TR EMERITUS

By Fang Zhi Yuan At the Singapore Tripartism Forum last Sunday, Prime Minister Lee was asked by a business leader to comment on the performance of Temasek and GIC in the wake of the stunning revelation of its recent losses. He replied straight in the face that "these are very respectable figures" based on the annual returns quoted by Finance Minister Tharman. “Some years it will go down, some years it will go up more. But on average it’s not bad. And we have to take a long-term view because this is not money for now, this is money for many years ahead. If you look at a long-term basis, on the overall on the way the government has managed the money, we haven’t done badly", he said. (read the original report here) I wondered if the journalist who wrote the report was equally as convinced as Prime Minister Lee. If the article was meant to allay the fears and angst of Singaporeans, it doesn't sound reassuring at all. In the first place, we are still kept in the dark over the real extent of GIC's losses, which a Thai Daily put it at an estimate of over S$200 billion dollars. Then there is the danger of Citi Bank and Bank of America being nationalized by the United States government which will wipe out much of our investment. Given the dire state the U.S. banks are in now, how long will we have to wait before we recoup our losses and we are talking about a mind-boggling sum in terms of billions. Even if the share prices do rebound in 10 or 20 years time, what is the opportunity cost lost when we could have grown the money by investing it in gold, bonds or fixed deposits. I am not an economist and yet I am able to point out such glaring deficiencies in the news report. Surely there are financial professionals in the government and the media who being more knowledgable than me, are able to correct the Prime Minister's mistakes and give the people a more accurate and detailed answer ? Why is there such a deafening silence ? The culprits responsible for this devastating loss are none other than the wife and father of the Prime Minister. While Madam Ho Ching has stepped down from Temasek, Lee Kuan Yew is still the Chairman of GIC and a minister in the Cabinet. Which minister or MP in Parliament will dare to question the Minister Mentor's judgement and authority? The media has long ceased to be a genuine voice for the people and instead it has been deftly manipulated to serve as tinted glasses for us to view a distorted reality from the government's perspective. Seeing Singapore through this tunnel vision, we are trained over the years to believe that our leaders can make no mistakes. We are not allowed to question them or to demand for more information from them. Just keep quiet and let them run the country because they are the "best talents" tiny Singapore can offer. Our leaders are surrounded by cronies and sycophants who dare not speak the truth out of fear of losing their rice-bowls or ruining their careers. The state media exercise stringent self-censorship to spin the news which sound pleasant to their ears. They live in ivory towers erected by their sense of pride, omnipotence and infallibility completely disconnected with the people they are supposed to serve. That is how the Singapore government has been treating us, like kids. If Prime Minister Lee were to leave his ivory tower for an instance and venture into the "wild wild west" of Singapore's blogosphere, he would be absolutely flabbergasted at what his citizens are speaking of him. Few were convinced by his lame defence of Temasek and GIC's performance. Many more were angry and shocked by the loss of our precious reserves. In an online poll conducted here, 98% of 500 netizens polled want a Commission of Inquiry to be set up to probe into the loss. 73% are "very unhappy" with the way the government had handled the fiasco while 22% are "quite disappointed". And more embarassingly, 73% wants the Prime Minister to step down. If our leaders come to know about the poll results, they will probably dismiss it as "an online poll taken from a website devoted to anti-government invective.” We will be accused of spreading rumors and lies to provoke hatred against the government and soon another minister will threaten to arrest us. We are in great danger of being fooled, misled and deluded by all these irresponsible and callous "self-spinning". The citizens are taken in by the spin and remain contented to let their leaders run the show. The leaders believe the spin and continue to ignore underlying concerns and disgruntlement on the ground. What will this country become ? I sincerely implore our leaders to stop hiding behind the spins of the state media and come forward to face the people;  fellow Singaporeans to stand up and give honest feedback to the government, and journalists to be report the truth fearlessly bearing in mind their obligations to society. An open, accountable and transparent government should not fear its critics and treat them as enemies. In fact, it should be glad that there are Singaporeans who care enough to speak out. It will be a sad day for Singapore if nobody bother to question how the country is being governed for it would mean that it has ceased to become a home in our hearts. Our country is facing the greatest crisis in its lifetime. There is no space and time for parochial and petty politicking to safeguard one's vested interests and misplaced pride. Turning a blind eye to the problems and pretending all is well will only plunge us into a greater abyss. The soul of a nation does not lie in GDP numbers, world class infrastructure or a first world government. It lies in a well-informed, socially active and politically mature citizenry which is able keep the nation together in spite of any internal or external threats. If I do not love Singapore, I would not waste my time typing this article. As an ordinary citizen, that's about as much I can do. I may not know enough to teach our esteemed leaders how to run the country, but I am concerned enough to express my misgivings about the direction we are heading now and in the future.  Read More →

By Elizabeth Looi, Malaysia Correspondent Businessman publishes letter in newspaper ad, asking politicians to put nation first KUALA LUMPUR: A Malaysian businessman took out a full page advertisement in The Star newspaper yesterday asking Malaysian politicians on both sides to stop trying to topple each other, and to focus on the economy. In his letter, published as a full-page advertisement, Mr Anas Zubedy, 45, managing director of a management and training development company, asked the politicians to 'stop the power chase, call for a truce and focus on the economy'. He also hoped other entrepreneurs would join him and voice their concerns. 'Our concern today is not who rules the country but the looming bad economy,' he wrote. 'Whether BN or PR leads, it is meaningless if Malaysians have no job to go to, no money to pay rent and no means to put food on the table.' Mr Anas' letter might be the first open letter to Malaysia's bickering parliamentarians to plead for a stop in fighting and to start working, but it was definitely not the�first public outcry. Last year, The Star carried a front-page story highlighting the people's sentiment. The ruling Barisan Nasional (BN) coalition and the opposition Pakatan Rakyat (PR) have engaged in what seems like the country's longest political tussle since the March 2008 general election, when the government lost five states to the opposition. Last month, however, the ruling party turned the tables on the opposition when it re-claimed Perak state, thanks to the defection of four Pakatan lawmakers. Since then, the dailies' headlines have largely been about the political parties going at each other's throats. There is increasing concern that the government is now not only focused on fending off the opposition, but it is actively trying to topple them. 'We should focus on economy. It feels like we have the longest general elections,' Mr Anas told The Straits Times. 'There are 27 per cent of Malaysians who earn less than RM1,000 (S$418) a month and if anything goes bad, they will suffer because they don't have savings. Many in the middle class too, will be affected.' Some government leaders acknowledged that the excessive politicking in the wake of the Perak crisis is detracting the government in its efforts to rule and run the country properly. Speaking in London on Monday, Unity, Culture, Arts and�Heritage�Minister Shafie Apdal said the government 'would rather devote our time, money and energy in facing the challenges than to be caught up in by-elections', The Star reported. He was briefing Malaysian students there on the country's latest developments. Deputy Premier Najib Razak, who is also the Finance Minister, is expected to launch a mini stimulus package on March 10, aimed at saving jobs and helping businesses. But the mere announcement�of the move�has already drawn endless criticisms from the opposition. Mr Anas pleaded both sides to get together and compromise. 'Someone has to give in. Or has hate consumed your heart till it blinds you? You can do it. You have enough intelligent people between you,' Mr Anas pleaded in his letter. 'I am sure you can find solutions. Take the nation to heart. That is why you are in politics in the first place. Focus on the people. Focus on the economy. Please.' Source: Straits Times  Read More →

Still reeling from the effects of the subprime meltdown, I view the news of job losses in the developed world and also on the local scene are no less depressing. In both Singapore and abroad, talks of people needing help during this downturn, has been nothing short of depressing. I however must say that this was expected. In fact i have been waiting for this correction to come. As you guys are aware, upon witnessing what went on in the insurance industry, i took steps to liquidate most of my hard kept policies which took up quite a bit of my income to upkeep. The amounts lost were substantial but nonetheless it was a comforting thing to keep your money close at hand. It is during such downturns that more people are forced to come to terms which what is truly important and what is truly real. Materialism and greed has overtaken the world. This malaise has caused almost all of the problems the world faces today. A small number of people have been waiting for the change to come. These people are not people whom are in some far flung places like Africa or Alaska but souls who have recognised that there is more to life than just that extra possession or that extra paycheck. Though being wealthy is good and makes life comfortable, life is more than the figure in your bank account nd the thickness of your wallet or the number of properties owned. Read rest of article here  Read More →