Thursday, 30 May 2013

Who Deserves Our Wealth?

Baby621
whodeservesourwealth

I am very pleased that Jeremy has set out in writing his reasons why he disagrees with my proposal for the privatization of Temasek and GIC and the distribution of shares to Singaporeans.   I hope we will see more of his ideas on this subject or anyone else’s for that matter. Unfortunately Jeremy’s disagreement seems to stem from a basic misconception and a failure to grasp what the process of privatization and public listing of a previously nationalized  asset entails. As he has misunderstood the process much of what he has written makes little sense.

Before we get into that mess let’s start with areas of common agreement. Happily we both agree that there needs to be more transparency. However Jeremy seems to accept the government’s own figures for its budget surplus which I most definitely do not.

Our government’s budget figures are not set out in the format described as  ‘best practice’ for governments by the IMF and in general use by advanced democracies worldwide.  As a result our budget contains discrepancies which makes it impossible (even for me) to decipher and gauge true values. I first alerted Singaporeans to these discrepancies in 2012 here.

read more 

Singapore PR from Indonesia: Thanks for the free scholarship and a job at NEA, but I am returning back to my country to run for next election
Malaysia Star, 28 May 2013
HE MAY be only 26, but Singapore permanent resident Yoga Dirga Cah­ya hopes to run in the next Indone­sian election to become the first MP representing 4.5 million Indonesians living overseas.
The Indonesian citizen’s candidacy was confirmed by the National Mandate Party, a party under the ruling Democratic Party coalition, last month. 
Hailing from Jakarta, Yoga came to Singapore at the age of 18 to study at Nanyang Technological University’s School of Biological Sciences, with the aid of an Education Ministry tuition grant. 
He served out his three-year bond at the National Environment Agency (NEA) while volunteering with the Indonesian community here. Full story

Also read:
Permanent Residents’ Windfall – At What Cost? - Bluta.com.sg



Related:
Singapore PR aims to run in Indonesian election - TR Emeritus

read more


Permanent Residents’ Windfall – At What Cost?

We noticed that a recent post on the Straits Times (ST) forum page pointed out a disturbing trend in our housing market.

A reader wrote in to say: “While house-hunting in the HDB resale market recently, I came across a number of permanent residents (PRs) who were selling their flats as they were returning to their home countries or emigrating to other countries.

A few property agents have told me they are seeing more PRs doing so.”

read more 

MORE PRS SELLING HDB FLATS WITH HEFTY GAINS BEFORE RETURNING HOME



While house-hunting in the HDB resale market recently, I came across a number of permanent residents (PRs) who were selling their flats as they were returning to their home countries or emigrating to other countries.

A few property agents have told me they are seeing more PRs doing so. This brings me to question the true intent of some PRs when they buy HDB flats.

Clearly, they stand to make hefty capital gains from selling their flats. Some become “instant millionaires” when they return home, especially to developing countries, after working in Singapore for several years.

read more

Too much money we can afford some luxuries

We are so rich as a country. In fact we are the richest country in the world on a per capita basis. No I am not complaining. You cannot complain about being the richest people in the world unless one is crazy.

We are so rich, some becoming multi millionaires, millionaires or half millionaires, and we also have one of the largest national reserves to boot. I think the govt must be feeling very good, smiling at the statement of our reserves everyday. There is nothing wrong with this either. Why shouldn’ t the govt smile when we have so much money to spend and to buy whatever we want, including luxuries?

Like all the rich tycoons, as a super rich, we have the spare cash to go for a little bit of the nice things to make us look good and feel good, buy whatever we fancy. We can have the things that are good to have but not really necessary. Why not, when we can afford them?

read more