The Hubris of Liberal Capitalists

Perhaps nothing encapsulates the hubris of the global liberals more than Francis Fukuyama’s The End of History and the Last Man (1992). The belief that globalization has put the world on a path of liberal democracies and free markets.

In Singapore it is translated into “Please, get out of my elite uncaring face.” -Wee Shu Min. It is about “the other class”, which she labeled, “wretched,” “idiot,” a “leech” and other such unsavory descriptions, a library of insults that you suspect resides in the recess of many PAP elites and their children. Wee Shu Min is of course a child of a former PAP MP.

And underlying all that insults is the belief that ; “a tyranny of the capable and the clever, and the only other class is the complement.”

PAP will not admit it. But it is the propaganda machine that keeps churning out fake and false understanding of ‘meritocracy’ that gives rise to such a belief. It is this belief, that is now slowly but surely undermining Singapore and tearing the world asunder. It is the same arrogant ‘global elites belief’ that permits a seasoned politician, liked Hilary Clinton to called Trump’s supporters, ‘deplorables’ .

In the minds of the global elites, issues of immigration, open markets, wage stagnation, lower standard of living, rising costs and austere policies ….is about profits and an agreeable community of transnational elites. They may even believe that such a community will prevent national conflicts. For the ordinary person, the free markets, uncontrolled immigration, the rising costs, had lowered their standard of living, future prospects are dim and dark.

After 2008, these issues that initially were about economic prospects, now are infected with nativism and racism. And the reason is clear, the global elites had labelled push back against globalization as due to a xenophobic and unsophisticated class. PAP Lee Hsien Loong had frequently during this period labelled Singaporeans against unsound and unmitigated immgration as xenophobes.

The result is Trump and Brexit. Could it have been different?

“Yanis” Varoufakis, the former Greek Minister of Finance that resisted the European troika (European Commission, European Central Bank, and International Monetary Fund) in 2015, was against the austerity measures to be imposed on Greece. He had told the powers, that either they deal with social democrats liked him, or they will be dealing with the far right populists.

I see the situation in Hong Kong as not just about the antagonism towards China, but a worldwide shift against globalization. And within this philosophical and economic backlash, we have technological changes that will bring us to a post-capitalist era.

This post-capitalist era will be progressive and interesting if we manage it properly, meaning a trickled-down effect of more equitable capital access and wider technological sharing.

This hubris of the liberal capitalists will be tested most severely in EU. Contrary to the many commentators that concentrated on the US vs China trade war, what will break the camel’s back is the break up of EU.

For all the talk about who is winning the trade war. The US has the lowest unemployment rate in 50 years. The US economy is going to get stronger. And it has to do with lower taxes, but mostly capital flight from EU. Look at the stock markets in the world. Only US is making new highs. China high was in 2007, more than a decade ago.

US imports from China is less than 3% of US economy, and its exports to China is less than 1%. And its self-sufficiency in energy will add at least another 2% to its economy. This hullabaloo about the trade war is over hyped and political. The primary concern is about trading rules and ultimately it is about investor confidence in the global system.

And China’s economy will need to be about domestic consumption not export. In any case, technology has already shifted the supply chain to be more localized.

Italy recently issued bonds in US dollars. Although they did this about a decade ago. This current tranche, to me, reflects investors  disquiet about the Euros. Once Brexit is finally official, we will see how UK will eventually thrive as they can make their own decisions  bout trade instead of having to get the other 27 to concur.

Singapore has to look at what might a post-capitalist system be, and how the breakup of EU will affect our economy. And while it is true, they had been talking about social cohesion recently, and indeed making some policy inroads into this area, we would have been in a stronger position if they had listened more to alternative voices.

And in the coming election, we need more diversified voices. We cannot trust PAP supporters to do what is right. After all, they are the ones who believe in, “a tyranny of the capable and the clever, and the only other class is the complement.” It is up to the alternative voices and to convince the fence sitters.

 

BK

 

 

yyy
SPONSORED ADVERTISEMENT
Loading...

43 Responses to “The Hubris of Liberal Capitalists”

  • Sanjay:

    good piece.

    GD Star Rating
    loading...
  • lying pap S$m thieving liars:

    with number of aliens FTs PRs soon to outnumber local born, what is there to be talked further about?

    the elephant in the room is the lying pap S$m thieving liars approved by a pliant pap parleement endorsed by 70% sheep.

    in the end, it is citizens’ choice. if 70% wants to be sheep, too bad.

    GD Star Rating
    loading...
  • Open The Pandora's Box:

    What’s hojinx salary?
    Simple question yet no answer.
    That entity is seated and using public money, why the opaqueness?
    Why the secrecy?
    Is the salary so small that it’s too shameful to declare?!

    Surely the dafts has every right to know if public funds are put to good use.
    LKY will never tolerate any corruption or abused of office.
    The spirit of openness and accountability goes with that belief.

    Capitalism or communism are just ideological tools by evil greedy thieves to harness support and mobilise the dafts.

    What is important is that the society should never allow the evil to take root and entrenched in any system.

    50 years is a long time, a spring cleaning is needed, it’s time to change and clear the rots.

    GD Star Rating
    loading...
  • oxygen:

    @ BK

    Brexit, Trump, Macron, Mahathir ARE ALL ABOUT TOPPLING THE ESTABLISHMENT. HKger are kicking butts. Piggy Lam is screaming – Ouch!!

    The establishments/globalisation is FAILED EXPERIMENT – it is (extended) PROCESS ignoring/burrying/concealing FAILED OUTCOMES that has finally reached the end-game.

    Look at LEE-jiapore – various Economics Restructuring Committees have been warning that our economy needs restructuring since the last decade – implicitly the asset enhancement politics scam WON’T BLINDFOLD PEASANTS of finality outcome.

    Come 2015, Present tense warned our economic maxed out – 10 years too late!

    2016, restructuring failed, that is why still so much pains, warned Present Tense to peasants. That is more pain to come.

    Come 2017, the Committee for Future Economy has NO RECOMMENDATION AS TO THE DIRECTION AND POLICY INITIATIVE FORWARD.

    The now EVEN MORE MIRACLE PROMISED – MORE POPULATION RECYCLING ECONOMICS – that hasn’t worked for 15 years of failed economy strategy of reliance on influx of cheap foreign labor.

    IN SIMPLE ENGLISH, ECONOMY IS EVOLUTION, FLOODING OF CHEAP FOREIGN LABOUR/POPULATION IS REVOLUTION, YOU CAN’T SYNCHONISE THE TWO TO MAKE IT WORK.

    So foreign influx is NOW THE PREFERRED TOOL of a FAILED PROCESS TO BURY/CONCEAL THE FAILED OUTCOME OF TWO DECADES OF (FAILED) ECONOMIC MISMANAGEMENT.

    Bring in more foreigners and spend money on infrastructure/amenities and artificial beauties to create FAKE ECONOMIC GDP growth STATISTICS of a wonder economy – just like drunkard sailors on shore leave.

    SPEND MONEY TO FEEL RICH EVEN THOUGH YOU ARE DESPERATELY POOR???

    GD Star Rating
    loading...
  • oxygen:

    GLOBALISATION MEANS INCOME INEQUALITY and to protect and preserve that, the establishment resorted to enforcement via the tools of POLITICAL INEQUALITY (read OPPRESSION by all means whatever the costs of this hypocrisy-caused damage).

    In a sea of MASS desperation fear and hunger, it is 99% against the 1%, the 1% will find more comfortable existence on another planet. I AM CONFIDENT OF THIS.

    GD Star Rating
    loading...
  • Jman:

    Liberal capitalism has been rotting from inside out for decades. And the rot is clearing accelerating.

    The truth is that we depend on liberal capitalism to even exist. And so our leaders have immense trepidation when talking about changing the world order. And so when it is crystal clear that large corporations and big tech have become some of the most corrupt and morally bankrupt entities in the history of mankind, we keep our silence and still keep the red carpet out for them, while the US Courts and Congress file charges after charges against them for lies, deception, anti-trust behaviour, cheating, etc.

    Worst of all, the dim general public in Singapore and world over still hero worship those monsters from Hell, seemingly blissfully unaware of the gradual usurping methods they have to take everything for themselves. And it is not helped at all when everyone elses’ voices are drowned out by that idiot of a corrupt monkey in the White House Trump.

    Liberal capitalism is 75% dead. We are as reliant on liberal capitalism as HK. And whatever comes after in its place is not going to do all that much good for us. What is likely is fewer and lower paying jobs, lower asset prices for locals, higher asset prices for foreign investors.

    Which leads us to the next question – what is the objective of this “Religion” of innovating, and making ever more money, when all the benefits accrue always to a tiny bunch of people who only ever want more, and behave and live displaying extreme attributes of one of the 7 deadly sins – “GREED”? Why is the general public so dim as to support organisations and people who are slowly but surely sucking the money out of their pockets, destroying their mid to Long term job prospects, and not buying from their local shops instead?

    GD Star Rating
    loading...
  • Jman:

    While the leaders of Liberal Capitalism do indeed appear to be Devils Incarnate, the rest of the world appear to be the dumb fools following the Pied Piper all while singing and dancing to the tunes of the demons dressed as the Pied Piper…

    GD Star Rating
    loading...
  • Seriously:

    The existing world order is dying a slow death, in which people are going to continue to be trampled on by large corporations, taken in by the sheer scale of the lies and deception of large corporations.

    We cannot rely on politicians because the existence of countries and economies is too closely intertwined with large corporations. And despite what they might say, large states have no morals and will do whatever they please for own benefit, especially when they have so many people to feed.

    The biggest downside of this is that this requires the public to take action and vote with our feet and abandon large corporations. But the public is way too gullible and have attention spans far too short for this to happen.

    GD Star Rating
    loading...
  • enophobic jealously guarded:

    //PAP Lee Hsien Loong had frequently during this period labelled Singaporeans against unsound and unmitigated immgration as xenophobes.//

    then why white idiots do not happily ‘allow’ oppo ‘immigrate’ into their ‘xenophobic jealously guarded parliattmantary turf’ ?

    GD Star Rating
    loading...
  • As Clever as Asininity:

    Some capable governance this band of hyperbolically remunerated crony businessmen …. Our creaking old folks slog on for peanuts in the nation they helped to build the powers have turned into a hedonistic paradise for the fetishly rich. The young are cast into the wilderness of imagination what family life
    they could ever afford to engage, instead labour doggedly for that contract job to survive another year in this land of delicious food courts.

    The dirt-rich masters of hubris are neither with the people nor for us people : we just economic digits in their Excel files we morosely awaiting their trickle-down effects & fearing their next tax hike glibly rationalised.

    GD Star Rating
    loading...
  • Sinkie:

    Many countries are eyeing to discard the West’s form of liberal capitalism and replace it with China’s very successful authoritarian capitalism model (copied from Singapore).

    China has its SOEs (state-owed enterprises), while Singapore has its GLCs (government-linked companies). . .

    GD Star Rating
    loading...
  • ItIsWritten:

    The author understanding of the writing of history is about right but no democratic process will be able to address this behemoth system.

    1Pe 5:8 Be sensible and vigilant, because your adversary the Devil walks about like a roaring LION, seeking someone he may devour;

    Your political system is designed for the devourer hence your laws are veiled under the dark tent of unquenchable thirst for the blood sacrifices of its worshippers.

    2Ti 4:17 But the Lord stood with me and strengthened me, that through me the preaching might be fulfilled, and that all the NATIONS might hear. And I was delivered out of the mouth of the lion.

    2Ti 4:18 And the Lord shall deliver me from every evil work and will preserve me to His heavenly kingdom, to whom be glory forever and ever. Amen.

    Only a greater kingdom can unseat the beast.

    GD Star Rating
    loading...
  • Haigen-Diaz:

    This is an excellent and inspiring essay on conservatism, or more precisely on the social philosophy of the conservatism of ideas. I quibble with a few points. There is not and has never been a coherent and consistent political philosophy called “conservatism”, and neither is there or has there ever been a coherent and consistent political philosophy called “liberalism”.

    In practice political “conservatism” is another collection, also significantly having to do with alliances, but at root either an attempt to preserve, defend, or rationalize undeserved privilege or an attempt to gain the economic favor of those benefiting from undeserved privilege. In short, Donald Trump is at least as “conservative” politically as anyone else. If I am not too wrong, the conservatives from Briton are the same people that voted for Brexit? Well seems to me both sides of the Atlantic have misguided conservatives that cannot accept the changing world on which they live.

    Statists believe in imposing behavioral frameworks on consumption, production and trade in order to conform to an ideal state. Of course there are many nuances determining what functions are best handled by public vs. private sector. The only real constants between the classic and modern conceptions of liberalism and conservatism is that liberals see the flaws in status quo and look for change, where conservatives embrace the status quo and reject change…

    GD Star Rating
    loading...
  • Haigen-Diaz:

    -Cont’d

    Some things just cut across all socio-economic-political lines. The problem is ubiquitous. Our political inheritance is not the property of humanity in general but of our country in particular. Our political inheritance has been, and may survive to be, an experiment in a new type of government, supple and adaptable to successive generations and the needs of governance for all citizens as it evolves. Progress can be either beneficial or harmful. Beneficial progress needs to build on what works and what we know works (conservative thought). Some progressive ideas work. Many simply do not, but they keep reappearing with every generation.

    The comfort of conservatism? Traditions? Perhaps conservatives ought to learn how our older generations were developed through immigration and entitlement laws, and how those rules began to change after Human Rights were defined. The colonial pocket is becoming what the world is: cosmopolitan. This world does not stay static. Look throughout history, and the migration of peoples and the redrawing of borders is constant … such as the British and French migration into land inhabited by First Nations and Mexicans.

    It’s a simple question – where is the most efficient allocation of the capital generated by the aggregate labors of our citizen? Conservatives would argue for preserving maximum freedom and discretion on the part of individuals and businesses. I would welcome a deeper dive into this.
    So what kind of world do conservatives seek to create?

    GD Star Rating
    loading...
  • beast of forever chasing:

    //Many countries are eyeing to discard the West’s form of liberal capitalism and replace it with China’s very successful authoritarian capitalism model (copied from Singapore).

    China has its SOEs (state-owed enterprises), while Singapore has its GLCs (government-linked companies). . .//

    aiyoh. every “ism” will have to go through the process of maxing out the initial advantages offered to it ? sinkie land has done that also (liberal capitalism ?) and have almost maxed out such advantages like many advanced countries but without a bigger natural hinterland to smoothen and spread out the high cost effect ?

    CN still has plenty of room (much bigger country relative to a much bigger population and still reasonably early in the capitalism part e.g on trade) – but also trying to keep up with economic growth e.g by constantly expanding in building mega infrastructural projects like roads and bridges over difficult terrains or across mountains (not really necessary ?) ? but that is the beast of forever chasing for economic growth with the quirt results of inequality (if matching redistribution is not done promptly) until it gets too bad that people start to so ‘discard’ it (by chaotic response ?) ?

    GD Star Rating
    loading...
  • oxygen:

    @ Sinkie

    CHINESE SOEs are ELEPHANTS in size and our GLCs are mere ants in the scale of global competitive size and weight.

    How to compare of relative competitive survival chances?

    Sinkie: Many countries are eyeing to discard the West’s form of liberal capitalism and replace it with China’s very successful authoritarian capitalism model (copied from Singapore).

    China has its SOEs (state-owed enterprises), while Singapore has its GLCs (government-linked companies). . .

    GD Star Rating
    loading...
  • oxygen:

    @ Sinkie

    IF 60 PER CENT HYPOTHETICALLY OF CHINESE SOEs got wiped out in the next GFC, the other 40% can easily rejuvenate and the dragons rise again.

    Sinkie: Many countries are eyeing to discard the West’s form of liberal capitalism and replace it with China’s very successful authoritarian capitalism model (copied from Singapore).

    China has its SOEs (state-owed enterprises), while Singapore has its GLCs (government-linked companies). . .

    but the outcome for LEE-jiapore would be very different.

    oxygen: @ Sinkie

    CHINESE SOEs are ELEPHANTS in size and our GLCs are mere ants in the scale of global competitive size and weight.

    How to compare of relative competitive survival chances?

    I suspect SGX would fold up for lack of big listings and all Sinkies can return back to their (PROPERTY-MAD) caves (riddled with massive debts in shelter from the raging storm of turbulence outside (and mindset) waiting for rich nations to come back to hand us food.THIS WILL NEVER COME because the rich are also poor after the GFC implosion.

    GD Star Rating
    loading...
  • Realistically:

    @ BK

    I think it is a good piece for general discussion. However as it applies or intended to apply to Singapore, I think it is rather irrelevant, as SINKaPOOR is a price taker and our economy does not revolve around the concept of liberal capitalism.

    As a side note, the US Business group has pledged to adopt not only the concept of shareholder value, but also place increasing emphasis to ALL stakeholders’ interest, including society at large and the workers.

    Coming back to SINKaPOOR and in particular the PAPies’ values as articulated by Wee Shu Min and in particular Lee Hsien Loong’s so-called aristocracy and meritocracy – both of which are just propaganda of the highest self-serving order – are not borne out by the disastrous policy failures which some supposedly – virtue of the PAPies’ propaganda – non-talented sinkies would not have made.

    The unfortunate part is that none of those who style themselves as opposition, in particular the Wayang Party MPs and its MP wanna-be’s, have managed to expose or call out the PAPies failures, shams and cons, unlike to a limited extent Philip Ang with his exposees. SHAME TO THE WAYANG PARTY MPs, especially Low Thai Khiang, Sylvia Lim and Pritam Singh.

    GD Star Rating
    loading...
  • TL Tan:

    @Oxygen

    SGX has learnt its lesson from the sub-par listings of Chinese companies in the early 2000s. SGX now is not reliant on these equity-listings. SGX is at the forefront of derivatives trading, along with fixed-income trading (which is among the most liquid in Asia) and commodities derivatives. SGX has reinvented itself and will continue to do well.

    GD Star Rating
    loading...
  • A viable Post-Capitalism?:

    The Parliament no longer is an assembly of wise men chosen as individual personalities by privileged strata, who sought to convince each other through arguments in public discussion on the assumption that the subsequent decision reached by the majority would be what was True and Right for the National Welfare. Instead, it has become a public rostrum on which, before the entire nation (which through radio an television participates in specific fashion in this sphere of publicity), the Party carrying the government present and justify to the nation their political program, while the opposition attacks this program with the same openness and develops its alternatives… A “Post-Truth Democracy” would no longer be a democracy.

    - Jurgen Habermas

    GD Star Rating
    loading...
  • I hope u re right.:

    Sometimes elephant are excessive.

    A lean and mean rat ( size wise ) might be better.

    GD Star Rating
    loading...
  • oxygen:

    @ TL Tan

    YOU PUN-PUI (flatulence) YET AGAIN. I have no concern if 60% of Chinese SOEs goes under. It has no relevance to SGX.

    TL Tan: @Oxygen

    SGX has learnt its lesson from the sub-par listings of Chinese companies in the early 2000s. SGX now is not reliant on these equity-listings

    But I warned if 60% of our GLCs goes under, this could happen

    oxygen: I suspect SGX would fold up for lack of big listings and all Sinkies can return back to their (PROPERTY-MAD) caves (riddled with massive debts in shelter from the raging storm of turbulence outside (and mindset) waiting for rich nations to come back to hand us food.THIS WILL NEVER COME because the rich are also poor after the GFC implosion.

    This is your regular facile fart to fiction – your regular.

    TL Tan: SGX now is not reliant on these equity-listings. SGX is at the forefront of derivatives trading, along with fixed-income trading (which is among the most liquid in Asia) and commodities derivatives. SGX has reinvented itself and will continue to do well.

    On the global volume scale of derivative tradings of all products, ours is near “non-existent”

    GD Star Rating
    loading...
  • HDB flats depreciate to ZERO:

    PAP = hubris

    GD Star Rating
    loading...
  • HDB flats depreciate to ZERO:

    HDB flats depreciate to ZERO:
    PAP = hubris

    That is why it will never change. That is why Singapore needs REGIME CHANGE.

    GD Star Rating
    loading...
  • BK:

    Good morning Gentlemen

    @ Oxygen, Yo bro, yes, I agree, this is a political trend that signals that ppl no longer trust the establishments. Especially after the collapsed of the Soviet Union, political parties in the West started to converge toward Reaganism and Thatcherism, a kind of cowboy Capitalism.

    In simplicity, this led to how more money is concentrated on a few, as capital gains the upper hand vs labor. The paradox of course is that without a proper recycling mechanism, the money hoarded by the few is unable to make it into ‘investments’ which could boost the ‘spending power’ of the workers, who could in return give better profits to the few.

    QE is thought to be such a mechanism. But QE could not work because its philosophy of P/L cannot capture the desperate context of many workers and small businesses. So, u have banking for the poor and crowdfunding, but these are still rather small scale.

    @ Haigen-Diaz

    Indeed, the right in Scandinavia, would be considered far left in US.

    But the corruption in the establishments (as per Oxygen), is best illustrated by the meeting between Yanis Varoufakis and Larry Summers.

    ‘There are two kinds of politicians,’ he (Larry Summers) said: ‘insiders and outsiders. The outsiders prioritize their freedom to speak their version of the truth. The price of their freedom is that they are ignored by the insiders, who make the important decisions. The insiders, for their part, follow a sacrosanct rule: never turn against other insiders and never talk to outsiders about what insiders say or do. Their reward? Access to inside information and a chance, though no guarantee, of influencing powerful people and outcomes.’

    With that Summers arrived at his question. ‘So, Yanis,’ he said, ‘which of the two are you?’

    Instinct urged me to respond with a single word; instead I used quite a few.

    ‘By character I am a natural outsider,’ I began, ‘but,’ I hastened to add, ‘I am prepared to strangle my character if it would help strike a new deal for Greece that gets our people out of debt prison. Have no doubt about this, Larry: I shall behave like a natural insider for as long as it takes to get a viable agreement on the table – for Greece, indeed for Europe. But if the insiders I am dealing with prove unwilling to release Greece from its eternal debt bondage, I will not hesitate to turn whistle-blower on them – to return to the outside, which is my natural habitat anyway.’

    @ Realistically

    Is Singapore a price taker? It is only yes because of the direction taken. We are price taker of interest rate for example, because we accept free capital flow and try to ‘manage the exchange rate’.

    On the other hand, isnt Workers Party a price taker? Im not anymore enamored by Workers Party except…

    GD Star Rating
    loading...
  • Haigen-Diaz:

    @ BK
    Thank you for your profound insight into the ham fisted idiocy of the so-called troika. The hallmark of a democracy is the free exercise of the right of the populace to criticize (even in a court of law) its government: the fewer the people criticizing, the more likely the government is undemocratic. The reason the euro-zone’s most vocal critics number so few among the whole is precisely that Larry Summers criticize Mr. Varoufakis – self-interest.

    Dr. Varoufakis makes the same argument in his book “The Global Minotaur”. And he is correct about the very important role that capital flows and crushing debt have played on peripheral nations of which Greece is a member. However, there are other very important factors he ignores (in both this article and the book). He ignores the role and importance of institutions for example. Greece’s institutions reek of corruption, cronyism and “roufeti” (Greek for you scratch my back, I scratch yours – a subtle form of corruption). This very important fact goes unsaid. He also ignores Greece’s excessive debt and runaway fiscal spending which has been going on since 1980.

    Varoufakis proposals were perfectly reasonably, never mind all the spleen toward Greece displayed by many commenters. None are seem to realize that much of the bloated Greek bureaucracy has in fact been reduced, from where do they think the 25% unemployment comes from? His problem was political weakness, not lack of economic wisdom. Greece did and does not have the muscle to stand up to whatever conditions Germany wanted to impose.

    It’s also clear that the EU per se has very little independent existence, being mainly administrative scaffolding for the German government to pursue its own essentially predatory policies directed at the subjugation of the rest of Europe. The cost of joining the eurozone is the same for everyone outside of Germany, including Spain, Italy, and soon enough France and even quite possibly the Netherlands. All these nations must adjust to Germany’s productivity, since its influence over the European System of Central Banks, and particularly the ECB and the Bundesbank allow it to continue to devalue in real terms.

    The Troika never meant to negotiate in good faith with the Greek government, but simply imposed its own destructive austerity and privatization program on it.

    As this story demonstrates yet again, membership of a rich man’s club does not entitle Greece to benefit from other country’s wealth and prosperity for free. Greeks have to earn it. This is the ultimate lesson from its’ debt crisis.

    GD Star Rating
    loading...
  • Realistically:

    @ BK:
    October 19, 2019 at 9:49 am (Quote)

    ” It is only yes because of the direction taken.”

    The 1st part “direction taken”: Do you or any else have a better proposal as to the direction SINKaPOOR should have taken?

    “We are price taker of interest rate for example, because we accept free capital flow and try to ‘manage the exchange rate’.”

    I am not sure that we are only a price taker in terms of interest rate. The price of services and goods produced in SINKaPOOR is subject to what the market pays, unlike say, the products by international pharmaceutical industries – Novartis, Roche, Merck, Intel etc

    “On the other hand, isnt Workers Party a price taker?”

    I have written enough about the Wayang Party and its shameless MPs failing to discharge their duties and responsibilities as MPs. So, please enlighten us as to how and why the Wayang Party under Low Thia Khiang and now under Pritam Singh is a “price taker”; bearing in mind that the Workers’ Party under the late JBJ had functioned as a true opposition.

    I know many would just retort that what had JBJ achieved but I can ask the same as to what the Wayang Party has achieved especially in the case of Low Thia Khiang who has been an MP since 1991.

    GD Star Rating
    loading...
  • BK:

    @ Realistically

    Did I say we are only the price taker of interest rate? The reason why we are price taker of interest rate is becoz we allow free flow of capital to boost the financial center.

    Are we also price taker of immigration labor? The deal with India, CECA, allows the GLCs/Temasek/GIC and Spore business to invest in India while allowing India professionals to work here. When we make a deal liked that, who is the price maker and who is the price taker?

    When Chan Chun Sing said we allowed immigration labor , becoz we dont want to miss any opportunities, who is the price taker and price maker?

    While the government coffers grow , Sporeans wages have become stagnant. And the cost of living had gone up as asset prices and demand drive up costs across the spectrum of consumer goods.

    Is this ‘liberal capitalism’ highway inevitable for Spore? Could we have instead invested more in labor productivity? Isnt this, in fact what the PAP is doing now as globalization withers? So , we lost a good two decades?

    There is no inevitability about anything, this is a silly propaganda narrative pushed by PAP and absorbed by unwary ppl. The ‘liberal capitalism’ highway have been managed differently by Denmark, for example.

    If you take away the nuances of governance, international agreements, domestic politics, then everyone else is a price taker isnt it? I can an argument for any country as a price taker.

    As for WP. Do u have a better idea of how to start an opposition party? In our national context, WP is in the frontline of the evolution of our opposition politics.

    Bottomline, any other opposition in parliament?

    GD Star Rating
    loading...
  • BK:

    @ Haigen-Diaz

    Thank you Sir. Smooth as cream (:

    GD Star Rating
    loading...
  • Realistically:

    @ BK:
    October 20, 2019 at 2:30 pm (Quote)
    @ Realistically

    “Did I say we are only the price taker of interest rate? The reason why we are price taker of interest rate is becoz we allow free flow of capital to boost the financial center.”

    In the context of your article & my 1st comment that SINKaPOOR is basically a price taken & thus what u wrote is quite irrelevant. Your question as to whether u said we are only the price taker of interest rate confirms my observation that SINKaPOOR is not only a price taker of interest rate but in other aspect of economic activity.

    As to CECA & related issues, it only confirms that SINKaPOOR is a price taker.

    “While the government coffers grow , Sporeans wages have become stagnant.”

    Hello, u know how the government coffers grow? As to wages being stagnant, what has the Wayang Party MPs been doing………just going thro the perfunctory questions? Even Roy Ngerng & Leong Sze Hian have given sinkies more facts & exposed the falsehoods of the PAPies propaganda. Meanwhile back at the ranch, the Wayang Party MPs just give excuses while collecting their monthly MP allowance of $16k!

    “Is this ‘liberal capitalism’ highway inevitable for Spore?”

    You should be asking the Wayang Party MPs this question…….after all they are paid quite handsomely but shamelessly refused to discharge their duties & responsibilities.

    “The ‘liberal capitalism’ highway have been managed differently by Denmark, for example.”

    I have been the one to point out the PAPie’s motto of ‘get out of (our PAP’s) elite uncaring face’ before u hv done so, and to that one should add ‘what’s wrong with collecting more money (from sinkies)’ whereas the Wayang Party MPs chose to remain silent. Instead the Wayang Party’s Low Thia Khiang ingratiated himself by supporting Lee Hsien Loong’s anti-China policy over the 9 dash line Chinese claims in the South China seas.

    “As for WP. Do u have a better idea of how to start an opposition party? ”

    It is not germane whether I hv a better idea. The issue is what the Wayang Party has failed to discharge their duties & responsibilities as MPs but instead had supported the PAPies over the Chinese 9 dash line claims, and before that Sylvia Lim supporting the PAPies by defending the judiciary. Surely those examples clearly showed that the Wayang Party is NOT an opposition party or oppos as some would put it, but in cahoots with the PAPies. Or not forgetting the Wayang Party’s lack of integrity in refusing or failing to provide basic cleaning for the new residents of around 700 units added to AHTC after collecting their S&C charges and also earlier, refusing to clean the higher areas of the market unless the hawkers paid up, only for the NEA…

    GD Star Rating
    loading...
  • Realistically:

    @ BK:
    October 20, 2019 at 2:30 pm (Quote)

    ” In our national context, WP is in the frontline of the evolution of our opposition politics.”

    U must be in denial……….after all must protect the $16k monthly MP allowance mah! I’ve said that the Wayang Party MPs must be in cahoot with the PAPies. Maybe you should give sinkies the list of achievements of the Wayang Party MPs like Low Thia Khiang who has been an MP since 1991; what has he achieved for SINKaPOOR and SINKaPOOREANS when Philip Ang, Roy Ngerng and Leong Sze Hian have done infinitely more that those SHAMELESS Wayang Party MPs?

    GD Star Rating
    loading...
  • BK:

    @ Realistically

    You are unfortunately repeating what PAP is narrating. That we are a price taker and therefore there is nothing we can do.

    CECA means Spore is a price taker? Did India put a gun to Spore’s head? Rather it is the lure of money isnt it. So, if someone sells his sons and daughters to get a lucrative deal, that means he is a price taker?? He can refuse isn’t it?

    So, later when he said he is just a price taker, because he needs money, you can naively believe him? Amazing logic.

    Re: As for WP. Do u have a better idea of how to start an opposition party?

    The reason u cannot answer is totally germane to the overarching narrative of opposition in Spore. U have not a clue what it takes and how difficult it is to grow a grassroots base. I have nothing against Roy Ngerng and Leong Sze Hian, but to say that they are better than WP shows your lacked of reality.

    The rest of your please ask the WP, that is your angst, not interested.

    GD Star Rating
    loading...
  • Realistically:

    @ BK:
    October 20, 2019 at 5:06 pm (Quote)

    “CECA means Spore is a price taker? Did India put a gun to Spore’s head? Rather it is the lure of money isnt it. So, if someone sells his sons and daughters to get a lucrative deal, that means he is a price taker?? He can refuse isn’t it?”

    This only shows your ignorance as to how the SINKaPOOR economy works.

    “So, if someone sells his sons and daughters to get a lucrative deal, that means he is a price taker?? He can refuse isn’t it?”

    That has nothing to do with liberal capitalism, which applies to countries, not individual. In ANY society, such kind of things happen……..doesn’t undermine the concept of liberal capitalism.

    “Re: As for WP. Do u have a better idea of how to start an opposition party?”

    I hv asked repeatedly, what good has the likes of Wayang Party Low Thia Khiang who has been MP for 28 years and the other Wayang Party MPs achieve for the people & the nation’s interests………ZILCH.

    Even though we can say about Chiam See Tong’s lack of achievements in similar vein, at least Chiam has been praised for his INTEGRITY which of course is lacking in the Wayang Party MPs who even tried to shortchange the new residents of AHTC by refusing to provide basic cleaning services and other services the TC is obliged to provide, even as the Wayang Party Town Counselors collected their S&C money. Ditto the cleaning of the high areas of the market under AHTC until intervention by NEA.

    The lack of integrity of the Wayang Party MPs: I hv already said about Sylvia Lim defending the Singapore judiciary at the IBA meeting while the Wayang Party’s IBs go round accusing the Wayang Party MPs/Town Counselors of being “FIX(ed)”. How pathetic and hypocritical.

    “Re: As for WP. Do u have a better idea of how to start an opposition party?”

    The issue is the Wayang Party is NOT an opposition…..it clearly said that it is a CO-DRIVER of the PAPies the Wayang Party IBs said to VTO.

    GD Star Rating
    loading...
  • Realistically:

    @ BK:
    October 20, 2019 at 5:06 pm (Quote)

    Oh, I remember Kenneth Jeyaretnam, the RP Secretary General saying that Pritam Singh said he had a mortgage to service and family to take care of and could not speak out forcefully when KJ asked Pritam why the Wayang Party MPs failed to discharge their duties and responsibilities as MPs.

    This is my last response to you…………people can decide for themselves the failures and deceit of the Wayang Party MPs as supposed “opposition” and their lack of integrity by the examples I have shown based on the FACTS.

    GD Star Rating
    loading...
  • TruBlu:

    Good write-up.
    Just wanna say globalisation is just a facade for MODERN FEUDALI$M imposed on the ordinary people by those who call themselves *MERITOCRATIC* except that real meritocracy is about the most talented n gifted working for the COMMON GOOD.

    Here in Sin City,the ruling elites protect their own rice-bowls and even ENRICH THEMSELVES at the grave expense of lesser citizens?

    Qhst is meritocracy when it is not the BEST AND BRIGTEST SERVING IN GOVT BUT Mickey-mouse $cholar-generals who prefer to cling on coat-tails in order to earn a SEAT IN PARLIAMENT?

    GLOBALUSATION IS A QATANG.
    It has been MODERN FEUDALISM all this while?

    GD Star Rating
    loading...
  • BK:

    @ Realistically

    So, if someone sells his sons and daughters to get a lucrative deal, that means he is a price taker?? He can refuse isn’t it?”

    That has nothing to do with liberal capitalism, which applies to countries, not individual. In ANY society, such kind of things happen……..doesn’t undermine the concept of liberal capitalism.

    Lol. It is an analogy. Obviously, u are clueless. Try enunciate libearl capitalism.

    GD Star Rating
    loading...
  • BK:

    @ Realistically

    Re: This is my last response to you……

    That’s what u said the last time. Never kept your word. Angst too great.

    GD Star Rating
    loading...
  • oxygen:

    @ Realistically

    YOUR FARTS OF FICTION in TRE is endless and enduring, right?

    Realistically: The lack of integrity of the Wayang Party MPs: I hv already said about Sylvia Lim defending the Singapore judiciary at the IBA meeting while the Wayang Party’s IBs go round accusing the Wayang Party MPs/Town Counselors of being “FIX(ed)”. How pathetic and hypocritical.

    If not, how come YOUR LOUTISH CATERWAULING suddenly gone MUTE here?

    oxygen: @ Realistically

    A MULTITUDE OF LIES TO COVER UP YOUR CHEAP LIE attacking SYL. Name us ONE, just one, among the thousands of lawyers, Law Society or Senior Counsel in 2007, came out either
    - to denounce the Judiciary or
    - to denounce SYL speaking up for the Judiciary or
    - both

    http://www.tremeritus.net/2019/10/12/workers-party-low-thia-khiang-sylvia-lim-and-pritam-singh-found-liable-for-damages-suffered-by-ahtc/

    and this too?

    oxygen: IT HAS BEEN 8 DAYS SINCE my humble request, and your orchestra of silence disappeared of no presence.

    It just show what extent of your descript resides in your arrogance empty intellect.

    when I asked

    oxygen: @ Realistically

    WHY NOT YOU SUPPLY US YOUR UNDERSTANDING of the law definition of “fiduciary obligations” to avoid doubts that you are really barking a lot of nonsense of your ignorance?

    and you barked such arrogance here?

    Realistically: How pathetic and hypocritical.

    NOBODY IN THE RIGHT MIND BELIEVES A SINGLE WORD OF LOUTISH SHOUT FROM YOU.

    GD Star Rating
    loading...
  • Jman:

    At a personal level, I do not advocate the Anglo Saxon model of liberal capitalism. Mainly because of the excessively diminished role of Government, and the undeserving trust placed in private enterprise.

    Government MUST play a role. I cite the example of Amazon in the US. It is beyond a doubt that e-commerce has decimated brick and mortar shops, and with it a whole load of jobs. While Amazon has not lied or cheated as much as Facebook and Google, apart from using its dominant position to direct traffic to its inhouse products and brands, Amazon is estimated to have 40% of the market share of the US e-commerce industry. So what is the trigger point beyond which a company is viewed to be dominant and subject to anti-competition laws? Why is this discussion only beginning when it reaches this level, and so many people and companies have bled for so long? What on earth is the US Govt doing with its anti-competition laws?

    And when we draw the parallels to this part of the world, what on earth is the Singapore Government doing? Choosing to sleep at the same time as the US Government, and choosing to wake up at the same time too? What disease has afflicted these people who for the longest time think themselves so able and talented that they are beyond reproach? Do they even question?

    The PRC model is hardly worth emulating either. It is orchestrated. And for a country that large, the recent trends they have of concentrating power even more at the very top is counter intuitive.

    PRC might be doing all this out of sheer necessity. But it sure doesn’t reflect all that well on the country as a whole. In the short term, you have stability for as long as Xi is around. But Xi is mortal, like all of us. And moving backwards and have a whole bunch of talented people operate under a new Emperor.

    It is a huge step backwards for PRC. And Xi has his work cut out for him to leave a better functioning set of institutions, with a bigger pool of talent in the public and private sector not so hell bent on self enrichment.

    GD Star Rating
    loading...
  • Jman:

    Xi will have a hard time convincing his people that there is enough to go around, and that they all have a shot at the proverbial pie of prosperity.

    From how it appears and the way things are going, it is quite clear to many that there simply isn’t enough to go around.

    GD Star Rating
    loading...
  • something out of nothing:

    //SGX has learnt its lesson from the sub-par listings of Chinese companies in the early 2000s. SGX now is not reliant on these equity-listings. SGX is at the forefront of derivatives trading, along with fixed-income trading (which is among the most liquid in Asia) and commodities derivatives.//

    aiyoh. thought derivatives are more jiak-lak than equities ? a layer of creating something out of nothing ?

    GD Star Rating
    loading...
  • blame game to the right target:

    //Oh, I remember Kenneth Jeyaretnam, the RP Secretary General saying that Pritam Singh said he had a mortgage to service and family to take care of and could not speak out forcefully when KJ asked Pritam why the Wayang Party MPs failed to discharge their duties and responsibilities as MPs.//

    aiyoh. nothing wrong leh ? you never know wait the white idiots can change from 4 = 5 or selected = elected lar and start to “destroy family” for their “forcefully speak” hor ? don’t blame the “victim” lar, blame the white idiots lar ? the reason why must VT the white idiots O if you care to apply the focus redirect your blame game to the right target hor ?

    GD Star Rating
    loading...
  • Haigen-Diaz:

    Jman: At a personal level, I do not advocate the Anglo Saxon model of liberal capitalism. Mainly because of the excessively diminished role of Government, and the undeserving trust placed in private enterprise.

    The binary classification ‘liberal’ versus ‘conservative’ is not only an aging meme, but it explains nothing. These two words, along with several others should be retired. What do they mean? How does one group react to the term when heard? Bet you could ask 100 different folks about what they think these terms mean and get 80 different answers. We need to escape these terms and deal with issues themselves. Every good policy can run amok if you push it the extreme and have nothing to do with liberalism or any other ism.

    If you look at the historical roots of modern capitalism and commerce, it started as a rebellion against the elites (royalty) continually plundering the masses. And, so, what do we have—again!—today? The rich plundering the masses. How is this possible? It all comes down to the propagandist notion, successfully perpetrated by the ruling elite, that the average person is still susceptible to being plundered by a minority.

    The stress and strain in the liberal order, certainly in the United States, is caused by a design flaw. Baked into their liberal democratic ideal is the notion of private property and the protection thereof. The US Constitution never once mentions that capitalism is a required economic system. However, capitalism is implied based on the constitutions codification of property rights. So be it. But unfortunately, the business of any business is not to control property but to control a market, other people, which ultimately is a totalitarian outcome.

    Liberalism has been replaced by neoliberalism aka globalism aka unfettered finance capitalism on a global scale. Humans have and will continue to strive for equality. It is a difficult struggle always hampered by those whose greed for wealth and/or power gang together to suck up more than their share. Rule by an elite minority thrives best in an atmosphere of fear.

    GD Star Rating
    loading...

Leave a Reply

 characters available


Scroll Down For More Interesting Stuff


Member Services
Self-SupportMembers Login
Sponsored Advertisement

Search On TR Emeritus
Sponsored Advertisement

Most Recent Comments
  • Overpopulated. Simple.: The simple reason is that Singapore is over-populated. But those so-called leaders want 10...
  • Never Too Late: Contrary to what the PAP apologist would hope, this election is not about oppositions, but rather, if...
  • Likely a PAP voter, this guy: “These 2 major aspects of Singaporeans lives are integrated and in the last few...
  • A Police State: This extensive use of facial recognition is only a decoy for further adoption into future use in...
  • bystander: Lehman Bros’ collapse, he had to lean on LKY to solve the mess, now he has to lean on LHL while...
  • mike: Very simple. Minimum pedestrian path width 2.5m to 3.5m and construct Bicycle and PMD lane. Period. Cannot?...
  • HDB flats depreciate to ZERO: “Ban” PAP instead during the coming GE. VTO.
  • HDB flats depreciate to ZERO: To have the right mindset in any situation ALWAYS keep EGO out of it. This will prevent...
  • VOTE TKL: I have thought through carefully. Should Tan Kin Lian be voted as an MP? No bias, no arrogance, just...
  • patriot of TUMASIK: Did you practice what you preach when you stood for the PE???…market bet 3-1 you will lose...
  • Kurt: Say, complain, feedback or grumble all you want! Bottom-line is, pedestrian safety first! So straight also...
  • Asd: Any how import.. obviously was wrong and did nothing to correct it till it became a mess.
  • Equality: Ok, Roy. How about now fighting for car-owners to pay for 90% and can loan only 10%? This will bring back...
  • can continue to celebrate: //He is inherently not a really * BAD HAT *? Perhaps,he is being tasked to carry out this...
  • Asd: Resident in sg cannot talk in GRC ? Must be PR then can ?
  • No Brush: You do not brush up your public speaking skill after 3 decades in Parly. Old [email protected]#t protected his 80+ YesMen...
Announcements
Advertisements
Advertisements
Visitors Statistic
Latest Statistic