Who holds the sovereign wealth of this nation and why ?
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An introduction to the political thoughts of Kenneth Jeyaretnam – graduated with a double First Class Honors - from Cambridge University, UK - in Economics.
Who holds the sovereign wealth of this nation and why?
Thursday, 30 July 2009, 11:22 am | 2,934 views
Kenneth Jeyaretnam
Investment in our only natural resource, our people, could potentially have had a much higher internal rate of return, in the form of a more highly educated workforce, than that achieved by Temasek or GIC on their overseas investments.
Sovereign Wealth Funds (SWFs) are not a new idea. According to Wikipedia, the termSovereign Wealth Fund was first used by Andrew Rozanov in an article entitled, ‘Who holds the wealth of nations?’ in the Central Banking Journal of May 2005. A SWF may be broadly defined as a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments.
Theoretically one can distinguish two types of SWFs. The first, and the oldest form of SWF, is one set up to manage revenues from an exhaustible resource such as oil, or one which derives its assets from government budget surpluses. An example of one based on resources, and arguably the first SWF was the Kuwait Investment Authority, a commodity SWF created in 1953 from oil revenues before Kuwait even gained independence from Great Britain. A more recent example is the Norwegian SWF which was set up primarily to ensure that the wealth represented by Norway’s oil reserves was not squandered on current consumption but turned into financial assets which would benefit future generations.
Temasek could be said to be an example of the first type of SWF. It was set up in 1974 to hold stakes in the various government-controlled companies, such as DBS, SIA and Singapore Technologies, that had previously been held by the Ministry of Finance. The Temasek Holdings website states that, “Our investments are funded through dividends we receive from our portfolio companies, our divestment proceeds, commercial borrowings, a maiden Yankee bond issue in 2005 and occasional asset injections from our shareholder, the Minister for Finance (Incorporated).”
The second type of SWF is one set up to manage a country’s excess foreign exchange reserves. GIC is probably an example of this type of SWF since it was set up in 1981 with the explicit objective of managing our foreign exchange reserves for long-term capital appreciation. I say probably, as there is very little transparency, so it is not clear whether it is also funded by capital injections from the Ministry of Finance in the same manner as Temasek. However a significant portion of its funding may come indirectly from the CPF which invests primarily in debt issued by MOF. No information is available on the current level of assets. The website states only that the investment portfolio is in excess of US$100 billion. However various estimates have put the level of assets at between US$250 and US$330 billion.
Singaporeans need to be asking, particularly in the light of the recent investment losses, why Singapore even has not one, but two, SWFs. Singapore does not meet the criteria for the first type of SWF since we do not need to manage a windfall from any natural resources. If Singapore had expanded its domestic investment and consumption over the last 30 years it would have had smaller current account surpluses and thus smaller foreign exchange reserves needing management. MAS already has sufficient foreign exchange reserves necessary to manage the Singapore dollar. No second SWF was needed to fulfil this function.
Again without transparency we have no breakdown of how much government saving in the form of surpluses has contributed to both Temasek and GIC’s growth over the years. But we do know that the cumulative budget surplus over the last thirty years has been considerable.
Where have these oft lauded budget surpluses come from in the first place. Well we all know how to save money. We cut back on expenditures. When a country cuts back on the absolute basics such as free education for its children then it creates a budget surplus. Let’s make no mistake here. No other First World Nation only has compulsory education up to the end of Primary school and even that only for a very short day and that minimal compulsory education not even free (although heavily subsidised). I am not advocating a welfare state but to put it bluntly, Singaporeans have helped to pay for our enormous overseas investments by forgoing free universal education to secondary level, a national health insurance system and other elements of a social safety net which are characteristic of most countries at Singapore’s level of development
The budget surplus, having been taken from the pockets of Singaporeans, then represents money that not only could have, but should have, been returned to the citizens of Singapore in the form of lower taxes, fees and charges. It could have also been used to finance much higher domestic investment in education or in health and welfare. Their website states that Temasek has achieved an annualized return of 18% since inception though that is based on the March 2008 asset figure of S$185 billion rather than on the current valuation of S$145 billion announced by CEO Ho Ching yesterday. Investment in our only natural resource, our people, could potentially have had a much higher internal rate of return, in the form of a more highly educated workforce, than that achieved by Temasek or GIC on their overseas investments.
Instead of the Government investing our money to pick winners through an industrial strategy there could have been greater incentives for investment and R&D in the private sector which might have led to faster productivity growth and higher levels of real incomes. And even if GIC has not been funded directly by the MOF, the growth of our foreign exchange reserves has come about through chronic external surpluses which represent domestic under-consumption and under-investment.
As a final ignominy, CEO Ho Ching announced on July 29th at the Institute of Policy Studies that Temasek was thinking of allowing Singaporeans to co-invest alongside Temasek sometime in the next ten years. How kind of her. I thought we had already invested as outlined above. The only positive side of this news is that it would presumably force Temasek to be much more transparent about its investment process and corporate governance. In any case any personal financial adviser (and I am not one) would not advise an investment in a company without sufficient transparency that required due diligence.
As we all know, calls on the government for accountability and transparency in its sovereign wealth funds is not new. However; I would go one step further! Many of you know that I gave a speech at the Foreign Correspondents Association lunch on the 2 July 2009. In answer to a question put to me after the lunch I went on record as saying that Singaporeans should be given a direct stake in our SWFs, either through their privatization and the issuance of shares to Singapore citizens or through the explicit linkage of part of the value of these assets to the welfare of Singaporeans, as is done in Norway through the Pension Fund.
To counter one possible objection that our national “crown jewels” could end up being bought by foreigners the government could retain a golden share which would prevent this happening to Temasek’s portfolio of domestic GLCs. Longer term there is no reason for Singapore to continue to run large budget surpluses over the course of an economic cycle.
In conclusion whilst I will not let up on calling on our government for greater transparency and accountability into how it manages our money, I would urge it also to look at credible new proposals such as mine, rather than confining itself to the limited steps outlined by CEO Ho Ching in her speech.
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Singapore is in a dire need of an OBMUDSMAN!
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Originally posted by Fugazzi:
Singapore is in a dire need of an OBMUDSMAN!
With the practice of Democracy bastardised by the PAP politics of self-preservation, is there any possibility for any institutions of democratic practices to exist in Singapore in a form that is practiced in First World Countries ?In a Singapore where the PAP's petty vindictive politics strike fear in any person who dare to stand independently to rule against the PAP leadership, will any Singaporean be prepared to face an uncertain future after his ruling ?
One prominent example was District Judge Michael Khoo who had found JBJ committing no wrong in the manner in which JBJ treated the political donations from Singaporeans, and his position was vindicated by the finds of the Privy Council - which was then the final arbiter of Singapore Laws.
Yet, Michael Khoo was moved from the Bench, and to take on a lower role in the Attorney-General's Chamber.
The Privy Council was removed by LKY on the simplistic reason that its ruling had revealed that it was out-of-touch of Singapore events - even as it was also LKY's earlier view that the Privy Council will be a good and independent overseer of the standards of the Judiciary in Singapore.
With a PAP government led by LKY that do not respect the Rule of Law - can there be an independent Ombudsman to be given the full authority and immunity from persecution by LKY and the PAP ?
The one person who would have fitted this role was the late President Ong Teng Cheong, who had shown his independent streak - to exercise the powers vested in his Elected Presidency, and hold the Government to some measure of accountability.
Unfortunately, that very institution of the Elected Presidency that was created by LKY, was also handicapped by him for the same reason that the Elected Presidency proved to be too independent for his liking, and was threatening the monopolistic powers of the PAP.
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True.
The root cause of the problem needs to be gotten rid of.
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Originally posted by Atobe:
With the practice of Democracy bastardised by the PAP politics of self-preservation, is there any possibility for any institutions of democratic practices to exist in Singapore in a form that is practiced in First World Countries ?In a Singapore where the PAP's petty vindictive politics strike fear in any person who dare to stand independently to rule against the PAP leadership, will any Singaporean be prepared to face an uncertain future after his ruling ?
One prominent example was District Judge Michael Khoo who had found JBJ committing no wrong in the manner in which JBJ treated the political donations from Singaporeans, and his position was vindicated by the finds of the Privy Council - which was then the final arbiter of Singapore Laws.
Yet, Michael Khoo was moved from the Bench, and to take on a lower role in the Attorney-General's Chamber.
The Privy Council was removed by LKY on the simplistic reason that its ruling had revealed that it was out-of-touch of Singapore events - even as it was also LKY's earlier view that the Privy Council will be a good and independent overseer of the standards of the Judiciary in Singapore.
With a PAP government led by LKY that do not respect the Rule of Law - can there be an independent Ombudsman to be given the full authority and immunity from persecution by LKY and the PAP ?
The one person who would have fitted this role was the late President Ong Teng Cheong, who had shown his independent streak - to exercise the powers vested in his Elected Presidency, and hold the Government to some measure of accountability.
Unfortunately, that very institution of the Elected Presidency that was created by LKY, was also handicapped by him for the same reason that the Elected Presidency proved to be too independent for his liking, and was threatening the monopolistic powers of the PAP.
As per se, the winner takes it all.Uncle, may I lecture on you with some reverse pyschology effect on your thinking.
Firstly, ask yourself, if currently you are the PM of singapore, you got the executive power to decide and execute you decision, and you seat on the highest chair in singapore politics, what will you do if you feel threatened by PAP, who in this play, their role is opposition. If you think that it is ok to let PAP mingle around and spread their evil and bad about you, i think you most likely can hold office for one term or less. But i guess with a smart mind like yours, you will had put all PAP supporters and gangs into ISD and more so, you would had make them disappear without a trace, you would had controlled the media, the monetary and the arm forces to align them toward your objectives, and the main objectives is to hold on to power as long as it last, you need to do pre emptive measurement, plan and action to uphold your status and power.
And secondly, if there is anyone or any matters that block your way to success or downgrade your popularity and strength, you offer no other alternative but alien him/her.
Yes, PAP can be dirty, but dun you agreed that politic is dirty, if politics is not dirty, it is not politics, for these, LKY knows, he also know that if Opposition takes over, they will also play dirty politics, maybe even more dirtier, but at the end of the day, as dirty as it may be, if you bring peace and harmony with opportunity to prosperous and good living, you will be highly supported
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Originally posted by angel7030:
As per se, the winner takes it all.Uncle, may I lecture on you with some reverse pyschology effect on your thinking.
Firstly, ask yourself, if currently you are the PM of singapore, you got the executive power to decide and execute you decision, and you seat on the highest chair in singapore politics, what will you do if you feel threatened by PAP, who in this play, their role is opposition. If you think that it is ok to let PAP mingle around and spread their evil and bad about you, i think you most likely can hold office for one term or less. But i guess with a smart mind like yours, you will had put all PAP supporters and gangs into ISD and more so, you would had make them disappear without a trace, you would had controlled the media, the monetary and the arm forces to align them toward your objectives, and the main objectives is to hold on to power as long as it last, you need to do pre emptive measurement, plan and action to uphold your status and power.
And secondly, if there is anyone or any matters that block your way to success or downgrade your popularity and strength, you offer no other alternative but alien him/her.
Yes, PAP can be dirty, but dun you agreed that politic is dirty, if politics is not dirty, it is not politics, for these, LKY knows, he also know that if Opposition takes over, they will also play dirty politics, maybe even more dirtier, but at the end of the day, as dirty as it may be, if you bring peace and harmony with opportunity to prosperous and good living, you will be highly supported
This is the clear product of a system that insist of accepting corruption as a natural course of life.Why should it be a situation where the winner takes all - by getting power, and manipulating the rules that brought it to power, and continue to perpetuate itself in power ?
This is the typical Third World mentality that is now accepted as matter of life.
Why should this be ?
In First World States such as Switzerland, Finland, Sweden, Norway, UK, Australia, Japan, USA, and most EU states - no political party that has been elected into government will change the rules to perpetuate themselves.
Even in traditionally Asian countries that may not claim the First World title and still practice Democracy in its true spirit can be seen in India, South Korea, Sri Lanka, Taiwan, and the Philippines - in which the citizens and the politicians will jealously guard the Constitution and prevent any attempt to bastardise the terms to benefit any single political party.
With a Third World mind that is worn out after a night of exploiting your girls and customers just to make a quick buck from the misery of others - are you qualified to lecture anyone in your drunken stupor every morning ?
Can your Third World mind - that only slog the better part of a 24 hour day - know anything beyond the price of your girls and alcohol - be aware of the daily assault on Singaporean's pocket by your favorite PAPa ?
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Originally posted by Atobe:
This is the clear product of a system that insist of accepting corruption as a natural course of life.Why should it be a situation where the winner takes all - by getting power, and manipulating the rules that brought it to power, and continue to perpetuate itself in power ?
This is the typical Third World mentality that is now accepted as matter of life.
Why should this be ?
In First World States such as Switzerland, Finland, Sweden, Norway, UK, Australia, Japan, USA, and most EU states - no political party that has been elected into government will change the rules to perpetuate themselves.
Even in traditionally Asian countries that may not claim the First World title and still practice Democracy in its true spirit can be seen in India, South Korea, Sri Lanka, Taiwan, and the Philippines - in which the citizens and the politicians will jealously guard the Constitution and prevent any attempt to bastardise the terms to benefit any single political party.
With a Third World mind that is worn out after a night of exploiting your girls and customers just to make a quick buck from the misery of others - are you qualified to lecture anyone in your drunken stupor every morning ?
Can your Third World mind - that only slog the better part of a 24 hour day - know anything beyond the price of your girls and alcohol - be aware of the daily assault on Singaporean's pocket by your favorite PAPa ?
Can you guarantee that when SDP takes over the helm of Govt, they are not going to be corrupted??? both in papers and undertables??If SDP won, aren't they proud to say, I am the winner, i get the most vote...all govt of PAP get out and we are going to change the whole systems of running this country, and who would or can challenge you when the consitution said that you have all the rights to be in control. Therefore the winners take it all.
You still believe that we are sloggin 24hrs?? please lah, the top 10% rich had increased to 25%, and the lower poor 25% is reducing to 20% whereby most poor old folks had passed away.
You just look at this current downturn/recession, we are the hardest hit due to our exporting led economy, but just look at the shopping centres shoppers and the Q buying Condos at thousands of dollars per sq feet, are we in bad shape??? Unemployment hanging at 3.3% is still one of the lowest around the region, and our currency had gained against many other countries too.
Since you are bringing up other countries..dun they have fighting, riot and protest that damaged their economy and harmony for every change of govt. And due to these constant changes, the objectives is alway not met and end up same same.
We have a unique system here, unlike other countries, we are small and fragile, we rule by our own instinct that suit our situation, there is a different between taking care of a big house with many childrens and a small house with 2 childrens. To proclaim ourselves as first world should be taken as confidences and proudness, we may or may not be, but it gives us a morale booster to achieve what we said.
We are not saying that we will not vote or support the oppositions, but the opposition will find it difficult to win because they can hardly find the flaws/ or maybe a few to sustaintially prove their ground that they will be better. But by saying that why alway stick to one govt policy and all these nonsense is not going to win anything from PAP. I bet it. Furthermore, the opposition supporters here, be it uncles or aunties, you are making the opposition jobs worst with your stupid posting. Please be smart
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Who holds the sovereign wealth of this nation and why ?
Tell you why
Ain't nothin' but a heartache
Tell you why
Ain't nothin' but a mistake
Tell you why
I never wanna hear you say
I want it that way -
Originally posted by angel7030:
Can you guarantee that when SDP takes over the helm of Govt, they are not going to be corrupted??? both in papers and undertables??If SDP won, aren't they proud to say, I am the winner, i get the most vote...all govt of PAP get out and we are going to change the whole systems of running this country, and who would or can challenge you when the consitution said that you have all the rights to be in control. Therefore the winners take it all.
You still believe that we are sloggin 24hrs?? please lah, the top 10% rich had increased to 25%, and the lower poor 25% is reducing to 20% whereby most poor old folks had passed away.
You just look at this current downturn/recession, we are the hardest hit due to our exporting led economy, but just look at the shopping centres shoppers and the Q buying Condos at thousands of dollars per sq feet, are we in bad shape??? Unemployment hanging at 3.3% is still one of the lowest around the region, and our currency had gained against many other countries too.
Since you are bringing up other countries..dun they have fighting, riot and protest that damaged their economy and harmony for every change of govt. And due to these constant changes, the objectives is alway not met and end up same same.
We have a unique system here, unlike other countries, we are small and fragile, we rule by our own instinct that suit our situation, there is a different between taking care of a big house with many childrens and a small house with 2 childrens. To proclaim ourselves as first world should be taken as confidences and proudness, we may or may not be, but it gives us a morale booster to achieve what we said.
We are not saying that we will not vote or support the oppositions, but the opposition will find it difficult to win because they can hardly find the flaws/ or maybe a few to sustaintially prove their ground that they will be better. But by saying that why alway stick to one govt policy and all these nonsense is not going to win anything from PAP. I bet it. Furthermore, the opposition supporters here, be it uncles or aunties, you are making the opposition jobs worst with your stupid posting. Please be smart
At least with opposition there is still a possibility that they won't be corrupt, with the current team, it's already a no brainer.
How incorruptible a system is, depends on the checks and balances to curtail the power of those in power. Is there a system of checks and balances in the current system; or do we have a system of close family members in power checking each other's arses for shit and licking them clean before they show their arses to the public? Is there any accountability in the current system? WKS's oversight and HC's punting with Singaporean's hard earned money. Are you sure there is a reduction in poverty? Singapore's income distribution is even worse than USA, income distribution between the rich and the poor has increased significantly since 2000.
Just because folks are queuing up to buy properties doesn't mean that the Singapore economy is not in shambles. What proportion of those property investors are overseas investors?
Protest doesn't equate to riot.
When somebody accidentally steps on your foot, you get hurt, obviously you scream out in pain to alert the person of your pain, hoping that he will lift his foot from yours. In Singapore, you can't scream even if someone drives a spike through your foot, the government will determine if it's painful, most often they will deemed it painless and continue with the spiking. Think of the over supply of cheap foreign labour driving down wages of ordinary Singaporeans. Angel of Geylang, How's your sex trade business there recently?
Maybe you should just stick to fellatio, something you do best, rather than posting your views here.
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It is bullshit about reduction in poverty. It is happening, it is reality, now there are more people working more than one person's jobs and are lowly paid. The ruling party condone this. They have been so active to encourge exploiting Singaporeans this way. CDC is brainwashing Singaporeans to overwork and get low pay, they claim it is the trend now.
So with this going on, someone still say there is reduction in poverty, really there is something wrong with this person's brain, the brain must be sent for repair or just simply discard it.
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Originally posted by Atobe:
This is the clear product of a system that insist of accepting corruption as a natural course of life.Why should it be a situation where the winner takes all - by getting power, and manipulating the rules that brought it to power, and continue to perpetuate itself in power ?
This is the typical Third World mentality that is now accepted as matter of life.
Why should this be ?
In First World States such as Switzerland, Finland, Sweden, Norway, UK, Australia, Japan, USA, and most EU states - no political party that has been elected into government will change the rules to perpetuate themselves.
Even in traditionally Asian countries that may not claim the First World title and still practice Democracy in its true spirit can be seen in India, South Korea, Sri Lanka, Taiwan, and the Philippines - in which the citizens and the politicians will jealously guard the Constitution and prevent any attempt to bastardise the terms to benefit any single political party.
With a Third World mind that is worn out after a night of exploiting your girls and customers just to make a quick buck from the misery of others - are you qualified to lecture anyone in your drunken stupor every morning ?
Can your Third World mind - that only slog the better part of a 24 hour day - know anything beyond the price of your girls and alcohol - be aware of the daily assault on Singaporean's pocket by your favorite PAPa ?
I excessive consumption of alcohol can result in brain damage.
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Perhaps there is a "reduction of poverty" among the members of the ruling elites.
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Originally posted by Chew Bakar:
Perhaps there is a "reduction of poverty" among the members of the ruling elites.
Who ah who ah?? Tell us.
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Business men hold the wealth to this nation.
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Double posting by error.
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Originally posted by Fantagf:
It is bullshit about reduction in poverty. It is happening, it is reality, now there are more people working more than one person's jobs and are lowly paid. The ruling party condone this. They have been so active to encourge exploiting Singaporeans this way. CDC is brainwashing Singaporeans to overwork and get low pay, they claim it is the trend now.
So with this going on, someone still say there is reduction in poverty, really there is something wrong with this person's brain, the brain must be sent for repair or just simply discard it.
With so many Singaporeans getting lower wages because of government's open gate policy towards foreign labour, it's a no brainer that there are more poorer Singaporeans.
But then again, the government came up with a report some time back citing that wages for low income earners have actually increased, when the increase in income was compared with the inflation, it was shown that the "increase" in low income wages was actually due to inflation, so there was no real wage growth at all.
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Originally posted by Chew Bakar:
Perhaps there is a "reduction of poverty" among the members of the ruling elites.
They were probably using Bill Gates as a yardstick for comparison.
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Originally posted by deepak.c:
They were probably using Bill Gates as a yardstick for comparison.
Or Warren Buffett's.
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Originally posted by deepak.c:
With so many Singaporeans getting lower wages because of government's open gate policy towards foreign labour, it's a no brainer that there are more poorer Singaporeans.
But then again, the government came up with a report some time back citing that wages for low income earners have actually increased, when the increase in income was compared with the inflation, it was shown that the "increase" in low income wages was actually due to inflation, so there was no real wage growth at all.
Knowing the ruling party, anything is possible, they can manipulate the info and release to public what they want us to know. A friend went for interview with NEA for the officer post and was told the salary is $1100. He was previously earning $3000. He has housing loan to take care, bills to pay, daily expenses to cope, with this meagre sum how can one survive. The CPF from this $1100 cannot help pay his housing loan. This is a good example of govt exploiting people while they continue to overpay themselves world class salary. Govt do fingers pointing when locals reject such low paid jobs. $1100 after CPF is only $880. To me is not salary at all, looks more like allowance for transport and meals. -
Originally posted by Fantagf:
Knowing the ruling party, anything is possible, they can manipulate the info and release to public what they want us to know. A friend went for interview with NEA for the officer post and was told the salary is $1100. He was previously earning $3000. He has housing loan to take care, bills to pay, daily expenses to cope, with this meagre sum how can one survive. The CPF from this $1100 cannot help pay his housing loan. This is a good example of govt exploiting people while they continue to overpay themselves world class salary. Govt do fingers pointing when locals reject such low paid jobs. $1100 after CPF is only $880. To me is not salary at all, looks more like allowance for transport and meals.That's the current starting pay for NEA officers, that was what one of my friend was offered by another friend who is a department head.
How to pay for a $150,000 HDB if you are only getting $1,100 a month?
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Originally posted by deepak.c:
That's the current starting pay for NEA officers, that was what one of my friend was offered by another friend who is a department head.
How to pay for a $150,000 HDB if you are only getting $1,100 a month?
His flat is more than $150,000. There is no way to pay a complete sum for the housing loan with this kind of pay. I am not sure of NEA, what I know of is some govt sectors don't even allow staff to do sideline. If he is allowed to do sideline, may be there is still possibility he can pay full amount of loan on monthly basis.
Either way one dies, this is the way of the ruling party. WE are all living in the fence they set for us. Seems they are making themselves very exclusive. They are creating wider income gap.
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Correction. Not some, but no S'pore govt ministry or s.board will openly tolerate moonlighting.
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Originally posted by Jagged:
Correction. Not some, but no S'pore govt ministry or s.board will openly tolerate moonlighting.
Like that, thinks there is no way he can pay full amount on monthly basis.Chump!
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Originally posted by Jagged:
Correction. Not some, but no S'pore govt ministry or s.board will openly tolerate moonlighting.
Stump!
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Originally posted by deepak.c:
At least with opposition there is still a possibility that they won't be corrupt, with the current team, it's already a no brainer.
How incorruptible a system is, depends on the checks and balances to curtail the power of those in power. Is there a system of checks and balances in the current system; or do we have a system of close family members in power checking each other's arses for shit and licking them clean before they show their arses to the public? Is there any accountability in the current system? WKS's oversight and HC's punting with Singaporean's hard earned money. Are you sure there is a reduction in poverty? Singapore's income distribution is even worse than USA, income distribution between the rich and the poor has increased significantly since 2000.
Just because folks are queuing up to buy properties doesn't mean that the Singapore economy is not in shambles. What proportion of those property investors are overseas investors?
Protest doesn't equate to riot.
When somebody accidentally steps on your foot, you get hurt, obviously you scream out in pain to alert the person of your pain, hoping that he will lift his foot from yours. In Singapore, you can't scream even if someone drives a spike through your foot, the government will determine if it's painful, most often they will deemed it painless and continue with the spiking. Think of the over supply of cheap foreign labour driving down wages of ordinary Singaporeans. Angel of Geylang, How's your sex trade business there recently?
Maybe you should just stick to fellatio, something you do best, rather than posting your views here.
Oh, my business, it is good, very good, economy is picking up, yam seng all the way, furthermore with continous rounding of Anti vice police around the clock, those illegal ones are running like mad chickens, so most uncle end up walking and driving for hours without a chicken insight, then they come to my pub lor...give the man a tiger/thaigal.
First and foremost, let talk about it when opposition can get at least 5 seats in parliament, otherwise, u can always check, but it will never get balance.
On what ground and weight you seek accountability? are you the CEO or chief of Temasek or home affair and your subordinate is HC and Wong? then i agree that you seek accountability, and if so, you are also account for it. Is the american going to hold the Feds and Obama adminstration for accountability on lehman, madoff and many other cases?? Is the americans going to hold the Feds and govt for the past years glorious earning accountability?? no right? so what accountability are you talking about when you do not even have the creditability to ask for it.
I was in Tanah Merah looking at the showroom with my frens, and most are singaporeans, who said foreigners??? Gone are the Q up, now is As long as you can paid and show that you can paid, you get into the ballot box, there will be no more banks lending to beggar to live in condo. The rich foreigners are going for higher market ones,..and it is nice to see foreigners pouring money into our market.
Singapore govt drive across your foot??? OMG, which one, you can alway sue him/her if they neglect you on the street, so called hit and run. Please lah, dun use mental pain with physical one lah. Siao Lang, must be