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Posts Tagged ‘USA’

The real reason China snubbed PM over OBOR party?

In China on 07/08/2017 at 1:09 pm

The cybernuts KPKB that PM’s criticism of China’s actions in the South China Sea led to him being excluded from China’s big OBOR party.

Taz not the real reason. China thinks S’pore is the US of A’s running dog par excellence.

——————————————-

MHA said that Prof Huang had co-operated with foreign intelligence organisations and agents to “influence the Singapore Government’s foreign policy and public opinion in Singapore”.
Read more at http://www.channelnewsasia.com/news/singapore/mha-s-statement-on-huang-jing-lky-school-professor-who-tried-to-9093570

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China routinely criticises the US for conducing spy missions over the South China Sea and East China Sea. Guess who is helping the US conduct spy missions over the South China Sea?

S’pore.

The BBC reported in Dec 2015

The United States has deployed a P-8 Poseidon spy plane to Singapore for the first time.

It is the latest in a series of US military actions seen as a response to China’s increasingly assertive claims over territory in the South China Sea.

The US says it will also base a military reconnaissance plane at Singapore’s Paya Lebar air base.

US P-8s already operate from Japan and the Philippines, and surveillance flights have taken off from Malaysia.

The P-8 was deployed on Monday, and will remain in Singapore until 14 December.

In addition to the P-8 deployment, the US says it will operate a military plane, either a P-8 Poseidon or a P-3 Orion, from Singapore for the foreseeable future, rotating planes on a quarterly basis.

http://www.bbc.com/news/world-asia-35036220

The flights from S’pore unlike that from M’sia and PeenoyLand are regular, not ad hoc.

The flights have one primary aim, monitoring the movements of Chinese nuclear subs based in Hainan.  They also are intended to show the finger to Chinese claims over the South China Sea.

Three littoral combat ships have also been deployed to Singapore since 2013. Now there are none, but two are going to be based here from next year http://thediplomat.com/2017/06/us-navy-plans-to-deploy-two-littoral-combat-ships-to-singapore-in-2018/

So of course China upset.

Btw, here’s serious money to be made from OBOR.

 

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US of A got equivalent of our detention without trial

In Uncategorized on 15/05/2017 at 4:43 am

Wht don’t the ang moh tua kees don’t tell us that the USA has the equivalent of the Internal Security Act of detention without trial. They that stupid meh? Or their CIA masters order them not to diss the US of A.

Seriously, more evidence that Amos is a really dumb young adult to seek asylum in the land of the free “where the buffalo roam & the deer and the antelope play,Where seldom is heard a discouraging wordAnd the skies are not cloudy all day.”

Material witness warrants originate in the early 1800s, when getting hold of a witness who had left a jurisdiction before trial might involve a long day on horseback. They allowed lawmen to lock up key – “material” – witnesses at their convenience.

Sporadic use of the warrants caused little controversy until 9/11, when law enforcement seized on them as a means to detain terror suspects without probable cause. At least 70 men were held as material witnesses in the aftermath of the attacks while the Justice Department looked for evidence, according to a 2005 report by Human Rights Watch. A third of them were in prison for more than two months, some for more than six months, and one witness detainee spent more than a year in prison.

Someone arrested on a material witness warrant can in theory be detained indefinitely, and in most states detainees are not granted the basic constitutional protections afforded to suspects under arrest, such as Miranda rights, the right to a public defender, and the right to a prompt appearance before a judge.

http://www.bbc.com/news/world-us-canada-39662428

Emphasis mine.

 

A good word for “populism”

In Uncategorized on 26/03/2017 at 5:36 am

In S’pore the ang moh tua kees like Kitsten Han and Mad Dog Chee share something in common with the PAP: “populism” is a dirty word. Read the link as it shows why a “populist” policy can be the “right” policy.


Update at 1.30 pm: Defining “Populism” http://www.economist.com/blogs/economist-explains/2016/12/economist-explains-18

———————————–

From NYT Dealbook (thru I’m sure gritted teeth as they are Hilary-lovers) another example where “populism” is good:

“We believe that populism’s role in shaping economic conditions will probably be more powerful than classic monetary and fiscal policies (as well as a big influence on fiscal policies).”
— A Bridgewater report on populism, by Ray Dalio, Steven Kryger, Jason Rogers and Gardner Davis.

World should want Trump to play more golf

In Uncategorized on 24/02/2017 at 7:03 am

World safer when he leaves it to experienced men to run the hegemon.

But no, Hilary and her friends diss making world a safer place.

Donald Trump’s golf hobby under scrutiny with Clinton tweet

Kyle Griffin tweets:

http://www.bbc.com/news/world-us-canada-39054971

The genius of Trump

In Uncategorized on 21/02/2017 at 4:23 pm

US unions, part of the Democrats’ machine, find themselves on the side of Trump, an anti-union man that white union members support.

Trump’s Inroads in Union Ranks Have Labor Leaders Scrambling

Many unions have interests aligned with the president’s and are adapting his themes to their objectives, even while denouncing much of his agenda.

NYT Dealbook

Trump pak China cont’d

In China on 08/02/2017 at 4:05 pm
NEWS ANALYSIS
President Xi Jinping of China in Bern, Switzerland, last week. During his visit, Mr. Xi visited the World Economic Forum in Davos, where he hinted that with the United States in retreat, China was prepared to step up as a champion of free trade.

Trump Injects High Risk Into Relations With China

As he tosses aside decades of American trade policy, President Trump could also go his own way on other issues with China, including Taiwan and the South China Sea.

Hilary supporter buys US$12bn of stocks

In Uncategorized on 01/02/2017 at 4:43 pm

Not fake news.

Warren Buffet’s $12 billion investment. “We’ve, net, bought $12 billion of common stocks since the election,” he said in an interview with Charlie Rose. – Bloomberg

It must have pained the NYT’s Dealbook to report the above.

The bottom line: Trump is not going to destroy the US economy. Taz fake analysis from Hilary’s friends in the NYT, Washington Post etc.

Trump Triumphant.

Double standards of US MSM

In Media on 28/01/2017 at 8:29 am

It’s not fake news whrn US MSM misreports news (Bit like our ST and other constructive, nation-building media).

No wonder one of Trump’s most senior advisers calls the NYT, the Washington Post and other uS MSM publications, the “opposition party”, not the Democrats: http://www.bbc.com/news/world-us-canada-38766620

The latest example

Then, for a brief moment, it looked as if the White House was declaring a trade war, when reports surfaced on Twitter that Sean Spicer, the White House press secretary, had said that a 20% tariff on Mexican imports would raise the necessary funds.

Those reports, it turned out, were not quite right. Mr Spicer in fact suggested that a deal was nearing on corporate tax reform. He implied that it would include the so-called “border-adjustment” Republicans in the House of Representatives have long sought. That change could pay for the wall, he said. (He later told a reporter he was only discussing “possible” policy moves).

http://www.economist.com/blogs/democracyinamerica/2017/01/taxes-and-tariffs

The difference between “alternative news” and “fake news”

In Media on 24/01/2017 at 5:30 pm

The “We love Hilary. Trump sucks” equates the term “alternative news” (used by Trump’s right hand woman when talking about the size of the inauguration crowd) with “fake news”. They have a point on the issue of the size of the crowds going by the photos.

But isn’t this a good example of the proper use of the term “alternative news”?

Mr Spicer said it was “unquestionable” that Mr Trump’s inauguration “was the most watched” ever.

Although Ronald Reagan’s was top in terms of television figures, attracting 41.8 million viewers, Mr Spicer pointed out that the 30.6 million who tuned in to see Mr Trump take the oath of office did not include the millions who watched the ceremony online.

(Extract from a BBC report)

The usual suspects are dissing this argument but really I can’t follow what they are trying to say. All I know is that they are not calling this “fake news” and this I suspect makes them madder.

The Trumpeters are telling a lot of lies but the “We love Hilary” MSM (because they are so emotional that Trump Triumphant cocked a snook at them and won) are letting the Trumpeters get away with murder.

From NYT Dealbook on another reason ehy MSM is so upset:

DRIVEN TO DISTRACTION
Breaking down the stage after President-elect Donald J. Trump’s news conference on Wednesday. As new would-be scandals rapidly follow older ones, many fail to gain traction.

Trump Shows How to Smother a Scandal: With a Bigger Story

As one would-be controversy rapidly succeeds another, it’s clear that there’s only so much the news media and the public can focus on at once.

Trump closes down China

In China on 21/01/2017 at 4:51 am

Came across this on Facebook posted by FB pal who didn’t attribute it

Trump’s latest Tweet:

“One week after I take office, China will completely shut down. Factories will stop production, shops will close, stock markets will not trade, and government will grind to a halt.

The wealthy will flee overseas with their families, citizens desperately trade the RMB for foreign currency, doors all across the country will be plastered with red notices. Supermarket food stock will be depleted and food prices will rise.

The people who stay will have nothing to do except day-long drinking and gambling. There will be sound of gunfire on the streets for days!”

China foreign ministry replied on Weibo: “That’s Chinese New Year, you dumb ass.”

A rounding-up error?

In Uncategorized on 20/01/2017 at 5:05 pm

Come on NYT. I didn’t hear u complaining about how the Clintons made money and peedled influence. And anyway, really rich people don’t know how much they are worth.

Steven Mnuchin testified Thursday before the Senate Finance Committee during his confirmation hearing as Treasury secretary.

Steven Mnuchin, Treasury Nominee, Failed to Disclose $100 Million in Assets

Mr. Mnuchin, who is testifying before the Senate Finance Committee, also did not list his role as a director of an investment fund in the Cayman Islands on a questionnaire.

 

Trump is the Greatest

In Uncategorized on 14/01/2017 at 6:22 am

“Oh to be a sketchwriter in America” – declares Quentin Letts in the Mail. “Mr Trump is a politician, Jim, but not as we know it,” he writes. “He doesn’t do wriggling and lawyerly evasions. He doesn’t do dainty detours or (ridiculous thought) charm. He just comes out and smashes his critics on the nose.”

BBC

Mad Dog is Trump’s restrainer

In Uncategorized on 13/01/2017 at 1:43 pm

No, not our Dr Chee but “Mad Dog” Mattis or James Mattis, the retired general nominated to be secretary of defence

When Democrats and Republicans look to “Mad Dog” Mattis to restraint Trump, you know there’s a problem.

“Mad Dog” Mike is the nickname of Mattis. A soldier’s soldier, and a well-regarded military intellectual and strategist, he was fired by Obama for adopting “aggressive” tactics against Iran when he was commander of Central Command which is responsible for the Middle East theatre.

When the Progressives lie, it’s not a lie

In Media on 11/01/2017 at 4:38 pm

See how the NYT Dealbook reports and analyses the news when a standard bearer of the hard left misrepresents the truth about Trump’s appointees. If it had been Trump who got his facts wrong, I’m sure the headline would be screaming that Trump is lying.

LKY has a point about muzzling the media

Trump Appointees’ Taxes

“Not only is Donald Trump giving a gang of billionaires control of our government, he’s offering them a special tax break just for signing up.”

So said Senator Elizabeth Warren, Democrat of Massachusetts, when criticizing how the tax code allows government appointees to defer paying taxes on stock sales.

Not true, says Andrew Ross Sorkin. The crucial point is that the taxes are deferred — not eliminated.

If there is a benefit, it allows executives to diversify out of their own stock. But if they want to cash out and buy a house, for example, they will pay the full tax bill. Some, like Steven T. Mnuchin, the nominee for Treasury secretary, may actually lose money on some of the assets they have to sell because their holdings are in illiquid assets, like private equity funds, that have to be offloaded at a discount.

Of all the potential conflicts of interest that Mr. Trump and his cabinet picks may present, the tax treatment they receive in this instance is not one of them, Mr. Sorkin writes.

 

Trump Triumphant

In Uncategorized on 31/12/2016 at 8:48 am
Donald J. Trump at an American Israel Public Affairs Committee conference in Washington in March. The political right has in Israel has openly celebrated his election as president.

‘Trump Effect’ Is Already Shaping Events Around the World

Donald J. Trump’s election is influencing markets, currencies and government policies as the world bets on how he will rewrite international rules.

Trump pak China, US regulations/ Unionises his htl workers

In Uncategorized on 23/12/2016 at 4:09 pm
From NYT Dealbook:

By Amie Tsang

President-elect Donald J. Trump wants to shake up both relations with China and regulatory issues, and he’s not doing it by halves.
Mr. Trump has named:
• Peter Navarro, a strident critic of China, to lead a new White House office overseeing American trade and industrial policy.
• Carl Icahn, the investor, to serve as a special adviser on regulatory issues.
Mr. Navarro, a professor at the University of California, Irvine, is the only credentialed economist in Mr. Trump’s inner circle. He has argued that China is effectively waging economic war by subsidizing exports to the United States and impeding imports from it. He has also made a documentary called “Death by China,” in which an animation of a Chinese knife stabs a map of the United States.
Some economists actually say that automation is a bigger threat to people’s jobs than globalization.
The appointment highlights a division among Mr. Trump’s economic advisers.
Like Mr. Navarro, Wilbur Ross, the president-elect’s choice for commerce secretary, favors increased trade restrictions. But Mr. Trump’s broader circle of advisers is dominated by proponents of free trade.
Mr. Icahn, who made his fortune as a “corporate raider,” will play a role in the selection of a new leader for the Securities and Exchange Commission. That is the regulator that serves as the referee for his battles with corporations.
His appointment has renewed concerns about conflicts of interest in the administration. It comes just as the Trump Organization has resolved labor disputesthat could have posed other conflicts for the president-elect.
One of those labor agreements provides a union contract to workers at the Trump International Hotel Las Vegas (the hotel had previously refused to bargain with the union). The second agreement eases a hurdle to unionization at a recently opened Trump hotel in Washington.
Eric Trump also said that he had decided to stop directly soliciting contributions for his charitable foundation because he recognized that his status as the president-elect’s son means that donors could try to use him to gain access to his father.

Trump has a point on China stealing US jobs

In China on 22/12/2016 at 5:19 am

In fact three points that mercantilists (think Germany, China and the PAP administration) would agree with.

For President-elect Donald Trump, the biggest issue in the US relationship with China is trade. Chinese imports do cause job losses in the US: up to 2.4m jobs may have been lost, directly and indirectly, as a consequence of imports from China.

Between 1999 and 2011 America lost almost 6m manufacturing jobs in net terms. That may not be as dramatic as it sounds, since America is a large and dynamic place where around 5m jobs come and go every month. Still, when David Autor of the Massachusetts Institute of Technology (MIT), David Dorn of the University of Zurich and Gordon Hanson of the University of California, San Diego, looked into the job losses more closely, they found something worrying. At least one-fifth of the drop in factory jobs during that period was the direct result of competition from China.

Moreover, the American workers who had lost those jobs neither found new ones close by nor searched for work farther afield. They either swelled the ranks of the unemployed or, more often, left the workforce … In subsequent research, the authors found that lost factory jobs also had a depressing effect on aggregate demand (and thus non-manufacturing jobs) in the affected areas. In total, up to 2.4m jobs may have been lost, directly and indirectly, as a consequence of imports from China.

http://www.economist.com/news/special-report/21707834-truth-and-myth-about-effects-openness-trade-coming-and-going

And

And

But mercantilists have to ask themselves one question. In a world where the US$ is the hegemon and which the global hegemon can print at will, they are lending the hegemon the money that the hegemon uses to buy stuff from them: is this wise?

Remember that the Anglo-Saxon kings defaulted on their loans to the Lombards, bankrupting them. OK, OK, it’s the Anglo-Norman kings of England.

How Trump can have and eat his cake, without global tariff wars?

In Uncategorized on 13/12/2016 at 2:46 pm

A central idea is that goods would be taxed based on where they were consumed rather than where they were produced, meaning that imports would be taxed by Washington while exports would not. Tax experts call this a destination-based consumption tax.

From NYT Dealbook:

Shipping containers and cranes in the Port of Jakarta, Indonesia. A destination-based consumption tax means that that imports would be taxed by Washington while exports would not.

New Approach to Corporate Tax Law Has House G.O.P. Support

A business tax overhaul championed by a Berkeley professor could advance President-elect Donald J. Trump’s job-creation agenda without tariffs or presidential deal-making.

Lips to teeth: US’s and S’pore’s position on Taiwan

In China on 12/12/2016 at 5:09 am

====================================

If the lips are gone, the teeth will grow cold
唇亡齿寒

is a chinese saying.

=========================

The US attitude to Taiwan since it was set by Jimmy Carter’s administration in 1979 could be described as constructive hypocrisy. America professes to support Taiwanese democracy and sells it arms to defend itself from its powerful neighbour, while at the same time adhering to a “one-China” policy and refusing to recognise Taiwan as an independent country.

FT

We don’t support Taiwanese democracy (In fact, the PAP and the constructive, nation-building media sneers at it afraid that the sheep S’porean Chinese voters will realise that Chinese can do democracy. Indians always have done democracy (The elites love to talk cock, sing song, steal from the poor  and forget about economic development: think India.) And the Malays don’t matter going by the PAP’s decision to reserve presidency for them every now and then).

And to my knowledge we doesn’t sells arms to Taiwan.

But S’pore adheres to a “one-China” policy and refuses to recognise Taiwan as an independent country. And oh yrs , we train out troops there and send our most advanced weaponry there,

We really old friend of China?

As Global Times right says:

Singapore should learn the lesson that, if it tries to challenge China on important issues, it has to be prepared to bear consequences.

Singapore has long attempted to serve as a bridge or middleman between China and the US, and the mainland and Taiwan. But this will by no means work in the future.

The bilateral relationship used to be based on private ties between former Chinese leader Deng Xiaoping* and late Singaporean prime minister Lee Kuan Yew. But nowadays, a simply state-to-state relationship is more feasible.

There are reports that S’pore executives and business people living in China are worried that they will become the next victims of China’s anger. They only need to see what Lotte and K-pop singers are experiencing in China to see what can happen when China is angry with another govt. SGDaily’s FB wall has a FT article on waz happening to Lotte and K-pop singers in China: their balls are being squeezed hard, really hard.

Related article: http://www.scmp.com/business/article/2053679/weaponising-hong-kongs-free-port-status

====================

*And Jiang his successor too. Harry’s daughter once wrote in ST why Dr Goh Keng Swee’s state funeral had to wait because her dad tot he had to meet Jiang.

Remember at Harry’s funeral, no senior Chinese leader came.

US liberal MSM caught lying again?

In Media on 08/12/2016 at 12:50 pm

From NYT’s Dealbook

The audacity of fiscal hype? – President-elect Donald Trump’s plans might not blow up the budget. “The proposed tax cuts may not have as large of an impact on the government’s finances as some analysts project,” U.S. economists at Deutsche Bank, wrote in a report. – Bloomberg

“If you don’t read the newspaper, you’re uninformed. If you do read it, you’re misinformed.”

What do you think of Denzel Washington’s comments?

Update at 5.08pm:

Salena Zito, writing in the Atlantic magazine, summed up Trump’s election campaign by saying: “The press takes him literally, but not seriously; his supporters take him seriously, but not literally.”

But can the press really stop taking literally what the president-elect says?

That’s quite a dilemma for the next four years

http://www.bbc.com/news/world-us-canada-38188074

Don’t tell Trump but US is sua kee, China tua kee

In China on 04/12/2016 at 5:32 am

One country [China] consumes 40 to 50%  of the world’s commodities. As we saw in coal this year, when China changes policy, it can turn a market upside down,

says Ivan Glasenberg, the CEO of mining and trading house, Glencore.

I remember the time when the world’s commodity markets danced to the tune of the US economy. So should The Donald.

And how can the US be the number one economy in the world?

In 1980, China had 10 percent of America’s GDP as measured by purchasing power parity; 7 percent of its GDP at current U.S.-dollar exchange rates; and 6 percent of its exports. The foreign currency held by China, meanwhile, was just one-sixth the size of America’s reserves. The answers for the second column: By 2014, those figures were 101 percent of GDP; 60 percent at U.S.-dollar exchange rates; and 106 percent of exports. China’s reserves today are 28 times larger than America’s.

After all

China is number 1

  • Manufacturer:
  • Exporter:
  • Trading nation:
  • Saver:
  • Holder of U.S. debt:
  • Foreign-direct-investment destination:
  • Energy consumer:
  • Oil importer:
  • Carbon emitter:
  • Steel producer:
  • Auto market:
  • Smartphone market:
  • E-commerce market:
  • Luxury-goods market:
  • Internet user:
  • Fastest supercomputer:
  • Holder of foreign reserves:
  • Source of initial public offerings:
  • Primary engine of global growth:
  • Economy:

https://www.theatlantic.com/international/archive/2015/09/united-states-china-war-thucydides-trap/406756/

And

A study by the Rhodium Group last month found that Chinese investment into the US exceeded US investment into China for the first time in 2015.

FT

The US is the number one  economy because it’s the biggest importer using China’s and other countries money to buy their exports.

“The US is the number one economy in the world, and its political power and military power are based on its economy.

German industrialist quoted by FT

But Trump is happy because he can nuke China to the stone age before China can launch a single nuclear missle against the US. Now taz tua kee.

Yes We Can

In Uncategorized on 16/11/2016 at 4:47 pm
Have Economic Stimulus

NYT Dealbook

By Amie Tsang

Sell government bonds and pile into stocks that will benefit from a free-spending Trump presidency. That’s the verdict from global investors at the moment.
The financial crisis led to a wave of activism from global central banks to make money available. Investors followed their lead, loading up on long-term government bonds while growth was stagnant and political risk abounded. These investors now seem to be on board with Donald J. Trump’s promise to stimulate the economy.
They are also betting on the price of commodities important to the building business like copper, in anticipation of a pickup in government spending. Bank stocks have been bolstered by the belief that the industry will face less regulatory pressure. Higher interest rates would also help their lending margins.
This is not without its risks. If bond yields — which move up as prices go down— shoot up too sharply, investors in the stock market could get jittery and turn tail, leaving chaos in their wake. A sharp increase in bond market rates will also put pressure on emerging markets if investors are drawn by higher interest rates and a stronger American dollar.

Trumpnomics: Sounds about right this analysis

In Uncategorized on 16/11/2016 at 4:33 pm

Possibility of stagflation. Short-term gain for long-term pain? That’s the view of economists at Goldman Sachs, who argue that Mr. Trump’s policies would offset any positive impacts over the long-run. – Bloomberg

NYT Dealbook

And no leh, Jeff, markets are not easily seduced. They are worse than hookers. They’ll change their opinions and analyses to vindicate the victor.

By Amie Tsang
Stock markets are easily rattled and they don’t like uncertainty. But they have been on the up since election results came in, so does that mean we are in for more of the same this week and in the long term?
We don’t know. But, Jeff Sommer says, it does mean that markets are easily seduced. The uncertainty around how Donald J. Trump could mean that the bar was set low for him — and the appearance of normality is enough to keep bears at bay. The Republican sweep of Congress also makes it less likely that there will be gridlock in Washington.
And then there are the campaign promises that could promote growth and corporate profits. (Some of them could do the opposite, too.)
Even if we knew how all of them were going to be enforced, it would be hard to know exactly what the result would be.
And markets have historically been bad at pricing in hard-to-predict seismic events. So what do we do?
“After so much inaccurate prognostication about what the near-term market effects of a Trump victory would be, having some modesty about our ability to predict how his policies will play out in the years ahead is very much in order,” Neil Irwin writes.
While this plays out, here are some of the battlegrounds that lie ahead.
Tax Cuts
Republicans want tax cuts and the president-elect wants tax cuts. But they don’t always want quite the same ones.
Mr. Trump has said he was determined to get multinational companies to pay their American tax bills every year. The sting would not be as great if he also cut corporate rates and allowed credits for foreign taxes paid.
House Republicans have been pushing for a territorial system, in which businesses are taxed solely on goods and services sold in the United States. But that encourages businesses to shop around for lower tax rates, ultimately shifting profits and jobs overseas — not ideal for a president who wants more jobs in the United States.
Mr. Trump is expected to insist on a deduction for interest paid on debt-financed projects, a provision dear to real estate developers. But otherwise, he may keep his ideas broad, leaving Congress to pin down the details.
The Federal Reserve
Mr. Trump has embraced criticism that the Federal Reserve is creating more problems than it is solving, and his advisers would like to rein in the institution. Mr. Trump could overhaul its leadership, filling a majority of the Fed’s seven-seat board with his nominees over the next 18 months, even replacing Janet L. Yellen, the chairwoman, in February 2018.
Fed officials have opposed increased congressional oversight, saying that would infringe on the central bank’s operational independence, and they are now facing the possibility of a harder push for changes from emboldened Republicans.

From NYT Dealbook

Simpsons’ 2000 episode tells us what Trump’s economic legacy will be

In Uncategorized on 15/11/2016 at 7:28 am

Bart To The Future, first broadcast in 2000, showed how the lives of the main characters might turn out.

A grown-up Lisa Simpson was seen as the White House incumbent, explaining to her staff she has “inherited quite a budget crunch from President Trump”.

She then asks her secretary of state, childhood friend Milhouse Van Houten, how bad the country’s finances are as a result of Trump’s time in office. He replies: “We’re broke.”

http://www.bbc.com/news/entertainment-arts-37936369

Well his plans for massive infrastructure spending while cutting taxes sure look that the US will have a massive deficit wen he leaves office.

http://www.economist.com/news/united-states/21710013-congress-can-constrain-only-parts-donald-trumps-economic-policy-strap-up

And

Add in the infrastructure spending Mr Trump also wants, and the economy could get much hotter ..

For the record, his infrastructure plans (up to US$1 trillion) are a lot bigger than Socalist Bernie’s plan.

Update at 2pm: A wave of selling sweeping across bond markets resumed on Monday as investors continued to digest the impact of a Donald Trump presidency.

[S]ince inflation and interest rates are seen as likely to rise, investors are seeking assets with a more attractive return. With a Trump administration promising economic stimulus through spending and tax cuts, investors are worried about putting money into low fixed-payment assets, such as bonds.

How Microsoft avoids US taxes using S’pore

In Uncategorized on 24/09/2012 at 5:10 am

The US started kicking the Swiss banks in the head over US citizens evading US taxes via Swiss banks.  Will the US “tighten the screws” on the likes of MS, and will S’pore get caught in the row? Watch and wait.

The hearing featured a case study involving Microsoft’s shifting of IP rights for software developed in America, and the earnings that flow from them, to divisions in lower-tax Puerto Rico, Ireland and Singapore. One witness, Professor Stephen Shay of Harvard Law School, pointed out that in 2011 these three units enjoyed an average effective tax rate of just 4% and managed to book $15.4 billion of pre-tax profit—55% of Microsoft’s worldwide total. Their 1,914 employees generated an eyebrow-raising $8m of profit each, compared with $312,000 each for the 88,000 working in the rest of Microsoft. Whether or not this apportionment of profits complies with transfer-pricing rules, it is “not consistent with a commonsense understanding of where the locus of Microsoft’s economic activity…is occurring,” said Mr Shay. The claim that fair transfer prices were paid is “just not credible given the bottom-line outcome,” he added.

In 2011, the Senate investigators asserted, Microsoft’s parent company was paid $4 billion by Ireland and Singapore for rights that the two subsidiaries used to generate three times that amount in royalty payments from other bits of the group …  A Microsoft man who was grilled at the hearing said the staffers’ sums ignored hefty, regular “buy-in” payments that the foreign subsidiaries have to make to the parent.

http://www.economist.com/blogs/schumpeter/2012/09/corporate-tax-avoidance

Why Lord Rothschild is focusing on US

In Energy, Temasek on 10/07/2012 at 6:50 am

Recently Lord Rothschild, a 70-something deal-maker and shrewd investor, teamed up with the Rockefeller* family office. He said the US was the place to invest in because of its growing oil production. The two charts in this link explains what he means.

Well Temasek is buying into North America, though its flagship investment is one dog with fleas https://atans1.wordpress.com/2012/05/27/temasek-the-gd-the-bad-and-the-ugly/

Interestingly Lord Rothschild, unlike Temasek, has no plans to invest in Europe. BTW, he has a palace on the Greek island of Corfu. Time to buy the island?

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*The first rich Rockeffer made his fortune in oil refining and distribution.

Financial secrecy: S’pore is only 6th

In Banks on 04/10/2011 at 4:29 pm

In a new index on financial secrecy, S’pore is only ranked sixth. The Financial Secrecy Index 2011, puts Switzerland on top, followed by the Cayman Islands, Luxembourg, Hong Kong and the USA.

The Tax Justice Network, the group behind the report, says, “[A] secrecy jurisdiction provides facilities that enable people or entities escape or undermine the laws, rules and regulations of other jurisdictions elsewhere, using secrecy as a prime tool.”

The government’s policy is to encourage the growth of wealth management here so that S’pore can be the Switzerland of the East. Well, the central bank and the Attorney-General’s Chambers have a lot of work to do to make S’pore a better secrecy jurisdiction. Hong Kong is a better secrecy juridiction than S’pore. And S’pore and Hong Kong are rivals in the race to be the leading wealth management centre in East Asia.

At least, this report shows S’pore is a better global citizen than Switzerland, Hong Kong and the USA. But where’s the money in being a responsible, decent chap?

Side-effect of Japanese reconstruction

In Economy, Japan on 15/03/2011 at 6:40 am

Higher US (and global) interest rates are in the offing as Japanese govt and investors sell US treasuries to raise funds for reconstruction. Remember Japan is the second largest investor in US government paper. China is the largest.

Reasoning.

If so, S’pore’s interest rates could go up. What with Mah Bow Tan building more HDB flats and plenty of private supply coming on-stream, we could be in for some interesting times. And all these before factoring-in a possibility of a US recession as interest rates rise,