Are foreigners pulling money out of Singapore banks?
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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!!
1,851 posts since Apr '06Are 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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18 posts since Jul '08Working hard to pay off mortgage is not my idea of a high standard of living.....
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Originally posted by Omnia:
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.
There is already the States Times selling the propaganda, you are redundant.
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Originally posted by xtreyier:
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.You are right, we should not speak the truth, we should be like this idiot and say crapz like:
“14 July 2008
Lee Kuan Yew on Friday said Singapore's economy will be fine despite the slowing global economy. " (http://thehindu.com/thehindu/holnus/003200807120150.htm)Two months after he opened his public money grabbing mouth, the "fine" "Singapore's economy" is the first to be in recession in Asia.
Will he now say, being a recession is nothing and can be considered as "fine"? People losing their life's savings is "fine"? Only when world war three breaks out, that is something and "not fine"?
Assdogs selling propaganda on behalf of asspots.
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Originally posted by AndrewPKYap:
There is already the States Times selling the propaganda, you are redundant.
Nobody is asking you to read or believe the Straits Times.
As mentioned in my post, you should go validate your assertion with the private banks and bankers that funds have flowed out of Singapore because of lack of press freedom and that the Singapore financial sector is in dire straits. You'll find that you are one of the rare few to hold such a bigoted view. -
Originally posted by Omnia:
Nobody is asking you to read or believe the Straits Times.
As mentioned in my post, you should go validate your assertion with the private banks and bankers that funds have flowed out of Singapore because of lack of press freedom and that the Singapore financial sector is in dire straits. You'll find that you are one of the rare few to hold such a bigoted view.Even if the bankers know for sure that "funds have flowed out of Singapore because of lack of press freedom" will they say it out loud?
Are you even a Singaporean? Don't you know that people in Singapore cannot speak the truth unless it is in an anonymous forum?
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Originally posted by AndrewPKYap:
Even if the bankers know for sure that "funds have flowed out of Singapore because of lack of press freedom" will they say it out loud?
Are you even a Singaporean? Don't you know that people in Singapore cannot speak the truth unless it is in an anonymous forum?
A very convenient way to side-step and disregard counter views, isn't it ?
My point to all readers is as follows: AndrewPKYap asserts that the 'restricted' press is covering up the supposed 'dire' state of the Singapore financial sector. How do we know that is true ? Why should we believe the rantings of AndrewPKYap ? If we do, we are simply substituting blind belief in the press by blind belief in what AndrewPKYap says, isn't it ? And we certainly wouldn't be better off.
So if anyone really thinks that the press is trying to cover up something, do speak to people (private banks, bankers etc) who really knows what's going on. One will learn much more and more importantly, get more accurate information than from the baseless assertions that seem to be so prevalent here.
Singaporeans are certainly free to speak the truth. The problem is that many persons present as 'truth', their own views about issues without any basis other than their own prejudices and blinkered beliefs. Worse when they start attacking the integrity of persons without any basis. I don't like it when someone does that to me, you won't like it when someone does that to you and I certainly do not blame leaders when they take action against those who do that to them.
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Originally posted by Omnia:
A very convenient way to side-step and disregard counter views, isn't it ?
My point to all readers is as follows: AndrewPKYap asserts that the 'restricted' press is covering up the supposed 'dire' state of the Singapore financial sector. How do we know that is true ? Why should we believe the rantings of AndrewPKYap ? If we do, we are simply substituting blind belief in the press by blind belief in what AndrewPKYap says, isn't it ? And we certainly wouldn't be better off.
So if anyone really thinks that the press is trying to cover up something, do speak to people (private banks, bankers etc) who really knows what's going on. One will learn much more and more importantly, get more accurate information than from the baseless assertions that seem to be so prevalent here.
Singaporeans are certainly free to speak the truth. The problem is that many persons present as 'truth', their own views about issues without any basis other than their own prejudices and blinkered beliefs. Worse when they start attacking the integrity of persons without any basis. I don't like it when someone does that to me, you won't like it when someone does that to you and I certainly do not blame leaders when they take action against those who do that to them.
How do we know that your rantings are true?
That, exactly is my point. For the readers here, dont know, dont care.
For people with money in banks, not just money in banks but money in "other countries" (see Topic title, it is about foreigners) they cannot dont know, dont care!
They look at despots run countries and they look at the propaganda, the censored/self-censored press and they will run like jack rabbits.
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...another thing, they look at Hong Kong, when there is injustice, they see people protesting on the streets, parking themselves in front DBS Hong Kong.
Here? They see despots arresting Dr Chee Soon Juan, persecuting dissidents and opposition. Not confidence building, is it?
Today, after so long, the propaganda papers are making noise about the Lehman affair on the front pages. Why?
"Foreigners ARE pulling money out of Singapore banks"
These despots, if you do not kick their asses, like the foreigners kick their asses taking their money out, they will sit on their asses enjoying the massive amounts of public money they relentlessly take.
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they are paid world record. No kidding. Its officially world record.
They must deliver solutions.
Else...
excellence should be our minimal expectations.
But do people dare to expect?
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Originally posted by likedatosocan:
they are paid world record. No kidding. Its officially world record.
They must deliver solutions.
Else...
excellence should be our minimal expectations.
But do people dare to expect?
their solution is simple, hike hike hike hike hike...tax tax tax tax...to recover all losses. Very clever indeed, bravo!!! should paid them high. -
You don't need anyone to tell you what to do or solve the crisis for you. Singaporeans are one of the most educated bunch of citizens in the world. We can do it ourselves. All it needs is for us to be calm and rational.
It isnt a meteor that striked earth. The world had not been overwhelmed by towering tsunamis. We are not dropping like flies from a plague. The crisis is man made, and destruction caused by men can be rebuilt by man - YOU.
Just think:-
1. Life will have to go on.
2. Trade will still have to continue. People need goods. Not ALL our purchases are luxury goods, but are essential goods.
3. Earth is still resource rich, and capable of providing materials for our needs.
4. Banks are now capitalised, and ready to lend money for manufacturing of essential goods, and goods that can improve and be productive for our lives.
5. Some may be homeless, or made bankrupt, but not ALL. Those who are still surviving, still have the ability to work or create.The financial turmoil is not as deadly as it looks. It is only business.
Whatever hurt or harm it can do, it does not cripple us physically. As long as we remain rational and willing to pick up and learn from mistakes, we can still continue on to be productive for ourselves and our family.
The current mood is only panic reaction and shock. The fears are only loss of jobs and our current way of life. Be realistic, there diffinately will be changes with a catastrophe of such global magnitude.
But it will not kill you. It will only make you stronger, so long as you stay rational, and am willing to persevere, to provide for yourself and your family. As long as we still have a brain, hands and legs, we will survive. We are evolved humans. Not apes.
The end of this world will only come if we remain in a state of shock, be paralysed by further man-made bad news, aggravated further by panic mongers, hiding ourselves and our money deep down under shelters.
I for one certainly dont intend to hide or cower in fear, or give up this life without a fight. Fortunately there are many like me ready to take on the worst of this malstrom with our brains, hands and legs. You too, are just as capable as anyone of us.
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Originally posted by AndrewPKYap:
How do we know that your rantings are true?
That, exactly is my point. For the readers here, dont know, dont care.
For people with money in banks, not just money in banks but money in "other countries" (see Topic title, it is about foreigners) they cannot dont know, dont care!
They look at despots run countries and they look at the propaganda, the censored/self-censored press and they will run like jack rabbits.
Agree with you that foreigners care about the safety of their deposits and investments. But all we have heard from you are assertions and claims that "Foreigners are pulling money out of Singapore banks !!", that "Foreign depositers look at the Singapore government and the press and they run like jack rabbits !!!" without a single shred of evidence which you conveniently attribute to lack of press freedom. Speak to bankers in the know ? Oh no, they won't tell us the truth ... you say.
So we should all accept that only the mighty AndrewPKYap knows the "truth" and we should all believe everything that he/she says without question ?
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Originally posted by Omnia:
Agree with you that foreigners care about the safety of their deposits and investments. But all we have heard from you are assertions and claims that "Foreigners are pulling money out of Singapore banks !!", that "Foreign depositers look at the Singapore government and the press and they run like jack rabbits !!!" without a single shred of evidence which you conveniently attribute to lack of press freedom. Speak to bankers in the know ? Oh no, they won't tell us the truth ... you say.
So we should all accept that only the mighty AndrewPKYap knows the "truth" and we should all believe everything that he/she says without question ?
Sorry to disappoint you, nobody knows the truth in this case other than the despots that are taking massive amounts of public money, and pretending that they are god and persecute dissidents and opposition to shut them up.
Why are they so scared of the truth? What are they hiding? Why the need to censor/make the press self-censor?
Why the need for the official secrets act if they have nothing to hide. Fraudsters cheats and conmen, theses people rather hide information.
So with the official secrets act in place and the press silenced, we can only guess and come to conclusions with limited information.
The reason the asspots are doing what they are doing? The conclusion?
"Foreigners ARE pulling money out of Singapore banks"
Why?
Lack of a free press and only propaganda information is available.
Just like in China. Only after the babies have died and tens of thousands of them are hospitalised, will they tell you, when they have no choice.
Foreigners that have money to park overseas are not idiots, like you, no information, they rather be safe than sorry, and so the foreigners:
"The Foreigners ARE pulling money out of Singapore banks"
They might come back, but god knows when. -
Originally posted by xtreyier:
You don't need anyone to tell you what to do or solve the crisis for you. Singaporeans are one of the most educated bunch of citizens in the world. We can do it ourselves. All it needs is for us to be calm and rational.
It isnt a meteor that striked earth. The world had not been overwhelmed by towering tsunamis. We are not dropping like flies from a plague. The crisis is man made, and destruction caused by men can be rebuilt by man - YOU.
Just think:-
1. Life will have to go on.
2. Trade will still have to continue. People need goods. Not ALL our purchases are luxury goods, but are essential goods.
3. Earth is still resource rich, and capable of providing materials for our needs.
4. Banks are now capitalised, and ready to lend money for manufacturing of essential goods, and goods that can improve and be productive for our lives.
5. Some may be homeless, or made bankrupt, but not ALL. Those who are still surviving, still have the ability to work or create.The financial turmoil is not as deadly as it looks. It is only business.
Whatever hurt or harm it can do, it does not cripple us physically. As long as we remain rational and willing to pick up and learn from mistakes, we can still continue on to be productive for ourselves and our family.
The current mood is only panic reaction and shock. The fears are only loss of jobs and our current way of life. Be realistic, there diffinately will be changes with a catastrophe of such global magnitude.
But it will not kill you. It will only make you stronger, so long as you stay rational, and am willing to persevere, to provide for yourself and your family. As long as we still have a brain, hands and legs, we will survive. We are evolved humans. Not apes.
The end of this world will only come if we remain in a state of shock, be paralysed by further man-made bad news, aggravated further by panic mongers, hiding ourselves and our money deep down under shelters.
I for one certainly dont intend to hide or cower in fear, or give up this life without a fight. Fortunately there are many like me ready to take on the worst of this malstrom with our brains, hands and legs. You too, are just as capable as anyone of us.
assdog. What did the asspot say and when?
“14 July 2008
Lee Kuan Yew on Friday said Singapore's economy will be fine despite the slowing global economy. " (http://thehindu.com/thehindu/holnus/003200807120150.htm)It is no big deal? You assdog, go up to this woman and tell her that in her face:
A "retiree investor who sank money into Lehman-linked products" on the advice of her bankers that it is safe
I gues to you it is no big deal for the despot to persecute Dr Chee Soon Juan and dissidents because "life goes on".
Despot ass-licking assdog
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Originally posted by AndrewPKYap:
Sorry to disappoint you, nobody knows the truth in this case other than the despots that are taking massive amounts of public money, and pretending that they are god and persecute dissidents and opposition to shut them up.
Why are they so scared of the truth? What are they hiding? Why the need to censor/make the press self-censor?
Why the need for the official secrets act if they have nothing to hide. Fraudsters cheats and conmen, theses people rather hide information.
So with the official secrets act in place and the press silenced, we can only guess and come to conclusions with limited information.
The reason the asspots are doing what they are doing? The conclusion?
"Foreigners ARE pulling money out of Singapore banks"
Why?
Lack of a free press and only propaganda information is available.
Just like in China. Only after the babies have died and tens of thousands of them are hospitalised, will they tell you, when they have no choice.
Foreigners that have money to park overseas are not idiots, like you, no information, they rather be safe than sorry, and so the foreigners:
"The Foreigners ARE pulling money out of Singapore banks"
They might come back, but god knows when.
Despite acknowledging that "nobody knows the truth", you still claim as fact that "foreigners are pulling money out of Singapore". And all because Singapore has an official secrets act and a press that is not as liberal as those in the West ??!!?Since we are at it, why don't we also claim that Singapore has planted nuclear bombs in every country and will use them to take over the world ? That Singapore has planted a chip in President Bush's head so that he will do our bidding ? Or that the treasures of Atlantis, the Jewish ark of the covenant and the holy grail are being kept in Singapore ? Afterall, nobody knows the truth but heck, since Singapore has an official secrets act and a 'restricted' press, it must be true if someone claims it to be so, mustn't it ?
The idiocy of your argument astounds.
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Err.. by the way, is foreigner pulling money (which I interpret to be non Singapore dollar) out of Singapore banks necessarily a bad thing? If they pull money out, that means bank will have less income right? But banks made so much money in the past anyway so earning less now will not hurt them too much right? Not sure if I sound idiotic through this line of thought.
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Originally posted by ArtBoon:
Err.. by the way, is foreigner pulling money (which I interpret to be non Singapore dollar) out of Singapore banks necessarily a bad thing? If they pull money out, that means bank will have less income right? But banks made so much money in the past anyway so earning less now will not hurt them too much right? Not sure if I sound idiotic through this line of thought.
A fair question. You certainly do not sound idiotic unlike other persons posting in this thread.
A very simplistic anaylsis would be that the outflow of deposits would constrain the activities of financial institutions. Yes, it would affect the bank's earnings but the ones to suffer would also be the Singaporeans whom they employ as well as other entities providing services to the banks (lawyers, IT firms etc). And when these people earn less (or worst case scenario lose their jobs), they will in turn spend less on meals, groceries, entertainment etc. These retailers and their staff will now be affected and you get into a downward spiral.
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Originally posted by Omnia:
Despite acknowledging that "nobody knows the truth", you still claim as fact that "foreigners are pulling money out of Singapore". And all because Singapore has an official secrets act and a press that is not as liberal as those in the West ??!!?Since we are at it, why don't we also claim that Singapore has planted nuclear bombs in every country and will use them to take over the world ? That Singapore has planted a chip in President Bush's head so that he will do our bidding ? Or that the treasures of Atlantis, the Jewish ark of the covenant and the holy grail are being kept in Singapore ? Afterall, nobody knows the truth but heck, since Singapore has an official secrets act and a 'restricted' press, it must be true if someone claims it to be so, mustn't it ?
The idiocy of your argument astounds.
It is a no brainer conclusion. It is an educated guess. It is reading between the lines. Where money is concern, you cannot, "I dont know, ne'er mind." You have to make a decision. You have to come to a conclusion.
People do not have the luxury to be wishy-washy like you.
And why is it that people are not sure and have to make educated guesses?
Censored/Self-censored press; Official Secrets Act
This is like the tainted milk scandal in China (except it is in finance, not food). You dont want your child to die before you decide. You smell a rat, you act. You want your child to die before you act, good luck to you.
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Originally posted by ArtBoon:
Err.. by the way, is foreigner pulling money (which I interpret to be non Singapore dollar) out of Singapore banks necessarily a bad thing? If they pull money out, that means bank will have less income right? But banks made so much money in the past anyway so earning less now will not hurt them too much right? Not sure if I sound idiotic through this line of thought.
There are lots of foreigners holding SGD in the form of Stocks and Shares and properties and out right S$ cash (from the unstable Indonesian era, for example)
Even if it is in foreign currencies, as long as the money is in Singapore banks, the banks can use it to lend out.
There is a worldwide credit crisis. "CREDIT" crisis, you cannot afford to add on to the crisis by having depositors withdrawing money.
The issue is not whether the withdrawal will affect bank profits. It is whether or not the withdrawal will affect the Economy. It will.
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Originally posted by AndrewPKYap:
It is a no brainer conclusion. It is an educated guess. It is reading between the lines. Where money is concern, you cannot, "I dont know, ne'er mind." You have to make a decision. You have to come to a conclusion.
People do not have the luxury to be wishy-washy like you.
And why is it that people are not sure and have to make educated guesses?
Censored/Self-censored press; Official Secrets Act
This is like the tainted milk scandal in China (except it is in finance, not food). You dont want your child to die before you decide. You smell a rat, you act. You want your child to die before you act, good luck to you.
We have both posted lots of stuff for readers to chew on. It is for readers to decide for themselves what is and what is not.
AndrewPKYap asserts that he smells a rat in the deposit guarantee. He concludes that massive amounts of money must have flowed out of Singapore (and that we should follow suit). On what basis does he make the assertion ? Purely because Singapore has an official secrets act and a 'restricted' press. Therefore, whatever the Singapore government says regarding the guarantee or anything else for that matter, must be a lie; it can never be true. If this is AndrewPKYap's best 'educated guess' regarding the guarantee, so be it. As I said in my first post, he is free to move out whatever funds he has.
Readers however, owe it to themselves to scrutinise these claims and decide whether there are any merits in them. Many of us complain about propaganda spread by the press. In the same vein, we have to be wary of propaganda spread by individuals. For me at least, AndrewPKYap has not presented any credible arguments to change my belief and conclusion that the Singapore financial sector is sound and that the deposit guarantee is indeed a pre-emptive measure taken to level the playing field, in response to similar moves made by our competitors, eg: HK.
In other words (and we seem to like to do this in this thread),
Foreigners are NOT pulling money out of Singapore Banks, least of all because of the official secrets act or 'restricted press'.
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Originally posted by Omnia:
Despite acknowledging that "nobody knows the truth", you still claim as fact that "foreigners are pulling money out of Singapore". And all because Singapore has an official secrets act and a press that is not as liberal as those in the West ??!!?Since we are at it, why don't we also claim that Singapore has planted nuclear bombs in every country and will use them to take over the world ? That Singapore has planted a chip in President Bush's head so that he will do our bidding ? Or that the treasures of Atlantis, the Jewish ark of the covenant and the holy grail are being kept in Singapore ? Afterall, nobody knows the truth but heck, since Singapore has an official secrets act and a 'restricted' press, it must be true if someone claims it to be so, mustn't it ?
The idiocy of your argument astounds.
If you say Andrew does not know all the truths, then ANSWER to the FORUMMERS this instant, DO YOU KNOW all the TRUTHS?
IF not, whatever you say is also boh-parkay u know?
your arguments also oxymoronic waht.
What you can do constructively is to show us ALL the Truths.
Maybe check with your boss for permission 1st.
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Originally posted by Omnia:
Nobody is asking you to read or believe the Straits Times.
As mentioned in my post, you should go validate your assertion with the private banks and bankers that funds have flowed out of Singapore because of lack of press freedom and that the Singapore financial sector is in dire straits. You'll find that you are one of the rare few to hold such a bigoted view.
Seriously, telling the common folks to ask the Banker to find out the truth is a "no brainer" too.Which "Banker" do you suggest that we talk to ?
Who possibly can the "Banker" be - the Branch Manager with a pseudo-title "Vice President", or the "Guest Relations Officer", or the "President" of the Bank ?
Will those at the Branch even know the "Real World" situation that their Bank operate in, when they do not even know how secure is their own job situation ?
Will those working in the HQ of the Banks even know the situation of the money flows if they are not even handling the information or the transactions that course through the computers every second or minute or hour ?
Will they talk to the common man from the street ?
Can Singaporeans depend on any information that is given by anyone, when the politics of stability for the State takes precedence over all else ?
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