He may have advised Barack Obama, but he is also critical of his financial-industry rescue plan, quoted on record as saying that whoever designed the Obama administration's bank rescue plan is "either in the pocket of the banks or they’re incompetent." It would be too far fetched to suggest the professor at Columbia University is in the pocket of politicians or being incompetent. More likely, he has been fed garbage and regurgitating same. His four jaundiced views:
First, individuals were compelled to take responsibility for their own needs. For example, through the savings in their provident fund, around 90 percent of Singaporeans became homeowners.
Homes which are priced to erode life savings, leaving nought for retirement and medical contingency needs.
Second, Government programs were universal but progressive: while everyone contributed, those who were well off contributed more to help those at the bottom.
Right, and GST is not regressive, estate duty was abolished to relieve the financial burden of the poor.
Third, the government intervened in the distribution of pretax income - to help those at the bottom, rather than, as in the United States, those at the top.
Is that why minimum wage is vigorously resisted, while top income earners pay only 20% and corporate tax rate is capped at 17%? (USA highest marginal tax rate is 39.6%, corporate tax peak at 35%)
Fourth, Singapore realized that the key to future success was heavy investment in education.
The defence budget was increased by 4.3 percent over last year to $12.28 billion, a jump of $504 million, representing 12.3% of FY2012 Total Expenditure. The budget for Education was reduced from 10.8% to 10.6%. Nuff said.
Fortunately, Stiglitz's gaps in the knowledge about our country are not lethal. What is dangerous is when Singapore Business Federation (SBF) Mission Leader Zainul Abidin Rasheed, who is also a former Senior Minister of State for Foreign Affairs, nonchalantly promotes Iraq as a business destination: “I believe Singapore companies can benefit from Iraq through the export of goods and services that will meet the demands arising from the reconstruction efforts and the government’s investment in both hard infrastructure."
March 20 headline: 50 killed in Iraq attacks on eve of anniversary (of United States-led invasion).
In the collection of letters published in 1698 as "The mystery of phanaticism", an anonymous author, signing himself 'A B', wrote:
"Twas well observed by my Lord Bacon,
That a little knowledge is apt to puff up, and make men giddy,
but a greater share of it will set them right,
and bring them to low and humble thoughts of themselves."
Posts
You find just FOUR misrepresentations in Stiglitz' commentary???? Almost every sentence of that piece he wrote is factually wrong!!
ReplyDeleteHis interpretation of policies in Singapore are so off the mark, that if he were Japanese he would commit hara kiri out of sheer embarrassment. It is like standing in the middle of the Padang, aiming an arrow at the Cricket Club - and hitting the SRC at the opposite end instead!
Why don't you just call a spade a spade here? The fellow is an absolute idiot! If The Straits Times was to run What It Should Have Beens for his one-page article, the corrections would cover two full pages of the paper. Perhaps more...
But maybe I'm being too harsh. Maybe that's his attempt at science fiction, or a What It Should Have Been for the Spore govt. Or is it an attempt at humour? Like that bit where he pronounces how the wonderful policies he describes has resulted in a Gini coefficient of 47.7 in Singapore, just 0.1 behind the US, which he condemns as having a Gini that is too high.
well, well .... did we not joined the coalition of willing that had previously invaded IRAQ under false pretense?
ReplyDeleteso it make "commercial" sense to seek "returns from investments"
oops .... it's the ten anniversary of the infamous invasion of IRAQ; the whitemen had achieved their objectives, a divided Middle East and many countries run by their puppets
not surprising ..... money can move mountains
ReplyDeletejust look at some blogs and/or forums; why the sudden change in approachs and tones wrt to articles on singapore? certain topics suddenly become taboo ... deleted by mods/forum owners.?
hope i still visit this site for more enlightening news and informations in the future
First, Krugman and Stiglitz are academics but they also need the extra income and publicity from speaking tours.
ReplyDeleteSecond, America today is even sadder than what we see here in terms of income inequality. although we are catching up faster than he understands, to be fair, his artcile did pay lip service to the problems here eg income inequality.
Thrid, don't forget, Stiglitz was Clinton's Chairman of Economic advisors. The chief architect of Clinton era's economic policies which could be summarized as "Pax America" and which was supposed to be the philosopher's stone equivalent of modern economics to eternal prosperity: ie 1) "free markets with the slightest of regulations, 2) "prudent fiscal budget" (aka maximum fiscal surplus even if it meant squeezing the bottom 20% hard) and 3) unfettered debt growth in support of bankers.
This same philosophy has formed the bedrock of the papig scholars' mental universe since the 1990s (and which they cannot give up because of groupthink despite the collapse of anglo saxon, debt-fueled economic model). Stiglitz cannot disown his bastard child who has faithfully executed his philosophy, can he?
Yes, he should return his professorship and slide into the shadows. Appalling errors.
ReplyDeleteI hope CNBC and the rest of the US media invites him to speak. It will reduce their viewership by half.
Two nutty economics professors, Joseph Stiglitz of Uncle Sam, and Ng Yew Kwang of NTU, right here at home, who know which side of their bread is buttered.
ReplyDeleteReality is merely an illusion, albeit a very persistent one ― Albert Einstein
Most minds are like concrete . . . all mixed up and permanently set! - Alfred E Neuman (Mad Comics)
Singapore Business Federation (SBF) Mission Leader Zainul Abidin Rasheed, who is also a former Senior Minister of State for Foreign Affairs, nonchalantly promotes Iraq as a business destination:
ReplyDelete“I believe Singapore companies can benefit from Iraq through the export of goods and services that will meet the demands arising from the reconstruction efforts and the government’s investment in both hard infrastructure."
March 20 headline: 50 killed in Iraq attacks on eve of anniversary (of United States-led invasion).
"They went in with their eyes wide opened".
Lee Kuan Yew
Another great article! You shld be voted best informed blogger. Even a professor also appeared like an idiot under your mighty pen! Lol! Langgar!
ReplyDeleteIt amazes me that such a reputable economics academics can write such a poorly researched article about Singapore - he is disgracing himself and his lack of due diligence in his research about Singapore.
ReplyDeleteIt is not surprising people like him will write something totally incorrect. Ecomomists and bankers are great con masters. They are also usually on the payroll of some political parties.
ReplyDelete"90 percent of Singaporeans became homeowners" - we are merely flats slaves, paying ultra high advance rentals to a corporation that provides unaffordable, poor quality, tasteless, prison lookalike housing and operating in a monopolistic situation.
ReplyDeleteOnce a while the ruling party will organise some speeches of highly acclaimed professors to continue insulting the intelligence of the voters.
ReplyDelete