Thursday, September 08, 2011

WikiLeaks : Structural Inefficiencies due to GLCs.

Structural Inefficiencies caused by GLCs[Link]5. (C) Entrepreneurs continue to face obstacles in a number
of sectors in the form of Government-Linked Corporations
(GLCs), which account for nearly 60 percent of the national
GDP. 
Temasek Holdings, the government's investment
arm, is by far the largest investor in Singapore, with an estimated
50-percent stake in Singapore's GLCs.  GLCs often compete
against each other in key markets, making entry by an
independently-held company difficult.  For example, SingTel
and Starhub, both Temasek Holdings companies, compete
directly in the wireless service market and will soon do the
same in the cable television market. 
The strong GOS role in
directing the economy likely has the unintended result of
"crowding out" natural economic development, according Dr.
Sha Reilly, Chief Knowledge Officer at the National Library
Board (NLB), which has a mandate to encourage creativity and
entrepreneurship among young Singaporeans.  She believes Singaporeans look first to the government, rather than the private sector, to be the innovation leader. 

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Again there is nothing new here but I just want to add that the elite-power structure has become intertwined with the GLCs which creates an extremely unbalanced system. If you traced the careers of top ranking officers in the SAF or civil service, very often they move to GLCs and a large number of MPs/ministers come from GLCs. Not only do GLCs have the effect of crowding out SMEs and stifling their development, the close relationship between the govt and GLCs has resulted in very unlalanced policies that serve to benefit these companies over the interests of ordinary Singaporeans. For example, even as corporate profits in GLCs reached record highs as a % of GDP, the PAP govt increased the GST from 3% to 5% ...then later to 7% so that they can cut corporate taxes for these companies shifting the tax burden regressively to ordinary Singaporeans at a time when the income gap and inequality is expanding. The PAP govt pandered to the demands of these businesses for cheap foreign labor reaulting in the highest per capita influx of foreigners among developed countries. All this done at the expense of Singaporeans many of whom saw their wages stagnant or falling while the cost of living rose. SMEs find it hard to compete with GLCs as GLCs have better sources of funding, contacts and are in a favored position when it comes to govt contracts. The long term outcome is a darth of homegrown businesses relative to places like Taiwan, S. Korea and Hong Kong.
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The close association between business and the ruling elite has also led to unfavorable labor laws which over they years make it easy for businesses to 'hire and fire' with little or no compensation in the name of efficiency - very often such laws allow  poor planning and lack of long term strategy that see businesses as workers can be treated as expendable resources. All this tuck under what is knows a tripartism a euphemism for compromising away the rights and status of workers. A union leader that tells workers to become cheaper, better and faster says it all. How does one's life become better if it is cheapened by PAP policies? It does not and an increasing segment of the populace works harder than ever yet cannot to make ends meet - the PAP govt keeps their head above water by giving out a supplement known as workfare - something known as slavery in some circles as it is only necessary when workers cannot enough when they are working and the govt supplements their income so that have just enough for necessities but nothing to put aside ...they will have to work forever as they don't make enough to retire. Today, 311000 Singaporean workers are on workfare[Link]....the consequence and tragedy of PAP's unbalanced policies is the emergence and rise of poverty in Singapore at a time when this country has more wealth than ever...more concentrated in the hands of the few.

14 comments:

Anonymous said...

Out of these 311 000, a large number of them actually believed that God is giving hand-outs to them out of His Benevolence.

Instead of examining policies which are benefiting the PAPies, these 311 000 are giving praies to God Almighty for the workfare.

Religion and politics go hand in hand over these past centuries.

This post is spot on. It hits the bull's eye.

What intrigues me now is that if only someone would study the linguistics of the responses given by the PAPies in their media responses to see how they structure their sentences and English in such a way to skew/slant and hide the truth of their unfair policies.

MP Gan Kim Yong (in your link) uses a lot of presuppositions and assumptions along with conditionals in his responses.

He argues within a small sphere of logic. That given, so and so, it is only fair.

It is definitely fair given so and so, BUT the reality that Singaporeans live in is not caricatured into such narrow assumptions.

The PAPies are intentionally creating the haves and have nots divide. They are designing it.

The whole famiLEE is running businesses and they want their bottom line to be the most profitable they can achieve - at our expense as Singaporeans.

311 000 Singaporean families on workfare out of 3.4 milion native Singaporeans is sinful. PAPies should have a sense of proportions.

CNA and the Straits Times are sleep-inducing propaganda on the masses. And it is slowly losing its grip and more and more Singaporeans are exposing the lies.

Someone wants you to view Singapore in a certain way and they educate you to do so.

Anonymous said...

Whatever lah, as long as they don't lose voter support at the polls.

Voter support remain very strong, 60% in GE and 70% in PE! Majority voters still prefer things and people linked closest to PAP!

Any government, if they can get this right, everything becomes right.

Sadly, few, if any, democratically elected govts in the world managed to achieve this.

This is something Singapore can be proud of.

Anonymous said...

It seems to me that Anon 7:31 thinks that 70% voted for the closest-linked party in this PE is a sign of that 70% of Singaporeans are pro-PAP policies.

You got to be kidding me, given that the pap party recently increase mrt and bus hikes while PE campaigning was going on.

Surely, SIngaporeans can't be that daft.

It is more likely that Singaporeans want to see a split in the PAP camp more than ever.

Just for the record, TT was voted on a recount. He's not the people of Singapore's choice. Only for 35% of Singaporeans.

At the end of the day, what you call "results" matter.

But 35% for a president is an insult by any man's measure.

Anyway, ever wonder why we don't have a made in singapore product?

Take a good look at the PAP's economic policy.

Ever wonder why singaporeans are fast asleep. Well, when the average singaporean looks around his neighbour he or she sees a "supposed peace" in the surroundings which led him or her to fathom that everything is actually OK in Singapore.

It is this outward peaceful deception that masks the real hardships that the people will go through in the next 5 years.

As the PM LEE admitted, "the last 5 years have been stressful."

Anonymous said...

"Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power."
Benito Mussolini, Italian Dictator (1883–1945)

http://en.wikipedia.org/wiki/Benito_Mussolini

Anonymous said...

"In China, nothing belongs to you. Like buying a house. You buy it but it will belong to the country 70 years later," said Su, lamenting the government's land leasing system.

"But abroad, if you buy a house, it belongs to you forever," he said. "Both businessmen and government officials are like this. They worry about the security of their assets."

http://finance.yahoo.com/news/Top-of-Chinese-wealthys-wish-apf-3316521730.html?x=0&sec=topStories&pos=3&asset=&ccode=

Anonymous said...

Hi DOASM,

How come the former MM is still occupying the headline with full frontal page in most newspapers over uni talk. Is the topic covered such as foreign immigration, a sign of more such policy to come. Given his non official status now, such an event should be tuck into a corner of the home page deserving no more than two clumn width.

Anonymous said...

Today's Straits Times headline screams "Population will shrink without immigrants". Guess what? Government is going to continue mass importation of foreigners. The infestation continues and there will be less of us to vote against PAP come next election.

Anonymous said...

An analogy to Structural Inefficiencies due to GLCs is

STRUCTURAL INEFFICIENCIES due to LARGE NUMBER of INAPPROPRIATE PERMANENT RESIDENTS

Today, Singapore newspapers mentioned that there will be large proportion of old peoples in 2050 if there is no new immigrant. Hence, it is justified to take in large number of new immigrants now and this is to continue for as long as forever.

The Singapore newspapers reports are faulty, unreliable, biased and misleading.

Why is this so?

When large number of foreigners are imported and converted to Permanent Residents, what will happen to them when they grow old.

When a single foreigner becomes Permanent Resident at age 26 years old now, this person will be 75 years old in 2050. If this person chooses to remain single, who is going to take care of this old single Permanent Resident in 2050.

When a legally married couple foreigners without any child becomes Permanent Residents at age 26 years old now, this person will be 75 years old in 2050. If this legally married couple chooses to remain childless, who is going to take care of these old legally married couple Permanent Residents in 2050.

When a legally married couple foreigners with 1 child becomes Permanent Residents at age 26 years old now, this legally married couple will be 75 years old in 2050. If this legally married couple chooses to remain to have only 1 child, then this only child will have heavy burden to take care of these old legally married couple Permanent Residents in 2050.

The above 3 scenarios show that Singapore must not allowed to import foreigners who are single or legally married couple with no child or 1 child to be Singapore Permanent Residents. The reason is that they will cause our population to age faster.

Singapore must have a immigration policy to import only legally married couple foreigners who have at least 2 young children who are less than 7 years old to be Permanent Residents. To become Singapore Citizens, the Permanent Residents must have at least 3 young children who are less than 7 years old.
This is to ensure that new immigrants do not cause Singapore population to age.

By letting in large number of foreigners to be Singapore Permanent Residents regardless of their martial status and the number of young children they have, the policy will cause Singapore population to age faster and bring population disaster to Singapore in 2050.

Anonymous said...

Just read this from http://www.foreignpolicy.com/articles/2011/09/07/the_renminbi_the_political_economy_of_a_currency:

"...Chinese leaders observe that all countries that have raised themselves from poverty to wealth in the industrial era, without exception, have done so through export-led growth. Thus they manage the exchange rate to broadly favor exports, just as they manage other markets and prices in the domestic economy to meet development objectives such as the creation of basic industries and infrastructure. These policies do not differ materially from those pursued by Japan, South Korea, and Taiwan since World War II, or by Britain, the United States, and Germany in the 19th century...."

Look back at the Singapore's policy, are we learning from the history to become rich? Yes, Singapore has become rich. But, it seems we learn only part and neglect that domestic industry, i.e. SME. It may mean Singapore's model is not sustainable to continue growing its wealth beside widening income gaps.

Anonymous said...

Likely there is intention to resurrect the shelved plan for 50000 filipinos visas. The minorities group low income segment is probably showing growing restiveness and they need to create social opportunity to lessen discontent through the mating game.

Anonymous said...

To anon 8/9/11 09:37

Reasons why FMM is in headlines all over now is becos he's trying to take the fall for his son. He wants people to know these were his ideas/implemented before his son's took over so people should not blame PM Lee. Is the good guy/bad guy approach, pretty obvious so you don't aim your anger at the wrong person.
But all these won't help if the rising SON do NOTHING to rectify these abnormalities. If he's no guts to reform, the people will reform on his behalf.
Just look at Sydney - 30k union workers from teachers, nurses, firemen, police etc have all marched no the streets to protest!


Now they have the cheeks to release IPS data to back-pedaling and justify why these 1m migrants are coming onto our shores AFTER the FACTS..!! Wake up people, they do a lot of secrete things you don't know , covered up and perpetuated by the spineless journalists who can't/won't stand up to them. These lots are digging a bigger and bigger holes for Singaporeans and their very own future of generations..Instead of doing the right thing, they do things "rightly" for the Pappies. Blind-sided lost moral conscience of our society today.

Anonymous said...

Problem with PAP economists are that they are pretty much bunch of idiots following medieval tactics of "bring in cheap labor and more businesses will come" attitude. That is why "hire and fire" is so rampant among MNCs here and that is why sinkapore will never have talents that would want to genuinely work for this country. Even this fellow Jim Rogers brings no benefit of being citizen simply because he created 0 jobs in this country. You see my naive fellow citizens... "rich and poor gap" must exist here so that ruling class will always have servants to look after them,their GLC profits and etc.
Look at what happened to Borders(high rent+mismanagement at high level), seagate (high electricity costs) and many more that cost singaporeans job losses. high rent are due to REITs that absolutely have no benefits to citizens, only hedge funds and rich investors enrich themselves from REIT dividends. High electricity costs enrich foreign owned power operators. you get the picture? you're just a chicken locked in a farm to lay eggs 24/7 for the elites.

Anonymous said...

There are Goals
and then there are objectives

If you have achieved your goals
despite not having achieved any objectives, whats the issue?

They have achieved majority in the house.. the objective of winning GRC or Single seats is immaterial since the goal was to have a majority in the house!

Anonymous said...

Hey Mr Lucky

According to your (and supporters) logic ... Religion and politics go hand in hand. And the obvious solution is all potential opposition members must declare themselves anti-religionist and pro-gay. Sure way to beat PAP in an election!

And if the opposition somehow loses ... It's the people's fault!

Get it? Kee Chiu!