THE TEMASEK REVIEW

Fairplayplease:

There is poverty in all so-called advanced economies. Karang Guni exists for as long as my living memory but there is a subtle rub here. BEGGING on the public street, unlike in US, UK, Australia etc etc is NOT ALLOWED in here. This concealed the true depth of poverty.

Things were rosier before but in recent years, there is an EMERGING AND GROWING strata of urban poor not seen in the early 90s as fast emerging China and Malaysia etc etc slowly “hollow out” our manufacturing sector just like Hong Kong. Hong Kong is slightly different, with China as its backyard, Hong Kong could build a vibrant service sector. Singapore relied on foreign multi-nationals (MNCs) and Government-linked companies (GLCs) for employment support.

But MNCs are predatory economic animals and Singapore is NOT the only zoo where they find it permanently convivial to live and thrives. If you have travelled and lived the way these migratory MNCs in foreign abode, you will notice that it is NOT unique. Domestic manufacturing in Australia has been practically wiped out from their GDP statistic. Worse still for New Zealand whose dairy farming has gone “high tech” like manufacturing business elsewhere. Singapore faced with enormous pressure to continuously “recycle” those departing MNCs with newer ones which requires new skill sets not always available. Imagine if you are an accomplished mobile phone design engineer with long track of experience but your MNC moved to China, do you have skills set to take the job of MP3 factory that is just starting up? Your skills and experience is immediately re-cycled out into the industrial scrap heap. This is reality. Meanwhile the GLC dominated and squeezed out the domestic enterpreneurs – they had deep pockets and preferential treatment of operating rules. Case in point,Post Office Savings Bank (POSB now part of GLC-linked DBS) grew its domestic base very fast. Why? deposit interest income there is tax-free but deposit interest income from all other banks taxable. When you talking about nearly identical interest rate offered by all banks, who would not be stupid to leave most of their deposits with POSB? Education – another quirky sector with subsidy from Skill Development Fund (SDF). This industry is tightly regulated. Government-supported institutions incorporated behind the respectable umbrella of “non-profit” making institution get complete financial support. How? All working Singaporeans,by compulsory legislation, paid a small levy of their gross income to a common fund and if they enrolled in a course in this selectively “approved non-profit” learning institutions, 90% of their fees will be paid out of this common pool. But if you enrol in a skill development programme run by privately-owned commercial school, you pay 100% of your fees!! Who would enrol in private commercial school??? NOTHING INHERENTLY WRONG IN THAT BACKDOOR SUBSIDY for selected for blue-eye boy and girls treatment – the problem is how is private sector going to grow and give Singaporean jobs and future?? In the last 5 years, the official mindset have changed because we need to grow the education sector just like Australia, UK, USA, New Zealand – IT IS NO LONGER US (the Government backed institution) AND THEM ( private school entrepreneurs), it is US ( Singapore educational sector) and ALL FOREIGN COMPETITORS!!!

BIG MISTAKES WERE MADE IN GOVERNMENT’S SHORT SIGHTED ECONOMIC POLICY AND MANAGEMENT. GLCs while predatory tigers in the home turf, make it nowhere outside Singapore saved of a handful few like SIA, Singtel, Keppel, DelgroComfort. And in these debacle, MSM keep up with its self-flattering ego that ALL IS WONDERFUL AND WELL even as more and more skilled workers get tossed into the industrial scrap recycle heaps.

Now with China, India and Vietnam rising so fast, we are also drowning and drowning faster EXCEPT THAT WE ARE IN DENIAL. On a heartening note, more and more Singapore-incorporated business are setting their foot-print on the global stage. THEY HAD BEEN SQUEEZED OUT FOR TOO LONG. We need these enterpreneurs to succeed international and fast. Why? because our entreport trade hub is not that sexy anymore. Malaysia’s port sector is also competitive and shipping routes is now more direct from producers to customers. MANUFACTURING PATTERNS ALSO CHANGED. How? GE, for example, might make washing machine parts with factories in Thailand, China, Malaysia, Turkey, Ireland and final assembly might be in Mexico. Who needs Singapore as the entreport port, when all these GE contract manufacturers in different locations need to ship parts DIRECTLY from factories all over the world direct to Mexico??

The world has changed and Singapore found itself left behind and still in complete denial – TOO MANY CATERPILLAR MINDS AROUND.

So sickening in the mind of this BLOODY SINGAPOREAN

Jackson Lim:

Malaysians are just jealous of our progress. We, Singaporeans, aren’t going to bite the hands that feed us nor are we going to wash dirty linen in public. We are Singapore, Singaporeans!

You just have to stop your half-century discriminatory racist NEP practices against your fellow non-Muslim Malaysians,

Someone:

Yes, I love a country where….

You have tons of new equipments sitting in their store while they rely on outdated equipments. And the best part is… they pay 50% more for the new equipments.

A guy was caught with a pack of heroin and charged with murder…. Guess what….. it turned out that it was a mistake, it was just a pack of talcum powder.

List ‘Ecstasy $20 pill’ on their nightclub’s drinks menu.

You can buy back your confiscated pirated disc from the custom office immediately after a raid.

You read about a murder, robbery or rape every other day in the papers.

The list goes on….

I really enjoyed my 3 years stay in a society which money talks!

Fairplayplease:

Karang Guni are NOT businessman in the conjecture of mind thought. They are self-employed, NOT workers of businessmen or corporation involved in re-cycling as a rich business. When I sold my old newspapers years ago, the price I get is maybe 5 times what I received now (if I sell) – 5 years is 5 years of DECLINING LIVING STANDARDS for these scrap heap employment (whether one calls it scavenger or business). I DONT SELL ANYMORE my recycle papers which I do for pocket change before. I GIVE to whoever lucky to horn near where I live and it is the same for my immediate relative living nearby. My friend living in condo tells me, they dumped into a common receiving cage-like container – give, not sell.

I had also noticed that with recent times, the number of Karang Guni calls per day has increased – anecdotal evidence of INCREASED competition on RAZOR-THIN margins. They used to buy second-hand clothes for sale to Indonesia but it is NOW BANNED for health reasons. A lot of hardwork on the move and the “products” they trade in shrank over the years – these COMPELLING EVIDENCE of INCREASING poverty as more people ventured into this trade of cut-throat survival.

I sold an used working tv set recently for bare $15, the mobile stand cum glass covered storage space beneath found NO buyer – not even if offered to give away to the lucky “scavenger” who bought the tv set.

LIFE IS REALLY TOUGH FOR THESE PEOPLE. LET US FACE REALITY AND NOT PRETEND OTHERWISE.

randomnessinmind:

@fairplay:

Alright….I suppose you’re right not labeling them as businessman. But I still won’t call them scavengers, it’s a little insulting. You don’t seem to know how flea markets work do you? Still it’s getting thougher for them to go by due to the increase of competition the past years. I happen to know a few who used to do quite well for themselves selling used stuffs.

Life’s still though now for many people…and we do well to help them in anyway we can. But there’s just a limit to what we can do. I just wish we had a more caring government. 3 more years, or is it two?

Tony P.:

Haven’t we all heard this before – “Denial is bliss”.
When the pain gets too great, many will choose denial and ignorance; sometimes its better to stick one’s head in the ground and pretend everything is alright and fine.

A serious social issue is currently bursting at its seams ~ over the years, the rich-poor income gap has widen ever more. The poor got poorer, the lower middleclass were driven further down the social strata (with many joining the ranks of “poor” every year); the upper middleclass are still struggling to survive with a lucky few, fortunate enough to upgrade into a “comfortable” level and the rich even more wealthy than ever.

Over the past decade, the upper middle and rich folks are able to take advantage of events of either elevate/cement themselves in their present fortunes of power and wealth and forming the foundation blocks of the “elite” class. They are enjoying the times of their life’s, preferring to believe that they are living in a world of paradise; hence the much-talked “denial” of other lesser fortunate countrymen’s’ plight.

The poor on the other hand, are struggling to survive on a daily rate ~ were too pre-occupied and numbed to consider their options. An oppressive, high-handed government (mostly run by the “elite” class) did very little to help. Over the years, I have learnt the hard truths of live ~ keep a person low down long enough, sooner or later, he will BELIEVE that he is low and be resigned to his “fate”. As the majority of Singaporeans forms the lower middle and poor group ~ this would explains the general resigned sentiments felt by the public ~ which external observers would render as “denial” of our country’s shortcomings.

The truth is the public have been put down so many times, brainwashed in a systemic manner (from young, “contaminated” through PAP’s version of education), handicapped by a series of politically-motivated government policies ~ into believing that nothing they can do will EVER change the state of affairs in Singapore. They were made into believing that they are not as good as the “elite” class and for their own good, better to subvert their rights to these elitists’ ~ who by nature’s “virtue” (born in a financial comfortable environment, good education, “genetically” smarter) are “default” to be “better” leaders to lead the country.

How wrong can we get?!?!?!

I am a true blue Singaporean and my heart cries for Singapore every time I’m back home.

Each trip back home would unveil new progress for this little lion city ~ but if one is to look deeper, you will realized that the progress is only a facade and only applicable for foreigners and the fortunate local few; Society as a whole has gotten poorer, peoples’ life have gotten harder — its like 1 step forward, 2 steps back (with the brunt of the burden being imposed onto the shoulders of average Singaporeans).

Fairplayplease:

@Patriot missile,…ComfortDelgro at least had some success. I see NOL is better achiever in this regard after so many stumble with “foreign talents” NOL is incorporated in 1968 or just after independence from memory floated their shares at around $4 per share, their sharholders suffered for very long as losses drained shareholders value. Intraco, to me, should have been a marvel of a success as a trading house. Singapore reputation and reality as an entreport hub among the busiest in the world PLACED THEM AT PIVOTAL POSITION to harvest opportunity and grow spectacularly.

I was its shareholder for very long, exited its share register some 20 years ago. Thank GOD is called it a dub investment for me. I will le reality do all the talking. By all account of Singapore’s trading position and Government-backed trading house, I invested in the expectation that it would become a giant trading house like Mitsubishi of today with investment in all trading sector, manufacturing, and resource development on a titanic scale in 5 continents.

If we had the likes of 20 Mitshubishi Corporation or General Electric Inc incorporated populating the world and owned by the Government of the Republic of Singapore, the whole world can have a meltdown, we can continue to party on. WE DON’T HAVE TO WORRY ABOUT UNEMPLOYMENT IN THIS LITTLE RED DOT because the tax proceeds from these businesses called Singapore International Inc. can be used to pump up our small domestic economy.

But alas, we still dependent on MNCs for employment. These animals are temperamental and greedy. They leave caterpillars to starve when they vacates for greener pastures elsewhere and we don’t have our own MNCs to keep us afloat using offshore bases as the battlefront knowing that the 700 km land here is just living quarters and service HQ offices in support,

Fairplayplease:

@True-blue Singaporean… I like your comment..Selective blindness doesn’t make the problem go away. Admitting that there is a problem is the first step. We shouldn’t especially wait for Malaysians or other nationals to rub it in to us…”

That is spot on of a “blue-blooded” Singaporean. There is an entrenched mentality in some quarters of this society that dissenting views equal opposition views = anti-national elements and must be oppressed by all means. Not being long here in this blog, moronic caterpillar minds have screamed at disagreeing contributors to leave this country as if it belongs to them. A lot of dissenting views are true-blooded Singapore eager to see this country advance forward, even for Singapore who have migrated overseas or now working overseas. I met many.

There seems to be a dynamic inertia emtombed in political mindset here celebrated with equal enthusiasm in much of mainstream media. Glib MSM headlines concealed reality and substance of details – preferring that readers bury-their heads-in-the-sand journalism. Some of the myths presented include
- flexibility in downturn by downgrading to other sectors with skills up climb up the ladder using prior skill set. Out of 10 who downgrade to another sector, how many managers position is available in that “new” sector. The reality is you downgrade to economic poverty and imprisonment of no hope.
- the economy’s expected massive fall exceeding this June quarter is due to our open economies. Really??? Which economy in a globalised competitive structure is NOT an open economies or any less exposed to external pressures?? It is the same kind of hoax rubbish one reads in financial news – ‘decoupling of Asia from US, and now the same “sexy” bull shit that China’s economy recovery is dependent on US consumer demand – ONE WAY DEPENDENCY, instead of two way which US products also finds it way into Chinese market. Nearly 16% of Australia exports goes into China and China supply nearly 15% of Australia’s import annually. Since there is mutual dependency, how come Australia’s super exposed economy only had a marginal decline while Singapore is expected to fall over 10%? And if this is still true that financial turbulence caused major fall in exports, well is the stability in financial market bringing in the exact reverse of over 10% growth in the next quarter? And if the external huge shock impact of the June quarter is non-recurrent, how come our Finance Minister warned of prolonged tough times ahead for years WITHOUT EXPLAINING WHY this long dated forecast is reliable of compelling conviction?
And we are today warned that “preserving jobs are top priority” Isn’t that is telling of tough times ahead, and the myths of externally-induced shakedown claimed in MSM in June quarter story-telling suitable for children story-book?

There are tough times ahead which requires COLD BLUNT ADMISSION OF FACT, and reworking of strategy that is no longer workable in the new economic landscape post the meltdown. Until and unless we acknowledge flaw in strategy, how can we change direction for the better?

My own take is that unless you find a viable niche of subtance and maybe rework our core strategy, this country is heading very fast for economic extinction. The faster China and India rise, the faster we sink down the hole of economic oblivion. It is another myths that China and India rise will complement our growth – IT IS NOT A LAW WRITTEN IN HEAVEN AND DESTINED FOR YOUR GOOD FORTUNE. These countries have their own national interest to protect. Just look at how Rio Tinto spy case issue now boiling inside China – the state security, economy and global business all package into one force of massive thrust – never mind international implications of harmed foreign interests – it is China FIRST even though Australia is a very important resources supplier. What are we in China’s calculation…. I shudder to think they put us first. Don’t kid ourselves.

There is also some in this blog who respond attackingly against Malaysia. Singapore is my country. Our allegiance is here – definitely. But nationalism based on “putting down” foreign neighbour is false patriotism. If Malaysian rubbish us, may view is – So what?? I am NOT looking for praise ( which conceals the stupidity of my weakness) NOR eulogy ( which is not heard in my death). I will let the reality of achievements of my country to showcase to the world AND DO ALL THE TALKING.

Is this not better????

Chim Moi:

this place is OECD’ tax haven grey list. best thing to do is to attract corrupt government officials and dirty businessmen to live like kings here. so why wonder so much if the old and poor people are treated like worthless animals?

Agape really Xue?:

Where is Agape Xue & the rest of his monotonous cronies? Can’t wait for them to repeat their crappy broke record rhetorics?

XisD Tay:

singaporeeyes said: Where did the money to raise our hardworking senior citizens’ quality of life go? $65 billion of their retirement funds was just thrown down the drain like dishwater by Temasek. Total financial disaster.

It was an honest mistake and Sinkaporeans being short on memory will soon forget about it.