Proud and happy that S’pore is a safe haven in this crisis?
Think again. The Swiss experience. http://www.bbc.co.uk/news/business-14813825
For S’pore the choice is deflation as strong currency stifles economic activity especially exports in gds and services.
Or if the currency is kept artifically low, asset inflation.
Whatever the case, MAS can continue losing serious money (S$10bn last yr).
Only SDP will be happy, saying, “We told you so”.