CPF is the worlds largest ponzi scheme?

[johnny333]

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?

 

[pia]

Don't know about being the world's largest... but definite IS a ponzi scheme

 

[madmansg]

yes you said it very well.

 

[chuckyworld]

They don't call it the " Cash Cow" for nothing.

 

[Einfield]

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?

CPF is used as the ruling party's war chest, to pay ridiculously high wages to get support from professionals, by changing laws now and then, to suit their purpose, legalizing other GIC to dip into the reserve as their personal piggy bank.

One sure sign of the ponzi scheme is the frequent delay of withdrawal of CPF, citing statistics that people live longer now.

If we have independent audit, a good benchmark will be to find out, if we have enough $ to pay all CPF account holder back if we all decide to withdraw now.

I can tell you the answer is no, base on Ho Jinx's loosing money records.

Therefore it is in the interest of the ruling party, not to practice transparency and at the same time put in more rules, to delay the withdraw.

Ultimately, they will do everything to stay in power to prevent any audit if they lost majority in parliament.

Like the Ex-President in Taiwan, who is under corruption charges, if you learn about the details on how he use his family member and force some officials to influence land sales etc, it is something that is highly possible here too, the only difference is, one is caught.

 

[johnny333]

One sure sign of the ponzi scheme is the frequent delay of withdrawal of CPF, citing statistics that people live longer now.

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I think the original intent of CPF was a good thing but s LKY corrupted the original intent. When did it all go wrong?

All ponzi schemes will eventually collapse. Maybe when LKY dies?

If the only way to get back the money out is to give up citizenship. Its not if but when I'll give up Spore citizenship. There are just too many advantages to being a non-Singaporean

 

[Papsmearer]

I think the original intent of CPF was a good thing but s LKY corrupted the original intent. When did it all go wrong?

All ponzi schemes will eventually collapse. Maybe when LKY dies?

If the only way to get back the money out is to give up citizenship. Its not if but when I'll give up Spore citizenship. There are just too many advantages to being a non-Singaporean

I am sick and tired of educating morons like u. I hate the PAP, but I can see that people like u who dislike the PAP DO not take the time to find out how their country really works. The CPF is not a ponzi scheme. It cannot be. Standing behind the CPF is the S'pore govt. They ultimately guarantee all the deposits. All they have to do is simply direct MAS to print more money and pay CPF holders. Hence, it cannot go broke.
Also, CPF lends its money to stat boards like the HDB, not to individuals. Individuals can go broke and not pay back the loan, but HDB which is owned by the govt. can never go broke, so all the CPF monies loaned out are also protected.
What Ho Jinx does with the Temaseck money is totally different. Part of the capitalization of Temasek, I am sure came indirectly from CPF, but these are funded by MOF. When Temasek loses money, its shareholders namely MOF ultimately loses money. Part of the money that MOF has invested in Temasek might have come from a loan from CPF, but CPF will only lose money if MOF does not pay it back, which will never happen.
When did CPF go wrong. It went wrong when the HDB down payments and monthly payments were allowed to be deducted from the CPF.

 

[singveld]

CPF was invented by British Empire to stuff their second class citizens

CPF was kept by PAP to stuff their second class citizens.

 

[theblackhole]

i very scared when i read about the ponzi scheme - that big con job by the wall street fella...how could he cheat $50 billions from people who are in the know??? he must be a great con man...and he admitted that it was all a big lie! so these investors are worse than gullible singaporeans???

anyway, i hope my cpf is safe. if my cpf is not safe, there is no safer place anymore on earth.so let us put more faith and hope in our cpf...and pray that it will not disappear when we are ready to make our withdrawals...pray and hope nothing bad will happen to our "sacred cow". pls pray together for the good of all singaporeans...you and me...the ordinary folks and the good citizens of singapore. majulah singapura!!!

 

[Cestbon]

CPF is a world largest compulsary ponzi scheme that approve by the goverment. Actual amount money hole by CPF board are less than SG$10billion.
THat why CPF are delaying payout for old age that keep changing rules from age 55 to maybe until you die also cannot withdraw in next 10 year if keep review it rules.
With so much money contibuted compulsary but the payout to retired are so much less. So imagine where is money gone??????

 

[johnny333]

The CPF is not a ponzi scheme. It cannot be. Standing behind the CPF is the S'pore govt. They ultimately guarantee all the deposits. All they have to do is simply direct MAS to print more money and pay CPF holders. Hence, it cannot go broke.
Also, CPF lends its money to stat boards like the HDB, not to individuals. Individuals can go broke and not pay back the loan, but HDB which is owned by the govt. can never go broke, so all the CPF monies loaned out are also protected. ....
.

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

 

[fenwick]

Big CON job!!!!!!!!!!!! PAP:oIo:

 

[johnny333]

i very scared when i read about the ponzi scheme - that big con job by the wall street fella...how could he cheat $50 billions from people who are in the know??? he must be a great con man...and he admitted that it was all a big lie! so these investors are worse than gullible singaporeans???

If it can happen in the US with so many watchful eyes, what is the probability it happening in our tiny island?

All media is controlled by the Lees. Who in Spore is brave enough to dig too deep? Those super high salaries buys alot of silence & many ex-civil servants are living in Australia. What do they know hmm?

 

[DerekLeung]

Certain public policies are meant to disadvantage certain groups of working class people !

 

[theblackhole]

i trust our garment and i trust the cpf.they will honour their pledges and their promises. the day cpf collapses will be the day i too collapse. so pls pray hard our garment does not collapse and our cpf is intact. pray hard my dear citizens.

 

[Andromedans]

i trust our garment and i trust the cpf.they will honour their pledges and their promises. the day cpf collapses will be the day i too collapse. so pls pray hard our garment does not collapse and our cpf is intact. pray hard my dear citizens.

Check out alternative view on usa social security scheme : see 1st 3 mins

http://www.youtube.com/watch?v=cCd3-AlbcnU

I see a BIG CPF PONZI CON JOB.

Take all necessary steps: Use up your cpf for your housing loans as much as you can, least you get some physical asset back.

Invest all OA in funds or stocks as far as possible. Don't let them use YOUR MONIES to generate a miserable returns of 2.5% enuf is enuf !!!

Start your OPF 'Own Provident Fund'. Have extra savings equivalent to the CPF contribution. And invest your OPF in gold, agriculture and commodities for the nxt 5-10 years. Hyperinflation is coming our way folks, dat 2,5% will be miserable compared to the inflation we are about to face in 2009 onwards.

And get ready for a loooooooong reccession in Spore, coz the pappies have run out of ideas, period. Our service based economy is not sustainable in the long run.

 

[johnny333]

Invest all OA in funds or stocks as far as possible. Don't let them use YOUR MONIES to generate a miserable returns of 2.5% enuf is enuf !!!

Start your OPF 'Own Provident Fund'. Have extra savings equivalent to the CPF contribution. And invest your OPF in gold, agriculture and commodities for the nxt 5-10 years. Hyperinflation is coming our way folks, dat 2,5% will be miserable compared to the inflation we are about to face in 2009 onwards.

Can do all that AND If you are fortunate enough, get out of Spore.

Best is not to get involved with a ponzi, sure to collapse, eventually.

 

[theblackhole]

cpf is still the best bet lah. why run away. what ponzi scheme? chay!

 

[johnny333]

cpf is still the best bet lah. why run away. what ponzi scheme? chay!

I'm not a gambler lah & I'm getting on in years. Must look out after number one, myself.

Even if I'm wrong I'll be better off as I'll have CPF in hand & can invest for better return than 2.5 to 3 %.

If I stick around in Spore, probably will never get the CPF & I don't want to end up with the other tissue sellers.

 

[myfoot123]

cpf is still the best bet lah. Why run away. What ponzi scheme? Chay!

self denial.