Thursday, May 29, 2014

Going For The Jugular

Devadas Krishnadas, CEO of consultancy Future-Moves Group, nails it when he fleshed out the sweetheart deal between the Government and the Central Provident Fund (CPF) Board:
"The Government issues Special Singapore Government Securities or SSGS to the CPF with a coupon rate matching the rate of return on CPF monies.
The SSGS is non-tradable and the CPF is the only purchaser of these securities.
According to the Accountant-General’s Department, SSGS amounted to nearly S$250 billion as of March 2013. What happens is that the CPF monies are transformed, via this mechanism, into investable capital. This capital, when variously invested, then earns a return which permits the paying of the coupon, which in turn allows the CPF to pay interest to its members."

An astute commentator, a Ms Chung, completes the rest of the story which may never see the light day until the current political scene is changed out:
"This article didn't answer the following:-
(i) transparency of how funds flow between CPF, GIC and Temasek;
(ii) the high rates of returns for our SWFs vis a vis CPF interest;
(iii) the rate of increase for MS is higher than inflation; and
(iv) whether there can be increased flexibility for people to use their CPF, esp for those caught in dire life situations not of their making.
v) If you are 55 and you sell your flat... if you don't meet the minimum sum AFTER refunding the CPF utilized + interests; they will withhold the proceeds from the sales to cover the shortfall... Does this makes (sic) absurd sense???"

Until the incumbents decide to come clean, it will always be hard for Singaporeans to understand CPF. The face off in parliament is not about constructive politics, whatever Uncle Tony Tan had in mind.

Politics (from Greek: πολιτικός politikos, meaning "of, for, or relating to citizens") is defined as the practice and theory of influencing other people on a civic or individual level. There are no holds barred in the range of unsavoury methods employed in politics, which include promoting one's own political agenda among people, manipulating laws for selfish reasons, and exercising force, including warfare against adversaries. In the latter, short of another Operation Spectrum, we are witnessing high-handed tactics against political opponents and abuse of governmental resources, including civil servants, to serve partisan goals. The type of politics, as Mr Low Thia Khiang pointed out, that is constructive only for the incumbents.
Enjoying a ringside seat of constructive politics in parliament

38 comments:

  1. Warfare against adversaries had been declared by that paper general touted as the next PM some time ago. Yet the current PM preaches their version of "constructive politics". The same kind or argument you meet everyday - you are stubborn if you are against me but steadfast if you are with me. So much parliamentary time spent on this useless talk. Let us see some real action for the good of the country.

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  2. The alleged "robust debates" in the PAP dominated parliament will not change until we vote in more Opposition MPs.

    The issue is not "constructive" politics.
    The issue is whether PAP's politics benefit Singaporeans.

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    1. Even the way that lady PM talking cock about politics in Parliament appears as if she is a hired hand paid to do her job, that's it.

      If they really have a heart for the average Singaporean, nobody will ever need to FUCK PAP and surely nobody would need to be a bully to sue anybody for defamation.

      I think they all fucked up big time, especially the father, son & daughter-in-law plus that distant relative holding so much power in their hands and yet so little is known what they are really doing with our monies.

      Think for a moment ... what if 4 of them all decide to ??????? are we all not clueless & helpless about it ?

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    2. PM or MP ?

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    3. @anon 11.56am.
      No difference whichever angle, it will still be the Incompetent PM and his bunch of stooges/wankers/ball carriers/.......
      When and not If the day arrives for true blue Singaporeans to return the favour, I hope those who cannot stomach such actions will step aside and let justice prevail. An eye for an eye is probably too lenient.

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  3. these guys are so slimy it makes with sick.

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  4. Yes, I can see many PAP MPs gleeful expression. Heng Swee Kiat looks like he is going to burst out laughing in front of camera when LTK speaks. We must remove them from parliament.

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    1. He is not Heng SK. He is Lawrence. Anyway both of them looks cocky. I would expect as an elected MP, they should know how to behave in Parliament - accord respect to your colleagues or opposition. Too arrogant. almost all of PAP MPs. except for a very few.

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    2. I am not referring to the pic above, go watch the video.

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  5. "But to weasel away, play with words, avoid the issue and then claim to be responsible, that is what we fear can drive Singapore's politics into the same place where many other countries have gone.”
    No wonder the bus driver deserves a tight slap now and then.

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    1. This is exactly what the sneaky Cabinet Members are professional at. Using bombastic; cheaperer, betterer and fasterer English as smoke screen to muddy the whole Parliamentary Debate. And everyone lost the direction and bearing of the purpose of Parliament.

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  6. Workers Party... the wining team!5/29/2014 10:49 AM

    LHL - minus -10
    LTK - plus +20

    Keep it up LHL... the pit grows deeper and deeper
    Hopefully if gets bigger too... to swallow up the rest.. especially some ministers of state.

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  7. That picture of mirth and merriment by these two dunces in a house of serious discussion while an opposition leader is speaking would be a cause for some disciplinary action by the son of the great leader.

    Between them, we are looking at more than a million apiece annually.

    Is it asking too much for them to display a more minister like countenance when in parliament?

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    1. Nah, let them continue with their repugnant and repulsive behavior. A mistake, surely, to display such poor manners. But remember, never interrupt your opponents when they are making mistakes.

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    2. One with a sly smirk on his face, the other enjoying a stand up Kumar comic show.

      Yeah, go on and make a fool of yourselves.

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    3. The Lack of manners are due to upbringing, not just from the parents. The school and their leaders are just as responsible and culpable for those audacious cocky behaviours. There was also obvious display of conceit. Maybe, they were laughing at Low Thia Khiang's command of the English Language. It is shameful deed if that was indeed the Reason as suspected. At their level, their behaviours were signs that Singaporeans will soon be ruled by some ILL-NATURED CHARLATANS.

      IT DOES NOT BODE WELL FOR SINGAPOREANS.

      patriot

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    4. It looks like the character on the right is about to pick his nose.

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  8. The driver who championed "constructive politics" insisted on accelerating. The co-driver warned him the rate of acceleration is not sustainable and he should maintain speed. The driver continued to accelerate and then accused the co-driver of flip-flopping because he was quiet when he stepped on the accelerator. The driver chastised the co-driver as "sub-standard" to the cheers of the two backseat passengers.

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    1. Just let the PAPig bus driver langgar the PAP bus.

      Singaporeans should now be boarding the pro Singaporean bus.
      Driven by Singaporeans.
      For Singaporeans.

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  9. Still the same gutter politics 50 years non-stop by the PAP.

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  10. I don't care about CON-structive politics.
    How does PAP's CON-staructive politics benefit Singaporeans?

    I only support politics that benefit me the Singaporean.
    I support pro Singaporean politics.

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  11. Tweedle Dee and Tweedle Dum dumbing down at ringside. Gotta love these happy nappies.

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    1. In a recent interview with Japan's Nikkei media group LHL said Singapore's next leader should be "somebody who can command the confidence of the population, solve their problems and inspire them to do even more".
      He must be thinking of Tweedle Dee and Tweedle Dum.

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    2. It is already a foregone conclusion the current PM ushered in by LKY is a walking disaster, now this numbskull is suggesting he picks the successor. HolyShit !

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  12. Conceited, smack Alec, ill mannered, disrespectful - sock it to them at the ballot box

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    1. Smug: Exhibiting or feeling great or offensive satisfaction with oneself or with one's situation; self-righteously complacent.

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    2. Thanks for the correction. Yes should be smug.

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  13. "v) If you are 55 and you sell your flat... if you don't meet the minimum sum AFTER refunding the CPF utilized + interests; they will withhold the proceeds from the sales to cover the shortfall... Does this makes (sic) absurd sense???"

    People better understand 2 things: a) you have to pay back interest on all that CPF you borrowed even though it was your money, borrowing from yourself and still paying interest and 2) So far, the rate of increase in the minimum sum has always been much higher than inflation rate. If your house price keeps appreciating at the inflation rate (which is the norm if one takes the long term trend rather than just based on this last 4 bubble years) you end up having to top up your CPF when you sell your house.

    Example: This year medisave minimum sum (MS) increased from ~$40k to ~$43k, up by about 7.5%. And ord acct MS increased by over 5%. The weighted average would be around 5.5% for average man on the street. House price this year to date has dropped by 1% to 2% average. The difference is 6.5% to 7.5%! Those who are still using their CPF to punt in real estate, better hope PAP continue the ponzi housing scheme, or kick them out and hope AP revamp the silly policy double whammy of charging you interest for using your own CPF and MS increasing by avg 3% faster than inflation.

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  14. How constructive can politics practised by the incumbents be when given half a chance, they resort destructive tactics on a fellow citizen blogger, who may unknowingly step onto their toes using that favourite legal term of theirs.
    Where is the politics of magnanimity‎ and forgiveness .
    So much for that graciousness they preach and the yellow ribbon crap they promote.

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    Replies
    1. Where is William Wan? Does he not have kindness for Roy? Oh I forget, his patron is the PM.

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  15. I think this time he really fucked up big time. Never estimate the sentiments of the people are always with the weaker victim. Some more how do you feel if you personally feel somehow you are being cheated or short-changed in one way or other.

    Not only with the true blue Singaporean citizens. How will the new citizens think if they are going to see themselves in the same picture a decade or two down the line.

    What the PAP Ministers pay themselves per month already exceed if not almost match the Minimum Sum for required the average Singaporean to reach in a lifetime. Even that, more than half can't even meet the Minimum Sum now.

    What, the PAP Minister need to sleep in a gold coffin or what when they die ? There is simply no right sense of proportion here.

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    1. Remember LKY once argued that if our Ministers are responsible for making decisions involving such big amounts of funds, then it is right for them to be paid in the right proportion taking into consideration the size of the funds involved.

      But now the results show they lost more than $40 billions of our investments funds, how to account for the right sense of proportion now ?

      Why the CEO is not even sacked for losing so much monies ? Which School of Management will teach us that a company CEO will not lose her job if she losses a big junk of the company funds ? What sort of meritocracy are they talking about ?

      How come the PM never even dared to kick up a fuss with his CEO wife ?

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    2. "How come the PM never even dared to kick up a fuss with his CEO wife ?"

      It's pretty clear who is on top during sex.

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    3. "How will the new citizens think if they are going to see themselves in the same picture a decade or two down the line." Simple answer : Give up Singapore citizenship and migrate elsewhere. He can withdraw all his CPF : Quote from CPF website : "You may withdraw your CPF in full if you have left Singapore and West
      Malaysia permanently with no intention of returning to either country for
      employment or residence. " No impact to them. Enjoy all the goodies for 10 - 20 years and pack up. True blue Singaporeans - well??

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  16. Wondering how come the more pinky try to fix his opponents the more he looks like a fool, thou pinky is smart, but he don't talk like his father

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  17. that picture really makes one say, "Wipe that smirk off your face, boy!! Where're your manners?"

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    1. The mouth can be made wider to fit a rifle butt.

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  18. Oh, no!!! the photo showing Lawrence and Chan Chun Sing makes me puke and want to shove my shoe into their asshole.

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