed on the Asia-to-Europe lines, the world’s second-busiest route, as a capacity glut combines with the slowest growth in trade since 2009. Rates excluding fuel surcharges were “practically” zero in July and little changed last month, the worst run ever, according to Menno Sanderse, an analyst at Morgan Stanley in London.
“A lot of companies run the risk of default if freight rates remain at such a low level,” said Jacob Pedersen, an analyst at Sydbank A/S, Denmark’s third-largest publicly traded lender. “Companies have been taken by surprise this quarter because just a few months ago they were all sure there would be a lack of capacity and that would be positive for freight rates.”

and in CNN website
The executives were speaking amid a slump that has sent the rates paid to charter ships way below vessel operating expenses. The average short-term spot market rate to charter a very large crude carrier -- the largest widely-used class -- from the Gulf to Far East on Friday stood at just $1,795 per day, compared with the $29,800 that Frontline, the biggest listed tanker operator by fleet capacity, recently said such vessels needed to break even.

Nasdaq-listed Omega Navigation, Netherlands-based Marco Polo Seatrade and several other small operators have already been forced into bankruptcy protection. Cyprus-based Ocean Tankers, which made a €19.6m net loss for the first half on €9.77m income, has had several of its ships arrested -- held under court orders by creditors -- during port calls this year.

Now executives predict that far larger names are likely to follow. Moody's last week downgraded one operator facing acute challenges -- New York-listed General Maritime -- to Caa3, only just above default.

The collapse of freight rate indicates either falling trade or shipping glut, which points to a even larger underlying economic problem.

Tuesday, September 6, 2011

Pension fund crisis

Reuters reported
Pension funds in developed economies are facing a new crisis as falling equities and tumbling bond yields widen their deficits, threatening the incomes and retirement dates of future retirees.
For future pensioners, it means they will potentially face a lower retirement income and a longer working life -- or both.

This year has been a nightmare for many in the industry -- which controls $35 trillion (21.7 trillion pounds), or a third of global financial assets -- and funding deficits are posting double-digit rises.

"We had a credit crisis and government bond crisis, and the third one we have is the pension crisis. This is the one where everything is going wrong and there's no obvious way out," said Kevin Wesbroom, UK head of global risk services at consultancy Aon Hewitt.

The sharp retreat in stocks through the summer has hurt them again by weakening their asset positions and threatening to erode stock market recoveries seen since the equity collapse surrounding the 2007-2009 credit crisis.

GIC, which draws its capital from CPF, is "sovereign fund" by name, but rather closer to a tyrannical mandatory pension fund. They will never give up trying to be smart until they have lost every single cent.

Switzerland starts printing monies: US$2000 gold in view

Switzerland relented and will peg its currency with Euro. Bloomberg reports
The Swiss National Bank is “aiming for a substantial and sustained weakening of the franc,” the Zurich-based bank said in an e-mailed statement today. “With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs” and “is prepared to buy foreign currency in unlimited quantities.”

After the announcement of QE2, MAS seems to intervene preventing USDSGD falling below S$1.20, at least for the middle term. On the event of QE3, USDSGD may drop to S$1. By then, either FDI portion of our economy is going to be in trouble. The alternative is, PAP can risk the wrath of the people by letting inflation run by maintaining the soft-peg of US$1 to S$1.2.

With such, CHF and SGD is no longer meet the criteria of safe haven. The winner of the currency war is -- Gold, the ultimate money. Its going to hit US$2000 earliest within this month, and gold at US$3000 is no longer unfathomable in next few years.   

Monday, September 5, 2011

Ponzi Island 5: PAP prostituting Singaporean

Unlike PAP, China accumulate FX reserves to achieve higher strategic goals.  
By depressing domestic consumption in favor of export, besides of accumulating astronomical amount of surplus in addition, China manages to build up her own manufacturing base while denuding that of USA. This decimates US middle class.

If such process is not reversed in the near future, US will descend into civil war. No better way to destroy a rival state. Even if US decides to backtrack globalization, much production are already transferred to China. The moment China dumps USD, her people will be able to consume what they produce and US will see poverty.

Germany reserves bankrolling the 4th Reich ambition?
After years of bankrolling Greece, she is now addicted to cheap monies from German banks. Unless Greece quits the EU, she is going to surrender some of her sovereignty to Germany in case of a bail out bank rolled by the German.

Free trade in EU means that significant domestic industries in smaller member states are already destroyed by the mighty German engineering behemoth. So when a member state left, she is going to be impoverished. What can Greece do without producing anything, apart operating hotels or running some shipping companies? As more EU member states go bankrupt, Germany will stealthy takeover smaller EU members without dispensing a single soldier.

PAP the pimp
Unlike China and Germany, there is no reason why Singaporean needs to accumulate this much of reserves, other than the deliberate policy of prostituting Singaporean to serve the foreigners. Leveraging on exorbitant property, private car, tuition fee, medical bill, forced CPF savings, depriving eternally Singaporean her rightful consumption, PAP is able to build our reserves.

For past two decades, Singapore speed up importing foreigners, a few to lord over Singaporean, while the remainding slaves in order to satisfied PAP unquenchable urge for useless reserves. Meanwhile US has been warning us repeatedly they will default the hardworking Singaporean. The situation aggravates each day and sometime ago, Lee Kuan Yew lamented that our hides are not stuck enough with spur.

You can never find a whore in the world giving monies back to the customer after she has peddled her ass-- other than Singaporean. 

Saturday, September 3, 2011

Ponzi Island 4: Our huge FX reserves are monumental shame

Forex reserves are ponzi
Summing up the recent Eurozone crisis, Germany is accumulating too much reserve and on the other side of the coin, Greece is incurring too much deficit. In the crisis, Germany's claims against Greece shows up in the form of Greece owning lots of monies to German banks. Greece is going to default unless a bailout is arranged, either way, Germany is going to foot the bill.

The German experience has shown that accumulating huge reserves eventually harm the creditor nation.

The reserves of Singapore, in another perspective is debt of USA. While fingers are pointed at US government's profligacy, nevertheless the East Asia governments are equally guilty in financing the US debt ponzi.

Singapore's reserves is a manifestation of enslavement
Since the early 1980s, Singapore already has accumulated too much reserves, and the yield was really bad. That was the reason that government set up GIC, an even worse solution to manage reserves.

At that time, signs of troubles including low birthrate, started to show up because PAP has been forcing our woman to work. The reserves are also signs that PAP are depriving us of consumption and forcing us to work too hard. PAP could have slowed our accumulation to do something good by
  • retiring woman from work to become mother   
  • implementing health insurance
  • free education
  • improving income inequality

PAP waging war against babies
Unfortunately, PAP did exactly the opposite. Our reserves sky-rocket especially when more woman are forced to work as the home mortgages goes up to 30 years in the unrelenting real-estate inflation. From the early 1990s onward, PAP went more crazy by importing more foreigners in order to earn those useless paper that we already have too much. We are even more sterilized.

Upsetting the middle class worldwide
For USA's middle class, a huge current account deficit means that the capitalist are shipping jobs out, injuring the equitable society. It is a symbols of exploitation and creation of unemployment.

In short, PAP creates a nefarious economic system not only enslaving its citizen but facilitate the enslavement of middle class in developed countries.

The people will not get to spend their fruits of labor
Similar to Greece's default to Germany, in the form of bailout or debt restructuring, our reserves is going to end up in default, but in a different manner. USA is going to print monies, resulting to hyper-inflation wiping off our savings.

Ponzi Island 3: Cleaning up the mess

From a total of S$381.8 billion of bank loans in Singapore, S$234 billion goes in FIRE-industry (Finance, Insurance, Real-Estate), which is 61% of total. Out of that, S$183 billion goes into real-estate which is around half of our total bank loans.

The addiction real-estate bubble that leads to foreigners import
Clearly, our banks are prop up by the unsustainable property bubble that should have been burst, without the import of foreigner. If PAP stop importing foreigner today, within 10-20 years, the largest income source of our banks will go to zero.

Hard choices
Stop importing foreigners and put our women back home to have more babies. This will leads to negative economic growth as women are retired from economics activities. Real estate price will self-correct as family income dives and lack of foreign buyers. It also mean our financial industries will have to downsize to its appropriate place, probably resulting to cutting half its workforce, because housing loan is going to zero.

Or we can keep on importing foreigners and piling debts onto the new comers so that our banks will continue to grow and grow. This will stop when we run out of space, massive unemployment or when countries like India and China out-prosper us.

Solving the Singaporean infertility with more foreigners will not solve the underlying problems

Friday, September 2, 2011

Ponzi island 2: A historical perspective

Comparing 1997 Asian Economic Crisis effects on Singapore, and USA subprime meltdown 
During the subprime crisis, Case-Shiller drop by 33%, causing the failure of all USA big banks, which were then subsequently bailed out by TARF and QE.

Flashback during 1997 crisis, Singapore real-estate plunge even more, for a total of 45%. Arguably, Singapore banks then were probably not too much better than those TBTF banks of USA today. Tat-Lee bank was then nearly bankrupt and bail out was arranged, for a merger with Keppel Bank. Even DBS merged with POSB to improve its book.
Property Index of Singapore from URA

USA Case Shiller index
Economic correction mistaken as downturn
With the low fertility rate and aging Singaporean population, our property price could only go lower. The real estate plunge of 1997 was in fact a correction of the bubble to its appropriate and sustainable level. If the 1997 price level persists today, we will not have a fertility disaster of today's severity.

Foreign immigrants bailing out local banks and landlords
Out of the despair of bankers and people like Ng Teng Fong who have been robbing Singaporean for decades, the acceleration of foreigners import commenced. 

While real estate tycoon and banksters cheer, Singapore is getting more and more precarious economically. Fundamental economic issues are swept under carpet and bubbles get ever bigger. 

Thursday, September 1, 2011

Ponzi Island 1: Only 8.5% of lending goes into production

The newspaper reported  from MAS sources that domestic loan book of banks in Singapore grew by 27.8 per cent in July on an annual basis, the fastest in the 12 years that comparable data has been available from the Monetary Authority of Singapore.

Cumulative loans outstanding of banks including DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank reached S$381.8 billion at the end of the month, led by advances for general commerce and the agricultural, mining, quarrying and manufacturing industries.
Housing loans to consumers rose 1.3 per cent to S$122.9 billion from June, central bank data showed. Loans to professionals and private individuals amounted to S$3.9 billion in July, slightly up from S$3.87 billion in June. Building and construction loans were S$60.55 billion, compared with S$59.17 billion in June and S$48.71 billion in July last year. Manufacturing loans was S$16.17 billion, slightly up from S$16.15 billion in June.

From the detail note from Phillips Securities below, a whopping 61% of our bank loans went into the property or finance industries. That is S$234 billion out of total of S$381.8 billion of bank loans.

Around 32 billion went into real productive activities including agriculture, manufacturing, transport and small business. That is merely 8.5% of total loan outstanding.

PAP are turning the us into an island of rabies speculators by rewarding real estate flippers, punishing savers and those who produce real stuff. With a large amount of our resource investing into non-productive activities, and gamblers getting rich overnight, the prospect of our nation is getting bleak.

Foreign Talent Needed
What if there are no suckers to buy those ponzi property, in the midst ever declining ultra low fertility? Our banks and landlords will bankrupt by tomorrow. Hence, foreign talents are to be invited at ever greater number, maybe until we reach 10 billion population.

Our banking, real estate, population ponzi will blow up one day.
Banking 090111 PS Update