Are foreigners pulling money out of Singapore banks?
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This is the tme to curse the old damned despot for his arrogance and treatment of dissidents and opposition like he knows best.
What the phark, he is even no match for me. I have been warning people about the economy in this forum since July 2007, and renewed my warning this June 2008.
see: http://sgforums.com/forums/10/topics/320112
The old damned despot with a wife that cannot die a peaceful death, and a son with cancer of the anus said, lied, fooled, whatever you will that:
“14 July 2008
Lee Kuan Yew on Friday said Singapore's economy will be fine despite the slowing global economy. "Either he lied, fooled or is just a damned idiot for saying that.
...and yet he has the gumption to persecute dissdents and opposition trying to make this a better place while he takes massive amounts of public money and put his relatives and cronies in charge of the reserves losing billions supporting foreign banks.
His assdogs will once again tell you to forgive them for their "honest mistakes" and the only mistake is that silliporeans trusted dishonorable people instead of cursing them.
Dishonorable people must be damned and cursed until their grandchildren suffer from cancer and or until they step down and stop taking massive amounts of public money for themselves.
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After the foreigners are escaping with their money, they belatedly provide guarantees but even if they provided the guarantees earlier it wopuld have been pointless because this is a despots run country with Official Secrets Act and unfree Press and which investor will put their money in a country where they do not have the information to make good decisions?
Propaganda for information?
Damned, even I transferred money out of the country (hahaha, but then I have been taking it out since last year... hahaha)
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...another thing, at a time when every country is short of cash, this damned despot run country that has been recruiting massive numbers of foreigners to fight with Singaporeans and these foreigners will be making the money here and sending it back home.
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scenario A
wah, he so smart, start warning one year ago.
if i warn 10 years ago than i will be smarter.
scenario B
he has been KPKB since last year, and for 1 year, nothing happens. And when something do happen, he like act so smart like that.
that new guy didn't say anything til 2 months before the crash, i think he is really smart.
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Originally posted by skythewood:
scenario A
wah, he so smart, start warning one year ago.
if i warn 10 years ago than i will be smarter.
scenario B
he has been KPKB since last year, and for 1 year, nothing happens. And when something do happen, he like act so smart like that.
that new guy didn't say anything til 2 months before the crash, i think he is really smart.
...gibberish but thanks anyway coolie for bumping up my thread...
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Originally posted by AndrewPKYap:
...gibberish but thanks anyway coolie for bumping up my thread...
haha, have to help old man who has to self bump so much.
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Why do we ALWAYS have to compare our nation to HK?
The only similiarity is that both are financial hubs, but the socia - economic - political system are as different as chalk and cheese.
Hong kong can jolly well afford to pay every single cent of their accumulated surpluses and reserves - every dime of it - simply because THEY HAVE NO FUTURE!
HK belongs to China, and its future will be taken care of by the communist in a few years time. They have no need to plan for social spending, because ultimately, China will determine and chart their lives. HK doesnt even have a defence budget, as it is provided by China.
Our country have to plan far far ahead for our next generation. We cannot just simply follow what HK does like some village idiot. Our reserves are all we have for our next generation. If we use it all, we have no one to back us or our children.
It's easy to be kind and pay off depositors, due to their greed and then when things sour, KPKB and claim they didnt know the risks. BUT THOSE ARE OUR MONEY AND OUR FUTURE GENERATIONS MONEY FOR SOCIAL SPENDING!.
Be rational and do stop following HK or any other country like a blind bat or curse our society! -
HK Lehman minibond issue handled differently than in Sg.
HK gov agree to protect the minibonders.
I no no whats to happen to 1st world super duper bombastic democratic citizens of the spore.
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Originally posted by xtreyier:
Why do we ALWAYS have to compare our nation to HK?
The only similiarity is that both are financial hubs, but the socia - economic - political system are as different as chalk and cheese.
Hong kong can jolly well afford to pay every single cent of their accumulated surpluses and reserves - every dime of it - simply because THEY HAVE NO FUTURE!
HK belongs to China, and its future will be taken care of by the communist in a few years time. They have no need to plan for social spending, because ultimately, China will determine and chart their lives. HK doesnt even have a defence budget, as it is provided by China.
Our country have to plan far far ahead for our next generation. We cannot just simply follow what HK does like some village idiot. Our reserves are all we have for our next generation. If we use it all, we have no one to back us or our children.
It's easy to be kind and pay off depositors, due to their greed and then when things sour, KPKB and claim they didnt know the risks. BUT THOSE ARE OUR MONEY AND OUR FUTURE GENERATIONS MONEY FOR SOCIAL SPENDING!.
Be rational and do stop following HK or any other country like a blind bat or curse our society!hahahaha... "OUR MONEY AND OUR FUTURE GENERATIONS MONEY" ???!!!
Stupid delusional idiot that believes in propaganda and one that buys the propaganda hook line and sinker.
President Ong Teng Chong asked them to account for the money, since he as president was supposed to be the "guardian of the reserves" and was immediately made a pariah.
It is better that the money stays in Singaporeans' pockets for them to leave it for their children and the future generations instead of it being in the hands of dishonorable despots that will persecute people like Dr Chee Soon Juan that dares to ask them to account for the money.
Honorable people, when asked, account for it. Dishonorable people when asked, persecute the one that questions. So you decide, the despots, honorable or dishonorable?
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Originally posted by likedatosocan:
HK Lehman minibond issue handled differently than in Sg.
HK gov agree to protect the minibonders.
I no no whats to happen to 1st world super duper bombastic democratic citizens of the spore.
They will be left high and dry by the dishonorable despots... but recently the despots have been talking about protecting the depositors in Singapore because....
"Singaporeans and foreigners have pulled out and are pulling money out of Singapore banks"
You don't kick their asses, these dishonorable asspots will just take advantage of you.
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Originally posted by AndrewPKYap:
They will be left high and dry by the dishonorable despots... but recently the despots have been talking about protecting the depositors in Singapore because....
"Singaporeans and foreigners have pulled out and are pulling money out of Singapore banks"
You don't kick their asses, these dishonorable asspots will just take advantage of you.
Uncle, hv u pull out your money from the bank, or you still keep inside your rice tin?? or u pok kai liao?? -
Originally posted by likedatosocan:
HK Lehman minibond issue handled differently than in Sg.
HK gov agree to protect the minibonders.
I no no whats to happen to 1st world super duper bombastic democratic citizens of the spore.
Singaporean rich mah, singaporeans want it to be like that, cannot meh?? U cannot tarhan, changi airport open 24 hrs, just pick a destination and buzz off, airfares are dropping, take this opportunity ya. -
Originally posted by angel7030:
Singaporean rich mah, singaporeans want it to be like that, cannot meh?? U cannot tarhan, changi airport open 24 hrs, just pick a destination and buzz off, airfares are dropping, take this opportunity ya.
parkway gone en blockour dear mee rebus unker might have to move liao
no more nice mee rebus
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Originally posted by noahnoah:
parkway gone en blockour dear mee rebus unker might have to move liao
no more nice mee rebus
parkway is damn expensive areas, but the share parkway holding also go down, damn.Dun worry, Unker earn enough liao, but i will miss my childhood shopping place...cry.....hmmm...go eat the steam boat there...tomyam soup////hot hot hot....go toilet also hot.
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Originally posted by angel7030:
parkway is damn expensive areas, but the share parkway holding also go down, damn.Dun worry, Unker earn enough liao, but i will miss my childhood shopping place...cry.....hmmm...go eat the steam boat there...tomyam soup////hot hot hot....go toilet also hot.
before en blockcan we eat mee rebus together
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Unlike HK and Oz ,SG will not charge banks for insurance premium
for the 100% banks gurantee!!
This show MAS thinks that MAS is rich or MAS thinks that
there is very low risks!!
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Originally posted by lionnoisy:
Unlike HK and Oz ,SG will not charge banks for insurance premium
for the 100% banks gurantee!!
This show MAS thinks that MAS is rich or MAS thinks that
there is very low risks!!
Let me repeat. The guarantees are useless to stop the outflow of money from Singapore banks because the issue is not the fear of banks collapsing but the recession and heavy losses (on the reserves) suffered by the despot's relative and cronies, thus eroding the value of the currency. This in turn will cause further contagion effects on the economy.
Confidence will not return because of the propaganda, official secrets acts and a censored/self censored press. These are the real reasons for the outflow and the guarantees by the despots will not help.
Silliporeans are paying a heavy price for coddling dishonorable despots.
The despot's behavior with regards to the investors that lost money with the "sold as safe" Lehman bonds (especially when Hong Kong allowed the people to protest in front of the banks, whereas here only at Hong Lim park) when in Hong Kong they can get their money back; further eroded confidence that this is a just society.
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Originally posted by noahnoah:
before en blockcan we eat mee rebus together
why must eat mee rebus together!! why cannot eat mee siam, swenson, sakae suishi, why u scare to spend money ar?? U very rich property agent how to hv no money.Wait, me go fasting for 3 days, then on shot eat until you bankrupt..
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Originally posted by AndrewPKYap:
Let me repeat. The guarantees are useless to stop the outflow of money from Singapore banks because the issue is not the fear of banks collapsing but the recession and heavy losses (on the reserves) suffered by the despot's relative and cronies, thus eroding the value of the currency. This in turn will cause further contagion effects on the economy.
Confidence will not return because of the propaganda, official secrets acts and a censored/self censored press. These are the real reasons for the outflow and the guarantees by the despots will not help.
Silliporeans are paying a heavy price for coddling dishonorable despots.
The despot's behavior with regards to the investors that lost money with the "sold as safe" Lehman bonds (especially when Hong Kong allowed the people to protest in front of the banks, whereas here only at Hong Lim park) when in Hong Kong they can get their money back; further eroded confidence that this is a just society.
WE do pay a high price, but they give us a high standard of living, no bad liao. Like u unker, u dun spend much, only in thailand, and yet u can get a good life here, u should be greatful u pay a discount to get such comfortable, peaceful and harmonness life here -
Originally posted by angel7030:
WE do pay a high price, but they give us a high standard of living, no bad liao. Like u unker, u dun spend much, only in thailand, and yet u can get a good life here, u should be greatful u pay a discount to get such comfortable, peaceful and harmonness life hereGross delusional. An asskid that swallowed hook line and sinker the propaganda. The asspots "give us a high standard of living" or Singaporeans worked hard for "a high standard of living"?
Stupid asskid, the people in Thailand work 30% of the work silliporeans work and suffer 30% the stress silliporeans suffer.
The asspots make silliporeans suffer unnecessary stress with their ERP and COE and HDebtB more like it.
You think the asspots are going to give you, yes you asskid, "a high standard of living" and if you believe that, why dont you party all day, get drunk, have sex the whole day, and let the asspots give you "a high standard of living"? Stupid asskid.
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Originally posted by lionnoisy:
Unlike HK and Oz ,SG will not charge banks for insurance premium
for the 100% banks gurantee!!
This show MAS thinks that MAS is rich or MAS thinks that
there is very low risks!!
Are you aware that the deposit insurance scheme (DI) which traditionally guarantees your first $20,000 isn't free?More importantly, when no one really knows the amount in this fascist regime's reserves, on what basis do you determine "MAS is rich" (how a Central Bank can be "rich" is anyone's guess when it isn't even a free market enterprise, but a monopoly dictating monetary policy) or that there are "very low risks"?
On a sidenote, I bet you must also be pleased to know your beloved Temasek and GIC are infallible and are, in all probability, immuned to the credit crunch since they do not face the liquidity issues real banks, hedge funds and financial institutions (I mean such institutions in the free world here, not some despot-initiated crime syndicates embellished in the name of those institutions) face - thanks to the large chunks of money extorted from you (i.e. in the form of CPF) which effectively serves as their liquidity base.
Maybe, ignorance is really a bliss...How Lehman Brothers must have wished they could just have frivlously enacted legislation to seize assets of the US citizenry to tide them over the way this beloved regime could dictate how you could utilise money that is rightfully yours without your say in it.
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Working hard to pay off mortgage is not my idea of a high standard of living.....
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To the threadstarter: if you feel strongly that your money would be safer in Thailand, Philipines, Indonesia, Timbuktu than in Singapore, please go ahead and transfer your funds out. Nobody is stopping you.
Speak to any private bank or banker and hardly any of them (if at all) will confirm your assertion that massive funds have been flowing out of Singapore because of the 'lack of press freedom' or 'the official secrets act'.
The decision by Singapore to guarantee deposits was made to pre-empt any significant deposit outflows due to guarantees given by other jurisdictions; and not because the Singapore financial sector is facing collapse as implied by the threadstarter. In other words, the motivation was indeed to level the playing field.
The decision made by Singapore to guarantee deposits was not made lightly. There will be a cost to banks and we also have to be mindful of regional sensitivities with such a move. It was a good thing that Malaysia simultaneously announced a guarantee of their own. This was why Singapore did not 'lead the pack' in announcing such a guarantee; it did so only after our competitor HK did so.
Someone asked why the Singapore deposit guarantee only lasts till 2010. Can anyone make an intelligent guess ? ... ... It's because the HK one lasts till 2010.
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Originally posted by AndrewPKYap:
Let me repeat. The guarantees are useless to stop the outflow of money from Singapore banks because the issue is not the fear of banks collapsing but the recession and heavy losses (on the reserves) suffered by the despot's relative and cronies, thus eroding the value of the currency. This in turn will cause further contagion effects on the economy.
Confidence will not return because of the propaganda, official secrets acts and a censored/self censored press. These are the real reasons for the outflow and the guarantees by the despots will not help.
Silliporeans are paying a heavy price for coddling dishonorable despots.
The despot's behavior with regards to the investors that lost money with the "sold as safe" Lehman bonds (especially when Hong Kong allowed the people to protest in front of the banks, whereas here only at Hong Lim park) when in Hong Kong they can get their money back; further eroded confidence that this is a just society.
It is so easy to spread panic and fear at these present times. With a despicable agenda to destablise and remove people whom they have hatred for, without a care to others who are not knowledgeable and worries they faced.
This is not the time please. It is a crisis we face. Lets for humanity and society sake, drop the agenda filled panic mongering!My 2cts suggestion is:-
1. Keep calm and be rational
2. Put your hardearned money in banks and not at home.
3. Continue spending, but not frivously. It will keep the domestic economy going.
4. Wait for rationality to return, as it ultimately will. Regulation and improvements will be made, you can bet on it. We are humans, we make mistakes, but will learn and improve from it.
Drop in currency value fear mongering:
I will give a brief explanation minus the economist tech jargon in order to briefly explain to mom and pops here, to dispel the myth of 'currency dropping value' and the dangers associated with it. I would advise further reading on the subject at libraries or buy the books.-------------------------------------
Every nation on Earth would need to back the piece of paper called money so that it can be accepted by another. It is backed by a national guarantee that the amount printed on it is the amount you can use for any other purpose.
And that guarantee are gold reserves held in national treasuries, equal in amount to all money being printed and circulated.
Over time, nations started collecting foreign currencies instead of holding gold - a volitile commodity subjected to market conditions and difference in valuation daily, thus a headache for national accounting purposes, one of the major reasons being that it can be easily traded and used, with US dollar being the most of it as it was the dollar used for international trade, a source of stability.
With the current turmoil and the unimaginable vasts amounts in trillions of dollars being printed and used to prop and intervene in the market, there is a fear that western countries may be printing more than the value of gold they hold, thus causing a drop in value of the dollar to match their amount of gold in vaults.
This may only be true in the temporary sense, but then think again. How much gold would national treasuries have?
Gold is a metal that does not rust or evaporates. Since the dawn of civilisation, mankind had realize that and had valued gold and had sought and dug for it. The Greek empire has it, the Pharonic empires, rulers of the world - Rome in abundance, Spain and England rob it from Asia.
Empires come and go. Gold changed hands. But gold never disappeared.
Imagine if only 500kg of gold were dug a year. How many tonnes of gold would the world have by today after 6000 years of recorded history?
And who has the most gold reserves? After WW2, USA was the only resource rich country left untouched by the war. It was paid in gold by the great empires for the reconstruction of the battered world.
USA thus is the one holding the most gold reserves.----------------------------------------------------------------------
The current turmoil is caused by panic reaction. As more took out their cash and kept at home, countries had to print more money and would continue to print to assure their citizens and keep the economy running.A secondary panic reaction would be to think that the currency value of their dollars would be lower and then they will turn to hoarding gold instead.
This will only drive the value of gold up. Countries with gold reserves will be laughing to the bank. They would gladly sell their gold bought at $56 an ounce to suckers at $840++ today's prices. It would pay off their national debts.
And when suckers realised that the currency values are holding up, they will dump their gold, as it is not readily convertible as cash, causing the price of gold to massively drop.
Gold reserves countries would gladly by back at the lowered prices.
Who loses?
You who panicked and believed in false prophets of doom. -
Should interest rates be a consideration for my deposits in bank?
YES! But not for the reason you would greedily accept.
Think! How does banks pay for your interests?
They do so by investing your money in loans and stocks. For a bank to offer higher interest rate would mean they would have to take on higher risks for higher returns. And when things get sour, what happens? I thought most would have learnt their lesson now. Greed will make you suffer.
Your deposit may be guaranteed. But your interests are NOT!
Do remember to read the lines in fine print - "returns are subjected to market conditions for your FIXED deposits".By all means, deposit in a foriegn banks that offer high rates. But dont come back crying when you find some dollars missing.
We singaporeans are known to be 'kiasu'. It was this trait that made us successful. We do not have the wild extremes other countries suffer, where some get amazingly rich and others homeless.We always have enough for food on the table, a holiday or 2, kids with schools to go to, and one job lost means another is waiting if we are resourceful enough.
So too are our national institutions and banks. Kiasuism may just save us. We willingly spend if there is a need, but save if the need is not there, no matter how convincing a Harvard degree conmen tells us we need their products. At least for the majority of us.