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http://www.todayonline.com/voices/white-paper-about-economy-not-babies
TODAYonline
Voices
White Paper is about the economy, not babies
From Corinna Lim - 08 Feb 2013
Both proponents and critics of the White Paper have the misconception that improving the total fertility rate (TFR) will reduce the need for migrants and enable Singapore to maintain a “strong Singaporean core”.
This notion must be disabused because it leads our parliamentarians and policymakers down the wrong track. Also, Singaporeans should not be made to feel that they should accept high levels of migration because it is their fault for not having more babies.
We should be clear about the two main justifications for migration: Long-term demographic challenges (low fertility and an ageing population) and short-term economic growth (to address labour shortage issues).
TFR is all about the former, which we should not conflate with the latter. We have let in so many people on our island in the last decade not to make up for Singaporeans not having babies but to address labour shortages to achieve our economic goals.
The Institute of Policy Studies paper, Scenarios of Future Population Growth and Change in Singapore (2011), showed that increasing TFR, even to 1.85, is not going to make much difference to the resident population.
In 2030, the difference in the citizen population between a TFR scenario of 1.24 and 1.85 is 110,000 persons (3 per cent). So, improving the TFR is not going to stop our Singapore core from shrinking or ageing.
This does not mean, though, that the State should not do its best to ensure that all families get as much support as possible to ensure high quality of life.
The Population White Paper states that to maintain the citizen population as though we had a TFR of 2.1, we need a maximum of 25,000 new citizens per year. It envisages that the Permanent Resident population would remain stable, even with an annual intake of 30,000.
The remaining migrants are allowed in purely for economic reasons, that is, for every person who comes here to replace our shrinking citizenship, more persons are allowed in as transient workers. This is what the debate should focus on instead of lumping economic and demographic issues together. The question should be: What are the alternatives to increasing the population with more transient workers than citizens?
For example, what can be done to get more people here into the workforce? After all, there is, at any one time, more than 30 per cent of women who are not doing paid work and many people above age 65 who want to continue working. Singapore students, too, can be encouraged to participate more actively in part-time work by further opening up the economy to them.
Second, how can we increase productivity of the workforce?
Letting in more transient workers is counterproductive, as cheap labour lessens the incentive for businesses to improve productivity.
These are not easy questions to answer. So, for starters, let us stop confusing workforce issues with babies. This would lead to a clearer debate on what strategies we should employ to address short-term economic issues and long-term demographic issues.
http://www.straitstimes.com/premium/forum-letters/story/the-four-groups-foreigners-20130208
Straits Times Forum
Published on Feb 08, 2013
The four groups of foreigners
THE issue of foreigners in Singapore has been debated many times, and especially so in recent years.
We will have to continue bringing in foreigners in order to achieve our economic goals and ensure a sustainable population in future.
Our policies should be calibrated to ensure that we bring in the right kind of foreigners.
There are four categories of foreigners.
First, there are the investors and job creators. These are the high-fliers whom we should target and ensure they take up citizenship.
They bring in investments and help to create jobs for Singaporeans.
Usually, they will take up permanent residency and it is not easy to entice them to take up citizenship as they are highly mobile.
Second, there are the professionals, managers, executives and technicians. They can be found in almost every sector, working in factories, offices, restaurants and so on. They are mainly at the middle management level and hold employment passes or S-passes.
There is also a tendency for them to recruit their own countrymen when they are in a position to hire workers.
They come here mainly to make money and will return to their countries once they have earned enough.
Most grouses are directed at this group because they are taking up jobs that Singaporeans can do. They have also been blamed for the tight squeeze on public transport and the high prices of houses.
We should slow down the intake of this group.
Third, there are the low-end foreign workers. This group can be found mainly in the construction, shipyard, cleaning and hotel industries, in jobs that many Singaporeans shun.
We do not see them very much in our day-to-day commute because they are usually ferried by lorries between their dormitories and workplaces.
Once their contracts end, they will return to their countries.
Singaporeans do not see much problem with this group as they are needed to build our infrastructure.
Lastly, there are the foreign spouses of Singaporeans.
Some lower-income male Singaporeans marry women from the neighbouring countries. Despite settling down and having children here, these foreign wives do not qualify for citizenship because of their lack of qualifications.
They are given long-term visit passes that have to be renewed. This can potentially break up the family.
These foreign wives should be granted citizenship as their husbands and children are Singaporeans. They have also contributed by giving Singapore the babies it needs.
Goh Geok Teck
http://www.straitstimes.com/premium/forum-letters/story/revise-foreign-labour-policy-help-sporeans-20130208
Straits Times Forum
Published on Feb 08, 2013
Revise foreign labour policy to help S'poreans
I WORK in a large multinational corporation (MNC) and have witnessed the waves of foreign executives relocating to Singapore ("Call to relook curbs on foreign worker inflow"; Monday).
These expatriates hold mainly top-level executive posts. In recent years, they have been bringing in mid-level executives from overseas, usually from their own countries.
I know of many Singaporean colleagues who vied for these posts but were not even considered.
We pride ourselves on having a world-class education system. Surely, after all the years of rigorous studying, our local talent is well-qualified to take up executive roles in these firms. But why is this not happening?
Simply put, there is no requirement for employers in MNCs to first look at the local talent pool.
At the ground level, these hiring managers are themselves foreigners, and they have no moral obligation to hire Singaporeans.
At the policy level, there is no incentive or regulation in place to make companies hire Singaporeans over foreigners.
I echo MP Foo Mee Har's comments in Parliament on Monday that "many consider the current employment pass system somewhat liberal in its assessment of foreigners vying for attractive PMET jobs" ("'Instil confidence that Govt is for the people'"; Tuesday).
I urge MPs who work in the private sector to speak up on behalf of local professionals, managers, executives and technicians (PMETs) who are facing intense job competition and unfair hiring practices.
As a young graduate applying for a job in the United States, I found that companies there had to prove they were unable to hire US citizens before they could recruit foreigners. Also, there was an annual quota on employment visas for foreigners.
In Australia, the authorities allow foreign professionals and executives to work there only if they possess the skills specified in the "skilled occupation list". This list is updated regularly, with skills added or removed depending on the needs of the country.
I urge the Government to revise our policy on employment pass holders to ensure that local fresh graduates are able to find jobs, and that there are opportunities for them to advance in their careers.
I am not against bringing in low- or semi-skilled foreigners to work in areas shunned by Singaporeans, but there should be tighter controls on the hiring of skilled foreign labour. These foreigners should be hired only in specific or niche industries where there is a true shortage of local talent.
Furthermore, MNCs and other companies that wish to employ foreigners on employment passes should pay some form of levy, just like employers of work permit and S-pass holders.
Bernard Chong Seow Ming
http://www.straitstimes.com/premium/forum-letters/story/adopt-nuanced-approach-foreign-labour-20130208
Straits Times Forum
Published on Feb 08, 2013
Adopt nuanced approach to foreign labour
THE Association of Small and Medium Enterprises (Asme) is spot-on in its comments on the loss of professional, manager, executive and technician (PMET) jobs to foreigners ("Call to relook curbs on foreign labour inflow"; Monday).
The Government adopts a broad-brush approach in dealing with foreign labour and applies the same yardstick when adjusting the inflow of PMETs and low-skilled workers.
In recent months, the Ministry of Manpower (MOM) has raised the salary criterion for allowing employers to hire foreign PMETs.
In spite of this, I see many young foreigners taking up PMET jobs in sectors such as financial services. Did the employers really try to fill these jobs with Singaporeans first?
The Government should use a calibrated approach to foreign labour as suggested by Asme. It should allow more low-skilled foreign workers, as they take up jobs that Singaporeans shun.
It should be mandatory for companies seeking to hire PMETs to look for Singaporean talent first. Only if they are unsuccessful in their search can they seek MOM approval to hire foreigners.
The MOM, for its part, should carefully examine the employers' claims before allowing them to hire foreigners.
If such a nuanced approach is not followed, Singaporeans have every reason to doubt the White Paper's projection that two-thirds of Singaporeans will be PMETs in 2030.
Of course, this proportion is possible if the PMET population in 2030 consists of a large number of new citizens. But it would still leave out the "core Singaporeans" who bear greater national responsibilities.
Hariharan Gangadharan
http://www.todayonline.com/voices/retirees-encouraged-work-not-wanted
TODAYonline
Voices
Retirees encouraged to work, but not wanted?
From Chen Sow Lin - 28 January
I am a 61-year-old who falls into the PMEB (professionals, managers, executives and businessmen) category, and who had worked in operations for 19 years.
Encouraged by the Government’s call for able and fit retirees to stay in or join the workforce, I applied for some jobs, as I am a workaholic. I also wanted to supplement the finances of my two daughters, who started their tertiary education last year.
I registered myself with the Workforce Development Agency and the officer on duty was even kind enough to help me register with an agency specialising in assisting PMEBs in looking for work.
When I saw three administrative positions listed on the Careers@Gov portal, I applied even though I am overqualified, as I know that I have limitations as a retiree and I was willing to settle for a clerical position.
When I was turned down, I assumed that the jobs went to someone else and I accepted that.
But, to my surprise, I found that the same positions later reappeared on the website.
I appealed to my Member of Parliament for help and received a vague reply saying that the North West Community Development Council would follow up with me, but until now no one has called me back.
Neither have I heard from any of the other government agencies I have applied to for jobs, even with my experience in a specialised field.
The implication is that retirees are not wanted and only those who have worked up until retirement have a chance to extend their employment.
Our Government is encouraging us to work but I am very disappointed that nobody seems to want us.
This is forcing me to consider social welfare when I do not want to live on charity and am still capable of working.
http://www.tremeritus.com/2013/02/08/amy-khor-do-you-know-you-just-shot-yourself-in-the-foot-today/
Amy Khor, do you know you just shot yourself in the foot today? (http://www.tremeritus.com/2013/02/08/amy-khor-do-you-know-you-just-shot-yourself-in-the-foot-today/)
February 8th, 2013
Taking issue with WP’s proposal to go for slower GDP growth during today’s Parliament session, you warned that this would mean a reduction in the corresponding total workforce growth of 0.5 per cent per annum for the next two decades.
This, you said, was drastic as businesses were already decrying the current restrictions imposed by the PAP Government.
You then went on to argue that raising productivity would not compensate for the reduction in manpower as there was a limit to its growth.
You said: “Whilst raising productivity through innovation, technology and process improvement can help reduce their dependence on labour. There is also a limit as to how far this can go. Already, the productivity targets of 2 to 3 per cent per annum till 2020 and then 1 to 2 per cent per annum after 2020 to 2030 are stretched targets.”
Referring to the past decade of declining productivity growth, you claimed that: “…we have, on average, only managed productivity growth of just 1.8 per cent per annum over the last decade. This is despite generous incentives for companies to take advantage of and numerous discussions with business groups and employers to refine the schemes and ease the path for firms to access them.”
Now let’s talk about productivity.
Your statement is as good an admission that the PAP’s productivity drive in the past decade has failed.
Indirectly, you would also arrive at the conclusion that this declining productivity can in fact be attributed in part to the foreign manpower policy of your Party.
As many analysts have observed, the widespread availability of cheap labour in the past decade has caused businesses to eschew productivity growth.
See: http://singaporemind.blogspot.sg/2012/04/breaking-out-from-cycle-of-cheap-labor.html?m=1
Given this therefore, it is baffling that you are still relying on the obsolete and simplistic correlation between workforce, productivity and GDP growth, when the important byword today is Singaporeans’ welfare which is at the centre of WP’s proposal.
In rebutting the WP, you have also conveniently ignored its point about not viewing our senior citizens as a burden but as a precious resource we can tap on.
If you and your fellow rich elite comrades had spent some time listening to the ground, you would have realized that today, an oft-heard complaint is the lack of re-employment opportunities among Singaporeans above 40 years of age, as employers have a ready pool of cheaper foreign “talent” to draw from.
How can a 40 plus year old Singaporean with a family to feed compete against these foreigners who have little commitment and protection here and hence, can be made to work much longer hours? Between the two, who do you think an employer will choose, may I ask you?
Next, we go on to your point that local businesses are already decrying the reduced foreign labour quota which was set in relation to a productivity target.
You mentioned that the productivity range set by your Government is already “stretched”.
But have you and the PAP Government examined what underlies productivity growth, apart from throwing money at the problem – which the PAP always does in any case – through productivity grants?
Improving productivity goes beyond merely implementing automated solutions.
At the heart of productivity growth is human motivation. If you bothered to survey the literature on human motivation theory and productivity, you would have found out that a host of intangible factors underlie high productivity such as: employee recognition, happiness, job progression and a responsive, caring and consultative management.
Indeed, these are the factors that explain the success of German carmaker, BMW, in increasing productivity in spite of an ageing workforce.
If you are too lazy to search for the article, fret not, here’s the link:
http://www.leeftijdenwerk.be/html/pdf/How_BMW_is_defusing_the_demographic_time_bomb.pdf
And is it surprising that the most profitable companies in the world are also the most admired in terms of management and corporate culture?
http://money.cnn.com/magazines/fortune/most-admired/
So Dr Amy Khor: Has the PAP Government sat down and conducted a thorough review on local companies to examine if the aforementioned human motivational factors are lacking, thus explaining their difficulty in increasing productivity?
This brings me to my final point which links back to the issue of your Government’s ultra-liberal immigration and foreign labour policy.
Your PAP has opened the door to all manner of foreigners. Particularly in the PMET segment, we have seen a surfeit of foreigners taking up managerial posts.
These foreign managers, particularly the Non-Resident Indians – in turn have imposed a nationality-based hiring system, preferring their own nationals over Singaporeans.
This has created a glass ceiling for Singaporeans who face almost zero job progression prospects.
So now, Dr Amy Khor, under such circumstances, how do you expect Singaporeans to be motivated to work and increase productivity?
Finally, in the Parliament these two days, we have seen your comrades rising one after the other to criticize the Workers’ Party on its alternative proposal.
The conduct of MPs like yourself and Vikram Nair is shameful to say the least.
Just today, Vikram Nair asked Chen Show Mao if the AHTC hires foreign workers through its managing agent. What, may I know, is the value of this question?
Vikram Nair has deliberately fudged the issue. The Workers Party did not say it opposes foreign workers. Its position as laid out in its Manifesto is to have a targeted approach to foreign labour based on the needs of individual sectors, instead of the current broad-based approach undertaken by the PAP.
Hence, what we are seeing in the Parliament these days is not substantive, meaningful or constructive debate; but the conduct of a Party more interested in protecting its vested interests and rebutting suggestions than working together with the WP for the benefit of Singapore and Singaporeans.
So dear Amy Khor and your comrades, now who is opposing for the sake of opposing?
The Alternative View
http://sg.news.yahoo.com/cost-of-living-was-no-1-factor-for-punggol-east-vote-swing--survey-181457181.html
Cost of living was No.1 factor for Punggol East vote swing: survey
http://l1.yimg.com/bt/api/res/1.2/JyIKXkigGHkXJpStnaEpkg--/YXBwaWQ9eW5ld3M7Zmk9Zml0O2g9MjA-/http://media.zenfs.com/246/2011/03/17/ynewslogo-071424_075919.png
By Shah Salimat | Yahoo! Newsroom – 08 Feb 2013
http://l2.yimg.com/bt/api/res/1.2/RDgCk7XZhGd1Kw9LJJVIZw--/YXBwaWQ9eW5ld3M7cT04NTt3PTYzMA--/http://l.yimg.com/os/249/2013/02/07/Blackbox-punggoleast-jpg_181906.jpg
The top reasons leading to WP's win in Punggol East. (Graphic: Blackbox Research)
Nearly 4 in 10 voters who cast their ballot at the recent Punggol East by-election said the cost of living was the top reason that determined their choice, says a new survey.
Conducted by independent local agency Blackbox Research, the survey also found the second most important reason for vote swing was attributed to “the government not listening to ordinary Singaporeans”.
Some 21 per cent swing voters aged under 40 identified this as the top factor in deciding their vote.
Workers’ Party candidate Lee Li Lian won the recent by-election by a landslide 54.5 per cent of the vote, beating her opponent Koh Poh Koon from the ruling People’s Action Party by a 10.8 per cent margin.
Lee’s vote increased by some 13 per cent from the 2011 general elections, when she previously contested in the same ward, losing out to PAP's candidate then, Michael Palmer.
Conducted over a three-day period last week, the phone survey interviewed 150 Punggol East residents who said they had switched votes in between the recent by-election and the 2011 General Election.
Commenting on the findings, Blackbox managing director David Black said, “It’s clear that younger voters in Punggol East felt emboldened and don’t believe they will lose out by opting against the status quo".
"As the Chinese saying goes, ‘their wings have hardened’ and if this phenomenon is repeated elsewhere, it could represent a real challenge for the Government in the run-up to the next General Election," he said.
Punggol East is largely made up of a young, middle-class electorate. Approximately 1 in 4 Punggol East residents are aged between 22 to 35.
No disadvantage in having opposition MP: survey
Other key reasons for the vote swing included housing affordability and public transport issues.
While education and childcare were important factors for voters aged under 40, a “stronger opposition presence in Parliament” was an important factor for women – four times a more likely reason than that of men.
Young voters were also far more receptive to having an opposition member of Parliament represent their ward.
73 per cent of voters under 40 felt so, as opposed to 48 per cent of voters above 40.
When the survey measured the impact of the by-election’s catalyst as a vote changer, results showed that Michael Palmer’s resignation as a factor only accounted for 1 per cent of the vote swing.
http://www.tremeritus.com/2013/02/09/parliament-endorses-population-white-paper-by-77-votes-to-13/
Population White Paper bulldozed through Parliament by 77 votes to 13 (http://www.tremeritus.com/2013/02/09/parliament-endorses-population-white-paper-by-77-votes-to-13/)
February 9th, 2013
Not surprisingly, after five short days of “intense” debate, the PAP-dominated Parliament passed an amended motion to endorse the Population White Paper yesterday (8 Feb). The White Paper was drafted by the National Population And Talent Division (NPTD) under the Prime Minister’s Office. PAP has relied on its overwhelming majority in Parliament to bulldoze the White Paper through Parliament.
PAP MP Liang Eng Hwa had proposed amendments to the original motion. His proposed amendments, which were passed, include explicitly stating that the White Paper “supports maintaining a strong Singaporean core by encouraging more Singaporeans to get married and have children, supplemented by a calibrated pace of immigration to prevent the citizen population from shrinking”. However the term “Singaporean core” was not defined in the motion.
WP MP Low Thia Khiang specifically called for division on the amended motion. That is, the vote of each Member is collected and tabulated through an electronic voting system.
The eventual votes in Parliament were:
Number of ‘Ayes’ – 77
Number of ‘Nays’ – 13
Number of Abstentions – 1 (NMP Eugene Tan)
The 13 MPs who rejected the Population White Paper are:
7 elected opposition MPs: Low Thia Khiang, Sylvia Lim, Pritam Singh, Chen Show Mao, Muhamad Faisal, Png Eng Huat, Lee Li Lian.
3 opposition NCMPs: Yee Jenn Jong, Gerald Giam, Lina Chiam.
3 NMPs: Faizah Jamal, Janice Koh, Laurence Lien.All the PAP MPs present endorsed the White Paper. MP Inderjit Singh who spoke out against the White Paper was not present at the voting.
Sylvia Lim said, “Although the Amended Motion captures some of the Workers’ Party concerns about the White Paper, fundamentally the White Paper still forms the basis of the road-map forward to 2030, which the House was asked to endorse.”
She said that her party “believes that the path proposed by the White Paper will further dilute the Singaporean core and weaken our national identity” and lead Singapore to “require unsustainable population injections in the future”.
Ms Lim added that the party believes that the greater well-being of Singaporeans “lies in sustainable economic growth driven by increases in our productivity and in our resident workforce, rather than further increases in our dependency on imported foreign labour”.
She said the focus should be on increasing the nation’s total fertility rate and growing the resident labour force participation rate rather than on importing foreign labour.
PM Lee pledged that Singaporeans would not be “overwhelmed” by foreigners, not realizing that at the current population size of 5.3 million people, many Singaporeans are already feeling overwhelmed.
PM Lee claimed that the interest of Singaporeans lies at the centre of all the government’s plans, and that economic growth and population policies are just a means to ultimately improving citizens’ well-being.
PM Lee said that the conversation on population will continue, even after the endorsement of the White Paper. It is not known what the conversation hopes to achieve further given that the White Paper has already been endorsed by Parliament.
At the PAP Party Seminar on 24 November 2012, with regard to the National Conversation, PM Lee told party activists, “We are not just asking people, what are your views, and I will go and be your note taker and speak on your behalf.”
“I think we have ideals, we have ideas, we have policies, we have proposals. And it is our responsibility to lead that discussion together with the people in order to persuade people to see things more in the way we do and to be able to see things in a constructive way which makes sense for themselves and for Singapore.”
However, despite the negative sentiments on the ground towards the White Paper, PM Lee brought a bulldozer to the National CONversation and managed to “persuade people to see things more in the way” that he wanted it to be seen.
http://www.tremeritus.com/2013/02/09/nsp-writes-to-pm-president-to-hold-national-referendum-on-white-paper/
NSP calls on PM & President to hold National Referendum (http://www.tremeritus.com/2013/02/09/nsp-writes-to-pm-president-to-hold-national-referendum-on-white-paper/)
February 9th, 2013
The National Solidarity Party (NSP) has written to Prime Minister Lee Hsien Loong and President Tony Tan to call for a National Referendum on the White Paper.
In the letters, NSP called attention to the fact that there is significant opposition to the Government’s White Paper on Population which was adopted by Parliament yesterday.
The party urged PM Lee and President Tan to call for a national referendum on the issue to avoid breaking faith with the people.
The letters are attached verbatim below:
_____________________________________________________________________________________
Mr Lee Hsien Loong
Prime Minister of Singapore
Dear Prime Minister
The Parliamentary Debate has now been concluded with the Population White Paper being endorsed by 77 to 13 with one abstention. However, it is clear to many that the vote does not reflect the views of Singaporeans because the PAP Members of Parliament clearly voted along Party lines.
The Population White Paper will affect Singaporeans – for better or worse – for the next 20 years and beyond. All Singaporeans have the right to decide how their future is shaped. The future of this country is something that all Singaporeans have a stake in. It is only right that they should have a say in it as well.
For this reason, we call on the Government to hold a National Referendum on the White Paper.
We hope that the Prime Minister recognizes that a mandate to lead the government and people of Singapore also encompasses the willingness to listen to the people whose lives will be irrevocably changed by the decisions that their elected leaders make on their behalf.
Thank you.
Hazel Poa
Secretary-General
National Solidarity Party
_____________________________________________________________________________________
Mr Tony Tan Keng Yam
President of Singapore
Dear President
The National Solidarity Party has written to the Prime Minister to urge that a National Referendum be called on the White Paper.
The Parliamentary Debate has now been concluded with the Population White Paper being endorsed by 77 to 13 with one abstention. However, it is clear to many that the vote does not reflect the views of Singaporeans because the PAP Members of Parliament clearly voted along Party lines.
The Population White Paper will affect Singaporeans – for better or worse – for the next 20 years and beyond. All Singaporeans have the right to decide how their future is shaped. The future of this country is something that all Singaporeans have a stake in. It is only right that they should have a say in it as well.
In announcing your intention to run in the last Presidential Election, you had said, ‘I believe that the next President of Singapore may have to make very significant decisions that will affect the security and well‐being of all Singaporeans.’ One very significant decision you could make with the well-being of the citizens of Singapore in mind would be to ask the Government of Singapore to hold a National Referendum on the White Paper.
We hope that the President will act in the interest of the citizens of Singapore and ask the Government of the People’s Action Party to listen to the people whose lives will be irrevocably changed by the decisions that their elected leaders make on their behalf.
Thank you.
Hazel Poa
Secretary-General
National Solidarity Party
http://www.tremeritus.com/2013/02/09/economics-myths-in-the-great-population-debate/
Economics Myths in the Great Population Debate (http://www.tremeritus.com/2013/02/09/economics-myths-in-the-great-population-debate/)
February 9th, 2013
The great John Maynard Keynes famously said that “practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.”
The debate on the Population White Paper has surfaced a number of myths and fallacies that seem to dominate the current discussion on Singapore’s population policies. Economics provides us with a very useful set of analytical tools to clarify our thinking and to develop sensible, evidence-based policies. The purpose of this essay is to examine some of the ways these myths have inadvertently, or even subconsciously, been used to justify inaccurate thinking about policies.
Myth #1: If we don’t have sufficiently large injections of foreign labour, business costs will rise, some businesses will shut down or move out of Singapore, and Singaporean workers will be laid off.
The first fallacy is a version of the misguided economic reasoning behind protectionism. The (flawed) argument for protectionism is that because our local firms cannot compete globally, they need to be subsidised by the state. By lowering costs for our firms, protectionism helps them compete against more efficient and productive foreign firms, thereby creating employment for citizens. Economists know this reasoning to be intuitively appealing, but wrong. The protection that is given to local firms does not raise their productivity; indeed, it explains their very lack of competitiveness. Meanwhile, the processes of creative destruction – the main source of dynamism in capitalist economies – are impeded, and the signals for the economy to adapt, innovate and move up the value chain are muted.
The business case for a liberal foreign worker policy rests on similarly flawed arguments. Businesses that rely on cheap foreign labour receive an implicit subsidy from the government. The low cost of labour encourages them to persist with low value-added production and discourages them from upgrading and improving their business processes. Meanwhile, cheap foreign labour discourages automation and holds down wages for citizen workers doing the same job.
Economists also know that the danger of protectionist policies comes not just from the practice of it, but also from the failure to provide an exit strategy. Countries that have benefited from the practice of protectionism are those where governments were tough enough to end protectionist policies that have outlived their usefulness.
If the Singapore government were to tighten foreign worker policies over a sustained period, there is no doubt some businesses would not be able to adapt and would have to move out of Singapore or shut down. Is this a necessarily bad thing? No, in a vibrant capitalist economy, this is exactly what we would expect. Businesses which cannot adapt should and would exit the market; the state should not be propping them up with ever more inputs of cheap labour. Their exit also frees up labour and capital resources for the growing, more productive parts of the economy.
Such “creative destruction” is a necessary part of the economic restructuring process. In economic restructuring, there will always be some firms which are disadvantaged. The economically sensible decision is not to protect these firms in their existing labour-intensive state (which imposes high social costs) through easy access to cheap foreign labour. Instead, the government can help lessen the pain in this process. For instance, it can help local SMEs by ensuring that they have access to the cheap credit, new technologies and business restructuring expertise needed to adjust and adapt to the new environment.
What about workers who are laid off and who lack the skills to move to other industries (in the same way that getting rid of protectionist barriers might raise unemployment)? Again, the economically sound answer is not to artificially prop up employment, but for the state to intervene directly to help the workers whose livelihoods are affected – through unemployment protection, higher wage subsidies through the Workforce Income Supplement, skills retraining and upgrading programmes, and one-off social transfers. Public policy should be aimed at helping workers and local firms cope with economic restructuring, not at helping uncompetitive firms that rely on cheap foreign labour stay afloat.
Myth #2: Economic growth is a zero-sum game
A second fallacy is that with the emergence of fast-growing cities in Asia, Singapore will need to maintain a certain growth rate or else it would stagnate and eventually become irrelevant. This is the essence of the “competitiveness” argument. While competitiveness might be a useful concept at the firm level, its utility at the level of cities and countries is highly doubtful. To the extent that economists use the term at all, they use it to refer to attributes such as comparative advantage, total business environment, innovation, and the quality of a country’s policies and institutions. The rate of workforce growth, especially in cheap labour, is not considered a sustainable source of competitiveness.
The argument that Singapore will stagnate if other cities in the region rise also has little basis in economics. Growth in a fast-growing and increasingly interdependent region like Asia is not a zero-sum contest. Just because Jakarta, Bangkok and Shanghai grow at a rate much faster than Singapore does not make Singaporeans any worse off. It is not the case that there is a finite amount of GDP growth for the whole world (or the region) and we must grab as large a share of it as possible. Indeed, the opposite is true. The growth of other cities in our region is more likely to raise our growth rate. The larger markets that their growth generates and the higher incomes their citizens earn should be viewed as economic opportunities for Singapore, not as “competitive” threats.
Similarly, the pursuit of foreign direct investments is also not a zero-sum game. If as a result of a more modest increase in our workforce, Singapore “loses” some investments that it would have received had it continued to grow its workforce as rapidly as before, this is not necessarily a bad thing. First, the marginal investments that we lose would probably be of the type that requires cheap labour inputs. So such investments do not raise productivity, and therefore incomes, by much. Second, such investments in lower-cost locations benefit Singapore via the standard comparative advantage argument. That is, as these lower-cost countries raise their output and and incomes, they can better afford the higher value goods and services that Singapore produces. Economic growth, rather than being a zero-sum proposition, is a positive sum one – all the more so in a fast-growing region where the individual economies are at different (and therefore, complementary) stages of development.
Myth #3: Denser, larger populations create significant economic benefits for cities
This myth has a strong element of truth to it. It is true that rich cities with larger populations enjoy something called agglomeration effects. When skilled workers cluster together, their output increases by more than the increase in the number of workers. Knowledge expands and spreads more quickly in dense cities than they do in sparsely populated ones; innovation tends thrives in denser, more populous cities. Indeed, this should have been the main argument the government uses for increasing the population and density of Singapore. So why didn’t it?
The reason is that these agglomeration effects apply only in certain industries, namely those which require highly skilled knowledge workers whose concentration generates innovation. Industries such biomedical science research, higher education, and business services like legal and management consulting clearly fall into this category. The benefits of agglomeration do not apply to low-cost, labour-intensive industries like construction, cleaning or security services. In these industries, more workers do not lead to larger increases in output per worker.
In the context of the White Paper, much of the projected increase in our labour force would be to serve our lower-skilled industries. These are exactly the industries which do not benefit from agglomeration effects but contribute to the externalities such as congestion and wage stagnation. Consequently, the argument in favour of a denser city with a larger population because of agglomeration effects does not really apply in this context.
Myth #4: Spending on healthcare and social services are costs which have to be financed by higher taxes, and are therefore a drain on the economy
The final myth is that some parts of the economy – like healthcare and social services – are a drain on the economy, while others are productive, “value-creating”, and generate “exciting jobs.” This characterisation of the economy has no basis in economic theory or evidence, although it is true that some sectors of the economy experience persistently lower productivity growth than others.
In the popular imagination, healthcare and social services are a drain on the productive parts of the economy. They have to be funded by taxpayers and are therefore seen as a cost that reduces national output. This is bad economics. Healthcare and social services, like other industries such as manufacturing, financial services or construction, also contribute to national output (or GDP) growth. Your spending in healthcare and social services is someone else’s income and his spending boosts another person’s income. So raising our spending in these two areas is not different from increasing spending in other parts of the economy. There is no economic basis for the common intuition that some industries are a cost while others are a form of investment.
What about the fact that healthcare and social services have to be financed by taxation? Doesn’t that mean they are a drag on the economy? Again, there is little economic basis for that argument. Many other things are financed by taxation too – MRT lines, public housing, law and order, security – but we don’t view these as a drag on the economy. Indeed, we may even see these things as productive investments.
But won’t taxes have to rise sharply to finance our higher spending on healthcare and social services? Not necessarily. First, Singapore has large fiscal surpluses which can be used to finance a well-planned expansion of such services in a sustainable way. Second, if productivity increases and people’s incomes across-the-board rise, we should be able to afford the rising costs of healthcare.
The real issue in healthcare spending is how the risks of incurring high healthcare costs are allocated. Most economists argue that given the low-frequency, high-impact nature of many medical contingencies, the most efficient way of financing healthcare would be through some form of risk-pooling or social insurance. That Singapore lacks a comprehensive and universal health insurance programme, combined with the fact that the bulk of healthcare spending currently comes from out-of-pocket payments, suggests that we can have a more equitable healthcare financing system without compromising on its efficiency.
With an ageing population, won’t rising health and social care expenditures hurt our economic dynamism, as it has in Japan and other rapidly ageing societies? Perhaps, but not for the reasons that are commonly cited. Health and social care services tend to experience slower-than-average productivity growth. This is because they are more dependent on labour, and are much less amenable to automation and other labour-saving technological improvements. But despite productivity growth in healthcare and social services being lower than in other industries (such as manufacturing or ICT), wages in these “stagnant” sectors rise just as fast as they do in other sectors because if they did not, workers would leave these sectors. This means costs and prices rise in healthcare and social services rise faster than they do in other parts of the economy. Over time, healthcare and other social services will take up a larger share of our incomes – both individually and nationally. But this outcome does not spell doom. As long as we sustain labour productivity growth at historical rates of about 2%, we can afford more of everything even as the share of healthcare and social services in our total spending rises.
The real risk of the “cost disease” (a term coined by the economist, William Baumol) is not that health and social care costs are rising, but that policymakers misdiagnose the problem and deal with it in a kneejerk way. For instance, they may shift a larger share of the rising costs to citizens. This doesn’t solve the underlying problem and may, in fact, make the problem worse as privatised healthcare is likely to experience faster cost inflation than socialised healthcare.
Conclusion
These myths exist because they seem to be intuitively correct. They appeal to our everyday experiences, and are consistent with popular accounts of the economy. These popular accounts include the idea that cities or countries are locked in economic competition with one another, or that jobs must be protected in order for workers to be protected. Our experience with health and social care as costs we try to avoid also explains our intuition that at the national level, this must also apply. But these stories, although consistent and coherent to us, are neither correct nor valid. As cognitive psychologists have found, people tend to rely on explanations that are consistent with their own experiences or with conventional wisdom, rather than on careful deliberation and reasoned analysis.
Economics is not, and should not be, the only lens through which we examine, analyse and debate our country’s population policies. But when we do apply economics analysis, we should try to get it right.
Donald Low, Yeoh Lam Keong, Tan Kim Song, Manu Bhaskaran
* The authors, writing in their personal capacities, are vice-presidents of the Economic Society of Singapore. (http://www.ess.org.sg/)
Yes cost of living escalating! What is causing that? Answers:
1) Escalating commercial properties prices and hence rentals!
2) Escalating industrial properties prices and hence rentals!
3) Increasing number of REITs as a whole monopolising the commercial properties market and jacking up shops' rentals like nobody's business!
4) The Govt themselves! For not implementing any cooling measure on commercial properties, industrial properties, and to rein in the REITs for monopolizing the market! (and many of the REITs are controlled by GLCs!) even when they have introduced 7 cooling measures on private properties market!
Suggestions to govt is that they should bring whatever they introduce to private properties market to commercial and industrial properties market!:
1) Any citizen or 100% citizen-owned business entity buying second property must pay 7% ABSD and 15% ABSD for 3rd property etc
2) Any foreigner or non-100% citizen-owned business entity buying first property must pay 15% ABSD and buying second must pay 30% ABSD!
http://sg.news.yahoo.com/cost-of-living-was-no-1-factor-for-punggol-east-vote-swing--survey-181457181.html
Cost of living was No.1 factor for Punggol East vote swing: survey
http://l1.yimg.com/bt/api/res/1.2/JyIKXkigGHkXJpStnaEpkg--/YXBwaWQ9eW5ld3M7Zmk9Zml0O2g9MjA-/http://media.zenfs.com/246/2011/03/17/ynewslogo-071424_075919.png
By Shah Salimat | Yahoo! Newsroom – 08 Feb 2013
http://l2.yimg.com/bt/api/res/1.2/RDgCk7XZhGd1Kw9LJJVIZw--/YXBwaWQ9eW5ld3M7cT04NTt3PTYzMA--/http://l.yimg.com/os/249/2013/02/07/Blackbox-punggoleast-jpg_181906.jpg
The top reasons leading to WP's win in Punggol East. (Graphic: Blackbox Research)
Nearly 4 in 10 voters who cast their ballot at the recent Punggol East by-election said the cost of living was the top reason that determined their choice, says a new survey.
Conducted by independent local agency Blackbox Research, the survey also found the second most important reason for vote swing was attributed to “the government not listening to ordinary Singaporeans”.
Some 21 per cent swing voters aged under 40 identified this as the top factor in deciding their vote.
Workers’ Party candidate Lee Li Lian won the recent by-election by a landslide 54.5 per cent of the vote, beating her opponent Koh Poh Koon from the ruling People’s Action Party by a 10.8 per cent margin.
Lee’s vote increased by some 13 per cent from the 2011 general elections, when she previously contested in the same ward, losing out to PAP's candidate then, Michael Palmer.
Conducted over a three-day period last week, the phone survey interviewed 150 Punggol East residents who said they had switched votes in between the recent by-election and the 2011 General Election.
Commenting on the findings, Blackbox managing director David Black said, “It’s clear that younger voters in Punggol East felt emboldened and don’t believe they will lose out by opting against the status quo".
"As the Chinese saying goes, ‘their wings have hardened’ and if this phenomenon is repeated elsewhere, it could represent a real challenge for the Government in the run-up to the next General Election," he said.
Punggol East is largely made up of a young, middle-class electorate. Approximately 1 in 4 Punggol East residents are aged between 22 to 35.
No disadvantage in having opposition MP: survey
Other key reasons for the vote swing included housing affordability and public transport issues.
While education and childcare were important factors for voters aged under 40, a “stronger opposition presence in Parliament” was an important factor for women – four times a more likely reason than that of men.
Young voters were also far more receptive to having an opposition member of Parliament represent their ward.
73 per cent of voters under 40 felt so, as opposed to 48 per cent of voters above 40.
When the survey measured the impact of the by-election’s catalyst as a vote changer, results showed that Michael Palmer’s resignation as a factor only accounted for 1 per cent of the vote swing.
After punggol east, pro alien party might change plans and crash the property prices to save themselves.
I remember Rick65 used to say that our property bubble was like Indonesia 97.
He said the entire events will be the same except of Indonesia it will be singapore.
Those days suharto was overthrown by his own people, are we seeing a repeat in history.
After reading Rick65 analysis, i am starting to see things he predicted come true, he advocated changing our SGD to USD, saying that the SGD will be worthless when it devalues.
I fear Rick65 might be right
congratulation to WP….well done….
vote PAP out of govt in 2016…..what PAP has done can be easily replaceable….
make up your mind NOW, be firm & never change even xxx kneel down & cry or anything before & during election…..
FEARLESS, JUST DO IT……
no mercy to greed & evil govt…..
time to hike rate, hike taxes, cut pay, layoff big way for not wasting taxpayers’ money….stop all the corruption? cronyism?……crash property, car & all asset bubbles…
as said, they already lose people’ heart….sentence them to death in 2016….
real GDP is in negative for last few yrs, yet all the fake & fraud market…..
lies & manipulation, pay back time is now…..
Warren Buffett & Marc Faber & Egon von Greyerz: Another ‘Market Meltdown’, ‘Huge Recession’ Is Guaranteed. Storm Clouds Gathering Everywhere. We Have Currency Storms, Economic, Political, And Geopolitical Storms, Which Will Create An Enormous Hurricane In 2013
January 19th, 2013
sure…those buy valued, know now nothing worth it….any shares or market…all bubbles….
useless weak rubbish can’t create jobs & economy, can only print to rob….
buy empty shell company, buy over-valued asset using others’ money….they will not buy using their own money, they only rob…..
huge recession & great depression are guaranteed now…..all tsunami is at door now….2013 is the yr…
all the printed $$ need to pay back….if US is real smart, they will start a super fast U turn to crash all asian property bubbles like US subprime in 2007, asian banks collapse instead of western banks…..push up US$, solve their deficit & debt limit issue by revert all monetary policy….
be patient…end is near…show hands starting from 2013…..by then short down S$ & STI…greed & evil deserve it….just do it perfectly….
The Market Can Only Ignore Fundamentals For So Long, The Rally Is Running Into One of Two Inevitable Problems. By Next Quarter, A New Risk Will Emerge For The Stock Market.
January 20th, 2013
Paul B. Farrell: The Ticking Time Bomb Gets Louder As We Keep Watching An Avalanche Of Predictions That Echo Warren Buffett’s Earlier Warnings Of Recession, Bubbles And Another Market Meltdown.
January 19th, 2013
no bubble not burst…will burst no matter how small it’s…this coming one is super huge…..
keep buying junk stocks & bonds now…risk is super high now….buy all no valued junk will only explode to bankrupt…deserve it…..
globally only rely on printed $$ to push market…no economy activities, no demand, barter trade in Europe today…..
time bomb ticking & explode anytime now….
warren buffett already gave warning…..recession, great depression, deflation, bubble burst & global melt down on the way…..
spore property will crash down hard…..get out fast before bankrupt…
crash down 50% from here is nothing….
Global jobless to hit record 200 million this year: ILO
Reuters – 3 hrs ago
The global jobless queue will stretch to more than 200 million people this year, the International Labour Organization said in its annual report on Tuesday, repeating a warning it has made at the start of each of the last six years.
20,000 Layoffs in Spanish Banks, 40% Pay Cuts, Pension Contributions Halted; Spanish Bank Unions Announce Strike; Protests Snowball; When's the Breaking Point?
Spanish banks have already shed 30,000 jobs in its banking crisis. Another 20,000 cuts are due in 2013, along with pay cuts and reduced pension contribution. In response Spain's Banking Unions Announce Strikes.
We’re On The Brink of A Major Worldwide Catastrophe: UK Heads For Unprecedented Triple-Dip-Recession While EZ Economy Still Shrinking, Greek Eurozone Exit Still Likely, Angela Merkel Suffers Major Setback, Spain’s Ruling Party Hit by Major Corruption Scandal, Japan-China-US War Imminent, Debt to GDP Ratios All Over The Planet Continue To Skyrocket…
January 21st, 2013
3rd dip & recession is on the way…kick can down the road, hit wall this time….total collapse…..
Greece & Spain still waiting for new bailout….let them bankrupt themselves, Euro zone….Euro will crash hard this yr, will short big......
Italy & Germany election are coming….very nice….kick out all these human rubbish….
japan & china go for war?? joke…these 2 cowards & useless…..typical of kiasu & kiasi, will never achieve anything, military or economical, only kena whacked down when time comes…..if they have gut, china starts to raise rate now to conquer the world, but they are totally useless rubbish…..
Said 100x, global escalate debt to GDP, must Cut pay by 30-99%.....pay cut globally sure come….this is the only way to cut US$1500 trillion of debt in next 20-30 yrs….time to pay back…..on the way now…that is why spore property will crash super hard, down>50% b y 2015 is nothing...
Bad news for the highly leveraged investors, property agents and developers, many of these people were pinning their hopes for more foreign buyers. The article also says that there will be a severe drop in PR private home buyers.
http://www.businesstimes.com.sg/premium/singapore/foreigners-share-private-home-buys-seen-shrinking-first-half-20130123
Business Times
Published January 23, 2013
Foreigners' share of private home buys seen shrinking in first half
'Very high' ABSD rate of 15% will significantly cut demand, say consultants
FOREIGNERS' share of private home purchases in Singapore is expected to decline in the first half of this year, given the harsher additional buyer stamp duty (ABSD) rates imposed on them under the recent property cooling measures, say property consultants.
Last year, foreigners who were not Singapore permanent residents (PRs) accounted for just 6.3 per cent of all private home purchases on the island - the lowest proportion since 2003 and a significant drop from the 17.6 per cent share in 2011, Knight Frank's analysis of URA Realis caveats data showed.
"The record low proportion is a reflection of reduced foreign buying interest arising from higher (transactional) cost, with the introduction of 10 per cent ABSD on all residential property purchases by non-PR foreigners starting Dec 8, 2011," said Knight Frank's senior manager, consultancy and research, Alice Tan.
And with the ABSD rate for this group jacked up to 15 per cent since Jan 12 this year, Knight Frank forecasts that these non-PR foreigners' share of private home buying will shrink to 5 per cent in the first six months of this year.
International Property Advisor's CEO Ku Swee Yong predicts the share could fall to 4-5 per cent, while Ong Teck Hui, Jones Lang LaSalle's national director of research and consultancy, projects the share may contract to "no more than 3 per cent". "Most of the demand will be eliminated by the very high ABSD rate of 15 per cent on non-PRs," added Mr Ong.
PRs' share of private home purchases increased from 13.4 per cent in 2011 to 15.8 per cent last year. This, Knight Frank attributes to first-time PR home buyers being spared the ABSD rod last year. However, things have changed. Since Jan 12, PRs have to pay 5 per cent ABSD even on their first Singapore home purchase, and 10 per cent for any subsequent purchases.
As a result, Knight Frank expects the PR buying share to slip in the first half to 12-15 per cent, though Mr Ku suggests a more severe drop to around 10 per cent, and Mr Ong, to 5-10 per cent. "The ABSD's impact on PRs is a bit hard to assess as it depends very much on whether it's their first property purchase, in which case a 5 per cent ABSD rate is a figure that some people may be able to stomach, but some can't," says Mr Ong.
IPA's Mr Ku pointed out that PRs who currently own a HDB flat may postpone their decision to upgrade to a private property as they would be slapped with 5 per cent ABSD. They will also be required to sell their HDB flat.
KepLand mulls over cutting home prices if market falls
THE boss of property developer Keppel Land has flagged a possible cut to its home prices if the market falls away in response to the Government's recent cooling measures.
"We will monitor the market... If the market comes down and we can't sell our projects, then we'll have to cut prices," said recently installed chief executive Ang Wee Gee.
He was speaking at a briefing yesterday, where the firm announced a 39 per cent decline in full-year net profit to $838.4 million a year earlier.
better price? better sales?? why profit down40%?? why shares price is less than 50% of 2007/8?......
Fire & force sell coming…….price will keep dropping...stop buying, don't buy...no down>50%, no buy....don't bailout weak holders & developers, let bankrupt, bankrupt, let useless failure, fail....strong one prevail is good for spore....
whatever discount gives to foreigners must apply to local…..to be fair to local…
Australia with so much lands also stop foreigners buying…..why are we so desperate yet giving more discount to foreigners yet govt close 2 eyes??....
same to china….foreigners only allow to buy for own used….must sell if leave the country anytime….
foreigners should dump all their property in spore now instead, before property price crashing down & S$ plunging…..cut lost or take profit now, last one to run, 1st one to bankrupt or lost big…..
get out before too late….cut price & sell fast…….
all can shout this is market price of my property, up x%.....only when you can sell at that price, then it’s yours…paper gain is not gain, you can cheat yourself till you see property price crash by 50% still no takers…..now no buyer, even cut 20%, also can’t sell…..
rental yield the most 2-2.5% now….it’s worse than put in CPF, 2.5%….yet you still need to bear so many charges, comm., damaged, opportunity & waiting cost, time, run road…..it’s nett lost instead…..
http://sbr.com.sg/economy/news/these-5-market-threats-will-knock-singapore-down
Published: 23 Jan 2013
These 5 market threats will knock Singapore down
Home sales crashing 40% is just tip of the iceberg.
Here are the key risk factors that could adversely impact the market according to UOB ETR (Economic Treasury Report) :
a) Earlier or sharper-than-expected rise in interest rates. Currently, US interest rates are expected to only trend up in mid-15, in accordance with guidance from
the Fed.
b) Regulatory changes in Singapore. This could pertain to several areas, including foreign labour, gaming and property. The government’s drive to improve productivity by restricting the inflow of foreign labour could result in near-term bottlenecks and an escalation in costs. Another sector that could be affected is the gaming sector in Singapore.
c) Strong decline in Singapore property prices. We forecast residential prices to fall 5% in 2013 and transaction volume to decline 20-40%. This is after the recent property cooling measures. A sharper than expected fall in prices could have a significant impact on the banks.
d) Weaker-than-expected recovery in US’ GDP recovery. The issue of the US fiscal cliff is still not resolved and negotiations will be ongoing to decisively deal with the “sequestration” of broad spending cuts and the US sovereign debt ceiling limit which will arise again end-February.
e) Significant deterioration of euro zone debt crisis. This remains a key risk to global growth, which would have a significant impact on Singapore’s growth prospects.
Khaw: Some 200,000 new housing units will be built
Of these 80,000 are private properties, 10,000 are Executive Condominiums and about 110,000 are in public housing.
Mr Khaw said this is equivalent to the building of four new Ang Mo Kio towns by 2016.
so launch 70k units/yr for next 3 yrs...make sure he keeps his promise irregardless anything happens.....just deliver....
1990 we shouted gracious society as Swiss, where are we today?? now is worse than 1990….
same to leaders shouted 40% stayed in private condo by 2000?…where are we today?? still >80% in public house….
all know why they shout? who care now?? who follow up??...same nonsense….
congested is good? no space is good? fight & competition is scary…no more gracious, super ugly instead….squeeze in hot & humid sardine can, explosive anytime....pressure cooker explosion & implosion....
ask all these leaders to shut up & stop xxxxxxxxx……
when global ponzi crash, stop printing, bubble burst…..all keep quiet & run away like XXXXX….
then ask them to pre-build 400k units of property now to cater…they will argue & twist & turn….
1 word…..shame….let them be….all the xxxxxxx……
there are >40000 unsold new one now, plus another 100k of resales try to sell for months to yrs without buyers....next 2 yrs another 100k completion....not enough for current population? then why no buyer??.....
now another 70k units/yr promised by khaw to launch for next 3 yrs.....
cheat who?? yourself.....not enough, ask khaw to build additional 50k units/yr make it 120k units/yr for next 3 yrs, how about that.....
hahaaaa....all squeezed till pressure cooker explode will be very nice......
For OCR property is simple...no below $600 psf, no buy.....many will go below $500 psf by 2015....some even below $400 psf....this round, end result will be much worse than 1997...let them bankrupt, weak one can go to die, no mercy, act smart, deserve it.....
http://forum.channelnewsasia.com/showthread.php?227706-End-2013-Reckoning-4-local-properties.....
make sure khaw keep his promise of 200k units for next 3 yrs irregardless anything happens…..some one keep track & follow up in detailed…at least 60k-70k new units launch this yr & so on…..
Govt is playing threatening game now in population?.....only fools believe.....shame & only useless rubbish rely on lies...sure backfire....also useless liar dare not come out to clarify.....
If it's true, all better sell all your property & migrate tomorrow.....only fools squeeze in a hot & humid sardine can & die in bored, work, pressure cooker & sofiscated.....
常州楼市空置率高被称鬼城 部分商业地产三折销售
2013年01月21日
Zhangzhou, beside Suzhou…..commercial property cut 70% for sale, still no buyer, how about capital commercial Asia??.....
this is common & norm in china…once cash flow dry up, sell below land price is nothing….keep cutting till 70-90% also normal….
non-complete property, half-built, lan wei lou…..negative asset is very common these days….
same to spore…..tons will sell at lost if they bought in last 2-4 yrs to sell now……don’t buy from them, wait for huge retrenchment, no tenants & rental, rate hike…..even cut 30-40% also don’t buy…..price down >50% from now is nothing by 2015….so no 2015 no buy….no cut >50%, no buy…..
保利地产流动负债1365亿：中信等为其资金后盾
2013年01月21日
this is not even China top 5 developers…..debt is $137 bil….
so what do you think crapland & kepland??.....
all shouted profit but debt grows much faster than profit….
same to spore developers…the smaller the worse…many already at verge of bankrupt….
so stop buying, let them collapse….wait till they bankrupt then buy….
free market, no bailout….banks will have tons of bad debt due to property & mortgage loan….be responsible to your own wrongdoing…..coming….starting from 2013, total collapse…..
China May Face Rising Debt Risks in 2013
By Bloomberg News - Jan 3, 2013 6:22 PM GMT+0800
Incoming President Xi Jinping may find China’s investment-driven economic recovery in the Year of the Snake jeopardized by mounting risks in the finance industry.
Xi and his team are inheriting an economy more leveraged than the one President Hu Jintao took over in 2003. Government, corporate and consumer debt rose last year by 15 percentage points to an estimated 206 percent of GDP, Standard Chartered said in a November report. In March 2003 it stood at 150 percent.
Borrowers are using some new loans to “plaster over non- performing credits” while so-called shadow banking is growing too fast, said economists led by Stephen Green. They estimated that a bad-loan ratio of 12 percent would erase the banking industry’s 7.5 trillion yuan ($1.2 trillion) in capital.
Lending by so-called trust companies surged five times to 1.04 trillion yuan in the first 11 months compared with the whole of 2011. A “large part” of the sector’s lending is to higher-risk entities including local government investment vehicles and property developers that don’t have access to bank loans, the International Monetary Fund said in its Global Financial Stability Report in October.
“Lots and lots of projects have been approved to stimulate this economy,” said Patrick Chovanec, an associate professor at Tsinghua University in Beijing. “The banks are extremely reluctant to lend to them and that says a lot about what they really know about credit risk in this country.”
The trust sector was set to overtake insurance as the nation’s second-largest financial business after banks last year, KPMG LLP said in a July report. Trust assets have expanded more than 10-fold since 2007 and surged 54 percent to 6.3 trillion yuan in the first nine months of 2012 from a year earlier.
Trusts make up more than a quarter of the country’s estimated $3.4 trillion in non-bank lending, according to an Oct. 16 report by UBS AG chief China economist Wang Tao, equivalent to about 45 percent of gross domestic product. The share of non- bank finance in aggregate credit has surged to about 45 percent this year, from 30 percent in 2008, central bank data show.
The trusts typically offer better rates of return than banks, pooling deposits from businesses and households to invest in real estate, stocks, bonds, commodities, or other assets.
Bad debts of as much as 9 trillion yuan will impair banks’ ability to lend and begin choking off investment later this year, at a time when there are no alternative growth engines to drive the economy, said Adam Wolfe, senior Asia economist at Roubini Global Economics in London. Growth will slip below 7 percent in the final quarter and to about 5 percent in 2014 as debt drags on the economy, he said.
“Faster growth now only pushes China closer to the inevitable sharp slowdown that will come when its debt- fueled, investment-led growth model collapses,” Wolfe said.
Police Investigate
The default of a savings vehicle offered by Huaxia Bank Co. (600015) of Beijing, a lender part-owned by Deutsche Bank AG, prompted an investigation by police and regulators that the company disclosed last month. The bank says the product was sold without its permission by a rogue employee.
Sales of similar so-called wealth management products, sold with few details about the assets backing them, surged about 48 percent last year to 13 trillion yuan and are raising concerns that banks will face losses, according to Fitch.
Some products like these sold by Chinese banks are “fundamentally a Ponzi scheme,” wrote Xiao Gang, chairman of Bank of China Ltd., the nation’s fourth-largest lender by assets, in a China Daily commentary in October.
‘Systemic’ Risk
“China’s shadow banking sector has become a potential source of systemic financial risk over the next few years,” wrote Xiao. “Particularly worrisome is the quality and transparency of wealth management products. Many assets underlying the products are dependent on some empty real estate property or long-term infrastructure, and are sometimes even linked to high-risk projects, which may find it impossible to generate sufficient cash flow to meet repayment obligations.”
China’s corporate debt rose to a 15-year high of 122 percent of GDP last year from 108 percent in 2011, putting it among the world’s top levels, according to estimates by Beijing- based research firm GK Dragonomics.
Solar-equipment companies in China including LDK Solar Co. (LDK), the world’s second-biggest maker of wafers for solar panels, are facing losses amid industry overcapacity and debt. LDK, which has more than $3.1 billion of debt, said Dec. 12 it hired Citigroup Inc. to help renegotiate its liabilities. The company received a bailout in July for part of the debt from the local authority in Xinyu, Jiangxi province, where LDK is based.
“Too often low-return companies have been propped up,” said Loevinger. “There are many companies in China whose business models are only viable with access to cheap credit and resources and land. As growth slows, many of these could become zombies.”
64 MILLION empty apartments in China
January 3rd, 2013
谢国忠：家里有空房赶紧卖掉
2013年01月04日
64 millions empty property in china…plus another 36 millions of public house building now…plus tons of lands bidded but not yet build plus….
anyway….good luck, bubble burst is just a matter of this yr or next….
1 child policy already 20+ yrs now…..many already grown up, still need property?? they have many parent & grandparent by now…import heads?? china import less citizens than spore….
many will have problem to feed themselves once global in great depression….
when china bubble burst will be worse than Japan….coming…..
The Gold Guarantee Blowing Up In Singapore?
01/25/2013
spore gold trader company run road……cannot deliver & disappear??....
more to come…spore is famous for all these traders & derivative blown up….
starting form 2013….global market will collapse 1 by 1….
such will be very common in next few months to yrs….
be prepared & get ready for lehman minibonds type of default to be seen everywhere in spore....tons of cases….
Singaporean all very dumb, Geneva Gold run road few months ago, The Gold Guarantee come out with rescue plan, most likely is ask for more money, this type of Ponzi is a matter of time it will burst, same as singapore property ponzi.
like "sunshine empire" ponzi scheme....tons & top down....all will run road 1 by 1 starting from 2013......
Worldwide Recession: World Unemployment Near Depression Level, Poverty Is Still Spreading, Monetary Policy Is Fueling Currency And Trade Wars, And Inflating New Speculative Bubbles. SOROS Warned Of Japan’s New Monetary Policy Will Badly Affect The German Economy!!
January 24th, 2013
sure…world in recession, if not why so desperate to go for currency war to fight for business & order…..
start the fight in currency war….then in trade war of protectionism…..
then surge rate to kill each others…..
world unemployment rate at record high….no jobs & no demand globally….
bubble burst, debt squeezd…tons of bankrupt & property collapse….
Japan tick the time bomb to explode this yr….Europe, US, then china, spore….all sink….
all asset will crash hard…starting from this yr….plus QE stops, rate surges….all wars turn ON….
The Endgame Is Being Played Out: World ‘Plunges Into Currency War’, Economy Underperforming Again, US Banks Shaken By Biggest Deposit Withdrawals Since 9/11… The Collapse Will Begin!
January 25th, 2013
sure….end game starts…fight is here….end in war??....all these human rubbish….start with QE, end with military war…
global economy sinking…PMI, BDI, GDP, unemployment….keep plunging….
biggest withdrawal from banks deposit in US in last few days….all starts to run road now….US$ tumbling down, Bernanke panic soon….CPI shoot up, stop QE & rate hike….
be patient…global currency & trade war will crash global economy totally….also collapse global financial system…country bankrupt & default will be very common….spore property crash is for sure….on the way now & will not recover in next 15-20 yrs…no more QE in coming crisis…..
South Korean growth hits 3-year low
Q4 GDP drags annual growth in 2012 down to 2%
Apple stock sheds 10% on growth worries
iPhone 5 and Mac sales disappoint investors
Apple price slump to hit tech sector
Shares of several of Apple's suppliers crumbled. Chip suppliers Skyworks and Cirrus Logic both fell more than 6 percent. Qualcomm Inc slipped 1.8 percent.
Currency War Between The US, China, Japan In Process, Euro Could Be Next To Join The War. WGC Confirms The Chinese Are Going To Back The Yuan With Gold!!
January 23rd, 2013
very nice…as said few months back…currency war is here, more wars to come…..
US will have to whack down Yuan like Japan in 1990…to be economy super power…..china is real coward & stupid, dare not hike rate big way to slaughter western world....miss the best time he will regret....kill when they are sick....
but Yen & Euro will be 1st to go……whatever, crash 1 major currency is good enough to collapse global economy….also to cause rate hike to kill each others…..
spore will not be spared, will be hit even harder than Europe & Japan…..
deflation will kick in….all asset bubbles will burst…..spore property will crash real hard….no >50%. no buy….no 2015, no buy……property down >50% by 2015 is nothing….down 60-75% will be even nicer…..no mercy to weak holders 7 developers, let them bankrupt, strong one prevail, then spore can grow stronger…..
SG property prices to fall 40 % by 2016
There was one important piece of news that went relatively unnoticed two weeks ago. The government set a new rule for property developers to complete and sell all developments they start within five years from now. This will end the current system of artificial price levels where developers can hold on to empty units for years and/or postpone the start and TOP when they feel the market is softening.
This combined with the upcoming supply of 70.000 units of which half are still not sold, the developers will have to put the remaining units up for fire sales when the 5 years are ending. The supply in the pipeline is rapidly increasing: 2011 = 10,889 units receiving TOP, 2012 = 12,043, 2013 = 12,882, 2014 = 20,550 and 2015 = 34,373.
Looks like the softest spot will be around 2015 and 2016 when developers have to offload all unsold units before the 5 year deadline. No one in the resale market is able to sell for current asking prices when developers will sell brand new units for lower prices.
The estimates for SG private property price decline were between 20 to 30 per cent, before introducing the new rules of 10 per cent stamp duty for foreigners and 5 year deadline for developers to sell. Taking the new factors into account, property prices will most likely decline 40 per cent by 2016.
Source: http://www.expatsingapore.com/forum/index.php/topic,83690.0.html
so as expected 20% sold……if remove some insiders’ sales, plus more will drop out on the way, can hit 10% consider good….
all the morons forever shout nonsense..main media bark rubbish forever....many get conned.....
why buy now, wait for more discount later….
next 6 months, there will be another 6-8 EC launching….when all cannot move & sell…when global economy collapse….when developers cash flow tight due to debt squeezed, rate hike & more……
sell units below land price is common when market is bad & in recession…..
now >40000 new units unsold..in next 2 yrs almost another 100000 TOP….next 6 months, another near 20000 units land sales on the pipeline….why hurry, of course we still have another 100000 of resales in the market, no buyers…..
wait for huge layoff, pay cut, foreigners no renewal of permit & jobless, rub road…..
currency war, price war, deflation…..shrink & contract….
be patient….spore property down >50% by 2015 is nothing…..price & rental on the way down now…..
all the main media & govt panic again, shout what they like...all the fake & fraud & real shameless to control media this way?.....
Q3 -6.3% GDP......try so hard to con & cheat?....
only fools buy now...no buyers, face reality...stop buying, let them bankrupt....all these human rubbish....
3% discount?? can negotiate to 10% easily as others is offering 8-10% then why bother about 3%? don’t buy….those offer 8-10% discount, negotiate to 15-20% discount pus tons of freebies, legal, stamps......
price war will force them to accept your offer…..if not when crisis hit in near term, down 30% also no buyers…why buy now?? only fools buy now….
Dleedon launching at $1700 psf….official offer now is $1300, but many sell for $10xx in the market, why bother about developers offer price, cut deep deep on their price or buy from others……Dleedon already down almost 40% from launching price now….more to come…..same to most projects, if they don’t cut as much, don’t buy…..more plunge to come….
market so strong, why give so much discount, freebies & sweeteners?? because not moving, no sales.....
discount getting greater each week....wit for global market total collapse......coming on the way soon....
property is for living...not speculate or manipulate...what is govt doing?? developers? lawless?.....
nett price?? criminal act?.....do & shout what they want...from main media to GLC?.....
robbing? all the fake & fraud anything & anyhow.....this is spore system in history?......FULL ENFORCEMENT? more like con all the way...sit on it easier....
hard truth will be out.....all bubble will crash....xxxx robbers without mercy....no law to let them pay back?? they can fix any price & data they like?? vote them out is the only way.......
7 mil population? car on the road, cannot move…MRT cannot get up…no beds in hospital forever, school at 15km away & take 3 hrs to reach……1 SARS, few $100k of people gone….no food once weather & natural disastrous….time to squeeze spore to death, build a nuclear plant 2km away from spore in Johore…..stop sporean from going to Malaysia if malaysia change govt, many will bored to death……tons more…..
buy a property now & work like a dog for next 30 yrs……cannot stop work, layoff, serious sick, parent & family problems, pay cut….& property sure burst…..no mercy & deserve it to be slave….
if they use or raid national reserved saved by native sporean to build all rubbish to cater for 7 millions of import rubbish, then a bankrupt is very likely possible....
congested, pack, no space is a pressure cooker by itself.....will just explode anytime....
they treat old & their parent like dirt.....this is what their parent taught & set example to them....
We’re Fast-Approaching A Tipping Point Into A Permanent Financial Decline: The Shrinkage In Wall Street Is Just Getting Started, Bill Gross Boosts Treasury Holdings, More Than Half Of Republicans Prepared To Let US Default, Western Governments May Soon Borrow In Renminbi, Economists See Slower Long-Term Growth In America’s Future
January 14th, 2013
sure….wall st. employee down from 400k+ to 200k now…shrinking further….
financial decline & economy collapse everywhere in the world today….from US to Europe to Japan to China, asia & spore…..
fake market without fundamental, fraud accounting & data to con & manipulate….all bubble will burst, all fake will crash, all manipulation will in jail…..
default, downgrade, deleverage, distress, devalue…..
let see coming US debt limit will default in next 3 weeks time….
once Dow crashing down….end of all economy & financial….end of QE & total explode…..
be patient…will start to see in 2013……
Paul B. Farrell: Mayor Michael Bloomberg as next Fed chairman. A new direction after Bernanke/Greenspan failures
January 15th, 2013
Yes, America needs new blood, a strong leader like Mayor Michael Bloomberg as the next Fed Chairman. After a quarter century of failed monetary policies under the disastrous chairmanships of Alan Greenspan and his disciple Ben Bernanke, we need a decision-making powerhouse like Bloomberg, Wall Street visionary, high-tech innovator, philanthropist and proven government leader focused on what’s best for the country and all people.
The Bernanke/Greenspan Era is a disaster: 24 years of failed policies and cheap-money puppets catering to too-greedy-to-fail banks — their ideology triggered the Dot-com Crash of 2000 and the Subprime Credit Crash of 2008. In between there was a costly recession resulting in a loss of more than $10 trillion of Main Street America’s retirement money … the rise of an unregulated bank-driven $650 trillion global casino for shadowy derivatives … a recent loss of $29.7 trillion in the Great Recession … lately a painful five-year bubble-making cheap-money policy favoring banks who pay huge bonuses to insiders … while average Americans suffered an inflation-adjusted 20% loss through the last decade … and now, predictions of no-growth GDP, 42% bear market collapse, another recession.
sure…Bernanke will be out by end of this yr…..looking for new FED chief now….
totally reversed new blood like Volcker will be nice…..drive interest rate up to 30% in 1980…..
24 yrs of rubbish by greenspan & Bernanke…drive US debt to historical, total failure in monetary policy….a weak US today, with tons rely on food stamp & social security….a lazy & irresponsible generation….US rating downgraded & more downgrading…..
a revert in policy & cycle…..on the way….
be patient….global bubble totally burst…debt squeezed & tons of bankrupt…..
Goldman’s O’Neill: BOJ must show seriousness for yen to drop more
January 15th, 2013
Abe’s Stimulus May Trigger Japan Default, Fujimaki Says
January 15th, 2013
start of currency war….very nice….
rubbish Yen can’t hike rate to appreciate Yen anymore….once shorted by hedge funds big way, no return & exit path, total collapse eventually…..
Yen down, jap car cheaper?? can sell more?? stop buying Jap car, they will die totally….
more war with china is better…than more trade war….more conflict….
default & bankrupt this rubbish….crash yen down to below 100, then 120 & more….
followed by Euro…..starting from 2013….currency war & global market collapse……
How to Lose Your Entire Savings In an Instant
January 14th, 2013
By the look of things, Europe’s banking system is breaking down again.
Bankia’s shareholders have received a nasty new year’s surprise. They may lose most of their investments or even all of them says the Spanish bank rescue fund in its latest report.
According to FROB, the Fund for Orderly Bank Restructuring, Bankia has a negative value of 4.2 billion euros, and its parent group BFA is 10.4 bn in the red.
“Debt Doom Loop” in Spain; Deficit Target Impossible Once Again; Bond Rally Masks European Macro Problems
January 16th, 2013
looks like Euro problem is coming back again…..
bailout money gone, going to Bankrupt again…ask for money again…..
all the fake & fraud covering all the reality & problems….once burst, all new & old debt will have to pay back….
mostly banks in negative asset now if include debts….
same to most banks in US & Asia…..once debt squeezed, >50% gone & bankrupt….
be patient….all will come, many will lose everything till bankrupt……from Europe to Japan to US to Asia & spore….
all the fake, fraud, lies & manipulation…..
till all bankrupt & lost all life saving...don't blame, already warn...all fake & fraud are bubbles to burst to 0 value.....no mercy, deserve it...coming....
whole world today very much rely on printed $$ to live…why all of you work like dog here??.....
they enjoy life using printed $$, why you work & serve them everyday?? kena scolded like dog, OT & work long hour?....
those printed & give themselves S$mil salary, you kena kicked, pressure everyday yet get so little for what??....
chow ang mo printed so much & be your boss…..useless asian love to be slave & balless…..
Paul B. Farrell: Mayor Michael Bloomberg as next Fed chairman. A new direction after Bernanke/Greenspan failures
January 15th, 2013
Yes, America needs new blood, a strong leader like Mayor Michael Bloomberg as the next Fed Chairman. After a quarter century of failed monetary policies under the disastrous chairmanships of Alan Greenspan and his disciple Ben Bernanke, we need a decision-making powerhouse like Bloomberg, Wall Street visionary, high-tech innovator, philanthropist and proven government leader focused on what’s best for the country and all people.
The Bernanke/Greenspan Era is a disaster: 24 years of failed policies and cheap-money puppets catering to too-greedy-to-fail banks — their ideology triggered the Dot-com Crash of 2000 and the Subprime Credit Crash of 2008. In between there was a costly recession resulting in a loss of more than $10 trillion of Main Street America’s retirement money … the rise of an unregulated bank-driven $650 trillion global casino for shadowy derivatives … a recent loss of $29.7 trillion in the Great Recession … lately a painful five-year bubble-making cheap-money policy favoring banks who pay huge bonuses to insiders … while average Americans suffered an inflation-adjusted 20% loss through the last decade … and now, predictions of no-growth GDP, 42% bear market collapse, another recession.
sure…Bernanke will be out by end of this yr…..looking for new FED chief now….
totally reversed new blood like Volcker will be nice…..drive interest rate up to 30% in 1980…..
24 yrs of rubbish by greenspan & Bernanke…drive US debt to historical, total failure in monetary policy….a weak US today, with tons rely on food stamp & social security….a lazy & irresponsible generation….US rating downgraded & more downgrading…..
a revert in policy & cycle…..on the way….
be patient….global bubble totally burst…debt squeezed & tons of bankrupt…..
We’re Fast-Approaching A Tipping Point Into A Permanent Financial Decline: The Shrinkage In Wall Street Is Just Getting Started, Bill Gross Boosts Treasury Holdings, More Than Half Of Republicans Prepared To Let US Default, Western Governments May Soon Borrow In Renminbi, Economists See Slower Long-Term Growth In America’s Future
January 14th, 2013
sure….wall st. employee down from 400k+ to 200k now…shrinking further….
financial decline & economy collapse everywhere in the world today….from US to Europe to Japan to China, asia & spore…..
fake market without fundamental, fraud accounting & data to con & manipulate….all bubble will burst, all fake will crash, all manipulation will in jail…..
default, downgrade, deleverage, distress, devalue…..
let see coming US debt limit will default in next 3 weeks time….
once Dow crashing down….end of all economy & financial….end of QE & total explode…..
be patient…will start to see in 2013……
Larry Summers As Fed Chairman?
January 27th, 2013
bernanke out is very nice….
larry summer, revert all Bernanke & greenspan rubbish…hike rate & unwind QE??....
another Volcker to hike rate tom 30%?......
whatever…US bond has reached an end…same to rate cycle…..
currency war, trade war…..if US still want to be superpower….no way except to revert to real strong US$ & rate surges…..
next FED chairman will know what to do…..
Too Much Too Quickly: China Is Marching Toward A Massive Credit Crisis As Companies Adding Capacity They Do Not Need To Support GDP Numbers. MARC FABER: China’s Economy Is Worse Than We Think!!!
January 27th, 2013
all these morons shout china…..
to support GDP…..they can fake & fraud anything, worse than S shares….
drink till drunk & smoke till mabok to push GDP lo…..all these rubbish…..
gamble on no demand investment…..fraud on data & accounting….corruption & run road……
港樓泡危 恐失萬億
內地「次高危」 三線恐先爆
HK & China property bubble going to burst anytime…..
HK people may lose $100Bil easily once property explosion….
nothing new…in 1997 crisis, everyday few hundreds hongkies bankrupt & commit suicide for 4-5 yrs….tons in negative asset, family broken & died…..
1973, 1980 & 1987 are also very bad…..HSI down 90% with 1-2 weeks in 1973….imagine if happens again, HIS will crash down from 22500 to 2250 in 2-3 weeks time…..what will happen??....
currency & trade war are ON now…..wait for patiently for it to explode…all has to pay back wan….
There is a new detached house in the market for sale for more than 6 months still left unsold, asking for $7.8m, now the asking price has dropped to $6.5m !!!
it's happening, first buyer vomit blood
There are a few landed houses for sale within a new condo development in kovan. The second landed unit is just sold at appx $500K cheaper than the first transacted landed unit. Within 2-3 months, half a million paper loss.
Oct-12
$3,754,000
3,875sqft
$969psf
Jan-13
$3,180,000
3,703sqft
$859psf
down almost 20%...if including all charges, legal, stamp, comm…...easily 23% or more….if with absd or asd or…lost will be much higher…price will down mush faster & more from here….stop buying, don’t buy…wait for force sell. auction, bankruptcy & run road……such case, no below $500 psf, no buy……
above is the same….down almost 20%, can’t even sell…must cut 30%...40%...fast enough or no more buyers’, out fast or lost more later….financial crisis is here or huge retrenchment, tons of sellers run road……
be patient…..QE has no more effect….next crisis will not have anymore QE…instead reversed of QE to pay bac k all debts in last 50 yrs…..price will down & down…better run fast or bankrupt…..same to developers or owners….
lost till teng kor….lost $500k or S$1.5mil is nothing in property….this is just the beginning….tons will lost all their saving & in debt of few S$mil, work like slave to pay back in next 30 yrs…….they deserve it, nothing to shout at, no mercy, just do it…..
37 Statistics Which Show How Four Years Of Obama Have Wrecked The U.S. Economy
January 21st, 2013
FIRST TERM: Obama Increased Debt $50,521 Per Household; More Than First 42 Presidents — Combined!
January 21st, 2013
read thru’…scary…typical of negro culture of lazy, relaxed, easy going…..this is obama….
print to eat….not work hard & be creative to fight for survival….like a pig….
obama...this human rubbish....increase household debt more than total last 42 presidents COMBINED......
globally followed….from Europe to Japan to China to spore….
yet want to be king mentality….know nut moron behaviour….
whatever….all these lead to total collapse & crashing down…all has to pay back wan…..
happy time over, followed by total breakdown & crash…..coming to spore property….
PREPARE For 90% Correction? Currency War Escalating But Inflationary Targets Will Fail – World Stuck In Deflationary Super-Cycle And There’s A “Financial Catastrophe On The Horizon
January 22nd, 2013
this is the best statement so far….reality will response accordingly….
90%? on the high side…but 70-80% is likely…..
currency war by attacking all major currency globally…..1 down all down…coming….Yen, whack it down for great profit….followed by Euro & US$.....same to S$....
inflationary will sure fail eventually like QE….deflation will crash all bubbles totally to almost no value….
global market will crash real hard….spore property down 50% is nothing…..if 75% will be very nice….
starting now….last one to run, 1st to bankrupt….stop buying, wait for weak holders & developers to bankrupt…..even cut 30-40% also don’t buy…..no 50%, no buy…no 2015, no buy…..
spore govt better do it themselves to plunge property market fast, if let hedge funds to short it down using S$ & STI, also spore economy totally…..also they will lose 2016 election if don’t do it fast….
today cooling measures is not good enough….need more…also enforcement in policy, not just lip service & NO hands on….force developers to dump all unsold units after 2 yrs of launching or 5 yrs of land sales, should cut down to 1.5 yrs & 3.5 yrs….also owning oversea property for HDB owners here is not allowed…..sublet, banks & developers loaning more or illegally…..tons more…
FULL ENFORCEMENT of all policies & measures IMMEDIATELY……not talk only…..law by law….confiscate & not negotiable…how is the 5700 units in CCR?....
Wow, came across this news, Seascape launched in 1st Dec 2010 with total 151 units, after selling for over 2 years the developer only sold 47 units and 104 unsold units, 69% unsold inventory. And when developer cut price to try to offload inventory, all those earlier buyers kena screwed and overpaid for their units.
Ho Bee stuck with 104 unsold units at Seascape
Singapore Business Review
Published: 09 Jan 13
I've been receiving SMS from agents everday selling D'leedon for $13xx psf and additional 1% discount from agents' commision, it's getting very annoying receiving these spam SMS. Looks like CAPL is getting desperate to offload their huge unsold inventory.
all panic & anyhow whack now....all kena pressure, can't sell, no buyers, spam & invade whatever contacts.....
got people advertise $10xx psf, why pay $13xx with all freebies? ask them to give nett price, not interested with all the rubbish marketing con job....
no sales, advertise like crazy everywhere....paper, internet, sms, email, brouchure, road show.....still can't sell....if market so strong, why so panic?? saturday paper all property sales & give more discount every week....yet negotiable & refuse to put nett price in all transaction....
stop buying, wait for weak one or developers to bankrupt.....dump at any price....cut 30-40% now, also don't buy, wait for force & auction sell..foreigners/FT run road are even better, equal to confiscate all their capital investment here....free market rule, sell property below land price is norm when market crash.....wait patiently....cut deep deep or wait....
global debt is too huge now....too many holes to cover, any 1 down like lehman bros, all will crash down...be patient...tons of unsold, refuse to lower price, when global trigger, all dump to exit or bankrupt, let them fight for price war.....no mercy, they deserve to be bankrupt....
cut price also cannot sell yet data is up....sales down 70% in last 2 months yet data....hahaaaa.....so panic must manipulate data, advertise & publish in paper, media, internet everyday yet still cannot sell.....where is all the naive, newbies & fools??......all kind of data & report by con man flying around, show what you want to read, anything also can, lawless?...
cooling measures or not, main media shouted market so strong, what is xxxx doing?? dump more lands out for sale now, also BTO...earlier said, at least 25k BTO this yr, plus another 7k if possible, keep promise? or not trustable....as for private, another 30k-40k this yr will be nice....
down 23%?? a $1 mil property down 23% is $770k.....for a $770k need to up almost 50% to reach $1 mil....so down 23% = up 50%, if include all charges, interest, taxes, asd, stamp, down 23% is much >up 50%.....
with price war, run road, economy & market collapse, rate hike, tax hike, debt squeezed, deflation, currency & trade war, huge layoff.......down another 23%, 120% up also gone....many will be bankrupt, no mercy, weak developers & buyer deserve it....free market & strong one prevail..banks with huge mortgage loan better act fast before bankrupt, no bailout for junk & bad managed.....
many gave 20-30% discount now…..developers runs fast before global market collapse this yr, with rate hike on the way, QE no effect, huge layoff, rental crashing down….spore personal median income still around $2k/m, total collapse anytime once cash flow dry up, squeeze weak, last one to run bankrupt 1st…..global collapse already no way out now….
Paul Ryan Shock: Clinton Would Have Fixed Fiscal Mess By Now… Deep budget cuts unavoidable…
January 27th, 2013
Boehner full of regret over ‘fiscal-cliff’ moves
January 26th, 2013
sure….deep budget cut is a must this time….not only balanced…surplus to pay back debt now if possible….currency, trade & civil war on the horizon....
regret?? then never give way now….
cut spending & pay deep deep, also huge layoff like defense layoff almost 50,000 few days ago…..
CNN: Pentagon laying off 46,000 employees
January 26th, 2013
Hospitals will see massive layoffs, decline in 2013
January 27th, 2013
massive layoff is on the way….to cut spending…huge pay cut also on the way globally….
same to spore….be prepared…all the debt has to pa back, must cut cost to cut deficit or be surplus to pay back debt….
economy is strong or market is fake or fraud…shout what they like…reality is no money to pay salary & debt….
unemployment down to 6.5%, stop QE & start rate hike…nice…
when no income, no business….stock & property go up also no use…mass has no money to buy & make out of it…market still need to crash down hard….coming…spore property down>50% is nothing…..
达沃斯拉响货币战争警报 中国增长受热议
2013年01月28日
Davos closed….coming currency war is exploding now…most urgent, let them fight…..
china GDP growth was questioned….all know is bullshyt…..once local debt explode, manufacturing pull out of china, hard truth will be seen….
china has printed $$ much more than US last 10 yrs…..has to pay back wan….
china, all the accounting fraud like S shares suspended & gone….wait for debt squeezed…..
be patient…..all will come 1 by 1…..
索罗斯：2013年美联储利率将大幅攀升
2013年01月28日
索羅斯預警美息狂飆
索罗斯：美国或年内加息
2013年01月25日
George soros…..US FED rate may surge very high this yr…2013…..
currency war started…killing field of some country & currency will start to see this yr…..
Yen started…at 90 now, swee, huat arr……
germany sure not happy to compete in car industry…..all will start to short down their own currency for export & sales…..this is the beginning if global DEFALTION cycle…cheap will be cheaper in time to come….global asset bubbles will total collapse…..
at 1 stage in 2013/4….Yen will be killed totally instead due to rate surges….S$? another super high debt to GDP currency....
spore property will collapse >50%....if PAP want to win election, must start to crash property price big way or LOSE govt in 2016…..
Developers are truly greedy despicable cheats... inflating the caveat price, hiding the true price, manipulating the property price index , and lying about the actual sales numbers to consumers. And the unknowing consumers upon seeing the inflated caveat prices from the developers' price deception and manipulation, ended up being conned to pay more to the developers for their units.
http://www.straitstimes.com/premium/...rices-20130126
Straits Times Forum
Published on Jan 26, 2013
PROPERTY SALES
Concerns over practice of inflating prices
HAVING visited several property launches over the past year, I wish to share some observations ("Tough action to cool property market"; Jan 12).
To create a rising price scenario, developers commonly mark up the selling price of their units, and then offer discounts or rebates in the form of furniture vouchers and stamp duty refunds.
As buyers, we are advised to lodge caveats based on the higher price before the discounts and rebates, so that we can qualify for higher bank loans.
While most banks require buyers to declare the purchase price and discounts, many people do not do so in order to qualify for higher loans.
This benefits the developers as it will show an increase in the residential property price index, which in reality may not be the true price transacted.
Unfortunately, this strategy of price manipulation has now spread to the resale market.
Of late, some owners who may have bought several units in new launches are now offering refunds and cashback.
As is the case for new launches, a buyer must agree to lodge the caveat based on the seller's inflated asking price, and refunds via a cashier's order will be given on the completion date.
The price lodged in the caveat requested by the seller is to support the bank valuation as well as show price increases to generate future sales for the seller.
This is a grey area that I hope the Monetary Authority of Singapore and Urban Redevelopment Authority (URA) can address as it may have legal implications.
I also encourage the URA to conduct thorough checks on claims by developers of their projects selling like "hot cakes".
This is because when one checks the URA's actual sales figures later, they are often lower than what was initially claimed.
It would be helpful if the URA could publish a monthly update of all recent project sales and units left unsold.
Lastly, I thank The Straits Times for publishing both the caveats and actual rental prices of private properties. This is a positive step as it allows for transparency and helps buyers and tenants make informed decisions.
David Lim Beng Heng
Developers giving cash rebates and sellers stamp but makes SG banks ultra-vulnerable.
For couples: Use one downpayment for buying 2 units.
so mark up price for buyers to loan more than they can….MAS keep quiet? close 2 eyes? or they are the one pushing it from behind?? so still can loan up to 90% or even 100% if you know what to do….S$1 mil property, transacted at $1.5Mil, then can borrow almost S$1 mil yet can get $500k rebate for 2nd property…..can loan some more for 2nd property….hahaaaa….very nice…when market collapse…total collapse…domino fall 1 by 1.....
hedge funds sliva must be dripping when they look at all these……get ready to short he whole spore market & economy down…..especially banks & developers counters.....if bankrupt, no bailout...…
so you think you see URA price is the nett price?? cut 20-30% or even more is the actual selling price….
so desperate to do all these ‘illegal’ & ‘lawless’ transaction in spore…are GLC inside??.....this is worse than subprime….it will crash harder than subprime……
creative accounting?? fake, fraud, lies & manipulation…..sure burst & explode....down>50% by 2015 is nothing.....
MAS better check thru' all mortgage loan with all banks, any violation, take action...top up or auction sales immediately.....
khaw better hands on, go thru' all policy on all owners & developers.....confiscate once violate....law by law OR lawless....govt decide.....
sporean will decide on their vote.....also legal action if need to.....
PM also admit supply is very low few yrs back & they made mistakes.....so khaw better launch more now, 70k-100k units/yr irregardless anything happens, over-supply is better than under supply.....or PAP sure lose 2016 election.....let do it FEARLESSLY, PAP govt is easily replaceable, spore has totally no problem without PAP.....
中纪委：豪宅抛售情况继续扩大 部分业主为公务员
2013年01月24日
叶檀：三线城市空巢现象给城镇化敲响警钟
2013年01月24日
china govt servant…corruption in property..all run road liao…end is near….
all the insiders’ trading, connected……dump & run fast….
all these linked to the govt…to the top….all try to wash & clean their hands….
tons of empty cities in china now….all the fake & fraud….
bubble collapse anytime….plus global currency war to show hands like 1990 to Japan….
be patient to watch the collapse of property market….
增供應徵重稅 韓成功壓樓價
日樓積弱21年 圓匯挫
[size="5"]south korea increase land supply & high tax…..succeed in pushing down property price…..
If they want to do…sure can do it….at least SK is safe for now….compared to spore & HK, will be target to crash down like 1997, asia financial crisis….
[color="red"]japan property down for 21 yrs…price down 90%....now currency also plunging…very nice…just hike rate to kill Yen totally…let Japan collapse….useless rubbish….
same
David Weidner: Bank of America and Citi reports are junk. Another quarter of surprises isn’t surprising.
January 18th, 2013
Sugarcoat it all you want. Let the analysts try to make sense of it. Buy the story you’re being fed. The reality is, Bank of America Corp. and Citigroup Inc. turned in garbage reports parading as fourth-quarter earnings Thursday.
Special and one-time charges, unforeseen costs, settlements, legacy costs, foreclosure legal fees — it was a junkfest. But that’s not even the worst of it.
These types of quarters happen with such regularity for banks these days that to suggest they’re year-end, “kitchen sink” quarters is an insult to sinks, kitchens, quarters and, mostly, investors.
At Charlotte, N.C.-based Bank of America (US:BAC), Chief Executive Brian Moynihan said the bank would take $2.7 billion in one kind of mortgage-related charge and another $2.5 billion tied to a separate charge. Still, he wrote with a straight face, the bank is “strong and well positioned for further growth.”
Weekly News Wrap-Up President Obama Pushes Gun Control while Banker Fraud and Crime go Unpunished
January 18th, 2013
whole world today in fake & fraud…all know…spore too?….nothing new…
huge crash will follow with all these manipulation & lawless act….
all the corruption, cronyism…support the weak rubbish supposed to bankrupt….
all the fraudulent accounting, distorted data, adjusted definition…..
robbed taxpayers’, criminal act, imposed by force…..
all the wrongdoing has to pay back wan….starting from 2013…
kick ‘can’ hit the wall…total collapse on the way…..all in desperate mode now…..
Money Velocity Free-Fall And Federal Deficit Spending
01/18/2013
both declining money velocity and soaring deficits reflect a contracting, post-credit-bubble economy.
This stupendous creation of money and unprecedented fiscal stimulus has had zero effect on money velocity.
Keynesian stimulus policies (deficit spending and low-interest easy money) create speculative credit bubbles.
Put another way: we've run out of speculative credit bubbles to exploit.
bubble everywhere is for sure…..all the non-productive, economy collapsing act…..
print & drive market…..no real valued added to economy & society…these are the rubbish leaders of today, total garbages…..print to infinity?? only human rubbish wish & hope, they will be wiped off totally soon…..
end is here, starting from 2013…..will see market collapse due to conflict among leaders…..
from currency war to trade, protectionism, military, debt, pandemic, political to financial….
explosion & implosion will be ugly due to ponzi end, rate hike, tax hike, cut spending & huge layoff…..
be prepared…it will sweep thru’ like tsunami…..coming this yr….same to spore property, collapse eventually….
all these shameless rubbish drive price using printed $$ without value & economy based…real human rubbish…all the fake, fraud, lies & manipulation…these are criminal act….not free market, not strong one prevail…these are useless weak human dogs of global leaders, spore??..…all fake & bubbles will burst, starting now......
japan print unlimited?? such useless human rubbish xxxx…all should stop buying Japanese car….
already too late to print to drive as junk already become bubbe like Tulip…wait to explode this yr….Yen is crashing hard, short & let them die…I shorted, will short more….they want to die, let them die faster….
http://www.bloomberg.com/news/2013-01-27/tripling-in-debt-to-1-7-trillion-drags-on-economy-china-credit.html
Tripling in Debt to $1.7 Trillion Drags on Economy
By Bloomberg News - Jan 28, 2013 11:09 AM GMT+0800
Chinese companies are spending more than ever to service debt after their borrowing almost tripled over five years, prompting strategists to warn of rising default risk and a threat to economic growth.
Total short- and long-term borrowing by 3,895 publicly traded non-financial companies rose to almost $1.7 trillion in their latest filings, from $604 billion at the end of 2007, data compiled by Bloomberg show. Financing costs, including interest, on all forms of debt climbed to the highest level as a percentage of gross domestic product last year, according to Sanford C. Bernstein & Co.
Bernstein says that means less cash for investment to fuel the world’s second-largest economy, while Royal Bank of Scotland Group Plc says the threat of defaults will hold back interest- rate liberalization. The average 10-year yield for top-rated company bonds is near a 13-month high at 5.27 percent, compared with the 2.6 percent yield in a Bank of America Merrill Lynch global corporate index.
“There’s just a lot more debt in China today than there was really ever in the past, relative to nominal GDP,” said Mike Werner, a Hong Kong-based analyst at Bernstein. “More and more of the country’s resources have to be put to just financing outstanding debt, and that itself is a headwind for economic growth.”
While the nation exited a seven-quarter slowdown in October-December as the government eased monetary policy, incoming Premier Li Keqiang may need to confront the fading effects of government support, a likely pickup in inflation and rising risks from shadow banking. Price growth accelerated to a seven-month high in December, driving up benchmark bond yields. GDP grew 7.8 percent in 2012, the slowest in 13 years.
Stimulus Lending
Chinese banks doled out 8.2 trillion yuan ($1.3 trillion) of new loans in 2012, 10 percent up from a year earlier and the second-highest level on record, central bank data show. The government quota for new lending may be set at 9 trillion yuan this year, Caixin reported on Jan. 22.
A 17.6 trillion-yuan binge of stimulus lending in 2009-2010 stoked inflation, weakened banks’ financial buffers and lead to an increase in non-performing loans.
Since then, China’s economy has become a “credit junkie, requiring increasing amounts of debt to generate the same unit of growth,” analysts Edward Chancellor and Mike Connelly at investment firm GMO LLC, which managed $104 billion as of Sept. 30, wrote in a research note this month.
Total credit in the economy, including items off bank balance sheets, climbed to about 190 percent of GDP by the end of 2012, up from 124 percent in 2008, Fitch estimated this month. The burden may need government resources to resolve, harming China’s credit outlook, the ratings company said.
‘Severe Risks’
“The 2009 stimulus was hailed in its day as one of China’s greatest historic successes,” said Drew Brick, head of Asia- Pacific markets strategy in Singapore at RBS. “Instead it may well represent one of the most severe risks to face the Communist Party in a generation.”
China’s total social financing, which includes bank loans, bond and equity sales, trust loans, entrusted loans and bankers’ acceptance bills, surged 23 percent to 15.8 trillion yuan last year. A record share of that came from non-bank credit, highlighting the growth of so-called shadow banking activities that have prompted warnings of rising credit risks.
Wasted Money?
Only 29 percent of last year’s aggregate financing was translated into economic growth, the lowest on record, according to Bernstein’s Werner. For the real economy to expand at 8 percent this year, growth in non-loan credit would have to accelerate to 33 percent from 25 percent in 2012 if the credit- to-GDP efficiency remains at last year’s level, he said.
“You could see some of this as a result of borrowing to repay old debt, you could say this is borrowing to be put into more speculative activities rather than being put into real investment for the economy,” Werner said.
Even as the central bank cut interest rates twice last year, borrowing costs on total social financing were the equivalent of 14.3 percent of China’s nominal GDP in 2012, up from 14.2 percent in 2011 and above the average of 10.1 percent in 2002-2010, according to Bernstein.
Total social financing may reach 16.5 trillion to 17.5 trillion yuan this year, Bank of Communications Co., China’s fifth-largest lender, forecast last week.
中國印鈔量冠絕全球
china print the most in last 10 yrs globally….
RMB can be so strong with so much printing??...
time will come…don’t worry..same to asia, spore?….
all the corruption, bad debt, bribery…..all in a mess, when time comes, sure explode….
most asian countries today is the same....when explode, worse than Greece...coming......
SG property prices to fall 40 % by 2016
There was one important piece of news that went relatively unnoticed two weeks ago. The government set a new rule for property developers to complete and sell all developments they start within five years from now. This will end the current system of artificial price levels where developers can hold on to empty units for years and/or postpone the start and TOP when they feel the market is softening.
This combined with the upcoming supply of 70.000 units of which half are still not sold, the developers will have to put the remaining units up for fire sales when the 5 years are ending. The supply in the pipeline is rapidly increasing: 2011 = 10,889 units receiving TOP, 2012 = 12,043, 2013 = 12,882, 2014 = 20,550 and 2015 = 34,373.
Looks like the softest spot will be around 2015 and 2016 when developers have to offload all unsold units before the 5 year deadline. No one in the resale market is able to sell for current asking prices when developers will sell brand new units for lower prices.
The estimates for SG private property price decline were between 20 to 30 per cent, before introducing the new rules of 10 per cent stamp duty for foreigners and 5 year deadline for developers to sell. Taking the new factors into account, property prices will most likely decline 40 per cent by 2016.
Source: http://www.expatsingapore.com/forum/index.php/topic,83690.0.html
so as expected 20% sold……if remove some insiders’ sales, plus more will drop out on the way, can hit 10% consider good….
all the morons forever shout nonsense..main media bark rubbish forever....many get conned.....
why buy now, wait for more discount later….
next 6 months, there will be another 6-8 EC launching….when all cannot move & sell…when global economy collapse….when developers cash flow tight due to debt squeezed, rate hike & more……
sell units below land price is common when market is bad & in recession…..
now >40000 new units unsold..in next 2 yrs almost another 100000 TOP….next 6 months, another near 20000 units land sales on the pipeline….why hurry, of course we still have another 100000 of resales in the market, no buyers…..
wait for huge layoff, pay cut, foreigners no renewal of permit & jobless, rub road…..
currency war, price war, deflation…..shrink & contract….
be patient….spore property down >50% by 2015 is nothing…..price & rental on the way down now…..
all the main media & govt panic again, shout what they like...all the fake & fraud & real shameless to control media this way?.....
Q3 -6.3% GDP......try so hard to con & cheat?....
only fools buy now...no buyers, face reality...stop buying, let them bankrupt....all these human rubbish....
3% discount?? can negotiate to 10% easily as others is offering 8-10% then why bother about 3%? don’t buy….those offer 8-10% discount, negotiate to 15-20% discount pus tons of freebies, legal, stamps......
price war will force them to accept your offer…..if not when crisis hit in near term, down 30% also no buyers…why buy now?? only fools buy now….
Dleedon launching at $1700 psf….official offer now is $1300, but many sell for $10xx in the market, why bother about developers offer price, cut deep deep on their price or buy from others……Dleedon already down almost 40% from launching price now….more to come…..same to most projects, if they don’t cut as much, don’t buy…..more plunge to come….
market so strong, why give so much discount, freebies & sweeteners?? because not moving, no sales.....
discount getting greater each week....wit for global market total collapse......coming on the way soon....
property is for living...not speculate or manipulate...what is govt doing?? developers? lawless?.....
nett price?? criminal act?.....do & shout what they want...from main media to GLC?.....
robbing? all the fake & fraud anything & anyhow.....this is spore system in history?......FULL ENFORCEMENT? more like con all the way...sit on it easier....
hard truth will be out.....all bubble will crash....xxxx robbers without mercy....no law to let them pay back?? they can fix any price & data they like?? vote them out is the only way.......
7 mil population? car on the road, cannot move…MRT cannot get up…no beds in hospital forever, school at 15km away & take 3 hrs to reach……1 SARS, few $100k of people gone….no food once weather & natural disastrous….time to squeeze spore to death, build a nuclear plant 2km away from spore in Johore…..stop sporean from going to Malaysia if malaysia change govt, many will bored to death……tons more…..
buy a property now & work like a dog for next 30 yrs……cannot stop work, layoff, serious sick, parent & family problems, pay cut….& property sure burst…..no mercy & deserve it to be slave….
if they use or raid national reserved saved by native sporean to build all rubbish to cater for 7 millions of import rubbish, then a bankrupt is very likely possible....
congested, pack, no space is a pressure cooker by itself.....will just explode anytime....
they treat old & their parent like dirt.....this is what their parent taught & set example to them....
May 2013-End of the Road-John Williams: We haven’t had a recovery and we’re not about to have one, and it’s getting worse.The average guy is not making it. His income is not keeping up with inflation.
January 28th, 2013
very nice…the more middle class gone…the more rubbish govt & leaders of today gone….
no recovery in last 5 yrs…only kick can down the road for a catastrophic collapse of global economy…..
pay cut, no jobs yet cost of living shoot up…..all the corruption, cronyism of govt…..
rob, loot the people….they deserve to be hanged…..
end is here….people power will takeover by civil war or sudden rate hike & collapse economy globally to pay back debt…debt squeezed….very nice…be patient….useless asian should kick the balls instead but they are coward rubbish….
affordable?? greatest joke & liar.....
The US And Global Economies Will Contract As A Major Currency Crisis Is Waiting To Happen! China Admitted Launching A Gold Backed Currency For World Trade.
January 28th, 2013
sure…..global economy contracting…..
coming currency war will be super nice….it will bring world to DEFLATION, then hyper-deflation…all bubbles will crash totally…spore property will collapse…..
all try to push down their currency for export….short their own currency down globally…..price of goods will only getting cheaper (DEFLATION)….lower pay, no jobs…..crashing even harder…..time to stay at bottom, the longer the better….then property may down 90% like Japan...
trade war, civil war globally sure emerge….US & US$ will be gone if continue to QE this way….then suddenly world wake up & surge interest rate to 2 digits within short time….coming…be patient……
There is a new detached house in the market for sale for more than 6 months still left unsold, asking for $7.8m, now the asking price has dropped to $6.5m !!!
it's happening, first buyer vomit blood
There are a few landed houses for sale within a new condo development in kovan. The second landed unit is just sold at appx $500K cheaper than the first transacted landed unit. Within 2-3 months, half a million paper loss.
Oct-12
$3,754,000
3,875sqft
$969psf
Jan-13
$3,180,000
3,703sqft
$859psf
down almost 20%...if including all charges, legal, stamp, comm…...easily 23% or more….if with absd or asd or…lost will be much higher…price will down mush faster & more from here….stop buying, don’t buy…wait for force sell. auction, bankruptcy & run road……such case, no below $500 psf, no buy……
above is the same….down almost 20%, can’t even sell…must cut 30%...40%...fast enough or no more buyers’, out fast or lost more later….financial crisis is here or huge retrenchment, tons of sellers run road……
be patient…..QE has no more effect….next crisis will not have anymore QE…instead reversed of QE to pay bac k all debts in last 50 yrs…..price will down & down…better run fast or bankrupt…..same to developers or owners….
lost till teng kor….lost $500k or S$1.5mil is nothing in property….this is just the beginning….tons will lost all their saving & in debt of few S$mil, work like slave to pay back in next 30 yrs…….they deserve it, nothing to shout at, no mercy, just do it…..
10Y Hits 2%
01/28/2013
up almost 40% from bottom & few months back…..
interest rate is on the rise…..be patient…..
wait for currency war killing field….soon all will awake to hike rate like no tomorrow….
fight in sales, fight to survival now….fight in currency…eventually kill each other by rate surge to >10-20%....spore property will total collapse....coming....
asian leaders are all coward useless…..they will regret for not hike rate now….asian deserve to be slaves, no gut, fear & no balls….
Gold Scramble Driving Interest Rate Spike as Treasury-values Fall Steeply, Reflecting Asia Abandonment of US Dollar
January 29th, 2013
Swiss now want their gold back; 10,000 signatures shy of national referendum
January 28th, 2013
globally panic liao with all the QE & printed…..
all start to run road, whether to dump all US bond or recall gold back…
interest rate starts to up…spike…surge….
time to pui on all these shameless human being….bernanke, US, QE, ECB, draghi, obama, geithner, Wen JB, XXX…..
end is here….all going to revert soon….
FEARLESS…once ON, market collapse…pay back time…tsunami sweep thru’…no time to run….
France "Totally Bankrupt" Says Labour Minister; Inappropriate or Inaccurate?
Things in France must not be very serious, because the French labor minister accidentally let the truth come out a little earlier today. As the Telegraph reports, France's labour minister sent the country into a state of shock on Monday after he described the nation as “totally bankrupt."
France ‘totally bankrupt’, says labour minister Michel Sapin
January 28th, 2013
Same to US, Japan, spore…..yet still want to push property price…..
All these asian coward & useless leaders…..if FEARLESS, hike rate to 10% now…burst the bubble & crash western world economy, help them settle their problem long termly…….stop all the social benefit program, work hard for their country……
global is bankrupt with US$1500 trillion…explode will begin in 2013….
all has to pay back wan…..debt burden will suppress global growth for next 20-30 yrs….spore property will not recover in next 20-30 yrs….
Yes you are right, my friend bought a property in Johore, I think interest rate was about 6.5%, even in the USA where the hot money suppose to come from their rates are about 3-4%, nobody is as dumb as our PAP Govt!
Spore likely can’t take 2.5-3% of mortgage rate…..many will default & run road….
If hit 6.5%, property price down 60-70% liao…..
spore debt to GDP is so high…almost closed to Japan, can spore take rate hike??...all the debt will collapse….
S$ still got value?? once hot money outflow….crash down??.....
value of money reflect in interest rate…..whether currency war want to whack it down like Iran, Japan & many more…..currency war on the way now…many casualty eventually, spore??…let see when guns shoot without eyes…unfolding now, be patient.......
so many moronic pariah dogs panic & desperate liao.....bark like crazy fool.....
wasting time moron......same as cityshyter.....shout nonsense in this bear thread.....so worry & stressful.....
S$1k-2k/m jobs aplenty, who want? not enough to survive.....
once property bubble burst...tons of bankrupt.....like US subprime collapse, all paper gain gone, nett worth down 40%, all no money, no jobs, stop spending...those with huge debt...will be slave for next 20-30 yrs.....
still got 6.9 million population. ask pm long to e-mail Bernanke whether will he support or not? he Bernanke stops printing papee's 6.9 million dream will be gone as well.
all the rubbish...swiss standard by 2003....70/30 private/public house by 20xx.....reality?? all failed....
shameless xxxxx.........
6.9mil, NOT 7 mil...you know they are playing game again.....whole bunch of rubbish....
to keep their promise....keep launching 70k-100k units/yr from now on is great!!...make sure to keep track...
but whatever will be will be...will come will come...global economy & financial system collapse on the way.....property crash>50% by 2015 is easy now....
get in another 2 millions junk...spore will sink to Indonesia 500 million, so what?? India??.....last 2 yrs already proven.....bigger population, real GDP down -5%, out put down, export down......really raiding reserved with human rubbish......
6.9 mil?? give away spore to these rubbish junk & leaders...no big deal.....got so many better place to live a better life than this hot & humid sardine can, squeezed & stink....when SARS or crisis or turmoil, all will abandon spore like Dubai or even worse, take luggage pack & go.....just a hotel 81 to them...
by 2030, NOT tomorrow...another 17 yrs from now?? by then all forgotten....con man shouting again??....lip service forever....when funds want to short, they will still short it down more than Greece when it comes.....
7 mil in a red dot, they know what it imply?? people will be super kiasi & kiasu to rush for anything like beggers…..real pressure cooker & hot temper, sure spore weather is super hot….tons of body & space conflict….squeeze in a hot & humid sardine can, fight everyday….car? big house? space? fresh air? when SARS comes, when JB build a nuclear plant, when Malaysia changes govt & don’t allow sporean to go over….when…..hahaaaa…..be patient, once happens, will come overnight like CLOB…..better have a quiet, serene, cosy, spacious & better weather & environment….may be by 2030, only 2 mil….all run road…hahaaaa…
In panic mode & anyhow bark now??....that is very dangerous.....we know who is very buay zhai, 1 look you know....outside world is no mercy once they know you are sick, kill!!......
monopolised BTO is totally a joke….
how to meet demand whether they plan or not if BTO…..now they shout all the bullshyt & no-sense to cover their backside….
pre-build 100k units to meet their plan NOW….or stop shouting nonsense…..what monopolised BTO rubbish…..
this greed & evil govt…no need to argue if they don’t tell the hard truth….twist & turn is their expertise since day 1?….
forever make mistakes…forever move on…whether is on purpose….
if still have sporean with a heart, vote for them in 2016, something is very wrong…..
FEARLESS, vote them out…they are easily replaceable…..
MORGAN STANLEY: ‘The Odds Favor A Government Shutdown’
January 25th, 2013
The Endgame Is Being Played Out: World ‘Plunges Into Currency War’, Economy Underperforming Again, US Banks Shaken By Biggest Deposit Withdrawals Since 9/11… The Collapse Will Begin!
January 25th, 2013
Nouriel Roubini: Political tensions, economic and financial tensions, like currency wars, can lead eventually to protectionism.”
January 24th, 2013
Americans Most Negative On the Nation And Economy In 30 Years
01/24/2013
Blow-Off Top? Or Just Another Run-Stop? AAPL 12% Drop!
01/24/2013
Warning To All Investors: Bundesbank’s Weber, JPMorgan’s Dimon, Roubini Warn About Global Easing. BofA Warns Of 1987 And 1994 Scenarios. Bill Gross Is Scaling Back On Derivatives On Incoming Inflation. US GDP “Growth” Since The “Recovery” Is Now The Worst In US History!!
January 24th, 2013
Japan’s Exports Plunge, Trade Deficit Widens More Than Expected
January 23rd, 2013
Spanish Q4 GDP Declines At Fastest Pace Since 2009
01/23/2013
IMF Cuts Global Growth, Sees 2013 European Recession.
IMF: Global economic recovery ‘weakening’
January 23rd, 2013
all with date & latest....snake oil con man, cityshyter...mostly outdated...con & cheat.....
Hospitals will see massive layoffs, decline in 2013
January 27th, 2013
Germany’s Central Bank Fires a Warning Shot at the Fed On Gold
January 27th, 2013
Larry Summers As Fed Chairman?
January 27th, 2013
The Man Who Should Be President — Ron Paul: I’m Waiting for the Fed to Self-Destruct
January 27th, 2013
Israel Welcomes News Of Huge Blast At Iran’s Fordow Nuclear Plant… Hezbollah Preparing To Attack Israel… DOOM ON!!!
January 27th, 2013
CNN: Pentagon laying off 46,000 employees
January 26th, 2013
Q4 Earnings Season: Far Worse Than Most Suspect
01/25/2013
The Gold Guarantee Blowing Up In Singapore?
01/25/2013
US banks shaken by biggest deposit withdrawals since 9/11
January 25th, 2013
CDC Admits Flu Vaccine’s Ineffectiveness as Huge Influx of Flu Victims Fill US Hospitals
January 25th, 2013
索罗斯：2013年美联储利率将大幅攀升
2013年01月28日
国内超九成多晶硅企业停产
2013年01月28日
达沃斯拉响货币战争警报 中国增长受热议
2013年01月28日
港樓泡危 恐失萬億
內地「次高危」 三線恐先爆
达沃斯论坛敲响超宽松警钟
2013年01月26日
中纪委：豪宅抛售情况继续扩大 部分业主为公务员
2013年01月24日
叶檀：三线城市空巢现象给城镇化敲响警钟
2013年01月24日
富士康預警 全年轉虧
三线楼市鬼城蔓延：营口库存需消化5年 银行断贷
2013年01月23日
常州楼市空置率高被称鬼城 部分商业地产三折销售
2013年01月21日
保利地产流动负债1365亿：中信等为其资金后盾
2013年01月21日
日本经济到最危急时刻
2013年01月21日
大行瘦身潮 港員工遭殃
China Is On The Verge of Losing Control Over The Credit System
January 22nd, 2013
Currency War Between The US, China, Japan In Process, Euro Could Be Next To Join The War. WGC Confirms The Chinese Are Going To Back The Yuan With Gold!!
January 23rd, 2013
IMF Cuts Global Growth, Sees 2013 European Recession. Dollar Signals Market Topping Out. Firms Need $5 trln A Year To Meet Market Hopes. China Just Narrowly Averts Credit Bubble Pop. And Investor “Cash Allocations Fell To The Lowest Level Since February 2011
January 23rd, 2013
The Breaking Point? APPLE Faces First Profit Drop in Decade, Obama Seeking to End Business Tax Breaks, Global Unemployment to Hit Record, And Investment Banking On The Brink…
January 22nd, 2013
ROUBINI: There Are Still 5 Big Risks Facing The Global Economy, And Any One Of Them Could Result In A Recession
January 22nd, 2013
JIM GRANT: WE SHOULD LOWER THE US DEBT LIMIT, NOT RAISE IT AGAIN!
January 21st, 2013
Nearly 70 Million (Conservatively) Jobless Worldwide Since 2007, As Global Unemployment Hits Record
January 21st, 2013
Blockbuster Video Closing 300 Stores soon
January 21st, 2013
PREPARE For 90% Correction? Currency War Escalating But Inflationary Targets Will Fail – World Stuck In Deflationary Super-Cycle And There’s A “Financial Catastrophe On The Horizon
January 22nd, 2013
As 2013 Begins, Global Economy Still At Risk of Collapse And The Downside Risks Are Gathering Force.
January 21st, 2013
2008 Financial Panic Coming? CONSUMER CONFIDENCE COLLAPSE!! MASSIVE WITHDRAWN FROM 25 LARGEST US BANKS, China Averts Local Government Defaults As Soaring Debt Precedes Financial Crises, Central Banks Buying Gold, The Opposite Of Their Own Creation!! CHINA: STOP PRINTING MONEY!!
January 29th, 2013
confidence collapse but Bernanke bochap like a insane robot…keep pushing…the most evil human rubbish on earth today……
americans also withdraw most money from banks & run road now….shame….
china printed the most….debt at highest in history….default of local govt will collapse china totally…ponzi go on till breakdown…coming 2013….
central banks print & buy gold….ask gold back globally…why?? real panic & desperate now….
china warn US, also stop printing….global must stop immediately or military war eventually is unavoidable now….
global in real panic now that is why keep pushing stock..once down, all the way collapse….
Paul Krugman & Marc Faber & Paul Farrell: Depression Conditions Continue in the US. Correction Is Coming .. I’m Selling Shares! The Next Leg Of The Bear Market Will Be Much Worse Than After The Great Depression!!
January 29th, 2013
condition worsen…almost great depression now, yet market up everyday, so panic & worry…..useless rubbish go divergence way, no gut & no balls to face reality…..
all smart people already sold…govt printed $$ to pick up using taxpayers’ money…once they need to dump, total collapse….as said, US is another NORTH KOREA now…..govt own almost all the country company….
coming crisis & collapse will be historical huge & in human history….
be patient…will see the starting point in 2013…then crash down all the way….Dow below 3500 & STI below 1000 by 2015…..a tiny lehman crash STI from 3920 to 1465…this one crash STI down below 1000 is nothing….coming…spore property crash >50% is easily achieved…..
Gold Scramble Driving Interest Rate Spike as Treasury-values Fall Steeply, Reflecting Asia Abandonment of US Dollar
January 29th, 2013
Swiss now want their gold back; 10,000 signatures shy of national referendum
January 28th, 2013
India test fires missile from under sea, completes nuclear triad – The fifth nation to conduct a successful test of an undersea ballistic missile – warn to prepare for nuclear war!!
January 28th, 2013
France ‘totally bankrupt’, says labour minister Michel Sapin
January 28th, 2013
December Core Capital Goods Plunge 4.3% Y/Y As Durables Headline Boosted By Boeing
01/28/2013
10Y Hits 2%
01/28/2013
Monetary Malpractice - Dysfunctional Markets
01/27/2013
DOOM: Iran currency takes nosedive, bank runs, general strike, protesters surround central bank!!!
January 28th, 2013
JUST-IN, MSM REPORTS: Israel Warns of possible Pre-emptive Chemical Weapons strike in Syria!! Tehran to Retaliate Against Fordow Sabotoge! IRAN CALLS FOR GLOBAL MUSLIM ARMY!
January 28th, 2013
THE EXPLODING AUTOIMMUNE EPIDEMIC!!
January 28th, 2013
Private Debt as a Percentage of GDP of Spore
Private debt as a percentage of Gross Domestic Product is an important economic indicator of a country's future financial stability. This is because it shows what percentage of the Gross Domestic Product is paid for with borrowed money.
GDP Definition
Gross Domestic Product is the total value of all the goods and services produced in a country. This means that it is a good rough indicator of economic strength, particularly in relation to previous years. If people are working, doing services for money and producing things, then the GDP will rise and the economy is doing well.
Private Debt
Private debt is debt such as credit cards, home loans, auto loans, and any other debt owed by individuals and businesses, who borrow to fuel their growth.
Implications
When private debt as a percentage of GDP is large, this means that the GDP is effectively growing because of that private debt--goods and services are being bought by borrowing money rather than being bought with earned money. The larger the ratio, the larger the problem--even people who do not owe any money are still connected to it because the people buying from them and/or employing them are doing so on borrowed money.
What this means is that GDP can grow artificially fast when credit conditions are good and interest rates are low. However, it can do the converse when interest rates rise again because a large portion of private debt means that the entire GDP relies on peoples' access to this credit.
This is what's happening in S'pore, GDP is propped up by massive private debt such as mortgages and business loans from easy credit and low interest rates. But even with the massive private debt, S'pore economy still in recession and exports have plunged. There are many highly leveraged businesses and people stucked. When Fed ends QE this year and interest rates shoot up, there will likely be huge number of defaults and bankruptcies in S'pore, and the economy will sink into deep recession and property crash.
Originally Posted by alpha
Bank issued housing loans grew $3 billion in one month from Oct to Nov, private debt up to 165% of GDP.
Total bank loans in November 2012 = $481.7 billion (165% of GDP)
Business loans = $277 billion (94.9% of GDP)
Consumer loans = $204.8 billion (70.1% of GDP)
Housing loans = $150.3 billion (51.5% of GDP) , this amount excludes cpf issued housing loans for HDB, if included the total housing loans in s'pore could be over 100% of GDP.
http://www.channelnewsasia.com/stori...245279/1/.html
all the borrowing & all the debt…..
property is not asset, is leveraging, gambling & debt…..
this is huge, close to Japan debt to GDP level....no return & exit path if continues..….once property bubbles burst, all the saving gone, only left debt to pay back in the rest of life….
same to developers….all is about debt & debt squeezed….cash flow dry up, default & bankrupt…so stop buying, let weak developers & holders bankrupt….some at the verge of breaking, so no 2015, no buy….if any fake & fraud try to rescue, don’t get conned by manipulators, will have hedge funds to short them down, then we join the short to bankrupt of these developers……
spore, with population up, GDP down, debt up....bad sign...many rely on debt to survive, once debt squeezed, many will bankrupt...
productivity negative growth, more waste....many will unable to service loan once layoff, cut pay & rental down.....best time to squeeze now...
with rate on uptrend now...sudden surge due to global currency war....be patient......
we are at biggest bubble in human history today due to printed $$ & debt of US$1500 trillion…..
all bubble will explode, will start to see this yr….can’t grow anymore globally….risk is too high….once 1 run all run…1 down all down….only fools still gamble on taxpayers’ & others money…all these human criminal should execute all…explode & implode starting this yr...total collapse......
7 mil? only fools want to live in dense & compact sardine can with hot & humid weather.....
1990 we shouted gracious society as Swiss, where are we today?? now is worse than 1990….
same to leaders shouted 40% stayed in private condo by 2000?…where are we today?? still >80% in public house….
all know why they shout? who care now?? who follow up??...same nonsense….
congested is good? no space is good? fight & competition is scary…no more gracious, super ugly instead…squeeze, push, shameless, kiasu...once SARS is back, tons will died due to rubbish...deserve it & be responsible.....
ask all these leaders to shut up & stop xxxxxxxxx……
when global ponzi crash, stop printing, bubble burst…..all keep quiet & run away like XXXXX….
then ask them to pre-build 400k units of property now to cater…they will argue & twist & turn….
1 word…..shame….let them be….all the xxxxxxx……
Layoffs and pay cuts coming as the recession starts to bite hard. In today's ST:
SIA captains asked to take unpaid leave
Pilots told they can quit to join Scoot and SilkAir amid slowdown
In today's BT front page:
Signs of slowdown in tourism industry
Biderman’s Daily Edge – Wages and salaries will be down in first quarter
January 3rd, 2013
经济下行年终奖缩水 网友称从16万跳水到500元
2013年01月02日
global pay cut & layoff…..
US salary already down 30%, further down to come….
same to china…due to bad economy this yr, many did not even get bonus & tons still chasing for their last few months pay….
bonus shrink from $160k to only $500 this yr…..
more to come this yr…worse than last yr….
when crisis hit….can keep job & pay cut 50% consider very lucky…coming…..
SIA already cut pay, unpaid leaves to employees...no business yet these morons shouted tiger air & others' rubbish airlines....real con man & jokers...all the fake & fraud, when crisis comes, all result becomes lost in huge debt & bankrupt....norm.....
SIA to axe 76 pilots due to surplus. Now, pilots will join retrenched engineers to become taxi-drivers. How many of you know of jobless pilots?
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1251174/1/.html
so record visitors to spore?? ......
fake, fraud, lies & manipulation...all the bullshyt.....
shout what they like to shout...anyhow shout, it's free....
same to spore property..population? gracious society? private/public house?....tons in all the media....
Eurozone: Household income and business investment rate fell
January 29th, 2013
already said, no jobs & pay cut…household income sure drop….
globally & germany are the same…spore is the same….don’t bullshyt, fake & fraud data…..
investment is the same…..no demand, no sales, who invest? banks loan money to invest?? then bankrupt & bad debt??.....then banks bankrupt better…..
same to spore unless fake & fraud…..worse to come globally…..market will align to reality eventually, that is why Dow below 3500 & STI below 1000 by 2015……
Consumer Confidence Crashes To 2011 Levels After Biggest Plunge Since August 2011 Debt Ceiling Debacle
01/29/2013
sure plunge…food stamp at historical high…pay cut, 100 million adult not working….
hike tax…nett worth down 40%...pay down 30%.....
economy strong? market strong??....all know go opposite ways….
market is going to fall down from sky to earth…crashing down…
be patient….on the way soon….with printed money, globally why work??....
all has to pay back wan….confidence crash…stop buying, no 2015, no buy...spore property down >50% by 2015 is nothing....
Iceland President At Davos: ‘Why Do We Treat Banks Like Holy Churches? It’s Time To Stop The Bailouts And Let Them Go Bankrupt!’
January 29th, 2013
with their success in last 5 yrs…he is the be st person to speak on experience…..
let all useless banks bankrupt…..like local banks loan out mortgage loan at such high risk rate…..
wait for global funds to short it down when market crash….no mercy…all forumers should dump & short together once happens…..
all the fake & fraud will not last…end is here…burst anytime….
regulate banks…..limit their pay…so many banks got bailout yet received huge salary, this is shame…they should not get 1 cts with the rubbish job they did to cause banks bankrupt…..banks is the evil behind all the fake, fraud, lies & manipulation....
be patient…coming on the way….
$312 Billion In Debt "Adds" Negative $5 Billion In GDP
01/30/2013
with US Q4 GDP at negative…..
printed & pump in US$312B…..output is negative….it should generate >US$312Bil of output….
spore is even worse than US..…add more population, output down….add tons of printed $$, output also down….
globally all country is almost same…..
same to almost all listed company….many profitable but debt increase much much higher than profit….
all the fake & fraud…rob & corruption….all will collapse…on the way now…
stop buying property…spore property down>50% by 2015…no 2015, no buy….no down>50%, no buy…..
Reagan Warned US About Obama
January 29th, 2013
this human rubbish is destroying US & the world….
Malaysia Shuns a Singapore Currency Benchmark
January 29, 2013
let see whether it will spread…all the fake & fraud will be killed….
China Hits Key Demographic Ceiling As Working-Age Population Now Declining
01/29/2013
1 child policy problem will kick in very soon now….old age & collapse of property market….
Iceland President At Davos: ‘Why Do We Treat Banks Like Holy Churches? It’s Time To Stop The Bailouts And Let Them Go Bankrupt!’
January 29th, 2013
WPS Health Insurance files notice of 451 layoffs
January 29th, 2013
French and British in Mali to seize their gold. Mali is the 3rd largest producer of gold in Africa.
January 29th, 2013
all govt is robbing now due to all is bankrupting…same globally today…to pay back US$1500 trillion debt…all must pay back or collapse…..
Voter Fraud…OH and FL, with PA, WI and VA
January 29th, 2013
Someone NEEDS to go to jail.....same to globally...all the fake, fraud & manipulation...
Boston Scientific job cuts (1,000 job cuts due to Obamacare medical device tax, etc.)
January 30th, 2013
Mass Execution in Aleppo. 80 Shot with Hands Tied – including Children!
January 29th, 2013
mass shooting everyday & everywhere in US today…spore in pressure cooker today, another form of explosion because of no gun available…..
Israeli warplanes bombed research center near Damascus – Syrian state news agency
January 30th, 2013
military war is just a matter of time this yr…..once Iran is ready & go all the way this yr….
Multiple People Shot In Phoenix Arizona
January 30th, 2013
Israeli Invasion of Syria maybe Imminent!! IAF Attacking Targets on Lebanon/Syria Border – Confirmed – Lakhdar Brahimi: Syria’s War Has Reached “Unprecedented Levels of Horror”
January 30th, 2013
Santelli Blasts Bernanke: "Whatever You're Doing, It Isn't Working"
01/30/2013
total failure & nothing is working….most evil in today’s world….
beside printing, know nut…just need a 5 yrs old to do the job, print….
US is sinking as a country…food stamp, no jobs, lazy, wait to be feed….fake, fraud, lies & manipulation…
world follow…all is crashing down….
be patient…starting from 2013….no way to escape….
A Quarter Of Jobs In America Pay Below The Federal Poverty Line
01/30/2013
Biderman’s Daily Edge: Fed Creating $4 Billion in New Money Each Day Helping to Rig Stock Market
January 30th, 2013
why can’t they just give $10/hr more?? they can’t, company will bankrupt….
why can’t they give to company to pay out?? they put in their own pocket better…..
globally is the same now….
collapse is imminent….
execution of many is a must….
people power will over-rule….all these stupid daft….
time is here….too many wars to fight in today’s world..any 1 will just collapse the market….same to spore property…on the way now…kill with no mercy…..
Germany And Spain’s Biggest Banks Report Stunning Losses, China Averts Massive Bank Defaults, People Losing Trust In Banks – Withdrawing Deposited Money At Record Rates. BILL GROSS: Time Is Almost Up!!
January 31st, 2013
sure…time has up now…..
once gate suddenly close…capital control globally….total collapse….
all is bearing huge debt now….when the fabric broken….1 down, all down….almost time now…
all know current market is totally gambling….no based…all the fake & fraud of printed $$ by evil....
no trust, put their heads out, wait to be chopped….just chop since they gamble…
be patient….agitation movement underground is going on now…eruption anytime now….very nice…..
BILL GROSS & JOHN BUTLER & MARC FABER: Countdown To The Collapse Begins!! The Higher It Goes, The Bigger The Crash.
January 31st, 2013
sure…so obvious…totally no value in stock now, risk is super high with bubble extremely huge now….
will warren buy?? morons also don’t buy, you think warren will buy….sell & dump instead….Now is pure gambling...
collapse is for sure…no business, no sales, no jobs….all debt only….print to die, that is all….
starting from 2013….anytime now once finish distribution….
reccession, great depression….hike taxes, hike rate….only bailout now & only weak & rubbish need bailout….
all run road already started….once trigger point hit….collapse totally…2013….
This 7 million population means MAS needs to print more money for circulation. This means more domestic inflation.
Knowing what is happening in the world now, USA recession problem, Euro debt and etc, there will be rush for the exits soon. When this happens the SGD will crash very fast, in a matter of days, like the rupiah in 97.
Those around in 97, will remember Rp 10K = S$7.00, today its Rp 10K = S$1.30
Our real estate index has now offically crossed the Indonesia's index when it was in 97.
If we follow the same devalution rate for Indonesia and apply to SG, 1 RM = S$2.5 - S$ 3.5
That will be the future, sadly this will all end in tears, maybe we might have to ask Bank Negara for bailout.
Thread carefully, Singapore's economy is collapsing fast, property will be worthless, look at Indonesia in 97, when the property prices dropped almost 80% in 6 mths.
This is what most likely happen for singapore
This 7 million is just a dream la, u believe every thing govt say... what happen to Goal 2010, They dont even have vision for the last 5 years, now want to talk next 17 years, pap think they are going to rule Sg forever!
if they use or raid national reserved saved by native sporean to build all rubbish to cater for 7 millions of import rubbish, then a bankrupt is very likely possible....
congested, pack, no space is a pressure cooker by itself.....will just explode anytime....
they treat old & their parent like dirt.....this is what their parent taught & set example to them....
S$ at $1.24 & Yen at $92.....very nice.....once currency war show hands...tons will bankrupt...on the way, be patient....
In 1990s, they said win football world cup in 2010....hahaa...their standard can't even win Malaysia cup now...many more bullshyt....now shout 17 yrs later again... shout what they like, same as snake oil con man ...
everything to them is happened unexpectedly......
now personal median income is $2k/m......10 yrs ago, around this level too....10 yrs later, tharman said up 30%...so $2.6k/m??....of course, 10 yrs later it may down 30% or even 60% from here if global in deflation cycle starting from now....like lehman bros in 2008 is also unexpected & not controlled by them...
affordable?? 2 mil HDB or 200k HDB? or even $20k HDB by 2030?.....hahaaa....shout what they like....or they make all morons in this forum anyhow shout like crazy dog......
to me...that rubbish only show his worry, panic & desperation to the world.....useless fool....
Warren Buffett & Marc Faber & Egon von Greyerz: Another ‘Market Meltdown’, ‘Huge Recession’ Is Guaranteed. Storm Clouds Gathering Everywhere. We Have Currency Storms, Economic, Political, And Geopolitical Storms, Which Will Create An Enormous Hurricane In 2013
January 19th, 2013
sure…those buy valued, know now nothing worth it….any shares or market…all bubbles….
useless weak rubbish can’t create jobs & economy, can only print to rob….
buy empty shell company, buy over-valued asset using others’ money….they will not buy using their own money, they only rob…..
huge recession & great depression are guaranteed now…..all tsunami is at door now….2013 is the yr…
all the printed $$ need to pay back….if US is real smart, they will start a super fast U turn to crash all asian property bubbles like US subprime in 2007, asian banks collapse instead of western banks…..push up US$, solve their deficit & debt limit issue by revert all monetary policy….
be patient…end is near…show hands starting from 2013…..by then short down S$ & STI…greed & evil deserve it….just do it perfectly….
The Market Can Only Ignore Fundamentals For So Long, The Rally Is Running Into One of Two Inevitable Problems. By Next Quarter, A New Risk Will Emerge For The Stock Market.
January 20th, 2013
Paul B. Farrell: The Ticking Time Bomb Gets Louder As We Keep Watching An Avalanche Of Predictions That Echo Warren Buffett’s Earlier Warnings Of Recession, Bubbles And Another Market Meltdown.
January 19th, 2013
no bubble not burst…will burst no matter how small it’s…this coming one is super huge…..
keep buying junk stocks & bonds now…risk is super high now….buy all no valued junk will only explode to bankrupt…deserve it…..
globally only rely on printed $$ to push market…no economy activities, no demand, barter trade in Europe today…..
time bomb ticking & explode anytime now….
warren buffett already gave warning…..recession, great depression, deflation, bubble burst & global melt down on the way…..
spore property will crash down hard…..get out fast before bankrupt…
crash down 50% from here is nothing….
U.S. and British Economies CONTRACTED in Fourth Quarter of 2012
January 30th, 2013
US, UK & most advanced country in the world are in negative GDP now….
with 2-3% inflation….GDP is real deep in negative growth…
plus printed tons of $$ yet in negative growth…..very very wrong….If these money just print & put as country GDP, then probably stronger than china…but money all used up yet lost more….
be patient…total collapse of market is on the way….fake & fraud, no way to cheat & con for long…
same to spore property….more contraction & more worse to come….
run fast before too late…end is here….
Europe "Fixed" Facade Crumbling As German Retail Sales Implode
01/31/2013
German retail sales plunged -1.7% from November on expectations of a modest -0.1% decline, while on a year over year basis December imploded a whopping -4.7% vs expectations of -1.5%.
GDP in negative…now retail sales implode down 4.7%....yet stock still up using printed $$??....
not fake & fraud??....like IT bubble in 2001, NASDAQ crash down 90% after all the fake & manipulated market….
be patient…can’t run away…all has to pay back, unless human is animal, by force & no moral, then will be WW3….
hike rate, hike taxes, cut pay, cut jobs, cut spending & all expenses are the way to go globally….
all have to crash down….be patient…on the way now…..
HDB & spore property price…..data? all the fake & fraud….read inside this thread for reality & hard truth….many property sold at lost of 20-40%....developers started price war to cut 20-30% with cash rebate still can't sell....property down>50% b y 2015...
SG property prices to fall 40 % by 2016
19 December 2011
china PMI down 12 months, only up in last 1-2 months…compared to 13 months ago, not even up 10%....still have 90% to go…..also all the fraud accounting wait to be crash down...
Growth in Chinese manufacturing slows
31st Jan
Germany?? already in recession…merkel going to kick out this yr…..
Germany And Spain’s Biggest Banks Report Stunning Losses, China Averts Massive Bank Defaults, People Losing Trust In Banks – Withdrawing Deposited Money At Record Rates. BILL GROSS: Time Is Almost Up!!
January 31st, 2013
Europe "Fixed" Facade Crumbling As German Retail Sales Implode
01/31/2013
World economy?? collapsing….no demand, glonal PMI, BDI, GDP, unemployment, food stamp….crashing hard now….
U.S. and British Economies CONTRACTED in Fourth Quarter of 2012
January 30th, 2013
china?? all the fraud accounting & fake data…..you trust?? hard landing on the way on bad debt surges….SSE still at 3 yrs low now….
China Averts Local Government Defaults As Soaring Debt Precedes Financial Crises
January 29th, 2013
China Is On The Verge of Losing Control Over The Credit System
January 22nd, 2013
Dubai & durable goods?? typical of con man cityshyter…..
Japan?? recovery?? bankrupt anytime…biggest joke…..
Japan’s Exports Plunge, Trade Deficit Widens More Than Expected
January 23rd, 2013
Warren Buffett already dump & sold all shares what he needed to sell......
Warren Buffett & Marc Faber & Egon von Greyerz: Another ‘Market Meltdown’, ‘Huge Recession’ Is Guaranteed. An Enormous Hurricane In 2013.
January 19th, 2013
Paul B. Farrell: The Ticking Time Bomb Gets Louder As We Keep Watching An Avalanche Of Predictions That Echo Warren Buffett’s Earlier Warnings Of Recession, Bubbles And Another Market Meltdown.
January 19th, 2013
http://sbr.com.sg/economy/news/these-5-market-threats-will-knock-singapore-down
Published: 23 Jan 2013
These 5 market threats will knock Singapore down
Home sales crashing 40% is just tip of the iceberg.
Here are the key risk factors that could adversely impact the market according to UOB ETR (Economic Treasury Report) :
a) Earlier or sharper-than-expected rise in interest rates. Currently, US interest rates are expected to only trend up in mid-15, in accordance with guidance from
the Fed.
b) Regulatory changes in Singapore. This could pertain to several areas, including foreign labour, gaming and property. The government’s drive to improve productivity by restricting the inflow of foreign labour could result in near-term bottlenecks and an escalation in costs. Another sector that could be affected is the gaming sector in Singapore.
c) Strong decline in Singapore property prices. We forecast residential prices to fall 5% in 2013 and transaction volume to decline 20-40%. This is after the recent property cooling measures. A sharper than expected fall in prices could have a significant impact on the banks.
d) Weaker-than-expected recovery in US’ GDP recovery. The issue of the US fiscal cliff is still not resolved and negotiations will be ongoing to decisively deal with the “sequestration” of broad spending cuts and the US sovereign debt ceiling limit which will arise again end-February.
e) Significant deterioration of euro zone debt crisis. This remains a key risk to global growth, which would have a significant impact on Singapore’s growth prospects.
Khaw: Some 200,000 new housing units will be built
Of these 80,000 are private properties, 10,000 are Executive Condominiums and about 110,000 are in public housing.
Mr Khaw said this is equivalent to the building of four new Ang Mo Kio towns by 2016.
so launch 70k units/yr for next 3 yrs...make sure he keeps his promise irregardless anything happens.....just deliver....
1990 we shouted gracious society as Swiss, where are we today?? now is worse than 1990….
same to leaders shouted 40% stayed in private condo by 2000?…where are we today?? still >80% in public house….
all know why they shout? who care now?? who follow up??...same nonsense….
congested is good? no space is good? fight & competition is scary…no more gracious, super ugly instead….squeeze in hot & humid sardine can, explosive anytime....pressure cooker explosion & implosion....
ask all these leaders to shut up & stop xxxxxxxxx……
when global ponzi crash, stop printing, bubble burst…..all keep quiet & run away like XXXXX….
then ask them to pre-build 400k units of property now to cater…they will argue & twist & turn….
1 word…..shame….let them be….all the xxxxxxx……
there are >40000 unsold new one now, plus another 100k of resales try to sell for months to yrs without buyers....next 2 yrs another 100k completion....not enough for current population? then why no buyer??.....
now another 70k units/yr promised by khaw to launch for next 3 yrs.....
cheat who?? yourself.....not enough, ask khaw to build additional 50k units/yr make it 120k units/yr for next 3 yrs, how about that.....
hahaaaa....all squeezed till pressure cooker explode will be very nice......
For OCR property is simple...no below $600 psf, no buy.....many will go below $500 psf by 2015....some even below $400 psf....this round, end result will be much worse than 1997...let them bankrupt, weak one can go to die, no mercy, act smart, deserve it.....
http://forum.channelnewsasia.com/showthread.php?227706-End-2013-Reckoning-4-local-properties.....
make sure khaw keep his promise of 200k units for next 3 yrs irregardless anything happens…..some one keep track & follow up in detailed…at least 60k-70k new units launch this yr & so on…..
Govt is playing threatening game now in population?.....only fools believe.....shame & only useless rubbish rely on lies...sure backfire....also useless liar dare not come out to clarify.....
If it's true, all better sell all your property & migrate tomorrow.....only fools squeeze in a hot & humid sardine can & die in bored, work, pressure cooker & sofiscated.....
The real reason Obama wants to disarm the American people: The Feudal Reserve Bank’s giant Ponzi scheme is imploding!
January 16th, 2013
already said…very critical for US gun bill now….or when economy collapse, civil war, gun fire everywhere in US…..on the way to collapse now….once global controlling g of printing, all nation started to call back their gold reserved….
only fools still buy govt bonds, whether is US, Europe, Japan or spore…..
all QE & printing will implode & explode…..soon….
gun down all these rubbish leaders who feed themselves….all the fake & fraud to corrupt, cronyism & robbing….
2013 is the yr…coming…be patient….pay back time is here……
Dr. Kotlikoff: “The Situation Is Getting Worse And Worse And Worse. We Are Running A Massive Six Decade Ponzi Scheme, And It’s Coming To A Real Threatening Point.”
January 16th, 2013
sure…only getting worse from here as nothing has been done to fix, except kick the can down the road thru’ QE & print….
all has to pay back…last 6 decades of spending future money…now the son are going to pay back for their parent….
all ponzi will fail..all bubble will burst…anytime now….
FED already warn may stop printing…..all the crazy now to distribute & dump whatever on hands before a total collapse in 2013…..
be patient…nice show will be on soon…watch tons of bankruptcy coming…..
Agreed. The warning signs for crash are already here.
- Rapidly growing vacancy rate and large oversupply with the avalanche of new homes completed within 2013-2015 and huge numbers of unsold units by developers. Developers' sales volume had plummeted 69% in Q4 2012, and developers' sales volume will probably plummet 50% in 2013 unless prices are reduced significantly.
- Global economy remains bad and demand continues to shrink. S'pore real GDP is already in recession and business remains bad in Q1 2013 due to poor demand. S'pore's high operating and living costs have make S'pore uncompetitive. it's recently reported that MNCs have already froze hiring in S'pore, manufacturing firms and banks are retrenching, SMEs are struggling with high operating costs and poor business, many high pay FTs are already either retrenched or big paycut, foreign labour being reduced by govt to save S'porean jobs in the slowdown. All these have caused rental to sink and will get worse with increasing oversupply.
- Fed will likely end QE this year and interest rates will shoot up when that happens, the holding power of many investors and developers will be greatly affected.
By Romesh Navaratnarajah:Singapore's sweeping package of property cooling measures to curb rising home prices not only applies to foreigners buying properties in the city-state, but has gone one step further to include permanent residents (PRs) and citizens.
Introduced last Friday, this is the government's seventh round of measures since 2009 and includes a stamp duty hike of between five and seven percent across the board, tighter loan-to-value (LTV) limits on second housing loans – down to 50 percent from 60 percent and an increase in the minimum cash down payment for individuals applying for a second or subsequent housing loan – raised from 10 percent to 25 percent.
Industry watchers are convinced that the new policies will hit the market hard.
"The hefty ABSD of five percent for PRs for the first property, seven percent for Singaporeans' second property purchase and 15 percent for foreigners will have a drastic impact on the sales volume of private properties in the coming months. Sales volume is expected to drop by more than 50 percent
So property agents or property speculators or property investors, pls queue orderly at bedok reservoir and do NOT wear red.
monthly sales down from 2600 to 1000 units in 2 months....down almost 70%....if remove insider trading, transaction will be much lower....let them play till died....
no buyer, still want high price? price cut 30-40% now, also don't buy.....let developers & weak holders bankrupt.....
rental already down, no tenants now due to no renewal of work permit, many expat send back due to cost cutting & layoff.....especially banking....
spore Q3 GDP at -5.9%...Oct & Nov NODX export continue to down further....this Xmas holiday, many already in no paid leave, factory shut down for long time due to no order & demand.....cut jobs & spending fast before bankrupt....many already closed down in last few weeks to months...more to come...still hire? bankrupt fast......
no need to bother to look at market now, only fools buy now, they will lose few $100k to few $mil by 2015, they deserve it...wait for huge retrenchment, many auction by banks & run road by foreigners......no 2015, no buy....price down>50% by 2015 is nothing.....
let wait for the monthly sale below 500....will see all the panic buttons anyhow press....rush to exit & cut price like mad.....
so sales down almost 70% now.....no more greater fools....wait for the greatest fools to run road, last one to run, 1st to bankrupt.........
let see how much insider trading can create wonder or collapse fast......
still have tons of 3 bedroom EC selling at $600k+ & no takers.....hahaaaa.....they can shout & trade themselves.....only fools get conned.....
many selling at lost now...soon will be negative asset, as no buyers when stock market crash down & huge retrenchment sweep thru'....
with rate hike creeping up slowly & sudden surges when currency war & bond crash.....
wait patiently...coming.....
all these shameless rubbish drive price using printed $$ without value & economy based…real human rubbish…all the fake, fraud, lies & manipulation…these are criminal act….not free market, not strong one prevail…these are useless weak human dogs of global leaders, jail & kill, spore??..…all fake & bubbles will burst, starting now...be patient, evil will sure lose...time is now...
tons will sell at lost if they bought in last 2-4 yrs to sell now……don’t buy from them, wait for huge retrenchment, no tenants or much lower rental now, rate hike…..even cut 30-40% also don’t buy…..price down >50% from now is nothing by 2015….so no 2015 no buy….no cut >50%, no buy….
coming crisis, no more QE as QE is total failure to cause global bankrupt.....instead rate surges to sky, tons of layoff, deflation & all asset bubbles crash for 10-20 yrs & no recovery......
buy is easy...sell is no way now, unless cut deep lost....
Financial Times 31st Jan
Growth in Chinese manufacturing slows
Official PMI data shows that growth dipped in January
China Averts Local Government Defaults As Soaring Debt Precedes Financial Crises
January 29th, 2013
China Is On The Verge of Losing Control Over The Credit System
January 22nd, 2013
• Excessive credit growth (combined with an epic real estate boom)
• Moral hazard (i.e., the very widespread belief that Beijing has underwritten all bank risk)
• Related-party lending (to local government infrastructure projects)
• Loan forbearance (aka “evergreening” of local government loans)
• De facto financial liberalization (which has accompanied the growth of the shadow banking system)
• Ponzi finance (i.e., the need for rising asset prices to validate wealth management products and trust loans)
• An increase in bank off-balance-sheet exposures (masking a rise in leverage)
• Duration mismatches and roll-over risk (owing to short wealth management product maturities)
• Contagion risk (posed by credit guarantee networks)
• Widespread financial fraud and corruption (from fake valuations on collateral to mis-selling of financial products)
all know china accounting fraud….S shares in just a small corner…whole china is the same…
china printed much more than US in last few yrs…yet RMB strengthen…
wait patiently for currency war to show hands this yr….
you trust these china data & shouting of PMI??....
Santelli Blasts Bernanke: "Whatever You're Doing, It Isn't Working"
01/30/2013
total failure & nothing is working….most evil in today’s world….
beside printing, know nut…just need a 5 yrs old to do the job, print….
US is sinking as a country…food stamp, no jobs, lazy, wait to be feed….fake, fraud, lies & manipulation…
world follow…all is crashing down….
be patient…starting from 2013….no way to escape….
A Quarter Of Jobs In America Pay Below The Federal Poverty Line
01/30/2013
Biderman’s Daily Edge: Fed Creating $4 Billion in New Money Each Day Helping to Rig Stock Market
January 30th, 2013
why can’t they just give $10/hr more?? they can’t, company will bankrupt….
why can’t they give to company to pay out?? they put in their own pocket better…..
globally is the same now….
collapse is imminent….
execution of many is a must….
people power will over-rule….all these stupid daft….
time is here….too many wars to fight in today’s world..any 1 will just collapse the market….same to spore property…on the way now…kill with no mercy…..
Goldman’s O’Neill: BOJ must show seriousness for yen to drop more
January 15th, 2013
Abe’s Stimulus May Trigger Japan Default, Fujimaki Says
January 15th, 2013
start of currency war….very nice….
rubbish Yen can’t hike rate to appreciate Yen anymore….once shorted by hedge funds big way, no return & exit path, total collapse eventually…..
Yen down, jap car cheaper?? can sell more?? stop buying Jap car, they will die totally….
more war with china is better…than more trade war….more conflict….
default & bankrupt this rubbish….crash yen down to below 100, then 120 & more….
followed by Euro…..starting from 2013….currency war & global market collapse……
How to Lose Your Entire Savings In an Instant
January 14th, 2013
By the look of things, Europe’s banking system is breaking down again.
Bankia’s shareholders have received a nasty new year’s surprise. They may lose most of their investments or even all of them says the Spanish bank rescue fund in its latest report.
According to FROB, the Fund for Orderly Bank Restructuring, Bankia has a negative value of 4.2 billion euros, and its parent group BFA is 10.4 bn in the red.
“Debt Doom Loop” in Spain; Deficit Target Impossible Once Again; Bond Rally Masks European Macro Problems
January 16th, 2013
looks like Euro problem is coming back again…..
bailout money gone, going to Bankrupt again…ask for money again…..
all the fake & fraud covering all the reality & problems….once burst, all new & old debt will have to pay back….
mostly banks in negative asset now if include debts….
same to most banks in US & Asia…..once debt squeezed, >50% gone & bankrupt….
be patient….all will come, many will lose everything till bankrupt……from Europe to Japan to US to Asia & spore….
all the fake, fraud, lies & manipulation…..
till all bankrupt & lost all life saving...don't blame, already warn...all fake & fraud are bubbles to burst to 0 value.....no mercy, deserve it...coming....
whole world today very much rely on printed $$ to live…why all of you work like dog here??.....
they enjoy life using printed $$, why you work & serve them everyday?? kena scolded like dog, OT & work long hour?....
those printed & give themselves S$mil salary, you kena kicked, pressure everyday yet get so little for what??....
chow ang mo printed so much & be your boss…..useless asian love to be slave & balless…..
David Weidner: Bank of America and Citi reports are junk. Another quarter of surprises isn’t surprising.
January 18th, 2013
Sugarcoat it all you want. Let the analysts try to make sense of it. Buy the story you’re being fed. The reality is, Bank of America Corp. and Citigroup Inc. turned in garbage reports parading as fourth-quarter earnings Thursday.
Special and one-time charges, unforeseen costs, settlements, legacy costs, foreclosure legal fees — it was a junkfest. But that’s not even the worst of it.
These types of quarters happen with such regularity for banks these days that to suggest they’re year-end, “kitchen sink” quarters is an insult to sinks, kitchens, quarters and, mostly, investors.
At Charlotte, N.C.-based Bank of America (US:BAC), Chief Executive Brian Moynihan said the bank would take $2.7 billion in one kind of mortgage-related charge and another $2.5 billion tied to a separate charge. Still, he wrote with a straight face, the bank is “strong and well positioned for further growth.”
Weekly News Wrap-Up President Obama Pushes Gun Control while Banker Fraud and Crime go Unpunished
January 18th, 2013
whole world today in fake & fraud…all know…spore too?….nothing new…
huge crash will follow with all these manipulation & lawless act….
all the corruption, cronyism…support the weak rubbish supposed to bankrupt….
all the fraudulent accounting, distorted data, adjusted definition…..
robbed taxpayers’, criminal act, imposed by force…..
all the wrongdoing has to pay back wan….starting from 2013…
kick ‘can’ hit the wall…total collapse on the way…..all in desperate mode now…..
Money Velocity Free-Fall And Federal Deficit Spending
01/18/2013
both declining money velocity and soaring deficits reflect a contracting, post-credit-bubble economy.
This stupendous creation of money and unprecedented fiscal stimulus has had zero effect on money velocity.
Keynesian stimulus policies (deficit spending and low-interest easy money) create speculative credit bubbles.
Put another way: we've run out of speculative credit bubbles to exploit.
bubble everywhere is for sure…..all the non-productive, economy collapsing act…..
print & drive market…..no real valued added to economy & society…these are the rubbish leaders of today, total garbages…..print to infinity?? only human rubbish wish & hope, they will be wiped off totally soon…..
end is here, starting from 2013…..will see market collapse due to conflict among leaders…..
from currency war to trade, protectionism, military, debt, pandemic, political to financial….
explosion & implosion will be ugly due to ponzi end, rate hike, tax hike, cut spending & huge layoff…..
be prepared…it will sweep thru’ like tsunami…..coming this yr….same to spore property, collapse eventually….
all these shameless rubbish drive price using printed $$ without value & economy based…real human rubbish…all the fake, fraud, lies & manipulation…these are criminal act….not free market, not strong one prevail…these are useless weak human dogs of global leaders, spore??..…all fake & bubbles will burst, starting now......
japan print unlimited?? such useless human rubbish xxxx…all should stop buying Japanese car….
already too late to print to drive as junk already become bubbe like Tulip…wait to explode this yr….Yen is crashing hard, short & let them die…I shorted, will short more….they want to die, let them die faster….
phantom_opera
10-02-13, 07:10
Happy new year basically and welcome bk
"We Are Living In The Middle Of The Biggest Bubble In History."
The recovery since the 2008 financial crisis is just an illusion created by the papering-over of our insolvency by central-bank printing.
Fiscal Farce, Failure, Fantasy, & Fornication
We’ve allowed a rich, privileged, elite few to achieve hegemony over our economic and political system with their control of the media and manipulation of our financial markets. They will collapse the country because they will never be satisfied with the amount of wealth and power they’ve accumulated. Their voracious greed will be their downfall.
2008 Again?
The so-called recovery is built on sand, and as stock markets climb and climb, and more traders and investors turn bullish, we come ever-closer to a new 2008-style collapse. Soaring markets, and soaring speculation. Big finance using loopholes to speculate bigger and harder. Mainstream financial journalists becoming more and more complacent about the “recovery”. We’ve been here before. Isn’t repeating the same behaviour and hoping for different
No, It Was Not Different This Time
"With Apple overtaking Microsoft's 'peak-market-cap' and becoming the most 'valuable' company ever traded, we thought a reflection on what humans did the last time a world-changing technology company went ubiquitous. Comparing AAPL's last few years to the run-up in MSFT's peak in 1999..." Or, in other words, "is it different this time?" Turns out, the answer is, No. It was not different this time. It never is.
Nasdaq hit all time high at 5038 on year 2000 and collapse below 40% of the peak throughout the last decades.. With Apple starting to collapse in 2013, will Nasdaq start another lost decades of loss??
Doug Casey & Gerald Celente: We Are Living In The Middle Of The Biggest Bubble In History, The 2013 Financial Collapse Will Be One For The Ages.
January 18th, 2013
sure….all fake, fraud, lies & manipulation are bubbles, corruption, cronyism..….
biggest bubble in human history going to burst anytime….starting from 2013….
once burst, 10-20 yrs will not recover…..
global no demand, no sales…PMI, GDP, BDI, unemployment are at super bad situation….
kick can down the road already hit wall…..QE has no more effect, all the junk already bought up at super high risk once explode…..economy sink even worse, spore personal median income is still around $2k/m, nothing change with bubbles getting bigger…..
be patient…. bursting anytime once music stops this yr……only fools buy now, property or stock or car or…..
all the printed $$ need to pay back….if US is real smart, they will start a super fast U turn to crash all asian property bubbles like US subprime in 2007, asian banks collapse instead of western banks, like Japan in 1990…..push up US$, solve their deficit & debt limit issue by revert all monetary policy….
same to globally…end is here…2013 will see all bubbles burst everywhere in the world….
don’t be naïve to takeover others’ baby when music stop anytime now….
Greece needs more European money to help with debts, says IMF
Greece will need additional help from its European partners as soon as next year to bring its huge debt under control, a senior IMF official has said. "There is a gap according to our preliminary projections for 2015-2016" of up to "€9.5bn," Poul Thomsen, the IMF's mission chief for Greece.
Greece Law-and-Order Problem Escalates; Bomb Explodes at Athens Mall; AK-47 Shots Hit Ruling Party Headquarters; Worst Not Over
Massive Fraud in Spain Threatens Entire Government of Prime Minister Mariano Rajoy; Protestors in Madrid Shout "Resignation"
The Sovereign Debt Bubble Will Continue To Expand Until – BANG – The System Implodes
January 20th, 2013
WARNING: Obama And The Federal Reserve Are Leading Nation Into Full Scale Disaster. Be Prepared!
January 20th, 2013
Ron Paul’s Texas Straight Talk: Fiat Currency is NOT Wealth!
January 20th, 2013
sure burst…..implode & explode…..
2 most human rubbish in human history…obama & bernanke…also all the global leaders today, include spore…..
all these robbers…just telling human today…go out & rob….
whole world today very much rely on printed $$ to live…why all of you work like dog here??.....
they enjoy life using printed $$, why you work so hard?? kena scolded like dog, OT & work long hour?....
those printed & give themselves S$mil salary, you kena kicked, pressure everyday yet get so little for what??....
chow ang mo printed so much & be your boss…..useless asian love to be slave & balless…..
human is animal today if our ancestors are all dogs like leaders’ today…..
Don’t Be Fooled, GDP Growth Was Even Worse than -0.14%
January 31st, 2013
sure….with CPI & real GDP, US down>2.5%.....
Spore?? will be in the range of negative 4-5%.....
global shortist will love it….S$, STI…GIC/Temasek can support, but it will bankrupt spore eventually….
be patient….all the fake, fraud, lies & manipulation by leaders….
do the right thing, no need to support anything….free market force rule eventually…
do good thing for country is wrong if it’s not sensible, only sentiment will fail big way…..
do right thing even need to crashit, just do it…..
The 8 Retailers That Will Close the Most Stores in 2013
January 31st, 2013
For many U.S. retailers, the sales situation is so bad that it is not a question of whether they will cut stores, but when and how many.
probably millions of stores in US will be closing down starting from this yr….
same to spore eventually >50% of stores will be closed due to global economy collapse &…..
what will be the jobless if >50% of spore stores close down?? manufacturing almost gone….service sectors also crashing down, tons of layoff & job crash…pay cut & fight for jobs…7 mil?? 10 mil is even better….all sit down there & wait to die…..
coming…be patient……
15 Signs That You Better Get Prepared For The Obama Recession Of 2013
#1 The mainstream media was absolutely shocked when it was announced that U.S. GDP actually contracted at an annual rate of 0.1 percent during the 4th quarter of 2012.
#2 For the entire year of 2012, official U.S. GDP growth was only about 1.5%.
#3 consumer confidence in the United States has hit its lowest level in more than a year.
#4 This week, initial claims for unemployment rose to 368,000.
#5 During the first full week of January, an astounding $114 billion was pulled out of U.S. banks.
#6 The U.S. Mint was on pace to sell more silver eagles during the first month of 2013 than it did during the entire year of 2007.
#7 The payroll tax hike that went into effect in January has reduced the paychecks of average American workers by about $100 a month.
#8 Several important measures of manufacturing activity along the east coast missed expectations by a huge margin in January.
#9 An astounding 33 percent of all "subprime student loans" are at least 90 days past due.
#10 Time Inc. has just announced that it will be eliminating hundreds of jobs.
#11 Blockbuster recently announced that they are closing hundreds of stores and eliminating about 3,000 jobs.
#12 Toy maker Hasbro has announced that the size of their workforce will be reduced by about 10 percent.
#13 According to a new Pew Research study that was just released, one out of every seven adults in the United States is financially supporting their kids and their parents at the same time. Pew Research is calling it "the Sandwich Generation".
#14 According to one recent Gallup poll, 65 percent of all Americans believe that 2013 will be a year of "economic difficulty", and 50 percent of all Americans believe that the "best days" of America are now behind us.
#15 According to a different Gallup poll, Americans are now more pessimistic about where the U.S. economy will be five years from now than Gallup has ever recorded before.
Elliott's Paul Singer On How Money Is Created... And How It Dies
01/30/2013
"History is replete with examples of societies whose downfalls were related to or caused by the destruction of money. The end of this phase of global financial history will likely erupt suddenly. It will take almost everyone by surprise, and then it may grind a great deal of capital and societal cohesion into dust and pain. We wish more global leaders understood the value of sound economic policy, the necessity of sound money, and the difference between governmental actions that enable growth and economic stability and those that risk abject ruin. Unfortunately, it appears that few leaders do."
sure….tons of example in history on social & economy collapse due to destruction of money…..
Bernanke is just a copycat to repeat a stupid mistake due to desperation…real useless rubbish….
end result of total collapse is unavoidable is unfolding now….
be patient….it will come sudden & swift like tsunami….
total crash down overnight & no way out…..no bailout, they deserve it….same to spore property....
Kepland, Crapland, wing tai, ho bee....what is their share price in 2007/8 compared to now?? all share price down 40-60%, why?? why share price still down so much, down more than STI in percentage?? better sales? better profit? better price? then why share price down 40-60% compared to 2007/8?? why funds dare not buy if property is so strong?? all sacred to shyt in their pants instead......if not fake, fraud, lies & manipulation, their share price will be even lower.....
who dare to buy if market suddenly crash down like tsunami sweep thru'......only those who want to unload keep shouting in main media & in this thread, both stock & property.....so worry & panic.....
kepland at almost $10, crapland almost $9, wing tai almost $5 in 2007/8......what is their price today?? down 40-60%.....what happen?? all the fake & fraud, wait for crisis hit, all will crash down, my forecast for crapland share price in 2015 is $0.7, down 80% form here.......same to most property counters....
crapland only sold 350 units of spore property this yr, shout what??.......
go & look at their debt, huge, all the property developers, once banks squeeze their debt...many will default & bankrupt....
only fools buy property now & buy spore property....go US, Europe & many country in the world...tons of value for money, only frogs in well buy spore property today.....like hot sardine in the can, cage in the air.....you can live in huge landed with tons of space, latest design with nice surrounding, weather, shopping malls, highway, fastest broadband, better medical & education & tons more at a fraction of price.....
read inside this thread for all the hard truth of spore property.....
no 2015, no buy...s[pore property down >50% b y 2015...spore already in recession...huge retrenchment, pay cut on the way.....GDP down, GDP per capita down, median income around $2000/m, can afford?? HDB ceiling is only $8000/m, what can they buy?? raise?? already 80% stay in HDB, govt want to raise it to 95%?? what govt shouted this percentage?? 70/30 by 2003?? 60/40 by yr 20xx?? they are all going backward & down & sink....
Just now on TV Thaman said he would not allow property price to go further up if not when correction come, property will crash very bad. This latest CM is to crash the market slowly but I think came one year to late. Govt must have been reading this thread! Hahaha!
whatever....price will only go down from here...the later you sell, price will be lower....
this down trend will last 15-20 yrs due to huge debt globally.....much worse than 1997...1997 already took 10 yrs of down trend....
huge wave of retrenchment, stock market crash, rate hike, tax hike, currency & all kind of war, epidemic pandemic....globally from US to Europe to Japan & asia....all is coming & all will unfold 1 by 1......
then later the cooling measures, more casualty, more weak holders, crash harder & sooner....
last 1 yr, they can shout whatever price, no buyer, not transacted price...they can do insider trading lawlessly to shout in main media....
cost to support is much higher now, land kena stucked now...stop buying, let them bankrupt.....developers with pile of cash?? my foot, with tons of DEBT instead, if banks squeezed, most will bankrupt straight away......the day is coming.....
list price is pure joke, selling price is laughing till falling from chair….cut 30% is nothing or walk away….they can shout whatever price, can't sell, don't buy….
buyers' market now….don’t sell get lost, ignore & wait for bankrupt or 40-50% cut…..
rental already crash….yield below 2-3%....yet many cant rent out, rent out can't get rental, drill & paint & knock wall, damaged furnitures, squeezed in 10 in a unit…..stink!!....
many lost money in property if they sold today…all bullshyt…..so don’t buy & stop buying…only fools buy & lost all their life saving & be slaves for next 20-30 yrs…..no 2015 no buy…no down>50% no buy…..
GDP at 0%....CPI at 4.5%....real GDP -4.5%.....at GDP -4.5%, junk stock also can drive up…..all the fake & fraud, morally is all wrong…let bankrupt, bankrupt…let failure, fail….time is here, all bubbles burst anytime…..
Agreed. The warning signs for crash are already here.
- Rapidly growing vacancy rate and large oversupply with the avalanche of new homes completed within 2013-2015 and huge numbers of unsold units by developers. Developers' sales volume had plummeted 69% in Q4 2012, and developers' sales volume will probably plummet 50% in 2013 unless prices are reduced significantly.
- Global economy remains bad and demand continues to shrink. S'pore real GDP is already in recession and business remains bad in Q1 2013 due to poor demand. S'pore's high operating and living costs have make S'pore uncompetitive. it's recently reported that MNCs have already froze hiring in S'pore, manufacturing firms and banks are retrenching, SMEs are struggling with high operating costs and poor business, many high pay FTs are already either retrenched or big paycut, foreign labour being reduced by govt to save S'porean jobs in the slowdown. All these have caused rental to sink and will get worse with increasing oversupply.
- Fed will likely end QE this year and interest rates will shoot up when that happens, the holding power of many investors and developers will be greatly affected.
By Romesh Navaratnarajah:Singapore's sweeping package of property cooling measures to curb rising home prices not only applies to foreigners buying properties in the city-state, but has gone one step further to include permanent residents (PRs) and citizens.
Introduced last Friday, this is the government's seventh round of measures since 2009 and includes a stamp duty hike of between five and seven percent across the board, tighter loan-to-value (LTV) limits on second housing loans – down to 50 percent from 60 percent and an increase in the minimum cash down payment for individuals applying for a second or subsequent housing loan – raised from 10 percent to 25 percent.
Industry watchers are convinced that the new policies will hit the market hard.
"The hefty ABSD of five percent for PRs for the first property, seven percent for Singaporeans' second property purchase and 15 percent for foreigners will have a drastic impact on the sales volume of private properties in the coming months. Sales volume is expected to drop by more than 50 percent
So property agents or property speculators or property investors, pls queue orderly at bedok reservoir and do NOT wear red.
monthly sales down from 2600 to 1000 units in 2 months....down almost 70%....if remove insider trading, transaction will be much lower....let them play till died....
no buyer, still want high price? price cut 30-40% now, also don't buy.....let developers & weak holders bankrupt.....
rental already down, no tenants now due to no renewal of work permit, many expat send back due to cost cutting & layoff.....especially banking....
spore Q3 GDP at -5.9%...Oct & Nov NODX export continue to down further....this Xmas holiday, many already in no paid leave, factory shut down for long time due to no order & demand.....cut jobs & spending fast before bankrupt....many already closed down in last few weeks to months...more to come...still hire? bankrupt fast......
no need to bother to look at market now, only fools buy now, they will lose few $100k to few $mil by 2015, they deserve it...wait for huge retrenchment, many auction by banks & run road by foreigners......no 2015, no buy....price down>50% by 2015 is nothing.....
let wait for the monthly sale below 500....will see all the panic buttons anyhow press....rush to exit & cut price like mad.....
so sales down almost 70% now.....no more greater fools....wait for the greatest fools to run road, last one to run, 1st to bankrupt.........
let see how much insider trading can create wonder or collapse fast......
still have tons of 3 bedroom EC selling at $600k+ & no takers.....hahaaaa.....they can shout & trade themselves.....only fools get conned.....
many selling at lost now...soon will be negative asset, as no buyers when stock market crash down & huge retrenchment sweep thru'....
with rate hike creeping up slowly & sudden surges when currency war & bond crash.....
wait patiently...coming.....
all these shameless rubbish drive price using printed $$ without value & economy based…real human rubbish…all the fake, fraud, lies & manipulation…these are criminal act….not free market, not strong one prevail…these are useless weak human dogs of global leaders, jail & kill, spore??..…all fake & bubbles will burst, starting now...be patient, evil will sure lose...time is now...
tons will sell at lost if they bought in last 2-4 yrs to sell now……don’t buy from them, wait for huge retrenchment, no tenants or much lower rental now, rate hike…..even cut 30-40% also don’t buy…..price down >50% from now is nothing by 2015….so no 2015 no buy….no cut >50%, no buy….
coming crisis, no more QE as QE is total failure to cause global bankrupt.....instead rate surges to sky, tons of layoff, deflation & all asset bubbles crash for 10-20 yrs & no recovery......
Goldman Closes All Long EURUSD Trade
02/01/2013
get ready…good show going to start soon…..
get ready to short Euro…..also Dow is very closed….once US$ up, stock will crash.....
let see can short Dow down to below 3500 by 2015…..down 70% from here….
as said earlier….Euro to par with US$ by end of this yr or early next yr….few S$mil profit & let profit run like short Yen trade…..
moronic morons here buy more shares for 1-2 cts profit happy like shyt…but when crash down 10-20 cts is nothing….
be patient….
BULL RUN? UNEMPLOYMENT RATE BACK UP TO 7.9%, 8.5M More Americans Left Labor Force 4 Year Ago, Another 170,000 Disappeared In January, Gas Prices To Top $4 Again
February 1st, 2013
actual is almost 30 millions of Americans drop out from work force in last 5 yrs….
GDP in negative now…food stamp at historical high…..oil surging…real unemployment at 20-30%....BULL run?? hahaaaa…Cosco & YZJ still below $1 & tons more...when crash down, can down another 80-90% from here......
jobless claimed also at high….deficit keep shooting up….
once US$ up….Dow will crash down 20-30% easily….
all the fake, fraud, lies & manipulation….explode & implode anytime now….
same to spore property…stop buying….
Australia Economy Is Collapsing
February 1st, 2013
Australia: AIG Manufacturing PMI — 40.2, down from 44.3
Australia Jan PMI crash down from 44.3 to 40.2….worse than Spain, Greece & all the PIIGS….
so china no demand?? china also economy slow down …..
be patient…..globally economy will crash down into recession & great depression….
stock market will align accordingly…..
all the debt has to pay back wan…debt will burden & collapse economy due to bankruptcy…..
Dutch SNS Bank Fails On Real Estate Losses: First "Too Big To Fail" Nationalization In Five Years
02/01/2013
Dutch banks bankrupt & nationalised due to lost in mortgage loan…..LTRO? all bullshyt & rubbish…
why not bankrupt? why naitonalised such rubbish banks?? be responsible to wrongdoing…..
once property crash down, banks bankrupt is normal…
spore is on the way….no bailout junk….let bankrupt, bankrupt….
Spain stock market down 6%...Holland banks bankrupt…..Germany & UK & France &….negative GDP & recession….
Europe will be much worse later this yr….they can fake & fraud market…all has to pay back & crash down accordingly….same to spore & global market….property will crash even harder….
Peter Schiff & James Rickards & Byron Wien: Economy ‘Stuck in Serious Recession’ And America Is On The Brink Of A Global “Financial War.” Major Sell-Off Coming
February 1st, 2013
economy getting worse everyday…this is reality & hard truth….
recession & great depression everywhere in G20 country today….
currency war on the way…followed by trade war & military….
major sell off anytime…run fast before tsunami sweep thru’…
Gas Prices Heading Up Again
February 1st, 2013
Oil price almost $100 now…very nice…
with global economy sinking…..huge layoff & cut pay….oil surges will make more bankrupt & disposable income sink…..
wait for Iran & middle east war…looming now in Syria, Israel, Egypt & many more…..
once breakout…oil surges to $200, then $300…even $400….that will be super nice….
total market collapse & rate will surge to like no tomorrow like 1980.…but big pay cut & no job.....
be patient…coming in 2013…..spore property crash >50% by 2015 is nothing…no 2015, no buy…stop buying, no down>50%, no buy…..
so many moronic pariah dogs panic & desperate liao.....bark like crazy fool.....
wasting time moron......same as cityshyter.....shout nonsense in this bear thread.....so worry & stressful.....
S$1k-2k/m jobs aplenty, who want? not enough to survive.....
once property bubble burst...tons of bankrupt.....like US subprime collapse, all paper gain gone, nett worth down 40%, all no money, no jobs, stop spending...those with huge debt...will be slave for next 20-30 yrs.....
still got 6.9 million population. ask pm long to e-mail Bernanke whether will he support or not? he Bernanke stops printing papee's 6.9 million dream will be gone as well.
all the rubbish...swiss standard by 2003....70/30 private/public house by 20xx.....reality?? all failed....
shameless xxxxx.........
6.9mil, NOT 7 mil...you know they are playing game again.....whole bunch of rubbish....
to keep their promise....keep launching 70k-100k units/yr from now on is great!!...make sure to keep track...
but whatever will be will be...will come will come...global economy & financial system collapse on the way.....property crash>50% by 2015 is easy now....
get in another 2 millions junk...spore will sink to Indonesia 500 million, so what?? India??.....last 2 yrs already proven.....bigger population, real GDP down -5%, out put down, export down......really raiding reserved with human rubbish......
6.9 mil?? give away spore to these rubbish junk & leaders...no big deal.....got so many better place to live a better life than this hot & humid sardine can, squeezed & stink....when SARS or crisis or turmoil, all will abandon spore like Dubai or even worse, take luggage pack & go.....just a hotel 81 to them...
by 2030, NOT tomorrow...another 17 yrs from now?? by then all forgotten....con man shouting again??....lip service forever....when funds want to short, they will still short it down more than Greece when it comes.....
7 mil in a red dot, they know what it imply?? people will be super kiasi & kiasu to rush for anything like beggers…..real pressure cooker & hot temper, sure spore weather is super hot….tons of body & space conflict….squeeze in a hot & humid sardine can, fight everyday….car? big house? space? fresh air? when SARS comes, when JB build a nuclear plant, when Malaysia changes govt & don’t allow sporean to go over….when…..hahaaaa…..be patient, once happens, will come overnight like CLOB…..better have a quiet, serene, cosy, spacious & better weather & environment….may be by 2030, only 2 mil….all run road…hahaaaa…
In panic mode & anyhow bark now??....that is very dangerous.....we know who is very buay zhai, 1 look you know....outside world is no mercy once they know you are sick, kill!!......
monopolised BTO is totally a joke….
how to meet demand whether they plan or not if BTO…..now they shout all the bullshyt & no-sense to cover their backside….
pre-build 100k units to meet their plan NOW….or stop shouting nonsense…..what monopolised BTO rubbish…..
this greed & evil govt…no need to argue if they don’t tell the hard truth….twist & turn is their expertise since day 1?….
forever make mistakes…forever move on…whether is on purpose….
if still have sporean with a heart, vote for them in 2016, something is very wrong…..
FEARLESS, vote them out…they are easily replaceable…..
they can shout whatever nonsense, 7 mil or gracious or..…to me, is just a irresponsible human rubbish….
time will prove it…..shame….not sincere & honest rubbish & family…..
good thing to shout?? said 100x, must have the gut to do RIGHT thing…good thing is useless because is 100% wrong when they shout in desperation…..
7 mil? Japan 200 mil, property also down 90%...US, 300 mil down 60%...tons more...HK 7 mil in 1997, down 60-70%.....
7 mil or 6.9 mil?? you think XXX dare to guarantee?? if 2030, not 6.9 mil, all his grandson chop off K KJ?? hahaaa....if 7 mil squeeze in this hot & humid sardine can....all the fools can have it....inside pressure cookers, rubbing shoulders, kiasi & kiasu to fight every minutes in everything, go ahead to have fun in all tension & live in zoo or dog cages & bite each others with full mouth of hairs & blood everyday...also when SARS hit again, fight with those uncivilised.....hahaa....
6.9 million population projection is "worst case scenario": Khaw
SINGAPORE: National Development Minister Khaw Boon Wan has stressed that the projected 6.9 million population by 2030 is the "worst case scenario".
In his latest blog post, Mr Khaw said the government hopes that the country does not reach that figure and added that it may never reach it.
what a joke....only cow shouted? PM? DPM? to boost market? or to con? clear signal or on purpose??.....whatever..all these nonsense....real panic...all pariah dogs shut up now....all the morons....
now 6 mil?? 3 mil??.....who care, time to crash, will crash...end is here...down>50% by 2015...stop buying, no 2015, no buy... no down>50%, no buy.....
French Retail Sales Drop 10th Month Accompanied by Sharper Drop in Employment; Italy Retail Sales Drop 23rd Month; Eurozone Sales Collapse 15th Month; Wholesale Prices Soar
Is Germany Preparing For Future Capital Controls?
01/31/2013
The Tearing Of Europe's Social Fabric
01/31/2013
sure….if not germany taxpayers’ money will be gone totally…stupid rubbish merkel, will be out in election this yr….
If germany capital control….Euro zone will collapse…..anyway, get ready to short Euro later this yr….going to crash to par of US$....
Europe in deep shyt now…go & see for yourself….no jobs, no money….civil war soon….
Yen currency war will crash Euro economy much harder…..
once Europe banks plunge…spore banks will hit even harder…
be patient…coming soon…total collapse of global financial system & currency war….
Wah ping ping pang pang what a long firecracker from the long-time-no-hear Basic.....
Agreed. The warning signs for crash are already here.
- Rapidly growing vacancy rate and large oversupply with the avalanche of new homes completed within 2013-2015 and huge numbers of unsold units by developers. Developers' sales volume had plummeted 69% in Q4 2012, and developers' sales volume will probably plummet 50% in 2013 unless prices are reduced significantly.
- Global economy remains bad and demand continues to shrink. S'pore real GDP is already in recession and business remains bad in Q1 2013 due to poor demand. S'pore's high operating and living costs have make S'pore uncompetitive. it's recently reported that MNCs have already froze hiring in S'pore, manufacturing firms and banks are retrenching, SMEs are struggling with high operating costs and poor business, many high pay FTs are already either retrenched or big paycut, foreign labour being reduced by govt to save S'porean jobs in the slowdown. All these have caused rental to sink and will get worse with increasing oversupply.
- Fed will likely end QE this year and interest rates will shoot up when that happens, the holding power of many investors and developers will be greatly affected.
By Romesh Navaratnarajah:Singapore's sweeping package of property cooling measures to curb rising home prices not only applies to foreigners buying properties in the city-state, but has gone one step further to include permanent residents (PRs) and citizens.
Introduced last Friday, this is the government's seventh round of measures since 2009 and includes a stamp duty hike of between five and seven percent across the board, tighter loan-to-value (LTV) limits on second housing loans – down to 50 percent from 60 percent and an increase in the minimum cash down payment for individuals applying for a second or subsequent housing loan – raised from 10 percent to 25 percent.
Industry watchers are convinced that the new policies will hit the market hard.
"The hefty ABSD of five percent for PRs for the first property, seven percent for Singaporeans' second property purchase and 15 percent for foreigners will have a drastic impact on the sales volume of private properties in the coming months. Sales volume is expected to drop by more than 50 percent
So property agents or property speculators or property investors, pls queue orderly at bedok reservoir and do NOT wear red.
monthly sales down from 2600 to 1000 units in 2 months....down almost 70%....if remove insider trading, transaction will be much lower....let them play till died....
no buyer, still want high price? price cut 30-40% now, also don't buy.....let developers & weak holders bankrupt.....
rental already down, no tenants now due to no renewal of work permit, many expat send back due to cost cutting & layoff.....especially banking....
spore Q3 GDP at -5.9%...Oct & Nov NODX export continue to down further....this Xmas holiday, many already in no paid leave, factory shut down for long time due to no order & demand.....cut jobs & spending fast before bankrupt....many already closed down in last few weeks to months...more to come...still hire? bankrupt fast......
no need to bother to look at market now, only fools buy now, they will lose few $100k to few $mil by 2015, they deserve it...wait for huge retrenchment, many auction by banks & run road by foreigners......no 2015, no buy....price down>50% by 2015 is nothing.....
let wait for the monthly sale below 500....will see all the panic buttons anyhow press....rush to exit & cut price like mad.....
so sales down almost 70% now.....no more greater fools....wait for the greatest fools to run road, last one to run, 1st to bankrupt.........
let see how much insider trading can create wonder or collapse fast......
still have tons of 3 bedroom EC selling at $600k+ & no takers.....hahaaaa.....they can shout & trade themselves.....only fools get conned.....
many selling at lost now...soon will be negative asset, as no buyers when stock market crash down & huge retrenchment sweep thru'....
with rate hike creeping up slowly & sudden surges when currency war & bond crash.....
wait patiently...coming.....
all these shameless rubbish drive price using printed $$ without value & economy based…real human rubbish…all the fake, fraud, lies & manipulation…these are criminal act….not free market, not strong one prevail…these are useless weak human dogs of global leaders, jail & kill, spore??..…all fake & bubbles will burst, starting now...be patient, evil will sure lose...time is now...
tons will sell at lost if they bought in last 2-4 yrs to sell now……don’t buy from them, wait for huge retrenchment, no tenants or much lower rental now, rate hike…..even cut 30-40% also don’t buy…..price down >50% from now is nothing by 2015….so no 2015 no buy….no cut >50%, no buy….
coming crisis, no more QE as QE is total failure to cause global bankrupt.....instead rate surges to sky, tons of layoff, deflation & all asset bubbles crash for 10-20 yrs & no recovery......
The Putrid Smell Suddenly Emanating From European Banks
February 2nd, 2013
By now we should have gotten used to the odor emanating from banks—bailouts, money laundering, Libor rate-rigging, the other misdeeds. But in Europe over the last few days, it was particularly dense.
OFFICIAL: ‘The Real Euro Crisis Is Just Getting Started’
February 2nd, 2013
all the wrongdoing & evil, cannot run away wan….
Euro sure crash later this yr…get ready to short….
all the illegal, printing, rigging, insider manipulation…..all has to pay back wan….all the fake, fraud, lies & manipulation by politicians...this yr is the yr...same to spore...all the fake & fraud data & report....
Italy & germany going for election soon….let crash all these human rubbish….
civil war, independence, central banks…all will pull down US, followed by globally within hours….
be patient…2013 is the yr….spore property crash down>50% is nothing by 2015…
James Grant: ‘Bernanke’s Helicopter Needs A Bailout’
February 2nd, 2013
Bankrupting America: History Of The U.S. Debt Ceiling
February 2nd, 2013
time is here…end is near….
Bernanke helicopter is crashing down anytime….
currency war is going to shoot down the helicopter, starting from 2013….
US & US$ is crashing down….with historical food stamp, unemployment, civil war looming, bankruptcy & all the fake & fraud data & market….all the corruption, cronyism, robbing….
greatest debt in history, US bond going to collapse…rate surges & total economy & financial collapse….
be patient…..no 2015, no buy…no down>50% , no buy…..
Economy Lost 2.84 Million Jobs in Jan., Yet Press Pretends Seasonally Adjusted 157K Jobs Added Represents What Actually Happened
February 2nd, 2013
Following the governmemt’s Employment Situation Summary yesterday, two words were noticeably absent at the Associated Press (here, here, and here), Bloomberg, Reuters, CNBC, and the New York Times: “seasonally adjusted.”
so last Friday Dow up 100+ due to NFP or unmeploymet??.....hahaaa…..
all the fake, fraud, lies & manipulation of today….same to spore & poperty….
why are they so desperate? reality is real scary & collapsing….
same to fake stock market driven by printed $$ & no fundamental & economy based…pure gamble & bubble globally….even more desperate as total financial system is bankrupting & collapsing…
be patient…stop buying, let it explode & bankrupt….property down>50% by 2015 is nothing….no 2015, no buy….
Bill Gross & Chris Whalen & Michael Belkin: US Economy ‘Supernova’ On Path To Extinction. The Fed And The Treasury Are The Biggest Source Of Systemic Risks In The Market Today And We’re Facing A 1987 Selloff & Eventual Hyperinflation!!
February 2nd, 2013
sure….kick can down the road, will only explode bigger in time to come…time is now…
market & economy divergence….bubble getting bigger in both stock & bond…..
US$1500 trillion of debt needs to pay all back & drag down global economy in next 20-30 yrs….all today rubbish leaders will have to kill themselves to responsible to it…..
be patient…..1987 type of Dow crash 30% overnight will come or even more like 40-50%.....as there is totally no value in stock today…super high risk with tons of bankruptcy….
hyperinflation in food & oil are great…hyper-deflation in pay & all asset price…crashing…these will be the case in next few yrs…..like 1924 in germany & now in Japan…these 2 human rubbish started WW II will lead the world to collapse again starting from 2013…..be patient….property collapse on the way now….
Developers are truly greedy despicable cheats... inflating the caveat price, hiding the true price, manipulating the property price index , and lying about the actual sales numbers to consumers. And the unknowing consumers upon seeing the inflated caveat prices from the developers' price deception and manipulation, ended up being conned to pay more to the developers for their units.
http://www.straitstimes.com/premium/...rices-20130126
Straits Times Forum
Published on Jan 26, 2013
PROPERTY SALES
Concerns over practice of inflating prices
HAVING visited several property launches over the past year, I wish to share some observations ("Tough action to cool property market"; Jan 12).
To create a rising price scenario, developers commonly mark up the selling price of their units, and then offer discounts or rebates in the form of furniture vouchers and stamp duty refunds.
As buyers, we are advised to lodge caveats based on the higher price before the discounts and rebates, so that we can qualify for higher bank loans.
While most banks require buyers to declare the purchase price and discounts, many people do not do so in order to qualify for higher loans.
This benefits the developers as it will show an increase in the residential property price index, which in reality may not be the true price transacted.
Unfortunately, this strategy of price manipulation has now spread to the resale market.
Of late, some owners who may have bought several units in new launches are now offering refunds and cashback.
As is the case for new launches, a buyer must agree to lodge the caveat based on the seller's inflated asking price, and refunds via a cashier's order will be given on the completion date.
The price lodged in the caveat requested by the seller is to support the bank valuation as well as show price increases to generate future sales for the seller.
This is a grey area that I hope the Monetary Authority of Singapore and Urban Redevelopment Authority (URA) can address as it may have legal implications.
I also encourage the URA to conduct thorough checks on claims by developers of their projects selling like "hot cakes".
This is because when one checks the URA's actual sales figures later, they are often lower than what was initially claimed.
It would be helpful if the URA could publish a monthly update of all recent project sales and units left unsold.
Lastly, I thank The Straits Times for publishing both the caveats and actual rental prices of private properties. This is a positive step as it allows for transparency and helps buyers and tenants make informed decisions.
David Lim Beng Heng
flextronic is closing down joo koon factory. workers going to be retrench.
this is former Natsteel factory...probably the one in kallang also closed down liao.....few thousands workers retrench totally?.....
Wincor Nixdorf in Kallang factory also closed down & sold.....
when will flextronic close their global HQ in Changi/Simei?? how about SCI in Depot? Celestica in woodland? time for Seagate to be out.....HP too.....
Venture is even more fun....Heard HP pull out all their printer from Venture, almost 80% of Venture business depend on HP...without HP now, Venture share price still can at $7-$8??? hahaaaaaa....$0.7 also not worth.....
all the fake, fraud, lies & manipulation......fun & joke.....all should close down & share price crash 90%.......this is stock market today, all the worthless penny, trade like existence...company near bankrupt, share price up, weak one prevail, human crash down, bernanke act, shame.....
same to all property & developers counters in spore.....hahaaa.....
strong?? why so many close down & layoff.....last 6 months output & export down, last Q3 GDP at -6.3% & all the manipulation.....
more & worse to come....
For OCR property is simple...no below $600 psf, no buy.....many will go below $500 psf by 2015....some even below $400 psf....this round, end result will be much worse than 1997...let them bankrupt, weak one c an go to die, no mercy, act smart, deserve it.....
URA on price of property MUST be the nett buying price exclude all discount, freebies, sweeteners, stamp, legal, loan rebate, cash rebate……
govt must ensure real nett selling price or khaw just sit on it & do little on his S$mil salary coming from taxpayers….
don’t get conned….many insiders’ can get 30-40%, why you only get 15-20%?.....stop buying, let them come to you at deep cut or just ignore totally….all the under table illegal act yet govt closed 2 eyes??....whether are banks or developers or....govt involved?..…
all the fake & fraud price of spore property....so URA price easily adjust down 20-30%?.....plus insider trading fake price.....so stop buying, let it crash down 1st....no down 50%, no buy....
Greek Isles Cut Off From Mainland For Sixth Day As Strikes Return With A Vengeance
02/03/2013
When Europe's politicians boldly said a few weeks ago what they have been repeatedly saying every year for the past three, namely that "Europe is fixed" usually just before it breaks all over again, what they meant was that the various stock markets were up. Because if they were actually referring to the European economies, Europe just broke (no pun intended) once more, with the Greek economy once again back to its "new normal" baseline state: a near complete halt as the cold of winter dissipates, and protests and strikes return. In this case, the biggest losers are the thousands of people living on various Greek islands who have now been cut off from the mainland for the 6th consecutive day.
Street’s all you’ve got: Heavy UK austerity expose
February 3rd, 2013
Street’s all you’ve got: Heavy-handed UK govt austerity exposed
Since 2010 homelessness has increased 25%, the figure is set to rise sharply after the april changes.
Europe reality is getting g worse each day…..economy crashing down, unemployment shoot up & poverty surges….
market can up whatever due to fake, fraud, lies & manipulation of rubbish leaders….
more homeless, more jobless, more bankrupt…no job & no sales…great depression now in reality….
all the printed $$ go to corruption, cronyism…globally is the same….all the human rubbish…
be patient….people power will rule…kill those rubbish leaders?? they deserve it….
market will crash to align with hard truth….total collapse starting from 2013…..
Spain – A Deepening Recession Amid a Widening Political Scandal
February 3rd, 2013
The Un-Manipulated Market That Keeps Merkel Awake At Night
02/03/2013
sure…global recession deepening…great depression now….
politicians are pure rubbish these days….like merkel, manipulated market & can’t sleep at night….
usage of electricity plunges big way in germany….many manufacturing already stop & bankrupt….
oil price up is simple…due to US$ down….US$ collapse will be best…
same to Dow up due to US$ crashing down almost 10-20%....Yen already down 25-30%....
merkel will be out this yr election…this human rubbish…gutless stupid lady….kick it out…
be patient…EU & Euro zone will be in deep danger, much worse than 2010 & total collapse on the way…said earlier time to short Euro & Dow….Euro to be on par with US$ by end this yr or early next….all is going to crash down….
Armies Of Syria, Lebanon, Jordan All On High Alert.. More Israeli Planes Over Lebanon… Explosions Reported Multiple Locations…
February 3rd, 2013
IRAN COMMANDER: Syria Counterattack Will Send Israel Into Coma
February 3rd, 2013
Shipping F-16′s to Egypt would Start WWIII
February 3rd, 2013
Iranian intel post in Syria reportedly among Israeli targets-Israel planning 10 mile buffer zone
February 3rd, 2013
Japan PM Vows to Defend Islands From China
February 3rd, 2013
Urgent preparations in South Korea over North’s third nuclear test fears!! The test is believed to take place before February 10!!
February 3rd, 2013
once war explode…global economy & market collapse straight down…..
be patient….2013….stress & pressure everywhere now…burst anytime…
500,000 People Sign Petition Asking Prime Minister Rajoy to Resign
February 2nd, 2013
can we have 200,000 signature to impeach too??....why not??...FEARLESS, just do it…
all these global rubbish leaders…from Europe to US to Asia…
all the govt who lost people’s heart should step down automatically…all these shameless human rubbish….
created all the pain to the mass…..property is definitely not affordable, crash down>50% is nothing….buy till no more fools, it will crash down….who pushing & cause all the problems….
vote them out is a must….market will crash due to global economy & foreign funds…short currency, market & economy down….be patient..starting form 2013…..
Feb 16, hong Lim….whether is 1k or 1 million people….all should sign petition…..
Federal Court Indicts President Obama Will not see end of his second term?
January 31st, 2013
POLL: 67% of Texas Republicans Want Obama Impeached
January 31st, 2013
that will be very nice….whether impeach or assassinated….big celebration….
this useless human rubbish should be gone asap….then world can revert to a strong one prevail….
American should just do it…created global problem by electing a rubbish…
they should kick this rubbish out to resolve….
be patient…this rubbish will be gone…..if same in some spore, will be nice….
Supreme Court to Review Case on Obama’s Forged Documents
February 2nd, 2013
sure…obama will face tons of impeachment cases….assasinated is still the best for this human rubbish…
whether is election result or forged document on birth or….
once this rubbish is removed…world will back to norm order instead of print & kick can down…
face reality, be a man & human…
market will collapse, reach a bottomless bottom, pay back debt then recovery….
can see in 2013 is nice….kill it…..
Private Debt as a Percentage of GDP of Spore
Private debt as a percentage of Gross Domestic Product is an important economic indicator of a country's future financial stability. This is because it shows what percentage of the Gross Domestic Product is paid for with borrowed money.
GDP Definition
Gross Domestic Product is the total value of all the goods and services produced in a country. This means that it is a good rough indicator of economic strength, particularly in relation to previous years. If people are working, doing services for money and producing things, then the GDP will rise and the economy is doing well.
Private Debt
Private debt is debt such as credit cards, home loans, auto loans, and any other debt owed by individuals and businesses, who borrow to fuel their growth.
Implications
When private debt as a percentage of GDP is large, this means that the GDP is effectively growing because of that private debt--goods and services are being bought by borrowing money rather than being bought with earned money. The larger the ratio, the larger the problem--even people who do not owe any money are still connected to it because the people buying from them and/or employing them are doing so on borrowed money.
What this means is that GDP can grow artificially fast when credit conditions are good and interest rates are low. However, it can do the converse when interest rates rise again because a large portion of private debt means that the entire GDP relies on peoples' access to this credit.
This is what's happening in S'pore, GDP is propped up by massive private debt such as mortgages and business loans from easy credit and low interest rates. But even with the massive private debt, S'pore economy still in recession and exports have plunged. There are many highly leveraged businesses and people stucked. When Fed ends QE this year and interest rates shoot up, there will likely be huge number of defaults and bankruptcies in S'pore, and the economy will sink into deep recession and property crash.
Originally Posted by alpha
Bank issued housing loans grew $3 billion in one month from Oct to Nov, private debt up to 165% of GDP.
Total bank loans in November 2012 = $481.7 billion (165% of GDP)
Business loans = $277 billion (94.9% of GDP)
Consumer loans = $204.8 billion (70.1% of GDP)
Housing loans = $150.3 billion (51.5% of GDP) , this amount excludes cpf issued housing loans for HDB, if included the total housing loans in s'pore could be over 100% of GDP.
http://www.channelnewsasia.com/stori...245279/1/.html
all the borrowing & all the debt…..
property is not asset, is leveraging, gambling & debt…..
this is huge, close to Japan debt to GDP level....no return & exit path if continues..….once property bubbles burst, all the saving gone, only left debt to pay back in the rest of life….
same to developers….all is about debt & debt squeezed….cash flow dry up, default & bankrupt…so stop buying, let weak developers & holders bankrupt….some at the verge of breaking, so no 2015, no buy….if any fake & fraud try to rescue, don’t get conned by manipulators, will have hedge funds to short them down, then we join the short to bankrupt of these developers……
spore, with population up, GDP down, debt up....bad sign...many rely on debt to survive, once debt squeezed, many will bankrupt...
productivity negative growth, more waste....many will unable to service loan once layoff, cut pay & rental down.....best time to squeeze now...
with rate on uptrend now...sudden surge due to global currency war....be patient......
we are at biggest bubble in human history today due to printed $$ & debt of US$1500 trillion…..
all bubble will explode, will start to see this yr….can’t grow anymore globally….risk is too high….once 1 run all run…1 down all down….only fools still gamble on taxpayers’ & others money…all these human criminal should execute all…explode & implode starting this yr...total collapse......
7 mil? only fools want to live in dense & compact sardine can with hot & humid weather.....
1990 we shouted gracious society as Swiss, where are we today?? now is worse than 1990….
same to leaders shouted 40% stayed in private condo by 2000?…where are we today?? still >80% in public house….
all know why they shout? who care now?? who follow up??...same nonsense….
congested is good? no space is good? fight & competition is scary…no more gracious, super ugly instead…squeeze, push, shameless, kiasu...once SARS is back, tons will died due to rubbish...deserve it & be responsible.....
ask all these leaders to shut up & stop xxxxxxxxx……
when global ponzi crash, stop printing, bubble burst…..all keep quiet & run away like XXXXX….
then ask them to pre-build 400k units of property now to cater…they will argue & twist & turn….
1 word…..shame….let them be….all the xxxxxxx……
Debt Dellusion: The Bankrupt Financing the Bankrupt
February 2nd, 2013
The Devaluation Is Accelerating: Iran Rial Hits All-Time Dollar Low, 21% Drop In The Last Two Weeks
February 2nd, 2013
sure…global is bankrupt now with US$1500 trillion of debt….25 yrs of global GDP….so pay back in 20-30 yrs is real tough…this is a 50-60 yrs of global spending future ,money…time to pay back…by cutting pay 30-99% globally & huge layoff & cutting all spending….
bankrupt financing bankrupt….US is sponsoring Europe in last few quarters…when Europe collapse, US will be down straight away…same to asia….
Iran currency already down >50% in last 1-2 months…S$ too, same to Yen although Yen down 20-30% in last 3-4 months, it should down 80-100% instead…..spore debt to GDP is comparable to Japan now…
be patient…all will collapse down accordingly, 1 by 1…1 down, all down eventually..from 2013….
Q4 Earnings Season Will Be The Worst Of 2012: Earnings Set To Decline 1% Over Prior Year
02/01/2013
earning the worst…but Dow anyhow cheong…..
report what they like..many company already bankrupt, with nett negative asset & with huge debt…..
spore is even worse…most penny, share not even worth 1 cts….all will down to this level in next few quarters once global market collapse like 2008/9…..100x worse….Dow go below 3500 & STI below 1000….
be patient….just few more months to 1-2 yrs….buy for future, not now….wait for a huge bottom on the way now…
Developers are truly greedy despicable cheats... inflating the caveat price, hiding the true price, manipulating the property price index , and lying about the actual sales numbers to consumers. And the unknowing consumers upon seeing the inflated caveat prices from the developers' price deception and manipulation, ended up being conned to pay more to the developers for their units.
http://www.straitstimes.com/premium/...rices-20130126
Straits Times Forum
Published on Jan 26, 2013
PROPERTY SALES
Concerns over practice of inflating prices
HAVING visited several property launches over the past year, I wish to share some observations ("Tough action to cool property market"; Jan 12).
To create a rising price scenario, developers commonly mark up the selling price of their units, and then offer discounts or rebates in the form of furniture vouchers and stamp duty refunds.
As buyers, we are advised to lodge caveats based on the higher price before the discounts and rebates, so that we can qualify for higher bank loans.
While most banks require buyers to declare the purchase price and discounts, many people do not do so in order to qualify for higher loans.
This benefits the developers as it will show an increase in the residential property price index, which in reality may not be the true price transacted.
Unfortunately, this strategy of price manipulation has now spread to the resale market.
Of late, some owners who may have bought several units in new launches are now offering refunds and cashback.
As is the case for new launches, a buyer must agree to lodge the caveat based on the seller's inflated asking price, and refunds via a cashier's order will be given on the completion date.
The price lodged in the caveat requested by the seller is to support the bank valuation as well as show price increases to generate future sales for the seller.
This is a grey area that I hope the Monetary Authority of Singapore and Urban Redevelopment Authority (URA) can address as it may have legal implications.
I also encourage the URA to conduct thorough checks on claims by developers of their projects selling like "hot cakes".
This is because when one checks the URA's actual sales figures later, they are often lower than what was initially claimed.
It would be helpful if the URA could publish a monthly update of all recent project sales and units left unsold.
Lastly, I thank The Straits Times for publishing both the caveats and actual rental prices of private properties. This is a positive step as it allows for transparency and helps buyers and tenants make informed decisions.
David Lim Beng Heng
flextronic is closing down joo koon factory. workers going to be retrench.
this is former Natsteel factory...probably the one in kallang also closed down liao.....few thousands workers retrench totally?.....
Wincor Nixdorf in Kallang factory also closed down & sold.....
when will flextronic close their global HQ in Changi/Simei?? how about SCI in Depot? Celestica in woodland? time for Seagate to be out.....HP too.....
Venture is even more fun....Heard HP pull out all their printer from Venture, almost 80% of Venture business depend on HP...without HP now, Venture share price still can at $7-$8??? hahaaaaaa....$0.7 also not worth.....
all the fake, fraud, lies & manipulation......fun & joke.....all should close down & share price crash 90%.......this is stock market today, all the worthless penny, trade like existence...company near bankrupt, share price up, weak one prevail, human crash down, bernanke act, shame.....
same to all property & developers counters in spore.....hahaaa.....
strong?? why so many close down & layoff.....last 6 months output & export down, last Q3 GDP at -6.3% & all the manipulation.....
more & worse to come....
For OCR property is simple...no below $600 psf, no buy.....many will go below $500 psf by 2015....some even below $400 psf....this round, end result will be much worse than 1997...let them bankrupt, weak one c an go to die, no mercy, act smart, deserve it.....
URA on price of property MUST be the nett buying price exclude all discount, freebies, sweeteners, stamp, legal, loan rebate, cash rebate……
govt must ensure real nett selling price or khaw just sit on it & do little on his S$mil salary coming from taxpayers….
don’t get conned….many insiders’ can get 30-40%, why you only get 15-20%?.....stop buying, let them come to you at deep cut or just ignore totally….all the under table illegal act yet govt closed 2 eyes??....whether are banks or developers or....govt involved?..…
all the fake & fraud price of spore property....so URA price easily adjust down 20-30%?.....plus insider trading fake price.....so stop buying, let it crash down 1st....no down 50%, no buy....
china >7000 developers bankrupt in last 1-2 yrs due to bid land price at too high price...all bankrupt....
tons of china property selling property psf below land price....bread is cheaper than flour is common in china...free market....cannot sell, bankrupt, that simple, hope to bailout?? blardy shameless...hahaa.....
look globally for direction...total collapse on the way...if all morons here no money, go & borrow from all the people you know & buy, leveraged 500%.....hahaaaa, dare?? my foot.....
same to local banks...if anyhow loan out mortgage loan, deserve to bankrupt, no bailout.....
developers have to bid high, no choice...but buyers' choice is not buying & let them bankrupt.....like china >7000 developers bankrupt due to bid too high land price & bankrupt....stop buy, no 2015, no buy...no down>50%, no buy....let them bankrupt...they are lucky in 2009, bailout by QE...this time no more QE due to QE total failure & economy collapse...this coming one will be much bigger due to debt is 10x bigger now, much bigger developers will bankrupt...let do it in 2013.....
11 trillion is the real deficit for fiscal year 2012. I’m not talking about the 16 trillion dollar national debt here.
February 3rd, 2013
222 trillion dollars in unfunded liabilities.
over a million dollars per working tax payer.
This number doesn’t take into account the
derivatives bubble
“How 9 Banks Are Exposed To $200 Trillion Worth Of Derivatives”
so 1 yr deficit or debt for US is US$11 trillion…not US$1 trillion….
almost 80% of GDP of debt in 1 yr…..
total US$222 trillion of debt, excluding derivatives leveraged….another US$200-300 trillion….
whatever earning, profit of all US company…..debt is increasing much faster than profit…
whatever cash on hands they have…..no way to pay back debt….that is why all company & the country already bankrupt…..
same to spore…still want to drive property price?? total collapse once debt squeezed…..coming…
Economics On The Grounds Hasn’t Changed Much Since ’08. In Some Respects, Like In Unemployment, It’s Gotten Worse. Real Unemployment Is Over 20%, A Crazy Figure. The Real Economy Is Basically In A Depression.
February 3rd, 2013
sure…don’t bullshyt with 7.9% unemployment….20% in western world today consider low…
youth below 25….60% unemployment is nothing…asian country is not much better….
depression now is norm…market can go whatever…have to crash down to reflect reality…
all the fake & fraud by govt & central banks…..crashing down in 2013….
for spore property, no down>50%, no buy….no 2015, no buy…..
YUM Fried As China Same-Store-Sales Crash; Expects EPS Decline In 2013
02/04/2013
KFC in china is much bigger than Mcdonald….yet sales crash….
many chain stores, whether if F&B, top to bottom range, now almost all give discount from 20-80%....
no business…competitive…
spore with high rental & high cost of operation can survive?? personal median pay is still around S$2k/m, afford what?? $500k BTO??....crash hard, that is all….even can afford, no disposable income…can’t sick, can’t stop work, work till died for a shelter….
be patient….global currency war & economy collapse on the way now….
CMBS Cash Flow Crunch Looms As 'Retail' Mall Vacancies Set To Surge
02/04/2013
Several foreign firms prepare to leave S'pore
>50% of shops across US are closed…..
same to china…many has no people….same to spore, many companies are leaving spore for good.....
no jobs, no sales, waste of resources, building….many go bankrupt….
inventory is super high too…many price crashing down to clear stocks….cut 50-80% is norm….
deflationary cycle on the way…all asset will crash hard,….
stop buying….no 2015, no buy…..no down>50%, no buy….
Get Far Away From USA…Its Collapse Will Be Messy… Globally, Japan Will Be The First One To Fall… This Is The Most Dangerous Time In The Human History… We Are Heading Toward A Historic Global Financial Meltdown!!
February 5th, 2013
a meltdown is imminent….engineered by Bernanke….
as said, Yen go 100, 120 then 150…..huat lah…
same to Euro & Dow….coming….
historical gigantic bubble going to burst in next few months to 1-2 yrs…
total meltdown…all bribery, corruption should bring to law…all the fake, fraud & manipulation….
all the leaders today is a shame in human history….coming…explode & implode…
stop buying, property down>50% is nothing by 2015…no 2015, no buy….
World’s central bankers at Davos warn cheap money’s blowing a new asset bubble. Dr. Doom, Marc Faber, “loves the high odds of a ‘big-time’ market crash.” Another, Nouriel Roubini, says “prepare for a perfect storm,” while Bond King Bill Gross sees a “credit supernova” dead ahead.
February 5th, 2013
all bubbles will burst….market crash is imminent….
perfect storm, debt squeezed….100x bigger than 2008 will be back…
till they buy up all junk at high valued….when burst, central banks all can close shopd as they are holding all rubbish…same to govt, buy junk now eat shyt & all leaders should execute after robbing & bribe all printed $$....
whatever…economy will continue to sink form here…
civil & military wars plus currency & trade wars all over….
be patient…no exit & no return path now…only total collapse….starting 2013…
no down>50%, no buy….no 2015, no buy…only fools buy now at huge bubble…
Bob Janjuah Sees "Final Parabolic Spike Up" To 1575 Followed By Up To 50% Market Crash
02/05/2013
so last spike? upside 4%, down side 50%....yet pure gamble, only fools go for it…
down side will overshoot to 70-80% easily….
Dow below 3500 & STI below 1000 by 2015 are nothing…..
be patient….huge bubble in stock market like subprime in 2007 now….100x bigger to crash global market again….
all the fake, fraud, lies & manipulation….
smart one already distribute & out of market….fools chasing & rushing in….buy valueless junk at high price, when bubble burst, evaporated, all bankrupt, be patient…sell all asset instead….
Charles Hugh Smith: To claim a “recovery” based on unlimited Central State borrowing and spending and central bank manipulation of asset valuations is self-sustaining is beyond absurd.
February 5th, 2013
sure…it’s absurd & insane…..
said 500x…you buy future, not now….when future price collapse, you bankrupt….
with few US$100trillion of stimulus globally, economy still sinking down…if you are weak, how you stimulus, you can’t win in any race….dying, eat what medicine also can’t cure….instead you wasted all good money, in huge debt & died by bankrupting your kids & next generation…..
all these useless & coward leaders….face reality with gut…
hike rate & face it….that is man…
whatever will be will be…the time is here….total collapse starting from 2013…
last one to run 1st one to bankrupt…..same to spore property now….developers are running by giving huge discount yet can’t sell, no buyers…..
RON PAUL: Live by sword, die by sword
February 4th, 2013
Hundreds of thousands of Master’s degree holders, PhDs on food stamps
February 4th, 2013
To all politician & banksters……let them live by swords, died by swords…..kill & no mercy….
go Ron paul go….
tons of PHD & highly educated, no jobs & live on food stamps….
same to spore….strong economy?? hahaaa…all the fake, fraud….printed $$ with no economy activities….
be patient…all come down to earth, even overswing down to 18 storeys under before stabilized on ground in next few months to 1-2 yrs….
no 2015, no buy…..no down>50%, no buy…..
Argentina Freezes Supermarket Prices To Halt Soaring Inflation; Chaos To Follow
02/04/2013 19:25 -0500
World's Biggest Retirement Fund Considers Selling Its Japanese Bonds
02/03/2013
James Grant: ‘Bernanke’s Helicopter Needs A Bailout’
February 2nd, 2013
Why the White House refuses to punish the big banks for fraud… “Too big to jail…”
February 4th, 2013
QE to infinity?? Japan funds & FED also going to run road soon….fools going to buy & pay for the US$1500 trillion of debt??....QE has totally failed, which human rubbish will do again?....spore, US, Europe, Japan & most already in recession to great depression now & last few yrs due to QE, more to come....
govt printed & buy up all junk & valueless now…no business, no profit..only print to drive shares price…like tulip in 17th century….buy rubbish & collapse totally….
coming, be patient….all has to pay back wan…..if not, why work?? just print & rob & live…this world will only end war if QE to infinity…..on the way now & started by all the human rubbish….
all should be jailed & executed for all the fake, fraud, lies & manipulation.....
currency war is here...rate surges is on the way.....end road for QE & reversed cycle will squeeze all debt to explosion & tons of bankruptcy....
http://sg.finance.yahoo.com/news/cash-strapped-singaporeans-limit-expenses-025400024.html
Where has the money gone to ?
Pay for shoebox unit mortgage ?
Cash-strapped Singaporeans limit expenses in 2013: survey
36 minutes ago
nice one….all the debt & cash strapped now….
debt to GDP almost 200% now….
once debt squeezed…all bankrupt….like 1997 asia financial crisis…hedge funds notice it now….
with more layoff & pay cut, plus inflation due to food & oil price to cut into disposable income…plus rental down or no tenants now….once squeezed, all collapse….
be patient…on the way now…printed $$ turn in to debt & bubble, once burst, all evaporated & debt has to pay back as slave for next 20-30 yrs…they deserve it, no mercy…..
so many moronic pariah dogs panic & desperate liao.....bark like crazy fool.....
wasting time moron......same as cityshyter.....shout nonsense in this bear thread.....so worry & stressful.....
S$1k-2k/m jobs aplenty, who want? not enough to survive.....
once property bubble burst...tons of bankrupt.....like US subprime collapse, all paper gain gone, nett worth down 40%, all no money, no jobs, stop spending...those with huge debt...will be slave for next 20-30 yrs.....
still got 6.9 million population. ask pm long to e-mail Bernanke whether will he support or not? he Bernanke stops printing papee's 6.9 million dream will be gone as well.
all the rubbish...swiss standard by 2003....70/30 private/public house by 20xx.....reality?? all failed....
shameless xxxxx.........
6.9mil, NOT 7 mil...you know they are playing game again.....whole bunch of rubbish....
to keep their promise....keep launching 70k-100k units/yr from now on is great!!...make sure to keep track...
but whatever will be will be...will come will come...global economy & financial system collapse on the way.....property crash>50% by 2015 is easy now....
get in another 2 millions junk...spore will sink to Indonesia 500 million, so what?? India??.....last 2 yrs already proven.....bigger population, real GDP down -5%, out put down, export down......really raiding reserved with human rubbish......
6.9 mil?? give away spore to these rubbish junk & leaders...no big deal.....got so many better place to live a better life than this hot & humid sardine can, squeezed & stink....when SARS or crisis or turmoil, all will abandon spore like Dubai or even worse, take luggage pack & go.....just a hotel 81 to them...
by 2030, NOT tomorrow...another 17 yrs from now?? by then all forgotten....con man shouting again??....lip service forever....when funds want to short, they will still short it down more than Greece when it comes.....
7 mil in a red dot, they know what it imply?? people will be super kiasi & kiasu to rush for anything like beggers…..real pressure cooker & hot temper, sure spore weather is super hot….tons of body & space conflict….squeeze in a hot & humid sardine can, fight everyday….car? big house? space? fresh air? when SARS comes, when JB build a nuclear plant, when Malaysia changes govt & don’t allow sporean to go over….when…..hahaaaa…..be patient, once happens, will come overnight like CLOB…..better have a quiet, serene, cosy, spacious & better weather & environment….may be by 2030, only 2 mil….all run road…hahaaaa…
In panic mode & anyhow bark now??....that is very dangerous.....we know who is very buay zhai, 1 look you know....outside world is no mercy once they know you are sick, kill!!......
monopolised BTO is totally a joke….
how to meet demand whether they plan or not if BTO…..now they shout all the bullshyt & no-sense to cover their backside….
pre-build 100k units to meet their plan NOW….or stop shouting nonsense…..what monopolised BTO rubbish…..
this greed & evil govt…no need to argue if they don’t tell the hard truth….twist & turn is their expertise since day 1?….
forever make mistakes…forever move on…whether is on purpose….
if still have sporean with a heart, vote for them in 2016, something is very wrong…..
FEARLESS, vote them out…they are easily replaceable…..
they can shout whatever nonsense, 7 mil or gracious or..…to me, is just a irresponsible human rubbish….
time will prove it…..shame….not sincere & honest rubbish & family…..
good thing to shout?? said 100x, must have the gut to do RIGHT thing…good thing is useless because is 100% wrong when they shout in desperation…..
7 mil? Japan 200 mil, property also down 90%...US, 300 mil down 60%...tons more...HK 7 mil in 1997, down 60-70%.....
7 mil or 6.9 mil?? you think XXX dare to guarantee?? if 2030, not 6.9 mil, all his grandson chop off K KJ?? hahaaa....if 7 mil squeeze in this hot & humid sardine can....all the fools can have it....inside pressure cookers, rubbing shoulders, kiasi & kiasu to fight every minutes in everything, go ahead to have fun in all tension & live in zoo or dog cages & bite each others with full mouth of hairs & blood everyday...also when SARS hit again, fight with those uncivilised.....hahaa....
6.9 million population projection is "worst case scenario": Khaw
SINGAPORE: National Development Minister Khaw Boon Wan has stressed that the projected 6.9 million population by 2030 is the "worst case scenario".
In his latest blog post, Mr Khaw said the government hopes that the country does not reach that figure and added that it may never reach it.
what a joke....only cow shouted? PM? DPM? to boost market? or to con? clear signal or on purpose??.....whatever..all these nonsense....real panic...all pariah dogs shut up now....all the morons....
now 6 mil?? 3 mil??.....who care, time to crash, will crash...end is here...down>50% by 2015...stop buying, no 2015, no buy... no down>50%, no buy.....
Feb 16, hong Lim….whether is 1k or 1 million people….all should sign petition….to impeach? to ask PM & PAP govt to resign?.......[/size]
Problems Aren’t Going Away: EU Is Approaching The Danger Zone AGAIN As Spain And Italy Start To Tear Apart – The Economy Is Horrible And Governments Lost The Support of The Public
February 3rd, 2013
as said…problem & recession only getting g worse…not better from here & last few yrs….
kicking can down the road to be exploded anytime now….
now at danger zone again…just need 1 explosion…1 down, global down..coming…
with Italy & germany election soon….vote all these rubbish leaders out….then explosion anytime…
people already living in fire….these 2 rubbish started WW2 in europe…now again….
be patient….2013…spore property crash >50% by 2015 is nothing…no 2015, no buy….
100 buyers pulled out from Q Bay Residences Pre-booking.
Great Singapore Property Sale now on!
Discounts galore for many new private residential properties.
Today news annouced developer giving 24% discount...the price war JUST begin!
24%...still negotiable to 25%, 30%?.....
price war already started…better dump fast before price collapse, rate hike on the way, global currency war already started, tons of layoff & pay cut ongoing now, GDP down, output & export down, business plunge, no demand, global in re cession, print $$ already no effect as no junk to buy using money now, super high risk & collapse anytime….
no jobs, no tenant, no buyers…rental & price down….there is much better value property around the world, when US & western world property up, asian property will c rash hard…..so cheap & nice property at a fraction of price…..
tons of supply on the pipeline….>40000 unsold new units, many sold for 2-5 yrs still no takers….plus another 100,000 resales units…plus another 90k-100k of new completed in next 2 yrs…..of course khaw already said 25k of BTO this yr, can increase another 7k units….land sales must dump out more since developers so interested….
globally, all kind of wars looming…currency, trade, military, chemical & biological…fight for business & jobs for their people, no more win-win, fight for survival now….time is now, clash to crash……whether to send back gold, sell US bond, buy other’s currency, import taxes, protectionism…..
be patient..spore property down>50% by 2015 is nothing…..developers gives 24% discount is nothing…down 30-40% also don’t buy…stop buying, wait for weak holders & developers to bankrupt, then buy….
many still living in denial, especially resale, refuse to cut >20%, then stop buying from them.....ignore totally, no down >50%, no buy...no 2015, no buy....stop viewing, ignore property agent completely....let them bankrupt & crash...let developers run 1st, last one to run, 1st to bankrupt....
100 buyers pulled out from Q Bay Residences Pre-booking.
Great Singapore Property Sale now on!
Discounts galore for many new private residential properties.
Today news annouced developer giving 24% discount...the price war JUST begin!
24%...still negotiable to 25%, 30%?.....
price war already started…better dump fast before price collapse, rate hike on the way, global currency war already started, tons of layoff & pay cut ongoing now, GDP down, output & export down, business plunge, no demand, global in re cession, print $$ already no effect as no junk to buy using money now, super high risk & collapse anytime….
no jobs, no tenant, no buyers…rental & price down….there is much better value property around the world, when US & western world property up, asian property will c rash hard…..so cheap & nice property at a fraction of price…..
tons of supply on the pipeline….>40000 unsold new units, many sold for 2-5 yrs still no takers….plus another 100,000 resales units…plus another 90k-100k of new completed in next 2 yrs…..of course khaw already said 25k of BTO this yr, can increase another 7k units….land sales must dump out more since developers so interested….
globally, all kind of wars looming…currency, trade, military, chemical & biological…fight for business & jobs for their people, no more win-win, fight for survival now….time is now, clash to crash……whether to send back gold, sell US bond, buy other’s currency, import taxes, protectionism…..
be patient..spore property down>50% by 2015 is nothing…..developers gives 24% discount is nothing…down 30-40% also don’t buy…stop buying, wait for weak holders & developers to bankrupt, then buy….
many still living in denial, especially resale, refuse to cut >20%, then stop buying from them.....ignore totally, no down >50%, no buy...no 2015, no buy....stop viewing, ignore property agent completely....let them bankrupt & crash...let developers run 1st, last one to run, 1st to bankrupt....
Will DOW Hold 14K? US To Reduce War Spending MASSIVELY In Coming Years, Obama’s Balanced “Tax-Loophole” Closing Will Crush Corporate Earnings, Insider Selling Surges, And World Risks ‘Perfect Storm’ On Capital Flows As Currency War Started
February 5th, 2013
Sure….tax hike to balanced deficit & obamacare & tons more of capital gain taxes….all will crash corporate earning, also share price…let them fake & fraud again & crash harder…..
insider is selling & run road now….smart one already distribute & get out totally….like Yahoo…
same to spore property….big boy is trying very hard to get out..once done, total collapse…
time is running out…currency war already started…
global market collapse anytime….hold thru’ CNY is a big risk……
by 2015...50% of global banks will be bankrupt.....when crisis hit....all the worms will b e out..bad debt, non-performing...bankrupt...
The entire system is corrupt to its core.The system they have created is mathematically unsustainable. Therefore, it will not be sustained.
Both political parties, regulatory agencies, Wall Street, the Federal Reserve, and mainstream media are participants in this enormous fraud. They grow more desperate and bold by the day. The lies, misinformation and propaganda being spewed on a daily basis become more outrageous and audacious. They are using the Big Lie method on a grand scale. They frantically need to lure the muppets into the stock market and the housing market to keep the game going a little longer.
02/06/2013 - 16:59
The EU’s Systemic Corruption Makes Solving the Crisis Impossible
February 5th, 2013
Jean Pisani-Ferry: Distressed Europe should not be bribed to reform
February 5th, 2013
corruption, bribery…result of QE & printed $$....
fair? there is no fairness in printed $$.....it’s all about robbing $$ globally…
cronyism is not raided national reserved??.....
be patient….got karma & will not run away…
all bubbles will burst…on the way now…Europe from recession to great depression….
then currency & economy collapse….spore will crash real hard once Europe down starting from 2013….
spore property down>50% by 2015 is nothing…no 2015, no buy….
Danger Is Imminent: According To Numerous High-Level Insiders, We’re In A Dangerous Global Currency War. Insiders Are Now Aggressively Bearish, And Selling Stocks — At An Alarming Pace!!
February 6th, 2013
already said >6 months ago…currency war will start this Feb…
here it’s now with yen kick start…..
any war will end in blood…..another war of trade is looming now….
why war?? because already cannot survive….economy already collapsing & in panic mode….
let them fight & kill each other end result is global economy total collapse & stock market crash…..
be patient, starting form 2013…already unfolding now…get out fast before too late….spore property down>50% by 2015 is nothing….no 2015, no buy….
Professor Robert Pollin & David Rosenberg: I Fail To See What Got Everyone So Excited. Last Quarter Of 2012 Had Zero Growth, Wages Were Lower, Unemployment Higher…. The Broad-Term Trends Are Slowing Down And Doing So Discernibly.
February 6th, 2013
same to spore….spore is even worse than US if you look at GDP & inflation..real GDP already down a few yrs with more heads added….productivity plunges real hard as every head added, GDP should up instead crash down big way….global hedge funds must be watching to take action soon…..
wages is getting lower for new jobs & pay cut for old jobs or layoff….
still fry property price?? real shameless, top down….govt is not for the people…only for a small group to rob taxpayers’ money….all know who…has to pay back wan…
all bubble will burst as not sustainable & collapse….coming…2013….
French Government Fears ‘Social Implosions Or Explosions’
February 6th, 2013
The Two Scariest Words In Europe: "Silvio Berlusconi"
02/06/2013
Italian Bond Yields Spike To 6 Week Highs On Surge In Monte Paschi Loss Expectations
02/06/2013
Europe collapsing is for sure…no way to get away & out…
no jobs & demand back…economy will only sink & collapse…
no money from work…except printed $$, this is wrong medicine to kill patient faster….
France, Italy, spain or Greece…..in fire now…
civil war, people power….go to rob back from those corrupted leaders….kill with no mercy….
will spread to the world as all the same today….all is robbing, top down…
no more free market & strong one prevail…so strong one should kill those weak rubbish with no mercy now.….
February 6, 2013 4:27 pm
Canada housing cloud cast over Carney
Central banker’s record loses shine as property prices fall
The lack of buyers is sobering evidence that Canada’s housing boom, which began in 2000 and bounced back to life after the financial crisis of 2008-09, is now over.
Vancouver, which until last year had Canada’s strongest growth in house prices, is now its weakest region. The number of homes sold in the greater Vancouver area dropped by 23 per cent last year.
Everyone I met in Vancouver thought the property price will keep on going up due to hot money from China...but the last 6 month the hottest property market in the world completely freeze over
china >7000 developers bankrupt in last 1-2 yrs due to bid land price at too high price...all bankrupt....
tons of china property selling property psf below land price....bread is cheaper than flour is common in china...free market....cannot sell, bankrupt, that simple, hope to bailout?? blardy shameless...hahaa.....
look globally for direction...total collapse on the way...if all morons here no money, go & borrow from all the people you know & buy, leveraged 500%.....hahaaaa, dare?? my foot.....
same to local banks...if anyhow loan out mortgage loan, deserve to bankrupt, no bailout.....
developers have to bid high, no choice...but buyers' choice is not buying & let them bankrupt.....like china >7000 developers bankrupt due to bid too high land price & bankrupt....stop buy, no 2015, no buy...no down>50%, no buy....let them bankrupt...they are lucky in 2009, bailout by QE...this time no more QE due to QE total failure & economy collapse...this coming one will be much bigger due to debt is 10x bigger now, much bigger developers will bankrupt...let do it in 2013.....
DOUG KASS: ‘I’m Getting The Summer Of 1987 Feeling’ In The Market Right Now, We’re Headed For A Sharp Fall.’
February 6th, 2013
Do Wall Street Insiders Expect Something Really BIG To Happen Very Soon?
February 6th, 2013
Why are corporate insiders dumping huge numbers of shares in their own companies right now? Why are some very large investors suddenly making gigantic bets that the stock market will crash at some point in the next 60 days? Do Wall Street insiders expect something really BIG to happen very soon? Do they know something that we do not know?
very nice….crash 30-40% overnight like black Monday will be great….
all the junk & bankrupt, waiting to crash to no value….
most listed company in nett negative asset today due to huge borrowing…
most PE also in negative now….stock market pure gambling today…
huge bubble once burst crash down 70-80% is nothing….
be patient…will see in 2013….same to spore property….spore in recession now…huge layoff & pay cut…no buyers & ten ant now…no 2015, no buy,…no down.50%, no buy…
DOUG KASS: ‘I’m Getting The Summer Of 1987 Feeling’ In The Market Right Now, We’re Headed For A Sharp Fall.’
February 6th, 2013
Do Wall Street Insiders Expect Something Really BIG To Happen Very Soon?
February 6th, 2013
Why are corporate insiders dumping huge numbers of shares in their own companies right now? Why are some very large investors suddenly making gigantic bets that the stock market will crash at some point in the next 60 days? Do Wall Street insiders expect something really BIG to happen very soon? Do they know something that we do not know?
very nice….crash 30-40% overnight like black Monday will be great….
all the junk & bankrupt, waiting to crash to no value….
most listed company in nett negative asset today due to huge borrowing…
most PE also in negative now….stock market pure gambling today…
huge bubble once burst crash down 70-80% is nothing….
be patient…will see in 2013….same to spore property….spore in recession now…huge layoff & pay cut…no buyers & ten ant now…no 2015, no buy,…no down.50%, no buy…
Greek Tax Hikes Backfire As Tax Revenues Plunge 16%
02/07/2013
The European House of Cards Is About To Collapse
February 7th, 2013
The house of cards that is Europe is close to collapsing as those widely held responsible for solving the Crisis (Prime Ministers, Treasurers and ECB head Mario Draghi) have all been recently implicated in corruption scandals.
with tax rate hike 50%....revenue to hike 50%, but plunge 16% instead….
so more jobless, pay cut & lower pay….global trend now...
also all the corruption…top down due to printed $$....
same to spore?? those responsible to solve the problem with printed $$, who will pocket it 1st??....
If global tax hike but tax revenue collection plunge like Greece…then a bigger market collapse lying ahead….also global civil war on the way….
be patient…no 2015, no buy…no down>50%, no buy….
Pfizer shutting down its research in singapore
SINGAPORE] The Republic's clinical research aspirations took a step back as Pfizer, the world's largest drugmaker, pulled the plug on its dedicated clinical research outfit at Raffles Hospital mid-way through its 10-year lease.
Pfizer's exit from Singapore comes amid a shift in research and development models in the global biopharmaceutical industry, which has turned to more flexible and less costly partnerships, alliances and even crowdsourcing.
A company spokeswoman confirmed that Pfizer Clinical Research Unit (PCRU) will close in the middle of this year. About 30 staff members will be affected by the closure.
"This decision was made as part of Pfizer Worldwide Research & Development's ongoing comprehensive effort to increase operational efficiencies and to create a more focused and sustainable R&D engine," said the Singapore spokeswoman.
http://www.businesstimes.com.sg/premium/top-stories/pfizer-close-clinical-research-unit-here-20130207
how much money we lost here?? all the subsidies, grant, tax free, support, set up....
once all the funds provided by spore govt use up....mostly close shops....
don;t waste time in spore R&D.....top down, we rely on lip service & snake oil sales talk.....hands on is not spore strength...
global will know spore has no substances....only big mouth......baseless & will not last.....
so import talents also no use...very soon they will find out, this is not the place for their dream, technology & skill......
Einhorn Will Not Take It Anymore: Demands AAPL Buy His Stock At Higher Prices
02/07/2013
apple down almost 40% already cannot take it?....
I said, Apple will be below $90 by 2015…down 90% from it peak…
by then, jump reservoir??.....
be patient….tons of shares will down >90% by 2015….
STI below 1000 by 2015….so what will spore property be by then? down>50% is nothing….
HSI down 90% in 1-3 weeks in 1973.....history will repeat itself?? cycle will.....
Things Are Spiraling Out of Control: The Currency War Has Reached A High Fever Pitch While The Real Economy Fades Rapidly After Each And Every Infusion Of Promises From The Central Banks… A “Credit Supernova Is Dead Ahead!!!
February 9th, 2013
read inside this thread for all the hard truth....
currency war already started....
real economy sinking everyday....
debt surges globally>US$1500 trillion now...all has to pay back wan...once squeezed tons will bankrupt min spore....all the debt....
mostly in huge debt today...once bubbles burst, what leftover are all the debt & bankrupt, commit suicide...all deserve it, no mercy....
Market Collapse In Process? Billionaires Continue To Dump U.S. Stocks, Traders Are Betting Against U.S. Economy!!
February 9th, 2013
Do Wall Street Insiders Expect Something Really BIG To Happen Very Soon?
February 6th, 2013
be patient...next 1-2 weeks will see some good show.....
those shorted Yen & Euro.....hahaaaa....
all the smart one already out of market...'insiders' dumping their holding....
later will see printed $$ shorting the market big way if their sense is still around...then market will total collapse....
spore property crash >50% is nothing.....no 2015, no buy.....
Global ‘credit supernova’ turns 2013 bull into bear. Bill Gross warns about Fed’s cheap-money schemes
February 9th, 2013
When Your Entire System is Backed Only By Credibility, Corruption Scandals Can Bring the Whole System Down
February 9th, 2013
with printed $$ globally, spore too?? all know....
a system based on corruption & credit will collapse totally....
2013 is the yr to see the turning point to total crash down....
all the junk & no valued have been push up to super risking level, only fools will buy...
only way to make money are using printed $$ to short the down for huge profit by bursting the bubble.....
same to spore property.....coming....on the way.....
Venezuela Devalues Almost 47% — Too Late For Many
February 9th, 2013
South America Goes Critical: Now Chavez Devalues Currency: “This May Well Be the Lighting of the Proverbial Fuse… Everywhere.”
February 9th, 2013
another currency down....after Iran $$ crash down 60-70% in last 1 month.....
currency war will continue to crash down more small currency, soon will see big one total collapse starting from 2013...
Yen already down 25-30% in last few month will see Euro crashing down too later this yr....
S$, consider a small currency?? it has similar pattern of Japan Yen of huge debt to GDP ratio.....
be patient.....spore property, no 2015, no buy....no down>50%, no buy.....
CoreLogic: Nearly 11 million borrowers are underwater on their mortgages, and yet home equity lines of credit are suddenly on the rise again.
February 8th, 2013
after foreclosing>10 millions property in last few yrs....still have >11 million property in US in negative asset....
valuation of property below mortgage loan.....
same to spore in n ext few yrs if govt & banks continue to anyhow loan out.....
now with all the asd & charges....tons are in negative asset if they sell today....
once global economy crashing down...stock market collapse....spore property situation will be much worse than US in 2007 subprime crisis....
short STI down below 1000 is nothing.....S$??....
whatever...only yourself to blame......be patient.....will start to see in 2013.....
Claudio Grass: Debt Is The Biggest Issue
February 8th, 2013
sure....global >US$1500 trillion of debt is biggest issue....
strong one should just squeezed all these weak & useless debtors to bankrupt.....
those with huge loan, whether is mortgage, personal, company & country loan must whack them down....
those overleveraged must squeezed fast & not let them run away....
time is here...2013...spore property bubble burst....govt don't do it, let global funds do it in spore economy, S$ & STI.....
just do it....
hahaha....just release out...
hahaha....just release out...
your wife, sisters & daughters can go to my dogs cage now to wet their xxx....hahaaaa.....all the balrdy morons here are still the same....forever start personal attack....
You can run but you can't hide. The snake year will portend a year of doom. Seems unlikely now to many BUT . . .
all the shameless rubbish morons here can only stab form behind....shout like crazy dogs when I am not around.....
as panic & desperate as before.....shout all the nonsense, stress & worry in this bear thread.....
all morons can continue your rubbish personal attack & lies.....
Oh basic you are back, why you so bearish now?
2010 - bearish / despite so many forumners convince you but obviously you are wrong
2011 - bearish / despite so many forumners convince you but obviously you are wrong
2012 - bearish / vanish for sometime but obviously you are wrong again
2013 - start of water snake new year / bearish confirm no horse run? What if you are wrong again. Will you vanish?
Global economy is recovering. Where else can the $ go to? :rolleyes:
2013 will be another year of increase :D
phantom_opera
10-02-13, 21:59
i am glad basic is back ... that means he has not bought ... that means market still has not peaked :p
Oh basic you are back, why you so bearish now?
2010 - bearish / despite so many forumners convince you but obviously you are wrong
2011 - bearish / despite so many forumners convince you but obviously you are wrong
2012 - bearish / vanish for sometime but obviously you are wrong again
2013 - start of water snake new year / bearish confirm no horse run? What if you are wrong again. Will you vanish?
Oh! your are referring to TWIST & TURN cum DIVERT ATTENTION cum MISSED THE BOAT EXPERT MR B??
Let me answer you why he's so bearish..
2010 - still in the rental market.. waiting for pty price to crash..:(
2011 - still in the rental market.. waiting & waiting for pty price to crash..:scared-3:
2012 - still in the rental market.. waiting & waiting & waiting & still waiting for pty price to crash..:banghead:
2013 - still in the rental market.. CANNOT TAHAN PAYING RENT ANYMORE..:simmering:
:D
i am glad basic is back ... that means he has not bought ... that means market still has not peaked :p
Totally agreed!! :D
i am glad basic is back ... that means he has not bought ... that means market still has not peaked :p
Good to have alternative views, except for e language part tt is an area of improvement.
Never mind about the language, very happy to be confirmed my constant suspicion that the property market has still a lot of leg room to run........................ :D
Good to have alternative views, except for e language part tt is an area of improvement.
i am glad basic is back ... that means he has not bought ... that means market still has not peaked :p
Regulators
11-02-13, 02:10
he managed to find another place to rent after being kicked out of his old accommodation by the landlord so now he has the time and energy to come back and sprout his nonsense again
Oh! your are referring to TWIST & TURN cum DIVERT ATTENTION cum MISSED THE BOAT EXPERT MR B??
Let me answer you why he's so bearish..
2010 - still in the rental market.. waiting for pty price to crash..:(
2011 - still in the rental market.. waiting & waiting for pty price to crash..:scared-3:
2012 - still in the rental market.. waiting & waiting & waiting & still waiting for pty price to crash..:banghead:
2013 - still in the rental market.. CANNOT TAHAN PAYING RENT ANYMORE..:simmering:
:D
Oh! your are referring to TWIST & TURN cum DIVERT ATTENTION cum MISSED THE BOAT EXPERT MR B??
Let me answer you why he's so bearish..
2010 - still in the rental market.. waiting for pty price to crash..:(
2011 - still in the rental market.. waiting & waiting for pty price to crash..:scared-3:
2012 - still in the rental market.. waiting & waiting & waiting & still waiting for pty price to crash..:banghead:
2013 - still in the rental market.. CANNOT TAHAN PAYING RENT ANYMORE..:simmering:
:D
wow how you manage to CSI him out and that he is still in rental? power sial i like !! :scared-4:
While he was waiting, I have already changed 2 jobs and bought 2 units
crash coming soon
http://en.wikipedia.org/wiki/Prophecy_of_the_Popes
the next pope will be the last.
crash coming soon
http://en.wikipedia.org/wiki/Prophecy_of_the_Popes
the next pope will be the last.
this prophecy you quote is about an apocalpyse.
by which even if you had the money the buy, there's nothing left to buy.
this prophecy you quote is about an apocalpyse.
by which even if you had the money the buy, there's nothing left to buy.
no need to buy . just pick what he needs coz all be free mah...
no need to buy . just pick what he needs coz all be free mah...
if we are alive to pick the derelict GCBs post the apocalypse. heh.
your wife, sisters & daughters can go to my dogs cage now to wet their xxx....hahaaaa.....all the balrdy morons here are still the same....forever start personal attack....
neow chu B ran back to the rat hole.
he will be back next chinese new year.
wow how you manage to CSI him out and that he is still in rental? power sial i like !! :scared-4:
Oh it was a long story.. since 2008..
DAVID LIM (aka MR B) been listening to his KING OF ALL FAILURE DIVA back in 2008.. keep saying "RENTAL IS GREAT"
Listened till his DIVA go MIA.. till all other Useless Followers oso go MIA.. till now only left the TS DAVID LIM (aka MR B) he himself lan lan & act blur doing copy & paste of bad news alone now..
While seeing his thread CANNOT MAKE IT already.. He acted blur & started another thread "Property price is coming down fast" over at condosg in Oct 2011 (hoping no one will know he was a FAILURE coming from sghouse)... But too bad lor :D
Perhaps Diva was right all along ... Looks like SG property is on the way down:):):)
http://www.sg-house.com/classifieds/buy-and-sell-private-apartment-condominium/1243648-price-decreasing-for-singapore-property-284.html
http://business.asiaone.com/A1Business/News/Story/A1Story20130206-400452.html
South Korean households mired in debt
AFP
Wednesday, Feb 06, 2013
SEOUL - Lee Sang-Kuk delivers meat during the day and drives drunk businessmen home at night, but even with two jobs he and millions of other South Koreans are struggling against a tide of household debt.
Lee's situation is increasingly common in South Korea where total household borrowing hit a record 937.5 trillion won ($882.7 billion) in September last year, equivalent to more than 70 per cent of the country's 2011 GDP.
Laid off from his job in a media company in 2000, Lee opened a restaurant with a bank loan using his home as collateral. Within two years the business had collapsed forcing him to apply for personal bankruptcy.
Lee sold his house to clear the bank loan but then took out a high-interest loan from private lenders to fund the education of his son and daughter.
"Since then, life has been miserable," said the 59-year-old who confessed to contemplating suicide at one point.
"Everything I earn goes on debt repayment, and my wife works as a housemaid to meet our living expenses," he told AFP.
Lee's evening job is for an agency which provides emergency drivers, mostly for businessmen who have had too much to drink and need someone to drive them, and their cars, home.
South Korea's household debt mountain has its origins in financial reforms introduced after the 1997 Asian financial crisis that led the country's banks to turn to consumers for asset growth.
A resulting surge in mortgage lending was fuelled by a long streak of low interest rates and a general belief that real estate was a guaranteed investment.
"While US households deleveraged, especially after the subprime mortgage crisis, loan demand for mortgages increased here thanks to rising property prices," Hyundai Economic Research Institute analyst Lee Jun-Hyup said. "There's no serious threat to the banking system, but obviously it hurts domestic consumer demand," Lee said.
Once an economic juggernaut that grew nearly 7.0 per cent a year on average since the end of the Korean War in 1953, South Korea has, in recent years, entered a phase of more measured growth.
The property market has slumped and a slowing economy has resulted in job losses that have left single wage-earner families struggling to stay afloat.
Some government estimates have put the number of those at high default risk at more than 6.0 million - or more than 10 per cent of the population. Those with children of school age have the added burden of the crippling costs of extra-curricular education which is considered a pre-requisite of college entry in a hyper-competitive system.
According to Korea University professor Lee Phil-Sang, the quality of household debt is deteriorating due to an increase in the debt servicing burden of self-employed people, who make up almost a third of the workforce. At the same time, there has been a steady rise in low-income families who are borrowing just to meet living expenses.
"Household debt is like a cancer in our body," Lee said. "If unchecked, it's going to become a serious drag on the economy because loan repayments will worsen rapidly during a time of economic stress," Lee said. The lack of disposable income among highly indebted households is hampering government efforts to spur domestic demand and wean the national economy off its over-reliance on exports.
Like Lee Sang-Kuk, many middle-aged South Koreans laid off by corporations take out personal and mortgage loans to start a new business.
But commercial banks favour high-income retail consumers, pushing poorer borrowers to lenders such as savings banks and credit card firms that charge punitively high interest rates.
Lee is among an estimated group of three million people who have been blacklisted by banks or cannot get extra loans because of low credit ratings. As part of her election pledge to expand social welfare spending, president-elect Park Geun-Hye proposed a 18 trillion won ($16.9 billion) public fund to help low-income earners like Lee reduce debts.
Opposition politicians and some experts say such a fund would be little more that a stop-gap policy and have urged Park to look at a longer-term solution.
Others like Financial Services Commission chief Kim Seok-Dong, have voiced reluctance at the message that would be sent by using taxpayers money to rescue indebted households.
http://www.businesstimes.com.sg/premium/top-stories/more-checks-go-private-home-loans-20130209
Business Times
Published February 09, 2013
More checks to go with private home loans
30% mortgage servicing ratio for private homes likely; FIs to look at broader debt too
By Kalpana Rashiwala (http://www.businesstimes.com.sg/reporter/kalpana-rashiwala)
BANKS may have to adopt tougher rules before granting loans for private home purchases. This is to ensure more financial prudence.
Questions may have to be asked, like what proportion of a person's monthly gross income is being used to service the home loan. The Monetary Authority (MAS) of Singapore has asked for this mortgage servicing ratio (MSR) to be capped at 30 per cent for private homes, as was done in the case of HDB flats last month.
MAS will also introduce broader rules in which the lender looks at total monthly debt payments of the borrower before granting property loans - to further strengthen the credit evaluation process.
The moves will foster greater financial prudence but further tighten credit for private home buyers, and impact the volume of property transactions, analysts say.
When contacted, MAS would not comment on whether it has any impending plan to extend a prescriptive MSR cap to private home mortgages (like the one it imposed on HDB flats as part of last month's property cooling measures). However, it confirmed advising financial institutions (FIs) that they should also consider applying the MSR to loans and refinancing facilities for private residential properties. "In addition to applying a MSR for HDB flats, MAS expects FIs to continue to be prudent in assessing the repayment ability of borrowers for all residential property loans," it added.
Talk in some circles is that MAS could roll out a more prescriptive cap on MSR for private home loans after it reviews an audit of banks' home mortgages portfolio conducted late last year.
Under the latest property cooling measures effective Jan 12, MAS has capped the MSR for home loans granted by FIs for the purchase and refinancing of HDB flats at 30 per cent of a borrower's gross monthly income. "This helps ensure more prudent lending by banks and reduce overleveraging by borrowers," MAS said yesterday in its response to BT's questions.
(For mortgages granted by HDB, the cap on the MSR has been lowered from 40 per cent to 35 per cent.)
MAS also said it will introduce broader rules on the debt servicing ratio (DSR) for property loans granted by FIs, to "further strengthen their credit evaluation process".
The DSR refers to total monthly debt repayments - including property loans, car loans, payment of credit card bills and repayment for any personal credit lines - as a percentage of a borrower's gross monthly income.
"The DSR takes on a more holistic approach than the MSR, taking into account other forms of debt repayment obligations in credit assessment. MAS is conducting a comprehensive review as FIs currently adopt varying approaches for the computation of DSR," said MAS.
Knight Frank chairman Tan Tiong Cheng said that the DSR would serve as a further check to ensure prudence on the part of banks as well as borrowers. "If this is the intention, it would be logical that banks be required to review a borrower's total outstanding debt not only when granting home mortgages but also when evaluating non-residential property loans to individuals. Otherwise, it could unintentionally cause demand for property, currently being fuelled by the low interest rate environment, to be transferred to the non-residential property sectors such as shop units, offices and industrial."
DTZ Southeast Asia chief operating officer Ong Choon Fah said that the MSR and DSR caps would affect borrowers who depend on their parents to chip in for monthly mortgage instalments, since these caps will be based on their monthly incomes.
However, this still leaves the door open for parents to help with an upfront cash payment when their children buy private residential properties, to make up for a smaller loan resulting from the MSR and DSR caps.
"The idea is to instil greater financial discipline. We cannot believe interest rates will stay low forever. If major economies such as United States and China improve, that could lead to higher interest rates. When you buy property, it is a long-term commitment; you cannot think just based on today's scenario."
Giving his take, Knight Frank's Mr Tan said the implication of the two caps is that private-home buyers will have to come up with a bigger cash down payment. "The advice from government is that when buying a property, you should buy something which, by their definition, is affordable to you, something that you can follow through in the longer term.
"If you take maximum gearing and if something untoward happens, you may not be able to service your loan. So the advice is: "Buy what you have the capacity for."
While that's good for financial prudence, "it could put a spanner in the works for someone who believes in the potential of a particular property for instance, or wants to buy it to fulfil their dream or aspirations", says Mr Tan.
hahaha....just release out...
Just released out.
So dont know that US property prices have been quietly escalating.
Friends from US have lamented at missed opportunities and good properties prices has climbed up some 20% since last year!
I wont cut and paste things here la... just read some US property news yourself. Places like California (not only SF hor, those not so prime also price up liao!)
There is that many times you can MTBs.
Jetty also start collecting cobwebs liao!
DKSG
Just released out.
So dont know that US property prices have been quietly escalating.
Friends from US have lamented at missed opportunities and good properties prices has climbed up some 20% since last year!
I wont cut and paste things here la... just read some US property news yourself. Places like California (not only SF hor, those not so prime also price up liao!)
There is that many times you can MTBs.
Jetty also start collecting cobwebs liao!
DKSG
20% off the low frankly isn't much as compared to where the peak was...
JG
hahaaa...my dogs just released out form your wife, sisters & daughters xxxxx all the time.....
blardy useless moron can only start personal attack & lies.....instead of post news, view, analysis & information.....
dare to buy, put down real time buy now & here...if not just a con man to shout nonsense & can't unload overleveraged rubbish....
all the moronic pariah dogs, DKSG & many here, all the liar kings, know me?? real shameless to shout from a.s.s in all their postings.....real eat shyt & shyt everywhere.....wasting time...go & F your mother now lah....hahaaa.....
SG property prices to fall 40 % by 2016
There was one important piece of news that went relatively unnoticed two weeks ago. The government set a new rule for property developers to complete and sell all developments they start within five years from now. This will end the current system of artificial price levels where developers can hold on to empty units for years and/or postpone the start and TOP when they feel the market is softening.
This combined with the upcoming supply of 70.000 units of which half are still not sold, the developers will have to put the remaining units up for fire sales when the 5 years are ending. The supply in the pipeline is rapidly increasing: 2011 = 10,889 units receiving TOP, 2012 = 12,043, 2013 = 12,882, 2014 = 20,550 and 2015 = 34,373.
Looks like the softest spot will be around 2015 and 2016 when developers have to offload all unsold units before the 5 year deadline. No one in the resale market is able to sell for current asking prices when developers will sell brand new units for lower prices.
The estimates for SG private property price decline were between 20 to 30 per cent, before introducing the new rules of 10 per cent stamp duty for foreigners and 5 year deadline for developers to sell. Taking the new factors into account, property prices will most likely decline 40 per cent by 2016.
Source: http://www.expatsingapore.com/forum/index.php/topic,83690.0.html
so as expected 20% sold……if remove some insiders’ sales, plus more will drop out on the way, can hit 10% consider good….
all the morons forever shout nonsense..main media bark rubbish forever....many get conned.....
why buy now, wait for more discount later….
next 6 months, there will be another 6-8 EC launching….when all cannot move & sell…when global economy collapse….when developers cash flow tight due to debt squeezed, rate hike & more……
sell units below land price is common when market is bad & in recession…..
now >40000 new units unsold..in next 2 yrs almost another 100000 TOP….next 6 months, another near 20000 units land sales on the pipeline….why hurry, of course we still have another 100000 of resales in the market, no buyers…..
wait for huge layoff, pay cut, foreigners no renewal of permit & jobless, rub road…..
currency war, price war, deflation…..shrink & contract….
be patient….spore property down >50% by 2015 is nothing…..price & rental on the way down now…..
all the main media & govt panic again, shout what they like...all the fake & fraud & real shameless to control media this way?.....
Q3 -6.3% GDP......try so hard to con & cheat?....
only fools buy now...no buyers, face reality...stop buying, let them bankrupt....all these human rubbish....
3% discount?? can negotiate to 10% easily as others is offering 8-10% then why bother about 3%? don’t buy….those offer 8-10% discount, negotiate to 15-20% discount pus tons of freebies, legal, stamps......
price war will force them to accept your offer…..if not when crisis hit in near term, down 30% also no buyers…why buy now?? only fools buy now….
Dleedon launching at $1700 psf….official offer now is $1300, but many sell for $10xx in the market, why bother about developers offer price, cut deep deep on their price or buy from others……Dleedon already down almost 40% from launching price now….more to come…..same to most projects, if they don’t cut as much, don’t buy…..more plunge to come….
market so strong, why give so much discount, freebies & sweeteners?? because not moving, no sales.....
discount getting greater each week....wit for global market total collapse......coming on the way soon....
property is for living...not speculate or manipulate...what is govt doing?? developers? lawless?.....
nett price?? criminal act?.....do & shout what they want...from main media to GLC?.....
robbing? all the fake & fraud anything & anyhow.....this is spore system in history?......FULL ENFORCEMENT? more like con all the way...sit on it easier....
hard truth will be out.....all bubble will crash....xxxx robbers without mercy....no law to let them pay back?? they can fix any price & data they like?? vote them out is the only way.......
7 mil population? car on the road, cannot move…MRT cannot get up…no beds in hospital forever, school at 15km away & take 3 hrs to reach……1 SARS, few $100k of people gone….no food once weather & natural disastrous….time to squeeze spore to death, build a nuclear plant 2km away from spore in Johore…..stop sporean from going to Malaysia if malaysia change govt, many will bored to death……tons more…..
buy a property now & work like a dog for next 30 yrs……cannot stop work, layoff, serious sick, parent & family problems, pay cut….& property sure burst…..no mercy & deserve it to be slave….
if they use or raid national reserved saved by native sporean to build all rubbish to cater for 7 millions of import rubbish, then a bankrupt is very likely possible....
congested, pack, no space is a pressure cooker by itself.....will just explode anytime....
they treat old & their parent like dirt.....this is what their parent taught & set example to them....
Developers are truly greedy despicable cheats... inflating the caveat price, hiding the true price, manipulating the property price index , and lying about the actual sales numbers to consumers. And the unknowing consumers upon seeing the inflated caveat prices from the developers' price deception and manipulation, ended up being conned to pay more to the developers for their units.
http://www.straitstimes.com/premium/...rices-20130126
Straits Times Forum
Published on Jan 26, 2013
PROPERTY SALES
Concerns over practice of inflating prices
HAVING visited several property launches over the past year, I wish to share some observations ("Tough action to cool property market"; Jan 12).
To create a rising price scenario, developers commonly mark up the selling price of their units, and then offer discounts or rebates in the form of furniture vouchers and stamp duty refunds.
As buyers, we are advised to lodge caveats based on the higher price before the discounts and rebates, so that we can qualify for higher bank loans.
While most banks require buyers to declare the purchase price and discounts, many people do not do so in order to qualify for higher loans.
This benefits the developers as it will show an increase in the residential property price index, which in reality may not be the true price transacted.
Unfortunately, this strategy of price manipulation has now spread to the resale market.
Of late, some owners who may have bought several units in new launches are now offering refunds and cashback.
As is the case for new launches, a buyer must agree to lodge the caveat based on the seller's inflated asking price, and refunds via a cashier's order will be given on the completion date.
The price lodged in the caveat requested by the seller is to support the bank valuation as well as show price increases to generate future sales for the seller.
This is a grey area that I hope the Monetary Authority of Singapore and Urban Redevelopment Authority (URA) can address as it may have legal implications.
I also encourage the URA to conduct thorough checks on claims by developers of their projects selling like "hot cakes".
This is because when one checks the URA's actual sales figures later, they are often lower than what was initially claimed.
It would be helpful if the URA could publish a monthly update of all recent project sales and units left unsold.
Lastly, I thank The Straits Times for publishing both the caveats and actual rental prices of private properties. This is a positive step as it allows for transparency and helps buyers and tenants make informed decisions.
David Lim Beng Heng
Developers giving cash rebates and sellers stamp but makes SG banks ultra-vulnerable.
For couples: Use one downpayment for buying 2 units.
so mark up price for buyers to loan more than they can….MAS keep quiet? close 2 eyes? or they are the one pushing it from behind?? so still can loan up to 90% or even 100% if you know what to do….S$1 mil property, transacted at $1.5Mil, then can borrow almost S$1 mil yet can get $500k rebate for 2nd property…..can loan some more for 2nd property….hahaaaa….very nice…when market collapse…total collapse…domino fall 1 by 1.....
hedge funds sliva must be dripping when they look at all these……get ready to short he whole spore market & economy down…..especially banks & developers counters.....if bankrupt, no bailout...…
so you think you see URA price is the nett price?? cut 20-30% or even more is the actual selling price….
so desperate to do all these ‘illegal’ & ‘lawless’ transaction in spore…are GLC inside??.....this is worse than subprime….it will crash harder than subprime……
creative accounting?? fake, fraud, lies & manipulation…..sure burst & explode....down>50% by 2015 is nothing.....
MAS better check thru' all mortgage loan with all banks, any violation, take action...top up or auction sales immediately.....
khaw better hands on, go thru' all policy on all owners & developers.....confiscate once violate....law by law OR lawless....govt decide.....
sporean will decide on their vote.....also legal action if need to.....
PM also admit supply is very low few yrs back & they made mistakes.....so khaw better launch more now, 70k-100k units/yr irregardless anything happens, over-supply is better than under supply.....or PAP sure lose 2016 election.....let do it FEARLESSLY, PAP govt is easily replaceable, spore has totally no problem without PAP.....
Originally Posted by alpha
Bank issued housing loans grew $3 billion in one month from Oct to Nov, private debt up to 165% of GDP.
Total bank loans in November 2012 = $481.7 billion (165% of GDP)
Business loans = $277 billion (94.9% of GDP)
Consumer loans = $204.8 billion (70.1% of GDP)
Housing loans = $150.3 billion (51.5% of GDP) , this amount excludes cpf issued housing loans for HDB, if included the total housing loans in s'pore could be over 100% of GDP.
http://www.channelnewsasia.com/stori...245279/1/.html
all the borrowing & all the debt…..
property is not asset, is leveraging, gambling & debt…..
this is huge, close to Japan debt to GDP level....no return & exit path if continues..….once property bubbles burst, all the saving gone, only left debt to pay back in the rest of life….
same to developers….all is about debt & debt squeezed….cash flow dry up, default & bankrupt…so stop buying, let weak developers & holders bankrupt….some at the verge of breaking, so no 2015, no buy….if any fake & fraud try to rescue, don’t get conned by manipulators, will have hedge funds to short them down, then we join the short to bankrupt of these developers……
spore, with population up, GDP down, debt up....bad sign...many rely on debt to survive, once debt squeezed, many will bankrupt...
productivity negative growth, more waste....many will unable to service loan once layoff, cut pay & rental down.....best time to squeeze now...
with rate on uptrend now...sudden surge due to global currency war....be patient......
we are at biggest bubble in human history today due to printed $$ & debt of US$1500 trillion…..
all bubble will explode, will start to see this yr….can’t grow anymore globally….risk is too high….once 1 run all run…1 down all down….only fools still gamble on taxpayers’ & others money…all these human criminal should execute all…explode & implode starting this yr...total collapse......
Cash-strapped Singaporeans limit expenses in 2013: survey
36 minutes ago
nice one….all the debt & cash strapped now….
debt to GDP almost 200% now….
once debt squeezed…all bankrupt….like 1997 asia financial crisis…hedge funds notice it now….
with more layoff & pay cut, plus inflation due to food & oil price to cut into disposable income…plus rental down or no tenants now….once squeezed, all collapse….
be patient…on the way now…printed $$ turn in to debt & bubble, once burst, all evaporated & debt has to pay back as slave for next 20-30 yrs…they deserve it, no mercy…..
many will be bankrupt by 2015.......
so many moronic pariah dogs panic & desperate liao.....bark like crazy fool.....
wasting time moron......same as cityshyter.....shout nonsense in this bear thread.....so worry & stressful.....
S$1k-2k/m jobs aplenty, who want? not enough to survive.....
once property bubble burst...tons of bankrupt.....like US subprime collapse, all paper gain gone, nett worth down 40%, all no money, no jobs, stop spending...those with huge debt...will be slave for next 20-30 yrs.....
still got 6.9 million population. ask pm long to e-mail Bernanke whether will he support or not? he Bernanke stops printing papee's 6.9 million dream will be gone as well.
all the rubbish...swiss standard by 2003....70/30 private/public house by 20xx.....reality?? all failed....
shameless xxxxx.........
6.9mil, NOT 7 mil...you know they are playing game again.....whole bunch of rubbish....
to keep their promise....keep launching 70k-100k units/yr from now on is great!!...make sure to keep track...
but whatever will be will be...will come will come...global economy & financial system collapse on the way.....property crash>50% by 2015 is easy now....
get in another 2 millions junk...spore will sink to Indonesia 500 million, so what?? India??.....last 2 yrs already proven.....bigger population, real GDP down -5%, out put down, export down......really raiding reserved with human rubbish......
6.9 mil?? give away spore to these rubbish junk & leaders...no big deal.....got so many better place to live a better life than this hot & humid sardine can, squeezed & stink....when SARS or crisis or turmoil, all will abandon spore like Dubai or even worse, take luggage pack & go.....just a hotel 81 to them...
by 2030, NOT tomorrow...another 17 yrs from now?? by then all forgotten....con man shouting again??....lip service forever....when funds want to short, they will still short it down more than Greece when it comes.....
7 mil in a red dot, they know what it imply?? people will be super kiasi & kiasu to rush for anything like beggers…..real pressure cooker & hot temper, sure spore weather is super hot….tons of body & space conflict….squeeze in a hot & humid sardine can, fight everyday….car? big house? space? fresh air? when SARS comes, when JB build a nuclear plant, when Malaysia changes govt & don’t allow sporean to go over….when…..hahaaaa…..be patient, once happens, will come overnight like CLOB…..better have a quiet, serene, cosy, spacious & better weather & environment….may be by 2030, only 2 mil….all run road…hahaaaa…
In panic mode & anyhow bark now??....that is very dangerous.....we know who is very buay zhai, 1 look you know....outside world is no mercy once they know you are sick, kill!!......
monopolised BTO is totally a joke….
how to meet demand whether they plan or not if BTO…..now they shout all the bullshyt & no-sense to cover their backside….
pre-build 100k units to meet their plan NOW….or stop shouting nonsense…..what monopolised BTO rubbish…..
this greed & evil govt…no need to argue if they don’t tell the hard truth….twist & turn is their expertise since day 1?….
forever make mistakes…forever move on…whether is on purpose….
if still have sporean with a heart, vote for them in 2016, something is very wrong…..
FEARLESS, vote them out…they are easily replaceable…..
they can shout whatever nonsense, 7 mil or gracious or..…to me, is just a irresponsible human rubbish….
time will prove it…..shame….not sincere & honest rubbish & family…..
good thing to shout?? said 100x, must have the gut to do RIGHT thing…good thing is useless because is 100% wrong when they shout in desperation…..
7 mil? Japan 200 mil, property also down 90%...US, 300 mil down 60%...tons more...HK 7 mil in 1997, down 60-70%.....
7 mil or 6.9 mil?? you think XXX dare to guarantee?? if 2030, not 6.9 mil, all his grandson chop off K KJ?? hahaaa....if 7 mil squeeze in this hot & humid sardine can....all the fools can have it....inside pressure cookers, rubbing shoulders, kiasi & kiasu to fight every minutes in everything, go ahead to have fun in all tension & live in zoo or dog cages & bite each others with full mouth of hairs & blood everyday...also when SARS hit again, fight with those uncivilised.....hahaa....
so many moronic pariah dogs panic & desperate liao.....bark like crazy fool.....
wasting time moron......same as cityshyter.....shout nonsense in this bear thread.....so worry & stressful.....
S$1k-2k/m jobs aplenty, who want? not enough to survive.....
once property bubble burst...tons of bankrupt.....like US subprime collapse, all paper gain gone, nett worth down 40%, all no money, no jobs, stop spending...those with huge debt...will be slave for next 20-30 yrs.....
still got 6.9 million population. ask pm long to e-mail Bernanke whether will he support or not? he Bernanke stops printing papee's 6.9 million dream will be gone as well.
all the rubbish...swiss standard by 2003....70/30 private/public house by 20xx.....reality?? all failed....
shameless xxxxx.........
6.9mil, NOT 7 mil...you know they are playing game again.....whole bunch of rubbish....
to keep their promise....keep launching 70k-100k units/yr from now on is great!!...make sure to keep track...
but whatever will be will be...will come will come...global economy & financial system collapse on the way.....property crash>50% by 2015 is easy now....
get in another 2 millions junk...spore will sink to Indonesia 500 million, so what?? India??.....last 2 yrs already proven.....bigger population, real GDP down -5%, out put down, export down......really raiding reserved with human rubbish......
6.9 mil?? give away spore to these rubbish junk & leaders...no big deal.....got so many better place to live a better life than this hot & humid sardine can, squeezed & stink....when SARS or crisis or turmoil, all will abandon spore like Dubai or even worse, take luggage pack & go.....just a hotel 81 to them...
by 2030, NOT tomorrow...another 17 yrs from now?? by then all forgotten....con man shouting again??....lip service forever....when funds want to short, they will still short it down more than Greece when it comes.....
7 mil in a red dot, they know what it imply?? people will be super kiasi & kiasu to rush for anything like beggers…..real pressure cooker & hot temper, sure spore weather is super hot….tons of body & space conflict….squeeze in a hot & humid sardine can, fight everyday….car? big house? space? fresh air? when SARS comes, when JB build a nuclear plant, when Malaysia changes govt & don’t allow sporean to go over….when…..hahaaaa…..be patient, once happens, will come overnight like CLOB…..better have a quiet, serene, cosy, spacious & better weather & environment….may be by 2030, only 2 mil….all run road…hahaaaa…
In panic mode & anyhow bark now??....that is very dangerous.....we know who is very buay zhai, 1 look you know....outside world is no mercy once they know you are sick, kill!!......
monopolised BTO is totally a joke….
how to meet demand whether they plan or not if BTO…..now they shout all the bullshyt & no-sense to cover their backside….
pre-build 100k units to meet their plan NOW….or stop shouting nonsense…..what monopolised BTO rubbish…..
this greed & evil govt…no need to argue if they don’t tell the hard truth….twist & turn is their expertise since day 1?….
forever make mistakes…forever move on…whether is on purpose….
if still have sporean with a heart, vote for them in 2016, something is very wrong…..
FEARLESS, vote them out…they are easily replaceable…..
they can shout whatever nonsense, 7 mil or gracious or..…to me, is just a irresponsible human rubbish….
time will prove it…..shame….not sincere & honest rubbish & family…..
good thing to shout?? said 100x, must have the gut to do RIGHT thing…good thing is useless because is 100% wrong when they shout in desperation…..
7 mil? Japan 200 mil, property also down 90%...US, 300 mil down 60%...tons more...HK 7 mil in 1997, down 60-70%.....
7 mil or 6.9 mil?? you think XXX dare to guarantee?? if 2030, not 6.9 mil, all his grandson chop off K KJ?? hahaaa....if 7 mil squeeze in this hot & humid sardine can....all the fools can have it....inside pressure cookers, rubbing shoulders, kiasi & kiasu to fight every minutes in everything, go ahead to have fun in all tension & live in zoo or dog cages & bite each others with full mouth of hairs & blood everyday...also when SARS hit again, fight with those uncivilised.....hahaa....
6.9 million population projection is "worst case scenario": Khaw
SINGAPORE: National Development Minister Khaw Boon Wan has stressed that the projected 6.9 million population by 2030 is the "worst case scenario".
In his latest blog post, Mr Khaw said the government hopes that the country does not reach that figure and added that it may never reach it.
what a joke....only cow shouted? PM? DPM? to boost market? or to con? clear signal or on purpose??.....whatever..all these nonsense....real panic...all pariah dogs shut up now....all the morons....
now 6 mil?? 3 mil??.....who care, time to crash, will crash...end is here...down>50% by 2015...stop buying, no 2015, no buy... no down>50%, no buy.....
Feb 16, hong Lim….whether is 1k or 1 million people….all should sign petition….to impeach? to ask PM & PAP govt to resign?.......[/size]
Kepland, Crapland, wing tai, ho bee....what is their share price in 2007/8 compared to now?? all share price down 40-60%, why?? why share price still down so much, down more than STI in percentage?? better sales? better profit? better price? then why share price down 40-60% compared to 2007/8?? why funds dare not buy if property is so strong?? all sacred to shyt in their pants instead......if not fake, fraud, lies & manipulation, their share price will be even lower.....
who dare to buy if market suddenly crash down like tsunami sweep thru'......only those who want to unload keep shouting in main media & in this thread, both stock & property.....so worry & panic.....
kepland at almost $10, crapland almost $9, wing tai almost $5 in 2007/8......what is their price today?? down 40-60%.....what happen?? all the fake & fraud, wait for crisis hit, all will crash down, my forecast for crapland share price in 2015 is $0.7, down 80% form here.......same to most property counters....
crapland only sold 350 units of spore property this yr, shout what??.......
go & look at their debt, huge, all the property developers, once banks squeeze their debt...many will default & bankrupt....
only fools buy property now & buy spore property....go US, Europe & many country in the world...tons of value for money, only frogs in well buy spore property today.....like hot sardine in the can, cage in the air.....you can live in huge landed with tons of space, latest design with nice surrounding, weather, shopping malls, highway, fastest broadband, better medical & education & tons more at a fraction of price.....
read inside this thread for all the hard truth of spore property.....
no 2015, no buy...s[pore property down >50% b y 2015...spore already in recession...huge retrenchment, pay cut on the way.....GDP down, GDP per capita down, median income around $2000/m, can afford?? HDB ceiling is only $8000/m, what can they buy?? raise?? already 80% stay in HDB, govt want to raise it to 95%?? what govt shouted this percentage?? 70/30 by 2003?? 60/40 by yr 20xx?? they are all going backward & down & sink....
Just now on TV Thaman said he would not allow property price to go further up if not when correction come, property will crash very bad. This latest CM is to crash the market slowly but I think came one year to late. Govt must have been reading this thread! Hahaha!
whatever....price will only go down from here...the later you sell, price will be lower....
this down trend will last 15-20 yrs due to huge debt globally.....much worse than 1997...1997 already took 10 yrs of down trend....
huge wave of retrenchment, stock market crash, rate hike, tax hike, currency & all kind of war, epidemic pandemic....globally from US to Europe to Japan & asia....all is coming & all will unfold 1 by 1......
then later the cooling measures, more casualty, more weak holders, crash harder & sooner....
last 1 yr, they can shout whatever price, no buyer, not transacted price...they can do insider trading lawlessly to shout in main media....
cost to support is much higher now, land kena stucked now...stop buying, let them bankrupt.....developers with pile of cash?? my foot, with tons of DEBT instead, if banks squeezed, most will bankrupt straight away......the day is coming.....
list price is pure joke, selling price is laughing till falling from chair….cut 30% is nothing or walk away….they can shout whatever price, can't sell, don't buy….
buyers' market now….don’t sell get lost, ignore & wait for bankrupt or 40-50% cut…..
rental already crash….yield below 2-3%....yet many cant rent out, rent out can't get rental, drill & paint & knock wall, damaged furnitures, squeezed in 10 in a unit…..stink!!....
many lost money in property if they sold today…all bullshyt…..so don’t buy & stop buying…only fools buy & lost all their life saving & be slaves for next 20-30 yrs…..no 2015 no buy…no down>50% no buy…..
GDP at 0%....CPI at 4.5%....real GDP -4.5%.....at GDP -4.5%, junk stock also can drive up…..all the fake & fraud, morally is all wrong…let bankrupt, bankrupt…let failure, fail….time is here, all bubbles burst anytime…..
Latest: This week's case-study from meeting:
REFLECTIONS AT KEPPEL BAY
Bigger >2500sqft units
$4,413,277
Area: 2,648sqft
Unit Price: 1,667psf
Jan-13
$4,630,000
Area: 2,573dqft
Unit Price: 1,800psf
Late Nov-12
$6,050,000
Area: 2,605sqft
Unit Price: 2,323psf
Early Nov-12
$6,225,600
Area: 2,594sqft
Unit Price: 2,400psf
Oct-12
price down 30-40% within 3-4 months……almost S$2mil price down....worse to come...
moron starts to shout floor, stack…..cheaper one probably better unit…..property agent will search….
more to come…come down to $1100-1300 psf is nothing by 2015…..
only moron still buy OCR & RCR…..price will go down to below $500 psf or even lower…..
when market crash…shout what also no use, population or interest rate or PAP or….this time is total collapse, banks may bankrupt & no bailout...no need to pay back if bank bankrupt?? you will bankrupt 1st before them...…..
Agreed. The warning signs for crash are already here.
- Rapidly growing vacancy rate and large oversupply with the avalanche of new homes completed within 2013-2015 and huge numbers of unsold units by developers. Developers' sales volume had plummeted 69% in Q4 2012, and developers' sales volume will probably plummet 50% in 2013 unless prices are reduced significantly.
- Global economy remains bad and demand continues to shrink. S'pore real GDP is already in recession and business remains bad in Q1 2013 due to poor demand. S'pore's high operating and living costs have make S'pore uncompetitive. it's recently reported that MNCs have already froze hiring in S'pore, manufacturing firms and banks are retrenching, SMEs are struggling with high operating costs and poor business, many high pay FTs are already either retrenched or big paycut, foreign labour being reduced by govt to save S'porean jobs in the slowdown. All these have caused rental to sink and will get worse with increasing oversupply.
- Fed will likely end QE this year and interest rates will shoot up when that happens, the holding power of many investors and developers will be greatly affected.
By Romesh Navaratnarajah:Singapore's sweeping package of property cooling measures to curb rising home prices not only applies to foreigners buying properties in the city-state, but has gone one step further to include permanent residents (PRs) and citizens.
Introduced last Friday, this is the government's seventh round of measures since 2009 and includes a stamp duty hike of between five and seven percent across the board, tighter loan-to-value (LTV) limits on second housing loans – down to 50 percent from 60 percent and an increase in the minimum cash down payment for individuals applying for a second or subsequent housing loan – raised from 10 percent to 25 percent.
Industry watchers are convinced that the new policies will hit the market hard.
"The hefty ABSD of five percent for PRs for the first property, seven percent for Singaporeans' second property purchase and 15 percent for foreigners will have a drastic impact on the sales volume of private properties in the coming months. Sales volume is expected to drop by more than 50 percent
So property agents or property speculators or property investors, pls queue orderly at bedok reservoir and do NOT wear red.
monthly sales down from 2600 to 1000 units in 2 months....down almost 70%....if remove insider trading, transaction will be much lower....let them play till died....
no buyer, still want high price? price cut 30-40% now, also don't buy.....let developers & weak holders bankrupt.....
rental already down, no tenants now due to no renewal of work permit, many expat send back due to cost cutting & layoff.....especially banking....
spore Q3 GDP at -5.9%...Oct & Nov NODX export continue to down further....this Xmas holiday, many already in no paid leave, factory shut down for long time due to no order & demand.....cut jobs & spending fast before bankrupt....many already closed down in last few weeks to months...more to come...still hire? bankrupt fast......
no need to bother to look at market now, only fools buy now, they will lose few $100k to few $mil by 2015, they deserve it...wait for huge retrenchment, many auction by banks & run road by foreigners......no 2015, no buy....price down>50% by 2015 is nothing.....
let wait for the monthly sale below 500....will see all the panic buttons anyhow press....rush to exit & cut price like mad.....
so sales down almost 70% now.....no more greater fools....wait for the greatest fools to run road, last one to run, 1st to bankrupt.........
let see how much insider trading can create wonder or collapse fast......
still have tons of 3 bedroom EC selling at $600k+ & no takers.....hahaaaa.....they can shout & trade themselves.....only fools get conned.....
many selling at lost now...soon will be negative asset, as no buyers when stock market crash down & huge retrenchment sweep thru'....
with rate hike creeping up slowly & sudden surges when currency war & bond crash.....
wait patiently...coming.....
all these shameless rubbish drive price using printed $$ without value & economy based…real human rubbish…all the fake, fraud, lies & manipulation…these are criminal act….not free market, not strong one prevail…these are useless weak human dogs of global leaders, jail & kill, spore??..…all fake & bubbles will burst, starting now...be patient, evil will sure lose...time is now...
tons will sell at lost if they bought in last 2-4 yrs to sell now……don’t buy from them, wait for huge retrenchment, no tenants or much lower rental now, rate hike…..even cut 30-40% also don’t buy…..price down >50% from now is nothing by 2015….so no 2015 no buy….no cut >50%, no buy….
coming crisis, no more QE as QE is total failure to cause global bankrupt.....instead rate surges to sky, tons of layoff, deflation & all asset bubbles crash for 10-20 yrs & no recovery......
buy is easy...sell is no way now, unless cut deep lost....
100 buyers pulled out from Q Bay Residences Pre-booking.
Great Singapore Property Sale now on!
Discounts galore for many new private residential properties.
Today news annouced developer giving 24% discount...the price war JUST begin!
24%...still negotiable to 25%, 30%?.....
price war already started…better dump fast before price collapse, rate hike on the way, global currency war already started, tons of layoff & pay cut ongoing now, GDP down, output & export down, business plunge, no demand, global in re cession, print $$ already no effect as no junk to buy using money now, super high risk & collapse anytime….
no jobs, no tenant, no buyers…rental & price down….there is much better value property around the world, when US & western world property up, asian property will c rash hard…..so cheap & nice property at a fraction of price…..
tons of supply on the pipeline….>40000 unsold new units, many sold for 2-5 yrs still no takers….plus another 100,000 resales units…plus another 90k-100k of new completed in next 2 yrs…..of course khaw already said 25k of BTO this yr, can increase another 7k units….land sales must dump out more since developers so interested….
globally, all kind of wars looming…currency, trade, military, chemical & biological…fight for business & jobs for their people, no more win-win, fight for survival now….time is now, clash to crash……whether to send back gold, sell US bond, buy other’s currency, import taxes, protectionism…..
be patient..spore property down>50% by 2015 is nothing…..developers gives 24% discount is nothing…down 30-40% also don’t buy…stop buying, wait for weak holders & developers to bankrupt, then buy….
many still living in denial, especially resale, refuse to cut >20%, then stop buying from them.....ignore totally, no down >50%, no buy...no 2015, no buy....stop viewing, ignore property agent completely....let them bankrupt & crash...let developers run 1st, last one to run, 1st to bankrupt....
Developers are truly greedy despicable cheats... inflating the caveat price, hiding the true price, manipulating the property price index , and lying about the actual sales numbers to consumers. And the unknowing consumers upon seeing the inflated caveat prices from the developers' price deception and manipulation, ended up being conned to pay more to the developers for their units.
http://www.straitstimes.com/premium/...rices-20130126
Straits Times Forum
Published on Jan 26, 2013
PROPERTY SALES
Concerns over practice of inflating prices
HAVING visited several property launches over the past year, I wish to share some observations ("Tough action to cool property market"; Jan 12).
To create a rising price scenario, developers commonly mark up the selling price of their units, and then offer discounts or rebates in the form of furniture vouchers and stamp duty refunds.
As buyers, we are advised to lodge caveats based on the higher price before the discounts and rebates, so that we can qualify for higher bank loans.
While most banks require buyers to declare the purchase price and discounts, many people do not do so in order to qualify for higher loans.
This benefits the developers as it will show an increase in the residential property price index, which in reality may not be the true price transacted.
Unfortunately, this strategy of price manipulation has now spread to the resale market.
Of late, some owners who may have bought several units in new launches are now offering refunds and cashback.
As is the case for new launches, a buyer must agree to lodge the caveat based on the seller's inflated asking price, and refunds via a cashier's order will be given on the completion date.
The price lodged in the caveat requested by the seller is to support the bank valuation as well as show price increases to generate future sales for the seller.
This is a grey area that I hope the Monetary Authority of Singapore and Urban Redevelopment Authority (URA) can address as it may have legal implications.
I also encourage the URA to conduct thorough checks on claims by developers of their projects selling like "hot cakes".
This is because when one checks the URA's actual sales figures later, they are often lower than what was initially claimed.
It would be helpful if the URA could publish a monthly update of all recent project sales and units left unsold.
Lastly, I thank The Straits Times for publishing both the caveats and actual rental prices of private properties. This is a positive step as it allows for transparency and helps buyers and tenants make informed decisions.
David Lim Beng Heng
flextronic is closing down joo koon factory. workers going to be retrench.
this is former Natsteel factory...probably the one in kallang also closed down liao.....few thousands workers retrench totally?.....
Wincor Nixdorf in Kallang factory also closed down & sold.....
when will flextronic close their global HQ in Changi/Simei?? how about SCI in Depot? Celestica in woodland? time for Seagate to be out.....HP too.....
Venture is even more fun....Heard HP pull out all their printer from Venture, almost 80% of Venture business depend on HP...without HP now, Venture share price still can at $7-$8??? hahaaaaaa....$0.7 also not worth.....
all the fake, fraud, lies & manipulation......fun & joke.....all should close down & share price crash 90%.......this is stock market today, all the worthless penny, trade like existence...company near bankrupt, share price up, weak one prevail, human crash down, bernanke act, shame.....
same to all property & developers counters in spore.....hahaaa.....
strong?? why so many close down & layoff.....last 6 months output & export down, last Q3 GDP at -6.3% & all the manipulation.....
more & worse to come....
For OCR property is simple...no below $600 psf, no buy.....many will go below $500 psf by 2015....some even below $400 psf....this round, end result will be much worse than 1997...let them bankrupt, weak one c an go to die, no mercy, act smart, deserve it.....
URA on price of property MUST be the nett buying price exclude all discount, freebies, sweeteners, stamp, legal, loan rebate, cash rebate……
govt must ensure real nett selling price or khaw just sit on it & do little on his S$mil salary coming from taxpayers….
don’t get conned….many insiders’ can get 30-40%, why you only get 15-20%?.....stop buying, let them come to you at deep cut or just ignore totally….all the under table illegal act yet govt closed 2 eyes??....whether are banks or developers or....govt involved?..…
all the fake & fraud price of spore property....so URA price easily adjust down 20-30%?.....plus insider trading fake price.....so stop buying, let it crash down 1st....no down 50%, no buy....
There is a new detached house in the market for sale for more than 6 months still left unsold, asking for $7.8m, now the asking price has dropped to $6.5m !!!
it's happening, first buyer vomit blood
There are a few landed houses for sale within a new condo development in kovan. The second landed unit is just sold at appx $500K cheaper than the first transacted landed unit. Within 2-3 months, half a million paper loss.
Oct-12
$3,754,000
3,875sqft
$969psf
Jan-13
$3,180,000
3,703sqft
$859psf
down almost 20%...if including all charges, legal, stamp, comm…...easily 23% or more….if with absd or asd or…lost will be much higher…price will down mush faster & more from here….stop buying, don’t buy…wait for force sell. auction, bankruptcy & run road……such case, no below $500 psf, no buy……
above is the same….down almost 20%, can’t even sell…must cut 30%...40%...fast enough or no more buyers’, out fast or lost more later….financial crisis is here or huge retrenchment, tons of sellers run road……
be patient…..QE has no more effect….next crisis will not have anymore QE…instead reversed of QE to pay bac k all debts in last 50 yrs…..price will down & down…better run fast or bankrupt…..same to developers or owners….
lost till teng kor….lost $500k or S$1.5mil is nothing in property….this is just the beginning….tons will lost all their saving & in debt of few S$mil, work like slave to pay back in next 30 yrs…….they deserve it, nothing to shout at, no mercy, just do it…..
QUOTE=alpha;1209622]http://sbr.com.sg/economy/news/these-5-market-threats-will-knock-singapore-down
Published: 23 Jan 2013
These 5 market threats will knock Singapore down
Home sales crashing 40% is just tip of the iceberg.
Here are the key risk factors that could adversely impact the market according to UOB ETR (Economic Treasury Report) :
a) Earlier or sharper-than-expected rise in interest rates. Currently, US interest rates are expected to only trend up in mid-15, in accordance with guidance from
the Fed.
b) Regulatory changes in Singapore. This could pertain to several areas, including foreign labour, gaming and property. The government’s drive to improve productivity by restricting the inflow of foreign labour could result in near-term bottlenecks and an escalation in costs. Another sector that could be affected is the gaming sector in Singapore.
c) Strong decline in Singapore property prices. We forecast residential prices to fall 5% in 2013 and transaction volume to decline 20-40%. This is after the recent property cooling measures. A sharper than expected fall in prices could have a significant impact on the banks.
d) Weaker-than-expected recovery in US’ GDP recovery. The issue of the US fiscal cliff is still not resolved and negotiations will be ongoing to decisively deal with the “sequestration” of broad spending cuts and the US sovereign debt ceiling limit which will arise again end-February.
e) Significant deterioration of euro zone debt crisis. This remains a key risk to global growth, which would have a significant impact on Singapore’s growth prospects.[/QUOTE]
Khaw: Some 200,000 new housing units will be built
Of these 80,000 are private properties, 10,000 are Executive Condominiums and about 110,000 are in public housing.
Mr Khaw said this is equivalent to the building of four new Ang Mo Kio towns by 2016.
so launch 70k units/yr for next 3 yrs...make sure he keeps his promise irregardless anything happens.....just deliver....
1990 we shouted gracious society as Swiss, where are we today?? now is worse than 1990….
same to leaders shouted 40% stayed in private condo by 2000?…where are we today?? still >80% in public house….
all know why they shout? who care now?? who follow up??...same nonsense….
congested is good? no space is good? fight & competition is scary…no more gracious, super ugly instead….squeeze in hot & humid sardine can, explosive anytime....pressure cooker explosion & implosion....
ask all these leaders to shut up & stop xxxxxxxxx……
when global ponzi crash, stop printing, bubble burst…..all keep quiet & run away like XXXXX….
then ask them to pre-build 400k units of property now to cater…they will argue & twist & turn….
1 word…..shame….let them be….all the xxxxxxx……
there are >40000 unsold new one now, plus another 100k of resales try to sell for months to yrs without buyers....next 2 yrs another 100k completion....not enough for current population? then why no buyer??.....
now another 70k units/yr promised by khaw to launch for next 3 yrs.....
cheat who?? yourself.....not enough, ask khaw to build additional 50k units/yr make it 120k units/yr for next 3 yrs, how about that.....
hahaaaa....all squeezed till pressure cooker explode will be very nice......
For OCR property is simple...no below $600 psf, no buy.....many will go below $500 psf by 2015....some even below $400 psf....this round, end result will be much worse than 1997...let them bankrupt, weak one can go to die, no mercy, act smart, deserve it.....
http://forum.channelnewsasia.com/showthread.php?227706-End-2013-Reckoning-4-local-properties.....
make sure khaw keep his promise of 200k units for next 3 yrs irregardless anything happens…..some one keep track & follow up in detailed…at least 60k-70k new units launch this yr & so on…..
Govt is playing threatening game now in population?.....only fools believe....probably in 20-30 yrs later...shame & only useless rubbish rely on lies...sure backfire....also useless liar dare not come out to clarify.....
If it's true, all better sell all your property & migrate tomorrow.....only fools squeeze in a hot & humid sardine can & die in bored, work, pressure cooker & sofiscated.....
spore govt better do it themselves to plunge property market fast, if let hedge funds to short it down using S$ & STI, also spore economy totally…..also they will lose 2016 election if don’t do it fast….
today cooling measures is not good enough….need more…also enforcement in policy, not just lip service & NO hands on….force developers to dump all unsold units after 2 yrs of launching or 5 yrs of land sales, should cut down to 1.5 yrs & 3.5 yrs….also owning oversea property for HDB owners here is not allowed…..sublet, banks & developers loaning more or illegally…..tons more…
FULL ENFORCEMENT of all policies & measures IMMEDIATELY……not talk only…..law by law….confiscate & not negotiable…how is the 5700 units in CCR?....
Wow, came across this news, Seascape launched in 1st Dec 2010 with total 151 units, after selling for over 2 years the developer only sold 47 units and 104 unsold units, 69% unsold inventory. And when developer cut price to try to offload inventory, all those earlier buyers kena screwed and overpaid for their units.
Ho Bee stuck with 104 unsold units at Seascape
Singapore Business Review
Published: 09 Jan 13
I've been receiving SMS from agents everday selling D'leedon for $13xx psf and additional 1% discount from agents' commision, it's getting very annoying receiving these spam SMS. Looks like CAPL is getting desperate to offload their huge unsold inventory.
all panic & anyhow whack now....all kena pressure, can't sell, no buyers, spam & invade whatever contacts.....
got people advertise $10xx psf, why pay $13xx with all freebies? ask them to give nett price, not interested with all the rubbish marketing con job....
no sales, advertise like crazy everywhere....paper, internet, sms, email, brouchure, road show.....still can't sell....if market so strong, why so panic?? saturday paper all property sales & give more discount every week....yet negotiable & refuse to put nett price in all transaction....
stop buying, wait for weak one or developers to bankrupt.....dump at any price....cut 30-40% now, also don't buy, wait for force & auction sell..foreigners/FT run road are even better, equal to confiscate all their capital investment here....free market rule, sell property below land price is norm when market crash.....wait patiently....cut deep deep or wait....
global debt is too huge now....too many holes to cover, any 1 down like lehman bros, all will crash down...be patient...tons of unsold, refuse to lower price, when global trigger, all dump to exit or bankrupt, let them fight for price war.....no mercy, they deserve to be bankrupt....
cut price also cannot sell yet data is up....sales down 70% in last 2 months yet data....hahaaaa.....so panic must manipulate data, advertise & publish in paper, media, internet everyday yet still cannot sell.....where is all the naive, newbies & fools??......all kind of data & report by con man flying around, show what you want to read, anything also can, lawless?...
cooling measures or not, main media shouted market so strong, what is xxxx doing?? dump more lands out for sale now, also BTO...earlier said, at least 25k BTO this yr, plus another 7k if possible, keep promise? or not trustable....as for private, another 30k-40k this yr will be nice....
down 23%?? a $1 mil property down 23% is $770k.....for a $770k need to up almost 50% to reach $1 mil....so down 23% = up 50%, if include all charges, interest, taxes, asd, stamp, down 23% is much >up 50%.....
with price war, run road, economy & market collapse, rate hike, tax hike, debt squeezed, deflation, currency & trade war, huge layoff.......down another 23%, 120% up also gone....many will be bankrupt, no mercy, weak developers & buyer deserve it....free market & strong one prevail..banks with huge mortgage loan better act fast before bankrupt, no bailout for junk & bad managed.....
many gave 20-30% discount now…..developers runs fast before global market collapse this yr, with rate hike on the way, QE no effect, huge layoff, rental crashing down….spore personal median income still around $2k/m, total collapse anytime once cash flow dry up, squeeze weak, last one to run bankrupt 1st…..global collapse already no way out now….
Bad news for the highly leveraged investors, property agents and developers, many of these people were pinning their hopes for more foreign buyers. The article also says that there will be a severe drop in PR private home buyers.
http://www.businesstimes.com.sg/premium/singapore/foreigners-share-private-home-buys-seen-shrinking-first-half-20130123
Business Times
Published January 23, 2013
Foreigners' share of private home buys seen shrinking in first half
'Very high' ABSD rate of 15% will significantly cut demand, say consultants
FOREIGNERS' share of private home purchases in Singapore is expected to decline in the first half of this year, given the harsher additional buyer stamp duty (ABSD) rates imposed on them under the recent property cooling measures, say property consultants.
Last year, foreigners who were not Singapore permanent residents (PRs) accounted for just 6.3 per cent of all private home purchases on the island - the lowest proportion since 2003 and a significant drop from the 17.6 per cent share in 2011, Knight Frank's analysis of URA Realis caveats data showed.
"The record low proportion is a reflection of reduced foreign buying interest arising from higher (transactional) cost, with the introduction of 10 per cent ABSD on all residential property purchases by non-PR foreigners starting Dec 8, 2011," said Knight Frank's senior manager, consultancy and research, Alice Tan.
And with the ABSD rate for this group jacked up to 15 per cent since Jan 12 this year, Knight Frank forecasts that these non-PR foreigners' share of private home buying will shrink to 5 per cent in the first six months of this year.
International Property Advisor's CEO Ku Swee Yong predicts the share could fall to 4-5 per cent, while Ong Teck Hui, Jones Lang LaSalle's national director of research and consultancy, projects the share may contract to "no more than 3 per cent". "Most of the demand will be eliminated by the very high ABSD rate of 15 per cent on non-PRs," added Mr Ong.
PRs' share of private home purchases increased from 13.4 per cent in 2011 to 15.8 per cent last year. This, Knight Frank attributes to first-time PR home buyers being spared the ABSD rod last year. However, things have changed. Since Jan 12, PRs have to pay 5 per cent ABSD even on their first Singapore home purchase, and 10 per cent for any subsequent purchases.
As a result, Knight Frank expects the PR buying share to slip in the first half to 12-15 per cent, though Mr Ku suggests a more severe drop to around 10 per cent, and Mr Ong, to 5-10 per cent. "The ABSD's impact on PRs is a bit hard to assess as it depends very much on whether it's their first property purchase, in which case a 5 per cent ABSD rate is a figure that some people may be able to stomach, but some can't," says Mr Ong.
IPA's Mr Ku pointed out that PRs who currently own a HDB flat may postpone their decision to upgrade to a private property as they would be slapped with 5 per cent ABSD. They will also be required to sell their HDB flat.
KepLand mulls over cutting home prices if market falls
THE boss of property developer Keppel Land has flagged a possible cut to its home prices if the market falls away in response to the Government's recent cooling measures.
"We will monitor the market... If the market comes down and we can't sell our projects, then we'll have to cut prices," said recently installed chief executive Ang Wee Gee.
He was speaking at a briefing yesterday, where the firm announced a 39 per cent decline in full-year net profit to $838.4 million a year earlier.
better price? better sales?? why profit down40%?? why shares price is less than 50% of 2007/8?......
Fire & force sell coming…….price will keep dropping...stop buying, don't buy...no down>50%, no buy....don't bailout weak holders & developers, let bankrupt, bankrupt, let useless failure, fail....strong one prevail is good for spore....
whatever discount gives to foreigners must apply to local…..to be fair to local…
Australia with so much lands also stop foreigners buying…..why are we so desperate yet giving more discount to foreigners yet govt close 2 eyes??....
same to china….foreigners only allow to buy for own used….must sell if leave the country anytime….
foreigners should dump all their property in spore now instead, before property price crashing down & S$ plunging…..cut lost or take profit now, last one to run, 1st one to bankrupt or lost big…..
get out before too late….cut price & sell fast…….
all can shout this is market price of my property, up x%.....only when you can sell at that price, then it’s yours…paper gain is not gain, you can cheat yourself till you see property price crash by 50% still no takers…..now no buyer, even cut 20%, also can’t sell…..
rental yield the most 2-2.5% now….it’s worse than put in CPF, 2.5%….yet you still need to bear so many charges, comm., damaged, opportunity & waiting cost, time, run road…..it’s nett lost instead…..
already said 100x...you are buying for FUTURE, not now or past....
all the fake news, fraud data & accounting, manipulation & rigging.....
with global economy collapsing now....market will plunge soon....
currency war, trade war, military & tons more looming....
only fools buy now with all the additional stamps & 4 yrs periods....
no 2015, no buy...no down>50%, no buy....spore property down>50% by 2015......
look bro ... you are of course the master of your own opinions and you are rightfully entitled to them .... just dun keep emphasizing on doom and gloom all by yourself when no one is even commenting and you keep on and on with huge red capital letters?
I mean come one, talk about loving to talk to oneself just got to another whole new level when I see your posts :doh:
[QUOTE=basically]
all the rubbish...swiss standard by 2003....70/30 private/public house by 20xx.....reality?? all failed....
shameless xxxxx.........
6.9mil, NOT 7 mil...you know they are playing game again.....whole bunch of rubbish....
to keep their promise....keep launching 70k-100k units/yr from now on is great!!...make sure to keep track...
Well just look at Manhattan.....A Resilient Housing Market
http://www.elikarealestate.com/manhattan-real-estate-investment
The gradual increase in sales prices can be partially attributed to Manhattan's strict zoning laws, which greatly restrict the number of available residential properties in the borough. Other factors include New York City's growing population, currently at 8.24 million in NYC as a whole and 1.6 million in Manhattan alone according to the United States Census Bureau. The recent global financial crisis slowed down new constructions in the city, and as a result, New York's real estate supply is restrained. This has created a supply-demand issue and a potential opportunity for savvy investors.
There is also some inflation in wealthier communities, but analysts expect prices to continue to rise with many luxury homes and luxury rentals. According to the Wealth Report, a publication that provides a global perspective on prime properties, Manhattan ranks 17th among major cities for cost per square foot.
This shows the potential of property investments in the city, especially compared to cities like London, Hong Kong, Paris and Moscow, all of which have more expensive real estate per square foot in prime housing locations. According to the report, New York is second only to London in importance among global cities and will likely hold the same level of importance in 10 years. Given this analysis, property costs in Manhattan are remarkably low relative to their value.
Unlike many of these major cities, New York real estate is easily available for foreign nationals. The United States' friendly real estate purchasing regulations allow Manhattan to draw in a global market of buyers. As a direct result, sellers in the city have a larger pool of potential buyers and can make relatively safe real estate investments.
....true there has been added tax on foreigner, but its still open to them....sg has also been seen as increasingly attractive compared to HK.
look bro ... you are of course the master of your own opinions and you are rightfully entitled to them .... just dun keep emphasizing on doom and gloom all by yourself when no one is even commenting and you keep on and on with huge red capital letters?
I mean come one, talk about loving to talk to oneself just got to another whole new level when I see your posts :doh:
As usual, TWIST & TURN cum DIVERT ATTENTION cum MISSED THE BOAT EXPERT MR DAVID LIM (aka MR B) cannot tahan paying rental anymore... Moreover now is his 5th year into the rental market since the start of sghouse in 2008...
All the Useless Followers had gone MIA.. except DAVID LIM (aka MR B) continue with his copy & paste job in his own thread..
http://www.sg-house.com/classifieds/buy-and-sell-private-apartment-condominium/1243648-price-decreasing-for-singapore-property.html
With the BIG font & speed of copy & paste of bad news over here.. you should realized that.. he's still waiting & waiting & waiting & still waiting for pty price to crash :D
actually mr b made some valid cut and paste. Just that most came and went.
if you were to look at those events, it would seem that there were quite well anticipated and hence averted a crisis.
I would have worried on cm6. I had big worries on cm7. Infact the fiscal cliff and debt ceiling was the biggest worry.
so what does that say about the market as a whole. Still remarkable resilient.
but there can only be so much counter measure. Worrying is just part of due dilligence. At least if someone were to read and buy, he /. She would have gone in with the eyes open.
but in general, those that were on the borderline of buying may have missed a number of deals and some oppertunity had also close due to the fear of widely available news been reinforce.
I can only hope that the worst does not happen as it is not something to wish upon to achieve someone's aim of a good bargain.
its like wishing a big brand car company to go bust so that you can get a good discount from the car. Yet when that happens a new found flaw starts to appear such as a better car is around the corner and this an outgoing model and coe is too high .... Blah blah blah.
I wonder with so many measures in place, how many first time time buyer that there are low hanging fruits for the pickings or, is there more leeway waiting to be gotten. Or wait til. 2015?.
one can only hope that we can timed the market well enough with the riight balance of spotting that golden oppertunity as well as well as the courage to move in for the purchase.
phantom_opera
13-02-13, 07:49
From dow at 7k shout until dow at 14k, from everybody can buy till only rich can buy.. Just Change the thread title to prop price up for 4y in a row la, mr b when will prop 50pc down? Don't dare to make a call?
From dow at 7k shout until dow at 14k, from everybody can buy till only rich can buy.. Just Change the thread title to prop price up for 4y in a row la, mr b when will prop 50pc down? Don't dare to make a call?
MR B (aka DAVID LIM) from sghouse talked BIG BIG like expert what sh!t ".. we will see the correction soon" in 2008 when Luxus Hills 1.6-mio.. at ".. sky-high prices"..
Talking for 4-yrs in a row till Luxus Hills 3.0-mio.. :D
http://www.sg-house.com/classifieds/buy-and-sell-private-apartment-condominium/1243648-price-decreasing-for-singapore-property.html
Believe it or not, Singapore is mature market and we will see the correction soon. The current sky-high prices make Spore less competitive in attracting foreigners on which our economy heavily relies. What should government do to attract more talents? You got the answer.
http://www.tremeritus.com/2013/02/11/statistics-on-the-population-white-paper-debate/
Statistics on the Population White Paper debate (http://www.tremeritus.com/2013/02/11/statistics-on-the-population-white-paper-debate/)
February 11th, 2013
I refer to the article “Care for lower-income in times of slowdown: Chan Chun Sing (http://www.channelnewsasia.com/stories/singaporelocalnews/view/1253076/1/.html)” (Channel NewsAsia, Feb 8).
Slow-down in foreign labour?
It states that “the White Paper has proposed to slow down the intake of foreign labour and new citizens, not just bringing in fewer immigrants each year, but allowing more time for adjustment.”
Since The growth in foreign employment was 70,400 in 2012, and The growth rate of non-residents in the total labour force from 2011 to 2012 was 7.4 per cent, which is still much higher than that for residents at 1.9 per cent, how can we say that “the White Paper has proposed to slow down the intake of foreign labour” when the White Paper says that the current 1.49 million foreigners is projected to grow by up to 1.9 million in just seven years ‘ time?
Moreover, how can the increase in the intake of permanent residents (PRs) from 27,521
in 2011, to 30,000 a year in the future be a slow-down?
Slow-down in new citizens?
Also, how can we say that “the White Paper has proposed to slow down the intake of new citizens”, when there were only 15,777 new citizens in 2011 versus the White Paper’s projection of up to 25,000 new citizens a year in the future?
Slower growth means negative real income growth for low-income?
As to “”Growth will give us a better chance to help people to improve their lives over time. Growing slower does not mean we will have a more equal society. In fact if we grow below a certain rate, the low-income of our society actually suffers negative income growth in real terms”, how do we explain the fact that despite our growth focused strategies over the last decade, the 20th percentile of workers only had a real gross wage growth of 0.1 per cent per annum in the last decade?
Helping lower-income?
With regard to “Mr Chan also urged Singaporeans to care for the lower income groups during times of a slowdown in growth or no growth.
Mr Chan elaborated: “We must imbue in our more successful ones the sense of responsibility to help the weaker ones in society. We must agree as a society that those who have the least must be given more help”, since the primary reason given for raising the GST was to help the poor, let’s look at what we are doing in this regard.
ComCare – only $104m
The sum allocated to the ComCare and Social Support Programme was only $104 million, and only $25 million for the Elderly and Disability Programme.
So, this $104 million – according to the CDCs’ annual report for FY2011, the number of applications for financial assistance was 72,700 for the whole year from 1 April 2011 to 31 March 2012 – had to be distributed to so many needy families who were successful in their applications. How much on the average did each family get?
People’s Association – $338m
The second largest component of expenditure in the Ministry of Community Development, Youth and Sports (MCYSS) was $338 million for the operating expenditure of the People’s Association (PA).
More help for lower-income in 2007?
When the GST rate was raised from 5% to 7% in July 2007, a household in the bottom 20% had to pay additional GST of $370 per year, but received an offset package of $910 per year, in addition to permanent benefits of $1,000 per year. (“Budget debate round-up speech“, Mar 2, 2011)
Less help now?
So, let’s see how much less lower-income families will get now.
It’s GST Cash of $250 and GST U-Save Rebate of $260 (1 and 2-room HDB) and no Medisave top-up if there are no family members age 65 and above.
Also, in the past, Medisave top-ups were given to those age 55 and above. So, why is the age now increased to 65 and above?
So, are lower-income families effectively getting much less now under the GST Voucher scheme, compared to the previous GST Offset Package?
Leong Sze Hian
Leong Sze Hian is the Past President of the Society of Financial Service Professionals, an alumnus of Harvard University, Wharton Fellow, SEACeM Fellow and an author of 4 books. He is frequently quoted in the media. He has also been invited to speak more than 100 times in 25 countries on 5 continents. He has served as Honorary Consul of Jamaica, Chairman of the Institute of Administrative Management, and founding advisor to the Financial Planning Associations of Brunei and Indonesia. He has 3 Masters, 2 Bachelors degrees and 13 professional qualifications. He blogs at http://www.leongszehian.com.
http://www.straitstimes.com/premium/forum-letters/story/dont-be-too-reliant-cheap-foreign-labour-20130213
Straits Times Forum
Published on Feb 13, 2013
Don't be too reliant on cheap foreign labour
IT APPEARS to me that National Development Minister Khaw Boon Wan's planning strategy relies too much on the availability of cheap foreign construction workers ("Major shift in planning strategy: Khaw"; last Thursday).
Responding to the Workers' Party call to freeze the number of foreign workers, he was quoted as saying: "My housing plan will be badly affected! I will not be able to deliver the new flats as promised to 200,000 families."
Singapore cannot be forever reliant on cheap foreign labour. What happens if Singapore is no longer a preferred destination for them?
Already, Malaysian, Thai and Chinese construction workers are becoming increasingly hard to recruit. It would not be too long before the same happens with the Indian and Bangladeshi workers.
Has it occurred to the Government that the Indian and Bangladeshi governments may, for their own national interest, forbid their citizens from seeking employment in Singapore? Remember that other countries like the Philippines and Indonesia have done so in the past.
May I suggest that the Government look at how Hong Kong, Japan, South Korea and Australia are able to build their cities without being overly reliant on foreign workers.
A strategy based solely on the import of cheap foreign labour is seriously flawed and unsustainable.
Soh Oon Teck
http://www.straitstimes.com/premium/forum-letters/story/businesses-addicted-quick-fix-drug-foreign-labour-20130213
Straits Times Forum
Published on Feb 13, 2013
Businesses addicted to quick-fix drug of foreign labour
I CANNOT agree more with MP Inderjit Singh, whose call to take a break from the relentless drive for growth and fix problems first was echoed by some of his party members ("Delay population growth for 5 years: MP"; last Wednesday).
Bear in mind that corporate managers do not make the rules. The Government makes the rules and the managers operate within them to produce the best outcomes for their own performance appraisals and resultant bonuses.
For example, it takes at least two years to turn an apprentice into a competent technician. Many local apprentices are school dropouts. They are accepted for training by big corporations at the age of 16. Just when they become productive, they get called up for national service. After that, some may not return to the employers who invested in their training.
However, so-called engineers from India, Pakistan and the Philippines may have qualifications not recognised in Singapore. But they speak English, comprehend technical manuals and are more than capable of understanding and doing the jobs of skilled technicians. And they work for the same salaries as what technicians get.
At higher grades, they could even be hired more competitively, since they neither suffer Central Provident Fund deductions nor receive CPF contributions.
If the employment of these foreigners were banned, local managers would have no choice but to train and upgrade the skills of our own citizens.
But this takes time. Managers are assessed every year. Their bonuses and promotions depend on the productivity and profitability of their divisions for that year. Why should they handicap themselves with local trainees who do not produce immediate results, when they can get foreigners who hit the ground running?
The use of foreign workers is a quick-fix drug to which Singapore businesses have become addicted. When threatened with withdrawal, businessmen complain and say that they have to close down. There is no doubt that the restructuring of various businesses will be as painful. As in the case of curing drug addicts, some may not survive.
But unless the Government lives up to its constant claims of being able to make hard decisions, and forces Singapore businesses to stand principally on the strengths of its native sons, the nation we grew up to know may not survive.
Lee Chiu San
http://www.straitstimes.com/premium/forum-letters/story/singapore-needs-boost-productivity-not-population-20130213
Straits Times Forum
Published on Feb 13, 2013
Singapore needs to boost productivity, not population
I QUESTION the Association of Small and Medium Enterprises' call for a higher inflow of low-end foreign workers ("Call to relook curbs on foreign worker inflow"; Feb 4).
Every morning, five foreign workers take approximately two hours to sweep the HDB carpark near my house. Why is there a need for so many foreign workers to do a job that one person can do?
This is not an exceptional case.
In the United States, two staff members at a Starbucks outlet can take customers' orders faster than three to five of their counterparts in Singapore.
Formal studies are even more damning: Singapore's construction industry productivity has been estimated to be half that of Australia's and one-third that of Japan's ("What ails Singapore's building industry?"; March 13, 2010). And Singapore's construction productivity rose an anaemic 0.7 per cent annually from 2000 to 2010.
Since Singapore, Australia and Japan all have access to the same technology, the difference in productivity levels appears to be a case of Singapore's construction sector utilising its labour and capital inputs in an inefficient manner.
At five-star hotels here, foreign wait staff tell me and visiting foreign colleagues that they do not serve Irish coffee, screwdrivers or pina coladas. We had to hunt for a Singaporean bartender to get a properly mixed drink.
At a wedding hosted at a five-star hotel, foreign wait staff poured white wine into guests' glasses that still had red wine in them.
I do not recall such incidents happening when these same hotels employed Singaporean wait staff.
There are many cases where replacing Singaporean workers with foreign staff made both the enterprise, and Singapore itself, less economically efficient. Businesses appear to be so fixated on low wages that many hire foreign staff who are less competent than locals.
Clearly, this 19th century practice of importing cheap, inefficient labour is not working. Singapore needs to boost its productivity, not its population.
Eric J. Brooks
http://www.straitstimes.com/premium/forum-letters/story/pmet-job-not-the-only-path-success-20130213
Straits Times forum
Published on Feb 13, 2013
PMET job not the only path to success
THE debate on the Population White Paper has largely revolved around overcrowding, infrastructure and the influx of foreigners. I am troubled by the projection that two-thirds of citizens will be professionals, managers, executives and technicians (PMETs) by 2030, and that we will increase our reliance on foreign workers to take up lower-skilled jobs.
Many Singaporeans think that some types of work are beneath them. The pay in these jobs is so low that it is difficult for workers to eke out a decent livelihood. Yet many of these jobs are in essential services like health care, construction and cleaning.
Depending on foreign workers to fill these roles can only be a temporary solution that is not sustainable.
The strong Singaporean core we are building must be self-reliant. Singaporeans must be able to make a decent living from work that matches their aptitude and ability. All work done must be valued fairly, and this must be reflected not only in wages, but also in the removal of the perceived social stigma.
Costs will go up, but the result is a more resilient Singaporean core that is rooted in reality.
The Government must help all Singaporeans achieve their dreams and aspirations, and understand that a PMET job is not the only way to get there.
In many cases, it is not even the best way.
The assertion that foreign workers serve as a buffer for economic uncertainty is also flawed. In an economic downturn, many PMET jobs in banking, finance and manufacturing are at greater risk than those in essential services like health care and cleaning.
If these jobs continue to be shunned by residents, and if remuneration continues to be artificially suppressed by a reliance on cheap foreign labour, Singapore may find itself in an unsustainable situation.
Weaning ourselves off cheap foreign labour will not be a quick and easy process, but it is a necessary step towards a sustainable population and dynamic Singapore.
Aaron Lee Kwang Yang
http://www.tremeritus.com/2013/02/13/white-paper-passed-roadmap-to-an-unwanted-destination/
White Paper Passed : Roadmap to an unwanted destination (http://www.tremeritus.com/2013/02/13/white-paper-passed-roadmap-to-an-unwanted-destination/)
February 13th, 2013
Happy Lunar New Year.
I’m sure many of you had this experience when you visited friends and relatives during this week – a large group of people gather to talk about various issues, catch up on each others’ lives and at some point someone brings up the population white paper and the torrent of negative views about it pours out and keep going until someone reminds everyone else that it is Chinese New Year and we shouldn’t be so angry.
I haven’t met anyone who is positive about the White Paper. Never in my life have I seen such an overwhelmingly negative reaction to a govt proposal. Every single opposition MP in parliament voted against it and all NMPs, except Eugene Tan who abstained, voted against it.
But he urged the public to not just understand the details of the White Paper but also the government’s aim in putting it out, which is “to help Singaporeans have a better life for the future in the best way possible”
- Straits Times Report[Link (http://www.straitstimes.com/breaking-news/singapore/story/government-will-study-lessons-white-paper-debate-says-pm-lee-20130210)]
“Perhaps now right-minded Singaporeans might get over that emotional hump and the 6.9 million figure and take the White Paper at face value for what it is trying to do”
- Straits Times Report [Link (http://www.asiaone.com/News/Latest%2BNews/Singapore/Story/A1Story20130210-401394.html)]
The MSM media urges Singaporeans to get over their “emotional hump”and PM Lee urges Singaporeans to try to understand what the White Paper sets out to achieve which is a better life for Singaporeans.
At the end of all the debate and discussion, the PAP and our PM say they have the right rational answer and Singaporeans are viewing the White Paper in an emotional manner failing to see that it is a plan that will improve the lives of Singaporeans and bring about a brighter future for Singaporeans.
Actually nothing can be futher from the truth. If you speak to ordinary Singaporeans, they have followed this issue very closely and have good grasp of the trade offs and understand there is no perfect solution.
The reason for the anger is not irrationality but the proposal of the PAP to double down on a strategy that has not delivered. Singaporeans are all too familiar with the kind of GDP growth achieve through population growth – they have live through the period when our population grew from 3M to 5.3M.
They understand the economic implications of growing the economy by importing labor. It is not just the strains on our infrastructure that is felt in recent years but the deep economic effects such as stagnant wages, widening income inequality, structural unemployment, rising poverty and increase in cost of living.
There is overwhelming evidence that if we continue to go along this path, despite the promises of better infrastructure, life will get worse for most Singaporeans. Today we have 400,000 Singaporean workers whose wages have been depressed to the point that they depend on Workfare to survive.
The anger among Singaporeans does not come from failure to understand what the White Paper aims to achieve but from an understanding of the negative outcomes we will get from what is proposed in the White Paper.
“Don’t be so gung-ho about slower growth rate” - Minister Tan Chuan Jin
If you take your time to read the speeches by PAP MPs and ministers during the White Paper debate, you will find the one clear ideological belief that stands out is that we need faster economic growth to achieve a better quality of life for Singaporeans. The PAP believes we need to have this growth for the lives of Singaporeans to improve. For this reason, the proposal by the Workers’ Party to freeze foreign workers at today’s level, aim for slower growth of 1% and allow the economy and businesses to restructure, was attacked by PAP MPs.
If you examine the economic growth of the last 10 years achieved through population expansion, you find that most of the benefits goes to a small concentrated number at the top while those at the bottom suffered from the negative effects of this growth.
If you examine the economic data of the last 3 years, you see the negative effects seeping into the middle class [Link (http://thestar.com.my/columnists/story.asp?file=/2012/5/5/columnists/insightdownsouth/11233830&sec=insightdownsouth)] which is now under pressure. If we continue along the same path of growth by importing labor, we will not achieve the outcome of better lives for Singaporeans.
Through its thick ideological lens, the PAP has failed to see the real problems faced by our society. If they wanted to improve our lives why did they not have a White Paper on how to narrow the income gap, a White Paper on keeping medical care cost affordable or a White Paper on how to care for our seniors and ensure they can retire gracefully.
If the proposals in the White Paper is followed, our problems will grow and become even more unsolvable. Our economy that is now over-dependent on foreign labor will become even more dependent on foreign labor. The income gap will rise further and the quality of life of Singaporeans will decline in an irreversible manner. Our common identity will be threatened and so will our future.
I believe Singaporeans are right to oppose the White Paper and many have been mobilised from the sidelines to speak up for what they believe is right. The White Paper debate has allowed many Singaporeans to clearly understand the PAP govt’s position and its assumptions …much of this goes against the experience they have been through in the last decade and Singaporeans know it will take us to a future we do not want for ourselves and our children.
Lucky Tan
*The writer blogs at http://singaporemind.blogspot.ca/
http://www.tremeritus.com/2013/02/12/population-density-is-a-key-factor-in-declining-human-fertility/
Population Density is a Key Factor in Declining Human Fertility (http://www.tremeritus.com/2013/02/12/population-density-is-a-key-factor-in-declining-human-fertility/)
February 12th, 2013
As population density increases, fertility declines, according to the study.
A study carried out by W. Lutz of the International Institute for Applied Systems Analysis in Austria, M. R. Testa of the Vienna Institute of Demography at the Austrian Academy of Sciences and D. J. Penn of the Konrad Lorenz Institute for Ethology also at the Austrian Academy of Sciences, shows that ‘Population Density is a Key Factor in Declining Human Fertility (http://link.springer.com/article/10.1007/s11111-007-0037-6)‘.
Using fixed effects models on the time series of 145 countries and controlling for key social and economic variables, the 3 Austrian social scientists found a consistent and significant negative relationship between human fertility and population density. Moreover, they found that individual fertility preferences also decline with population density. These findings suggest that population density should be included as a variable in future studies of fertility determinants. These significant findings were published in 2007.
This study was also quoted by NSP in its alternative Population Plan for Singapore (‘NSP proposes alternative Population Plan for Singapore (http://www.tremeritus.com/2013/02/02/nsp-proposes-alternative-population-plan-for-singapore/)‘). NSP said:
“Looking at the data both internationally and domestically, it can be seen that when population density increases, fertility decreases. This is supported by independent research in Austria. Increasing Singapore population to 6.9 million by 2030 is therefore, likely to further depress Singapore’s fertility rate, creating a vicious cycle. There is a need to focus on improving Singapore’s fertility rate if we want to continue growing our economy with minimal social problems.”
The paper published by the study, said, “In many parts of Europe and some Asian countries, fertility rates have recently fallen to such low levels that the resultant rapid population ageing and shrinking already causes widespread concern. Various social, economic, political and bio-medical factors are associated with declines in birth rates but few social scientists have considered population density even though density has been shown to be a key determinant in many animal populations.”
In other words, even in the animal kingdom, population density does affect animal populations too.
It said, “If human fertility also depends on population density, this will have important implications for population projections…”
The paper said that population growth in the developing world is mainly due to high fertility rates combined with a very young age structure that results in increasing cohorts of women entering reproductive age. In Europe, by contrast, below-replacement fertility has resulted in an age structure with fewer children and therefore fewer women entering reproductive age in the future.
The paper also noted that a wide range of species — whether microbes, mussels, fruit flies or elephants — have been found to have density-dependent effects on survival and reproduction. Domestic animals have long been known to show reduced reproduction at high population densities and an increasing number of studies have found density-dependent reproduction in the wild. For example, reproduction has been observed to decline with increasing density in birds and mammals and experiments also show that reproduction can be density-dependent in the wild.
Food resource limitation is suspected to be an important mechanism behind density-dependent reproduction, although stress-induced endocrine changes from crowding are also known to curtail reproduction in primates and other mammals. It is not difficult to understand why such responses have evolved. When survival is density-dependent, density-dependent reproduction will provide a selective advantage.
Indeed, experimental studies on birds found that individuals adaptively adjust their number of offspring according to population density. There have been few studies that explicitly addressed the relationship between density and reproduction in humans, although they have generally found a significant negative relationship, even in very different settings. A systematic review of this relationship for historical rural societies also found significant negative elasticities. And yet, over the past two decades mainstream demographic analyses have generally ignored density as a possible determinant of human fertility.
In their search for an explanation for modern fertility declines, evolutionary demographers have focused on the fitness costs of reproduction, and whether low-fertility parents are trading offspring quantity for quality and ignoring density dependence.
To comprehensively assess the relationship between population density (i.e, population per total land area) and human fertility (i.e, number of births per woman), the Austrian scientists assembled a broad range of data, covering 159 countries since 1960.
Using mathematical analysis, the findings of the Austrian scientists imply that population density should be added to the list of the usual factors that are assumed to affect human fertility (i.e., education, women’s status, economic development, etc.). Density-dependence and the importance of these other factors are not mutually exclusive, and density may affect or interact with these other factors (e.g., women may gain more status at higher population densities).
The scientists also found that density is correlated with reduced fertility preferences, as well as actual outcomes, suggesting that it affects individual reproductive decisions. The scientists suggested that the personal perception of density (living space, availability of interpersonal communication, etc.) plays a role in this context. This idea is consistent with the ‘‘frontier effect,’’ which postulates that fertility preferences increase under low density.
Fertility preferences are expected to decline with increased costs of rearing children, such as child-care, housing, education, and trade-offs with economically productive work and these factors can increase with population density.
The paper concluded that a robust, negative association between fertility and population density has far reaching consequences, ranging from the projections of future regional fertility differentials to the way we model human population dynamics.
Singapore
So, what about the situation in Singapore? Looking at the population density and the Total Fertility Rate (TFR) of Singapore from 1975 to 2011, it also appears that there is a significant negative relationship between fertility and population density, as put forward by the paper.
Population density (people per sq. km) in Singapore [Link (http://www.tradingeconomics.com/singapore/population-density-people-per-sq-km-wb-data.html)]:
http://www.tremeritus.org/wp-content/uploads/2013/02/popdensity.jpg?9d7bd4 (http://www.tremeritus.org/wp-content/uploads/2013/02/popdensity.jpg?9d7bd4)
TFR chart from NPTD’s Population White Paper:
http://www.tremeritus.org/wp-content/uploads/2013/02/tfr.jpg?9d7bd4 (http://www.tremeritus.org/wp-content/uploads/2013/02/tfr.jpg?9d7bd4)
In this regard, NPTD of the Prime Minister’s Office should take heed of such prestigious international studies linking population density to fertility rate. With the increase in population density in Singapore by bringing in another million more foreigners into the country in the next 17 years, our TFR would naturally fall further, according to this Austrian study.
http://www.theonlinecitizen.com/2013/02/population-growth-losing-debate-unsubstantiated-case/
Population growth: Losing the debate with an unsubstantiated case
By Gordon Lee
Recent days have seen much scaremongering by politicians, businesses and the mainstream media about perils of calling bluff on the Government’s Population White Paper.
But with the best of efforts to assuage the growing sense of apprehension over the targeted 30% increase (unless the Government has completely no control over the population, population projections equates population targets – any claim otherwise is superfluous), the Government is clearly losing the debate.
This is no surprise considering the economic evidence against them, and the fact that the Government has offered no support for their position. Such were the views held not just by a few sensible Members of Parliament, but also by experts like Donald Low, a senior fellow at the LKY School of Public Policy and a former top civil servant.
The burden of proof
In an earlier article (https://www.facebook.com/notes/gordon-lee/busting-the-ageing-population-myth/10151248027453175), I have reviewed the economic literature surrounding an ageing population.
In short, the evidence from around world suggests that an ageing population does not have any significant detrimental socio-economic effects. Some studies suggest manageable consequences, others suggest potential benefits.
Since my last article, several readers have commented that these international studies may not apply to Singapore. I believe that Singapore is subject to same laws of economics, and that its circumstances are not extraordinary. But, this is not important.
Since I was born in the late 1980s, the population has already increased 70%. If the Government wishes to grow the population by another 30% by 2030, the burden of proof should lie upon the Government to justify its drastic population policies.
Failure of governance
Unfortunately, the Government has failed to justify their drastic measures by making the following case, that
1) the effects of an ageing population are dire, and
2) their policies are sustainable and appropriate.
Donald Low, a senior fellow at the LKY School of Public Policy and a former top civil servant, has also criticised the Government’s amateurish approach and said that there “wasn’t even a References section to show what research the writers of the paper had done, what social science theories they relied on, what competing theories/frameworks they looked at… There was also a surprising lack of rigorous comparison with other countries that have gone through, or are going through, a similar demographic transition.” [1]
Diagnosing the disease
The lack of academic rigour in Government policy is indeed endemic, and is a legacy of the “Government-knows-best” approach typical of authoritarian regimes.
This Government continues to consider it legitimate to peddle assertions without attempting justification, to claim economic literacy without academic backing, and to dictate measures without genuine consultation.
To that end, the Government has maintained a monopoly over vital information that would expose itself to democratic scrutiny [2], and sterilised the political culture of “needless” evidence-based policy making.
This is a huge disservice to the principles of public debate, democracy and governance.
Scaremongering
How very kind then of the media to “contribute” to the debate with scaremongering tactics in the form of headlines like “Several foreign firms prepare to leave Singapore” – Business Times (SPH). [3]
It is obvious why the Government and businesses would like an ever-growing population. As The Economist explained, “Governments hate the idea of a shrinking population because the absolute size of GDP matters for great-power status… Companies worry, too: they do not like the idea of their domestic markets shrinking. People should not mind, though. What matters for economic welfare is GDP per person.” [4]
Economic realities
There is no cause for concern, much less alarm.
In the face of economic competition, uncompetitive companies have always had to reinvent themselves or leave the market. There is no tear to be shed for the least productive and the most labour-intensive companies leaving the market. That is the nature of economic competition which leads to a more productive economy. In Singapore, the ready availability of labour had provided little incentive for businesses to invest in improving their pathetic record of labour productivity.
Indeed, the Ministry of Manpower has acknowledged this fact. “Productivity gains have declined in recent years due to heavier reliance on labour inputs to generate economic growth, especially inputs of foreign manpower.” [5]
Also, businesses had initially expected a rate of growth in the labour force to be higher than currently projected in the White Paper. As businesses make plans years in advance, they have had to now reassess their capacities and scale them down in light of new information. There is no reason to think that there will be any increase in unemployment.
Inadequate case for unsustainable population growth
Crucially, the dubious economic model used by the Government to justify ever-increasing population is unsustainable. This is a reality that the Government has to, sooner rather than later, accept.
Not that this is a bitter pill to swallow. Evidence from around the world suggests that the Government is wrong to assert (baselessly) that an ageing population has any significant detrimental socio-economic effects. [6]
Unless the Government is able to satisfactorily discharge its burden of proof, it should abandon its madcap policies (which are unsupported by facts) and aim for population stabilisation whilst researching the literature and evidence surrounding demographic policies.
[1] http://www.todayonline.com/singapore/experts-weigh-population-projections (http://www.todayonline.com/singapore/experts-weigh-population-projections)
[2] http://sudhirtv.wordpress.com/2012/09/18/the-problem-with-the-national-conversation-information-asymmetries/ (http://sudhirtv.wordpress.com/2012/09/18/the-problem-with-the-national-conversation-information-asymmetries/)
[3] http://www.businesstimes.com.sg/premium/top-stories/several-foreign-firms-prepare-leave-spore-20130205 (http://www.businesstimes.com.sg/premium/top-stories/several-foreign-firms-prepare-leave-spore-20130205)
[4] http://www.economist.com/node/5358255?story_id=E1_VPVRNVV (http://www.economist.com/node/5358255?story_id=E1_VPVRNVV)
[5] http://www.mom.gov.sg/skills-training-and-development/productivity/Pages/what-is-productivity.aspx (http://www.mom.gov.sg/skills-training-and-development/productivity/Pages/what-is-productivity.aspx)
[6] https://www.facebook.com/notes/gordon-lee/busting-the-ageing-population-myth/101512480 (https://www.facebook.com/notes/gordon-lee/busting-the-ageing-population-myth/101512480)
http://www.theonlinecitizen.com/2013/02/dubious-footnotes-population-white-paper/
Dubious footnotes in the Population White Paper
By Gordon Lee
Last week, the Deputy Prime Minister Teo Chee Hean (who heads the National Population and Talent Division) apologised for the error in footnote 12 (http://www.channelnewsasia.com/stories/singaporelocalnews/view/1253152/1/.html) in the population white paper which misrepresented nursing as being low-skilled.
Yet, the misrepresentation is not limited to just footnote 12. Here is a selection of other misleading footnotes in the contentious White Paper.
Footnote 2 states that “A comparison of advanced countries shows that incomes grow faster when economic growth is good. Poor growth may also affect employment prospects, especially for lower-educated workers.”
Yet, this in no way supports the erroneous point that the white paper was trying to make – that without economic growth, unemployment would rise. What the white paper should have instead claimed is: Without economic growth, and with a growth in the labour force, unemployment would rise. This simple omission is an important one. If there is no growth in the labour force, unemployment levels would be less susceptible to a lack of economic growth.
Footnote 3 claims that “Economic growth has allowed the Government to introduce various transfer schemes to help lower-income Singaporeans, such as the Goods and Services Tax (GST) Voucher scheme.”
GST was introduced at 3% in 1994, and raised over time to 7% in 2007.
What the footnote should have said was “Taxing consumption via GST has allowed the Government to introduce the GST Voucher Scheme, i.e. take with one hand, and give back with another.”
Footnote 5, that “The World Bank has ranked Singapore top for ease of doing business”, was used to support that point that “Our well-educated and skilled workforce, good connectivity, reliable public services, stable government, and rule of law make us an attractive place to do business and give us a competitive edge globally.”
Yet, reading the World Bank report revealed that Singapore was ranked highly for legal and procedural effectiveness, and NOT for some of the reasons claimed by the white paper (i.e. educated and skilled workforce, stable government, etc.) Nor does the cited PWC report support the points made. The White Paper should not have misrepresented the World Bank and PWC.
Footnote 7 is plainly ridiculous. It states that the labour productivity forecast for 2010-2020 of 2-3% is simply the target of the Economic Strategies Committee (http://app.mof.gov.sg/data/cmsresource/ESC%20Report/ESC%20Main%20Report.pdf). The ESC report says “We can achieve productivity growth of 2 to 3 percent per year over the next 10 years, more than double the 1 percent rate achieved over the last decade. This is a challenging target.”
It is good and ambitious to have a “challenging target”, but surely Government report and policies should be based on a more reasonable target.
Footnote 7 goes on to claim that their forecast for 2020-2030 “is assessed to be 1% to 2% per year, similar to the experience of OECD countries over the last decade (i.e. 2000-2010).” How NPTD assessed the accuracy of this statement is not elaborated upon.
Conclusion
It is deeply regrettable that the NPTD would go public with such a poorly-substantiated documented. Doing so only encourages speculation that the White Paper is little more than an attempt to create an illusion of robust support, by quoting evidence out of context.
Sadly, the lack of public support is still evident. Donald Low, a senior fellow at the LKY School of Public Policy and a former top civil servant, has criticised the white paper (http://www.todayonline.com/singapore/experts-weigh-population-projections) saying that there “wasn’t even a References section to show what research the writers of the paper had done, what social science theories they relied on, what competing theories/frameworks they looked at… There was also a surprising lack of rigorous comparison with other countries that have gone through, or are going through, a similar demographic transition.”
The poverty of intelligent thinking in Government policies makes us all the poorer.
phantom_opera
13-02-13, 13:09
Mr seletar has no negative property news to copy and paste, now starting to copy / paste political news :doh:
Mr seletar has no negative property news to copy and paste, now starting to copy / paste political news :doh:
You know what! I am more concern with no negative property news. It means that we are too comfortable with the present environment and tend to loose our guards. It is like what I had described earlier:
A frog feeling comfortable in a bowl of slow heating water until it is too late to react.
http://ride.asiaone.com/news/transport/story/no-1-peeve-packed-trains-and-buses
Poll: Are you happy with public transport?
No. 1 peeve: Packed trains and buses
http://ride.asiaone.com/sites/default/files/styles/article_image/public/original_images/Feb2013/MRT_amk_0.jpg
Commuters packed into an MRT train at Ang Mo Kio Station. In a My Paper survey last month of 150 Singaporeans and permanent residents aged between 17 and 50, 47 per cent of respondents felt that trains are overcrowded.
Haley Chan and Andre C. Neville | My Paper | Wednesday, Feb 13, 2013
SINGAPORE - Administrative assistant Devakumar Thirignasambhantham dreads his journey to work every morning.
The 26-year-old, who travels for about an hour on the train from his home in Tanah Merah to his workplace in Raffles Place, said that crowds on trains can sometimes be unbearable.
"It's just too crowded during peak hours. So I leave my house earlier, sometimes as early as 6.30am, to avoid the crowded trains," he said.
He was among 150 respondents polled in a survey last month by My Paper entitled: "Are you happy with public transport?"
Respondents were Singaporeans and permanent residents aged between 17 and 50, and who were mostly working adults. They were asked 14 questions over the telephone and at three MRT stations.
What the respondents said
The straw poll found that the No. 1 public-transport peeve was overcrowdedness for both train and bus commuters. Nearly half, or 47 per c ent, of respondents felt that trains are overcrowded, while about 47 per cent felt the same way about buses.
About 55 per cent of respondents also felt that they are spending more on public-transport fares this year, despite no fare hikes introduced over the past 12 months.
Also, 53 per cent of those polled said they were satisfied with how transport operators deal with train delays through the use of public announcements at MRT stations.
The Land Transport Authority's (LTA's) Household Interview Travel Survey, due to be released later this year, should see a rise in the share of public-transport trips, The Straits Times reported.
The Straits Times said that in the recently-released Land Use Plan, the Government is targeting this share to hit 75 per cent by 2030, when the population here could reach 6.9 million.
In the last survey, done in 2008, the percentage was 59 per cent - down from 63 per cent in 2004.
Mr Cedric Foo, chairman of the Government Parliamentary Committee for Transport, acknowledged that trains and buses are crowded.
http://sg.news.yahoo.com/fire-at-newton-mrt-station--scdf-014947331.html
Newton MRT station fire put out, train service resumes
http://l1.yimg.com/bt/api/res/1.2/JyIKXkigGHkXJpStnaEpkg--/YXBwaWQ9eW5ld3M7Zmk9Zml0O2g9MjA-/http://media.zenfs.com/246/2011/03/17/ynewslogo-071424_075919.png
Yahoo! Newsroom – 4 hours ago
http://l.yimg.com/bt/api/res/1.2/JzhSIY4ZWVUMkYRAAXCLkA--/YXBwaWQ9eW5ld3M7Y2g9MjkxO2NyPTE7Y3c9NTI4O2R4PTA7ZHk9MDtmaT11bGNyb3A7aD0yODI7cT04NTt3PTUxMg--/http://l.yimg.com/os/publish-images/news/2013-02-12/58ea73b2-653f-40bc-af1c-1a8d7abb1a71_fireatnewton.jpg
The fire at Newton MRT station on Wednesday morning has been extinguished. There were no casualties.
[See video here (http://www.facebook.com/photo.php?v=10200191764911170). More photos here (http://sg.news.yahoo.com/photos/fire-at-newton-mrt-station-slideshow/)]
SMRT said in Facebook update that the fire started around 905am. It involved electrical wirings just north of the Newton station, about five metres away from the station platform. The fire, which caused smoke to get inside the MRT, was put out in an hour.
At the time, north-bound trains along the North-South line were affected and free bus services were activated between Newton and Toa Payoh to ferry affected commuters. Free bus bridging services were also provided for commuters between Marina Bay and Toa Payoh.
South-bound trains towards the city were also turned around at Newton station while the fire was being put out, causing a delay to commuters who were on their way back to work after the extended Lunar New Year break.
Normal train service resumed after a 2.5-hour disruption.
SCDF said it dispatched two fire engines, two red rhinos and several support vehicles when it was alerted shortly after 9am. The fire was extinguished using fire extinguishers and a small quantity of foam.
A video sent to Yahoo! Singapore by a commuter showed thick smoke inside the station as commuters were seen exiting the station calmly.
Commuter Victor Tan, who was on a train heading to his office in Toa Payoh, said his train was delayed for several minutes at Newton MRT shortly before 9am as a station announcement was made regarding the delay.
The 31-year-old civil servant then noticed smoke starting to spread in the cabins and passengers began evacuating the train in an orderly manner when the train doors opened.
He said "the smoke wasn't choking" and "everyone evacuated in an orderly manner".
The fire is the latest in a line of MRT disruptions stretching back for the last two years.
Just last month, nearly 60,000 commuters were affected by a seven-hour breakdown (http://sg.news.yahoo.com/train-service-on-north-east-line-disrupted-032541091.html) along the North-East Line.
Seletar, please do not crowd the forum with public news. We can read them in other sites. This site if is for property invested forumers. Please do not spam with Today news or Straits Times news here.:simmering:
phantom_opera
13-02-13, 13:56
You know what! I am more concern with no negative property news. It means that we are too comfortable with the present environment and tend to loose our guards. It is like what I had described earlier:
A frog feeling comfortable in a bowl of slow heating water until it is too late to react.
IMO we should worry about inflation, deflation risk is greatly exaggerated ...why? Because wall street bankers wants u to believe so that US fed can continue this low int rate
You know what! I am more concern with no negative property news. It means that we are too comfortable with the present environment and tend to loose our guards. It is like what I had described earlier:
A frog feeling comfortable in a bowl of slow heating water until it is too late to react.
i don't get it. you go doctor, do you hope to listen to negative news so you will be like the frog? you don't need negative news to prepare for bad scenarios. likewise, you don't need good news during bad times to prepare for good scenarios.
i hope u don't go to the teacher to give you bad grades so you will be motivated to study and get great result.
IMO we should worry about inflation, deflation risk is greatly exaggerated ...why? Because wall street bankers wants u to believe so that US fed can continue this low int rate
i'm worried about stagflation.
Seletar, please do not crowd the forum with public news. We can read them in other sites. This site if is for property invested forumers. Please do not spam with Today news or Straits Times news here.:simmering:
Seletar,
you should put more time on your reservoir to cater the growing population.
Transport issue not under your territory. go and sleep with the mosquito.
Seletar, please do not crowd the forum with public news. We can read them in other sites. This site if is for property invested forumers. Please do not spam with Today news or Straits Times news here.:simmering:
All these news could have an effect on the property market, isn't this what this thread is all about?
http://sbr.com.sg/economy/news/heres-what-singapore-mncs-are-most-concerned-about
Singapore Business Review
ECONOMY | Staff Reporter, Singapore
Published: 13 Feb 2013
Here's what Singapore MNCs are most concerned about
Soaring property prices are only second biggest issue.
In this year’s survey, Economist Corporate Network members assessed whether issues below where material constraints on their ability to operate—and whether they were serious enough to cause managers to consider decamping to other locations.
Cost of living/inflation tops the chart of major irritants in Singapore with more than half of surveyed companies indicating it to be either a major constraint or a reason to relocate—and nearly 40% consider property prices as having the same impact.
Will this cause companies to look at other places to put their regional management hubs?
Economist Corporate Network says: "In all likelihood not."
"It is still vitally important to have a critical mass of management in places where travel is convenient and the financial system works well. However, that doesn’t mean that firms are doing nothing. Anecdotally, some firms are moving parts of their operations that don’t need to be in their regional hubs into less expensive cities in other countries. Other firms are exploring more distributed management models, spreading their senior team across several markets, rather than putting them all in one place."
http://sbr.com.sg/sites/default/files/news/concerns.PNG
phantom_opera
13-02-13, 15:45
It is funny transport and population news comes under property crashing thread
Since I am in new year mood today let me set u thinking...
US Media controlled by wall street so there is every reason to report deflation threat to ensure fed continue its easing plus scare u of holding banana USD and us treasury while in reality wall street will own assets and stocks in anticipation of coming inflation onslaught
So pls do not believe in the US media, Sg media is simply a copycat of us media plus pap machinery period
i don't get it. you go doctor, do you hope to listen to negative news so you will be like the frog? you don't need negative news to prepare for bad scenarios. likewise, you don't need good news during bad times to prepare for good scenarios.
i hope u don't go to the teacher to give you bad grades so you will be motivated to study and get great result.
Obviously, you had missed my earlier post in another thread.
If there are bad news, it means that crisis is not likely to hit us. Things that can be predicted or prewarned are not likely to lead to crisis. It is when we are too comfortable with the environment like the frog (in the slow heating bowl of water) when the water gets too hot to get out. Crisis usually hits us this way; just when we are comfortable with the surrounding. Hope this help.
Seletar, please do not crowd the forum with public news. We can read them in other sites. This site if is for property invested forumers. Please do not spam with Today news or Straits Times news here.:simmering:
By now you should know what's the meaning of "TWIST & TURN cum DIVERT ATTENTION EXPERT" :D
It is funny transport and population news comes under property crashing thread
Since I am in new year mood today let me set u thinking...
US Media controlled by wall street so there is every reason to report deflation threat to ensure fed continue its easing plus scare u of holding banana USD and us treasury while in reality wall street will own assets and stocks in anticipation of coming inflation onslaught
So pls do not believe in the US media, Sg media is simply a copycat of us media plus pap machinery period
Of course, all this deflation and doomsdays news about America collapsing is nothing but propaganda. The economy is booming.
Watch the i/r later this year when the media can no longer cover up the property boom in progress. :D
Of course, all this deflation and doomsdays news about America collapsing is nothing but propaganda. The economy is booming.
Watch the i/r later this year when the media can no longer cover up the property boom in progress. :D
Along with US now we gonna have yen onslaught :banghead:
How can banana money survive :scared-4:
phantom_opera
13-02-13, 16:51
In short, Watch what they do, not what they say in media
Obviously, you had missed my earlier post in another thread.
If there are bad news, it means that crisis is not likely to hit us. Things that can be predicted or prewarned are not likely to lead to crisis. It is when we are too comfortable with the environment like the frog (in the slow heating bowl of water) when the water gets too hot to get out. Crisis usually hits us this way; just when we are comfortable with the surrounding. Hope this help.
Second that. Something that can be identified as the potential black swan isn't the black swan.
Population is a big factor in Singapore's property market, especially the foreign and PR population. Imagine what a foreign and PR population reduction will do to the property market.
Overcrowded public transport and very expensive private transport are factors against population increase, so it is population related.
Now even MNCs are very concerned about Singapore's high property prices and high living costs, and are downsizing their operations and moving out to less expensive cities to cut costs.
Singapore is currently the sixth most expensive city in the world, and third most expensive city in Asia. Singapore is becoming too expensive...
We can't compete on price. We need to compete on value add and the intangibles.
....
Singapore is currently the sixth most expensive city in the world, and third most expensive city in Asia. Singapore is becoming too expensive...
NB!! I tot YOUNG KOK cum INEXPERIENCE SELETAR airbase was saying that "Price have been dropping....." in 20th June 2012?? So how come become more & more expensive??!!
I think now SELETAR airbase can be promoted same rank as MR B... to "TWIST & TURN cum DIVERT ATTENTION EXPERT" lor :D
20th June 2012
Prices have been dropping in the resale market.
Population is a big factor in Singapore's property market, especially the foreign and PR population. Imagine what a foreign and PR population reduction will do to the property market.
Overcrowded public transport and very expensive private transport are factors against population increase, so it is population related.
Now even MNCs are very concerned about Singapore's high property prices and high living costs, and are downsizing their operations and moving out to less expensive cities to cut costs.
Singapore is currently the sixth most expensive city in the world, and third most expensive city in Asia. Singapore is becoming too expensive...
I thought MNCs are more concerned about manpower shortage.:eek:
Need more population lah.
I thought MNCs are more concerned about manpower shortage.:eek:
Need more population lah.
http://sbr.com.sg/economy/news/heres-what-singapore-mncs-are-most-concerned-about
Singapore Business Review
ECONOMY | Staff Reporter, Singapore
Published: 13 Feb 2013
Here's what Singapore MNCs are most concerned about
Soaring property prices are only second biggest issue.
In this year’s survey, Economist Corporate Network members assessed whether issues below where material constraints on their ability to operate—and whether they were serious enough to cause managers to consider decamping to other locations.
Cost of living/inflation tops the chart of major irritants in Singapore with more than half of surveyed companies indicating it to be either a major constraint or a reason to relocate—and nearly 40% consider property prices as having the same impact.
Will this cause companies to look at other places to put their regional management hubs?
Economist Corporate Network says: "In all likelihood not."
"It is still vitally important to have a critical mass of management in places where travel is convenient and the financial system works well. However, that doesn’t mean that firms are doing nothing. Anecdotally, some firms are moving parts of their operations that don’t need to be in their regional hubs into less expensive cities in other countries. Other firms are exploring more distributed management models, spreading their senior team across several markets, rather than putting them all in one place."
http://sbr.com.sg/sites/default/files/news/concerns.PNG
http://sbr.com.sg/economy/news/heres-what-singapore-mncs-are-most-concerned-about
Singapore Business Review
ECONOMY | Staff Reporter, Singapore
Published: 13 Feb 2013
Here's what Singapore MNCs are most concerned about
Soaring property prices are only second biggest issue.
In this year’s survey, Economist Corporate Network members assessed whether issues below where material constraints on their ability to operate—and whether they were serious enough to cause managers to consider decamping to other locations.
Cost of living/inflation tops the chart of major irritants in Singapore with more than half of surveyed companies indicating it to be either a major constraint or a reason to relocate—and nearly 40% consider property prices as having the same impact.
Will this cause companies to look at other places to put their regional management hubs?
Economist Corporate Network says: "In all likelihood not."
"It is still vitally important to have a critical mass of management in places where travel is convenient and the financial system works well. However, that doesn’t mean that firms are doing nothing. Anecdotally, some firms are moving parts of their operations that don’t need to be in their regional hubs into less expensive cities in other countries. Other firms are exploring more distributed management models, spreading their senior team across several markets, rather than putting them all in one place."
http://sbr.com.sg/sites/default/files/news/concerns.PNG
"It is still vitally important to have a critical mass of management in places where travel is convenient and the financial system works well"
Posted it in wrong thread?
Sound to me that Singapore becoming a city for rich people only. More and rich coming our way.
Can imagine what it will mean for property ? :doh:
"It is still vitally important to have a critical mass of management in places where travel is convenient and the financial system works well"
Posted it in wrong thread?
Sound to me that Singapore becoming a city for rich people only. More and rich coming our way.
Can imagine what it will mean for property ? :doh:
This is a real concern. Tt is y I think Singapore will b a v expensive place to retire for most retirees unless u already belong to e rich n ruling class now. Properties will b also v expensive by virtue of limited land but growing number of richer immigrants. By default set e inflation rate at 4% n c how much savings u need to retire at ur current quality of living. It shd b a big amt.
This is a real concern. Tt is y I think Singapore will b a v expensive place to retire for most retirees unless u already belong to e rich n ruling class now. Properties will b also v expensive by virtue of limited land but growing number of richer immigrants. By default set e inflation rate at 4% n c how much savings u need to retire at ur current quality of living. It shd b a big amt.
How can pty be expensive later?? S'pore Pty price is coming down very very fast since Oct 2011 u know!! Where is MR B??
U folks have totally forgotten about the title of this thread hah!! :D
"It is still vitally important to have a critical mass of management in places where travel is convenient and the financial system works well"
Posted it in wrong thread?
Sound to me that Singapore becoming a city for rich people only. More and rich coming our way.
Can imagine what it will mean for property ? :doh:
Are the very senior management (the rich people) of most of these MNCs based here? Singapore is a regional hub with a very small domestic market, it is not their global HQ. Increasingly MNCs are moving their investments, operations and senior people to where the big markets are to cut costs and improve efficiency. Singapore is getting too expensive and losing attraction to MNCs. Why are CCR property rental and sales doing poorly when there are so many rich people from MNCs coming as you have imagined?
http://sbr.com.sg/economy/news/singapores-barely-choice-new-investments-in-2013
Singapore Business Review
ECONOMY | Staff Reporter, Singapore
Published: 12 Feb 13
Singapore's barely a choice for new investments in 2013
Nearly 1 in 2 investors in Singapore stay on the sidelines.
China tops the chart of countries attracting greater new commitments this year, said a report by the Economist Corporate Network Asia.
"As the world’s second largest economy, and with growth ratesthat remain impressive, China’s gravitational pull appears undiminished. Nearly three-quarters of the companies in our survey say they will increase their investment there in 2013."
Economist Corporate Network Asia points that this is is likely driven in part by the increasing geographical diversification of the China opportunity.
"Production centres are drifting inland, and new markets are rising rapidly in Tier Two, Three and Four cities, most of which lie inland from the established markets of China’s eastern and southern provinces. Foreign firms have many gripes in China, from rapidly rising wages, to entrenched favouritism towards local competitors. But such gripes are not yet translating into reduced appetite for investing there.
Singapore results however were a bit disappointing with only 34.8% of investors interviewed stating they will increase their level of investments - 46.1% of the investors already in the market will not increase; 21.9% have no plans to invest; and 3.1% will reduce investments.
http://sbr.com.sg/sites/default/files/news/investments.PNG
http://sbr.com.sg/economy/news/singapores-barely-choice-new-investments-in-2013
Singapore Business Review
ECONOMY | Staff Reporter, Singapore
Published: 12 Feb 13
Singapore's barely a choice for new investments in 2013
Nearly 1 in 2 investors in Singapore stay on the sidelines.
China tops the chart of countries attracting greater new commitments this year, said a report by the Economist Corporate Network Asia.
"As the world’s second largest economy, and with growth ratesthat remain impressive, China’s gravitational pull appears undiminished. Nearly three-quarters of the companies in our survey say they will increase their investment there in 2013."
Economist Corporate Network Asia points that this is is likely driven in part by the increasing geographical diversification of the China opportunity.
"Production centres are drifting inland, and new markets are rising rapidly in Tier Two, Three and Four cities, most of which lie inland from the established markets of China’s eastern and southern provinces. Foreign firms have many gripes in China, from rapidly rising wages, to entrenched favouritism towards local competitors. But such gripes are not yet translating into reduced appetite for investing there.
Singapore results however were a bit disappointing with only 34.8% of investors interviewed stating they will increase their level of investments - 46.1% of the investors already in the market will not increase; 21.9% have no plans to invest; and 3.1% will reduce investments.
http://sbr.com.sg/sites/default/files/news/investments.PNG
Sg is 2nd if you add those who are already in the market but not increasing plus those who intend to increase.....it does not say anything about the actual amount of investment....in absolute amount, the picture would be clearer....this report is not very reflective of true investment climate....very superficial and selective in using the data.
ok. understand. we just got out of a major crisis. there was so much money pumped in by the various govt. they would do everything to ensure we don't go into a recession. how to see another world recession within the next 2 years. when u are down, there is no way to go but up.
Obviously, you had missed my earlier post in another thread.
If there are bad news, it means that crisis is not likely to hit us. Things that can be predicted or prewarned are not likely to lead to crisis. It is when we are too comfortable with the environment like the frog (in the slow heating bowl of water) when the water gets too hot to get out. Crisis usually hits us this way; just when we are comfortable with the surrounding. Hope this help.
ok. understand. we just got out of a major crisis. there was so much money pumped in by the various govt. they would do everything to ensure we don't go into a recession. how to see another world recession within the next 2 years. when u are down, there is no way to go but up.
The Fed is always ahead of the curve, meaning, if there's a crisis, they will print lots of money in huge amounts, but once the recovery starts, they will start sucking back the money in equally huge amounts. Once they start sucking back, funds will flow out of Singapore.
Of course, the question is when the recovery will begin. That will depend on the US property market. It could be very fast, as early as by 3rd quarter 2013.
http://www.reuters.com/article/2013/01/30/markets-bonds-treasuries-idUSL5N0AZAHE20130130
TREASURIES-Selloff accelerates as Treasury yields top 2 pct
LONDON | Wed Jan 30, 2013 6:13am EST
Jan 30 (Reuters) - U.S. Treasury yields rose to a nine-month high on Wednesday as a break above 2 percent in 10-year yields spurred a new round of selling ahead of the conclusion of the Federal Reserve's latest meeting and key data.
As the recent resurgence in appetite for riskier assets grew stronger in Asian trading, the decisive break by 10-year Treasury yield above this closely watched level triggered a wave of selling when European markets opened.
"It's been very busy morning. Once we broke through 2 percent on 10s it seemed like it sparked another round. This is coming from real money accounts here," a trader said, referring to long-term investors rather than short-term speculators.
The selloff took 10-year yields to a peak of 2.035 percent with traders eyeing next resistance at 2.07 percent - a level which capped the yield during early 2012.
"It's a global shift away from safer assets to more risky assets as the worst-case scenario for the world economy seems to be avoided, particularly in Europe," said Nick Stamenkovic, strategist at RIA Capital Markets
"The price action suggests that the market is selling on strength rather than buying on weakness which is a reflection of deteriorating sentiment towards Treasuries."
Treasury futures were 6/32 lower at 131, matching a similar-sized fall in German Bunds.
The near-term outlook is dominated by the outcome later in the day of the Federal Reserve's policy meeting. The Fed is not expected to unveil new policy measures, but its pronouncements will be scrutinised for any indication of when loose monetary policy could end.
"Anything that is going to push up expectations of when the end of quantitative easing happens is going to be a bearish event," the trader said, adding that such signals could send Treasury yields as high as 2.15 percent.
Beyond that, U.S. jobs data due on Friday will help to shape investors' perception of how strong growth is in the U.S. economy. The current upbeat sentiment left markets vulnerable to a worse than expected figure, which could check the rise in yields, analysts said.
The Fed is always ahead of the curve, meaning, if there's a crisis, they will print lots of money in huge amounts, but once the recovery starts, they will start sucking back the money in equally huge amounts. Once they start sucking back, funds will flow out of Singapore.
Of course, the question is when the recovery will begin. That will depend on the US property market. It could be very fast, as early as by 3rd quarter 2013.
The US housing market started recovering last year...
The US housing market started recovering last year...
Yes, but this is only housing recovery and it has barely begun.
Even though in some cities like San Francisco, prices rose 28.3% last year, across the US, the average price only rose only an average of 10%.
Of course, with the recovering US economy, this year prices may rise 15-20% across the board, matching 2005 bubble levels, with cities in California probably doubling their prices from 2011 levels.
By then, you can see that Ben Bernanke will look very odd with his zero interest rate policy. ;)
phantom_opera
14-02-13, 08:48
with shrinking value of USD and negative real rate ... it is only a matter of time that the commoners pile into risky assets
with shrinking value of USD and negative real rate ... it is only a matter of time that the commoners pile into risky assets
Draghi-Carney Show Ascent of Whatever-It-Takes Central Bankers
By Simon Kennedy
February 13, 2013 7:19 PM EST
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Call them the “whatever-it-takes” central bankers.
As the world’s advanced economies grow at half the speed of the pre-crisis years amid persistently high unemployment, governments are turning to a new set of monetary-policy makers who in word -- and they hope deed -- are more aggressive than their predecessors.
1 OF 3 VIDEOS
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High Expectations for Carney Are Risky, HSBC Says
(11:23) 6 days ago
Yellen Says Rates May Not Rise When Thresholds Hit
(25:35) 2 days ago
Bernanke Talks About Fed Policy in Michigan
(59:23) 1 months ago
A revolution that began with the arrival in November 2011 of Mario Draghi at the European Central Bank now is gathering speed as Canada’s Mark Carney joins the Bank of England and the Bank of Japan awaits a new governor. The shift could culminate a year from now if Federal Reserve Chairman Ben S. Bernanke is succeeded by someone even bolder.
The changing of the guard reflects both a need for central banks to offset fiscal paralysis and a bet that monetary policy remains a potent force. At the same time, investors are increasingly weighing the costs and benefits of quantitative easing, while suggesting too much is expected of central banks.
The appointments of activists “reflect the case that economies are still struggling to sustain solid recoveries and there’s pressure from political quarters to be more stimulative,” said Nathan Sheets, a former adviser to Bernanke and now global head of international economics at Citigroup Inc. in New York. “Central banks have stuff in the bag, but it’s largely untried and may generate unwelcome side effects.”
The aggressiveness -- actual or anticipated -- already is affecting markets. The euro is up 9.5 percent against the dollar since Draghi’s July 26 vow to defend the single currency, and the yield on Spain’s 10-year bond has fallen more than two percentage points to 5.2 percent since July 24.
The Japanese yen is down about 15 percent compared with the dollar since mid-November in anticipation of new Prime Minister Shinzo Abe’s plans to refocus the Bank of Japan on beating deflation. U.K. inflation expectations are near the highest since April 2011 amid speculation that Carney, currently the Bank of Canada governor, will spur prices.
The promotion of policy makers who support stimulus encourages the recent pivot away from bonds and into riskier assets such as stocks, said Andrew Milligan, head of global strategy at Edinburgh-based Standard Life Investments Ltd. It also is forcing investors to consider ways to protect themselves against long-term price pressures through inflation-protected bonds and real estate, he said
If u think ben bernake is printing like crazy, wait for the next generation of central bankers. Growth will be rank supreme, inflation to the infinity and beyond.
i don't get it. you go doctor, do you hope to listen to negative news so you will be like the frog? you don't need negative news to prepare for bad scenarios. likewise, you don't need good news during bad times to prepare for good scenarios.
i hope u don't go to the teacher to give you bad grades so you will be motivated to study and get great result.
this one makes my day...:D
we are always more expensive than our neighbours, u only know that today?? If they want it cheap, there is JB, Batam, or even as far as vietnam...
so do u now see why they are here? I dont think i need to elaborate on that. more expat getting local terms due to economic situation and thus more are even moving to OCR, that is understandable but that doesn't mean MNC is not here. CCR might start to shine again when the market recovers, who knows.
in any case, more ppl will find OCR valuable as Sg are decentralizing our CBD into regional hubs and because of that, more will want to stay near to where they works. right? If more banks are in CBD, then mostly expats from the banking will be there renting CCR. i suppose...now that banking is suffering, of course CCR will lose it shines.
Are the very senior management (the rich people) of most of these MNCs based here? Singapore is a regional hub with a very small domestic market, it is not their global HQ. Increasingly MNCs are moving their investments, operations and senior people to where the big markets are to cut costs and improve efficiency. Singapore is getting too expensive and losing attraction to MNCs. Why are CCR property rental and sales doing poorly when there are so many rich people from MNCs coming as you have imagined?
with shrinking value of USD and negative real rate ... it is only a matter of time that the commoners pile into risky assets
All this doomsday talk is really outdated and based on old information.
George Soros and Warren Buffett were the biggest buyers of US bank stocks in 2011. A lot has changed in the last 4 years.
There were no smartphones in 2008. There were no phone apps - which btw are mostly created in the US.
While cost has risen through the roof in Asia, costs in the US has plunged to the bottom of the sea with the cheapest natural gas and cheapest oil and electricity. Thousands of companies are planning to shutdown in Asia and move their factories to the US to take advantage of lower costs and energy.
Of course, the man in the street, don't know this yet. The billionaires knew, they had access to info we don't.
http://online.wsj.com/article/SB10001424127887323854904578264080157966810.html
Cheap natural gas gives U.S. ‘competitive advantage’
February 7, 2013, 7:15 PM
While corporate executives at Qualcomm Inc. QCOM -0.17% and other companies may opt out of building factories and jobs in the U.S. because of richer incentives in other countries, Hugh Welsh, North American president of Dutch conglomerate DSM NL:DSM +1.18% , plans to continue expanding here partly because of lower natural gas prices.
The lower cost for the fuel translates to reduced expenses for electrical power to run factories and more affordable prices for gas-based raw materials used to make petrochemicals and other products, he said.
Hugh Welsh
Natural gas in the U.S. is currently about $3.40 per thousand cubic feet; it’s between $10 and $11 in Europe and $15 in Asia
“Cheap natural gas is a good incentive for any manufacturer,” said Welsh. “It’s an enormous competitive advantage for the U.S.” Despite generous overseas incentives, the U.S. also offers productivity gains, predictable rule of law, protection of intellectual property, and a slowly-growing economy, he said.
For its part, DSM has wrapped up nine U.S. acquisitions in the past two years worth more than $3 billion, with 38 locations and more than 5,000 employees in North America.
Welsh is pushing for a federal production tax credit for biochemicals, a move he says could lead to 100,000 new industry jobs over the next five years.
Meanwhile, DSM plans to continue its efforts to expand its U.S. presence through its alliance with ethanol maker Poet LLC to build plants that convert corn cobs and other waste products into fuel, along with other projects.
– Steve Gelsi
FIRE SALE: Oil sands players now get $45 a barrel vs global price of $109
Frik Els | December 14, 2012
This week the price oil sands producers receive fell to staggering $64 a barrel below the international benchmark after the spread between Canada’s heavy oil and US crude fell to a more than five-year low.
The deepening discount for Western Canada Select (WCS) – a blend of heavy oil sands crude and conventional oil – comes on top of declines for US benchmark Nymex West Texas Intermediate (WTI).
US crude is now close to $23 cheaper than global oil in the form of North Sea Brent. WTI always traded at a premium, but that changed in 2009 when the Saudis stopped using it as the benchmark and switched to Brent.
Brent is trading at $109 in Europe which translates to an effective price for bitumen-derived oil from Alberta's oil sands of just over $45 a barrel.
The value of Syncrude – a light oil made from oil sands after undergoing an expensive upgrading process – is trading at par to WTI, down from a $15.00 premium in September.
The lack of pricing power for Canada's oil sands players is often blamed on the fact that 99% of exports end up in the US.
Producers cannot access new markets in Asia as pipeline projects to the west coast languish in a regulatory morass.
There is no clear timeline for TransCanada’s (NYSE:TRP) Keystone XL to finally cross the border into Canada.
That Enbridge’s (TSX:ENB) Northern Gateway pipelines is built at all is an ever diminishing prospect and even Kinder Morgan’s (NYSE:KMI) proposal to expand its existing pipeline to the Pacific coast, is facing fierce opposition.
There exists also the absurd situation that the populous centers in the eastern part of Canada have to import 60% of their needs and pay global prices.
There is talk of converting an existing gas pipeline to carry Alberta oil to the east, but at this point that's all it is; talk.
And even if these projects do come off the ground Alberta producers like Suncor (TSX:SU NYSE:SU), Cenovus (TSX:CVE NYSE: CVE) and Imperial Oil (TSX:IMO NYSE:IMO) would still find it hard to compete.
Bitumen is expensive to extract, upgrade and refine and cannot compete with the many new shale oil plays which have pushed US production to its highest level in a decade.
Unlike oilsands oil, Bakken trades broadly in line with to WTI and the region is also competing for pipeline and refinery contracts with Alberta.
Apart from the boom in US production and a strong loonie – as the Canadian dollar is referred to by locals – Alberta's oil sands players are also threatened by escalating labor and equipment costs.
A recent report by research house Wood Mackenzie shows break-even costs for building new steam-driven projects is in the $65 – $70 a barrel range.
Mining developments – the truck and shovel method accounts for a fifth of all projects – need at least $90 – $100 oil.
Existing projects in Alberta can still make money at $45 a barrel.
Canada loves to brag that when including the oil sands, its oil reserves are second only to Saudi Arabia’s.
But if these are the kind of numbers you’re working with that’s all it’s going to stay – reserves in the ground.
thomastansb
14-02-13, 09:48
And they just printed billions of dollars to pay for their debt. While those holding USD see the value shrink by 20-30%. And their economy is going full steam because of low currency ex. But their citizens will be hit because their savings has shrank and inflation is high. Pros and cons but overall, they are stronger now.
Europe, on the other hand, is pretty screwed.
All this doomsday talk is really outdated and based on old information.
George Soros and Warren Buffett were the biggest buyers of US bank stocks in 2011. A lot has changed in the last 4 years.
There were no smartphones in 2008. There were no phone apps - which btw are mostly created in the US.
While cost has risen through the roof in Asia, costs in the US has plunged to the bottom of the sea with the cheapest natural gas and cheapest oil and electricity. Thousands of companies are planning to shutdown in Asia and move their factories to the US to take advantage of lower costs and energy.
Of course, the man in the street, don't know this yet. The billionaires knew, they had access to info we don't.
http://online.wsj.com/article/SB10001424127887323854904578264080157966810.html
And they just printed billions of dollars to pay for their debt. While those holding USD see the value shrink by 20-30%. And their economy is going full steam because of low currency ex. But their citizens will be hit because their savings has shrank and inflation is high. Pros and cons but overall, they are stronger now.
Europe, on the other hand, is pretty screwed.
Having the most powerful military in the world does has its privileges. While our sovereign funds threw in tens of billions into their banks, their Fed merely had to print the billions - FOC.
Lee: We spent billions helping your banks....
Obama: Oh thank you....... perhaps you could have waited a little for our Fed money trucks first. ;)
Having the most powerful military in the world does has its privileges. While our sovereign funds threw in tens of billions into their banks, their Fed merely had to print the billions - FOC.
Lee: We spent billions helping your banks....
Obama: Oh thank you....... perhaps you could have waited a little for our Fed money trucks first. ;)
U are this close to a law suit
http://www.straitstimes.com/premium/forum-letters/story/focus-high-cost-living-first-20130214
Straits Times Forum
Published on Feb 14, 2013
Focus on high cost of living first
SINGAPORE is now ranked the sixth most expensive city in the world, according to a recent survey ("S'pore is world's 6th most costly city: Survey"; Feb 5).
How did we become such an expensive city within the space of a few years?
The main factor has been inflation on the housing and transport front.
Our loose immigration policy over the past few years, coupled with the lack of forward planning on infrastructure, has been the catalyst.
Now, we have a Population White Paper outlining future population projections, with comprehensive plans to expand the infrastructure. But no mention has been made about the high cost of living here.
With more people, Singapore is certainly not going to become a cheaper place to live in.
One possible scenario is that highly skilled and mobile Singaporeans will seek to live elsewhere.
The net effect will be less born-and-bred Singaporeans and more immigration to make up for the declining population.
The White Paper should first focus on the high cost of living, as population growth creates more cost pressures.
If we do not watch our cost of living, Singapore may well become the most expensive city in the world.
Tan Ho Gian
http://www.straitstimes.com/premium/forum-letters/story/singapore-costly-city-all-20130214
Straits Times Forum
Published on Feb 14, 2013
Singapore is a costly city for all
IN THE Worldwide Cost of Living 2013 survey, Singapore moved up three places from ninth position, making it a more expensive place to live in than cities like Zurich, Paris and Geneva ("S'pore is world's 6th most costly city: Survey"; Feb 5).
Associate Professor Tan Khee Giap, co-director of the Asia Competitiveness Institute at the Lee Kuan Yew School of Public Policy, was quoted as saying that the survey findings should not be used as a benchmark for the lives of average Singaporeans.
He argues that the survey is targeted mainly at human resource managers and expatriate executives.
I have been a human resource manager for some 35 years, and I doubt if the Economist Intelligence Unit would go through the effort of producing such a survey twice a year for the sole benefit of human resource managers.
While it is true that expatriates tend to wine and dine at restaurants, instead of at coffee shops or hawker centres, the prices of goods and services affect all, regardless of whether they are expatriates or Singaporeans.
I am sure the average Singaporean would agree that Singapore has become an expensive place to live in. Just look at what you would have to pay today for an HDB flat or a car or a bowl of noodles, compared to what you paid, say, 10 years ago.
One can argue that the survey is biased, but the reality is that Singapore is an expensive city to live in, survey or no survey.
Matthew Ong Koon Lock
You know what! I am more concern with no negative property news. It means that we are too comfortable with the present environment and tend to loose our guards. It is like what I had described earlier:
A frog feeling comfortable in a bowl of slow heating water until it is too late to react.
i don't get it. you go doctor, do you hope to listen to negative news so you will be like the frog? you don't need negative news to prepare for bad scenarios. likewise, you don't need good news during bad times to prepare for good scenarios.
i hope u don't go to the teacher to give you bad grades so you will be motivated to study and get great result.
This is so funny!
I've been listening to negative news & completed loose my guards since 5-rm $100k.. listening to negative news & loose my guards till now some 5-rm transacted over at $1,000,000k now :D
phantom_opera
14-02-13, 11:21
This is so funny!
I've been listening to negative news & completed loose my guards since 5-rm $100k.. listening to negative news & loose my guards till now some 5-rm transacted over at $1,000,000k now :D
in 1980's - 100k 5r new HDB, 2k starting pay, resale 150-200k
in 1990's - 300k 5r new HDB, 2.5k starting pay, resale 350-450k
in 2000's - 400k 5r new HDB, 2.8k starting pay, resale 450-550k
in 2010's - 500k 5r new HDB, 3k starting pay, resale 650-950k
in 2020's - 650k 5r new HDB, 3.2k starting pay, resale 1m?
1991 M3 - 1991
Jan 83,076.1 (million)
2012
Dec P 485,915.4 (million)
perfect ...83k HDB at 1991 shoud now be 485k ;)
in 1980's - 100k 5r new HDB, 2k starting pay, resale 150-200k
in 1990's - 300k 5r new HDB, 2.5k starting pay, resale 350-450k
in 2000's - 400k 5r new HDB, 2.8k starting pay, resale 450-550k
in 2010's - 500k 5r new HDB, 3k starting pay, resale 650-950k
in 2020's - 650k 5r new HDB, 3.2k starting pay, resale 1m?
By history already warned us..
Don't depend on salary.. KEEP MORE properties!!! :D
U are this close to a law suit
Please explain your thoughts?
In my opinion, the US is Singapore's main ally, we buy their F15s, we host their warships, we send troops to Afghanistan, we help their banks when they are in trouble.
This is a national strategy that is suppose to benefit Singapore in the long run.
The US is still the world superpower, I agree with this action, even if it is minuscule from their point of view.
Please explain your thoughts?
In my opinion, the US is Singapore's main ally, we buy their F15s, we host their warships, we send troops to Afghanistan, we help their banks when they are in trouble.
This is a national strategy that is suppose to benefit Singapore in the long run.
The US is still the world superpower, I agree with this action, even if it is minuscule from their point of view.
Singapore's main ally is whoever is stronger or who can give us more benefit...
Please explain your thoughts?
In my opinion, the US is Singapore's main ally, we buy their F15s, we host their warships, we send troops to Afghanistan, we help their banks when they are in trouble.
This is a national strategy that is suppose to benefit Singapore in the long run.
The US is still the world superpower, I agree with this action, even if it is minuscule from their point of view.
I can smell your fear from miles away
U are this close to a law suit
why you want to scare people.
what he say is true except maybe for obama part.
at most, lee sue him, ask him to apologize.
just do what alex au does ok, kena sued twice, apologized twice. and both times, he get to reprint his offending articles :)
why you want to scare people.
what he say is true except maybe for obama part.
at most, lee sue him, ask him to apologize.
just do what alex au does ok, kena sued twice, apologized twice. and both times, he get to reprint his offending articles :)
Now u are scaring him more than I do
http://sbr.com.sg/residential-property/news/foreign-buying-activity-dropped-7-in-2012
Singapore Business Review
RESIDENTIAL PROPERTY | Staff Reporter, Singapore
Published: 14 Feb 2013
Foreign buying activity dropped to 7% in 2012
And 2013 won't be any better.
According to UOB Kay Hian, foreign buying activity remains weak. Buying activity by foreigners slowed down considerably to 7% in 2012 compared with 16% in the previous year due to a combination of a slowdown in the global macroeconomic environment and the introduction of ABSD in Singapore.
"In 2013, we expect foreign buying activity to remain at the current low levels (7%) as the imposition of higher ABSD (15%), a sluggish macro environment and tightening immigration policy will continue to weigh on foreign buying sentiments," UOB Kay Hian said.
http://www.bloomberg.com/news/2013-02-14/euro-area-economy-shrinks-most-since-depths-of-recession.html
Euro-Area Economy Shrinks Most Since Depths of Recession
By Marcus Bensasson - Feb 14, 2013 7:26 PM GMT+0800
Bloomberg News
The euro-area recession (http://www.bloomberg.com/quote/EUGNEMUQ:IND) deepened more than economists forecast with the worst performance in almost four years as the region’s three biggest economies suffered slumping output.
Gross domestic product (http://www.bloomberg.com/quote/EUGNEMUQ:IND) fell 0.6 percent in the fourth quarter from the previous three months, the European Union’s statistics office in Luxembourg said today. That’s the most since the first quarter of 2009 in the aftermath of the collapse of Lehman Brothers Holdings Inc. and exceeded the 0.4 percent median forecast of economists in a Bloomberg survey.
The data capped a morning of releases showing that the economies of Germany, France and Italy all shrank more than forecast in the fourth quarter. European Central Bank President Mario Draghi (http://search.bloomberg.com/search?q=Mario%20Draghi&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1&partialfields=-wnnis:NOAVSYND&lr=-lang_ja) said last week that confidence in the 17-nation bloc has stabilized and the ECB sees a gradual recovery beginning later this year, though the situation is “fragile.”
“The outlook for 2013 remains subdued,” said Peter Vanden Houte (http://search.bloomberg.com/search?q=Peter%20Vanden%20Houte&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1&partialfields=-wnnis:NOAVSYND&lr=-lang_ja), an economist at ING Group NV in Brussels. “While a gradual improvement of the world economy is likely to support European exports, domestic demand is bound to remain very weak as fiscal tightening and rising unemployment will take their toll on household consumption.”
The euro extended its decline against the dollar after the data were released. It fell 0.9 percent to $1.3328 as of 10:34 a.m. London time. The single currency also weakened versus the pound and the yen. European stocks (http://www.bloomberg.com/quote/SXXP:IND) erased gains, U.S. equity- index futures fell, and German bunds advanced.
Japanese Surprise
The European data chimed with statistics in Japan, where the economy unexpectedly shrank (http://www.bloomberg.com/quote/JGDPAGDP:IND) last quarter as falling exports and a business investment slump outweighed improved consumption. GDP fell an annualized 0.4 percent, following a 3.8 percent fall in the previous quarter. That bolsters Prime Minister Shinzo Abe (http://search.bloomberg.com/search?q=Shinzo%20Abe&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1&partialfields=-wnnis:NOAVSYND&lr=-lang_ja)’s case for more monetary stimulus to end deflation.
The euro-area economy shrank 0.9 percent in the fourth quarter from a year earlier, the statistics office said. In 2012, it contracted 0.5 percent.
Data earlier today showed the German economy (http://www.bloomberg.com/quote/GRGDPPGQ:IND), Europe’s largest, shrank 0.6 percent in the fourth quarter, while French GDP fell 0.3 percent. Both contractions exceeded the median forecasts of economists. Italy’s economy shrank 0.9 percent, also more than expected and a sixth straight contraction.
Ninth Contraction
Other releases today showed that Portugal’s GDP (http://www.bloomberg.com/quote/PTGDPQOQ:IND) fell by 1.8 percent in the ninth successive quarter of contraction, while in Austria and the Netherlands, it dropped 0.2 percent. In Greece, which doesn’t publish quarter-on-quarter data, GDP fell 6 percent in the fourth quarter from a year earlier.
Measures by the ECB to stem the debt turmoil have eased the worst strains and helped to reduce sovereign bond yields. The yield on Spain’s 10-year debt is about 5.2 percent, down from more than 7.5 percent in July.
Some reports have also pointed to an easing in the recession in the euro area since the start of this year. While industrial production (http://www.bloomberg.com/quote/EUITEMUM:IND) fell 2.4 percent in the fourth quarter, it rose 0.7 percent in December, more than economists forecast. Surveys of manufacturing and services (http://www.bloomberg.com/quote/PMITSEZ:IND) improved in January.
Downside Risks
Still, the ECB has predicted that the euro zone’s economy will shrink 0.3 percent this year. The appreciation of the euro, which gained 8.2 percent in the past six months, is also threatening to hurt exports.
The ECB said today that professional forecasters cut their growth and inflation estimates. They predict inflation of 1.8 percent in 2013 and 2014, down from the 1.9 percent estimated for both years three months ago, the central bank said, citing a quarterly survey. Forecasters foresee zero growth this year and expansion of 1.1 percent next year.
Heineken NV (http://www.bloomberg.com/quote/HEIA:NA), the world’s third-biggest brewer, said yesterday it sees volume weakness this year in European markets “affected by continued economic uncertainty and government-led austerity measures.” ThyssenKrupp AG (http://www.bloomberg.com/quote/TKA:GR), Germany’s biggest steelmaker, said on Feb. 8 that it intends to make savings in its European steel business by cutting more than 2,000 jobs.
In the 27-nation European Union, GDP fell 0.5 percent in the fourth quarter from the previous three months and 0.6 percent on the year. The statistics office is scheduled to publish a breakdown of fourth-quarter GDP next month.
“While sentiment towards the region has improved, the hard news on the economy remains distinctly weak,” said Jonathan Loynes (http://search.bloomberg.com/search?q=Jonathan%20Loynes&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1&partialfields=-wnnis:NOAVSYND&lr=-lang_ja), chief European economist at Capital Economics in London. Surveys have pointed to an “improvement in sentiment and activity in the early part of 2013. But for now at least, they are not strong enough to suggest that the euro zone has pulled out of recession.”
To contact the reporter on this story: Marcus Bensasson in Athens at
[email protected] (
[email protected])
http://www.businesstimes.com.sg/premium/top-stories/more-foreign-worker-curbs-likely-economists-20130215
Business Times
Published February 15, 2013
More foreign worker curbs likely: economists
Further measures to boost productivity also expected in Budget
[SINGAPORE] Even as businesses made their concerns over the future slowdown in workforce growth loud and clear last week, economists and others say more foreign worker curbs may be announced as soon as this month - when the government presents its Budget for the new fiscal year on Feb 25.
They point out that the government's long-term objective to tighten the inflow of foreign workers, and the resolve behind that stance, was clear even before the Population White Paper drew a chorus of protests from the business community.
But the White Paper, passed in Parliament last Friday, made clearer how quickly workforce growth will have to slow, and backed the view that the tightening of foreign worker inflows may shift from a focus on lower-skilled work permit holders to those entering on S-passes and employment passes too.
And, the foreign worker population will be a "transient" one that may shrink or grow depending on the need to complement the "Singapore core", Prime Minister Lee Hsien Loong said in Parliament last Friday. These will be "people who come to live and work here for a while, not to retire, not permanently", who will "serve Singaporeans, build our flats and MRT lines, take care of our elderly, bring skills and experiences that we ourselves lack", Mr Lee said.
Given that 213,000 foreigners joined Singapore's labour force since 2010, Lee Kuan Yew School of Public Policy associate professor Hui Weng Tat says that the 1-2 per cent projected growth in the overall workforce from 2010 to 2020 implies that the pool of foreign workers will grow far less for the rest of this decade.
Even at the upper end of the forecast, 2 per cent workforce growth translates into an estimated 33,000 foreigners joining Singapore's workforce each year, down from 70,000 on average in the past three years, Assoc Prof Hui estimates. "Businesses can therefore expect tighter controls on foreign workers in the next seven years if the targets stated in the White Paper are to be achieved," he says.
Some believe these may be announced in conjunction with the Budget on Feb 25.
This time last year, Finance Minister and Deputy Prime Minister Tharman Shanmugaratnam announced stricter foreign worker quotas and higher levies to moderate demand. That was the third year in a row of such moves on Budget Day, after foreign worker levies were first hiked in 2010 and raised again in 2011.
However, the labour force still grew 3.9 per cent in 2012, exceeding the 1-2 per cent projection, Citi economists Kit Wei Zheng and Brian Tan noted in a report yesterday. They expect Budget 2013 to introduce further quota cuts and foreign worker levy hikes in a "calibrated and targeted fashion", despite protests from business lobby groups.
To cushion the short-term impact on firms, they say such curbs may be accompanied by extra incentives to hire local workers, such as wage subsidies similar to the Special Employment Credit now given to employers of older, low-wage workers.
OCBC economist Selena Ling also thinks additional curbs are "fairly likely" this Budget but may be more industry-specific and tied to productivity gains achieved, in response to feedback from the private sector.
Additional foreign worker curbs on Feb 25 also look likely to UniSIM associate professor Randolph Tan because "excepting employers, that at least conforms to the common point of agreement (in the debate on the white paper), that slowdown is needed". But the labour economist doubts it is prudent to "apply the brakes suddenly".
That, says UOB economist Francis Tan, is the reason he, unlike others, expects no foreign labour curbs on Feb 25. Even if any are announced then, they will be phased in gradually to avoid a negative labour supply shock. The sharper slowdown will probably come closer to 2020, he says. Instead, he expects "more productivity-related goodies to aid businesses in increasing labour productivity".
The government has said that it is aware of businesses' difficulties with manpower and costs, and several ministers including Mr Tharman have in recent months promised help for small and medium enterprises in particular this Budget, with business costs and raising productivity.
But it has also hinted at further tightening of the foreign manpower tap. Most recently, Acting Manpower Minister Tan Chuan-Jin, commenting on 2012's labour statistics, said that the growth in S-pass numbers for mid-skilled foreigners is "cause for concern" and that the S-pass framework is being reviewed to keep it in line with Singapore's productivity push.
While Mr Tan did note the drop in employment pass numbers - the first since 2003 and likely due to tightening introduced in Jan 2012, the Citi economists think that "in light of the concerns of middle class voters, political considerations suggest that further tightening in eligibility criteria for employment pass holders is possible".
Most economists are of the view that firms need to swallow the bitter pill of restructuring. "The views of businesses are not unexpected. . . They have been too accustomed to increasing profits by increasing scale and raising headcount through adding cheap foreign labour. They should be looking at attracting more locals for the vacancies that they need to fill instead of complaining about the inevitable," says Assoc Prof Hui.
In an article on the Institute of Policy Studies' online platform IPSCommons, Economic Society of Singapore vice-presidents Donald Low, Yeoh Lam Keong, Tan Kim Song and Manu Bhaskaran also write that such adjustment is not necessarily bad. "Businesses which cannot adapt should and would exit the market, the state should not be propping them up with ever more inputs of cheap labour. Their exit also frees up labour and capital resources for the growing, more productive parts of the economy," they wrote.
And in future, even without any restrictions, Singapore may not be able to find foreigners willing to take low-skilled jobs here as wage prospects in their home countries improve, says National University of Singapore associate professor and labour economist Shandre Thangavelu."The question is, when that happens, what is going to drive Singapore's growth then?"
There is an urgent need to nurture local human capital and groom Singapore MNCs. "We've been driving Singapore on foreign technology, foreign capital and foreign labour, but those cannot drive growth any more. The next 20 years will be driven by locals," he says.
http://www.tremeritus.com/2013/02/14/mrt-breakdowns-and-a-quick-thought-on-national-productivity/
MRT Breakdowns and a Quick Thought on National Productivity (http://www.tremeritus.com/2013/02/14/mrt-breakdowns-and-a-quick-thought-on-national-productivity/)
February 14th, 2013
I was more than an hour late for work today (13 Feb 2013), because the MRT train broke down. I boarded the train at Bishan, it was supposed to take me to Raffles Place, but instead it stopped at Toa Payoh and an announcement was made and all the passengers had to get off. This was right during the morning rush hour too.
Apparently, there had been a fire at the Newton MRT station, so they stopped the train services along the red line. Fire seems to be a new reason for train breakdown – I don’t quite recall that they specifically had fires before, but they do regularly come up with new sorts of reasons for trains to break down. So the experience is not that new. It’s certainly not the first time I’ve experienced an MRT breakdown in the past three years or so.
Catching a taxi at Toa Payoh right then was impossible. There were hundreds of stranded train passengers milling out from underground, getting to the main road, and all of them were trying to queue and call for a cab at the same time.
I gave up and tried to catch a bus. It took me a while, because I am not familiar with the bus services in Toa Payoh (I hardly ever stop there, except when the train breaks down). Finally, I figured out what bus number I wanted to take, but when it came, I couldn’t get on it, because it was too crowded.
In the end, I took another bus (SBS No. 105) to Scotts Road. That was not where I wanted to go, but I needed to get out of that crowded area at Toa Payoh. I had to stand all the way on the very crowded 105, but hey, at least I was on a bus that could actually move and it wasn’t on fire.
Upon reaching Scotts Road, I tried to queue for a cab at the Far East Plaza taxi stand. But the first five or six of the cabs I couldn’t board, as they were changing shifts and not headed to the area where I wanted to go. Finally I managed to get a cab.
I chatted with the driver and I mentioned that the train had broken down. Coincidentally he had just come from the Newton MRT area. He told me that he had seen some police cars and fire engines there, and there were lots of people getting out of the train station and trying to get a bus or cab.
The driver said that at the Newton MRT area, he had wanted to stop to pick up a passenger, but he didn’t dare to. The reason was that there were lots of policemen and he was afraid he would get a summons for picking up a passenger at the Newton taxi stop. He explained to me the difference between a “taxi stop” and a “taxi stand”. Even if there are 50 passengers queueing at a taxi stop, only three taxis can be there at any given time. If yours is the 4th or 5th taxi, you have to drive on. You can’t stop even if it’s for a few seconds.
When I finally reached work, I found that several of my colleagues were also late for work, thanks to the train breakdown. One of them had been stuck at Dhoby Ghaut MRT. He had actually managed to get onto the train, but it wouldn’t move and for a long time, there were no announcements as to whether it would move or not. So he just stood there waiting and waiting and waiting, and wondering whether he should continue to wait.
Then I remembered this article which I had read on on Channel News Asia:
S’pore’s productivity well below most developed countries: DPM Tharman
SINGAPORE: Singapore’s productivity is well below that of the most developed countries, according to Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam.
In a Facebook post on Sunday, he noted that restaurants here are experiencing difficulties finding employees. Mr Tharman said some restaurants have raised pay to attract part-timers during the peak Lunar New Year season.
But most still have difficulty finding people, because the overall labour market is close to full employment. Mr Tharman said these are real problems for businesses, but the solution is not to ease up on foreign worker policies.
He said the solution has to be more fundamental.
“Fundamental”, phui. “Basic” would be a better word.
Dude, don’t get too complex. If 100,000 people in Singapore were one hour late for work this morning because the trains broke down, that’s 100,000 man-hours lost.
How do you expect Singaporeans to raise their productivity, when your public transport infrastructure can’t even get them to work on time?
Gilbert Koh aka Mr Wang
* The writer blogs at http://mrwangsaysso.blogspot.ca/
http://www.tremeritus.com/2013/02/15/letter-from-a-grassroots-leader-to-pm/
Letter from a grassroots leader to PM
[Editor's note: This chain letter has been circulating on the Net. Even though the validity of the writer's identity cannot be ascertained, the content of the letter is worth reading.]
Dear Prime Minister,
I am one of your grassroots leader. I’ve volunteered and served in one of your constituency for the last 20 years. I’ve had these thoughts percolating in my mind for many months. With what I observed in the last 2 weeks, starting with the Punggol BE then the White Paper, I decided to take the risk and go ahead and send this letter to you. I hope you do not take any of these the wrong way.
After the GE2011 elections, the PAP was dealt a big blow with the unprecedented loss of a GRC. You did a post-mortem with us, and with your MPs. One of the message we tried to send you then was : You (meaning the PAP leadership) just didn’t listen to us. We told you there were many problems on the ground, you did not listen. After the GE, you said PAP will change.
The next challenge came in Hougang BE. You picked a great PAP candidate and for a while, we thought he could pull off a win. But against the advice of the candidate and the PAP grassroots, you deployed your big guns (KBW, TCH etc) and hijacked the message on the ground. You did not listen.
The Punggol BE decisive loss was unexpected. The PAP grassroots told you to send one of us, a grassroots type person, to the fight. You chose to parachute in an unknown, someone who just joined the party weeks ago. He committed gaffe after gaffe. You did not listen.
And right after the Punggol BE, you unveiled the White Paper.
I know that those close to you, including the mainstream media, are praising you for daring to take on the problems of the future, of not sweeping things aside. But let me tell you this : I think you, and your top leadership, screwed up big time.
I am sorry I have to use this language. You see, I’m a business leader too. I know what its like to be surrounded by people reporting to you, who are naturally disposed to tell you what you want to hear. Or are all molded in the same way. I am outside your – sorry to use this word, “bubble” – so from the outside, sometimes, I can see things a bit more clearly.
Virtually all your PAP grassroots leaders and members were taken aback by the White Paper. And it became obvious very quickly that so were all the PAP MPs. Seah Kian Peng said he’s skeptical about the White Paper and thought the targets should be scaled by to 80% (how’s that different from WP’s 5.9 million?). Jessica said that she, and a few other MPs, would not have been able to support the White Paper in its present form. Even Tin Pei Ling said she supported the amended proposition with a heavy heart.
Why didn’t you bother to run through the White Paper with your fellow MPs before you publicly released it? They could have told you how toxic the Paper came across and how to refine it. Why didn’t you do that?
In other words, once again, why didn’t you listen? Time and again, our team scored our own goals because of the sheer arrogance of the top leadership.
And look at how your top leaders handled the White Paper since its roll-out. Within days, KBW started back-tracking saying 6.9 million was just a “worst case target, which we hope we never reach, that is for planning purposes only”. And you quickly followed suit, saying you agree. And the rest of the Ministers echoed the same language.
And then it was pointed out to you that in the past, PAP had also used the words “worst case target” or “planning purposes only”, only to have those numbers quickly exceeded.
And you actually got ESM Goh, Mah Bow Tan and Wong Kan Seng to speak in defence of the Paper? With MBT saying “lets go for the maximum”? Are you and your leadership team really that tone deaf? These are the very guys who are most associated with Singapore’s “lost decade” – a decade where we seemingly pursued GDP growth for its own sake, where the social fabric of Singapore was put under tremendous (and some say, irreversible) stress, where you yourself said to have “lacked 20/20 vision” in infrastructure planning. And yet, you actually got these people to speak? Do you know what message you are sending – you are essentially thumbing your nose at Singaporeans and saying, “So?”.
I now know why MBT, WKS, VB, RL, etc did not show the slightest remorse over their egrogrious mistakes during their tenure. It is because you, the PM, set the tone at the top. You did not see these as any big deal, and that tone filtered through your entire organisation. In other words, you still do not listen.
On the very last day of the Parliament debate, you said that the population numbers for the future is for future generation to decide. Huh ???? What then have almost 60 MPs been debating these 5 days ? You put up a White Paper, you start back-tracking and now you think that just because you’ve muddied it up, its become palatable?
Why did you put the party through this? Did it have to be handled in such a – pardon my language again – incompetent way? And how do you think we, your faithful foot-soldiers, feel ? You put us in the difficult position of having to defend something we did not agree with. How do we answer to our family members and friends, who asked what are we fighting for, what’s wrong with today’s PAP leaders?
Let me tell you something honestly. The reason I, and some of my friends, volunteered was because we were grateful for what the Old PAP did for this country. We believed in its policies and its leadership. But in recent years, you and your team have gradually undermined this reservoir of goodwill and support. You know, I heard that in the Punggol BE, some PAP grassroot members actually told their family members to vote opposition, while they put up the show of canvassing for KPK’s support. In my heart, I also sometimes root for the other side, especially the WP. I know. I should not feel this way. But you guys just don’t listen.
Let me tell you something else too – I personally like you. And I think many Singaporeans do too. You gave a good speech in Parliament, just like you did in the last day of Punggol BE rally.
But you know – after I actually got over the emotional high from your speech, and think through about what you said, more doubts actually crept in.
“Growth is not for its own sake. But growth is not unimportant. If you are in the top 5, 10% of the population, you may say, well, I have enough, I can manage .. (but) if you are in the bottom 10, 20% of the population, .. it would be patronising for us to say growth is unimportant… Our experience has shown that in fact when the economy is growing, the low income Singaporeans get benefits, their incomes go up.”
Mr PM, do you know that in the last 10 years, the bottom 10% and 20% didn’t see their real income rise at all? If the last 10 years of growth, with 1 million increase in population, didn’t increase their income or make their lives better, how do you expect Singaporeans to believe you that the next 10 years of growth will be different? And Mr PM, did you realise that, until Lim Chong Yah came up with his radical proposal, even the top Union leader did not even realise that incomes of cleaners etc have not risen over the years, and didn’t realise they (the Union) have done nothing about it? In other words, they – the Union – was caught with their pants down (sorry to use this analogy, I know, Palmer-gate still hurts).
“Singaporeans, “feel together” as when the nation grieved with Mr and Mrs Francis Yap when their two sons, aged 13 and seven, were tragically killed in a Tampines accident last week. And when Singaporeans triumph, as Mr Nickson Fong, 43, did in winning an Oscar this year for a new animation technique, the country celebrates with him, said Mr Lee. .”
PM, Singaporeans did not feel together when Ma Chi crashed his ferrari. It became a symbol of how Singapore threw its door open in wanton abandonment to the rich, and how they lived it up in Singapore. And Singaporeans feel divided, not united, when the China-imported table tennis team won medals in the London Olympics. It became a symbol of the “instant tree” mentality of the Govt. And I guess you now no longer cite the example of Feng Tian Wen as a unifying factor because she’d said bye-bye to Singapore and moved back to Beijing.
You see, Mr. PM, you cannot just quote examples in isolation, take us to an emotional high, and assume it assuage all of our raw wounds. Its almost like you are burying your head in the sand, when it comes to examples that do not fit with your idealised notion of how it should have been. We do not exist in that alternate reality. When I think through these parts of your speech, I actually wonder if you are disconnected from us.
“He concluded with the promise that the Government will “watch the numbers” and make sure Singaporeans are clearly in the majority. It will always treat citizens better than non-citizens, he said”
Mr PM, you may not realise this, but in our public spaces – like the MRT, bus, Chinatown, Little India etc – we Singaporeans already no longer feel we are in the majority. My children tell me of attending classes in University, where Singaporeans are the minority and they feel they are in a foreign country. Do you realise that in some offices, large cliques of Filipinos or North Indians prevail, and they tend to hire their own? You see, you work in the Civil Service –when you look out of your office, everywhere you look, you see Singaporeans. It is not like that in many other offices. How do you “watch the numbers” when you do not even have an accurate sense of the current ground reality?
“For Singapore to thrive, we Singaporeans must always stay lean and hungry,” he said. “If we lose our drive, we will lose out.””
OK, I now get it. Its all about money isn’t it? You are afraid that whatever counter-proposal anyone comes up with – whether it be reducing our reliance on foreign labor, or improving SME productivity, or reducing income inequality – you are afraid that it basically means touching the reserves.
But isn’t your propoal to give additional grants for children also raiding the reserves? And when KBW said that he (yes, not “we” but “he”) has decoupled BTO flat prices from the resale market by essentially increasing subsidies, isn’t he also – in the words of MBT – raiding the reserves?
“You said that 6.9 million is a worst case, and you see that the number for 2030 will be significantly below that. But that 6 million proposed by the WP will be too low and it will be higher than that. And that after this, you expect that the population will flatten out. The resident population is going to stablise and the non-resident population will also eventually level off”
Mr PM, do you know what you just did? You, and your team, have made the argument strenuously that there is simply no way to grow the economy without population increase. And that as the population ages, we have to supplement with foreign labor.
And yet you are saying that between 2020 and 2030, this need will magically disappear. In other words, there is no intellectual coherence to your argument.
And do you know what this sounds like? You sound like someone who’s hooked on drugs or gambling. And he’s saying : just give me one last sniff, or just lend me another $100, and after that, I promise, I will not need it anymore.
And the worst part is this – nobody is going to believe you that 6.9 million is not real. Because come 2016, as long as the population increases from today’s 5.3 million to 5.6 million, the WP can easily say : See, the PAP is going along the trajectory in the White Paper. Ignore all their talk. Its already happening. If you vote PAP, you will have 6.9 million people.
In other words, you have fallen onto a trap that you dug yourself. How sad.
Let me end with the same words you used in your speech. You said you and your colleagues got into politics to improve the lives of Singaporeans. I do not doubt your sincerity. As I said at the very beginning, many Singaporeans like you and want to see you succeed, even though they disagree with your policies.
I am a grassroots leader. I’m spending time helping the PAP party because I believed that this will help Singapore and Singaporeans. I’m not paid for this. I’m doing it out of my own free will and with my sacrifice of time.
I’m rooting for you to pursue the right policies. I’m rooting for you to succeed.
But just like in GE2011, or Punggol BE, or in the recent White Paper – you do not listen.
At this rate, you will continue to erode the trust (yes, trust) and support of the people. Including people from the older generation who remembered and are eternally grateful to what LKY did for Singapore. In fact, the White Paper had turned out to be a big wake up call to Singaporeans – they better think twice about putting the PAP in such a dominant position in Parliament, if they want to maintain the Singapore they know.
So what do I want from you, other than “listen to us”? A hallmark of a successful, good leader is not his charisma, or his heart, or his eloquence, or his intelligence. The starting point is always this – who is he listening to? Whose inputs do he value, whose has he learnt to discount? Some of the lousiest emperors in China surrounded themselves with eunuchs who told the emperor what he wanted to hear. Some of the best, like Qian Long, disguised himself as a commoner to understand the true situation on the ground.
You do not have to listen to me. But find your own channels to listen to the ground. Seriously think again about who constitutes your inner circle.
But, listen, you must.
Yours sincerely,
Mr Tan Ah Kow
PS: After the dust settled, you made some comments during CNY weekend. You said that the Govt must learn from (its debacle in) the White Paper, saying that this was a communication problem. I guess you still don’t get it, do you?
http://www.tremeritus.com/2013/02/15/why-i-decide-to-study-singapore-swfs/
Why I decide to study Singapore SWFs (http://www.tremeritus.com/2013/02/15/why-i-decide-to-study-singapore-swfs/)
February 15th, 2013
I am frequently asked how I became interested in Singapore and the unique case of Temasek Holdings and the Government of Singapore Investment Corporation (GIC). Despite conspiracy theories in which I work for a hedge fund, the communist government of China, or those crazy American capitalists, the truth is much more boring.
In 2007 and 2008, I worked at a think tank in Santa Monica, California and I became interested in sovereign wealth funds. Headlines on sovereign wealth funds were exploding in the news with all nature of fear mongering about the potential for combining state political power with financial might. Interested in understanding the behavior of sovereign wealth funds, like Temasek and GIC, rather than believing the news driven fear mongering headlines, I set out to assemble data that might would help us assess their investment patterns. I subsequently spent many months pouring through data sources such as corporate filings, Securities and Exchange Commission records, my local Bloomberg terminal, and Thompson Datastream to assemble data that would provide me insight into their behavior.
Published on an academic paper database in June 2008 with the sexy title “A Portfolio Analysis of Sovereign Wealth Funds (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1141531)”, it was covered in a variety of outlets such as the Wall Street Journal (http://blogs.wsj.com/economics/2008/03/31/swfs-may-not-be-as-rich-as-they-look/?mod=WSJBlog) among others. Written with much rhetorical flourish, it contained such incendiary claims about Singapore as:
“Examining the public equity holdings of Temasek Holdings and the Government of Singapore Investment Corporation (GIC), both Singaporean sovereign wealth funds, for whom good records exist, their holdings indicate a conservative portfolio of global equities.”
“…Singaporean SWF’s do not appear to assume risks other sophisticated investors do not also assume.”
“…the Singaporean SWF private equity investment record seems both rational and respectable.”
While I understand that these claims were inflammatory to absolutely no one, given the data in 2008 they were entirely defensible and based on all available evidence at the time. However, as John Maynard Keynes notes, “when the facts change, I change my mind.”
In the spring of 2010, I began writing my book entitled Sovereign Wealth Funds: The New Intersection of Money and Power (http://www.amazon.com/Sovereign-Wealth-Funds-Intersection-Politics/dp/0199752117). It was during this process having studied other sovereign wealth funds that I attempted to reconcile Temasek’s claim of having earned 17% annually since its inception in 1974. Knowing the long term returns of stock markets and other major sovereign wealth funds averaged from 6-9% depending on the riskiness of their portfolio or their respective market, I was curious to find out more about what investment strategy SWF’s used to pull off such spectacular returns. I then began by trying to find their investment strategy and holdings.
I quickly realized that I could not come close to reconciling the 17% annual returns claimed by Temasek with either the broader market or individual holdings. Of all the sovereign wealth funds I reviewed, Singapore and its respective funds were the only funds with serious financial discrepancies. For instance, those funds claim to earn a rate of return consistent with investments they are known to have held but also inflows and outflows could be reconciled such that there did not appear to be large differences.
Singapore and its funds, Temasek and GIC, were the only instance I could find where serious discrepancies existed between:
a) the rate of return claimed by a sovereign wealth fund and the broader market
b) the rate of return claimed by a sovereign wealth fund and individual investment holdings and
c) the claimed assets under management, capital inflows, and claimed annualized returns.
After discovering such a large discrepancy in Singapore, I looked hard at other funds and countries and simply could not find a discrepancy of a remotely similar magnitude. And believe me I looked hard at other countries and funds. The differences are well beyond anything that might be considered a rounding error or understandable difference.
I never at any point set out to write extensively about Singapore it is only that its public finances simply cannot be explained or reconciled. Given the inflows from public surpluses and borrowing for the purposes of investment as claimed by the government coupled with the claimed high rates of return, there simply should be a lot more money than is listed on the government balance sheets. The government may be able to evade questions and concerns about their finances from someone like myself but they simply cannot avoid the laws of mathematics.
It was simple academic curiosity of continuing to ask questions that drew me to study Singapore, Temasek, and GIC. I am not connected to Singapore in anyway and have refused to be drawn into Singaporean politics or endorse politicians. I will however continue to ask questions and try to find the truth of what has happened to the money lent by CPF account holders and the years of surpluses paid out in taxes by ordinary citizens from the point of view as an academician.
Christopher Balding
* The writer is a professor of business and economics at the HSBC Business School at the Peking University Graduate School. An expert in sovereign wealth funds, he has published in such leading journals as the Review of International Economics, the Journal of Public Economic Theory, and the International Finance Review on such diverse topics as CDS pricing, the WTO, and the economics of adoption and abortion. His work as been cited by a variety of media outlets including the Wall Street Journal and the Financial Times. Prof Balding received his Phd from the University of California, Irvine and worked in private equity prior to entering academia. He blogs at http://www.facebook.com/baldingsworld.
http://www.bloomberg.com/news/2013-02-14/ponzi-schemes-built-on-people-always-crash-too.html
Singapore’s Population Bubble
ByWilliam Pesek (http://www.bloomberg.com/view/bios/william-pesek/) Feb 15, 2013 6:00 AM GMT+0800
Bloomberg.com
Singaporeans (http://www.bloomberg.com/quote/SGDYTY:IND) are raring to do something extraordinary: protest.
That might not seem like a big deal with the Arab Spring uprisings; Chinese journalists taking to the streets; and thousands of typically docile Japanese rallying against government policies. But tropical Singapore is the land of quiet brooding, where mass street demonstrations are as common as snowstorms.
What has people so riled up? Well, people. The impetus for the Feb. 16 march (https://www.facebook.com/saynotooverpopulatedsingapore?fref=ts) is a report that the tiny island’s population may rise by as much as 30 percent to 6.9 million by 2030. This seems to be the government’s answer to the question of how to sustain prosperity in one of the most crowded and expensive cities in the world.
The signs of overcrowding and urban stress are palpable to any visitor. Prices are surging, public services in a nation famed for nanny-state tendencies are slipping and some of the finest infrastructure anywhere is bucking under the strain. Locals blame the influx of immigrants, which Prime Minister Lee Hsien Loong (http://search.bloomberg.com/search?q=Lee%20Hsien%20Loong&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1&partialfields=-wnnis:NOAVSYND&lr=-lang_ja)’s ruling party touts as one key to Singapore’s success in the years to come.
The city-state, with about half the area of New York City, has 3.3 million citizens and 2 million foreign residents, many of whom have contributed greatly to Singapore’s growth in finance and construction. Yet complaints that overseas workers deprive locals of jobs and drive up housing prices fill the air. Singapore is the third-most-expensive Asian city and ranks as the sixth most costly in the world, according to an Economist Intelligence Unit ranking of 131 cities.
Case Study
Singapore may well serve as a case study for what happens when leaders try to offset slowing economic growth with immigration and increased birth rates. There are lessons that Japan or Italy would do well to study. All of it is turning into a political liability for Lee, the son of Lee Kuan Yew (http://search.bloomberg.com/search?q=Lee%20Kuan%20Yew&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1&partialfields=-wnnis:NOAVSYND&lr=-lang_ja), who is regarded as the father of modern Singapore.
The erosion in his party’s popularity is accelerating after the release Jan. 29 of a white paper that contained the 6.9 million figure, which it calls a projection, not a goal. Lee Hsien Loong has since said the number of people will be“significantly” lower than the report suggests. Will Singaporeans buy that?
“The new population policy is anti-Singaporean and it threatens our existence and livelihoods,” says Gilbert Goh (http://www.transitioning.org/author/gilbert-goh/), 51, an advocate for unemployed citizens and an organizer of a protest planned for this week.
Sadly, some of the rants one reads in the media and online veer toward xenophobia. If Singaporeans are so livid, they should stop supporting Lee’s party. After all, isn’t the government, by seeking to import more human capital, telling its own people that they lack the skills to compete? Anyone who doubts Singapore is serious only has to look at accelerating efforts to reclaim land from the sea for development, giving the city the room for population growth.
The real question, as public angst rises, is whether the opposition is justified. Former United Nations demographerJoseph Chamie (http://yaleglobal.yale.edu/content/coping-world-population-boom-and-bust-%E2%80%93-part-ii) says it is. To Chamie, the view that it’s almost always better to have more and more people is the human equivalent of what Bernard Madoff (http://search.bloomberg.com/search?q=Bernard%20Madoff&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1&partialfields=-wnnis:NOAVSYND&lr=-lang_ja) did with money, something he calls “Ponzi demography.”
The human-pyramid scheme works like this: Population growth, either through births or immigration, boosts demand for goods and services, increases borrowing, boosts tax revenue and adds to corporate profits. Everything seems grand and leaders take a bow. It’s a bubble, though, and it eventually bursts when population growth stalls. Incomes (http://www.bloomberg.com/quote/SIQUTOTA:IND) top out, high debt crushes consumption and investment, the need for public assistance rises, environmental degradation increases and angry people take to the streets.
Public Pays
As households are left to pick up the tab once Ponzi demography runs its course, government leaders issue dire warnings about economic decline if the flow of fresh talent stops. This will sound familiar to Singaporeans as Lee’s People’s Action Party sketches out a dystopian future without adding wealthy bankers and low-income workers to the nation’s ranks.
Singapore needs to find another way. The era of easy growth is over. Just as economies such as Japan and South Korea are seeing the limits of their export-led models, Singapore’s formula has run its course. Raising the productivity of its current workforce would be more potent for a developed, open economy looking to compete in a region dominated by the cheap labor and manufacturing of China and India. Singapore should focus as much energy on incentives for its existing residents to innovate and start new businesses as on adding more bodies.
Not only is Singapore toying with liberalized immigration, it’s also revving up a campaign to persuade Singaporeans to wed younger and reproduce. It is an odd push for Lee. Four decades ago, concern about overpopulation prompted his father to urge a delay in nuptials and to have smaller families. Today, amid a birthrate of about 1.3 children per woman, efforts to encourage bigger families border on the offensive. Just check a new website, “Hey Baby (http://www.heybaby.sg/).”
Singapore’s addiction to population growth sends a simple and disconcerting message: The country has run out of ideas to increase economic vitality, aside from encouraging people to procreate or immigrate. Ponzi demography, indeed.
(William Pesek (http://search.bloomberg.com/search?q=William%20Pesek&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1&partialfields=-wnnis:NOAVSYND&lr=-lang_ja) is a Bloomberg View columnist. The opinions expressed are his own.)
To contact the writer of this article:William Pesek (http://search.bloomberg.com/search?q=William%20Pesek&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1&partialfields=-wnnis:NOAVSYND&lr=-lang_ja) in Singapore at
[email protected] (
[email protected])
http://www.tremeritus.com/2013/02/15/letter-from-a-grassroots-leader-to-pm/
Letter from a grassroots leader to PM
I call bullshit on this being authentically from a grassroot leader.
Whether you believe the grouses in here are legitimate or not I leave to you all. I'm not commenting on the content..... just that it's supposed to be from a grass root leader.
The further you get into the less and less it seems like a grass root leader & the more it sounds like an opposition supporter trying to sound like a grass root leader......
That said, their will probably be plenty of grass roots that are wondering what the hell is going on for the last few years.
btw what is grass root leader meant to be? Party political or party neutral?
http://www.bloomberg.com/news/2013-02-14/ponzi-schemes-built-on-people-always-crash-too.html
Showing comments on Singapore’s Population Bubble
drkprince 3 hours ago
Singapore's success owes to its authoritarian and paternal government. Its citizens are conditioned and cradled. They are shielded from the harshness and reality of the free democratic world.
The restriction of personal freedom and media control only stifle the creativity and enterprise of its people.
The result makes Singapore rigid and robotic. It is not able to innovate and be fluid.
Look at its business success . Her own MNCs are all government supported eg Singtel, SIA.
Even the big 3 local banks are assisted by the Government to retail its Superannuation fund (CPF).
The CPF itself is a ponzi scheme which will collapse if there is not high population growth.
Murthi (http://profile.yahoo.com/FA43VURDFQOUUTLCP24PZIM734) 3 hours ago
What is being overlooked is the fact that without the massive influx over the last decade and more, the property market would have collapsed. Ponzi demography is required to feed the Ponzi RE (real estate)!
Maju lah. (http://profile.yahoo.com/CGL3AUFYFHJI5MG7H5IW3VAQUU) 3 hours ago
Singaporeans are not anti-immigrants as someone has pointed out. Most of their forefathers are immigrants after all. Rather, it is the inability of current infrastructure to handle it that riles them the most. Although the government has promised to do more to cope with this 'projected' population, it's difficult for the people to be convinced. Not when the trains they commute daily are packed like sardines, not when the roads are getting increasingly congested, not when the shopping malls resemble fish markets, etc.
Johnny_Walsh 2 hours ago
Singaporeans are not xenophobic. It is madness to think that you can squeeze 7 million people on 700 sq km of land. There is no doubt that this is just a Ponzi scheme. An effort to make as much money for the elites and their cronies before Singapore loses its competitiveness to neigbouring countries.
Basically, make hay while the sun shines.
Sadly, it will remain business as usual until Singaporeans have the courage to elect poltical leaders who have new ideas. Cosmetic changes will not work. We need a complete overhaul of the system. The present system is was designed to keep the ruling party in power. The education system produces robots who will listen and follow instructions but afraid to question or challenge authority. But isn't this the same with other dictatorships. Tyranical rulers are afraid of intelligent people with questioning minds. People who are not satisfied with the status quo.
All in this article gives a very accurate picture of the current situation in Singapore. But it left out one thing. High population growth is a Ponzi scheme and brings economic and financial benefits to the ruling class and their cronies. But when the populace are slowing turning against you, as witnessed by the heavy loss of support in the 2011 General Elections and two By-elections, bringing in grateful foreigners and giving them citizenship is an excellent way to shore up your flagging support, don't you agree.
Kenneth Koh 2 hours ago
I'm sorry you have had to read a whole stream of xenophobic sentiment from Singaporeans Mr Pesek. Nonetheless it is absolutely true that increased immigration into Singapore absolutely wrecking our country.
I agree with one key point in particular that you made - the era of easy growth is over. Businesses in Singapore have to restructure to rely less on exploiting cheap foreign labourers (what age are we living in anyway?) and more on innovation. And as much as the business lobby will grumble and issue "dire warnings", the truth is that if you refuse to change and are only reliant on exploiting people to the lowest level you can pay them and get away with it, you really have no business being here in Singapore. Go take your business to some other low cost centre, and see how long you can get away with exploiting people until that country develops and kicks you out as well.
As for the people who say that there is not enough highly skilled labour in Singapore to fill jobs at the top end, I can only implore them to get off their racist high horses and actually open their eyes and look at recruitment in the PMEB (Professionals, Managers, Executives and Businessmen) sector - anecdotal evidence suggests that many foreign bosses simply prefer to hire people from their own country of origin due to familiarity, not because Singaporeans are less capable. I myself have interviewed many foreigners and locals for positions in the organizations I have worked in, and found lazy and inadequately skilled people from BOTH ends of the talent pool, foreign and local. And I have peers who have fired foreigners for incompetence, as well as locals. Every healthy economy will always have a pool of foreigners to augment the local talent pool and contribute to the vibrancy of ideas in the marketplace, and it's good to have them around. But let's not pretend there is something so special about a single place that makes all its workers superior to the local talent pool.
BrownHorn 1 hour ago
Switzerland on wilkipedia has 23% foreigners but red dot aims for 45%. Should we have a limit? Keep it to 25% no matter what.
Snake Eyes 57 minutes ago
The problem Singapore faces is a mathematical one; it has nothing to do with race or immigration. There are just too many people squeezed into a small piece of land, a speck on the default zoom view of Google Maps. Already the infrastructure is bursting at its seams. Discounting anomalies such as Hong Kong, the Vatican and Monaco, Singapore has by far the highest population density in the world.
The PAP government (notably the Lees) run a country like a profit-maximizing family business. Sometimes enough is enough, and this irresponsible and unsustainable Ponzi population policy will be the straw that breaks the proverbial camel's back.
http://www.bloomberg.com/news/2013-02-14/ponzi-schemes-built-on-people-always-crash-too.html#disqus_thread
Showing comments on Singapore’s Population Bubble
Thewise1 10 minutes ago
Very well written article.
Sadly, most of the worlds economies function using a similar ponzi demography scheme. However, most of the worlds economies also have the luxury of a far greater land mass which allows them them to delay the inevitable collapse far longer than Singapore can.
As i have said many times before, economic growth via population growth is the easy path in the short run, but self-destructive in the medium and long term. This is especially true in Singapore, a country barely the size of New York City.
Slow and managed population declines should be EMBRACED for the enormity of the benefits it provides. Population declines should not be feared if prudent forward looking public policy is in place to manage the negative ramifications.
Political leaders need to be courageous and innovative, and pursue economic policies that will allow their countries to achieve long term sustainalble levels of good quality-of-life while having a falling/aging population.
To begin with here are some ideas..
- Singapore should consider phasing in a ban on any foreign hires below mid-managment level wages. Lets say SGD $5000 as a marker. This will help ensure that wages increase attractively for so called "menial labor" jobs that previosly went to foreigners. But let them keep their low priced foreign maids because this is one perk that Signaporeans will never want to give up.
- Singapore's growth has largely been attributable to real estate price growth. If the government allows a population decline, they should also begin to demolish old HDB flats and not replace them. This will offset real estate losses due to declining demand becasue of population decline.
Singaproe can still be a great country, with a sustainable high quality of life ,with a smaller population, if the right policies are put into place. A government that promotes ideas to make this happen will surely be a government that wins allot of votes.
http://www.reuters.com/article/2013/02/15/us-singapore-politics-idUSBRE91E07520130215?feedType=RSS&feedName=worldNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Reuters%2FworldNews+%28Reuters+World+News%29
Protest, voter anger put political risk in Singapore's future
By John O'Callaghan
SINGAPORE | Fri Feb 15, 2013 1:37am EST
REUTERS
(Reuters) - Gilbert Goh is an unlikely radical.
But as anger swells over living costs and immigration in Singapore, one of Asia's richest and most expensive countries, the bespectacled 51-year-old unemployment counsellor is moving beyond the fringe of political activism to the center of a rancorous debate over the nation's future.
In a country where nearly all media are state-linked and open dissent can easily fall foul of the long-ruling government, Goh's call for a public protest on Saturday is striking a nerve.
It is also raising the once-absurd prospect of political risk in one of the world's biggest financial and trading centers that has been built on a reputation of stability.
Goh set up a Facebook page in early February calling for the protest after the government said the island's population of 5.3 million could grow by as much as 30 percent by 2030, mostly through foreign workers to offset a chronically low birth rate.
Since then, more than 5,300 people have said they will or may go to what Goh has billed as a peaceful, non-political demonstration at Speakers' Corner, a park exempt from otherwise strict controls on assemblies in the regimented city-state.
Such numbers would make it one of the largest demonstrations since Singapore's independence from Britain in 1963.
"We want to have human rights to be able to speak freely without the fear of reprisal," said Goh, a former social worker who runs a support group for the unemployed and ran for election in 2011 for the opposition National Solidarity Party.
"I think I have a little bit more guts than your average Singaporean and I love my country a lot."
The protest reflects growing disquiet over the vision of the country set forth by the People's Action Party (PAP) that has ruled for five decades.
Founded by Lee Kuan Yew, the father of the current prime minister, the PAP is credited with transforming Singapore from a colonial outpost in the 1960s into a global business centre with world-class infrastructure, clean streets, an efficient civil service and the world's highest concentration of millionaires.
Part of that success is built on cheap foreign labor and a consumer class full of expatriates. Immigrants make up nearly 40 percent of the population, up from about 25 percent in 2000.
But many Singaporeans now struggle to get by on an average monthly wage of about S$4,100 ($3,300). High taxes have inflated the price of the cheapest new car to about S$110,000 and housing prices have doubled in a decade.
"NO LONGER AFRAID"
Fluent in social media, a new generation is openly questioning the ruling party's wisdom. Many are emboldened by a surprising by-election in Punggol East, a relatively young ward where the Workers' Party took a seat in parliament from the PAP last month by a convincing margin of nearly 11 percent.
"Many Singaporeans are no longer afraid of the PAP," said Bridget Welsh, an associate professor of political science at Singapore Management University.
"The erosion of political support reflects a lack of trust in the leadership. The PAP is following old formulas based on materialism and depending on technocrats for solutions. They've lost the political skills of engaging and persuading."
In many ways, the PAP is a victim of its own success.
Between the 1970s and 1990s, Singapore was Asia's economic star, growing 8 percent a year on average. Wages, affluence and expectations rose just as fast. Emerging from its top-notch schools, Singaporeans are very accustomed to stability and efficiency in a region beset by graft and polluted megacities.
Now online forums bristle with criticism of the government's white paper on population released in January. One number in that document - 6.9 million - set off a debate over how many people can fit onto an island half the size of London and how much the national identity will be diluted.
The government insists though that the 6.9 million figure is not a target, but a scenario helping it plan for the future.
"The conversation on population does not end today and we do not yet have answers to all the problems," Prime Minister Lee Hsien Loong said on his Facebook page last week as the white paper cleared parliament after a heated five-day debate.
"I hope Singaporeans will continue to give us your feedback to allow us to improve our policies and Singaporeans' lives."
A senior government official declined to comment on the issues surrounding the white paper.
"NOT A DIALOGUE"
The PAP holds 80 of 87 elected seats in parliament and there is little chance it will lose power in the next general election in 2016. The Workers' Party, despite recent gains, has expressed its desire to work constructively with the government.
But gone are the days when political risk was simply not an issue. Stung in 2011 by its worst election showing in history, when 40 percent of voters went against the PAP, the government has become more open in seeking input from citizens and factoring their views into policymaking.
To address the discontent, it has restricted the influx of lower-skilled foreign workers and tried to cool property prices. Steps to encourage parenthood include more spending on housing grants, subsidized childcare and cash gifts for newborns.
But some question if the government is really listening.
"The 6.9 million population plan was an announcement, not a conversation, not debate, not a dialogue," Seth Heng wrote in a Facebook post ahead of Saturday's demonstration.
That sentiment is echoed in online forums and the letters pages of newspapers.
"Do we really need to increase our population by that much?" Chang Wei Meng wrote in a letter to The Straits Times. "What happened to achieving the Swiss standard of living?"
Top factors influencing voters who switched from the PAP in the Punggol East by-election were the cost of living, the government not listening and the affordability of housing, according to a survey by local consultants Blackbox Research.
"If this phenomenon is repeated elsewhere, it could represent a real challenge for the government in the run-up to the next general election," it said.
Goh, the organizer of Saturday's protest whose Facebook page features quotes from U.S. civil rights leader Martin Luther King Jr. and U.S. President John F. Kennedy, expects the PAP to lose 10 to 12 seats in the 2016 election.
The Workers' Party and others are not ready to form a government, he said, but could keep the PAP on its toes.
"They have been in power too long to know what to do to change," Goh said. "We still have faith in the government but we want more opposition voices."
You go check who is Tan Ah Kow & ask him whether he wrote the below? Bet he will say never penned this letter & he never did. The one who penned it don't dare to use his own name! :doh:
So take whatever written with a big spoon of salt! :p
http://www.tremeritus.com/2013/02/15/letter-from-a-grassroots-leader-to-pm/
Letter from a grassroots leader to PM
[Editor's note: This chain letter has been circulating on the Net. Even though the validity of the writer's identity cannot be ascertained, the content of the letter is worth reading.]
Dear Prime Minister,
I am one of your grassroots leader. I’ve volunteered and served in one of your constituency for the last 20 years. I’ve had these thoughts percolating in my mind for many months. With what I observed in the last 2 weeks, starting with the Punggol BE then the White Paper, I decided to take the risk and go ahead and send this letter to you. I hope you do not take any of these the wrong way.
After the GE2011 elections, the PAP was dealt a big blow with the unprecedented loss of a GRC. You did a post-mortem with us, and with your MPs. One of the message we tried to send you then was : You (meaning the PAP leadership) just didn’t listen to us. We told you there were many problems on the ground, you did not listen. After the GE, you said PAP will change.
The next challenge came in Hougang BE. You picked a great PAP candidate and for a while, we thought he could pull off a win. But against the advice of the candidate and the PAP grassroots, you deployed your big guns (KBW, TCH etc) and hijacked the message on the ground. You did not listen.
The Punggol BE decisive loss was unexpected. The PAP grassroots told you to send one of us, a grassroots type person, to the fight. You chose to parachute in an unknown, someone who just joined the party weeks ago. He committed gaffe after gaffe. You did not listen.
And right after the Punggol BE, you unveiled the White Paper.
I know that those close to you, including the mainstream media, are praising you for daring to take on the problems of the future, of not sweeping things aside. But let me tell you this : I think you, and your top leadership, screwed up big time.
I am sorry I have to use this language. You see, I’m a business leader too. I know what its like to be surrounded by people reporting to you, who are naturally disposed to tell you what you want to hear. Or are all molded in the same way. I am outside your – sorry to use this word, “bubble” – so from the outside, sometimes, I can see things a bit more clearly.
Virtually all your PAP grassroots leaders and members were taken aback by the White Paper. And it became obvious very quickly that so were all the PAP MPs. Seah Kian Peng said he’s skeptical about the White Paper and thought the targets should be scaled by to 80% (how’s that different from WP’s 5.9 million?). Jessica said that she, and a few other MPs, would not have been able to support the White Paper in its present form. Even Tin Pei Ling said she supported the amended proposition with a heavy heart.
Why didn’t you bother to run through the White Paper with your fellow MPs before you publicly released it? They could have told you how toxic the Paper came across and how to refine it. Why didn’t you do that?
In other words, once again, why didn’t you listen? Time and again, our team scored our own goals because of the sheer arrogance of the top leadership.
And look at how your top leaders handled the White Paper since its roll-out. Within days, KBW started back-tracking saying 6.9 million was just a “worst case target, which we hope we never reach, that is for planning purposes only”. And you quickly followed suit, saying you agree. And the rest of the Ministers echoed the same language.
And then it was pointed out to you that in the past, PAP had also used the words “worst case target” or “planning purposes only”, only to have those numbers quickly exceeded.
And you actually got ESM Goh, Mah Bow Tan and Wong Kan Seng to speak in defence of the Paper? With MBT saying “lets go for the maximum”? Are you and your leadership team really that tone deaf? These are the very guys who are most associated with Singapore’s “lost decade” – a decade where we seemingly pursued GDP growth for its own sake, where the social fabric of Singapore was put under tremendous (and some say, irreversible) stress, where you yourself said to have “lacked 20/20 vision” in infrastructure planning. And yet, you actually got these people to speak? Do you know what message you are sending – you are essentially thumbing your nose at Singaporeans and saying, “So?”.
I now know why MBT, WKS, VB, RL, etc did not show the slightest remorse over their egrogrious mistakes during their tenure. It is because you, the PM, set the tone at the top. You did not see these as any big deal, and that tone filtered through your entire organisation. In other words, you still do not listen.
On the very last day of the Parliament debate, you said that the population numbers for the future is for future generation to decide. Huh ???? What then have almost 60 MPs been debating these 5 days ? You put up a White Paper, you start back-tracking and now you think that just because you’ve muddied it up, its become palatable?
Why did you put the party through this? Did it have to be handled in such a – pardon my language again – incompetent way? And how do you think we, your faithful foot-soldiers, feel ? You put us in the difficult position of having to defend something we did not agree with. How do we answer to our family members and friends, who asked what are we fighting for, what’s wrong with today’s PAP leaders?
Let me tell you something honestly. The reason I, and some of my friends, volunteered was because we were grateful for what the Old PAP did for this country. We believed in its policies and its leadership. But in recent years, you and your team have gradually undermined this reservoir of goodwill and support. You know, I heard that in the Punggol BE, some PAP grassroot members actually told their family members to vote opposition, while they put up the show of canvassing for KPK’s support. In my heart, I also sometimes root for the other side, especially the WP. I know. I should not feel this way. But you guys just don’t listen.
Let me tell you something else too – I personally like you. And I think many Singaporeans do too. You gave a good speech in Parliament, just like you did in the last day of Punggol BE rally.
But you know – after I actually got over the emotional high from your speech, and think through about what you said, more doubts actually crept in.
“Growth is not for its own sake. But growth is not unimportant. If you are in the top 5, 10% of the population, you may say, well, I have enough, I can manage .. (but) if you are in the bottom 10, 20% of the population, .. it would be patronising for us to say growth is unimportant… Our experience has shown that in fact when the economy is growing, the low income Singaporeans get benefits, their incomes go up.”
Mr PM, do you know that in the last 10 years, the bottom 10% and 20% didn’t see their real income rise at all? If the last 10 years of growth, with 1 million increase in population, didn’t increase their income or make their lives better, how do you expect Singaporeans to believe you that the next 10 years of growth will be different? And Mr PM, did you realise that, until Lim Chong Yah came up with his radical proposal, even the top Union leader did not even realise that incomes of cleaners etc have not risen over the years, and didn’t realise they (the Union) have done nothing about it? In other words, they – the Union – was caught with their pants down (sorry to use this analogy, I know, Palmer-gate still hurts).
“Singaporeans, “feel together” as when the nation grieved with Mr and Mrs Francis Yap when their two sons, aged 13 and seven, were tragically killed in a Tampines accident last week. And when Singaporeans triumph, as Mr Nickson Fong, 43, did in winning an Oscar this year for a new animation technique, the country celebrates with him, said Mr Lee. .”
PM, Singaporeans did not feel together when Ma Chi crashed his ferrari. It became a symbol of how Singapore threw its door open in wanton abandonment to the rich, and how they lived it up in Singapore. And Singaporeans feel divided, not united, when the China-imported table tennis team won medals in the London Olympics. It became a symbol of the “instant tree” mentality of the Govt. And I guess you now no longer cite the example of Feng Tian Wen as a unifying factor because she’d said bye-bye to Singapore and moved back to Beijing.
You see, Mr. PM, you cannot just quote examples in isolation, take us to an emotional high, and assume it assuage all of our raw wounds. Its almost like you are burying your head in the sand, when it comes to examples that do not fit with your idealised notion of how it should have been. We do not exist in that alternate reality. When I think through these parts of your speech, I actually wonder if you are disconnected from us.
“He concluded with the promise that the Government will “watch the numbers” and make sure Singaporeans are clearly in the majority. It will always treat citizens better than non-citizens, he said”
Mr PM, you may not realise this, but in our public spaces – like the MRT, bus, Chinatown, Little India etc – we Singaporeans already no longer feel we are in the majority. My children tell me of attending classes in University, where Singaporeans are the minority and they feel they are in a foreign country. Do you realise that in some offices, large cliques of Filipinos or North Indians prevail, and they tend to hire their own? You see, you work in the Civil Service –when you look out of your office, everywhere you look, you see Singaporeans. It is not like that in many other offices. How do you “watch the numbers” when you do not even have an accurate sense of the current ground reality?
“For Singapore to thrive, we Singaporeans must always stay lean and hungry,” he said. “If we lose our drive, we will lose out.””
OK, I now get it. Its all about money isn’t it? You are afraid that whatever counter-proposal anyone comes up with – whether it be reducing our reliance on foreign labor, or improving SME productivity, or reducing income inequality – you are afraid that it basically means touching the reserves.
But isn’t your propoal to give additional grants for children also raiding the reserves? And when KBW said that he (yes, not “we” but “he”) has decoupled BTO flat prices from the resale market by essentially increasing subsidies, isn’t he also – in the words of MBT – raiding the reserves?
“You said that 6.9 million is a worst case, and you see that the number for 2030 will be significantly below that. But that 6 million proposed by the WP will be too low and it will be higher than that. And that after this, you expect that the population will flatten out. The resident population is going to stablise and the non-resident population will also eventually level off”
Mr PM, do you know what you just did? You, and your team, have made the argument strenuously that there is simply no way to grow the economy without population increase. And that as the population ages, we have to supplement with foreign labor.
And yet you are saying that between 2020 and 2030, this need will magically disappear. In other words, there is no intellectual coherence to your argument.
And do you know what this sounds like? You sound like someone who’s hooked on drugs or gambling. And he’s saying : just give me one last sniff, or just lend me another $100, and after that, I promise, I will not need it anymore.
And the worst part is this – nobody is going to believe you that 6.9 million is not real. Because come 2016, as long as the population increases from today’s 5.3 million to 5.6 million, the WP can easily say : See, the PAP is going along the trajectory in the White Paper. Ignore all their talk. Its already happening. If you vote PAP, you will have 6.9 million people.
In other words, you have fallen onto a trap that you dug yourself. How sad.
Let me end with the same words you used in your speech. You said you and your colleagues got into politics to improve the lives of Singaporeans. I do not doubt your sincerity. As I said at the very beginning, many Singaporeans like you and want to see you succeed, even though they disagree with your policies.
I am a grassroots leader. I’m spending time helping the PAP party because I believed that this will help Singapore and Singaporeans. I’m not paid for this. I’m doing it out of my own free will and with my sacrifice of time.
I’m rooting for you to pursue the right policies. I’m rooting for you to succeed.
But just like in GE2011, or Punggol BE, or in the recent White Paper – you do not listen.
At this rate, you will continue to erode the trust (yes, trust) and support of the people. Including people from the older generation who remembered and are eternally grateful to what LKY did for Singapore. In fact, the White Paper had turned out to be a big wake up call to Singaporeans – they better think twice about putting the PAP in such a dominant position in Parliament, if they want to maintain the Singapore they know.
So what do I want from you, other than “listen to us”? A hallmark of a successful, good leader is not his charisma, or his heart, or his eloquence, or his intelligence. The starting point is always this – who is he listening to? Whose inputs do he value, whose has he learnt to discount? Some of the lousiest emperors in China surrounded themselves with eunuchs who told the emperor what he wanted to hear. Some of the best, like Qian Long, disguised himself as a commoner to understand the true situation on the ground.
You do not have to listen to me. But find your own channels to listen to the ground. Seriously think again about who constitutes your inner circle.
But, listen, you must.
Yours sincerely,
Mr Tan Ah Kow
PS: After the dust settled, you made some comments during CNY weekend. You said that the Govt must learn from (its debacle in) the White Paper, saying that this was a communication problem. I guess you still don’t get it, do you?
Tan ah kow died long ago.
You go check who is Tan Ah Kow & ask him whether he wrote the below? Bet he will say never penned this letter & he never did. The one who penned it don't dare to use his own name! :doh:
So take whatever written with a big spoon of salt! :p
this site is super anti PAP/Govt.
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