Saturday, March 15, 2014

Singapore ranks 5th in crony-capitalism: PAP and parasites

Recently, Economist came out with a crony-capitalism index, which Singapore finds herself ranks 5th out of 23 countries. The ranking is based on crony billionaire wealth versus GDP. Crony billionaire is defined by those who engage in rentier economy, or in short being an economic parasite. The rent seeking sectors are as below.

Are our elites talent or blood suckers?

Despite PAP's self-bragging of "clean and efficient" government, Singapore rank very top in crony capitalism, way above those countries steep in corruption such as China and India. In reality, corruption in Singapore, could be worse than any place on the earth, as it is being institutionalize, with full impunity.

Elsewhere, cronies or government officials are liable to be charged for bribing. PAP is much clever. Scandalous amount of monies are transferred to the political and bureaucractical elites via astronomical salary. The business leaders then fleeced the peasants by imposing exorbitant property prices.

North East Asia model -- A better way of doing things

Looking at Japan, South Korea and Taiwan, one find very much less people prospering through parasitic activities. In short, North East Asian tycoons are more likely to accumulate wealth by creating values to the society, by creating companies such as Samsung, Mediatek, TSMC or Sony....etc.

One of the reason why North East Asia succeed and we fail is because PAP does not like anyone, other than their friends and cronies, running big business. During the take off years of North East Asia, never mind how corrupt and brutal the dictators were, they were able nurture business and scientific talents who were never sycophants or yes-man.

The parasitic class in Singapore in destroying everyone here

The good old days of Singapore parasite especially landlords would have been long gone since 1998 financial crisis, and given the backdrop of aging population. The destruction of parasite will be good for Singapore because as property price decreases, Singaporeans will marry earlier, incur less debt and have more children, in the end will move property price up again, in an entirely organic manner.

Unfortunately, our parasite will have none of those. Since then, our population ponzi accelerated. The people suffer more and more. Meanwhile our parasites cheer.

The demise of Singapore may be inevitable.