It was decades ago that the Old Fart boasted about Peesai's $100B reserve. Now it stands at $150B, which is probably less than $100B inflation adjusted. In other words, not only has it not moved a dime, but it's shrinking! And that's when sucking on the Peasants is worse than daylight robbery and when the lowly paid PRC govt achieved trillions of USD of reserve within a few years. It goes back squarely to CSJ asking Wooden through a loudhailer - and justifiably so given the gravity of the issue - "Where has our money gone?" And Wooden took a serious question as a joke and pointed at his pockets or lan cheow, depending on the angle u viewed it from.
But those who are monitoring the shopping habits of the Old Fart and his daughter-in-law would have suspected that all the additonal blood and coffin money extracted from the Peasants since the Old Fart proclaimed the magical $100B figure has probably been siphoned away through shady "investment vehicles" or massively tikam away in an outright manner on bankrupt US and European banks in a matter of weeks. The Familee probably have no qualms losing it as they view it as protection money paid to Uncle Sam and co. to secure their "non-interference" of the Familee's wicked and fascist ways in Peesai. Sama sama on the billions spent on useless exotic military hardware. The German chancellor used to be critical of the Familee's human rights record, but fell into silence after the Familee bought Leopard tanks from her.
In short, only $150B is what is left to back up $700B if this $150B is not fake to begin with. And since Peesai is run under 1 cuntry, 2 systems, one could assume that in a bank run, the Familee members would have first access to this kitty. The reason for the Familee to insist on $20k guarantee only is to avoid the embarassment and the appalling truth of the state of the piggy bank. But they could have more to lose if they refuse to up their stakes on par with HK, Taiwan and other developed economies.
Now that the truth is out, Sporns should have more to worry and do well to prepare for the worse. The 66% goondus should also wake up their idea and see the beauty and benefits of competition in terms of forcing the Papayas to be more transparent and providing better service, which at the moment, is far from being commensurate with the kind of obscene rewards they have extracted from the Pasants, most of whom are barely surviving and living on rollover credit.
Fxxx PAPee! Fxxx the Familee!
==========
You miss the rest of the article man....
SINGAPORE: The Singapore government said it would guarantee all Singdollar and foreign currency deposits of individual and non-bank customers in licensed banks, finance companies and merchant banks.
The Monetary Authority of Singapore and the Ministry of Finance said the guarantee of up to S$150 billion will be well in excess of possible liabilities arising from the failure of any financial institution.
The guarantee takes immediate effect and will remain in place until 31 December 2010. It will also be extended to deposits placed with credit co-operatives registered with the Registry of Co-operative Societies.
Currently, there are 41 credit co-operatives providing thrift and loan services to more than 200,000 members.
The guarantee will be backed by S$150 billion of the reserves of the Singapore government.
The move follows similar action by governments around the world in recent days as they sought to deal with the current global financial crisis.
Singapore has assured that its banking system continues to be sound and resilient, but it said precautionary action must be taken to avoid an erosion of the banks' deposit base and to ensure a level international playing field for banks in Singapore.
The total amount of deposits in Singapore is understood to be valued at about S$700 billion.<!-- / message --><!-- edit note -->
<HR style="COLOR: #989898; BACKGROUND-COLOR: #989898" SIZE=1>Last edited by TeeKee; Today at 02:14 PM.
But those who are monitoring the shopping habits of the Old Fart and his daughter-in-law would have suspected that all the additonal blood and coffin money extracted from the Peasants since the Old Fart proclaimed the magical $100B figure has probably been siphoned away through shady "investment vehicles" or massively tikam away in an outright manner on bankrupt US and European banks in a matter of weeks. The Familee probably have no qualms losing it as they view it as protection money paid to Uncle Sam and co. to secure their "non-interference" of the Familee's wicked and fascist ways in Peesai. Sama sama on the billions spent on useless exotic military hardware. The German chancellor used to be critical of the Familee's human rights record, but fell into silence after the Familee bought Leopard tanks from her.
In short, only $150B is what is left to back up $700B if this $150B is not fake to begin with. And since Peesai is run under 1 cuntry, 2 systems, one could assume that in a bank run, the Familee members would have first access to this kitty. The reason for the Familee to insist on $20k guarantee only is to avoid the embarassment and the appalling truth of the state of the piggy bank. But they could have more to lose if they refuse to up their stakes on par with HK, Taiwan and other developed economies.
Now that the truth is out, Sporns should have more to worry and do well to prepare for the worse. The 66% goondus should also wake up their idea and see the beauty and benefits of competition in terms of forcing the Papayas to be more transparent and providing better service, which at the moment, is far from being commensurate with the kind of obscene rewards they have extracted from the Pasants, most of whom are barely surviving and living on rollover credit.
Fxxx PAPee! Fxxx the Familee!
==========
You miss the rest of the article man....
SINGAPORE: The Singapore government said it would guarantee all Singdollar and foreign currency deposits of individual and non-bank customers in licensed banks, finance companies and merchant banks.
The Monetary Authority of Singapore and the Ministry of Finance said the guarantee of up to S$150 billion will be well in excess of possible liabilities arising from the failure of any financial institution.
The guarantee takes immediate effect and will remain in place until 31 December 2010. It will also be extended to deposits placed with credit co-operatives registered with the Registry of Co-operative Societies.
Currently, there are 41 credit co-operatives providing thrift and loan services to more than 200,000 members.
The guarantee will be backed by S$150 billion of the reserves of the Singapore government.
The move follows similar action by governments around the world in recent days as they sought to deal with the current global financial crisis.
Singapore has assured that its banking system continues to be sound and resilient, but it said precautionary action must be taken to avoid an erosion of the banks' deposit base and to ensure a level international playing field for banks in Singapore.
The total amount of deposits in Singapore is understood to be valued at about S$700 billion.<!-- / message --><!-- edit note -->
<HR style="COLOR: #989898; BACKGROUND-COLOR: #989898" SIZE=1>Last edited by TeeKee; Today at 02:14 PM.
