George Soros
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U dun know wat other have and other might hv more advantage wif more information... to be on the safe side... I rather not want to be known...
As i mentioned Hong Kong is transparent on its reserves and they see no value in the "safe side" Without transparency means that if there is an abuse of usage of funds, there would be no check and balance. If you are truly from a neutral stance, dont you find it strange that even the president, who is suppose to protect the reserves cannot check on it? -
He played with the RM as well right?
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So actually President Ong Teng Cheong should have done googling instead of asking question. Now i know how Nathan check our reserves - googlingOriginally posted by Fatum:the yuan is not a free float my dear, as i have mentioned ... and do you think our foreign reserves of a measly hundred plus billion or so will make a dent in anything ? (the figure is up on the net, go look it up ... :lol
... even if hong kong depletes their own holdings, one of the largest in the world btw ... China the master would still be behind them ... after executing the financial secretary perhaps ... 
sides, you don't wear a one dan karate belt around everywhere if you have one eh, cos the other chaps are just going to send a 3 dan fella against you, no ? ... [/quote]
My dear, i wasnt refering to the China yuan... Everyone knows Yuan is on a peg exchanged rate. I was refering to Singapore. Why would currency speculators attack floating exchange rate with huge current surplus? Hong Kong was already transparent when China's reserve wasnt large
Your argument was that because it had a big master behind and thats why Hong Kong can disclose its reserves. But in the year 97, how much reserves did China had? Was it more than Hong Kong? was it trillion? or was it same as Hong Kong at about 100 USD Billion?
Oh please..... you speak like you come from such high authority... When i mean market forces, i include irrational behavior. I didnt say the prices follow efficient
a floated currency is the only one you can attack through the financial system, my dear ... that's the only was you can make money speculating currencies, right ? ...
... otherwise, you'd have to wait for inflation to kick in and the country would have two different exchange rate, the official one, and the black market one ... 
... rule number one of economics ... there's no such thing as the "correct" value, the equilibrium, that's probably the word you were looking for ... is only the "perceived" value .. according to current market sentiments ... if you can shake that sentiment in any market, there is going to be market adjustment ... precisely what happened in china recently ... a "tulip" phenomenon ...
market and reflect fair value.
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I understand where you're coming from ... the better question would be, how can we achieve accountability in our reserves, neh ? ....
in any case .... I better go google further around a bit ... there seems to be an awful lot of info on singapore's reserves around ... how ironic it would be if it's not really a secret after all eh ... -
asian currencies crashed coz they borrow too much and spent on wat they dun hv....
economics is so interesting... -
erm... cozOriginally posted by kilua:Why would currency speculators attack floating exchange rate with current account huge current surplus?
- they are angry that we took their #1
- they are unhappy that we are growing wif their country
- they are banned from coming to singapore
- some licences are not to be issued coz some companies are associated wif them
- some are jealous that despite we are red dot, yet can be strong and sometimes corky
- we hanged their citizens who break the law here despite protesting
- we cane their pple when they break the law despite protesting oso
....... etc
will update wif I tink of something else... just lost a Chess game
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well ... I dunno ... economics was the minor degree for me ... i earn my living through my computer science one ...
I'm not sure how much reserves the chinese had in 97, but I don't think you do either ...
but that precisely emphasizes my point doesn't it ? ... no one knew how much China had then to effectively defend the hong kong dollar ... so the raiders left it pretty much alone ...
the hundred plus billion or so (info courtesy of google ) that we have right now, won't make much of a dent in the greater scheme of things really, not when trillions move around in a day ... the perceived "value" of anything in economics is pretty much a function of psychology alone, thus, knowing how much reserves a country has will also tell investors and holders of her currency how much a goverment would have to defend it, and how much it will run out, eh ? ... now if you are able to fudge that figure, the psychological confidence would still hold for the investors, eh ? ...
that was how the tiger fund broke the baht ... cos they knew that the thai goverment of the day no longer has the foreign reserves to defend the value of the baht, and so did everyone else, thanks to financial reporters ....
making sense now ? ... -
http://english.people.com.cn/200303/10/eng20030310_113044.shtmlOriginally posted by Fatum:well ... I dunno ... economics was the minor degree for me ... i earn my living through my computer science one ...
I'm not sure how much reserves the chinese had in 97, but I don't think you do either ...
but that precisely emphasizes my point doesn't it ? ... no one knew how much China had then to effectively defend the hong kong dollar ... so the raiders left it pretty much alone ...
the hundred plus billion or so (info courtesy of google ) that we have right now, won't make much of a dent in the greater scheme of things really, not when trillions move around in a day ... the perceived "value" of anything in economics is pretty much a function of psychology alone, thus, knowing how much reserves a country has will also tell investors and holders of her currency how much a goverment would have to defend it, and how much it will run out, eh ? ... now if you are able to fudge that figure, the psychological confidence would still hold for the investors, eh ? ...
that was how the tiger fund broke the baht ... cos they knew that the thai goverment of the day no longer has the foreign reserves to defend the value of the baht, and so did everyone else, thanks to financial reporters ....
making sense now ? ...
139.9 billion US dollars in 1997
If China had supported Hong Kong, it would run into the danger of possibly depleting its own reserves to support the HKD.
I just find it strange that these self-proclaimed neutral supporters are not a bit concerned about the possible abuse due to lack of checks and balances. -
everywhere will hv one... small or big amount only....Originally posted by kilua:I just find it strange that these self-proclaimed neutral supporters and not a bit concerned about the possible abuse due to lack of checks and balances.
BTW... me not neutral... My Idol is LKY~!! -
I suppose economic figures from China would be a bit like their defence spending figures, no ? ...Originally posted by kilua:http://english.people.com.cn/200303/10/eng20030310_113044.shtml
139.9 billion US dollars in 1997
If China had supported Hong Kong, it would have depleted its own reserves to support the HKD.
I just find it strange that these self-proclaimed neutral supporters are not a bit concerned about the possible abuse due to lack of checks and balances.
neways ... like I've written ... a better question would be, how do we achieve accountability in our reserves ? ... to which I'd like to add - without exposing publicly the true size of our reserves ? ...
technically, it is the purview of the president to look into how our reserves are spent ... but OTC got put to pasture trying to do it, and prata man won't do it .... it all boils down to the powers-that-be, neh ? ... ... so ... speak with your vote lor ... SC is but debating club, sort of ... except that you don't get as much as a scratch on your balls if you think you win an argument ...
but I just wonder ... why did just about every single thread in SC have to degenerate into a govt bashing season ? ... and why do some people see everyone that writes here as either pappies or opposition supporters ? ...
well ... it makes no difference to me ... i'll call a spade a spade ... and to me there are only people on the left or right side of the bell curve ... -
Originally posted by kilua:So actually President Ong Teng Cheong should have done googling instead of asking question. Now i know how Nathan check our reserves - googling That's why he got 2nd term...
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Wah, you all talk talk abt economics and finance until so chim...
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George Soros is a trader.
He trades everything, currencies, gold, derivatives.
He has been a trader for a long time, since he was young, and is very good at his field, and become very famous.
During Asian financial crisis, as mentioned previously, traders attacked the Asian currencies. Actually its not just George Soros, its a whole bunch of people and institutions. Since he was famous, he became the symbol/ figurehead when people mention about speculators.
George Soros says he exitted his positions early, and took only a decent profit. He didnt ride the whole crash during the Asian financial crisis.
But, another aspect of this man,
After he became old and became very rich, he financed some NGOs and other organizations aiming to 'change society' for more 'openness'. In several interviews he says he 'disrupted oppressive regimes'.
So, yes, he has political activities as well.
He has also financed the campaigns of some candidates, including presidential candidates in USA.
Nowadays he's not managing day-to-day trading business anymore. He give speeches, give interviews, finance NGOs, finance charities, support candidates, those sort of thing for a rich old man.
He is a Jew, like many successful traders in America.
Meat Pao. -
Go google Gwador + PSA + Balochistan.Originally posted by charlize:The Shin Corp incident shows that we can bring down governments.
Why bother with trivial things like currencies?
Apparently the Chief Justice of Pakistan has been replaced. Read up on how the BLA has fired rockets into our PSA Gwador Port in Balochistan.
Not a very nice image I should say. Then again, it's one of our jewelled projects, with a joint venture with the Chinese. -
Originally posted by Fatum:
yes but why would they want to adjust their reserves down? Having 130USD billion is no a big figure to shout about in China. If the intention to to protect their currency, they should have overstated their reserves.
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I suppose economic figures from China would be a bit like their defence spending figures, no ? ...I'm not sure how much reserves the chinese had in 97, but I don't think you do either ...
The raiders did attack the HKD. Didnt the govt spend a huge part of the reserves shoring up the stock market?
but that precisely emphasizes my point doesn't it ? ... no one knew how much China had then to effectively defend the hong kong dollar ... so the raiders left it pretty much alone ...
Today the modeling techniques in finance are so advanced that they can know
neways ... like I've written ... a better question would be, how do we achieve accountability in our reserves ? ... to which I'd like to add - without exposing publicly the true size of our reserves ? ...
the portfolio of say Temasek holdings just by looking at their monthly returns using mathematical techniques such as "factor analysis" to compare the correlations with other indices in the world.
Didnt the economist here make a model to estimate how much jobs went to Singaporeans and foreigners?
The point is that the If the economic fundamentals are not good, the hedge fund get always get a few experts to model and estimate the size of the reserves. -
Not a bad idea.. if I was in his shoes, I'd do the same.Originally posted by Meat Pao:After he became old and became very rich, he financed some NGOs and other organizations aiming to 'change society' for more 'openness'. In several interviews he says he 'disrupted oppressive regimes'.