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WON'T
GET FOOLED AGAIN [till the next boo-boo]
[Updated June 5, 2009]
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here for the BigO homepage
FORCED SAVINGS HAVE TO GO UP,
UP AND AWAAAAAAY!
You'd have to look hard to find
the one-inch thick columns hidden inside the papers. - The nation-builder
presses, June 2, 2009.
If
times are hard, times will get even harder come July 1, 2009. Changes to
$ingapore's pension scheme, the CPF (Central Provident Fund), mean more money
must be kept with the $ingapore government and cannot be withdrawn at
retirement. From July 1, a further $13,500 cannot be withdrawn, despite the
current recession when every dollar is needed.
On July
1, the CPF Minimum Sum will be raised from $106,000 to $117,000 [a rise of
$11,000]. Also on July 1, 2009, the Medisave Minimum Sum and Medisave
Contribution Ceiling will be raised from $29,500 to $32,000 [a rise of $2,500].
So if
you turn 55 from July 1 onwards, you will withdraw $13,500 less, regardless of
whether you need the money or not.
The
money will be kept in what is called a Minimum Sum Fund which will pay
$ingaporeans a monthly stipend over 20 years. Too bad if you die before 20
years. You won't see your money.
In
2003, the $ingapore government changed the rules and will stop the practice of
allowing $ingaporeans to withdraw 50 per cent of their pension by 2009. A new
Minimum Sum Fund was started and this sum will be raised to reach $120,000
(2003 dollars) in 2013.
As announced in 2003, by then PM
Goh Chok Tong, from 1 January 2009, the percentage for withdrawal will decrease
from 50% to 40%, and thereafter be further reduced every year by 10 percent to
zero. Therefore, from 1 January 2013, CPF members must meet the CPF and Medisave
Minimum Sums first before they can withdraw any money at age 55.
But for
$ingaporeans who don't even have enough in their minimum sum fund, the
government will allow them to withdraw $5,000 from their Ordinary Account and
Special Account balances. Consider this an "ang pow" [red packet
money].
As of
March 31, 2009, there were 1.62 million active CPF members. By withdrawing
$13,500 less, the PAP government makes an instant saving of about $21.8
billion. That's a lot of money the
government wants to keep on your behalf.
This
new CPF rule makes the saying "hope you die before you get old"
meaningful.
What
Goh Chok Tong said on August 28, 2003 in particular para 87 to 95.
http://mycpf.cpf.gov.sg/NR/rdonlyres/9B67714C-BE3D-4048-A418-807C59AEF85F/0/20030828PMO.pdf
For
more:
http://mycpf.cpf.gov.sg/CPF/News/News-Release/N_1June2009.htm
http://mycpf.cpf.gov.sg/CPF/About-Us/CPF-Stats/CPF_Stats2009q1.htm
TEMASEK HOLDINGS HAS LOST $58
BILLION AS OF 2009
The nation-builder press,
January 22, 2008.
See
latest "Temasek portfolio lost US$39.91 billion"
http://online.wsj.com/article/SB124350003544761935.html
THE ORIGINAL REPORT FROM
REUTERS - JUNE 3, 2009
June 3
- $ingapore state investor Temasek sold its stake in British bank Barclays Plc
several months ago at a big loss, people familiar with the matter said on
Wednesday [June 3]. After spending over £1 billion on the shares in the last
two years, unlisted Temasek $ingapore may have lost over £800 million (US$1.3
billion) on the investment, according to calculations by Reuters.
Temasek
sold its near 2 per cent stake in Britain's second biggest bank in December and
January, one of the sources said. The sources declined to be named due to the
confidential nature of the investment. Temasek and Barclays declined to
comment, and details of the price it sold at were not known. - Reuters http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSWLA574220090603
IT TOOK ALL OF FIVE MONTHS FOR
$INGAPORE MEDIA TO TELL US THAT TEMASEK HAS SOLD BARCLAYS AT A WHOPPING LOSS
The
nation-building presses: June 4, 2009.
The
newspapers here run ads saying "the truth is out there". How true. If
not for foreign press reports, the local media would remain ignorant that a
powerful $ingapore government company has lost hundreds of millions of
$ingaporeans' money again. What role does the $ingapore press play?
They are
"nation-builders".
THE MIGHTY THAR-MAN is a
superfriend of the INVINCIBLE IRON 'RICE-BOWL' MAN
THE MIRROR OF OPINION
"Good long-term investments
with risks thoroughly assessed?, if you say so Mighty Thar-Man. If you say
so."
- The young, restless and cynical
Mirror Of Opinion, May 29, 2009.
IF YOU WANT YOUR CPF MONEY,
YOU HAVE TO SURRENDER YOUR
$INGAPORE CITIZENSHIP
AND MIGRATE
"What's the use of worrying, it never was worthwhile... So pack up your troubles in your old kit bag and SMILE, SMILE, SMILE..."
- $ingapore's National Anthem.
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DUBAI, $HEEP CITY SUFFER
BIGGEST HOME PRICE SLUMP
Dubai,
once home to the world's biggest construction boom, is now the scene of the
world's biggest property slump, according to figures published May 26 by estate
agent Knight Frank. House prices in the desert sheikhdom dropped by an
extraordinary 40% in the first three months of 2009, outpacing falls anywhere
else in the world after an investment bubble burst.
$ingapore,
the nation worst hit by the collapse in world trade, saw the second biggest
fall, with property prices down 16.2% in the quarter. Still not world class,
only managed a No 2.
http://www.guardian.co.uk/money/2009/may/26/dubai-property-crash
$INGAPORE'S CHANCE TO OWN
PLAYBOY
Adult
magazine mogul Hugh Hefner is reportedly lining up British billionaire Sir
Richard Branson to take over his Playboy empire reports ContactMusic. Hefner's
company - founded 56 years ago - is battling the recession and the rise in
internet porn, with the firm recently posting losses of US$13 million for the
first three months of 2009. Sources suggest the asking price is set at US$300
million. A Playboy spokesperson denies any offers have been made, but admits
Hefner would "listen to proposals that could create value for all of our
shareholders".
Every
$ingaporeans dream is to own Playboy. The magazine remains BANNED IN DA
$INGAPURA. Don't wait, bring cheque book along $ingapore.
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The Invincible Iron
"rice bowl" Man. The GIC headed by Lee Kuan Yew invested BILLIONS in
failed banks including S$10 BILLION for Citigroup.
THE INVINCIBLE IRON
"RICE BOWL" MAN & HIS SUPER FRIEND
"For people in
government like me, having to deal with these sums of money which we have
accumulated through the sweat of our brow over the last 40 years, you have to
pay the market rate. And then you've got an incompetent man and you've lost
money, by the billions. So get a sense of proportion." [MM Lee in 2007]
"You know, the cure for
all this talk is really a good dose of incompetent government. You get that
alternative and you'll never put $ingapore together again: Humpty Dumpty cannot
be put together again... and your asset values will disappear, your apartment
will be worth a fraction of what it is, your jobs will be in peril, your
security will be at risk and our women will become maids in other people's
countries, foreign workers." [MM Lee April 5, 2007]
$INGAPORE'S INVESTMENTS
'RATIONAL AND WITHIN RISK LIMITS' - JANUARY 2008
The nation-builder press,
January 22, 2008.
"Govt doesn't comment on each deal, but it is assured that
investments in subprime-hit banks are rational and within risk limits."
- $ingapore's Minister of Finance Tharman Shanmugaratnam, Jan 22,
2008. A super friend indeed.
TEMASEK TAKES US$4.6
BILLION LOSS ON MERRILL INVESTMENT - MAY 2009
Government company Temasek Holdings last week revealed that it had
sold its entire stake in Bank of America sometime in March. Foreign media
reports say that Temasek might have lost close to US$4.6 BILLION in the investment.
The company received Bank of America stock after Bank of America took over
Merrill Lynch. Temasek paid US$5.9 BILLION on its Merrill investment in
December 2007.
Read a scathing commentary on Temasek's head Ho Ching, also the
wife of General Lee Hsien Loong, $heep City's prime minister: $ingapore's Lesson: Buy High, Sell Low
"If nothing else, the record of Temasek gives the lie to
notion spread by $ingapore's ruling clique that they are the best guardians of
the people's savings. Paternalism morphed into an arrogance whose full cost to
$ingaporeans is for now hidden by the opaque nature of the government's
accounts, and the very partial revelations provided by Temasek. $ingaporeans,
gather your purse-strings and, together, pull."
http://asiasentinel.com/index.php?option=com_content&task=view&id=1880&Itemid=233
THE MIRROR OF OPINION
"This was not an investment. It was a GAMBLE. The government
wasted $ingaporeans savings."
- The young, restless and cynical Mirror Of Opinion, May 22, 2009.
BOYS IN THE JUNTA
Meet the junta: [l to r] PM General Lee Hsien Loong, DPM Admiral Teo Chee Hean, Foreign
Minister General George Yeo and
Culture Minister Admiral Lui Tuck
Yew.
On April 13, 2009, citizens of $heep City, $ingapore found their freedom of assembly suddenly removed by a new law passed in $ingapore's parliament.
Only state-sponsored "protests" are allowed in $heep
City, $ingapore.
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FROM $HEEP CITY TO SHIP CITY
Sunrise in the Strait between Indonesia
and $ingapore, where 735 cargo ships were gathered May 12, 2009 because of a
sharp decline in global exports.
May 12: To go out in a small boat along $ingapore's coast now is to feel like a mouse tiptoeing through an endless herd of slumbering elephants.
One of the largest fleets of ships ever gathered idles here just outside one of the world's busiest ports, marooned by the receding tide of global trade. There may be tentative signs of economic recovery in spots around the globe, but few here.
Hundreds of cargo ships - some up to 300,000 tons, with many weighing more than the entire 130-ship Spanish Armada - seem to perch on top of the water rather than in it, their red rudders and bulbous noses, submerged when the vessels are loaded, sticking a dozen feet out of the water.
So many ships have congregated here - 735, according to AIS Live ship tracking service of Lloyd's Register-Fairplay in Redhill, Britain - that shipping lines are becoming concerned about near misses and collisions in one of the world's most congested waterways, the straits that separate Malaysia and $ingapore from Indonesia. http://www.nytimes.com/2009/05/13/business/global/13ship.html?_r=1
CARGOSHIP COLLISION MAY REIGNITE
$INGAPORE CONGESTION CLAIMS
May 4: An Iranian general cargoship was close to sinking after an early morning collision with an Indonesian-flagged cargoship in the $ingapore Strait last week [April 24].
The Maritime & Port Authority of $ingapore maintains that the port's anchorages are not overcrowded and concerns over navigational safety are unwarranted. http://www.business24-7.ae/articles/2009/4/pages/07042009/04082009_4d9b3adcaea54a3f80479a3af6c54888.aspx
The matter remains unreported by $ingapore's government-controlled media.
THE ELECTRONIC POLICE STATE 2008
As the 2009 rankings may soon be out, it's timely to recap the current rankings of the 52 states studied by cryptohippie.com. Here are the Top 12 police states in the WORLD.
1. China
2. North Korea
3. Belarus
4. Russia
5. United Kingdom: England & Wales
6. United States of America
7. $ingapore
8. Israel
9. France
10. Germany
11. Malaysia
12. Ireland
Rankings are determined by the following criteria:
According to the site they "are not measuring government censorship of Internet traffic or police abuses, as legitimate as these issues may be. And, we are not including evidence gathering by traditional, honest police work in any of the categories below. (That is, searches pursuant to honestly obtained warrants - issued by an independent judge, and only after the careful examination of evidence.)
"The seventeen factors we included in these rankings are:
Daily Documents
Requirement of state-issued identity documents and registration.
Border Issues
Inspections at borders, searching computers, demanding decryption
of data.
Financial Tracking
State's ability to search and record all financial transactions:
Checks, credit card use, wires, etc.
Gag Orders
Criminal penalties if you tell someone the state is searching
their records.
Anti-Crypto Laws
Outlawing or restricting cryptography.
Constitutional Protection
A lack of constitutional protections for the individual, or the
overriding of such protections.
Data Storage Ability
The ability of the state to store the data they gather.
Data Search Ability
The ability to search the data they gather.
ISP Data Retention
States forcing Internet Service Providers to save detailed records
of all their customers' Internet usage.
Telephone Data Retention
States forcing telephone companies to record and save records of
all their customers' telephone usage.
Cell Phone Records
States forcing cellular telephone companies to record and save
records of all their customers' usage.
Medical records
States demanding records from all medical service providers and
retaining the same.
Enforcement Ability
The state's ability to use overwhelming force (exemplified by SWAT
Teams) to seize anyone they want, whenever they want.
Habeus Corpus
Lack of habeus corpus - the right not to be held in jail without
prompt due process. Or, the overriding of such protections.
Police-Intel Barrier
The lack of a barrier between police organizations and
intelligence organizations. Or, the overriding of such barriers.
Covert Hacking
State operatives removing - or adding! - digital evidence to/from
private computers covertly. Covert hacking can make anyone appear as any kind
of criminal desired.
Loose Warrants
Warrants issued without careful examination of police statements
and other justifications by a truly independent judge.
Read the full report for 2008 here https://secure.cryptohippie.com/pubs/EPS-2008.pdf
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The Invincible Iron "rice
bowl" Man. The GIC headed by Lee Kuan Yew invested BILLIONS in failed
banks including S$10 BILLION for Citigroup.
NO IRON RICE BOWL: BUFFETT TOLD, NAME YOUR SUCCESSOR
Warren Buffett, the billionaire investor, yesterday [May 1] faced shareholder demands to name his successor following five consecutive quarters of declining profit at Berkshire Hathaway. More than 35,000 investors turned out to question the investor known as the "Sage of Omaha" at Berkshire's annual meeting in the Nebraska town yesterday.
After more than 40 years at the helm, Mr Buffett's job will be split between his son Howard, who will become chairman, and an as yet unidentified chief executive and chief investment officer. Mr Buffett, 78, said all the candidates for the position of chief executive already work for Berkshire Hathaway.
Mr Buffett continued to paint a pessimistic picture about the prospects for the US economy.
PANIC ATTACK
"Health scares are like terrorist ones. Someone somewhere has an interest in it. We depend on others with specialist knowledge to advise and warn us and assume they offer advice on a dispassionate basis, using their expertise to assess danger and communicating it in measured English. Words such as possibly, potentially, could or might should be avoided. They are unspecific qualifiers and open to exaggeration...
"...Meanwhile a real pestilence, MRSA and C difficile, was taking hold in hospitals. It was suppressed by the medical profession because it appeared that they themselves might be to blame. These diseases have played a role in thousands of deaths in British hospitals - the former a reported 1,652 and the latter 8,324 in 2007 alone. Like deaths from alcoholism, we have come to regard hospital-induced infection as an accident of life, a hazard to which we have subconsciously adjusted.
"MRSA and C difficile are not like swine flu, an opportunity for public figures to scare and posture and spend money. They are diseases for which the government is to blame. They claim no headlines and no Cobra priority. Their sufferers must crawl away and die in silence."
- Simon Jenkins, A Panic Stoked In Order To Posture And Spend, in The UK Guardian, April 29, 2009
http://www.guardian.co.uk/commentisfree/2009/apr/29/swine-flu-mexico-uk-media1
WHAT KILLED DBS' CEO
The nation-builder press, April 12,
2009.
The $T headline seems misleading.
"But his weakened immune system made him susceptible to infection... His condition rapidly deteriorated over the last 48 hours and he succumbed to the infection."
MRSA Rates [in $ingapore] Higher Than You Think
http://www.asianewsnet.net/news.php?sec=3&id=4596
Think about it. 48 die every year from MRSA in $heep City. And it's NOT front page news. Please don't try to organise a protest. See below.
BOYS IN THE JUNTA
Meet the junta: [l to r] PM General Lee Hsien Loong, DPM Admiral Teo Chee Hean, Foreign
Minister General George Yeo and
Culture Minister Admiral Lui Tuck
Yew.
On April 13, 2009, citizens of $heep City, $ingapore found their freedom of assembly suddenly removed by a new law passed in $ingapore's parliament.
Only state-sponsored "protests" are allowed in $heep City, $ingapore.
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NOTHING FOR FREE IN
$INGAPORE
There's no such thing as welfare or free medical help. Because the PAP-led government has built this city on tough love, it is not a "welfare state". But wait... what's this?
"$ingapore Airlines knows that you love their service and beautiful stewardesses. But what about their city? The 'Fabulous $ingapore Stopover Holiday' package beckons passengers to make a stopover in $ingapore with the first night starting at $1 for hotels such as the Allson Hotel, Hotel Royal and Peninsula Excelsior. Hotel upgrades are available starting at only an additional $20. But wait, there's still more...
Deal: When you book an Stopover Holiday you get an assortment of extra deals beyond the super-cheap hotel night, including: free admission at $ingapore attractions such as the Jurong Bird Park, National Orchid Garden (pictured), $ingapore River Bumboat Tour and Singapore Zoo, plus 50% off meals at select hotels and outlets, a Free $ingTel Prepaid Mobile hi!Card, local public transportation, airport transfers and more.
When: Book by May 15, 2009, for travel to be completed by end of September 2009."
Oh, it's NOT FREE, tourists still have to pay $1. Who is footing the bill for tourist welfare?
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Meet the junta: [l to r] PM General Lee Hsien Loong, DPM Admiral Teo Chee Hean, Foreign
Minister General George Yeo and
Culture Minister Admiral Lui Tuck
Yew.
$INGAPORE PASSES LAW, CONFIRMS TOTALITARIAN STATUS
$ingapore passed a law effectively putting a stop to freedom of assembly on Monday, April 13, 2009. Like Myanmar and North Korea, all outdoor activities that are cause-related will need a police permit, no matter how many people are involved ie not even one lone protester is allowed. The law allows police to order a person to leave an area if they determine he is about to break the law. That is a change from the current law requiring a permit for gatherings of five or more people. The bill also allows police to stop people from filming law enforcement. The police never give permits to opposition parties.
Who fivesaguck?
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THE RESULTS OF $INGAPORE'S
CLEANLINESS CAMPAIGN 40 YEARS LATER...
The nation-builder press, April 9,
2009.
"An unfortunate few die of what they caught in the hospital, rather than the disease they had been warded for."
Interestingly, $T reported last month that 48 die each year or 1 every week due to hospital infections. The report said that "infectious diseases experts here claim that each of Singapore's three largest hospitals sees 'almost one death, six to nine new clinical infections and up to 60 new individuals colonised per week.' Those are not small numbers."
MRSA Rates Higher Than You Think
http://www.asianewsnet.net/news.php?sec=3&id=4596
REST IN PEACE
The nation-builder press, April 12,
2009.
The $T headline seems misleading.
"But his weakened immune system made him susceptible to
infection... His condition rapidly deteriorated over the last 48 hours and he
succumbed to the infection."
"What's the use of worrying, it never was worthwhile... So pack up your troubles in your old kit bag and SMILE, SMILE, SMILE..."
- $ingapore's National Anthem.
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5,000 JOBS AVAILABLE IN $HEEP CITY,
$INGAPORE
April 4, 2009: Filipino President Arroyo said some 5,000 new jobs will be available for Filipinos in $ingapore with the expansion of the Resort World at Sentosa Island. Mrs. Arroyo said the country has sent a delegation to $ingapore last month to explore possible job opportunities for migrant Filipino workers in the face of a global economic crisis.
Administrator Jennifer Manalili of the Philippine Overseas Employment Administration said she went to $ingapore last month with Labor Secretary Marianito Roque to discuss available slots for Filipino workers with Resorts World chief executive Tan Hee Teck.
"They are expanding and there will be openings for workers for hotels, casinos and performers," Manalili said. "Universal Studios will also have a theme park so they told us they want to hire Filipino talents and performers. They noted that Filipinos are good in music and in dance so they might come here to conduct auditions either next month or in June," she added.
Manalili said the government will send a team again in early May to "finalize discussions and requirements for Filipino workers."
Resorts World plans to open four of its six hotels by the first quarter of 2010 and expects to fill up some 10,000 job vacancies.
http://www.manilastandardtoday.com/?page=politics4_april4_2009
Macau has an estimated 10,000 sex
workers to service tourists who come for gambling.
LEGALIZE PROSTITUTION TO STIMULATE ECONOMY
March 25, 2009: Prostitution has been around forever, and it continues to thrive even in countries with draconian punishment for prostitutes and their clients. Prostitution will never be wiped out, all governmental efforts to get rid of it are doomed to fail. There will always be guys who are too horny, and girls who are desperate for money to make ends meet.
The world's oldest profession is here to stay, and it's time that we accepted this reality. If the sex trade is legalized, taxed and regulated, it will benefit society it many ways.
Working girls not only stimulate their customers, but they also stimulate the economy. Unfortunately, when prostitution is illegal it's the underground economy that benefits. Right now it's only pimps and other scum who profit from the sex industry. But if sex for money is legalized and taxed society would benefit. The legalization of prostitution is the right tonic for our ailing economy.
Fighting prostitution is a very expensive endeavor that we can no longer afford at a time when our economy is in a crisis mode. Instead of wasting the taxpayer's money on police manpower and defense attorneys, revenue should be used to create jobs and in other ways that will stimulate the economy.
If the above reads like the PAP's rationalization for setting up two casinos in $ingapore, it is.
Read Robert Paul Reyes' complete essay here http://www.americanchronicle.com/articles/view/95914
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$750 MILLION RACING MONEY
$ingapore will be hosting the Formula One Grand Prix for five years with an option to extend the deal by another five years. The first one was staged last September. $ingaporeans, the $heeple of $ingapore, will foot the bill - estimated at S$150 MILLION a year. Or S$750 MILLION for five years. The amount is paid to the event organiser, $ingapore GP.
The expected income from tourist arrivals is slim at best. For the past four months, tourist arrivals have fallen. Again, no one is questioning the PAP government on this "quality" investment. With the world economy not expected to be revived over the next few years, the $750 MILLION will be blown away by the end of the first five years from 2008 to 2012.
Remember Suzhou Industrial Park? Remember Optus? Remember Shin
Corp? Remember Las Vegas Sands? Remember UBS? Remember CitiGroup? Remember
Merrill Lynch? How does the $ingapore government decide on its investments?
Nobody knows except the government.
THE IRON RICE BOWL MAN
"If there are other banks of the
quality of the two that we bought into [Citigroup, UBS], with the promise and
the capabilities and inherent capabilities to recover, we have got the
liquidity to meet it, to make such an investment... We will not rule it out.''
- Lee Kuan Yew, 84, as reported in Bloomberg, April 30, 2008. The prophet of Temasek has not said more about buying bank stocks. He is the head of Government Investment Corporation of $ingapore [GIC], which made the risky bank investments. The value of the $ingapore government's investments in banks stocks is estimated to be US$24 BILLION. At current prices, the value of $ingaporeans investments has fallen dramatically.
When the going gets tough, make sure you have an iron rice bowl.
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THE LAST WORD FROM A FINED
JOURNALIST
"My first reaction [upon hearing of the ruling] was to roll my eyes and think, 'Here we go again... Whenever we publish anything on $ingapore, we take a risk that we'll be sued.
"People go to jail in $ingapore for this offense - so I was worried about that possibility. If I had received a jail sentence, I would not have gone to $ingapore to serve it, and there's no way the U.S. would have extradited me, but it could have impeded my travel elsewhere."
- The Wall Street Journal's Melanie Kirkpatrick, in an email to The Daily Princetonian, March 2009. Ms Kirkpatrick is deputy editor of The Wall Street Journal's editorial page and a member of its editorial board. She was found in contempt of court by $ingapore High Court Justice Tay Yong Kwang on March 19. Kirkpatrick was also fined 10,000 $ingapore dollars, or roughly US$6,550.
$ingapore High Court Judge
Tay Yong Kwang.
She also said she believed the "biggest losers" in these cases were the $ingaporean people, who "have a hard time getting complete information and a range of views other than those the government wants them to hear."
YET ANOTHER TRAIN HITS A
SINGAPOREAN
An old woman has died after she was hit by a train at the Clementi
MRT station in $ingapore on March 24, 2009 at 7 in the morning. The train
tracks are about six feet below the station platform and the $ingapore media
reported that "witnesses at the scene said she 'suddenly lost
consciousness and fell'." None of the witnesses are ever identified in
these reports.
The media in $ingapore also reported the following: "Madam Quak Han Lui, 71, is believed to have fallen on the platform and then onto the tracks just as a train was pulling into the station."
"The train driver braked immediately after hitting her. Her body was found under the third carriage, with her head and right arm severed."
Her death disrupted MRT traffic for 50 minutes. Many Singaporeans have died in a similar fashion in recent years caused by "fainting spells". Train authorities have learnt how to restore service quickly.
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General Lee, the prime
minister of $heep City.
PARADIGM SHIFT FOR PARADISE ISLAND?
A Feb 24 DBS report suggests 99,000 jobs will go by the end of 2009. $ingapore's tax haven loophole also looks set to be plugged. With two casinos opening in the next 12 months, will this be enough to reinvigorate $heep City? Take a look at New Zealand for a revolution of the mind. New Zealand legalised prostitution six years ago. THINK OUT OF THE BOX $HEEPLE.
March 17, 2009: When "Sophie", a medical worker from Christchurch, fell behind on her mortgage payments last year, she found that her job was not paying enough. Her only option was a temporary career change: she became a prostitute.
"I needed money fast so I didn't lose my house," she explains.
A soft-spoken 30-something with a shy smile, Sophie does not look like the stereotypical scarlet woman, even in the low-cut dress she wears at work. She does not feel like one either. "I don't drink. I don't smoke. I don't do drugs. I'm a vegetarian," she says, adding that she had qualms about her new job.
But the central-city parlour she joined - basically a pub with a sitting area at the front and bedrooms at the back - was not the drug-fuelled dive she had imagined. "All the women here are lovely," she says. "We spend a lot of time sitting and talking. I'll stick it out a bit longer."
Some might question the morality of Sophie's choice, but legally it cannot be faulted. Since the Prostitution Reform Act of 2003, brothels have been allowed to operate more or less freely.
Sex workers have the same rights as everyone else. In the eyes of New Zealand's law, the oldest profession is just like any other. This policy stands in marked contrast to Europe. In 1999 Sweden criminalised the purchase of sex services, and several countries are introducing similar laws in an attempt to combat trafficking.
Ask New Zealand sex workers what they think of Swedish-style strictures, and the response is overwhelmingly negative. "Whether you're prosecuting the men or the girls, you're still prosecuting the business," says "Lucy", 23, from Wellington.
Lucy works in Bon Ton, an exclusive establishment in the capital where an hour-long session costs NZ$400 (£140; US$200). She says the reform has given her the opportunity to work for a legitimate business in a safe environment. "I make twice what I was earning in retail. I am appreciated by customers and my boss. I can work whenever I want to - it's by far the most gratifying work I've ever had," she says.
Read the rest of 'Selling sex legally in New Zealand' by Henri Astier http://news.bbc.co.uk/2/hi/asia-pacific/7927461.stm
If gambling dens can be called "international resorts", step inside "love" $ingapore.
THE TRUCK DRIVER
"I don't think they should flush any more money down the Citibank toilet. I don't think they should flush any more money down any of these toilets. Tell them to 'sink or swim,' "
- David Ziegler, a long-distance trucker finishing breakfast at the Mother Load Diner in the old gold mining town of Idaho Springs, Colo., said the AIG bonuses had convinced him that the U.S. should stop bailouts altogether, March 17, 2009 AP report.
THE IRON RICE BOWL MAN
"If there are other
banks of the quality of the two that we bought into [Citigroup, UBS], with the
promise and the capabilities and inherent capabilities to recover, we have got
the liquidity to meet it, to make such an investment... We will not rule it
out.''
- Lee Kuan Yew, 84, as reported in Bloomberg, April 30, 2008. The prophet of Temasek has not said more about buying bank stocks. He is the head of Government Investment Corporation of $ingapore [GIC], which made the risky bank investments.
Who do you think should lead GIC?
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The nation-builder press, March 5,
2009. MM Lee Kuan Yew, the iron rice bowl man, heads GIC. "We" can
tough it out? Lee earns in excess of $3 million. Employees of national airline,
$ingapore Airlines, have been asked to volunteer to take TWO YEARS OF UNPAID
LEAVE. Tough.
THE EARLY BIRD WHO CAUGHT THE TURD
Citigroup is now officially a "ward of the state" although CEO Pandit and his band of pirates are still allowed to collect their paychecks and hang out by the water cooler. Citi's survival depends on the reluctant generosity of the US taxpayer who is now its biggest shareholder. The mega-bank has slumped from US$58 per share to $1 per share in less than 2 years. It's now more expensive to buy a grande latte at Starbucks than it is to buy three shares of Citi... and, at least with the Starbucks, the buyer gets a buzz on. There's no upside to the Citi deal. It's a dead loss.
- Mike Whitney in his essay Dithering On The Edge Of The Abyss,
Counterpunch, March 9, 2009.
http://www.counterpunch.org/whitney03092009.html
THE RAPE OF $INGAPORE
Uncle Sam - "Pay up or else!"
As we correctly predicted, the U.S. is beginning to call in its markers. If you read the fine print on the U.S. conversion of its Citigroup debt to ordinary shares in the company, you could have predicted it too. Here's the fine print:
The U.S. said it will convert its stake in Citigroup to the extent that Citigroup can persuade private investors, including several big foreign government investment funds, to do so. The U.S. Treasury Department will match the private investors' conversions dollar-for-dollar.
The arms have been twisted successfully, and the U.S. will convert 25 billion dollars of capital into Citigroup ordinary shares.
So whose arm got twisted?
We don't know all of the victims, but $ingapore's GIC was, most likely, the largest. $ingapore will convert its preferred notes, which yielded 7 per cent, to ordinary shares. $ingapore will do this at a price of US$3.25 a share below the conversion price of US$26.35 as agreed when it invested in the preference notes.
This means $ingapore is paying US$3.25 a share for Citigroup, and giving up their 7 per cent yield of US$482 million a year for no yield at all!
Friday, on the NYSE, Citigroup plunged to US$1.50 a share.
Let's do the math. $ingapore is paying US$3.25 a share for shares worth $1.50. $ingapore is paying doubles (2.17 times to be exact) the going price for Citigroup shares. That dilutes $ingapore's initial investment in Citigroup for the original US$6.88 billion to US$3.17 billion - a loss for $ingapore of US$3.71 billion.
Lee Kuan Yew, $ingapore's de facto ruler, has said that Citibank has an excellent franchise, and that $ingapore has invested for the long term - 20 or 30 years - far beyond his life expectancy. - John Harding
Shafted by UBS, lynched by Merrill and gang-raped by CitiGroup is how $ingaporeans feel. More insights into the goings-on in $heep City at the banner below. And buy the book.
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The nation-builder press,
March 3, 2009.
On Feb 28, lightning struck the top of $ingapore's icon, The
Merlion. The lightning is the symbol of $ingapore's ruling party, the PAP. 
The lion head symbolises $ingapore's founding by an Indonesian prince who named his new settlement after a lion he saw when he landed on the island. The body of the fish represents $ingapore's origins as a fishing village.
The lightning strike symbolises an "own goal". On Feb 27, $ingapore's GIC converted its US$6.88 billion preferred shares in Citigroup to common stock and made losses. The billions were $ingaporeans' savings.
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PROGRESSING BACKWARDS
The nation-builder press, December 19, 2008.
It was reported Dec 18, 2008
that the Government is building more two- and three-room flats [apartments]
because they are presently in demand. Two-room flats are those with a living
room and one bedroom. The sale price for such a new flat starts at $76,000.
What this really means is that Singaporeans are getting poorer and unable to
afford bigger flats.
A few years ago the
Government was saying that it would phase out the smaller flats because
Singaporeans were moving into 4- and 5-room flats as
they got richer. What happened?
There is only one answer:
Singaporeans are getting poorer. The HDB tells us that "there are more
people who will need to downgrade to smaller flats, as well as first timer
families who would also like to start with smaller flats to be financially
prudent."
And in case anyone thinks
that this is the cause of the recent global financial crisis, note that the
demand for these small flats started in 2004 and picked up 2006. Next year's
supply of these crammed units will double this year's.
It seems that as we progress
forward in time with the PAP, we progress backward in our fortunes.
In the meantime the PAP,
through its media, continues to sell us the snake oil that under its rule
Singaporeans are better-off.
It doesn't bother to explain
how. That's because it cannot: Our public debt as a percentage of the GDP is
close to 100 per cent and income disparity levels are at those of Third World
countries than First World ones. Queues for free food are lengthening. The number of homeless are increasing.
More and more of our youths are getting disillusioned and alienated. The brain
drain problem is going from bad to worse.
And if all this is took place
during the "boom years" between 2003 and 2007, just imagine what's in
store when we enter the economic maelstrom next year. Can someone please
explain how the average Singaporean has benefited?
What's worse is that
Singaporeans find themselves with absolutely no voice. We lost it when we
traded our political strength for the promise of, in the PAP's words,
"more good years." In the interim, the PAP has tightened the noose so
much so that Singaporeans now find themselves at the mercy of a handful of
people within the ruling party.
Have we been cheated? This is
what Dr Chee Soon Juan's book, A Nation Cheated, talks about. It reveals how
Singaporeans have been short-changed through the years. Perhaps this is why the
book continues to sell well. Kinokuniya Bookstore has placed yet another order
for it as more and more Singaporeans want to know more how they have been
systematically robbed of their economic and political rights, especially in
such depressing times.
But the book doesn't only
explain how Singaporeans have been disenfranchised, it
provides alternative ideas on how we can overcome this unfortunate situation in
which we find ourselves. In other words there is hope yet -- but only if the people
discard their mental crutches and claim back what is rightfully theirs.
In this regard another of Dr
Chee's books, The Power of Courage, teaches Singaporeans how they can overcome
their present predicament through the application of Nonviolent Action. This
book is also on sale at Kinokuniya.
So if you haven't already
read these books, get a copy of it today. You can also order the books through
the Internet by emailing to speakup@yoursdp.org.
A GENTLE REMINDER THAT $INGAPOREANS WILL GET ANOTHER WAGE CUT
"The National Wages Council (NWC) will take the unusual step
of meeting again next month to revise the wage guidelines it set earlier this
year. The review, announced by the NWC yesterday, is prompted
by the worsening global economic crisis." - The nation-builder press,
December 17, 2008.
$ingapore's public servants are paid
multi-million dollar salaries. In January 2008, they had the gall to raise
their salaries when they were clueless of the coming economic storm. No
foresight, just plenty of foreskin.
If you are not keeping track
of the pay cuts, here's a gentle reminder from the archives.
HOW $INGAPOREANS SERVE THE SERVANTS
The nation-builder press, May 1, 2001.
"A strong supporter of
the union movement and a champion of education and training. This was how the
TNUC described PM Goh Chok Tong... when conferring on him the Distinguished
Comrade of Labour award."
- The nation-builder press,
May 1 2001.
Above is how the
nation-builder press describes the ruling PAP government. Below is the reality:
Workers sacrificed $7.5 billion in 1999's CPF [pension] cuts:
"After (TNUC) agreed to
wage cuts of up to $7.5 billion in 1999, many foreign observers wondered how we
were able to pull this off ever so smoothly, as it were."
- Ee Boon Lee, editor of
Petir and TNUC News writing in Managing The Crisis (published 2001).
Workers are asked to pay more taxes (about $1.32 billion) with the
5% GST [sales tax] in 2003:
"The (GST) increase is
estimated to offset half the total shortfall from the tax cuts of around $2.5
billion..."
- Reuters, May 2 2002.
Workers are sacrificing $9 billion every year since 2003 with the
5% GST
"From next year onwards,
$ingaporeans will be sacrificing almost $9 billion a year on the advice of
their million-dollar public servants."
- The Mirror of Opinion, May
2 2002.
In 2009, workers can expect to sacrifice in excess of $10 billion
every year.
The GST was raised again in
July 2007 to 7%. With the coming wage cuts in 2009, workers burden will go up.
WHY YOU WILL NEVER SEE YOUR PENSION FUNDS RESTORED
Q1: Why is the Government not
restoring previous cuts?
A1: It is no longer realistic to restore the CPF contribution rate to
40% because of the new realities of global competition. Cost competitiveness is
a key concern today. There are new regional competitors who are able to compete
with us for skilled jobs. To stick to the target contribution rate of 40% will
price us out of the market and cause more job losses.
We have therefore decided to
give up the 40% target rate and set a new long-term target rate of between 30%
and 36%. This will give us the flexibility to have a higher rate to save more
during good years and to cut the rate in bad years to help businesses save
costs and preserve jobs.
At a 30% contribution rate,
the large majority of $ingaporeans can still save enough to provide for their
retirement needs, healthcare expenses and housing.
[The above is sourced from
the government's CPF website]
The above explanation means
permanent slavery. Stagnant wages coupled with a rising cost of living. There's
nothing left to do but to....
PERFECT POSITION SELECTOR
For most tired citizens of
$heep City, it's The Starfish Position:
You both lie on the bed,
heads in opposite directions. Scissor your legs so he can penetrate you, then
hang on to each other's hands for leverage.
Why you'll love it:
This technique is perfect to
achieve a grinding pressure movement that's advocated by the Coital Alignment
Technique (CAT). Given that the in-out, in-out motion of thrusting during
intercourse does little to keep the pressure constant on the clitoris -- which
is what's needed for orgasm -- the CAT technique works on the principle that
instead of moving apart, you should push your hips together and maintain
pressure on the clitoris as you rock back and fourth. (Purr!) Arch your backs
and move away from each other to allow for deeper penetration, and adjust the
angle so he's hitting the right spots.
To see the illustrations [no photos] http://choosers.ivillage.com/love/perfect_position/
"What's the use of worrying, it never was worthwhile... So pack up your troubles in your old kit bag and SMILE, SMILE, SMILE..."
- $ingapore's National Anthem.
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D-I-Y
With the $ingapore government preparing
to cut workers pay again through a reduction in CPF contributions [read
pension], it's time to plan ahead. Entrepreneurial $ingaporeans with some knowledge of woodwork can start a business selling coffins made
simple. Think out of the box. Or you'll be in it.
FREMONT ATTORNEY-ACTIVIST HOME AFTER 4-MONTH
DETENTION IN $INGAPORE
FREMONT, Dec 16, 2008: One
week doesn't matter much to most people, but it could end up being the
difference between prosperity and poverty for Gopalan Nair.
If the Fremont immigration
attorney and Singaporean dissident had just waited seven days before posting a blog entry accusing a high court judge of
"prostituting herself" in a sedition case against an opposition
leader, he would have been back in the United States and out of reach of $ingaporean authorities.
He never would have been
arrested, interrogated or strip-searched. He never would have been detained for
four months, nor jailed for two more.
He never would have lost his
legal clients, maxed out his credit cards, missed a mortgage payment or spent
Thanksgiving at the Islander Motel.
In standing up for free
speech in his native $ingapore, Nair, 58, unwittingly
thrust himself into a one-man economic crisis.
He left for $ingapore on May 26, a successful immigration attorney who
had more than a dozen clients, a five-bedroom house, and, in good years, an
annual income of more than $100,000.
He returned six months later
crippled with debt.
Read the full story here: http://www.mercurynews.com/news/ci_11245691
An appeal for donations
"As you are aware, my
forced stay in $ingapore for 6 months by the $ingapore government by their holding my passport and
preventing me to travel, has resulted in severe financial burden to me. I have
to get my law practice back into swing and get all other small matters taken
care of. I am therefore badly in need of financial assistance. Your donations
at this time will be greatly appreciated. If you can donate, please send the
moneys through Western Union which is available at any post office in $ingapore. Same applies to those in
other countries. Any amount will be appreciated. When sending the funds, please
email me the reference number to nair.gopalan@yahoo.com. Payable to "Gopalan Nair"."
Visit http://singaporedissident.blogspot.com/
PERFECT POSITION SELECTOR
A website has come up with a
great way to decide the perfect position to have sex. All you have to do is key
in four factors - penis size of your partner, your flexibility, the height of
your partner and, finally, how much energy have you
got for sex?
iVillage sex expert Tracey Cox [for real?] will deliver a personalized sex
position prescription, pronto! Just click on any category at the website to get
started.
For most citizens of $heep City, it's The Hook Position. "You lie on your
back with him on top of you. Hook your legs up over his shoulders for deeper
penetration, giving him complete control.
"Why you'll love it: If
he's not terribly well-endowed, it's a good position for maximum penetration. A
tip to remember for this and other positions: Crossing your ankles (in this
case, behind his neck) helps tighten the vaginal canal. It's also a great way
to squeeze him in and make him feel fuller inside you. His scrotum brushes
against your butt with each stroke and you can reach forward to cup his testicles...
The blood will rush to extremities like your nipples, making them highly
sensitive."
To see the illustrations [no
photos] http://choosers.ivillage.com/love/perfect_position/
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INDONESIA TRACES WEBSITE FUNDS TO $HEEP CITY
Dec 9, 2008: The Attorney
General's Office is investigating the flow of allegedly embezzled money
generated from an online system at the Justice and Human Rights Ministry to
$ingapore, prosecutors said Monday.
Assistant attorney general
for special crimes Marwan Effendy said prosecutors suspected part of the money
had been transferred from local bank Danamon to an account in $ingapore.
"We heard the account in $ingapore is a BNI (state-owned Bank Negara Indonesia)
account. We've already asked for authorization from that particular bank to
access the account, but we've not received approval yet," Marwan said. -
Dian Kuswandini, The Jakarta Post
Read the report here: http://yoursdp.org/index.php/news/singapore/1607-indonesia-traces-website-funds-to-singapore
SHOP IN $HEEP CITY, $INGAPORE?
Click on the graphic for a better view.
WHO FIVES A GUCK ABOUT THE GST?
The nation-builder press, April 12, 2002.
This is what Ms Olivia Lum,
the CEO of water-treatment company Hyflux [makers of
NEWater] said in April 2002:
"I buy my clothes when I
travel overseas on business. So the increase in GST wouldn't affect me very
much. Yet, I will have a higher income because I don't have to pay so much in
taxes. At the end of the day, I think I will gain."
You bet.
THE MIRROR OF OPINION
"If $ingapore retailers
want $ingaporeans to shop in $heep City, organise yourselves to remove the GST
sales tax. But first, you have to find your BALLS."
- The young, restless and cynical Mirror Of Opinion, Dec 10, 2008.
A TOTALITARIAN STATE ENCOURAGES STUPIDITY
At the end of September, the $ingapore government allowed their
power companies to raise electricity rates despite public outcry that it was
not the right thing to do. See the statistics below that show the government
was already making huge profits from their power plants.
PAP, THE PROFITS-FIRST GOVERNMENT
The nation-builder press, September 30, 2008.
Ten days before PM Gordon Brown demanded petrol price cuts in
the UK, the $heeple of $ingapore were told they had to pay more to the
government's power companies.
WHY?
These power companies have NEVER made losses before. In previous
years, they have been making profits.
2007 Market share of big 4
energy retailers in $ingapore [all are either government-owned or linked]
$ingapore Power's SP Services Ltd - 37.4%
Seraya Energy Pte Ltd - 18.5
Senoko Energy Supply Pte Ltd
- 17.9
Tuas Power Supply Pte Ltd -
14.4
a) $ingapore Power:
http://www.singaporepower.com.sg/
2007/2008 - net profit -
S$1,086 million [or S$1.086 BILLION]
2006/2007 - net profit -
S$1,067 million [or S$1.067 BILLION]
b) $eraya Energy:
http://www.powerseraya.com/images/stories/pdf/PS_Annual_Report_2007-8_wo_Financials.pdf
2007/2008 - net profit -
S$218 million
2006/2007 - net profit -
S$168 million
c) $enoko Power*:
http://www.senokopower.com.sg/pdf/Senoko%20Power%20Group%20FY2007-08.pdf
2007/2008 - net profit -
S$130 million
2006/2007 - net profit -
S$131 million
*Temasek Holdings, a government company, recently sold $enoko
Power to a private group.
d) Tuas Energy
http://www.tuaspower.com.sg/pdf/financial_report/TP_FRY_2007.pdf
2006/2007 - net profit -
S$177 million
2005/2006 - net profit -
S$104 million
TWO MONTHS LATER, FLIP-FLOP
The nation-builder press, December 5, 2008.
When the $ingapore government
allowed electricity prices to rise this was the reason given by Chief executive
of EMA Mr Khoo Chin Hean - the higher electricity rates have been due to the
increase in oil prices. The Energy
Market Authority said the projected fuel oil price for the next three months is
set to jump to $155.14 a barrel, up 38 per cent from $112.35 for the
current quarter.
In fact, most experts are
predicting the exact OPPOSITE of what the "Authority" said. Oil
prices are set to fall lower.
Oil to Plunge Below $25 Next Year, Merrill Lynch Says
Dec 5 2008 report http://www.foxnews.com/story/0,2933,462284,00.html
World Bank: Recession in developed countries, sharp slowdown in
developing countries inevitable
According to the GEP, next
year oil prices are expected to average about 75 dollars a barrel and food
prices worldwide are expected to decline by 23 per cent compared with their
average in 2008. Looking forward to the longer term and despite concerns that recent
price spikes might signal future supply shortages, the report finds that supply
should more than meet demand over the next 20 years.
Dec 10, 2008 report http://news.xinhuanet.com/english/2008-12/10/content_10480187.htm
THE MIRROR OF OPINION
"Is the PAP [People's
Action Party] a people-first government? Or a profits-first
government? By squeezing the public with higher and higher costs, how
can consumer spending be encouraged?"
- The young, restless and cynical Mirror of Opinion, Dec 5, 2008.
FRUSTRATED?
ADULT $HEEPFINDER SERVICE
Need a sheep fast? Go here: http://www.adultsheepfinder.com/
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Gopalan Nair, now an American, has got his balls back.
AN AMERICAN IN $INGAPORE'S COURT
We had reported before that an American citizen, formerly a
citizen of $heep city, had clashed with the $ingapore government. He has since
been set free from $ingapore's jails and is back in the USA. He files this
report on his blog, Singapore Dissident.
ADVENTURE
Ladies and Gentlemen,
As you are aware, my forced
stay in $ingapore for 6 months by the $ingapore government by their holding my
passport and preventing me to travel, has resulted in severe financial burden
to me. I have to get my law practice back into swing and get all other small
matters taken care of. I am therefore badly in need of financial assistance.
Your donations at this time will be greatly appreciated. If you can donate,
please send the moneys through Western Union which is available at any post
office in $ingapore. Same applies to those in other
countries. Any amount will be appreciated. When sending the funds, please email
me the reference number to nair.gopalan@yahoo.com. Payable to
"Gopalan Nair". Many thanks
Gopalan Nair
Ladies and Gentlemen,
Can I share some stirring
words with you? I had lunch today in Chinese restaurant and the fortune cookie
had this
"the only people who never fail are
those who never try"
While in Queenstown Prison,
$ingapore, for 60 days for writing a blog post in this blog, which the Lee Kuan
Yew government calls insulting a judge, I read a novel, which name I forget
which had this, of which I am guilty,
"self delusion is a pre-condition
for any act of consequence".
Someone who died rounding
Cape Horn in the BOC Round the World Single Handed Yacht Race, his name was
Harry something, which I forget. He was washed off his deck trying to round the
Horn in the Roaring Forties in 70 knot gale. His life line saftey harness snapped. The Chilean Navy tried to
search but had to leave because they could not operate at night. The Australian
navy came later. Harry was never found. His words,
"life should be one long adventure,
or it is nothing"
When I look back at my ordeal
in $ingapore, it is true that at the time it was hard. But now when I revisit
it in my mind, it was one of the greatest adventures of my life. And to come
back to shambles in California and having to pick up from where I started, is
another adventure.
You can say this again, my life has been a roller coaster. But you know what,
I wouldn't have it any other way. I agree entirely with Harry.
Gopalan Nair
39737 Paseo Padre Parkway,
Suite A1
Fremont, CA 94538, USA
Tel: 510 657 6107
Fax: 510 657 6914
Email: nair.gopalan@yahoo.com
Blog: http://singaporedissident.blogspot.com/
$INGAPORE COURT FINES WALL STREET JOURNAL
Nov 26: $ingapore's High
Court found The Wall Street Journal Asia in contempt of court for commentary it
published about the city-state in June and July. The court fined Dow Jones
Publishing Co 25,000 $ingapore dollars (US$16,573) -- the highest amount ever
levied for such a case in $ingapore.
The ruling related to two
editorials and a letter to the editor that the attorney general said were
guilty of "scandalizing the court" by impugning the integrity,
impartiality and independence of $ingapore's courts.
Another Dow Jones
publication, The Far Eastern Economic Review, was in September held to have
defamed the elder Mr. Lee Kuan Yew and his son, the prime
minister Lee Hsien Loong, in relation to an article concerning Mr. Chee.
The full article
http://online.wsj.com/article/SB122763765053757073.html?mod=googlenews_wsj
Related: $INGAPORE STRIKES AGAIN
http://online.wsj.com/article/SB122791989311765753.html
THREE JAILED FOR KANGAROO T-SHIRTS IN COURT
Dec 1: Three Singaporeans
were jailed on Nov 27 after being charged with contempt of court for showing up
at $ingapore's Supreme Court wearing T-shirts depicting kangaroos in judges
robes.
Isrizal Bin Mohamed Isa and
Muhammad Shafi'ie Syahmi Bin Sariman were sentenced to seven days' jail, while
Tan Liang Joo John received 15 days imprisonment. They were each ordered to pay
S$5,000 ($3,305) in costs.
Tan is the Assistant
Secretary-General of the opposition Singapore Democratic Party, led by Chee
Soon Juan.
The three had worn the
T-shirts at a court hearing in May to determine the damages that Chee Soon Juan
and his sister Chee Siok Chin were to pay after being found guilty of defaming
$ingapore Prime Minister General Lee Hsien Loong and former leader Lee Kuan
Yew.
http://www.reuters.com/article/oddlyEnoughNews/idUSTRE4B05S320081201
$INGAPORE OPTS OUT OF CLUSTER BOMBS BAN BUT WILL STOP EXPORTS
$ingapore will not sign the Convention on Cluster Munitions on December 3 in Oslo but has
indefinitely banned exports of the bombs, which the city-state described as
legitimate weapons for self-defence.
http://www.earthtimes.org/articles/show/243523,singapore-opts-out-of-cluster-munitions-convention-but-bans-exports.html
That means $ingapore has
volunteered not to sell cluster bombs but will reserve the right to make them
and use them. Presumably against their "enemies"? Now who would that be?
$INGAPOREANS, CLICK HERE TO SEE WHAT YOU'VE BEEN MISSING
Note: Those who are sensitive and easily offended please do not click on
the link.
A TOTALITARIAN STATE ENCOURAGES STUPIDITY
ALL-GOOD, NO-BAD NEWS
The nation-builder press, November 28, 2008.
On November 28, 2008, the
nation-builder press reported that a $ingaporean hostage in Mumbai was
"safe". "The $ingapore authorities first learnt about the
hostage situation in the Oberoi Hotel from her family members, who called the
MFA at about 6 am Nov 27.
The news report said:
"An Indian news channel reported yesterday that the terrorists had held
the woman at gun point and told her to relay to $ingapore diplomats this
message: Tell the Mumbai authorities to refrain from acting against them - or
lose her life."
The following day, on
November 29, the nation-builder press reported that the $ingaporean lawyer's
body was found on the 19th floor of the hotel.
WHAT TIME IS IT?
The nation-builder press, April 27, 2008.
The prophet of Temasek, Lee
Kuan Yew, has said it will take 30 years [2038] before $ingapore will benefit
from its huge investments in banks. At current prices, $ingapore's investments
have made huge paper losses.
Still not
yet 30 years to make an assessment on $ingapore's US$24 BILLION bet to buy
stakes in international banks and finance companies. Must $ingaporeans wait 30
years?
Let's all sing the new
national song, "What's the use of worrying, it never was worthwhile, So... pack up your troubles in your old kit bag and SMILE,
SMILE, SMILE."
A media whose aim is nation-building won't question, so the same with a tamed
opposition, tamed political blogs and tamed academics. "Four legs good,
two legs bad", remember?
FRUSTRATED?
ADULT $HEEPFINDER SERVICE
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A TOTALITARIAN STATE ENCOURAGES STUPIDITY
EX-UBS BOSSES FORGO US$27.7 MILLION PAY
Nov 25, 2008: Three former
bosses at Swiss bank UBS are to forgo 33m Swiss francs (US$27.7m; £18.1m) in
salary and other payments. Ex-chairman Marcel Ospel, former vice president
Stephan Haeringer and ex-chief financial officer Marco Suter oversaw huge losses
at the bank.
The Swiss government launched
a bailout package for UBS last month, which was worth about $60 billion. UBS
welcomed the voluntary gesture by the former bosses who left after the scale of
the subprime losses emerged.
The three said they "want
to make it clear that they are facing up to reality" said UBS, which has
had to write-down almost $49bn since the sub-prime crisis started.
Mr Ospel said that after the
government bailout he realised he must take "decisive action".
"I hope that my action will help to resolve a situation that was
inconceivable to me until a short time ago." Mr Haering and Mr Suter said that "as executive board members we helped shape
the strategy of UBS over the years".
"From the start there
was no question that in this difficult situation we would express solidarity to
each other and be loyal to UBS."
Former chief executive Peter
Wuffli, who left UBS in July 2007, said he would not take 12m Swiss francs he
was to receive.
UBS has already said that it
would stop paying a bonus to chairman Peter Kurer from next year. He has
already forgone any bonus for 2007 and 2008.
http://news.bbc.co.uk/2/hi/business/7748877.stm
UBS: More former executives forgo pay, bonuses
Former executives who oversaw
massive losses at Swiss banking giant UBS AG will repay a further 22 million
Swiss francs (US$18.45 million), Chairman Peter Kurer said Nov 27. The repayments by the unidentified
individuals bring to nearly 70 million francs (US$59 million) the amount of
money handed back to the bank by former executives over the past year.
http://www.google.com/hostednews/ap/article/ALeqM5iUvHF452XHkMBXOsG0cg9q3vdAGgD94NEBU80
PAY-CUT PM WILL STILL TAKE HOME US$2 MILLION
Nov 25, 2008: $ingapore Prime
Minister General Lee Hsien Loong is taking a pay cut due to the weak economy,
but will still earn US$2 million (HK$15.6 million) annually. Lee, his Cabinet,
and other senior administrators will see their pay chopped by up to 19 per cent
next year because of salary components linked to the city-state's economic
growth, the nation-builder press website reported. - AFP
NOTE: The president of the
United States of America earns US$400,000 a year. The prime minister of
$ingapore, pre-cut, earns about US$2.64 million.
The pay cut is not immediate
or retroactive but starts next year. If the pay cut is only for 12 months, the
general stands to lose ONLY US$467,100 [or S$710,000]. In 2003, the ministers and top civil servants took a 10 per cent pay
cut that started in July 2003 and ended in June 2004, exactly 12 months.
CASTRATED?
When $ingaporeans had their
CPF contributions slashed in 1999, they never saw it fully restored. The result
was S$7.5 billion in earnings a year lost. The income loss was permanent. In
2006 workers aged between 50 and 55 had their wages further cut when the
employers CPF contribution [pension] was reduced by 2 per cent.
$INGAPORE'S GIC TO EARN 1 CENT FROM ITS CITI SHARES
Americans will have to
shoulder the burden for paying another US$20 BILLION to bail out Citigroup. So
shareholders of Citigroup should get nothing. In fact, by accepting the
additional US$20 BILLION Nov 24, Citigroup is only allowed to pay its
shareholders 1 cent per share for each quarter for the next three years.
Thereafter, it will depend on whether the government agrees.
The $ingapore government's
sovereign wealth fund, GIC, invested US$6.88 BILLION in Citigroup in January
2008. Their investment is currently valued at less than US$1 BILLION.
Citigroup to halt dividend
http://www.nytimes.com/2008/11/24/business/24citibank.html?partner=rss&emc=rss
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WELCOME TO $HEEP CITY
(Click here for a better view)
From January 1, 2009, only
cigarettes approved by the $ingapore government will be allowed into $heep
City.
Such cigarettes will bear the
"SDPC" ($ingapore Duty-Paid Cigarettes) marking. Those caught
selling, buying, or having in possession cigarettes without the SDPC marking
will be PUNISHED.
For every packet of
duty-unpaid cigarettes, buyers will be fined $500. Illegal peddlers will be
arrested and charged in Court. Offenders will be fined or sent to jail or both.
THE LAST WORD ON LEADERSHIP
"It is a case of 'can't
believe until you see it'. Until today, nobody believed the COE can drop to
$2... nobody can believe there will be large number of people in affluent
$ingapore in dire straits. It is going to come... I'm very sure and I hate to
see people suffering because we have leadership perpetually in denial.
"When they see jobless people, they say jobs are plentiful
just don't be fussy. When people can't afford electricity, they tell these
people they are using too much electricity and install a meter to force them to
cut down. When people say flats are too expensive, they reply that people are
buying flats that are too big... please choose smaller ones.
"When people say they can't afford medical care, they reply
that people would take better care of their health if medical care is more
expensive... they say people will neglect their health just to use subsidised
health care if it is not expensive enough.
"This type of logic worries me as we enter the worst
recession in decades. Just look at government behavior during the minibonds
saga. This is a leadership that looks ready to abandon the people in their hour
of need - they will deny, they will blame the people for their plight."
- 
Blogger Lucky Tan, Nov
19, 2008.
TAX BREAKS FOR GAMBLING GIANT IN $HEEP CITY
In another positive note,
the government of $ingapore has reiterated its support for getting the Marina
Bay Sands casino/resort up and running, and $ingapore has also granted
permission for Las Vegas Sands to open the project in phases. So we're likely to
see the casino and retail shops open sometime in 2009, with full project
completion (including 2 hotel towers and convention facilities) targeted for Q1
of 2010.
Marina Bay Sands is going
to be a huge casino (1,000 tables, 1,400
slots), and Adelson & Co. are banking on (pun
intended) the complex being an immediate and large contributor to earnings.
The best carrot for getting the casino open is that the
projected tax rate on gaming revenues is only 17.3 per cent in $ingapore,
versus a whopping 39 per cent in Macau. When Marina Bay is operating at full capacity,
the tax benefit alone could add over US$400 million to income per year, per the
8k filing.
Full http://seekingalpha.com/article/106376-las-vegas-sands-sustainable-in-2009
$ingapore is people first? Nah, it's always too big to be allowed to fall.
A TOTALITARIAN STATE ENCOURAGES STUPIDITY
EYES WIDE SHUT
The nation-builder press, November 10, 2008.
"The MAS (Monetary
Authority of $ingapore) has told the banks if there's any mis-selling, you've
got to put things right. But many went in with their eyes open. They are not old, they are not uneducated.
Now they say, 'Please include me too'. Well, that's hard life and you've got to
go according to what is fair."
- The prophet of Temasek, Lee
Kuan Yew, Nov 10, 2008. Also known as MM Lee.
PINNACLE NOTES 10 WAS SOLD IN ONLY ONE COUNTRY: $INGAPORE
A lamb and his friends. An advertisment for the notes. They are
now worthless.
Nov 15, 2008: This is what
the advertisement for the notes look like. The one above is for Pinnacle Notes
10. Right at the bottom it lists the reference entities Australia, Hong Kong,
$ingapore, $ingTel and Temasek. None of entities have had a credit event but
the notes are now worthless.
The underlying securities
were not bonds of Australia, Hong Kong and $ingapore etc but a basket of toxic
waste CDOs. If this is not mis-selling what is?
Last week I spoke to friend
who bought some structured products. He insisted that what he bought was very,
very safe and "guaranteed" by "govt" and Temasek and he was
"sure" it was not high notes or minibonds. I told him to "better
go and check"... it turned out to be Pinnacle Notes Series 10.
The whole process of selling
these structured products from the marketing material to the Relationship
Manager's [RM] sales pitch was designed to close the sale - no ordinary layman
buyer, educated or not, can come close to comprehending the risks.
You think the RM bothered to
go through the list of CDOs that was the real source of risks? No, the RM who
earned commissions would simply tell the customer that his investment is safe
because of the reference entities - $ingapore, Hong Kong, Australia, Temasek,
$ingTel - to close the deal. Pinnacle Notes 10 was sold only in one country:
$ingapore.
The Hong Kong government has
admitted that the whole regulatory framework from the approval of these
products, marketing and selling has to be reviewed. In the meantime, they have
frozen the sales of these products. They have admitted that they have done
something incorrect in the regulation of these products. They are now
answerable to the people. The MAS has denied EVERYTHING. They deny that
deregulation of these products have led to these problems. They denied all
responsibility associated with the debacle.
In fact our leadership has laid the blame solely on the people who lost their lifesavings especially those who are educated and young. These people are now told that they have gone in with their "eyes open" and have no legal recourse... and banks are compensating out of the kindness of their heart because legally it is "case closed". ...all these words from MM Lee.
In $ingapore we (some of us)
gave up some of our rights and personal freedom as a result of a social
contract in which the PAP will protect the interests of the people without the
full implementation of democracy. In this saga, we see this social contract
broken (if not shattered), the government took care of itself first, then its other interests with the people coming in last. $ingaporeans who lost their lifesavings are left to fend for
themselves.
- Lucky Tan
Read his blog here http://singaporemind.blogspot.com/
EYES WIDE SHUT 2
At least you know what you're
getting when you buy a packet of cigarettes in $ingapore.
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THE LAST WORD ON NO OPPOSITION
"If $ingapore had a revolving door government... your asset
values will disappear and your apartments will be worth a fraction of what
[they are now]. Jobs will be in peril and your security will be at risk. Our
women will become maids in other countries - foreign workers".
- Former prime minister of
$ingapore and currently a cabinet minister, the prophet of Temasek, Lee Kuan
Yew, April 5, 2007.
All the above in varying
degrees have come to pass despite no
opposition in $ingapore. 10,000 $ingaporeans saw their savings of $500
MILLION vanish after they bought financial instruments sold by government bank
DBS and others, that are now WORTHLESS. Even work as maids, porters, waiters, security guards, hostesses in the now delayed Marina casino
project are gone.
HOW MUCH "TRAINING" DO YOU NEED TO MAKE A BED?
The nation-builder press, November 11, 2008.
Without fail, the $ingapore
government calls on workers to train and upgrade themselves whenever
unemployment looms. They never want to build safety nets like social welfare
for workers. But look at the jobs on offer. There are only 200 managerial
positions in the new Sentosa casino. The future of the second casino, Sands
Marina, is currently unknown. With only low-level work on offer, how much do
you think you'll get paid? This is the future? Better to be your own boss and
own a hawker stall.
If there are no delays, the
Sentosa casino will open in March 2010.
AFTER THE US$1.9 BILLION SHIN CORP FIASCO AND $INGAPORE'S US$24
BILLION BET ON BANKS... THIS WAS THE ASSURANCE
The nation-builder press, January 22, 2008.
Nine months later... who
"thoroughly assessed" the risk here?
$INGAPORE'S TEMASEK COMPANY BLOWS A$400 MILLION IN CHILDCARE
CENTRE
The nation-builder press, November 11, 2008.
If ever there was a
misleading headline, the above in the nation-builder press is it. The biggest
loser was Temasek Holdings.
"THE crash of an Australian childcare chain run by a high-spending former milkman has thrown thousands of families into turmoil and left investors like Temasek Holdings in a black hole.
"ABC Learning controlled
20 per cent of the country's childcare industry with 1,075 centres employing
16,000 staff who looked after 120,000 children. It also owns centres in New
Zealand. The firm's rapid expansion was underpinned by huge levels of debt but
questionable management and higher interest rates thanks to the credit crunch
took their toll and the firm went to the wall last week owing banks A$762 million (S$788 million).
"Temasek will be one of
the biggest casualties. It took a 12 per cent stake worth about A$400 million last year, buying in when the shares were at
A$7.30 only to see the stock plummet to 54 Australian cents before they were
suspended."
http://www.straitstimes.com/Breaking%2BNews/Money/Story/STIStory_300845.html
The shares are worth
"peanuts". "Pack up your
troubles in your old kit bag and smile, smile, smile..."
THE MIRROR OF OPINION
The nation-builder press, April 5, 2007.
"It didn't take any
opposition to create this. Temasek spent A$401 million to take a 13 per cent
stake in ABC Learning in May 2007, paying A$7.30 - a 6c premium to the market price and just short of its 2007
peak of A$7.57. ABC's share price is now at Australian 54 cents. The
current economic pain in $ingapore is self-inflicted."
- The young, restless and cynical Mirror of Opinion, Nov 11, 2008.
A TOTALITARIAN STATE ENCOURAGES STUPIDITY
MACAU: NO BAILOUT FOR LAS VEGAS SANDS
Even as the $ingapore
government wobbles on the Las Vegas Sands Marina casino, the Macau government
have been more decisive on their own casino under development by Las Vegas
Sands. The Associated Press reported Nov 11, 2008 that in his annual policy
address, Macau Chief Executive Edmund Ho said, "the government has no
concrete measures to help [Las Vegas Sands] solve its financing difficulties
immediately." "Because of its over-leveraged
borrowing in the US and around the world, it's normal and expected that it has
to suspend some of its projects," he said.
Las Vegas Sands has two sites
in Macau on the Cotai strip under development. It will now freeze construction
there. The project is said to cost up to US$12 BILLION when completed.
http://www.marketwatch.com/news/story/las-vegas-sands-shares-slide/story.aspx?guid=%7B0DF6A1CD-A71E-42C2-9471-EE98EF0AEA32%7D&dist=msr_9
Las Vegas Sands have
"committed" to $ingapore's Marina casino. They know Macau won't offer
any bailout.
$INGAPORE TO BAIL OUT LAS VEGAS SANDS?
The nation-builder press, November 11, 2008.
The $ingapore Government may
form a venture with CapitaLand to take over one of the country's two integrated
resorts if Las Vegas Sands fails to stave off loan defaults, CIMB-GK Research
said yesterday.
Las Vegas Sands, the gaming
concern that said last week it may default on debt and face bankruptcy, has
reiterated its commitment to the US$4 billion (S$6 billion) $ingapore venture.
The company has drawn down at least $2 billion from a $5 billion credit facility
by several banks for the project. [The three banks that provide the lion's
share of the loans are DBS Bank, OCBC and OUB].
'If Las Vegas Sands cannot
cough up its share of equity, the $ingapore Government is likely to step in,'
Mr Donald Chua, a $ingapore-based analyst at CIMB-GK, wrote in a report. 'A
viable option could be a 49:51 joint venture between the Government and
CapitaLand, with CapitaLand taking a controlling stake.' - Bloomberg
http://www.straitstimes.com/Breaking%2BNews/Money/Story/STIStory_300927.html
CapitaLand is a $ingapore
government company.
$INGAPORE'S FANTASY LAND
The nation-builder press, November 12, 2008.
The $ingapore government on
Nov 12, said "it will not bail out the troubled US gaming firm Las Vegas
Sands should it fail to fund the Marina Bay Sands integrated resort." But
at the end of the message was this:
"While the government
would not participate in any bailout of Sands, Mr Iswaran did not rule out the
involvement from government-linked
companies, which are commercial entities, if it makes business sense to do
so."
http://www.channelnewsasia.com/stories/singaporelocalnews/view/389281/1/.html
$ingapore government companies are still funded by $ingaporeans.
PEOPLE FIRST?
The nation-builder press, October 16, 2008.
NO BAILOUT FOR $HEEP
"The Monetary Authority
of $ingapore (MAS) has decided against following Hong Kong's lead in requiring
banks to buy back Lehman Brothers-linked Minibonds at market price from
investors."
- The nation-builder press,
Oct 16, 2008.
"Are people just going
to accept that their savings have been wiped out?"
- The young, restless and cynical Mirror of Opinion, Nov 14, 2008.
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WORSE THAN FRUSTRATED?
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University sex expert Liana Mancini has. Go here.
