Singapore 8th most indebted nation on the face on this earth!

[Leongsam]

http://finance.fortune.cnn.com/2011/08/09/who-in-the-world-is-most-in-debt/

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[Watchman]

Over priced apartments, over-priced cars and US/Europe backed financial funds sold to peasants by state of Singapore banks .

 

[scroobal]

I always smile when people here have a serious discussion about US going to fall over. In fact Singapore debt has even exceeded the GDP and does not have have the buffer that the US has.

Historically cost of money is cheaper and the smarter ones are working it. The trick is to access the money markets and to have triple AAA ratings.

 

[Forvendet]

Singapore's so-called national debt is practically entirely domestic captive, i.e. CPF. Singapore doesn't owe foreigner countries nuts. Yes, CPF in national accounting terms is a government debt, a debt obligation to you once they withhold your money.

 

[Sperminator]

fuck lah... if you buy T-Bills from USA, you own the debt lah...

Singapore have about USD 300 Billion Sovereign Fund as reserves...

GIC will uses Singapore's trade surplus as collateral for financing of projects / investments

Temasek Holdings uses Singapore's CPF as collateral for financing of projects / investments

The money is always borrowed...

The world is totally financed by debts... and in today's context, MONEY = DEBT, and the economic system has always been a ZERO SUM Game...

but due to the world's monetary system, with USA's fractional banking reserve policies, which allows banks to lend out money that they don't have, and collect interest on it... meaning to say, the world monetary system will always have inflation, and PPP (Purchase Power Parity) of a given currency will always be inflated...

meaning to say, everyone is just playing a REAL LIFE MONOPOLY GAME lah... so, don't be so serious lah, spend more time with your family members, and have a happy life... everyone's goal in life is just to persue happiness... nothing else... things don't give happiness, but it's your family memebers, and your love ones that you give you happiness...

 

[Watchman]

In fact debt of USA is passed onto Asia covertly as investment .
If Singaporeans are not sleeping since the first Iraq War .

Forvendet is right partly domestic and mainly internal .
But what if Banks in Singapore can do to screw us up ? We would not know in time can we ?
You are right don't be so serious ; just spend more money and time with family .

 

[scroobal]

Bro, I know you were in trouble listening to the crackpot MYGodismyDog. High finance and the economy does not work that way. Look at Japan and the US, both power houses that shaped the world in bringing technology and advances. Obviously you have Italy and Greece who can't service their debt or have no plan. Iceland went bust after the sub prime bankrupted the banking system.

The trick and the single most important role is the ability to service the debt and not the debt per se.

fuck lah... if you buy T-Bills from USA, you own the debt lah...

Singapore have about USD 300 Billion Sovereign Fund as reserves...

..

 

[Sperminator]

What I am saying, bro Scroobal is that Singapore will not default so easily...

the debts are in reflection of how much T-Bills singapore is holding, and also how much debts singapore get for financing GIC / Temasek Holding's investments...

Singapore will not face the problems like what happened in the West... in fact, it'll not be possible for USA to default at all... only Europe will default.

 

[scroobal]

The Singapore Govt and Singapore as a country grew on the backs of people savings - POSB and CPF. The infrastructure was financed from loans from these 2 key institutions in the early years and it was cheaper and it was a captive money market. The Minister of finance has the power to set the rates not only for the interest they paid to these bodies but more importantly they could set the amount of interest that they give to their members.

With CPF funds now financing not just public homes, but private homes, relaxed investment and medisave acting as escrow, external money markets must be tapped. POSB is now in DBS so no longer captive. Interesting the cost of money in the world market has dropped over the decades so still good.

 

[Sperminator]

FED rates 0.5% guaranteed for 2 years...

FREE MONEY!!!!

 

[scroobal]

The reason behind the noise in the US about the debt is due to partisan politics. The wealthy refuse to pay higher tax but happily voting to go to war which is costly. They own shares in the defence industry. Someone has to pay it. The US is very well managed. The IMF and the World Bank is in the US and not in Greece for a very good reason.

Singapore on the other hand does not have such a buffer. We don't have natural resources and we don't have critical mass and depth. That is why the govt is opening the gates to so many people to grow the population as an easy way out.

Believe me, no country or fund will keep singapore dollars as reserves while they will keep USD. SGD can be wiped the moment someone launches a missile. When the USD falls, they move to gold or other assets. When it rises, its back to USD. That has been the case for last century. Why you think that the Chinese Govt is buying T-Bills and not accumulating SGD.

What I am saying, bro Scroobal is that Singapore will not default so easily...

the debts are in reflection of how much T-Bills singapore is holding, and also how much debts singapore get for financing GIC / Temasek Holding's investments...

Singapore will not face the problems like what happened in the West... in fact, it'll not be possible for USA to default at all... only Europe will default.

 

[Watchman]

The trick and the single most important role is the ability to service the debt and not the debt per se.

USA always seems to able to get away with its debt and murder at the expense of its working class people .
It's not so much a bad deal with more people . Just more crowded .

 

[johnny333]

Singapore on the other hand does not have such a buffer. We don't have natural resources and we don't have critical mass and depth. That is why the govt is opening the gates to so many people to grow the population as an easy way out.

Believe me, no country or fund will keep singapore dollars as reserves while they will keep USD. SGD can be wiped the moment someone launches a missile. When the USD falls, they move to gold or other assets. When it rises, its back to USD. That has been the case for last century. Why you think that the Chinese Govt is buying T-Bills and not accumulating SGD.

No need a missile, you only need an ignorant elite like Ms Ho to squander the reserves that has taken decades to build up

 

[Sperminator]

No need a missile, you only need an ignorant elite like Ms Ho to squander the reserves that has taken decades to build up

the solution to that is to have massive FT importation, as if you get 1 person to come in without anything, the demand of housing, transportation, food, entertainment, education, all kinds of commodities & resources for 1 person is increased... magnified that by 2 million, and everything will have a demand by 2 million times!!!

so that's the reason why we are seeing so many FTs coming in... because someone have squandered the reserves...

 

[Forvendet]

Forvendet is right partly domestic and mainly internal .
But what if Banks in Singapore can do to screw us up ? We would not know in time can we ?

Now that's a question for MAS as the central bank. There's still a distinction between retail current and savings accounts. Savings including fixed deposits have to be reserved for by the deposit taking banks themselves. Current accounts are a different thing. This is actually a money-printing account for the bank to settle with MAS at the end of the day. It affects money supply and monetary control, cause once a bank clears a piece of paper called a cheque, whether backed by cash balance or overdraft, it becomes money.

The bank may not even have enough hard cash to clear so many cheques (including overdrafts) on a day but clears them anyway for customers in good standings, then settle with MAS later. That's why before computerization increases speed and efficiency of accounting, banks closed at 3 p.m.

The bank also must also maintain an account with MAS in good standing, otherwise MAS would withdraw the banking license. And MAS as central bank would charge the banks interests for that too, that sets the national interest rate benchmark. Therefore, it also means that the banks could write their own cheques and have it cleared by a corresponding bank as far as MAS would allow and honor. So, the banking system of a country all boils down to the central bank control and policies.

Note that "cheque" in context of the modern world now can also mean TT, wire or electronic transfers.

 

[makapaaa]

60%: So? Still got coolie rice to eat, right? *hee hee*

 

[scroobal]

Exactly. Expats and MNC without fail transfer their profits and only keep working capital.

No need a missile, you only need an ignorant elite like Ms Ho to squander the reserves that has taken decades to build up

 

[ginfreely]

No need a missile, you only need an ignorant elite like Ms Ho to squander the reserves that has taken decades to build up

It is so sad that they lost billions within months what took decades to build up. And no one is punished for this huge loss!

 

[scroobal]

The solution is to get another citizenship and passport in a developed country to secure a future for your family. If you recall old man in one of is moments of truth revealed publicly how Li Hong Yi was persuading his younger brother not to take up scholarship and work overseas. The US will never fail. All they have to is lift all their moratoriums and release their vast amount of forest reserves and start pulling out oil, minerals etc. Only a donkey holding his dick with both hands will think that US will fail while Singapore will prevail.

the solution to that is to have massive FT importation, as if you get 1 person to come in without anything, the demand of housing, transportation, food, entertainment, education, all kinds of commodities & resources for 1 person is increased... magnified that by 2 million, and everything will have a demand by 2 million times!!!so that's the reason why we are seeing so many FTs coming in... because someone have squandered the reserves...

 

[myo539]

8th only hah? Not good enough! USA is No 1. Must catch up!

The so called debt is that the money (CPF) belongs to the people of Singapore.
USA owes China trillions of dollars!

PM Lee : [The Social Media / the Internet] ..... it is anonymous, it is chaotic, it is unfiltered, unmoderated and so the medium lends itself to many negative views and ridiculous untruths...