The country is rich but the people are poor

A friend told me about an encounter with a cleaner at a hawker centre. He chatted up the cleaner, who was hunchbacked and labouring over his task. Revealing that he was 82 years old, the cleaner’s parting shot, in Hokkien, was: “The country is rich but the people are poor.”

More prescient words have hardly been spoken.

The government touts about its help schemes and safety nets, and GST vouchers and Medisave top-ups, but steers clear of why there are hordes of senior citizens who slog so hard for so little well into their twilight years. They are the men and women we see everyday as cleaners, servers, security guards, tissue sellers, and scrap and cardboard collectors.

These are the ones whose pockets are hid hardest by all manner of price increases, from water and electricity to the inevitable, upcoming GST hike.

Yet, as the 82-year-old cleaner said, while many like him are poor, the country is rich.

Last financial year, Singapore had a budget surplus of $9.61 billion, its biggest single-year budget surplus for 30 years.

The full size of the country’s reserves are never revealed (for strategic reasons, according to the government), but it is estimated to be around $1 trillion.

We have the Government of Singapore Investment Corporation (GIC) which manages Singapore’s reserves. The sovereign wealth fund’s assets are not disclosed but the international Sovereign Wealth Fund Institute has estimated the assets at about $500 billion.

In addition to GIC, Temasek also manages another sovereign wealth fund of close to $300 billion of assets.

You would remember too that Singapore did not have second thoughts about spending up to $20 million on the recent Trump-Kim summit. This was eventually whittled down to $16.3 million.

And yesterday in Parliament, it was revealed that the country has already spent more than $250 million on the Kuala Lumpur-Singapore high-speed rail project, and is likely to spend another $40 million or so by year-end.

Money that we would have a hard time recovering, or would take years to claw back, now that the project is seemingly being called off by Malaysia.

So, yes, the country is bursting at the seams with money to burn.

Yet ordinary Singaporeans are feeling the pinch and finding it hard to pay their bills. So many senior citizens are slogging away when they should be enjoying their twilight years and relaxing with their grandkids.

Let us not forget too that those at the top, including ministers (or especially ministers) who earn 50 to 70 times what ordinary Singaporeans earn,  would struggle to come to terms with the imbalance, inequality and incongruity.

It bears repeating one more time the words of an 82-year-old hawker centre cleaner: The country is rich but the people are poor.

 

Augustine Low

* The author is a proud but concerned citizen. Voicing independent, unplugged opinion is his contribution to citizen engagement.

 

 

 

 

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30 Responses to “The country is rich but the people are poor”

  • Boh Kia See:

    If Singaporeans follow the PAP–the country will simply go down the drain. Just take a look at the Clown calling himself a “leader” and all the others including the so-called “4G Leaders”. I would not want them to be in the wading pool with me.

    As far as I am aware, there has not been any new initiative put forward by this set of Clowns. What we get are more infrastructure work, more immigrants, and a lot of schemes with different names to make it sound new but they are all the same tweaks.

    In order to progress, Singaporeans need to get rid of the PAP altogether, so that we can get a fresh look and fresh initiative to set new heights for the country.

    Tun M our neighbor is hoping that will happen, that is why he did not bother to inform the PAP of the HSR termination. He is hoping that a new Government will be elected at the next election that will discuss this issue plus the water issue amicably.

    All the so-called “scholars” cannot hold a candle to Tun M. Maybe, it is time to rejoin Malaysia again.

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  • 800K RUbbish Bin scandal:

    the island is set up to service the elites

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  • clown pap Lj and Cb government:

    The country is rich but the people are poor

    so true.

    BUT, 70% sheep has a choice.

    70% sheep can remain sheep and work into their 80s,

    or 70% sheep can vote into government a better group of humans to govern.

    just like former najib BN is disintegrating, as soon as New Government forms, the current clown pap Ljs and clown pap Cbs, made of poor material, all run road because by omission or by commission all, ALL, have abused power.

    70% sheep has choice. shuffling around on one good leg collecting cardboards for exercise or cleaning tables is NOT right at old age if clown pap Ljs and clown pap Cbs work so little for zero performance yet S$m.

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  • Bystander:

    Even Malaysians across the Causeway said the same thing,
    “All your moneys are in Govt’s hands, but you people are poor.
    So we Malaysians are better off, as money is in our pockets”.
    Ok, if this is so, then heed Dr M’s advice,
    ” I think the people in Singapore like the people in Malaysia, are tired of the same Govt, the same Party, since Independence”.

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  • nizhemoshou:

    The heck the papayas leegime cares. The dead dictator have it all planned and paved it for his son to carry on beyond him. All their policies, action n non action are skewered for their own self aggrandizement, for the benefit of their own clans, cronies n elites while wrecking havoc to the lives of the rest . It is so clear by now the evil leegime is bent on the course of exterminating the Sg core that they will never be brought down and investigated like BN but shall rule forever with one new core after another.

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  • NotMyProblem:

    “It bears repeating one more time the words of an 82-year-old hawker centre cleaner: The country is rich but the people are poor.”

    I’m not too sure. The country may LOOK rich, it could be poor with so much losses made by TarMaSick and GLCs.

    You see the reason why PAP needs to have an Indian masquerading as a Malay President to “do good, do together” keeping quiet about our national reserve!!!

    Why Singaporeans dare not vote out the PAP!! It is like someone owes you too much money and you cannot kill him fearing that killing him would also kill the money he owed you.

    There’s a Chinese saying “It is difficult to get down when you are riding on a tiger”. See Malaysia is in heavy debt created by its previous government.

    So think again, if the country is rich or not!!

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  • Rabble-rouser:

    “THE COUNTRY IS RICH BUT THE PEOPLE ARE POOR.”
    To be more precise, “THE POLITICIANS ARE RICH BUT THE COUNTRY & THEIR PEOPLE ARE POOR.” Fact is that S’pore’s wealth were being sucked out into the pockets of the PAP Ministers faster than it is being created through the S’pore Economy. And also S’pore’s wealth is just a mirage! Being heavily concentrated in the property asset pricing ($psf) & the rich valuation of S’pore’s Brick ‘N Mortar structures. But behind the property & Brick ‘N Mortar structures lies heavy liabilities in the form of humongous debt underpinning those “assets”. Truth was that S’pore relies on huge inflows of foreign capital to drive the S’pore Economy. And those foreign capital were being generated elsewhere & pumped into S’pore for capital refuge & a safe haven. It is this foreign capital influx that allowed the Property Bubble to blow into unmanageable proportions. If you take away this foreign capital infusion, the whole S’pore Economy freezes & falls apart at the seams. Any International Economic student could tell you that it is the whole S’pore property market propelled by foreign capital influx that underpins the entire S’pore Economy. If the property market were to collapse, the entire banking sector would be severely handicapped through the declining property asset values created by foreclosures & bankruptcy proceedings. You see, the property market was anchored by “CONFIDENCE”. Once the confidence is shattered, there is nothing to hold prices & high valuations intact. Even for HDB flats, a foreign expat had this to say, “HDB is NOT an asset that appreciates (and (Singaporeans) are waking up to this – even their own (Government) admitted it,”. Look at how HDB resale prices for ageing flats collapsed Post-Lawrence Wong comments on HDB Lease.
    Methinks that S’pore under the PAP regime is reaching that threshold. Singaporeans, on the whole, are unable to see the tipping point because they have been brought up by the lies & half-truths prevalent throughout S’pore. You get the govt you vote for

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  • N.Jungne:

    Is like that one, working in the backlane, nobody knows like Desker Road in those days. Ah Loong doesn’t know, Lan Jin says they are doing exercise for health.

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  • Kick Them All Out:

    Dafts should feel relief if there is indeed still one trillion left.
    More likely than not, this is another lie and wayang to hoodwink dafts and ex-shittymedia reporters.
    Based on the secrecy and need of elaborated fraud of fake malay indian president, the reserve is likely to be Zero.. Kosong.
    But then, the truth will never be out if dafts continue to keep the PAP government.

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  • UniQ:

    @ Augustine Low

    You sure the country is Rich ? Look at the economics equation and real situations that are occurring as we speaks :

    Changi Jewel : Mega Project – Needs instant $$ to sustain (Guess how many Airlines are skipping Changi so far ?) download Flight Radar and compare Bangkok and Changi. No one has the balls to publish.

    Tuas Spring : Billion$ project and went down the drain. Where to find more $$ to sustain ? Remember, they not only spent the $$ on Tuas Spring, the extra $$ sold from their bonds are also burnt. That is a lot of $$ !!

    GLCs : Building up investment citing prime income. Do you know how much each of our GLC burnt rate per month ? I suggest you try and guess. Imagine, when the local MSM announce that so n so GLC signed a $200M deal. Did anyone ask how long is the delivery ? 12 months ? 24 months ? Deduct Cost of sales and Materials (rule of thumb around 30%), that leaves $140M Gross. Divide that over 12 or 24 months respectively $11.6M (12months) n $6M (24months). You think there are huge profit there ? seriously ?
    Like I said, do the math.

    NOL : Make a Guess ? I am talking about how much $$ are gone ? Burnt Rate per month since the World Best CEO took over till it was sold for a loss (Billion$ again) ? Don’t read the MSM. Do the math !! I am talking about Billions$$ here.

    Taxes : So many MNCs has moved out, thus the reduction in Corporate Taxes. Plus the screwups of giving them extended period of Tax Free business when they establish in Singapore (example HP). What happen next ? They took our EDB funds, No need to pay Taxes and scoot after the Tax free period. This is only just 1 example, there are many more !!

    Hard Disk Drive investment : Many has forgotten and not asking. Bought for almost a Billion$ and shut down within 24 months. Does anyone ask what is the burnt rate per month for that plant ? Not including the amount paid to the former entity ??

    Ask how much $$ has been taken out of our Banks by the Indonesians ?
    Dunno right ? Fund Managers, no more good old days right ?

    Does the local MSM publish Sinkies Debt Index ? Would that be Alarming ? Asset = $$ ? Only when you fully fund it. If not one, is still paying interest and hoping it will appreciate. HOPE is a BIG WORD in Lee-Jiapore, like hoping for this gahmen to save you or a new gahmen be elected in…HOPE……

    Gentlemen, please understand its Billion$ here not something you could built within a generation easily. By the way the $$ collection frenzy goes, I am pretty sure we are scrapping the bottom of our barrel.

    Rich Country = Rich People
    In Lee-jiapore
    Rich Papigs and Cronies NOT Rich Country.

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  • Selfish Sinkie Syndrome:

    On a per capita basis, this is one of the richest countries in the world.
    On absolute basis, Singapore’s GDP now is close to $300 Billion every year in US dollar terms.

    Singapore’s citizen population is really not high at all, with only about 2+ million now. Discount the young children in schools and the working adults and you probably have less than a million of local old folks.

    There is more than sufficient funds to give to these old folks or pioneer generation. It is a question of political will and not of resource constraints for a rich country.

    Lets say, we give a million old folks $1000 each every month, which works out to “only” 1 Billion every month or 12 Billion every year.
    That is still only 4% of annual GDP.

    Our GIC claims to make an average of 3.9% every year over the last 20 years, using OUR CPF money, so there is no reason why we cannot use these “interest gains” to easily feed our old folks for the next 20 years AND without depleting into the capital base siginifcantly, right?

    Now, I know the old argument about moral hazard of giving free money to people and damaging the capitalistic incentive to work etc., but I’m saying this “free” money is only for pioneer generation’s basic needs and dignity for their twilight years which won’t last that long in reality…(and actually its not “Free”, but its CPF interest gains being properly returned back to he people).

    Instead, the GREEDY Pay & Pay takes all the money for their own OBSCENE pay and distributes it to their own cronies or generally wastes it away on all manner of nonsense, from paying for North Korea’s holiday trip here, to over-spending on Youth Olympics, paying out huge money for foreign sports “talents” and so on and so forth….I could go on and on….etc.

    So such a society cannot or refuse to help its weakest members, because of GREED & SELFISHNESS and not because we can’t help each other.
    So what does that tell you about this current group of humans?

    What is the purpose of “society” and social organization, if not for the betterment of human beings lives right?

    A proverbial Malay fishing village or kampung back in the early 1900s probably has her old folks living with more grace & dignity than today with all our fanciful technology and plentiful flushing toilets.

    So the question becomes: Is this a successful society or a humane one?

    If a society cannot even fulfill its BASIC purpose, then what is the point of flag-waving during NDP and singing “We are one people, one nation, one bla bla bla..”?

    You might as well dismantle such a society since there is no “society” at all except individuals working for their own selfish himself/herself, right?

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  • RDB:

    If a country’s government is rich but the country’s people are poor, then no need to explain why. As the reason is simple and clear for commons sense to know why. Meaning that the people are being fleeced by their government. What else is unclear?

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  • rukidding:

    More likely a case of “OPM” ( other’s people Money ) being, overdone !

    The Ordinary and the poor’s “savings” ….all..kenna “robbed” and “being used” to “support and fund” , foreigners and the rich is most probably the case !

    Most DO have $$$$….but “locked up” in their “see”,”Pi”, “F” …can “see”,..can “Pi” ( smell),…but also kenna “F” ( fiack )…by the G.

    The country look RICH because probaly alot of the $$$$ that were used to “buy these and buy that” by Holy Jinx ….are YOUR $$$$ !

    If “pay back or easily released back” your “lock up” $$$…I am sure all these “assets” ( owned by Tomb Ma Sick ) will become a problem.
    Its just simply a case of “using the dafts $$$” to “earn more $$$”…manily for themselves !!!

    Where in a World do you find a Bank that can “arrogantly” tell you that you CANNOT WITHDRAW back your $$$ ???? ( even if you are sick or need temporary use of it )

    Only GANSTER like, Pimps and prostitute ( P.a.p.) “dares blantanly” do it TO YOU because you are mere DAFTs to them !

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  • True facts:

    Aiya because they keep sucking the people until people become poor la.

    That’s why all cannot tahan already asking for regime change.

    Everyday thinking what items to increase again until all broke.

    World most expensive country.

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  • rukidding:

    “The country is rich, but the people are poor” ????

    No lah !……please be more “specific”.

    The correct saying should probably be….the Country is RICH,..the Pressident,PeeM and Mintisters and MPor ,plus Senior Sivil Servants are RICH,….but the people are POOR and those who are relatively Ok ,..are those that probably decided to “sell away” their souls.

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  • William C:

    And yesterday in Parliament, it was revealed that the country has already spent more than $250 million on the Kuala Lumpur-Singapore high-speed rail project, and is likely to spend another $40 million or so by year-end.

    This $250 million is nothing compare to the huge investment for Xi Dada OROB. Originally China did not want Singapore to participate. But they realised later they lack the funding. Just nice our government is ready to suck up to them, and we offered our expertise (what do we have except $$$).

    The OROB poise a threat to Singapore as major shipping hub. Yet we gong gong go and support them. It is smoking cause cancer but still want to smoke.

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  • Bobo:

    Who are the culprits who turned Singapore into such a messy, uncontrollerable and disgusting country? Answer is obviously those 70%; supporting ownself check ownself system and making fake Profits through the blood of its people to increase own pay and bonuses. Many were crying in 2015, after 2015 almost everyone starts bleeding as the whip canning cut through our skin and organ.

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  • Don't spoiled the govt plan:

    Government have been building many single and granny flats all over Singapore. Now there are very little land left. It is in preparing for oldies to downgrade from their bigger sized flats. However,many oldies chosed to rent out their flat to foreigners and lived in low cost countries. It is upsetting the govts plan as they can’t get the land released cheaply for building more valuable private residence, commercial buildings, factories, etc. With the recent success of trump and Kim summit, many rich foreigners are coming in to buy properties. This causes sudden surge in private property’s price. What’s the effect on us, I wish I know. I maybe cleaning table soon as being replaced by richer fmmoreigners.

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  • Haigen-diaz:

    Augustine Low’s thoughts about human nature are spot on. They also offer a good interpretation of why PAP supporters still race to rallies to get a live dose of chicken rice. The main reason for most PAP supporters continuing to be gung-ho and think the country’s doing great is that they get fed a whole alternate universe of facts than those who aren’t. For example get all their news watching Channel 8 and regurgitate Jack Neo’s mantra ‘The country is rich but the people are poor’. What you’re telling us, of course, is something we don’t want to hear: that Govt. has created such a brainwashed base of followers that it will take decades–if ever– for the country to recover and get on the same page. A period of prolonged economic suffering is the only thing that is going to scare the PAP voters straight; and the good news is that if PAP is good at anything, it’s at inciting scenarios where prolonged economic suffering is the inevitable result of external forces.

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  • Rabble-rouser:

    @ UniQ:
    Bro! It seems you & I have caught on to the ‘WEALTH MIRAGE’ of S’pore! But sadly many (Sinkies) were still living in the late Michael Jackson’s NEVERLAND RANCH – a FANTASY WORLD where nothing bad ever happens & everything so idyllic. REALLY?
    You’re right in that the numbers simply don’t add up when one uses their brain cells – to extrapolate & deduce through corporate accounting experience, using ratio analysis & performing market/business forecasting observation. When you carefully analyze S’pore Economy, S’pore is a damned difficult place to retain wealth & to generate profits. In S’pore, the unfortunate situation is that overall costs (govt cost push inflation) escalates faster than wages, profits & dividends, etc. The only way to survive is to go into debt which is why the external debt level in S’pore is so high (for both the corporations & households).
    A lot of monies had been lost through SWF investments & in poor economic management of the country’s financial resources. S’pore is probably back to square one (maybe even negative) after the PAP 1st Gen leaders had put S’pore well ahead of the pack within our region. S’pore had lost their Financial & Comparative Advantage some 3 decades ago after the Late LKY appropriated S’pore for his own LEE dynasty.
    When 99.5% of new cars purchased & 100% of new property launches have to be finance through the banks & financial institutions, S’pore Economy is finely balanced like a Democles Sword hanging by a hair.

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  • Bapak:

    Did you ask the old man who he voted for? This question is very important.

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  • LIONS:

    The average sg family has been screwed badly by the *famiLEE* n its DOGGIE$!

    Look at the group of sgs who are well-heeled n you surely can notice many are from the famiLEE or are their lapdogs.

    In the past 15/20 years,many former PMEs have been robbed of their decent jobs by lee ah long’s FAKE FTs,many armed with fake degrees n credentials.

    Lee Ah Long has betrayed common sgs’ trust cometely.
    He is unfit to lrad.
    The longer he remains as LEEder,the more sgs will be screwed.

    This loke has no idea how DAFT he really is.
    He is the epitome of what his dad called DAFT SGS!

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  • UniQ:

    Rabble-rouser:
    @ UniQ:
    Bro! It seems you & I have caught on to the ‘WEALTH MIRAGE’ of S’pore! But sadly many (Sinkies) were still living in the late Michael Jackson’s NEVERLAND RANCH – a FANTASY WORLD where nothing bad ever happens & everything so idyllic. REALLY?
    You’re right in that the numbers simply don’t add up when one uses their brain cells – to extrapolate & deduce through corporate accounting experience, using ratio analysis & performing market/business forecasting observation. When you carefully analyze S’pore Economy, S’pore is a damned difficult place to retain wealth & to generate profits. In S’pore, the unfortunate situation is that overall costs (govt cost push inflation) escalates faster than wages, profits & dividends, etc. The only way to survive is to go into debt which is why the external debt level in S’pore is so high (for both the corporations & households).

    @ Rabble-rouser
    Bro, when you have to manage businesses under a global climax, certain numbers how our Papigs run this country just do not make logical sense, no matter what model and equation one would put across. Anyone with an experience of over 30years on running a global business will be familiar with how debt ridden businesses react when shaft comes to push and countries react during financial crisis.
    Also when global business leaders meet, there will be indivertible exchange of information. That is our currencies. Thus, the insider news on Lee-jiapore banking situation, and SGD currency status. Infact you can ask how many local businesses have switched to USD since 2013/14 ? All MNCs has NEVER use SGD even when their Head Office are located here. Make sense ?

    Today Cash(SGD or Fiat) is not King. Debt Free is. While the Papigs is constantly coxing local businesses to go for loan to sustain businesses, I wonder how many are trapped ? Its a whole different world out there, Sinkies are just frogs in boiling waters, bz our gahmen intent to educate them so, and ‘shield’ them from the actual global news.

    I am just lucky to avoid local brainwash education and learnt to see the world differently at a young age, thanks to the Tax Payers $.
    I am forced to leave our system bz the Cronies, my ex Bosses could not accept my 2 cents of truth day in day out…I am probably very arrogant then too LOLOLOLOL. Hell I was young and the world is my oyster !!

    Let’s meet for Kopi and with other like minded Bro

    LOLOLOLOL….

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  • UniQ:

    @ Rabble-rouser

    1 more thing…LOLOLOLOL

    If 1 or 2 person talking about what we believes, we may be conspiracy theorists. But there are more than 10 experience Business Professionals is talking about this…I guess, our suspicions warrant a second look to certain level of truth in it….

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  • Tuck Wan:

    Wake up Singaporeans (70%). Before you are cooked. Water is getting hotter. WAKE UP !!!

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  • Anon:

    Notwistanding real concerns about the state of Singapore’s wealth, here is a great opportunity for the opposition to use this as a slogan for the next election. THE COUNTRY IS RICH BUT THE PEOPLE ARE POOR. Nothing drives hometh3 message better than this.

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  • hinge:

    just like full of trees but few fruits so birds look for
    food in coffee shops and mrt stns.

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  • 100%Dun trust this gov:

    Our CPF
    and the National Reserves are all “MIlo Gao Kosong” already!.
    Unelected President HY telling us indirectly .
    Still dont get it?
    Everything gone kaput long long time ago..
    Thats why cpf withdrawal goal post never stay put..plus all the never ending price n tax increases…’sucking our blood dry’ to cover up their tracks!

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  • Sinkies Deserve It:

    Sinkies get what they accept. Blame PAP?
    Do the sheep want to, or even have the guts to change?

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  • Rabble-rouser:

    @ UniQ:
    Only a very small minority other than the Uber Rich (who have access to critical information) can see the truth, mate! You’ll always be a LONER & walk your own path apart from the lemmings. You’ll always either be lambasted for being arrogant or be called stupid (like I was) just to bring me down to their level. But TRUTH is always on our side because we have this uncanny ability to see the future & predict events before they happened.

    UniQ: I am forced to leave our system bz the Cronies, my ex Bosses could not accept my 2 cents of truth day in day out…I am probably very arrogant then too LOLOLOLOL. Hell I was young and the world is my oyster !!

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