CPF is the worlds largest ponzi scheme?

[nkfnkfnkf]

cpf is the worlds largest ponzi scheme?

absolutely! For course it is!

 

[The_Latest_H]

It was reported in the US that an investment scheme turned out to be a large ponzi scheme that has lost $50 billion when too many people wanted redemptions.

When I read about this I immediately thought about the CPF. They collect money from everyone to pay some people. You have that financial guru, Ho Ching, dipping into the CPF. Rules are changed to prevent large draw downs from the funds.

On paper, there must be billions & billions & billions of CPF funds. With Temaseks losses there must be a large drawdown of the CPF funds. If the PAP ever looses enough seats & control of the CPF, what will we see?

It wasn't at first, but it's unofficially one. CPF has to be reviewed and checked and then have their rules be reviewed line by line. I don't think its viable at the way the PAP has secretly used CPF to fund their notorious investment decisions. This are all S'poreans' money.

 

[mentor_LEE]

I say CPF is COMPULSORY! It have to be. So Give me those monies of yours! I don't care.

I say CPF is COMPULSORY! It have to be. So Give me those monies of yours! I don't care.

I say CPF is COMPULSORY! It have to be. So Give me those monies of yours! I don't care.

I say CPF is COMPULSORY! It have to be. So Give me those monies of yours! I don't care.

I say CPF is COMPULSORY! It have to be. So Give me those monies of yours! I don't care.

 

[johnny333]

It wasn't at first, but it's unofficially one. CPF has to be reviewed and checked and then have their rules be reviewed line by line. I don't think its viable at the way the PAP has secretly used CPF to fund their notorious investment decisions. This are all S'poreans' money.

CPF was a programs started for the right reasons. This was at a time when LKY had to share the limeligh & power with others in the PAP.

When LKY gained total power, public programs got corrupted e.g. HDB housing & COE became cash generators, CPF used to fund Temasek adventures.

I don't expect any improvement until LKY is kicked out of the gov't. Until then I fear for the worst, that the CPF is a ponzi scheme where collapse is possible.

 

[silverfox@]

Actually I believe that CPF is necessary.
Whether it is Ponzi or whether its the people's money. Letting people to manage their own money is what everyone says it should be. But we have seen how many elderly upon getting their CPF start to spend it very fast and after that when all is finish, they start to fight with the poor for subsidies etc.

Of course not everyone is like this, but generally, most people do not know how to manage their money.

However 1 thing I need to point out is, the interests in CPF is too little and should be reviewed. Certain points like tx to Special account and then get extra interests is absolute crap as SA money cannot be used for housing or other reasons. With inflation growing, the interests at 2.5% is too little.

 

[Papsmearer]

Are you sure states never go bankrupt? Look at what's happening today e.g. Iceland which is bankrupt.

Even the US is in trouble. They are printing too much money & will pay for it with the US$ depreciating.

In Spore we only have rumours as to how bad it is. With the talented Lee family & their overpaid salaries, are Singapores days numbered? How much more can Singapore tahan with rentals so high, utilities high, public transport high, gst increase,...

Even if Spore can avoid bankruptcy, what kind of future is there with the PAPs business as usual attitude. You think the PAP is going to let you have your CPF

u can take out your CPF anytime. Just renounce your citizenship, and within a few weeks all your CPF accounts will be settled and the balance given to you. This shows that there is money in the system and there is a willingness for the govt. to pay out your CPF. If u don't want to renounce than u have to live by their rules and withdraw according to their rules.

U are ignorant about the circumstance of Iceland's "bankruptcy" The Icelandic govt. is not bankrupt. Its banking system is, due to exposure to the world subprime mess. Because the Icelandic economy heavily relies on their banks, they are dragged into this mess too. The govt. there has already taken steps to rectify this.

S'pore is not in the same boat, as we have more foreign reserves than the US or Iceland. How much is left is matter of debate after all the Ho Jinx screw ups. But there is a sizable amount. The PAP can always choose to use this.

How much more can S'poreans tahan? A lot more. When it hurts them enough, they will vote the PAP out. Until than 66% can still tahan somemore.

 

[johnny333]

u can take out your CPF anytime. Just renounce your citizenship, and within a few weeks all your CPF accounts will be settled and the balance given to you. This shows that there is money in the system and there is a willingness for the govt. to pay out your CPF. If u don't want to renounce than u have to live by their rules and withdraw according to their rules.

In a ponzi scheme, they pay you with money contributed by others. As theres many new foreigners coming in to Spore, theres enough funds to pay those quitting Spore.

BUT With Temasek losing billions & the aging Sporeans wanting to withdraw their CPF, do you think theres going to be enough to pay these people?

Theres talk of converting the CPF into an annuity & increasing the withdrawal age . Signs of a big, big, huge, humongest problem. If you trust the PAP, good luck to you

U are ignorant about the circumstance of Iceland's "bankruptcy" The Icelandic govt. is not bankrupt. Its banking system is, due to exposure to the world subprime mess.

Whatever the source of the problem, in Spores case it is being exacerbated by the stupid "long term" investment decisions which have resulted in billions of loses.

Of course they'll try to recover the money losses, probably from Sporeans in direct & indirect taxes. Expect more hardship & I don't want to be around to contribute these "extras"

S'pore is not in the same boat, as we have more foreign reserves than the US or Iceland. How much is left is matter of debate after all the Ho Jinx screw ups. But there is a sizable amount. The PAP can always choose to use this.

How much more can S'poreans tahan? A lot more. When it hurts them enough, they will vote the PAP out. Until than 66% can still tahan somemore.

PAP has never used the so called "reserves" to help out Sporeans.Don't expect them to start now with whats "left". I expect many of the PAP supporters to be hit the hardest.

I'm part of the large minority planning an escape. Expect more company when the PAP inreases the $crews.