Gold extracted, peanuts given

And it’s from our own pocket: How we fund our SWFs from 2010

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Double confirm, PM didn’t read Tocqueville

By planning to repeal S3377A, it’s clear our Beloved Leader never read Tocqueville. LKY never put it on Jnr’s reading list? It’s clear that in his analysis and actiobns LKY knew the dangers of rising expectations: people simply expect more.

This is what I wrote in 2013

Alexis De Tocqueville is famous particularly in the US for Democracy in America. But he also published The Old Regime and the Revolution in1856. In it he talked of the dangers of rising expectations.He argued that revolutions often took place not in times of despair but under improving conditions:

experience teaches us that, generally speaking, the most perilous moment for a bad government is one when it seeks to mend its ways….Patiently endured for so long as it seemed beyond redress, a grievance comes to appear intolerable once the possibility of removing it crosses men’s minds.*

PMs Lee & Najib didn’t read Tocqueville?

Well the LGBTs and their fellow travellers are demanding more, a lot more. Without pausing for breath, or celebrating in public by doing anal sex, they now demand same sex marriage:

377A: Gay marriage looms as new frontline in Singapore battle for LGBT rights

…

Sunday’s announcement amounted to a pyrrhic victory. They say the constitutional amendment on marriage will ultimately hinder progress for LGBT rights.

https://www.bbc.com/news/world-asia-62628494

What they are bitching about is that Parliament will have the power to redefine marriage which means the present the definition of marriage as one between a man and a woman will be hard to change,

(Related post: Why S377A is a gate worth storming, or defending/ Legal basis of repeal)

In 2013 I wrote

… I’m sure LKY had read Tocqueville because he was always trying to ensure that S’poreans didn’t have rising expectations of anything. He always wanted us to be aware of the fragility of life. He admitted, a few yrs ago, that the reason why the size of the reserves and the returns on the reserves had to kept a secret from S’poreans was his fear that we would expect more to be spent on ourselves, if we knew how wealthy S’pore was. At the peak of his mental powers, he would never have said this because by saying it he was saying that there was plenty of money that could be spent.

PMs Lee & Najib didn’t read Tocqueville

Xi learned from S’pore?

In June 2019, hundreds of thousands marched through the city to protest against a proposed law that would have allowed criminal suspects in Hong Kong to be extradited to mainland China for trial

party officials in the city were ordered to study an article that outlined a policy known as “keep Hong Kong but not its people”, according to Ching Cheong, a journalist who has studied the Communist Party in Hong Kong for five decades.

https://www.economist.com/graphic-detail/2022/07/01/how-china-is-making-hong-kong-more-chinese

Replace the people of HK.

Xi learned from LKY?

Managing people, the S’pore way cont’d

Chinese no longer tua kee

Chinese nationals were the world’s biggest luxury spenders before 2020. But their share has temporarily shrunk during the pandemic.

European luxury outlets have to sell to ang mohs who spend less. No Chinese tourists. Chinese buying in China.

What has this to do with the price of eggs, GIC?

As A S’porean, not a citizen of the US of A or a citizen of the world, I want to know what’s the real returns in S$ above global inflation. Because the S$ is our currency, not the US$.

Check this out at Cynical Investor’s takes on S’pore’s History: Very good documentary about the 60s and 70s.

Not the touristy or nostalgic BS, but why the old S’pore had to be demolished to save S’pore and make LKY and the PAP look great.

How to get S’poreans to breed like rabbits

Or at least like Americans, Swedes or Icelanders.

Make it compulsory for the men to do at least 30% of the housework or chores.

Look at S Korea where data released by the government showed the fertility figure had dropped to 0.81 – down three points from the previous year, and a sixth consecutive decline. Ours is1.14 births per woman (2019).

Why we need more babies or more FTs

A declining population can put a country under immense strain. Apart from increased pressure on public spending as demand for healthcare systems and pensions rise, a declining youth population also leads to labour shortages that impact the economy.

https://www.bbc.com/news/world-asia-62670717

This is not BS or the PAP’s Hard Truth. It’s Demographics 101.

Would Jesus vote for the PAP?

The storm in the tea cup over the repeal of s377A of the Penal Code and same sex marriage had me asking myself the above.

After all, he believed in free lunches: all that free bread and fish. And in free wine at weddings. And he despised rich people, especially the “banksters”. Remember him beating up the money lenders at the temple? And the Jewish establishment didn’t like him.

Doesn’t sound like a PAP voter does he?

MU: Don’t stereotype the Jewish owners

Further to MU finances: Owners v fans, the critics i.e. the fans KPKB that more than £1bn has gone on interest payments, debts and dividends under the ownership of the Glazers. There has been mutterings about the stinginess and greed of the Jewish (and Zionists) owners.

But the Glazers have not been mean in spending on players. They have been very unJewish (OK, OK I’m stereotyping the Jews) in their spending. The club spent £1.35bn on players in the past 10 years, according to Transfermarkt. MU is the fifth biggest spender in Europe and third highest in the Premier League. In that time the club has recorded a negative balance of £971mn in the transfer market, easily the worst in Europe.

The money was just spent foolishly.

Results do matter. As recently as 2018, United sat at the top of Deloitte’s financial league table of European football in terms of revenue. Now it is in in fifth.

But to be fair to the fans, the Glazers leveraged MU to the eyeballs. They used very little of their not inconsiderable wealth in the investment.

Fyi, I worked in Rothschilds who are very proud of their Jewish heritage. Have happy memories of time there.

Check this out at Cynical Investor’s takes on S’pore’s History: Memoirs of Harry’s administration secretary.

Our version of “sulfur and fire”

Sodom and Gomorrah were destroyed by the merciful and benevolent God of the Old Testament by way of “sulfur and fire” because of their wickedness. The wickedness was believed to be anal sex.

Could we go the way of Sodom and Gomorrah, now that the PAP govt will decriminalise sex between men?

Our dear leader last night told a rally that his PAP govt will repeal section 377A of the Penal Code. This colonial-era law punishes acts of “gross indecency” between men with up to two years in jail. The law is not “proactively enforced as PM once put it. So why bother?

Because the LGBTs have money and will be a new source of tourist dollars?

Btw, our “destruction” will come by way of higher inflation, slower growth and a GST rise.

Assumptions behind “affordable HDB flats”

Commentary: Even with million-dollar HDB flats, housing is still affordable for the average person

Beyond affordability, there are new challenges in the housing market that need attention, says this expert

https://www.channelnewsasia.com/commentary/hdb-bto-private-condo-home-resale-price-affordable-mortgage-inflation-2883131

It’s only affordable because of the repayment period and the large share of income repayment takes.

For new flats

In general, most new flat buyers use less than 25% of their monthly household income to service their monthly instalments, for a 25-year loan. For 4-room flats, which form the bulk of new flat supply, flat buyers would use about 26% of their monthly income if they choose a 20-year loan.

HDB 31 July 2020

MU finances: Owners v fans

The Glazers have

saddled Man Utd with debt and taken cash out of the club. The gross cost of servicing borrowings and paying dividends has totalled about $140 million over the past three financial years, according to Breakingviews calculations.

https://www.reuters.com/breakingviews/elon-musks-man-utd-joke-masks-serious-ma-logic-2022-08-17/

But the maths of fans are US$140m

That’s enough to buy Liverpool’s star Mohamed Salah, according to Transfermarkt’s valuations.

https://www.reuters.com/breakingviews/elon-musks-man-utd-joke-masks-serious-ma-logic-2022-08-17/

No wonder there is speculation that the Jewish owners want to sell.

And there’s a billionaire fan prepared to buy.

“If the club is for sale, Jim is definitely a potential buyer,” the 69-year-old’s spokesperson told The Times.

https://www.bbc.com/news/business-44101223

At the right price of course: he made billions buying unloved assets. Read the above BBC link.

Millionaire PAP ministers get “peanuts”

For every dollar of tax that is paid, for the lower income, they get $4 of benefits, for the middle income it is $2 of benefits, but for the rich, it is only 30 cents of benefits.

PMO | DPM Lawrence Wong’s interview with Bloomberg News Editor-in-Chief John Micklethwait (Aug 2022)

Our millionaire “servants of the people” only get “peanuts”.

Seriously, anyone know the details of how the benefits are calculated?

Law exam cheaters are so post-modern

Recently, the constructive, nation-building media continued its reporting about the lawyers who cheated in law exams with an update on what’s happening to some of them: nothing good and still being publicly named and shamed.

But at least five of them deserve whatever is thrown at them because they are so post-modern and post-truth:

Five of the law students had communicated with each other and shared answers in six of the papers for Part B of their Bar exams, including one for “Ethics and professional responsibility”, through WhatsApp.

https://www.todayonline.com/singapore/6-more-bar-exam-cheats-withdraw-1969466

Bet you they were laughing and proud that they cheated in “Ethics and professional responsibility”, showing how cynical they are on the ethics and professional responsibility of the legal profession.

As a legal trained lawyer who worked in leading corporate law firms before becoming a barrow boy and M’sian equities specialist, I have cynical views about the legal profession, but I don’t mock the profession like these idiots.

S’pore: Home of paper generals and paper traders

Traders are watching the 4,231 level for the S&P 500. Hitting that would mean the benchmark index will have recouped half the losses logged since the drop from its January high.

https://www.reuters.com/markets/us/stock-market-bulls-eye-technical-signal-further-gains-2022-08-12/

If it hits that level, it means the recent bear market is over

“Since WWII, every time the S&P recovered 50% of the bear market price decline, while the 500 may have re-tested the prior low, it never set a lower low,” Sam Stovall, chief investment strategist at CFRA Research, said.

https://www.reuters.com/markets/us/stock-market-bulls-eye-technical-signal-further-gains-2022-08-12/

Another bang-the-balls moment for S’poreans who were waiting to buy into the bear market of 2022? They were KPKBing that the present rally is a bear trap. And were keeping their powder dry.

These are the same S’poreans who missed the 2020 turnaround and who were screaming that the 2020 turnaround was a bear trap. They went quiet when the market went to make new highs.

Every rally is a bear trap to them: until the market makes new highs. Then they wait for market to correct. Tan ko ko.

They are paper traders or investors. Plenty of them in S’pore, the home of paper generals. Real investors and traders know that at market turning points, there’s no ringing of the bell. You take your chances. And pray you got it right if you are margined.

But the rewards of getting it right is worth the risk. Even conservative investors who get it half right can buy good income stocks at very unfair prices (in hindsight of course).

But waiting for the right signal is delusional. The bell doesn’t ring when the rally begins. It’s just another bear trap until investors and traders keep on buying.

When ethnic Chinese were 20% of the population/ First FT

When Raffles landed here in 1819, there were 150 residents, thirty of whom were ethnic Chinese. There is no evidence of there being any ethnic Indian resident.

But we know Raffles brought one in: Naraina Pillai. Our very first FT. More on him at What the 2019 statues tell us.

Send this to Fairprice

I’ve grumbled before (Fairprice bread goes up again) that NTUC Fairprice should start lowering the price of its bread because the price of wheat has fallen back to pre-special military operations.

Here’s a screen priny that NTUC Fairprice should show to its suppliers.

But to be fair to Fairprice, it has some great National Day offers. It’s cooking oil and rice offers are popular. Not so the oats.

I recently bot its housebrand rolled oats. It cost $4.50. It’s National Day offer was two packets for $3.75. I bot 6 packets, and if the helper goes to Fairprice before next Thursday, I’ll tell her to get another 6 packets.

Wokeism

Came across this on FB. Happy to attribute it if I know the source.

What S’poreans are most worried about?

Cost of living and Inflation/Price Rises

Not very worried about aging population and our 4G leaders.

Sign GST going up 1 point in Jan

About 1.5 million S’poreans will receive up to S$300 cash in Aug. 2022: Lawrence Wong

Newspaper headline a few weeks ago

Profile of people who will choose the next UK PM

 Around 160,000 Conservative Party members will choose the next British PM

They are the more well-off British.

Oz: Housing/ Inflation

Two in five homes in Australia are worth less than they were three months ago.  The analysts reckon prices could slip by 15%. 

Jialat says DBS

Income not keeping pace with inflation for four in 10 people: DBS study

https://www.straitstimes.com/business/economy/income-not-keeping-pace-with-inflation-for-four-in-10-people-dbs-study

Sadly the ST report is full of propaganda attempting to make the bitterness sweet.

But the u/m graphic from the the constructive, nation-building ST Lite is shocking. I’m sure the editor will be asked to explain why he was less than constructive, and nation-building.

And there’s more from ST Lite

• A study by DBS bank has found that overall monthly expenses for its customers grew 22.2 per cent in May 2022 compared to May 2021 
• This was twice that of their income growth of 11.1 per cent in the same period
• The study also found that income for 40 per cent of its customers grew less than 5 per cent in the past year
• This was slightly below the country’s average consumer price index inflation of 5.2 per cent in the first half of 2022
• A senior economist said that inflation will go on for the next two to three years and the lowest-income group will continue to feel the strain if it stays high

https://www.todayonline.com/singapore/singaporeans-spending-more-income-growth-inflation-dbs-bank-1958226?fbclid=IwAR1DgfuXmJ1spJkRHQ_ldlFjoExRbKs8Zr1WAvO_MzSplWBCq91aMBUF0Rs

And die die GST must go up?

Btw, the piece from ST Lite reminds me of Wormtongue. He turned on his evil master, killing him. He couldn’t stand the abuse he was getting.

S’pore and US stock markets are relatively same size

In terms of GDP.

And we still tops in Asean by this measure.

But I suspect the Jardines Group (Think Hong in Hong Kong) is included in S’pore’s data