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Posts Tagged ‘reserves’

Meng Seng: fake news propogator

In Financial competency on 25/02/2019 at 11:17 am

Either that or he one super blur spastic cat. Whatever, he’s one of the PAP’s most effective weapons in it’s attempts to slime the Oppo as a bunch of nutty opportunists.

Further to Merdeka Package shows how smart scholars are, I had tot Goh Meng Seng was trying to be like Alex Tan (Mrs Chiam said he was like a son) of States Times, S’pore Herald etc etc: a purveyor of fake news. This appeared in TRE under his name (emphasis mine):

The Fall of Net Investment Return Contributions?

Back in 2018, the PAP boasted that the Net Investment Return Contribution (NIRC) has more than doubled from $7b in 2009 to $15.9b in 2018.

However, the NIRC for 2019 has dramatically dropped to $3.6b in – which is about half of 2009′s NIRC when the world was facing an unprecedented global financial crisis!

Under the rules, the government can contribute up to 50% of total investment returns to the budget. Hence, there are two possibilities here.

The first is that it may have decided to use much less than the maximum 50% just to show that there is “deficit” and this is thus an “expansionary budget”. It might even be the case of political posturing to show that the government needs to raise GST to 9% because of “deficits”!

The second possibility is that our Sovereign Wealth Funds – GIC and Temasek Holdings – and MAS had suffered unprecedented losses which resulted in this dramatic drop in the NIRC!

Either way, it does not look too good.

These are the questions my team and I will pose to the PAP government if we are elected into parliament.

Goh Meng Seng

The NIRC is $17.2bn (up 4%). So what was Meng Seng smoking in his opium pipe? Ganja? Or Grandpa Xi’s dried turds? Too poor to buy opium?

Seriously either he was faking the NIRC number or he can’t read while at the same time smoking ganja or dried turd. Whatever, do we want him and his fellow clowns in parly? Remember he said:

These are the questions my team and I will pose to the PAP government if we are elected into parliament.

To be fair to him, this later appeared:

Correction:

The Straits Time reported that there will be a “basic deficit of $7.1B” and after taking into account of NIRC, the deficit is reduced to $3.5B.

After double checking the figures, this statement is misleading.

The deficit of $3.5B is the result of taking in BOTH the NIRC and the Special Transfers (all those goodies) into account.

The actual NIRC is $17.2B(up 4%) while the Special Transfer is $15.3B (up 70%).

My apology. I should not have trusted the Straits Time fully and should counter check on the figures.

Goh Meng Seng

So either Goh Meng Seng chickened out of lying or double confirm twice over twice over that he’s a double cock. Can’t get his facts right first time and giving a gibberish excuse for not getting it right first time. Other people have read the ST report (self included) and got the correct numbers from the ST report.

Whatever, do we want him and his fellow clowns in parly? Remember he said:

These are the questions my team and I will pose to the PAP government if we are elected into parliament.

And waz he doing relying on the constructive, nation-building ST for facts? Shouldn’t he be relying on TOC, State Times, S’pore Herald and other cybernut alt news outlets? And these are free to boot, unlike ST.

With enemies like him, the PAP doesn’t need friends.

Vote wisely.

 

TRE poster asks “Why save when struggling?”/ Corporate raiders and change

In Corporate governance, Economy, Financial competency on 21/04/2018 at 10:57 am

When TRE used PAP is losing the war to keep S’poreans in ignorance there was this comment

SUNNY:

in fact every generation can barely only support it self.
actually we are now the future generation ,what benefits are we enjoying??
may be the leaders should have their 90% salary/bonus cut for future 20 years generation,so we can witness before we die.
why save when it is raining heavily today.we won’t be around tomorrow.
who knows if the world will end tomorrow.

Here’s another thing to think about

What is the point of having a very good balance-sheet if the S’pore economy is underperforming its full potential?

In the 50s, 60s and 70s, US CEOs boasted of their companies strong balance sheets while spentdingcorporate funds on private jets, hunting lodges for themselves, co directors and senior executives, and their cronies. Shareholders got “peanuts” but wewre grateful. Then came the corporate raiders with the doctrine of “shareholder value”. CEOs  etc are still well renumerated but they have to keep the shareholders happy.

Recognise what should happen here next?

Too bad we got the likes of the Wankers’ Party, Mad Dog, Uncle Leong, Phillip Ang, Goh Meng Seng, s/o JBJ, TKL, Martyn See, Seelan Palay,Kirsten Han, M Ravi and TJS. They are the faces that the swing voters (those who voted for Dr Tan Cheng Bock) usually associate with change.

We need more people like Dr Paul, Terry Xu, Sonny Liew, Chris K, Tay Kheng Soon, Yeoh Lam Keong, Cherian George, Donald Low, Alex Au, Mohamed Imran Mohamed Taib, Tan Tarn How and Remy Choo.

 

PAP is losing the war to keep S’poreans in ignorance

In Economy, Financial competency, Media on 02/03/2018 at 11:01 am

Be of good cheer, those of us who want the PAP lose its hegemony (Cybernuts excluded because like TRE’s Oxygen, they think a crushing defeat of the PAP is just another GE away: they’ve been thinking that since before Cyberspace came into existence), the PAP is losing the war on keeping S’poreans financially illiterate with comments like:

GST hike ‘the responsible way’ to fund areas of collective need: Heng Swee Keat

(Today)

Preserving reserves signals to markets strength of Singapore dollar: Chan Chun Sing

(ST)

Let me explain.

When two natural PAP supporters make the comments I report below, it’s clear that the retired chief economist of GIC (Known as LKY on FB), Donald Low, Chris K and others (including little old me) have not wasted our time raving and ranting that

— S’pore has too much reserves and that they can and must be used to make life better for S’poreans.

— And that tax rises show that the PAP administration are reckless prudent, or at least are mindlessly prudent.

FB post by a retired SAF officer, now active in mental welfare causes. He was one of the first Black Knights.

Maybe what the Government needs to do is to show to the citizens various scenarios (given some assumptions) about how to cater for the future financially. Period 2021-2025…, Scenario1…use of GST hike and 50% of Investment returns to manage the budget; Scenario 2…use of all reserves to do the same. Then show Sporeans what is left at end 2025, and how the projected financial state will affect Spore’s future financial health.

And this FB post by a lawyer who has said he voted for the PAP

The G says that Singapore’s reserves must be kept secret as a defence against speculative attack.

Whether true or false, there is an obvious price to pay in that if there is no public information about Singapore’s reserves, intelligent debate about Singapore’s fiscal policy becomes well nigh impossible.

The debate in Parliament currently appears to be rather sterile in the absence of meaningful facts and figures.

I am not in favour of the G’s current approach to the (non)transparency of Singapore’s reserves, which to me is not justified and makes no sense, on balance. We are better off having the knowledge to chart our national destiny.

People like Dr Tay Kheng Soon should take heart that the 70%ers can change their mind. He has often mused that educating S’poreans to realise that the PAP articulated alternative is not the only “right” way is a thankless, long and tedious task.

Whatever, remember that half of the 70% voted for Dr Tan Cheng Bock as president. He only lost because of Tan Kin Lian and Goh Meng Seng decision to fix S’poreans. As a TRE reader put it

Sabo King help Tony Tan by persuading Tan Kin Lian to steal 4.91% votes which is enough to prevent Tony Tan from winning.
Sabo King sabo TKL and made him lost his deposit.

 

 

Why Doctor Goh didn’t believe in economic stimulus packages

In Economy on 05/01/2011 at 5:24 am

This tale would illustrate his thinking.*

1. It is a slow day in a small town, and the streets are deserted.

2. Times are tough, everybody is in debt, and everybody is living on credit.

3. A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.

4..1 As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.

4.2 The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.

4.3 The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.

4.4 The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her “services” on credit.

4.5 The hooker rushes to the motel and pays off her room bill with the motel owner.

4.6 The motel proprietor then places the $100 back on the counter so the traveller will not suspect anything.

5. At that moment the traveller comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.

6. No one produced anything. No one earned anything… However, the whole town is now out of debt and you can look to the future with a lot more optimism.

Now you know how economic stimulus packages works…….nothing really!

In other words, economic stimulus packages, expand claims on wealth, not wealth itself. They don’t help the economy.

Instead Doctor Goh believed that reserves should be used to keep the economy going in bad times.

*He did not tell this story. I use this story, which a friend sent me recently, to illustrate his thinking. I’ve read many of his speeches and essays. They are gd, easy reading.

How PAP burdens future generations

In Uncategorized on 02/08/2010 at 8:16 am

“[DPM Teo] pointed out that Singapore has built up its reserves which has enabled it to draw on them during the economic crisis, without burdening future generations.”

True but they are burdened with big mortgages from almost the start of their working lives, and it’s not as though their futures are secure with wages always going up. Remember the FTs brought in to keep wages “competive”. And if 30 yrs down the road, S’pore is in economic decline, what then? Remember we may not have MightyMind to keep prices rising even in a recession. https://atans1.wordpress.com/2009/12/15/property-prices-mm-lee-is-too-modest/

[Update ^ August — Here’s why mkt forces don’t operate in the work in the public housing market http://siewkumhong.blogspot.com/2010/04/market-as-deus-ex-machina-or-scapegoat.html

Meanwhile past and present generations are burdened by having to put up with less than optimal govmin spending because of the need to have budget surpluses to build up the reserves.https://atans1.wordpress.com/2009/12/26/where-gic-and-temasek-gets-their/

Truly uniquely S’porean: everyone gets screwed.

Ya foul mood.