In an article which took up the entire second page of Straits Times yesterday, “High growth brings high risks,for nations too” , ST political editor Chua Lee Hoong quoted Iceland’s bankruptcy as an example to remind Singaporeans that we would have followed the same path had not for our “strong” leaders.
“If bankruptcy can happen to Iceland, what is there to prevent Singapore, another small nation, from following a similar path? wrote Miss Chua. “Nothing very much, really. Except the wits of its political leaders and monetary regulators, and the financial buffer provided by the reserves accumulated over many years.”
Inherent in her article are 3 eternal myths and half-truths which the mainstream media with the ilks of Chua, has been perpetuating for the past 40 years on behalf of its political master:
Myth # 1: The PAP government is responsible for accumulating Singapore’s strong reserves
While it is undeniable that the PAP government’s sound fiscal policies has enabled Singapore to accumulate a sizeable foreign reserve over the years, ultimately, this is only made possible by a hardworking and thrifty population.
Singapore has one of the highest saving rates in the world. During our parents and grandparents’ time, ordinary Singaporeans work long hours and save up for their children’s future.
Read rest of article here:
http://wayangparty.com/2008/11/12/d...rnal-myths-of-the-pap-and-the-its-mouthpiece/
“If bankruptcy can happen to Iceland, what is there to prevent Singapore, another small nation, from following a similar path? wrote Miss Chua. “Nothing very much, really. Except the wits of its political leaders and monetary regulators, and the financial buffer provided by the reserves accumulated over many years.”
Inherent in her article are 3 eternal myths and half-truths which the mainstream media with the ilks of Chua, has been perpetuating for the past 40 years on behalf of its political master:
Myth # 1: The PAP government is responsible for accumulating Singapore’s strong reserves
While it is undeniable that the PAP government’s sound fiscal policies has enabled Singapore to accumulate a sizeable foreign reserve over the years, ultimately, this is only made possible by a hardworking and thrifty population.
Singapore has one of the highest saving rates in the world. During our parents and grandparents’ time, ordinary Singaporeans work long hours and save up for their children’s future.
Read rest of article here:
http://wayangparty.com/2008/11/12/d...rnal-myths-of-the-pap-and-the-its-mouthpiece/
