http://i-came-i-saw-i-solved-it.blogspot.com/2009/10/why-singapore-has-no-economy.html
18 October 2009
Why Singapore has no economy
http://www.nytimes.com/2005/04/11/business/worldbusiness/11iht-sing.html
SINGAPORE POSTS DROP IN GROWTH OF ECONOMY
Published: Tuesday, April 12, 2005
SINGAPORE — Singapore's economy shrank at an annual rate of 5.8 percent in the first quarter, according to figures released on Monday, exceeding the most pessimistic forecast by economists, as makers of pharmaceuticals cut production.
The decline in gross domestic product, reported by the Trade Ministry, was the first in almost two years. It compared with growth of 7.9 percent in the fourth quarter.
The economic report added to speculation that the central bank would seek to stimulate growth by abandoning its policy of a "modest and gradual appreciation" in the currency at a twice-yearly review on Tuesday.
The government forecasts that Singapore's growth may fall to as little as 3 percent this year from 8.4 percent last year, as exports of electronics slow.
A rebound in production of drugs may soften the slump, said Chua Hak Bin, an economist at DBS Group.
"This report tells us that the economy is slowing down, but I think it is slowing down at a moderate pace," he said. "The decline was largely due to the volatility in pharmaceuticals."
Pharmaceutical output fell because manufacturers switched to producing different chemicals and shut plants for cleaning, said Song Seng Wun, an economist at G.K. Goh.
Shutdowns and expansions cause swings in output because of the small number of factories in Singapore.
Some analysts said the vital electronics industry, accounting for nearly a third of manufacturing output and about half of non-oil exports, could post stronger output in the second quarter as global demand picks up. That would allow Singapore to avoid a recession, which occurs when an economy contracts for two consecutive quarters.
"The first quarter's contraction was driven mostly by volatility in the pharmaceuticals industry," said Euben Paracuelles, economist at DBS Bank.
"Electronics indicators show there is a likely upturn in the electronics cycle. Going forward we don't think there is a risk of recession."
Last Wednesday, the Asian Development Bank forecast that economic growth in Asia's developing nations will slow to 6.5 percent this year from a seven-year high of 7.3 percent in 2004. Growth in Singapore may slow to 4.1 percent from 8.4 percent.
Last Tuesday, Homi Kharas, the top regional economist at the World Bank, said it was planning to cut the 2005 economic growth forecast for Asia excluding Japan and the Indian subcontinent because it expected oil record prices to curb demand in Europe and Japan.
In Singapore, manufacturing, which accounts for a quarter of the economy, rose 3 percent in the first quarter from a year earlier, slowing from an expansion of 14.1 percent in the previous three months. In 2004, manufacturing grew by 14 percent.
"The first quarter was soft for business machines like printers and servers," said J.R. Ong, managing director of First Engineering, which supplies parts to Hewlett-Packard and Seagate Technology.
Singapore has offered tax breaks to lure drug makers to the island to reduce its reliance on electronics.
"For Singapore it's a double whammy from electronics and pharmaceuticals," said Nizam Idris, an economist at IDEAglobal in Singapore.
"Other Asian countries probably won't see such a sharp slowdown because they are largely affected by weaker electronics demand."
////////////////////////////////////
RH:
1. Over the years, I have often read Singapore news like this one above in which the GDP drops several percent due to the pharmaceutical sector 'pills factory closed for cleaning'.
2. Now, I know that LIE KY LHL have spent billions to lure pharmaceutical companies to set up factories in Singapore BUT THE TOTAL NUMBER IS VERY SMALL, PROBABLY NO MORE THAN HALF A DOZEN. So, how is it that when 1 or 2 such pills factories close for cleaning, which they have to do now and then, THIS AFFECTS THE GDP TO THE TUNE OF SEVERAL PERCENT?
3. This means that the whole so-called pharmaceutical industry is so small it shouldn't even be called a sector. The case is exactly the same in the 'electronics sector', another grandiose term for a couple of Seagate disk drive factories. When 1 or 2 factories slow production, the effect is a couple of percent drop in the 'sector'. Thus, like every Look Good operation mounted by the LIEs, all the so-called "sectors" in Singapore's "economy" are pretty fake, false. Truth is, we don't really have an "economy", only a few factories making different products -- like pills or disk drives.
4. Thus, we have no economy, really. Only a couple of factories here and there. Everything is miniscule in scale. This means that our "GDP" is also not real GDP but a simple-to-manipulate number that very quickly and responsively responds to any incentive -- simply lure a few factories to set up in Singapore and voila! you have another "economic sector" boosting GDP several percent. And because there are so few factories, you can easily manipulate their production higher [or lower] at will, by giving incentives, etc.
5. Conclusion: Singapore has no economy. It is too miniscule an islet of 700 sq km [270 sq miles]. Singapore is not a country although it has every trapping of a country like President, Cabinet, Parliament, Ministries and even a very expensive military -- again, too miniscule. Its GDP is not real GDP but a simple sum total of a few hundreds of factory and office productions, mostly foreign. That is why, when LIE KY LHL pull out all the stops, 'GDP growth' can seem miraculous -- just a few factories increasing output. And based on these seemingly impressive GDP growth numbers, they award themselves even more millions in bonuses. Miracle workers? The most successful 'economy' and 'country'? No, more like David Copperfield illusionists.
6. How is this Great Illusion created? Here is the Secret: first, take the British-started CPF and enormously increase it to 40% of every employee's pay and bonus, the highest forced savings in the world. In just ~2 decades, you have billions and billions in govt coffers to play with, which you use to buy personal clout for yourself and big welcomes everywhere you visit, and to get Advisor positions on unscrupulous company boards who covet some of those billions invested in their companies.
7. However, CPF nominally belongs to the people, so to permanently take most of these monies, you make the British-started HDB [then called the SIT] the monopoly for 85% of all housing, then sell enormously overpriced flats at humongous profits paid for by the victims/people using their CPF monies, so they officially hand over most of their CPF monies to you. Also, to ensure they cannot take back what little is left of their CPF monies, you set rules to practically prevent any lump sum withdrawals, only small monthly sums upon reaching a very advanced age -- this is a classic pyramid scheme, with new workers CPF paying off the retired ones withdrawing their small monthly sums, so the bulk is yours to keep.
8. To further your billions, OverTax & UnderSpend on everything, from schools to hospitals, giving the moronic excuse of 'Deliberate UnderSupply For More Efficient Use of resources'. Make the people pay for everything. They cannot protest because you make it illegal to hold even a 1-man protest. You also repeatedly rig elections so need not fear being voted out. You blackmail voters into voting you or else their flats, blocks and neighbourhoods will be deliberately left to "degenerate into slums" meaning their flats' value will drop.
9. Control every mass media so that every single word or image is fawning and favourable to you. Over decades, there isn't a single negative word or image of you. Extend this papaganda to schools from kindergartens which you also build and control, to the 3 universities. Make even academics fear to criticise any of your policies by sacking some, like former lecturer Dr CHEE Soon Juan, now permanently unemployed and a bankrupt.
10. Prosecute and sue political opponents so that at every election, you are returned to power on Nomination Day itself, there being too few opposition candidates who dare contest. To ensure judges convict and find for your lawsuits, sack some like former Justice Michael KHOO. Also promote some like retired Justice Sinnathuray all the way to the Supreme Court for verdicting what you want. Promote to Chief Justice, CHAN Sek Keong when, as AG, he ridiculously refused to prosecute your son then-DPM LEE Hsien Loong together with PM GOH Chok Tong, DPM Tony TAN and PAP MP S VASOO for breaking your own law on illegal entry into polling stations as unauthorised persons.
11. Refuse to hold official commissions of inquiry when caught accepting illegal 15% discounts on purchases of luxury condos, totalling >S$1m in all for the famiLEE. Instead, hold a fake 'hearing' in Parliament and start by threatening the 2 Opposition MPs that you will sue if they dare say anything, so they kept quiet throughout. Then have every word and image airbrushed to appear innocent, cleared and angelic, by your tightly controlled media.
12. With your billions and billions, spend enough to make your little islet clean and green, very cheaply using huge hordes of cheap foreign workers, who live in exploited wretched conditions with squat toilet holes overflowing with faeces, living quarters so cramped they often catch diseases from one another such as chicken pox, etc, living in modified ship containers in secluded forest so the world cannot see the wretchedness. Spend enough on public buildings to look First World.
13. But the key to looking First World is luring the >26,000 [ran out of space, visit my blog for full article]
18 October 2009
Why Singapore has no economy
http://www.nytimes.com/2005/04/11/business/worldbusiness/11iht-sing.html
SINGAPORE POSTS DROP IN GROWTH OF ECONOMY
Published: Tuesday, April 12, 2005
SINGAPORE — Singapore's economy shrank at an annual rate of 5.8 percent in the first quarter, according to figures released on Monday, exceeding the most pessimistic forecast by economists, as makers of pharmaceuticals cut production.
The decline in gross domestic product, reported by the Trade Ministry, was the first in almost two years. It compared with growth of 7.9 percent in the fourth quarter.
The economic report added to speculation that the central bank would seek to stimulate growth by abandoning its policy of a "modest and gradual appreciation" in the currency at a twice-yearly review on Tuesday.
The government forecasts that Singapore's growth may fall to as little as 3 percent this year from 8.4 percent last year, as exports of electronics slow.
A rebound in production of drugs may soften the slump, said Chua Hak Bin, an economist at DBS Group.
"This report tells us that the economy is slowing down, but I think it is slowing down at a moderate pace," he said. "The decline was largely due to the volatility in pharmaceuticals."
Pharmaceutical output fell because manufacturers switched to producing different chemicals and shut plants for cleaning, said Song Seng Wun, an economist at G.K. Goh.
Shutdowns and expansions cause swings in output because of the small number of factories in Singapore.
Some analysts said the vital electronics industry, accounting for nearly a third of manufacturing output and about half of non-oil exports, could post stronger output in the second quarter as global demand picks up. That would allow Singapore to avoid a recession, which occurs when an economy contracts for two consecutive quarters.
"The first quarter's contraction was driven mostly by volatility in the pharmaceuticals industry," said Euben Paracuelles, economist at DBS Bank.
"Electronics indicators show there is a likely upturn in the electronics cycle. Going forward we don't think there is a risk of recession."
Last Wednesday, the Asian Development Bank forecast that economic growth in Asia's developing nations will slow to 6.5 percent this year from a seven-year high of 7.3 percent in 2004. Growth in Singapore may slow to 4.1 percent from 8.4 percent.
Last Tuesday, Homi Kharas, the top regional economist at the World Bank, said it was planning to cut the 2005 economic growth forecast for Asia excluding Japan and the Indian subcontinent because it expected oil record prices to curb demand in Europe and Japan.
In Singapore, manufacturing, which accounts for a quarter of the economy, rose 3 percent in the first quarter from a year earlier, slowing from an expansion of 14.1 percent in the previous three months. In 2004, manufacturing grew by 14 percent.
"The first quarter was soft for business machines like printers and servers," said J.R. Ong, managing director of First Engineering, which supplies parts to Hewlett-Packard and Seagate Technology.
Singapore has offered tax breaks to lure drug makers to the island to reduce its reliance on electronics.
"For Singapore it's a double whammy from electronics and pharmaceuticals," said Nizam Idris, an economist at IDEAglobal in Singapore.
"Other Asian countries probably won't see such a sharp slowdown because they are largely affected by weaker electronics demand."
////////////////////////////////////
RH:
1. Over the years, I have often read Singapore news like this one above in which the GDP drops several percent due to the pharmaceutical sector 'pills factory closed for cleaning'.
2. Now, I know that LIE KY LHL have spent billions to lure pharmaceutical companies to set up factories in Singapore BUT THE TOTAL NUMBER IS VERY SMALL, PROBABLY NO MORE THAN HALF A DOZEN. So, how is it that when 1 or 2 such pills factories close for cleaning, which they have to do now and then, THIS AFFECTS THE GDP TO THE TUNE OF SEVERAL PERCENT?
3. This means that the whole so-called pharmaceutical industry is so small it shouldn't even be called a sector. The case is exactly the same in the 'electronics sector', another grandiose term for a couple of Seagate disk drive factories. When 1 or 2 factories slow production, the effect is a couple of percent drop in the 'sector'. Thus, like every Look Good operation mounted by the LIEs, all the so-called "sectors" in Singapore's "economy" are pretty fake, false. Truth is, we don't really have an "economy", only a few factories making different products -- like pills or disk drives.
4. Thus, we have no economy, really. Only a couple of factories here and there. Everything is miniscule in scale. This means that our "GDP" is also not real GDP but a simple-to-manipulate number that very quickly and responsively responds to any incentive -- simply lure a few factories to set up in Singapore and voila! you have another "economic sector" boosting GDP several percent. And because there are so few factories, you can easily manipulate their production higher [or lower] at will, by giving incentives, etc.
5. Conclusion: Singapore has no economy. It is too miniscule an islet of 700 sq km [270 sq miles]. Singapore is not a country although it has every trapping of a country like President, Cabinet, Parliament, Ministries and even a very expensive military -- again, too miniscule. Its GDP is not real GDP but a simple sum total of a few hundreds of factory and office productions, mostly foreign. That is why, when LIE KY LHL pull out all the stops, 'GDP growth' can seem miraculous -- just a few factories increasing output. And based on these seemingly impressive GDP growth numbers, they award themselves even more millions in bonuses. Miracle workers? The most successful 'economy' and 'country'? No, more like David Copperfield illusionists.
6. How is this Great Illusion created? Here is the Secret: first, take the British-started CPF and enormously increase it to 40% of every employee's pay and bonus, the highest forced savings in the world. In just ~2 decades, you have billions and billions in govt coffers to play with, which you use to buy personal clout for yourself and big welcomes everywhere you visit, and to get Advisor positions on unscrupulous company boards who covet some of those billions invested in their companies.
7. However, CPF nominally belongs to the people, so to permanently take most of these monies, you make the British-started HDB [then called the SIT] the monopoly for 85% of all housing, then sell enormously overpriced flats at humongous profits paid for by the victims/people using their CPF monies, so they officially hand over most of their CPF monies to you. Also, to ensure they cannot take back what little is left of their CPF monies, you set rules to practically prevent any lump sum withdrawals, only small monthly sums upon reaching a very advanced age -- this is a classic pyramid scheme, with new workers CPF paying off the retired ones withdrawing their small monthly sums, so the bulk is yours to keep.
8. To further your billions, OverTax & UnderSpend on everything, from schools to hospitals, giving the moronic excuse of 'Deliberate UnderSupply For More Efficient Use of resources'. Make the people pay for everything. They cannot protest because you make it illegal to hold even a 1-man protest. You also repeatedly rig elections so need not fear being voted out. You blackmail voters into voting you or else their flats, blocks and neighbourhoods will be deliberately left to "degenerate into slums" meaning their flats' value will drop.
9. Control every mass media so that every single word or image is fawning and favourable to you. Over decades, there isn't a single negative word or image of you. Extend this papaganda to schools from kindergartens which you also build and control, to the 3 universities. Make even academics fear to criticise any of your policies by sacking some, like former lecturer Dr CHEE Soon Juan, now permanently unemployed and a bankrupt.
10. Prosecute and sue political opponents so that at every election, you are returned to power on Nomination Day itself, there being too few opposition candidates who dare contest. To ensure judges convict and find for your lawsuits, sack some like former Justice Michael KHOO. Also promote some like retired Justice Sinnathuray all the way to the Supreme Court for verdicting what you want. Promote to Chief Justice, CHAN Sek Keong when, as AG, he ridiculously refused to prosecute your son then-DPM LEE Hsien Loong together with PM GOH Chok Tong, DPM Tony TAN and PAP MP S VASOO for breaking your own law on illegal entry into polling stations as unauthorised persons.
11. Refuse to hold official commissions of inquiry when caught accepting illegal 15% discounts on purchases of luxury condos, totalling >S$1m in all for the famiLEE. Instead, hold a fake 'hearing' in Parliament and start by threatening the 2 Opposition MPs that you will sue if they dare say anything, so they kept quiet throughout. Then have every word and image airbrushed to appear innocent, cleared and angelic, by your tightly controlled media.
12. With your billions and billions, spend enough to make your little islet clean and green, very cheaply using huge hordes of cheap foreign workers, who live in exploited wretched conditions with squat toilet holes overflowing with faeces, living quarters so cramped they often catch diseases from one another such as chicken pox, etc, living in modified ship containers in secluded forest so the world cannot see the wretchedness. Spend enough on public buildings to look First World.
13. But the key to looking First World is luring the >26,000 [ran out of space, visit my blog for full article]
