Just How Much is Temasek making from Singapore?
Just how much is Temasek losing to foreign countries?
Just how much of the costs of living in Singapore can be attributed to the need to show a profit at Temasek?
Four words,
The Official Secrets Act
REVISITING HISTORY: Operation Spectrum - Breaking The Ice After 22 Years
Date: 20 June 2009 (Saturday)
Time: 2pm - 4.30pm
Venue: Bestway Auditorium, 2nd Level, Podium A,
Bestway Building, 12 Prince Edward Road (off Shenton Way)
By Andrew PK Yap
Singapore, 09 June 2009 am 0900
It is with great alarm when I read how China is internationalizing the Renminbi, the Chinese Yuan. They are now even calling for the issuance of bonds in their currency. My guess is that the despots have no inkling what they are getting themselves into.
This precisely is why a country must not have despots in power. The damage that they can do to the country is alarming. With the Chinese economy in free fall as a result of decisions made years before, the instability will affect the countries around them and Singapore will definitely not escape the fallout. Furthermore, it is reported that Temasek has decided to place bets in China.
Given Temasek’s track record gambling with public money overseas, one would be wise to be a contrarian to what Ho Ching does. That is, when Temasek decides to invest in China, you decide the opposite (although short term it might be possible to make money but it has to be hit and run).
For the next few years they will boast of their profits made there. Unfortunately Temasek makes long term bets, the size of bets they place dictates that it has to be long term.
For the long term, as long as China pursues this path of internationalizing the Renminbi, we can all wait for the GREAT COLLAPSE of CHINA. It will be an event that will dwarf even the other great, the Wall of China.
Do you think the PAP is cunning?
Do you think they want a one-party parliament?
Do you think that the current political changes are a sham?
If you answered Yes to these three questions, good. With regards to PAP’s grand promises of political liberalisation, they should always be taken with a pinch of salt. Make that a huge dose of salt. Very huge does is best.
Parliament is turning into more and more into a drama scripted by the PAP. They now say, oh, the people want more opposition voices in parliament so let us increase the number of NCMP to 9, so that the opposition can speak up and the people can know that dissent in parliament is encouraged. However, lest we forget, NCMPs cannot vote. So what if they can speak up in parliament or pound their shoes on the tables for attention, their speeches are useless anyway apart from the wayang factor. The PAP have always said that politics is serious business and it should not be trivialised into comedy or entertainment. However, that is what the NCMP system is turning into. A slapstick comedy of caged, castrated dissent.
Many commentators have insightfully said that by increasing the number of NCMPs and packaging it as political change, the public would be lulled into thinking that they can have their cake and eat it too. Thanks to the generosity of the good sportsmen PAP and letting the loser-opposition have more say when they didn’t even win a GRC - and I know you can sense my sarcasm here.
The NCMP system is a moral hazard. We think it is a safe mix of PAP and opposition in parliament, and therefore mistakenly continue to rely on NCMP representation more and more. The PAP’s gesture of political change is actually status quo at best and at worst, political regression! They are the Pied Pipers of Hamelin, playing their tune of NCMP liberalisation, and the foolish would dance along to that tune to Singapore’s doom.
Reject the NCMP system. Vote in real opposition MPs in parliament when the next GE comes along. They can not only speak up in parliament, they can also vote in parliament. That’s what real MPs do. If they can’t vote, the PAP need not fear them at all, even if the NCMP quota is increased to 15 or 20.
KUALA LUMPUR: Thirteen months after his audacious escape from detention in Singapore, Mas Selamat Kastari has been caught in Malaysia.
Singapore’s most wanted terrorist was captured on April 1 while hiding in Johor, regional intelligence sources told The Straits Times.
It is believed that he was nabbed in the outskirts of Johor Baru and is now being held by the Malaysian authorities for interrogation.
It is not known how he slipped out of Singapore or when he entered Malaysia.
Although he was arrested six weeks ago, the Malaysian authorities have not yet announced the capture.
A senior Malaysian government official, who spoke on condition of anonymity, confirmed the arrest and said that Mas Selamat was being held under the country’s Internal Security Act.
He declined to say when the terrorist would be handed over to the Singapore authorities.
It is believed that the fugitive had stayed in Johor all this time and had not travelled further north. He is also believed to be detained in Johor.
Sources told The Straits Times that the 48-year-old was tracked down based on intelligence provided by Singapore’s Internal Security Department (ISD), and a joint operation by Malaysia and Singapore’s security agencies eventually led to his arrest.
The capture of Mas Selamat brings to an end one of the largest manhunts ever undertaken by Singapore and its neighbours for a terrorist on the run.
The manhunt for Mas Selamat Kastari is over! I expect the speculations and conspiracy theories to begin anew and there are indeed questions left unasked and unanswered. Like how he was caught, what intel was shared, was he really in SG, how long he was in Johor, did he get help and if so who helped him, why make the news now when he was caught 6 weeks ago, among other questions. I trust the news fronts to have more info as the days progress.
As is reported, the Malaysian authorities still have him under custody for questioning and it’s only a matter of time before he is extradited. It is good that such a joint operation is possible and even successful and bodes well for our current and future relationships with friendly intelligence and government agencies, especially with Malaysia and Indonesia. It’s only right that we also share intelligence and that that can be gleaned from interrogation.
On the home front, I trust our agencies not to screw up like this again, and I believe if anything, we Singaporeans never cock up twice. The monkey is finally off the proverbial back and I am frankly glad that this embarrassing saga is finally behind us. Us as this is not only a security or intelligence issue, it is a national issue as it cuts right into the heart of the capabilities and reputations of Singapore both local and abroad. The questions by my foreign friends I’ve personally tried to tackle have left me embarrassed and somewhat humiliated and it’s indeed a monkey off my back.
There could also be a silver lining to this episode, in that his escape and evasion could have been assisted and his arrest would help uncover an erstwhile unknown support network both here and in Malaysia.
And there is also of course the matter of the $1million reward…
So one of the sons of the late JB Jeyaratnam, Singapore most indomitable politician and Lee Kuan Yew’s nemesis, has eventually decided to join politics.
Kenneth Jeyaratnam, an economics graduate from Cambridge University and who had worked in the financial sector in U.K. for the past decades, has joined the Reform Party last month.
His entrance could bring more life to our rather boring political landscape.
The Reform Party which his late father founded in 2007 could be re-energized and saved from a premature death.
Many professionals could be encouraged to join politics.
As an economist, Kenneth could be able to engage pragmatic Singaporeans and have them take an active part in the public life of Singapore.
His economic expertise and oversea working experience could render him a formidable force to the protected mandarins of the PAP. It would be interesting to see how the PAP “fixes” him.
Unless he surrenders to the landmine that awaits all serious political opposition or, in an unlikely but not an impossible event of being converted by the PAP, Kenneth’s entry should inject a new perspective and vibrancy to the underdeveloped politics of Singapore.
In history, the most despicable people are those that sell out their own country for an extra thirty pieces of silver.
Consider these treacherous statements and acts:
MM Lee says S’poreans must reach out to new immigrants
“Thank you, Mr Lee, say new immigrants
www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_347934.html - 54k -”
“5,000 jobs available in Singapore (in the Sentosa IR for Philipinos)
MANILA, Philippines - President Arroyo announced yesterday that around 5,000 new jobs would be made available to Filipinos in the island resort of Sentosa in Singapore.
Speaking before the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. at the SMX Convention Center in Pasay City, Mrs. Arroyo said Labor Secretary Marianito Roque was able to get openings in Sentosa for 5,000 jobs.”
http://www.manilastandardtoday.com/?page=politics4_april4_2009
…to be continued…
CHINA
EnergyAsia - SINGAPORE: Tuas Power sold to China’s Huaneng Group …
Japan
Malaysia
Singapore’s Temasek Holdings has stunned the market by announcing that it has sold electricity generator Power-Seraya to a unit of Malaysia’s YTL Power …
…to be continued…
The casinos will suck precious disposable income of the people, especially at a time like this, which the people would have spent on local enterprises.
The despots justified that by saying it would create jobs.
Now the country is hit by the double blow… not only are disposable incomes sucked out of the local economy, the jobs are going to foreigners that will be sending their wages back home.
HOARD YOUR MONEY!!!! The last hope for the country, the casinos (which almost everyone agreed when they asked for feedback before going ahead, is an evil) are turning out to be a disaster for the country in this global downturn!!!
(I started to write for newsintercom partly because of the casinos: “My Maiden Post Sunday, May 7th, 2006 at 21:15″)
(Do you want to help increase loss of jobs, alcoholism, divorce, bankruptcy, and suicide rates? - By Andrew PK Yap Tuesday, October 24th, 2006 at 19:56)
(Suffer the little children. Not let the little children suffer Friday, November 24th, 2006 at 19:03)
(Requiem for Singapore’s Children Monday, December 4th, 2006 at 19:26)
(God of Gamblers – “I’m a dead man if they ban me” Sunday, December 31st, 2006 at 18:33)
(Moderate consumption of Marijuana is safe Wednesday, February 14th, 2007 at 07:00)
(Be prepared for the downfall of Singapore Friday, October 5th, 2007 at 21:29)
…to be continued…
It is as saddening as it is appalling to learn that our food centre is so badly infested with rats that two persons had died and 150 sickened after taking tainted food there.
As a first world country, shouldn’t we have put rat pestilence behind us?
Moreover, shouldn’t Ministry of Environment(MOE), the ministry in charge of markets and food centres, be jolted out of its slumber after Mas Selamat’s escape? MM Lee, whose words are taken as decree by the Civil Service, had attributed the terrorist’s jailbreak Feb last year to complacency of the civil servants.
No action was taken by MOE when there were complaints of rats in the food centre. But what was most appalling was that the centre was never thoroughly cleaned since its inception three years ago.
This isn’t the first time MOE had failed to response to potentially life-threatening situations. In 2004 when dengue cases shot up to record high of 9,400 cases, it didn’t bother beefing up its efforts in checking the breeding of mosquitoes. It was only after 10 fatalities in mid 2005 that it undertook anti-mozzie blitzes to curb the spread of the disease.
Let’s hope that no more life would be lost unnecessarily before MOE is convinced that its current firefighting response to crises is unacceptable. It needs to re-evaluate, invigorate and upgrade its systems of check and control in order to do a better job in providing a safer and cleaner environment for the people of Singapore.
Singapore, Monday April 10th, 2009
How do you shoot unarmed protesters?
You are a tank commander and your tank is in front of Centerpoint Shopping Center. A few people climb on top of your tank and what do you do as a tank commander? You shoot them? Remember, they are unarmed and they are not trying to harm you or your tank. You know that. You know that they are unarmed and that they are not trying to destroy your tank with bare hands (as if they can).
This then is the background behind the bizarre pictures that you see in newspapers of Red Shirt protesters dancing on top of tanks in Bangkok.
In the last few days, I was in Bangkok and yes, I was at the protest grounds mingling with the protesters. I was wearing black.
Police at the entrance to the main protest grounds at Government House (10th April 2009)
There were isolated incidents where some hooligans among the Reds were smashing the cars that they thought were carrying the Thai Prime Minister. They smashed the glass doors of the hotel where the Asean Summit was suppose to have taken place.
The biggest incident, the one that affected the most people was when they forced the closure of the Victory Monument “road interchange” which is a roundabout where three major roads in Bangkok meet (Phahonyothin Road, Phaya Thai Road, and Ratchawithi Road.)
It caused massive traffic jams. Hospital administrators complained that patients could not get to the hospital. The BTS (sky train) was, however, working. The road closure lasted for essentially 24 hours.
What you see in the newspapers and the television reports are the worst of it. The images you see with the reports, those were the worst of it!
Perspective of the "Media Event"
"Media Event"
Think about it. If those were the worst of it, how bad can it be? Lots of inconvenience, lots of business lost but that’s about all there is to it. Nobody said that democracy is free. I am glad I was in Bangkok to see it for myself.
The payoff is that no blood thirsty dictator and scamming power and money obsessed strong man will ever survive in Thailand. You will not see a prime minister pushing his son an ex cancer patient into the PM post. Exorbitant ERP, medical services, public housing prices, open and hidden taxes and letting his daughter in law (and cronies) gamble away billions of the people’s money to feed her gambling addiction.
You will not see a government essentially selling out the country to foreigners for a few dollars more.
Witness to police intimidation?
Want to alert the public?
You think you can get justice?
While the cartoon character PothePanda gives an implausible tale of police intimidation, the G20 protests in London recently demonstrated the true extent of police intimidation and brutality. Ten years after the battle for Seattle, unnecessary police violence in London led to the tragic death of Ian Tomlinson, a newspaper vendor on his way home minding his own business, walking with his hands in his pocket, not protesting, not behaving in a threatening manner, not taunting the police. His crime was walking too slowly and being at the wrong place at the wrong time.
The tragedy is told in this handphone video shot by a witness. This is the crunch. Under the Singapore Films Act, the witness’ video of unnecessary police force is an illegal film and the witness is liable to be prosecuted. Hence, people are deterred from filing protests because of this senseless Act. In Singapore under this government that produce draconian laws at its whim, the Films Act protects the police in such situations. Witnesses could be bullied into silence.
Watch the video here:
G20 Ian Tomlinson
Singapore, Tuesday March 31st, 2009
THE secret is out. The coincidences are too much of a coincidence. Ask any golfer and they will tell you that no mere human can do what He did and is doing. Sure, He loses occasionally at golf but that is only in keeping with His “mysterious ways” and propensity to hide His true self from mankind.
The one that clinched it for me, you know, prove once and for all that Tiger Woods is God, is what happened to the stock market (proxy for the economy) and the price of crude oil.
Consider this, when God took a break in June 2008, all hell broke loose. After the US open in June 2008, Tiger Woods, aka God, took a break.
What happens when God takes a break? As the Jim Carrey/Morgan Freeman movie Bruce Almighty so rightly pointed out, the Dark Ages (people do not call it “Dark Ages” because there was a renaissance) were dark because God took a break! Morgan Freeman, in the movie played God and is black, too, remember?
Sure Tiger has Thai blood in Him but that is …… “only in keeping with His “mysterious ways” and propensity to hide His true self from mankind”
Oh where was I? Right, the Great Economic collapse of 2008.
In June 2008 crude oil was trading at 130 US Dollars a barrel. Tiger, aka God took a break and it dropped a hundred points to around US$30. The DOW Jones index in June 2008 was, in June 2008 around 13000 points and after Tiger, aka God took a break, it dropped to 6500 points.
Crude is not at US$30 and Dow is not at 6500 points at the moment and has rebounded and why is that?
God, aka Tiger Woods came back from His break!
Feel suffocated?
Feel frustrated?
Feel alone?
You are not alone in feeling frustrated and suffocated when the bill on changes to the film act expectedly became law. Regulation via feigned liberalisation is the PAP’s hidden Newspeak when it talks about control of the PAPolitical discourse. The government promised to allow political films but in the process threw in more regulation on political messages especially intended for dissemination in the internet. This political discourse is no longer dominated by the subjugated media, it is now contested by the very audience it is supposed to brainwash. Since the convenience of uploading video content, the public have made up their own stories about PAP rule with not only words, but pictures and videos as well. Hence, the internet and handphone cameras are the latest basic screwdrivers to loosen parts in the PAP’s propaganda machine.
The 2006 general election showed the potential of handphone cameras and Youtube. People were uploading election rally videos left right and centre despite the government’s hastily imposed ban on recorded speeches as political videos. That is the first of the PAP’s paranoia about technology that undermines their rule. The other reason for the PAP’s fear of the dramatised political video is Martyn See. The original local par excellence video activist who was able to jolt Singaporeans back into reality and expose the PAP’s twofaced doublespeak propaganda with Singapore Rebel and Speakers Cornered. Before The Online Citizen, the Wayang Party, there was Chee Soon Juan, who was way ahead of his time in using the internet and its video potential to enlighten Singaporeans. Martyn See had this to say about the new regressive law “It shows off a government that is incapable of trusting its own citizens to watch political films“. I think it rather shows that the government only wants the citizens to watch only its political films in the form of “documentaries” on CNA, which is exempt from the Films Act’s restrictions on political messages.
The ban on political films came into effect in 1998 as Section 33 of the Films Act, two years after SDP applied and probably failed to get a licence to sell a videotape about the party. Eleven years later, the “Chee Soon Juan law” has evolved into a bigger net and the police has even more legal grounds to detain or arrest citizens. The 1981 Films Act is gradually being amended with catch-all phrasing to not only focus on political parties and their supporters, but also on the average person on the street who is able to whip out his or her handphone to record for posterity non-PAP political events. The more technology progresses to allow citizens to become active in contesting government propaganda, the tighter laws like the Films Act would become. This is only the tip of the PAP juggernaut coming.
by Andrew PK Yap
Singapore, Wednesday March 25, 2009
Ask any of the international derivative brokers and they will tell you that to hit the US Bond markets with a billion US dollars is no big deal.
Consider this Reuters report
“CHICAGO, April 1, 2008 /PRNewswire-FirstCall/ — CME Group, the world’s
largest and most diverse derivatives exchange, today announced first-quarter 2008 volume averaged a record 13.7 million contracts per day, up 32 percent from first-quarter 2007. Total electronic volume increased 41 percent versus the first quarter in 2007 to average a record 11.1 million contracts per day.“
Let’s take the Arabian oil producers for example. People around the world pay the Arabs billions upon billions, and if they were paid in Special Drawing Rights, (the proposed new world reserve currency), where should they park it? How would they convert it efficiently and freely?
With US Dollars, you can do that, park and convert it efficiently and freely at the US markets.
You might say that it has to start sometime. When it starts is not important for it will take at least a hundred years to develop the market for it. In the meantime, the US Dollar will continue to grow from strength to strength.
Unless the US government supports it and it might take less time for the idea to become practical. That is most unlikely to happen; the US government is most unlikely to support it.
The whole world is holding US dollars and when the US prints more US dollars, it is only fair that the newly printed US Dollars be distributed worldwide.
At the moment, the newly printed US dollars go to the US only and not to anyone else. Why would the US give up such a big advantage? It is impossible. Who in the world can force it to? It is the sole super power of the world.
Singapore, Sunday March 22nd, 2009
Never forget that the US President was elected by the Americans to protect, develop, and act on behalf of the American people and the US economy, for the benefit of the American people. The Americans did not elect a President of the World.
When the US dollar crashes, the whole world suffers together with the USA.
When crude oil prices escalate, the whole world suffers together with the USA but the USA benefits from an increase in the value of the US Dollars.
Crude oil is priced in US dollars. The latest figure for crude oil reserves is 1,342.207 billion barrels (excluding Natural gas) (from http://www.eia.doe.gov/emeu/international/reserves.html)
With every $1 increase in the price of crude oil, the store of US dollars goes up an additional 1,342.207 billion.
As long as Crude Oil is priced in US dollars, the value of the said currency cannot fall by too much, if the price of crude oil increases, when the USA prints more money like there is no tomorrow. They call it quantitative easing.
For if the other countries do likewise, print money like the USA, they will suffer with the fall of their currencies because crude oil is not priced in their currency but in US dollars.
If China and Russia gangs up against the US, we will be looking at WWIII and the US dollar will rocket because of flight to quality, safe-haven plays.
Really, there is “no answer” to the USA printing money to benefit their economy at the expense of the whole world, if you consider hyper-inflation as “no-answer”. Hyper-inflation would be the only thing that will stop the US from the recklessness.
I truly wonder if a country that brought the world to its knees with their reckless banks lending to sub-prime people and then securitizing the sub-prime debts; a country with banks like that, can be depended upon to behave prudently in fear of causing hyper-inflation.
The markets are not going to be caught with their pants down. The markets will not judge. The markets do not care if hyper-inflation will destroy mankind as we know it. The markets are only looking at how to profit from this scenario.
I suggest you do the same and plan for it so that your pants are not down when the curtains open.
WSJ deputy editor fined $10,000
Friday • March 20, 2009
Leong Wee Keat
weekeat@mediacorp.com.sgAS A features editor of The Asian Wall Street Journal, she was fined $4,000 for contempt of court in 1985.
Twenty-four years on, Ms Melanie Kirkpatrick — now a deputy editor of The Wall Street Journal’s editorial page — was fined $10,000 yesterday after she was found guilty of the same offence again.
Ms Kirkpatrick took editorial responsibility for three articles published in The Wall Street Journal Asia (WSJ Asia) between June 26and July 15 last year.
Last November, the Journal’s publisher, Dow Jones Publishing Company (Asia), was found to be guilty of contempt of court and was ordered to pay a $25,000 fine.
At yesterday’s hearing, Ms Kirkpatrick did not contest against the High Court’s application of the meanings accorded to the three articles. Principal Senior State Counsel David Chong, who represented the Attorney-General’s Chambers (AGC), argued that Ms Kirkpatrick was a repeat offender who played “a significant part” in last year’s contempt case.
But Ms Kirkpatrick’s lawyer, Senior Counsel Philip Jeyaretnam, argued that his client “had no intention or desire to undermine any institution in Singapore, including the Singapore judiciary and its individual judges”.
Senior Counsel Chong countered that Ms Kirkpatrick “has not apologised nor stated explicitly that she accepts that the courts of Singapore apply the law of Singapore without fear or favour”. She should be fined $25,000, he argued.
While he noted that she did not offer an apology, Justice Tay Yong Kwang said there were two differences between Ms Kirkpatrick and Dow Jones Publishing Company cases: First, she was a second-time offender while the publisher was a third-time offender. Second, she did not contest the articles were in contempt of court, unlike the publisher.
Ms Kirkpatrick, who is now based at the Journal’s head office in New York, was also ordered to pay $10,000 for legal costs.
Mr Chong informed the Court that the AGC would discontinue contempt proceedings against two other WSJA’s Hong Kong-based editors, Mr Daniel Hertzberg and Ms Christine Glancey.
PAP suing WSJ for contempt of court and other assorted crimes is old hat. What caught my eye was that Philip Jeyaretnam was the lawyer for WSJ. Forgive my ignorance but this is the first time I’ve ever read about Philip fight a legal case of this sort.
Until recently, Philip was the president of the Singapore Law Society until stepping down honourably. Thus far he has never been embroiled in his father’s (the late JB Jeyaretnam) affairs and kept his dad’s political affairs at arm’s length.
Going up against the AGC is a bold move. Is this a step in his dad’s footsteps? We shall see, but I’m definitely keeping watch with interest.
In recent news, a report surfaced of an American couple that was ‘fleeced’ at Newton Circus, alleging that the seafood stall Tanglin Best was overcharging its Tiger prawns and that the final bill of nearly $500 was way too much. Despite protests by the stallowners that their Tiger Prawns were indeed very large and the pricing by weight was fair, common and justified, initial reactions on the ground were biased towards the tourists.
Following news reports on the matter, the NEA stepped in and slapped a ban of a few months on the stall; the stall is unable to run for that ban period. I have no info on whether the NEA and STB refunded any money to the American couple.
However, new reports followed with two tidbits. The first is that a single floating rotten apple caused overall business in Newton Circus to drop significantly. The other tidbit is that Newton Circus seafood stalls do indeed serve Tiger Prawns and those prawns can weigh from 200g to 400g and that if such prawns were indeed served, the bill would have been right and proper.
The tourists alleged that “the prawns weren’t that big”. Well, “big” is relative. So, who’s right and who’s wrong? Frankly it’s all up to speculation but also a moot point, and the damage has been done.
Like how most savvy locals know to avoid places like Sim Lim Square’s 1st floor and Lucky Plaza for electronic goods, the stall was done in by its own (bad) reputation of bullying, touting, thuggish behaviour and overcharging tourists. Newton Circus needs to shape up or continue to suffer such fates.
But did we as a community also give the tourists the benefit of the doubt? I suspect in this case, the customer isn’t always right.
I leave you with these two vignettes from a likeable webcomic:
Singapore, Saturday March 14th, 2009
I was employed in Thailand as a consultant previously, while I kept my consultancy in Singapore, and that was my agreement with them. When the Thai public listed company in Bangkok wanted to employ me, they had to prove to the immigration department that they cannot find any Thai with my skill set.
If there are Thais that can do my job, they must get a Thai. You can imagine the tedious process the company had to go through.
I had to apply for a tourist visa at the Thai embassy in Singapore. Then I had to apply for a one year visa in Thailand. Then the company had to apply to the Thai authorities to employ me.
They had to prepare a huge file of documents and I had to meet the officer in person a couple of times.
After approval I had to apply for a re-entry visa.
When foreigners want to work in Singapore, it can be done electronically and after approval, they bring their original documents to the ministry and collect their work permit.
This is so unfair for Singaporeans.
If countries can have bilateral Free Trade Agreements, Singapore should seek to sign bilateral Free Employment Agreements!
The country with foreigners working in Singapore must allow a certain number of Singaporeans to work in their country without any hassle. All the Singaporean has to do is to register with the host country.
The terms of the issue of work permits should be agreed by both sides and apply to both sides.
It does not have to be that the people from countries that do not sign the bilateral FEA are barred but that those that sign will be given preferential treatment.
If you know what caused the depressive down moves in the US stock market, you will also recognize the end of the rout.
Two days ago, the markets hit a fresh new multi-year low.
That move was to me, the last panic. It flushed out all the weak hands. Not that it is always strong to hold to the bitter end but to panic AFTER the market (US) has dropped by ~50% and financials have dropped by more than 80%? That reminds me of the last fool joke.
The last fool is the one that buys at the highest and the one that sells at the lowest. There is a saying that where it concerns the markets, it is alright to be a fool, but not the last fool.
So what then was the cause of the rout that affected the main economy to such an extent?
Whatever it is that caused the main economy to crash is only a trigger. The main economy (the real economy where trading of goods takes place, unlike the markets where the trading of papers take place) was unsustainable anyway.
All it needed was a trigger to crash it. The US was living beyond its means and it was only a matter of time that the economy crashes.
Then a funny thing happened on the way to the bank. I do not think that anyone planned it this way but just when it was pay back time, the US and the other western powers started to print money - and get this - without any consequences to themselves (and according to the law of non-contrdiction and the principle of scarce resources, the consequences fall on their trading partners).
How can they just print money? Even if you are no student of the markets, you know that people and countries cannot go on living beyond their means and then just print money to get you out of financial troubles.
Yet this is what is happening!
Who can believe that the US would get away with living beyond its means by printing money.
Maybe I am just speaking too soon. Maybe if I waited a while before declaring that the US and Britain, also, are getting away with printing money, I would see that they are NOT getting away with it.
But for now, it looks as if they are!
The people that should punish them for printing money to avoid their just desserts for living beyond their means, the prudent, circumspect, moderate, realistic Asians, the people that should punish the Americans and the English for living like there is no tomorrow; the Asians, are powerless to do anything about it and are simply letting them get away with it.
The way to punish the reckless high spenders is to devalue their currencies when they print money like it is free.
Unfortunately the Asians cannot do that, devalue the currencies (appreciate their own currencies) to reflect the expansion of money in the British and American economies without a corresponding increase in output (GDP).
This impotence on the part of the Asians only puts them at a disadvantage. The western powers need only to print more money to buy from them.
Sure, they say that they will withdraw the money once their economy starts to improve, but as long as they keep on buying from Asians and refuse to live within their means, how can they ever get out of the addiction to retail therapy?
They don’t save and instead, they keep on spending, how can they ever “repay” what they printed?
Are they going to continue printing and promising to “repay” their NEW money by destroying it ad infinitum?
Are the Asians and the Arabs going to stand for it?
When will the Arabs tell them that they will not sell oil to people producing genuine counterfeit money?
Can the Asians tell them that they will not sell them the products they make with their blood and sweat?
The Thais will not stand for it, that’s for sure. You might laugh and say that economically the Thais are not doing as well as China and Singapore.
Do you know how hard Singaporeans and the Chinese work compared to the Thais? They should be making, for instance 20 times more than the Thais for working so much harder but they are only getting paid 5 times more.
So what happened? Western powers printing money to buy the products manufactured in Singapore and China and Singapore and China cannot do much about it.
It is, Singaporeans and the Chinese people all take on the burden, the suffering, collectively in order for the westerners with their welfare programs and their unemployment benefits, to enjoy.
Why is it that Thailand can show the west their middle finger and rather work less than to suffer more while Singapore and China cannot?
Democracy.
Many times, democracy is not compatible with economic growth, as least not the kind of democratic growth you see in China and Singapore.
Democracy is about either getting your money worth for your labour or living a less stressful life.
Democracy is not money at all costs.
In Singapore and China, the people are expected to make sacrifices for the sake of economic growth even if the rewards do not commensurate with the effort.
The western powers will just bully you and you cannot do anything about it because your government cannot afford to fight them no matter how unjust it is because the government cannot afford to let the economy falter. The government cannot let the economy falter in the name of justice and fairness because the government cannot relinquish power.
The government is not like the Thai or Japanese governments, ever ready to relinquish power and do what it takes even if that means a prolong downturn in their own economy.
Just see how the Japanese spend their money in South East Asia. Their currency is strong! That affects their exports but it is only temporary before their economy restuctures. If that leads to the government of the day losing power so be it. They are a democracy. Governments losing power is par for the course.
Unfortunately that cannot be said for Singapore and China and Singapore and China will always be at the mercy of the western powers.
Old net horse Mr Tan Tarn How recently chaired a seminar on New Media Development at the Institute of Policy Studies Seminar titled “Getting Their Hands Ready: Recent Developments in Singapore Political Blogosphere.” I didn’t attend but I’m sure the session must have been enlightening and insightful judging from the slides published online.
What got me thinking tho, was this particular slide:
Most interestingly, the slide mentions specifically Yawningbread, TOC and Wayang Party Club. In the following slides members of TOC and Yawningbread could be seen; I have no idea who runs WPC. I cannot speculate the rationale behind Mr Tan’s choices of these 3 sites as representative of the blogosphere, but it would have been empowering indeed for these three sites to be chosen to represent the blogosphere in this forum.
I admittedly have heard of Yawningbread and TOC but to my knowledge I’ve never heard of WPC. If it is a new-comer, it must have powerful or influential friends to have been picked from the crop. Why not Singapore Daily? Or The Void Deck? Or New Sintercom (tho admittedly the Old Sintercom was mentioned)?
As bigger and bigger sites compete for eyeballs, it does appear as if the various heavyhitters are now not only vying for eyeballs, but also for credibility and reputation, exactly what any mainstream media seeks. One could soon liken these sites to alternative mainstream media. Instead of settling for being A voice, these sites want to be THE voice. Even if the community would begin to accept such AMM as credible vis-a-vis traditional mainstream media, I feel one must always question the motives ofalternative mediums seeking statuses of more than just that. Otherwise readers will again fall into the trap of nation-building.
