Saturday, October 09, 2010

Wealth or Extreme Inequality?

UPDATE: Abhijit of Pressrun has done an analysis of the Credit Suisse report[analysis here] and found that the median wealth in Singapore is the lowest among the 25 countries surveyed. The median wealth in Singapore is lower than in S. Korea, Taiwan, Australia and Japan. Due to the highly unequal distribution of wealth in Singapore, a typical (median) adult in all other developed asian countries has more wealth than a typical adult Singaporean.

Singaporean workers work the longest hours in the world[Link] and top the world rankings for stress[Link] yet the wealth generated in our society is concentrated in a small % on the top of the pyramid. This is the result of years of lopsided and unbalanced policies that created a 3rd world wage structure[Link] in Singapore. This elitist system is unfair and over-rewards a handful in our society while those who work the hardest and deserve a better life are made to struggle at the bottom.

The report above appeared in today's Straits Times. If you didn't bother to read the article in detail, you would get the impression that if you throw a rock at a group of ordinary Singaporeans, you are likely to hit someone with a personal wealth upwards of $300K which is the average wealth of Singaporeans based on the Global Wealth Report published by Credit Suisse. If you read the article, you pick up this:
The median wealth of Singaporeans is just one-ninth of the average wealth. If you don't know what median means it is lining up Singaporeans ordering them by their personal wealth than picking the person in the middle. That person in the middle has US$30K vs the average US$255K. Its something like this : if Carlos Slim, the world's richest man decides to live life on an Phillipines island of 100 people each with a wealth of $1000, the average wealth of the people on the island will rocket to something like $400M...but the original islanders are not a single cent richer that $1000.

I looked up the median wealth as a % of average wealth for all other developed Asian countries in the report [Report found here]and this is what I found:
.

Singapore : 11%
Taiwan : 32%
Australia : 38%
Japan : 51%
.

These numbers correlates closely to what the GINI index tells us. Singapore has a very high income inequality and wealth is very unequally distributed.


115 comments:

Anonymous said...

Lucky,
funny that I just gave a talk to my son on how not to be in debt when he starts work in a few years time after university. I told him that when I graduated, after 3 years, I was able to save 40k enough to buy a 5 rooms HDB flat. But for him, after 3 years, he may be able to save around max 150k if he live in with me and I pay for everything and he can pay 1/3 of a 5 room hdb flat if he buys direct from hdb!

Frankly, I just do not know how they can survive as I told him that I really do not want him to be in debt to the extent that life is like being put on a pedestal like a rat running to turn the wheel till it drops dead. And we are talking about the life of a young professional starting life with full support and not incurring debt either in uni study and the first few years of working life. I do not know how people who would earn less, how do they survive?

I read from the papers that someone planning to buy the govt condo meant for income of 8 to 10k commenting that $750 per sq ft is cheap maening getting a 1,000 sq ft 2 bedroom apartment for 750K is cheap? How on earth can the couple pays for the unit paying probably 150k down payment and taking a debt of 600k likely to be paid over 30 years!This is insane.

DareToAct said...

Do they take into account CPF? If they do, the median number looks scarily low! It suggests to me that Singaporeans have a ton of debt, taking into consideration that our property market has been on the rise and rise. Did I miss something here?

Anonymous said...

I just came back from a visit to The Canopy at Yishun. Priced at ~sgd 650 to 750 psf, yes you would need to take a 500 to 600k loan and service it for 30 years. I definitely have to continue to stay in my current HDB flat. And my son would have to start with a 3 or 4 room. Or dun get married. I plea to the gov to tighten foreigner's purchase of properties. Only those 2nd generation who are born here and done NS should be allowed to buy. Others rent from the open market.

Anonymous said...

this is certainly not a country for old men. the high price of property here has driven up the price of Everything.

unless the govt and sporeans r willing to bite the bullet now, and let property prices plummet, we are truly in deep shit. the problem of pple with no money, just their home will become a reality in 20 to 30 years time.

as one will need somewhere to stay, i have no idea how a home can be an "appreciating asset" as we r so often told. it would seem tt too many are not using that organ in their skull.

i wonder how we will cope if there are food and water shortages, considering our growing population and the fact we produce no food. will citizens come first then?

Anonymous said...

That is the magical SINGAPOREANS coined by PAP,Singapore citizens plus Singapore P.R.s to B.S. the public and stupid international ang mos who know little of the world class propaganda machine of PAP.

In the absence of DOS figures,I can only guress that if you divide so called Singaporeans by nationality,80% of the top 50% are foreign citizens and about 80% of the bottom are Singapore citizens.

should we all be so proud about this?


Is minister Gan now willing to relaese the TOOTH figures?

Anonymous said...

Oh No!!! the PAP government in quoting this report is again trying to deceive the people. Shame on PAP!!!

Anonymous said...

Yes, eat full full already stir shit.

Anonymous said...

"How on earth can the couple pays for the unit paying probably 150k down payment and taking a debt of 600k likely to be paid over 30 years!This is insane."

the number of ppl buying are few, if you look at the entire market. Most of these buyers are generally richer from accumulated wealth through years of savings and some, profit from resale home etc.
So if you mischievously work from a bear figure or starting with nothing except the minimum to secure a condo, I suggest you wait a bit longer or consider a respectable resale hdb unit as a home for your peace of mind sake
The gov job is not to grant everyone, in that pay bracket range, a condo you know.
There is still a need to build up a base if you want peace of mind.

Anonymous said...

You all deserved it, so stop complaining!!! Especially those who keep voting PAP all these 50 years! You reap what you sow, so suck it in.

If you or your kids cannot afford swanky condo or HDB in mature estates, just buy 2-rm or 3-rm direct from HDB. It's just like back to the 1960s, no big deal. Furthermore, it's not like the old days of 8 people squeezing into a 3-rm flat.

All you old timers, why so protective of your kids?!? Did your parents help you buy your first home? Did your parents pay for everything even after you started working or even after you got married?

As long as you have provided for your kids' physical, moral, social and academic development to the best of their abilities, you've done your job already. It's time to let them find their way in the world and to solve their own problems. Let them develop real world critical thinking skills and fortitude for once.

Anonymous said...

10.20pm, this has got nothing to do being protective about your kids. This has got to do with even for a professional couple, you need a 30 years loan. What about couple that have lower achievement and earning power. The whole population is enslaved into a 30 years mortgage for 4 walls to live in. It is not necessary for a condo. For the lower income group say a 3 room, with their income, it is still a 30 years loan. So do some critical thinking before you open your big mouth!

Anonymous said...

If you earn above 8k, you can get a very nice hdb resale for about 1/2 million and do it up like condo - inside.
life is good

Anonymous said...

There will be a few who will fall through the cracks in society. These ppl should seek their mps for a way out. Perhaps, these genuine cases should be given special graces to acquire a basic asset.
No big deal.

Anonymous said...

Median wealth is only US$30K ?

But PAP has 66% mandate at elections!

Assuming all those with >US$30K voted PAP, it means there are still about 16% (66-50) of those with less than US$30K voted PAP!

Is my reasoning, maybe though a bit simplistic, basically correct?

If so, not bad for PAP what, right?

Anonymous said...

Great report to show what is truth under the table.

Look like there is a lot of NO BIG DUE around.

Anonymous said...

you voted for the people who created these policies that caused this situation.

so what's the problem?

it was you own choice in vote after all.

Anonymous said...

Dear Mr Lucky

As I told you many years ago ... you have no idea how bad things really are ...

Anyway, if you look on the bright side, there is no *rampant* corruption *yet* ... a little financial education should go some way to address the imbalance.

In the longer run, your country needs you in the parliament.

Anonymous said...

The concept on mean and median is very important. In this case, median wealth is a more accurate measure.

Anonymous said...

No, I don't think mean and median can reflex the wealth of singaporean, because major cash flow is lock up with HDB and CPF.

Amused said...

What is the ranking of Singaporean MEDIUM wealth? That is probably a better measure of the wealth of a typical citizen.

The average wealth in Singapore is distorted by foreign imports. You have wealthy actors and billionaires taking up residency to avoid taxes in their home countries. When there is a crisis of confidence in Singapore, the average wealth can easily drop from 4th to 40th in no time.

ilcourtilcourt said...

Wealth includes CPF: wealth includes all debts and all assets and CPF is an asset

ilcourtilcourt said...

Wealth includes CPF: wealth includes all debts and all assets and CPF is an asset

Anonymous said...

Example of low-income couple both earning $1.5K/mth and straight out of school and with zero savings:-

Sep 2010 BTO 3-rm flats in Woodlands can be bought for less than $140K. Let's use $140K.

20% downpayment = $28K.

$1.5K/mth salary = $300 CPF-OA monthly.
A couple = $600 CPF-OA monthly.

So it takes this couple almost 4 yrs to accumulate enough CPF-OA for downpayment.

So basically boy & girl meet, pat-tor for 1 year, then decide to get engaged/married, sign up for the BTO 3-rm flat. After another 3 yrs, when the flat is ready, they will have the necessary CPF for downpayment.

OK, what about the balance 80% of the $140K = $112K?

HDB concessionary loan of $112K.
Interest of 2.6% p.a.
Using the combined monthly $600 CPF-OA for repaying mortgage.

Time to pay off?
239.5 months = 19 yrs & 11.5 mths

If the couple opted for Woodlands BTO 2-rm flat, then even easier (cost of flat less than $80K).

So it is still do-able. Yes, not talking about luxury or even the finer things in life. But remember, this is assuming:
1) Salary of both is stagnant at $1.5K for 20 years.
2) No extra bonus at all, just basic salary.

Also the mortgage payments are using CPF-OA, no cash out of pocket. Allows them to set aside and save from their take-home pay.
Still got plenty of time for couple to build up CPF reserves after finishing the mortgage.

So no need 30 yrs. Furthermore, the above current prices are on the high side. You can always wait for the property cycle to turn down. For myself, I stayed with my in-laws for the first 4 yrs before buying a resale flat after almost 3 years of property recession.

geelo said...

anon 02:11,

Yes, based on your calculation, it is still possible for those earning low income to own a small HDB in farflung Woodlands after 15 to 20 years. This just proves that we have regressed. It shows the quality of life of the average Singaporean is sliding. Of course one can be blissfully ignorant by reading the ST only every day. What's worse is the govt say they are doing a good job and deserve the highest salaries in the world. By the same measure, we should be having the highest quality of life in the world.

DanielXX said...

those who have kids to help support them in their old age, forget it. firstly, kids nowadays have a wrong set of moral values and you will end up bitterly disappointed next time when they decide to migrate overseas and leave the parents behind. heck, even our garment has to introduce policies to force people to take care of their parents! secondly, these kids will be labouring under the financial mistakes they made 30 years ago (ie. now) by buying stupidly-priced apartments and when interest rates rise, God bless them.

you might end up having to still support these kids in your old age, instead.

Anonymous said...

02.11
Yes, if all Singaporean aspire to own 2 or 3 rooms properties and spend 20 years for the 4 walls, look promising!

In fact you can save further by camping in different parts of Singapore to save even more!

I just read from the papers that in Vietnam, the cheapest backpeck accomodation cost around US$15. I thought that would be the cheapest till I read that some enterprising landowner put up reclining chairs in front of his house and charge US$1 per night. So there are always alternatives but if we are first world country with first would education, workforce and whatever, you dont expect the young and talented to aspire for 2 and 3 rooms flats. They have choices and can move overseas like Aust, Canada, Europe or USA. Many of my friends children are overseas settling down there and I see the poor parents making twice yearly trips to visit them. While they missed their kids, they also know it is unfair to ask the kids to come back and work till drop dead for the 4 walls.

Anonymous said...

Is there something wrong with the report? There is something wrong with 30092USD per adult, because the HDB flat on average cost around 400k. Considering there are 4 adults living in the same flat, their net worth should be around 100k each. Unless I am really out of touch of what is happening now, and if the reports are accurate, it seems that Singapore is alot worse than what it seemed.

Anonymous said...

to anon 1043, I think you are mistaken. The flat's value is only calculated to their respective owners. Therefore it is the mum and dad's who is worth 400k and not their kids. If their kids live from hand to mouth, their asset would be near 0!!! OMG!!! 0!!!Just earn enough to offset their expenditure!!!

Anonymous said...

If and when Singaporeans cant find a better place, watever it means by better, whether it is cheaper, better weather or less repressive, it only means tat Sin stands as the Best Place in the world to live in. Or are singaporeans saying, this is a lousy place to be in, but are unwilling to go to better places tat they are awared of ? Why do foreigners, rich and poor, flock to Sin to work and live, when Singaporeans grouse so much ?

Anonymous said...

It was reported that Singaporeans are buying properties, or investing in them(?) in London(or UK?). This goes to show that not all are staying put in Singapore. In fact, many have moved overseas to Canada, Australia, New Zealand, even Asian Countries liked China(&HK), Vietnam, Thailand etc.

However and sadly, many are too patriotic to move despite full of grouses. In a globalised world, patriotism is pretty much an archaic ideology.

Anonymous said...

haha... lucky tan,
that's is the same sentiment i thought of... It really show how scamful and lying a single party gov can be ... To even put such a deceptive lies publicly to the world.

Anonymous said...

You worry too much.

Why equality, when there no need / consequence (incentive) for equality?

The world of the elites is a simple one. "We're better smarter than you, so you've got to be cheaper, better and faster."

Anonymous said...

As far as I know when I retired, all my colleagues who were senior managers of MNC who have also retired, none of their kids are in Singapore. Only mine are still here but mainly because they are doing their uni locally. After graduation, I dont really know. It is hard to tell them that they should struggle on in Singapore to pay for the 1 million 1000 sq ft suburban condo and the 1.6 litres Jap cat that cost 100k when they can pay 1/4 of that in Aust.

One way is to follow them but then all my relatives, friends, ex colleagues and memory are here. I guess one way is to do the twice a year visit as long as health permits like all my friends. Like one of my friends told me, " you should not and can not be selfish to tie your kids here for your own convenience" It is sad but I guess he is right.

Anonymous said...

The answer is so so f****ing simple,and yet some who professed to be not stuipd,do not really understand!


What to do?It is fact that not all claim to be clever are indeed brilliant!

Anonymous said...

I feel that the flat cannot be considered as an asset, unless you have fulfileed the minimum occupancy period.

How can a flat be considered part of your financial asset if you are legally prevented from cashing it out?

Anonymous said...

Your $400K HDB flat cannot be considered as part of your disposable wealth. Firstly, many singaporeans have not fully paid up for their flats. If you have just borrowed $350K to buy the HDB, then the wealth in that flat is only $50K, divided between you & your spouse.

Secondly, if that flat is your only property then where are you gonna stay after selling it off? Going by the actions of NPB, MCYS and SPF, camping long-term at parks & beaches is against S'pore laws & regulations.

Also frankly, those singaporeans buying London and Aus properties at this point in time are playing with fire, and playing into the hands of greedy ang-moh property agents taking advantage of "rich" Asians and publicity of "good" exchange rates. Property prices in those places are high historically (some are highest ever in history), and interest rates have no where to go but up. The local population is tapped out and struggling to maintain such high prices. Industry players are just smoking Asians to continue with the partying.

Frankly, if you are looking for property bargains and big future capital gains, you shld be looking at various places in US.

geelo said...

Read so many responses and many here seem to be of the opinion that it is better for the next generation to strike out their future outside Singapore. I've always believe one should be mobile and go where one can realise one's full potential. Do not be contrained by borders. For many years, the majority of Singaporeans seems comfortable working and living at home despite deteriorating circumstances. Singapore's education do produce talents that are in demand internationally, the unfortunate thing is most Singaporeans are too timid to venture out. Well, now push has come to shove, many will have to consider the unthinkable. It may not be a bad thing. It may also set the government thinking on how to attract these talents back albeit with overseas working experience and wider exposure to other ways of life. If the government fail to respond to this challenge then it will the the country's lost.

Anonymous said...

There is nothing new under the sun. Same greed, selfishness, power obsessed, egotistical, self obsessed people etc whether you are here or in timbuktu. Change of landscape or environment does not change the characteristic of man and its politics.However, you gotta do what you gotta do so long as you don't look upon those who chose to stay put under the sun as lesser than thou.
Because one day, nobody gives a damn about your life when you are dead and long gone.
So eat,drink and be merry for tomorrow maybe your last.

Anonymous said...

Abhijit at Pressrun (http://bit.ly/aXlBTP) has more stuff on this latest study. Looks like studies like this one need to be taken with a pinch of salt as they don't really tell the real Singapore story.


"Singapore is the only country where the median wealth per adult is lower than GDP per capita."

"So how many have over US$336,000, the so-called average wealth per adult? That’s not mentioned in the report."

"The Credit Suisse Global Wealth report puts the total number of adults in Singapore at four million, and the Credit Suisse Wealth Databook at 3,711,000.

There are not that many adult Singaporeans, according to the Department of Statistics."

Anonymous said...

"if Carlos Slim, the world's richest man decides to live life on an Phillipines island of 100 people each with a wealth of $1000, the average wealth of the people on the island will rocket to something like $400M...but the original islanders are not a single cent richer that $1000."
-Lucky Tan

But what if the island has only 10 people?

Then the average wealth will be $4 billion!!

That's why being small is beautiful and Singapore is small. But only where the average figure is concerned.

No wonder Singapore every type of data can be very good lah, and true also, if only you know how to choose the right one.

Anonymous said...

HaHa,wealth managers who are supposed to be experts in managing wealth and make good living too,are at a loss as to how to analyse the wealth of Singaporeans,meaning citizens + P.R.s,I do not even think the stupid Ang Mohs know about this.

Dr Chee is very correct to tell people that PAP has the best propangada machine in the world,unfortunately he has seldom been listended to.

Anonymous said...

Still,I believe that I have the best statistics for wealth in Singapore.

80% of the top 50% high income earners are foreign citizens

and 80% in the bottom 50% income earners are Singapore citizens.

It may be worst,or else why is PAP purposely mixing citizens into PRs.and call the whole group SINGAPOREANS.This must be the reason1

Anonymous said...

How to lie with statistics by Darrell Huff. Library 519.5 HUF.

This book show you how not deceive by statistic.

Anonymous said...

http://www.pressrun.net/weblog/2010/10/singapore-average-wealth-per-adult-owned-by-less-than-20.html

Anonymous said...

When Singaporeans are willing to domicile in expensive London/UK rather than stay put and live in Singapore, something must be terribly wrong with Sin. London/UK is one of the most expensive and weatherwise, very cold to the tropical inhabitants. Foodfares are an issue to most asians as well. So, why are Singaporeans willing to move there?

Anonymous said...

Some idiotic singaporeans moved to greener pastures because of cooler Weather. So every time they come back here, they gripe about our hot weather.
Heck, if cool weather you want, just turn on aircon 24/7 in your home. it probably cost you no more than a holiday in Europe a year.
Heck, you can even get to wear jackets at home if you so choose.
you get the best of both worlds. Coolness and whole year sunny for uninterrupted activities.

Anonymous said...

LKY builds Singaopore to have the biggest GINI in the world(the highest rich/poor gap)and
let foreigners take over more than 60% of Singapore national income and the ratio is increasing every day!

Anonymous said...

Come on guys!!!

BE GRATEFUL TO PAP!!! You guys only know how to complain and complain. Work hard and you will be succcessful. Don't be a lazy dog attacking the government. If you are so good, run the government.

Lucky to have PAP instead of you people... appreciate your government lah. Opposition never know how to govern a nation. trust me.

Majulah singapura.

Anonymous said...

Lucky is a leftist with a scorpion tail. He won't understand the ways of the Lord.

Anonymous said...

Some things to think about.
1. SG has nothing.
2. Out of nothing, something is created.
3. To create something, capital is required.

i.e. the pecking order is capital -> land -> labour.

This pecking order is only natural given the hand that SG has been dealth with.

What's unnatural is the extremes that owners of capital and land are putting on labour.

Where else in the world can you find a "labour chief" proclaiming that labour needs to be "Cheaper, better, faster"?

Anonymous said...

Hey guy.

It is true that there is inequality in Singapore.

But it is not so bad as the number in the report.

There are more than 1 million foreigner workers in Singapore with no asset.

It makes the median number extreme low.

Anonymous said...

No,I do not think that the world class Swiss bankers are so dumb that they confused numbered 1 million foreign labouers to calculate the wealth of Singaporeans,that is far fetched.

The confusion must be SINGAPOREANS=citizens + P.R.s(Foreihgn citizens)

Anonymous said...

Hi,

It is not up to the bankers to leave the foreigner workers out of Singapore population. It is applied to every country that population statistic including foreigners working in this country. You can read from the report that they estimated there were around 4 million adults in Singapore.

Anonymous said...

I guess u r rite!
DOS states(2010)
Total population-5,077
Resident-3,771
>65-338
15-64-2,779
kids-654

Forweign workers-1,306
So Adult population-4,085

Thanks

fuck yew said...

if you present this to the pap.lky apologist,they'll tell you sgp is save,corrupt free and you have a job.so paying 600k-800k for a house for 30years is worth it!

but looking at the average joe's point of view,you dun need a degree in finance to know,servicing a loan for 30years for a flat that is on lease to you for 99 years is NOT a bargain at all.given the so call "social" security we have in sgp.

we dun need to look far to see that sgreans are being short changed by pap ever since lky got into power.just take a look at msia.

lky/pap apologist will always cite msia as a country that is corrupt,unsafe and low quality of life.they dun work as long and they are "poor".

far from the truth,msians own properties,lands,cars and what nots.remember,these people earn RM and still can afford to buy a house at a reasonable price.

the thing we are looking at is fairness and reasonableness.houses are basic necessities for people to live and survive.and it is only fair that citizens of the country get first piority to buy houses at reasonable price.even in resale,hdb flat should also come under the laws that govern first hand-purchase.since its PUBLIC housing.

in msia,there are laws in place preventing foreigners from buying houses meant for locals only,resale included.that is a plus point.

sgp?according to mah bao tan,we have "enough" to accomodate 6.5 million people.

its a farce and a joke done in bad taste.

sgp,under pap is a company,its primary concern is the bottomline,profits and its own fat paychecks and bonus.

citizens not happy?either you shut up or move out.

and how many of us would love to leave this god forsaken country?

where do you find a country that have a liberal immigration policy?where do you find a country where jobs are given to foreigners first?where do you find a country whose govenment says we need foreign "talent"?

so lky/pap apologist defenders,we would love to get out of sgp if possible,jus point us to the right direction and we'd gladly do it.

jus so you remember,when pap is done leeching the average joe,when there is no one else left to leech,its the elitist vs the rich.and those in power,the "elites",will have now qualms passing laws to leegally leech the life out of you guys.

lim said...

No we should be coerced to leave singapore, instead we should do our part to vote pap out..

After all, singapore does not belong to pap, it belongs to singaporeans.

Anonymous said...

Yes,I agree with all yr points.

But so long as majority of Spore citizens kena hookwink by PAP,there is very little anyone can do.

People are by nature sinners,self-fish sinners,,our trouble is that not enough bright sparks have the determaination or the courage to right the wrongs,at tremendous potential personal costs to themselves and to their own families,most of them ended up in PAP anyway,and console themselves with the so called big pictures,I can name easily Raymond Lim,Dr Vivien and Mr Therma.They are sad disappointement.

Have I seen any potenetial to dethrone our crowd prince,no not yet and not counting on it.

Life is full of diasoppointments and Singapore is damn sure going to be one such example!

This is going to be a century full of turburlence,with Uncle Sam which provided stability in the last century going bankrupt,and green horn PRC,full of grivences on injustice inflicted by the western powers which are in decline.It is going to be a great show.

We should try our best to help our fellow citizens,the rest should be,accordingly to MM Lee, MeRaNaTha!

Anonymous said...

How dare Sinnerpurians blame the leadership. what audacity ! Each time Sinnerpureans shop for a house, they do not mind queuing days and nights for it, regardless of it's price. Sinners laugh at Malaysians, Thais, at the Chinese 20 years ago that those people are ulu(backward), uneducated, stupid and lazy therefore have to live in slums, ghettoes and in the jungle. Sinnerpureans never know that these people they despise and look down upo are happy even if they live in tomb houses meant for the dead. They mate so frequently and are able to make a lot of children because they are happy with their lives.
What do Sinnerpureans have, squabble with the leaders, banks because of loans and credit cards. They quarrel with their financial advisers, insurance agents when they found themselves misled, lied to though they themselves are sometimes better educated.
Sinners register their marriages before falling genuinely in love to apply for houses simply because there is more privacy and cheaper than hourly hotel.
Singapore leaders cannot be interested , concerned or care for such silly, selfish and whinning people. They have better things to do, they know to pay themselves well, they have to earn it by profitting for the state first to justify for it.
Foreigners know that Sinnerpureans live very luxurious lives. There are not enough carparks for cars despite the high prices of cars and anything related to them. Students smoke and carry latest mobile phone though again these are super expensive in Sin.
Most household have more kitchen wares and equipments that they could ever use or know how to use. Some can challenge Mrs (Imelda)Marcos for her wardrobes and shoes.
Complain, grouse, whine and curse without looking at how wasteful and and self-centred one(self) has become and still think justified to blame others.
Look at the old men drinking like goldfish early in the day, talking about meimeis and screwing the government. Pity the leaders.

Anonymous said...

The root of all evils began when MM LKY decided :me,and my family must be paramount,irregardless,and there began the formation of Singapore Hotel,a 6 star boarding house for all and sunrdries,only on one condition:$$$$.

I took a good lesson fr Japan,a homogerneoud country,very cohesive poeple,a strong ruling party for so many years,finally when they had a new P.M.look what kind of blunders he personally made,with the best of intentions for his country and people.

People in Singapore are full of knowledage but w/o wisdom,you see all the examples here.

Anonymous said...

These words are for those who will listen. I, Jesus, Son of Man have a plan. I will take My bride away to safety: to bliss, to life everlasting, and love never ending. I am a God of Truth. I wait on you—I warn, I wait and you reject. You see the world and it looks so inviting, but it offers you emptiness. So many step off into eternity: to nothingness and emptiness, suffering, and destruction. I offer more than these things. My love is a fount, a road, a way. It leads, it guides, and spreads out beauty in front of you—a feast of love, peace, satisfaction, and you will miss this because you do not seek answers and truth. You do not seek God. You love the world and you find emptiness and pathways to hell. Hell that is unending.

I, God am true to My word. If you turn your back to Me, I will lose you for all eternity and the sadness and horror will never end—the worm that never dies. I cannot retrieve you out of hell once you are there. It will be eternal loss and eternal suffering. Do not go this direction. Think hard and choose life. Choose Me: I am the Life, the Way, the Truth. You will not get to the Father except through Me.

Anonymous said...

Why are the people in such a rich(first world) country all so pityful ?

Anonymous said...

Some couples has no idea how to do their sums. I had a friend who got married 10 yrs ago earning only SGD1500 per mth. Her spouse earns double of what she earns at that time. They bought a 5 room HDB flat at Cantonment Road & spend a lot of money renovating & hiring the fengshui master. Last year, I overheard her hubby was laid off when his department ceased operations. I had no idea how they are going to pay off the loan. She had stopped contacting me for a long time. Her hubby is an only child. They should have shelve their plans to buy their own home at that time & stayed with his parents instead.

Anonymous said...

Alot of Singaporeans are like me; thinks poorly of our fellow countrymen & country. Many of us are just waiting for opportunities to go overseas. I hope all those who wishes to leave, including myself gets their dream fulfil.

Anonymous said...

Agreed with anon 10/10/10 13:19 that parents should not be so selfish. Provide the opportunity for them to study overseas or encourage them to work abroad. Alot of foreigners working in Singapore also left their familiies and hometown to be here. What is the big deal? If they have to constantly worry about their families back home, how can they possibly settle down here & find work.

Anonymous said...

Marry a foreigner & move overseas. This is a simpler solution. I wonder why so many men who married Vietnam & China women don't follow their wives to these countries.

Anonymous said...

This is it. You must choose. I am a patient God—but my patience is wearing thin on this evil generation who blasphemes her Lord and Savior and rejects truth openly in exchange for gross evil. What can I do to wake you up? Come to Me now. Wait not—you will wait too long and then the door will shut and it won’t open again and you will suffer greatly at the hand of My enemy. He is ruthless and savage. He hates humanity and will kill and destroy without abandon.

Wake up now. This is your Lord and Savior speaking. Run to Me. I am swift. I will take you to safety. You will be covered under My wings of glory. All will be safe. I am giving you final warnings. Please wake up. Do not slumber. The evil world is forming. All is growing dark. There will be no place to run and hide—let Me free you from the coming nightmare. It will be the darkest hour man has ever known. Let Me free you of this hour—spend this hour with Me in peace and security in a beautiful heavenly home. Choose against Me and suffer the consequences of your choosing.

Anonymous said...

Hey God, please invite the old fart to up lorry first. True, it may not turn us all into holey mollies. But at least that will solve 80% of the problems. That's a good start I think.

God said...

I heard your prayers and I will send my sickle when the time comes, that I can promise you.

jamesneo said...

Dear Lucky , The consequence we have today is that we followed the false crony capitalism model of the US exactly. The reason for these extreme wealth inequality is due partly to our focus on the FIRE( Finance, insurance, real estate)economy especially in the past decade. The real rich people 1% own most of their wealth through unearned income that are typically taxed at a much lower rate than the earned income. Moreover, they have distorted the real free market proposed by Adam smith whereby free markets required government oversight to prevent monopoly pricing and other charges levied by special privilege.
Please read : http://www.oftwominds.com/blogsept10/class-warfare09-10.html
http://www.globalresearch.ca/index.php?context=va&aid=12418

Anonymous said...

Crony capitalism model is indeed well entrenched and established in PRC and Singapore.

In Singapore,GLCs and MNCs control 85%-90% of the business,MNCs are not crony capitalism as they operate on the promise of high-tech and strong global marketing network.

In China,bank loans are almost exclusively reserved for SOEs,crony capatalism is truly alive and kicking.

Anonymous said...

I hold out My hand and give all, but the world rejects. It chooses second best. It rejects the best, the Son of Man in all His glory, beauty, and love spectacular. What incredible loss, and for what? Worldly compromise—the things of this world are shallow and trite compared to My unconditional love. I love with so much beauty and grace—the human mind cannot comprehend the incomprehensible love I offer. There is no comparison. Life is empty without My love; without My power; without My Spirit. The world is shallow, empty, lost, and confused. There is no good place to turn for truth without the One who is Truth.

DanteA said...

http://www.harpers.org/archive/2009/09/0082640

This article is instructive why.

Anonymous said...

Our policies are not set in stone. We always re-examine old policies and positions, and changed them with changing world circumstances. For example, we were against F1 for many decades because we were a crowded city; and having cars racing around would encourage people to race along our roads. But recognising that F1 has a jet-set following, and could generate economic spin-offs for our people, we decided to allow F1. We prepared a special track laid out once a year for two or three weeks along the main streets in our city centre for night racing. It telecast our unique skyline to billions around the world. It has been a sparkling success.

Similarly, we were against casinos for decades and refused offers of seedy casinos from Macau. But seeing the casino industry has developed in Las Vegas, a city in a desert, and their casinos have activities like big convention centres, live performances with successful Broadway hits, food and beverages with famous chefs, we have allowed two integrated resorts. The casinos are a physically small but financially significant part of an integrated resort. We decided on two, to show that they do not depend on Singapore customers. The majority are from China, Malaysia and Indonesia. Sands built a superb building with unique features and a roof garden on its 57th floor that spans three towers. Resorts World Sentosa is different, but equally profitable. Both casinos are doing well. Their hotel facilities, convention centres, live shows, shopping malls and restaurants have drawn in hordes of tourists and Singaporeans. Our tourist industry has grown by 30% already, creating many jobs for Singaporeans and benefitting others from taxi drivers to shop owners.
www.news.gov.sg/public/sgpc/en/media.../S-20100815-1.html

Years ago, Minister Mentor Lee Kuan Yew once told a CitiBank dinner function that he was stupid not to understand that money could be made by watching cars driving round and round in a circuit. Maybe he was right after all.

singaporedesk.blogspot.com/.../singapore-formula-one.html

Anonymous said...

Next, we are not against the porn industry anymore. They can set up shops here, raise funds and launch a hardcore movie career for gurmit singh or MBT.

lim said...

Oh yeah, and next we are also not against drugs...

Anonymous said...

I cannot retrieve you out of hell once you are there. It is an unending choice that cannot be undone. Please see the truth. I do not want to see you in hell. This was not My intent for your life. But you must choose. If you don’t choose for Me, you will die and suffer. I died and suffered so you can avoid this end, but you reject My gift. I suffered greatly so that you would not have to. What do I, God, need to do to wake you to this truth? Please believe the simple truth. It is a choice. Surrender your life to Me and follow or find yourself on the path to destruction: beauty untold or horrors unending.

Anonymous said...

Oh yeah, and next we are also not against drugs...

12/10/10 18:08
---------------
Against misuse of Drug not against drug. wake-up!

Anonymous said...

To anon 17:03

Your rambllings showed that you have a shallow analysis. You focused on the positives of having F1 and Casinos. What about the negatives? Do the negatives automatically take care of themselves? Have you read reports that international call girls are coming here because of the F1 to pick up more clients? Have you seen people committed suicide because they lost too much money in their gambling expeditions?

Prove to everyone here that the positives outgun the negatives.

Anonymous said...

Yes, Danielxx and Tokyo Singaporean can be MBT sidekicks. Three of them can dress up in blue uniform on night patrol in seedy joints in the pretext of arresting pros but end up frisked by pros. lol. 

Anonymous said...

Write my child. My glorious Spirit is upon the earth. It will be over soon. Many things would come fast and hard for many people. This is Jesus, Your Lord and Father. I am sounding the trumpets now. Do not harden your heart to my voice, tell all people. It will come in a split second and those who did not repent will perish and for those who believe and had prepared, a glorious day, banquet and all that I have prepared. The evil is lurking everywhere now strong and powerful at these days. They will devour anyone and many. My little children will suffer a while but it is only their bodies, their soul I am taking care of.

Anonymous said...

if we can have big country like China to adopt us and make us as one of their special economic zone, many problem will be solve. No need to have election, no more all the parties, may be no need to serve NS, no need to worry about low birth rate, can travel to any corner in Mainland by domestic flights, what a wonderful world.

Anonymous said...

Haha.....

two thousand years and the world is still so sinful, if not worse, and yet the two legged fools still believe in the divine. Where got hope.

Anonymous said...

Wake up now. This is your Lord and Savior speaking. Run to Me. I am swift. I will take you to safety. You will be covered under My wings of glory. All will be safe. I am giving you final warnings. Please wake up. Do not slumber. The evil world is forming. All is growing dark. There will be no place to run and hide—let Me free you from the coming nightmare. It will be the darkest hour man has ever known. Let Me free you of this hour—spend this hour with Me in peace and security in a beautiful heavenly home. Choose against Me and suffer the consequences of your choosing.

Anonymous said...

2 weeks ago @allcingeye how do you think real cahnge will come about?

protest? no

complaining to politicoes no

through the media confronting the establishment? no

Revolution? no (it would be put down quickly)

The mob waking up(It appears you have ticked this box ,using the 100th monkey method of diffused wisdom,knowledge & characater)

This is global ,so even if a nation "woke" up it can be bought down economically using Central banks ,embargoes or by force

Dan @ Gold Trading said...

Hey Lucky,

I think in Singapore, the rich get richer while the poor get poorer. Who doesn't agree with that? Haha!

Actually it's the truth...why is that so?

Because the rich have extra money to invest in stocks, currencies, properties and build their business using money. All these activities will only increase their wealth (of course by doing right).

Whereas for the poor, they have no other spare cash to invest in anything. They slog for their job, unable to clear their debts and continue to build their bills.

So seriously, if anyone wants to get wealthy, he has to build a business or invest in stocks, gold, silver etc. That's life.

Daniel
Dan @ Facebook

Anonymous said...

"That's life", Daniel, unquote.

How true ! And it is also true that Singaporean choose their Leaders(Government) and choose to saty put.

There's probably no better Regime in other places. Singapore is pristine in environment, order and safety and governance. No peer !

Anonymous said...

So so sad! Let's really make a change in the next elections. LSS can return to his former job, whatever or wherever he came from, and see how he likes a "regular" salary for a change!! Stupid fella!

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