Only leader in the world who believes in the existence of shortcuts to economic growth

What do you think?

 

Phillip Ang

* The author blogs at LikeDatOsoCanMeh.

 

 

 

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19 Responses to “Only leader in the world who believes in the existence of shortcuts to economic growth”

  • True facts:

    Totally mismanaged and inexperienced for the past 15 years.

    That’s why today the country really go down the drain under him.

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  • Loong Cut Short:

    He’s son of LKY! Everything in his life is about shortcut!

    Shortcut to BG in the army!

    Shortcut to become MP!

    Shortcut to become PM!

    Other than taking shortcut, what else does he know?

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  • sad state:

    I don’t want this PeeM.

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  • clown declines to 3rd world:

    one by one clown pap and gang lie about GDP growth in order to legally pay each other GDP growth bonus which does not benefit 70% sheep a single cent.

    1st, they lie cheap cheaper cheaperest labourers are foreign talents. they import by the tonnes. we told the pap clown clearly. if more mouths can more GDP growth, india already up there in 1st league. but india today, after 15 years, is still 3.5th world.

    2nd, they lie with more GDP growth there is need to reduce income tax and therefore there is need to raise GST so that more rich people can come here. in clear terms, pap clown said, a billionaire who chooses to live here is far better than a whole village of local born 70% sheep. pap clown went so far as to declare, in all silliness, in public, Singapore belongs to EVERYONE.

    3rd, they lie gic temasick ntuc all making good money. now, remember, these were set up so that their profits could help local born 70% sheep. yet, if these setups are so performing why GST keeps going up, soon, after from 7% to 9%.

    the list of clown pap lies is so long it shall take forever to list them.

    long story short. clown pap is lying. and needs to lie more, and bigger lies, to cover up past lies dug up by fellow citizens such as Mr Roy Ngerng, Mr Phillip Ang, and such.

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  • NotMyProblem:

    This is not a shortcut but an easy way out for economic growth.

    Just like out-sourcing, companies not only sourcing works but responsibility too.

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  • AristoCATs economics ?:

    The AristoCATs are top graduates of “classic economics” -
    Want more Output? – add more Input. . .
    -
    Mr. Pink is also IT graduate.
    Regrettable that he conveniently mis-remember – “Garbage In – Garbage Out” :(

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  • oxygen:

    BOTAK TOLD A GATHERING OF INDIAN OFFICIALS in New Dehli this – our foreign population influx route to generating GDP growth numbers is BOTH POLITICALLY AND ECONOMICALLY STUPID.

    Now look at the wreckage around us – is it that hard to fathom why we failed so spectacularly?

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  • opposition dude:

    And the PAP looks set to stick to this way to grow the GDP too!

    I wonder if the kiasees can tahan a 6.5 million population when the TEL and CRL start running. If we don’t do something about the influx of aliens PAP will only continue letting them in by the 787 Dreamliner load.

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  • Kick PAP Out:

    In short, we are screwed.

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  • Haigen-diaz:

    Unfortunately, for truth and accountability, when the bill comes due, PAP will be long gone. Our President, PM and 4Gs will manage to slip out the same backdoor, the way they first came in. A better measure of how the overall economy is working would be the Gini Index, which is measure of inequality. And we don’t need an economic weatherman to tell us inequality continues to increase here in Singapore. We rank much higher in inequality compared to other so-called “advanced” nations. So what if the GDP grew at 4% a year if it did not benefit the middle and the lower income earners? But I must admit, we are living in a fool’s paradise…literally. When it crashes down around our ears…it won’t take long at all. Nobody wants the crash that’s coming but sometimes people refuse to learn things the easy way and MUST learn it the hard way. But what befuddles is how a “middle-fingered” gorilla who invest and lost billions can contribute to a robust GDP for the country?

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  • WeNoLikeYouPM:

    We never voted for him either!
    Shortcut to parliament ,courtesy of his papa.

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  • But:

    But … The rational alone is real.

    “What is rational is actual, what is actual is rational”

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  • Backsliding democracy:

    Institutionalized crony capitalism and trickle-down economics: no Swiss could ever stomach.

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  • Rabble-rouser:

    @ Haigen-diaz:
    S’pore is a govt-manipulated economy. The ‘wealth’ in S’pore were simply MNCs, foreign-owned corporations & wealthy individuals placing their funds inside the S’pore banking & financial system. The key is the SG$ Forex performance – subjected to a dirty float mechanism (basket of currencies of unknown proportions). SG$ appreciates against the regional currencies (RM, INDR, etc) but is being manipulated against the liquid ones (US$, €, £, ¥) & positive yielding ones (AU$ & NZ$) through active market intervention. These foreign deposits ultimately flows on through the banking system & ends up in the domestic property bubble & through borrowings. It is no coincidence that all 3 levels of S’pore borrowers (Govt, corporations & households) were highly indebted & probably had reached their borrowing capacity some time ago.
    Unfortunately, all these GDP manipulation & statistical gaming, SWF Investments, social spending thriftiness were done to obtain a favourable sovereign rating from S&P, Finch & Moody’s to gain a AAA+ rating for S’pore G debt papers & for great interest rate deals on the capital markets.
    If you understand this “game”, you would understand how unsustainable is the PAP’s game plan. It has the potential for unraveling very fast & creating systemic risks in the S’pore Economy. Sadly not many people understand the high stakes game that the PAP are playing. *Sigh!*

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  • rukidding:

    That is why P.a.p. stands for Pimps and prostitutes !

    Its all about $$$$$ ….

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  • Haigen-diaz:

    @ Rabble-rouser
    This is dangerous game they have been playing. At the moment how these banks will cover their losses is not obvious. They invested in securities & borrowings that they thought would bring high gains. The rule is, the higher the gain, the bigger the risk, and they did not have the capital to cover the losses. Yes, our political leaders could assembly a group of legal, banking, and economics experts to devise international banking regulations that would solve most, if not all, of the evils that you cites, supra. They could enact those regulations through treaties and laws, with clear disclosure about banking practices, international disclosure on the deposit accounts held at all foreign banks, and strong enforcement of those regulations. And, for those banking haven of tax avoidance and money laundering that did not agree to be part of the system, governments could make it a serious crime for their citizens, both natural and artificial, to do business with those rouge banks and could ostracize those nations and their banks from the international system of finance and their respective domestic financial institutions. As long as banks play with other people’s money and MAS aren’t personally affected, the “Wall Street” mentality will prevail all over the world. The lesson is that whether we are a tiny nation with not much more than tourism going for you, there is no magic in playing fast with other people’s money and creating industries/infrastructures out of thin air. But when people or corporations actually reside in the country, rely on our infrastructure — its army, courts, police, firefighters, highways, logistics, etc – enjoy its culture, but then pose as residents of another country or state to not pay their taxes well, that is tax evasion. Given the complicity of our leaders who are essentially foxes guarding the henhouse, I see little change. About the only thing that might move them to action one day is if they see their own investments disappear.

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  • Rabble-rouser:

    @ Haigen-diaz:
    Bro, it had already happened in 2008 GFC. The (credit default & counterparty) systemic risk created by the US mortgage fraud & rebundling of NINJA loans into credit risk-assessed securities almost brought the entire collapse of the Global Banks. Noticed how Temasek Holdings & GIC waded in around 2008 to support a number of these Global Banks. The irony were that each of those Global Bank supported by Temasek Holdings & GIC had a strong wealth management arm (servicing many high net worth clients in S’pore). Then compared it to the Minibonds & Structured Investments products debacle which Lehman Brothers & Merrill Lynch had been launched (before the 2008 debacle) on high savings economies like HK, S’pore, Taiwan, etc. The different responses by the respective govts indicated the levels of concern or indifference to the hoodwinked public who were fooled into buying investment products disguised as fixed or term deposits by banks personal bankers. Most of the S’porean public lost their life savings much like those who invested in CLOB shares (1998), S-Chips (early 2000s), etc. The reason – vested interest & a crony economy.
    Even HDB town councils (S’pore) & shires (Australia) weren’t immune to Structured Investment debacle. But their subsequent response were an eye opener. The S’pore TC simply wrote off their investments fostering the loss on HDB dwellers whose contribution were lost forever. In contrast, the Australian Shires banded together & fought all the way through the Australian legal system (to Supreme Court) & got some redress (penalties) & redemption (¢ on $1) from the liquidators of Lehman Brothers. The question of good governance in S’pore is dubious.
    The issue that one would asks is how are each of the million $ Minister invested? Domestically, the default would be the S’pore property market, maybe huge chunks in SGX-listed stocks. Overseas, probably US securities & some Investment properties in liquid foreign real estate markets or property vehicles. The problem with overseas investments are income taxes for foreigners, capital gains tax & witholding sums. Usually the easier way would be through wealth management arms of global banks. The same systemic risk being mirrored in 2008 debacle. But the risks are bigger now!

    Haigen-diaz: About the only thing that might move them to action one day is if they see their own investments disappear.

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  • Haigen-diaz:

    @ Rabble-rouser
    One reason for the whitewash is the revolving door between the White House and Wall Street — which is truly bipartisan. We should all know by now that any fact-finding investigative body like the Financial Crisis Inquiry Commission that calls itself “bipartisan” is a travesty and doomed to failure. The books of most major banks and corporations are now fantasy fiction! Mark to market has been abandoned because they would have to admit they are broke! Fortunately, in the short window of 2008-2010 the US managed to make some important positive changes in the financial regulatory system. Without this basic reform corporations will continue to hide their irresponsible risk taking and failures behind phony asset valuations. Secondly, the reforms should also focus on fixing the problem of conflict of interest that tends to allow dilution of strict regulation of financial industry and encourages excessive risk taking by the bankers and financiers. You need financial reforms to stop a future AIG or Lehman not to stop another Merrill Lynch. Excessive global demand for credit products originated in the US increased a very real problem: Slack standards for underwriting loans. Reducing leverage is a necessary change and all financial instruments, including derivatives should carry with them reserve requirements. In US, without re-implementing a new Glass-Steagall Act, the Rep will lose big and become participants in a shameful process of evading responsibility for the next meltdown. US didn’t reform the financial industry. Nor did we here learn the right lessons about how to respond when crisis strikes. In fact, not only have we been making many of the same mistakes this time around, in important ways we’re actually doing much worse now than we did then. You’re spot on, mate.

    Rabble-rouser:
    @ Haigen-diaz:
    Bro, it had already happened in 2008 GFC.
    The same systemic risk being mirrored in 2008 debacle. But the risks are bigger now!

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  • Harder Truths:

    No problem. I will not be around to see the collapse of this overpopulated and sterile island.

    Let the FT work their magic like in India or China or Africa.
    I wish the government all the best when they end up in refugee camps fleeing the island after a gangster-led takeover.

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