He forgets that there are also ya yas like him who have millions in sg banks and probably would transfer their money in a blink of the eye to "safe" banks. Sg banks will stand to loose $$ in the long run without guarantees.
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Singapore Guarantees!!!
- Thread starter theblackhole
- Start date
He forgets that there are also ya yas like him who have millions in sg banks and probably would transfer their money in a blink of the eye to "safe" banks. Sg banks will stand to loose $$ in the long run without guarantees.
nowadays runs in bank cannot be seen like old days in queues and long queues...by clicking the mouse...billions of dollars can be transferred instantly...any idea of an electronic run anyone? something must have happened for the sudden change of heart...damned serious man...damned serious now.
Tell me where will Singapore gov gets it's money to guarantee the deposits? Taxpayers of course! Even if it's from Singapore reserves, where do you think they get the majority of their reserves from? Investments? I don't think so. It's taxpayers money. So what is there to be happy about? If banks get guarantees, will this encourage banks to become more reckless in their risk taking in the long run? Think about it. And if banks failed because of their reckless mal-investments, you are happy to foot the bills for them? Money guarantees don't drop from the sky, it has to come from somewhere. At the end of the day, it's from taxpayers pocket. You happy about that?
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How come the old man doesn't want to do a social darwinism on the banks but prefers to do it on its citizens instead?
Re: Singapore Guarantees!!! MY ASS!!!
I am sorry to tell you that it means NO PROTECTION TO US.
The rather it means that you are liable to protect FOREIGN DEPOSITORS instead!
Because PAP govt use ABSOLUTELY NOTHING BUT OUR $$$$$ TO GUARANTEE anything, that means anything goes wrong, the PAP govt will empty our tax payers dollars to make good the huge foreign deposits.
PAP is only fearing the withdrawal of huge foreign deposits so it is offering OUR PEOPLE's liability to guarantee them. That's all! Nothing for you to be relax and happy about at all! Don't be stupid!
PAP can not afford to pay out the huge foreign withdrawals at all, because LKY already loaned these funds to Bush, for his wars and patching the huge bottomless black holes made by Bush administrations. When the foreigners came to make withdrawal now, PAP will go bust worst than Iceland.
So what does PAP do?
They offered OUR ASS to foreigners as guarantee!
Think clearly to understand this properly, how does PAP guarantee Singaporean's deposits? With what? With Malaysians' money to bail us out? With Indonesian's money to bail us out? With PRC's meney to bail us out?
How they guarantee when their own banks goes bust like Iceland?
They use their BIG MOUTHS to guarantee is it?
What do they have by then to make good these so called guarantee?
It is just another typical PAP false-claim and rosy picture empty promises that's all it is!
It is meant to be comforting the unwise panic people only. When it really happened, there is no remedy at all, and all they can tell you then is HONEST MISTAKE / WHAT TO DO / IT ALREADY HAPPENED / GO FIND MAS SELAMAT YOURSELF!
That's all.
That's PAP.
Understand morons?
I am sorry to tell you that it means NO PROTECTION TO US.
The rather it means that you are liable to protect FOREIGN DEPOSITORS instead!
Because PAP govt use ABSOLUTELY NOTHING BUT OUR $$$$$ TO GUARANTEE anything, that means anything goes wrong, the PAP govt will empty our tax payers dollars to make good the huge foreign deposits.
PAP is only fearing the withdrawal of huge foreign deposits so it is offering OUR PEOPLE's liability to guarantee them. That's all! Nothing for you to be relax and happy about at all! Don't be stupid!
PAP can not afford to pay out the huge foreign withdrawals at all, because LKY already loaned these funds to Bush, for his wars and patching the huge bottomless black holes made by Bush administrations. When the foreigners came to make withdrawal now, PAP will go bust worst than Iceland.
So what does PAP do?
They offered OUR ASS to foreigners as guarantee!
Think clearly to understand this properly, how does PAP guarantee Singaporean's deposits? With what? With Malaysians' money to bail us out? With Indonesian's money to bail us out? With PRC's meney to bail us out?
How they guarantee when their own banks goes bust like Iceland?
They use their BIG MOUTHS to guarantee is it?
What do they have by then to make good these so called guarantee?
It is just another typical PAP false-claim and rosy picture empty promises that's all it is!
It is meant to be comforting the unwise panic people only. When it really happened, there is no remedy at all, and all they can tell you then is HONEST MISTAKE / WHAT TO DO / IT ALREADY HAPPENED / GO FIND MAS SELAMAT YOURSELF!
That's all.
That's PAP.
Understand morons?
I think too many people realise his reasoning is totally no logic. Maybe even his bosses also laugh until choked after watching his speech on tv. So no choice have to make changes to cover the loopholes.
My post in the other thread should tell you why.
One of my close friends just bought a huge safe and another enquired about CISCO armoured vehice renting charges for two hours usage to transport from a bank to a safe location. Figure that one out.
I had to quote your full text as it contains too many relevant points but my answer is a simple one.
MAS and MOF in its press statement gave a full guarantee, backed by the President of Singapore. I think this should be iron clad enough. Should be able to sleep well for the moment unless someone is out to cheat and deceive.
So the reserve is only $150B after umpteenth year of sucking the Peasants by overpricing everything from milk powder to casket. The rest has been presumably been siphoned away or squandered away by Daddy and Daughter-in-Law?
Re: Singapore Guarantees!!! MY ASS!!!
Peasant: They use their BIG MOUTHS to guarantee is it?
Ass Loon: If my mouth is not big enuff can use my lumpar mah! *hee*hee*
Peasant: U got lumpar meh?
Ass Loon: I no lumpar can use my wife's CB what! Ha! Catch u! *hee*hee*
Peasant: Sala lah! Ur wife got lan cheow u dunno meh?
Ass Loon: Diu lei see fart! Guards!
Peasant: *scram*
Peasant: They use their BIG MOUTHS to guarantee is it?
Ass Loon: If my mouth is not big enuff can use my lumpar mah! *hee*hee*
Peasant: U got lumpar meh?
Ass Loon: I no lumpar can use my wife's CB what! Ha! Catch u! *hee*hee*
Peasant: Sala lah! Ur wife got lan cheow u dunno meh?
Ass Loon: Diu lei see fart! Guards!
Peasant: *scram*
Re: Singapore Guarantees!!! MY ASS!!!
Why is our hard-earned reserves used to guarantee deposits of foreigners?
Most Singaporeans have less than $20,000 in their deposit accounts which are mainly placed with the local banks.
On the other hand, the foreigners have huge amount of deposits which are mainly placed with licenced foreign banks. These are hot funds brought in under private banking. These funds must have been fleeing Singapore to places where they are fully guaranteed before Singapore decided to provide a full guarantee as well. But these are commercial decisions.
The President is supposed to be holding the 2nd key to our reserves. What made him decide to use the 2nd key to affect commercial decisions?
Granted that the portion of the reserves use for the guarantee is likely to have been invested in more liquid assets. But in a situation where the guarantee is invoked, which is certainly one where the chips are down, we are going to incur huge losses by liquidating those reserves. Does it make cents?
Do we need reserves to back the guarantee? Isn't our AAA credit rating good enough?
Why is our hard-earned reserves used to guarantee deposits of foreigners?
Most Singaporeans have less than $20,000 in their deposit accounts which are mainly placed with the local banks.
On the other hand, the foreigners have huge amount of deposits which are mainly placed with licenced foreign banks. These are hot funds brought in under private banking. These funds must have been fleeing Singapore to places where they are fully guaranteed before Singapore decided to provide a full guarantee as well. But these are commercial decisions.
The President is supposed to be holding the 2nd key to our reserves. What made him decide to use the 2nd key to affect commercial decisions?
Granted that the portion of the reserves use for the guarantee is likely to have been invested in more liquid assets. But in a situation where the guarantee is invoked, which is certainly one where the chips are down, we are going to incur huge losses by liquidating those reserves. Does it make cents?
Do we need reserves to back the guarantee? Isn't our AAA credit rating good enough?
Well, Australian guaranteed A$700b for 3 years for all savings. Its way above what the PAP's offering.
In the end, its like when the Tsunami caused a few hundred million dollars worth of damages in Indonesia, and then Singapore, one of the closest, offering only S$500k of help initially.
In the end, its like when the Tsunami caused a few hundred million dollars worth of damages in Indonesia, and then Singapore, one of the closest, offering only S$500k of help initially.
They are afraid that their million dollar salaries will have NO value if investor confidence drops here. About turn? That's because they don't think first before they speak.
Thank you Sir.But why are so many people here so unhappy still? Guarantee also not happy.No guarantee also not happy. What's there for being so unhappy about? Action also unhappy.No action also not unhappy. I sleep well everynight - nothing to worry about. No money.No job.No savings.No income.
Just sit and stare and talk cock day in and day out...and listen and read all the cock and bull too
Is this a good analogy? I think Singapore should do well to ride the storm and surf the financial tsunami - so I've read and so I've heard.
We're safe and we're secured.Nothing to worry about. Sleep well.Make love and produce more babies.Go and give yourself a treat! Have a tiger on me anytime! Cheers!
