Thursday, June 30, 2011

The patriarch: Kwa Geok Choo's father


Powerful and Influencial Figure
Little known Kwa Siew Tee (柯守智), Kwa Geok Choo's (LKY wife) father was immensely rich and one of the most powerful man in Singapore. He had been appointed the Municipal Commissioner in 1947, and Public Service Commissioner in 1953. Both are extremely powerful position and in theory, held the power to appoint and dismiss top civil servants.

Forex Trader 
Kwa was a senior bankster in OCBC doing things related to forex trading. Banksters do not produce anything, they simply feed on productive host economy. Wonder PAP's perpetual policy to increase asset price screwing the working class, is due to all these bankster relative.

Inter-marriage between powerful families
  • Kwa Siew Tee's wife Wee Yew Neo, is daughter of Wee Theam Seng, a senior OCBC Bankster.
  • Kwa Siew Tee's brother-in-law is Tan Chin Tuan, who married Helen Wee, another daughter of Wee Theam Seng.

OCBC Alumni
OCBC influences on Singapore are comparable to  Goldman Sachs on USA. A large disproportional number of powerful office holders are connected to OCBC. To name a few below.

Lee Kuan Yew PM
-  father-in-law OCBC senior bankster

Yong Pung How Chief Justice
- 1976-1982 work in OCBC

Teo Chee Hean Deputy PM
- father Teo Cheng Guan OCBC chairman 1989-1991

Tony Tan Deputy PM
- family is one of OCBC founders

2nd Generation Kwa, many illustrious figures
2 out of 3 survivng sons of Kwa Siew Tee hold perm sec position and many of important appointments. One of the son-in-law was made minister in LKY's cabinet. The 3rd generation are less prominent in public office but do not under-estimate their hidden wealth and influences.

Kwa Soon Hock 柯顺福
-Died Young

Kwa Soon Lock 柯顺禄
-Killed by Japanese

Kwa Soon Siew 柯顺寿
- no info

Kwa Soon Chuan 柯顺全
-Perm Sec and many other top appointments

Kwa Soon Bee 柯顺美
-Perm Sec and many other top appointments

Kwa Geok Neo 柯玉娘

Kwa Geok Lan 柯玉兰
- married Yong Nyuk Lin 杨玉麟 who later became minister of various ministries

Kwa Geok Choo 柯玉芝
- married LKY, PM of Singapore

Kwa Geok Lian 柯玉莲
- married Earnest Lau, a school principal

Kwa Geok Eng 柯玉英
- no info

Kwa's family and LKY road to power
Without the Kwa family network of powerful families, it is questionable whether LKY can emerge as the leader of PAP in 1950s given then, there are many other extremely capable and charismatic leaders in the party. The nexus of Kwa family probably also helped LKY to win the trust of British, which handed over to him the control of security apparatus. That is the key LKY is able arrest his political opponents.

Monday, June 27, 2011

Tony Tan is related to LKY

A bunch of relatives and lackies
PAP is one of most corrupt party in the world. One sees many elected officers of PAP as well as top civil servant are relative of one another.

Family of Shylock
Kwa Siew Tee is Lee Kuan Yew's father-in-law. Lee Kuan Yew's mother-in-law, Wee Yew Neo and Bankster Tan Chin Tuan 's wife, Helen Wee are sisters. So Tan Chin Tuan is LKY's uncle-in-law. Tony Tan is Tan Chin Tuan's nephew.

Both Kwa Siew Tee and Tan Chin Tuan were top banksters of OCBC. The financialization of Singapore's economy whereby banksters parasite feed on the productive citizen can easily be understood -- if one is aware how deeply Lee Kuan Yew is connected with shylock.

Tony Tan the best actor
In public, Tony Tan shows himself as a humble and wise man. Unfortunately nothing is further from truth. Nothing good can be expected from scion of bankster. While Singaporean focus on Ho Ching and her Temasek fiasco, few people knew that GIC under the charge of Tony Tan has lost its pants in 2008 crisis.

In short, Tony Tan has blown up Singapore's pension aka the corrupt CPF. He is responsible for condemning Singaporean to work till death because CPF is effectively being wipe out in real terms. (PAP is going to stealth default CPF)

Thursday, June 16, 2011

Goh Keng Swee son, the come back kid

The content from Lianhe Zaobao highlighted in red is as below.

When his (Goh Kian Chee, son of Goh Keng Swee) company burst, it owned S$280, 000, 000 of debt...... He took 5 years to clear the debt (how?). 

He found a job in another securites firm and retired 5-6 years ago. (See below for what job did Goh Kian Chee found?)

Wednesday, June 15, 2011

Singapore Porn 1: Goh Keng Swee grandson screws teacher?

Porn surrounding Goh Ken Yi. Excerpts from [Asia1]

HER marriage is on the rocks because of an alleged long-term affair with her former student who is 16 years her junior. The couple had met more than 30 years ago when she tutored him. The man implicated in the alleged affair is in his late 30s. He works as a banker and is married with children.

He was studying at a top boys' school in the late 1980s, when he allegedly met the woman. The woman, now 54 (some resource indicate 52), still works as a teacher, but has since moved to a prestigious girls' secondary school.

An affidavit tendered in court by the woman's husband alleged that his wife and the man had become intimate as early as 1988, during an "unofficial" school field trip to Japan, when the man was a 16-year-old student.

However, it was only in 1997 - seven years after they got married - that his suspicions were aroused. Her husband discovered various credit-card statements that reflected her shopping and dining on dates which did not correspond to any of the occasions she had gone out with friends or family.

After much probing, she finally admitted to meeting the man, said the affidavit. Despite promises to cease contact with him, she was said to have met him on repeated occasions up until a year later.

The confrontations culminated in a heated argument, in which the husband lost his temper and hit his wife.

The woman filed a police report and the couple went to the Family Court, where she again promised to stop meeting the man. But 10 years later, in 2008, the man decided to investigate his wife when he noticed that she would often receive text messages on her mobile phone at odd hours.

He installed a computer program on his laptop to take screenshots of her e-mail messages with the man as evidence of the romantic dalliance.

He obtained a search order in 2009 and secured all e-mail messages between his wife and the man which were said to show "much flirting and sexual innuendo being tossed back and forth between the two".

The couple have two sons, aged 17 and 19.

It started when the boy was 16
She was 31, he was 16. They shared a room during an 'unofficial' school trip to Japan in 1988 where she 'seduced' him. They had allegedly slept in the same room and "were watching each other sleep".

The New Paper reported that 'seduced' was a word her ex-student himself had used in one of many e-mails exchanged between the two.

Sunday, June 12, 2011

Defaulting CPF 5: The mother of all loot

Ever since US went off Gold standard in 1971, CPF as a saving for retirement is a scam. No fiat currency is able to function as a medium of value preservation. The sad thing is the total silence for our intellect particularly the economist  regarding the ponzi CPF.

The entire Singapore economy one of the most corrupt in the world, all to enrich the ruling class.

Saturday, June 11, 2011

Defaulting CPF 4: What S'pore's whore reveals

Above: Prostitute Mukul Asher of NUS's ultra corrupt Lee Kuan Yew School of Public Policy spins

Whore Mukul tries mis-informing everyone above in order that we have "confident" in PAP. In my opinion, the article is written esoterically so that Muku is able to tell nothing and to inspire fear among its reader.

This is what the article have to say about Singapore's public debt."If the net instead of the gross public debt were used, Singapore will not exhibit any public debt. Instead, it will likely show a surplus." It sound like some of the most sickening porn. Well-informed Singaporean certainly knew most of our CPF ends up in GIC. GIC has lost all its pants for the past few years.

However, whore Mukul's view contain some truth if we analyze it in a pervert perspective. Versus Singaporean ONLY, PAP will show surplus in its balance sheet. The trick works like this. Since our public debt is CPF liability which is denominated in SGD, MAS can just print a trillion SGD with a button press in front of computer.

Invisible sovereign default
The key whether CPF can fulfill its obligation is explained simply by scenario below.
  • Today my CPF savings are able to purchase 1 kg of gold.
  • 30 years later, assuming there are no addition deposit or withdrawal, the saving must be able to purchase 1kg of gold as well. 
Since 1970, SGD has already lost more than 93% of its value against gold.  

In layman term
The process of PAP dracula-ing our CPF monies as below 
  • CPF lends to government.
  • government lend to GIC.
  • GIC tries to show they are clever and talent by gambling in Wall street.
  • GIC lost all their monies and Singaporean foot the bill.
  • While bankrupting Singapore, GIC spins how much monies they have made, self-proclaiming themselves as talent.
  • Singaporean found cost of living ever increasing and CPF becomes worthless toilet paper. CPF defaults effectively when MAS full steam ahead its monies printing press.
  • Meanwhile the MSM blasts Singaporean "lazy", "stupid", "over-spend", and hence they deserve a penniless old age. 

Friday, June 10, 2011

Defaulting CPF 3: Singapore government public debt

Above: Government Debt as % of GDP
Original Source : CIA factbook

Few people knew that Singapore government is more broke than many of the PIIGS. Fortunately (to PAP), the counter party of our public debt is our own citizen -- aka CPF obligation. This is not unlike Japan. Hence, PAP can play this game forever, because default is not a problem.

The PIIGS are unfortunately that their counterparty is Goldman Sachs. Hence, they must pay.  Below is what CIA factbook describe about Singapore public debt counterparty.

Thursday, June 9, 2011

Defaulting CPF 2: PAP is throwing away our monies

Source: US Treasury Dept

Singapore holds a total of US$55.7 billion of US treasury securities, a whopping US$11,000 per capita. PAP does not publish the books of GIC and MAS. Nevertheless, it is still reasonable to hypothesize that PAP park a considerable amount of our wealth, perhaps a large portion of CPF, in US treasury securities.

Poor Singaporean, everyone knows US dollar is going to worth less than toilet paper. Since 1970, USD has lost more than 96% of her value against gold.

When that come to pass, PAP will never blame herself for her folly. Instead, PAP will find reasons to accuse Singaporean of being stupid, lazy and wastrel when Singaporean have no monies when they are old.

Wednesday, June 8, 2011

Low wage destroys economy

Excerpts from an article of CK Liu

Debt Bubbles Caused by Low Wages

The single most damaging outcome of globalized trade and finance in the past three decades had been increasingly low wages compared with asset prices in every economy that participated in cross-border wage arbitrage. The failure of wage income to keep up with rising asset prices, particularly home prices, created a deficiency in consumer purchasing power that left all economies with productive overcapacity. Monetary policymarkers then compensated for this overcapacity with serial monetary easing to provide easy consumer credit and low-interest home mortgages that stagnant wage income could not sustained and had to be refinanced by additional asset value from continually rising home prices. The gap between mortgage payments and wage income was closed by sharp rise in home prices that would in turn allow lenders to release more loan proceeds to borrowers to finance higher payments and everyday consumption.

On the other side, lending institution employed all manners of structured finance to pass the liability in the form of tradable instruments of varying credit ratings with commensurate returns to investor of varying risk appetite in the credit markets to expand the total debt bubble.

This credit crisis has been thoroughly analyzed, its causes identified and listed as among others market deregulation, excessively high leverage, underpricing of risk through structured finance, etc. These causes were real and were all contributing to market failure. But the fundamental cause was the imbalance between wage income and high consumption needed to prevent productive overcapacity in the economy. In a word, the current credit crisis was fundamentally caused by insufficient wage income world wide.

The Low Wage Trap in China

China today is a visible example of economic growth driven by global cross-border wage arbitrage that has kept wages low. In theory, the socialist market economy in China seeks a balanced public/private interphase through market regulation and direct investment participation by government. The policy aim is to fill the investment gap left by the short term preoccupation on the part of private capital to invest only in projects that can produce the required immediate return on capital. Another policy aim is to regulate the market against self-induced failure. A third policy aim is to direct the economy toward national goals of long-term economic development of the nation and all its population. Projects designed for long-term economic growth will not offer short-term profit within the short operational time frame of private investment. Government credit and investment must be made to finance these project of long-term growth and development.

Still, despite appearances of success, the Chinese economy is far from being a trouble free engine for long-term growth and development. The regulatory framework is far from being adequate and the market is far from being efficient. The private/public interphase is still underdeveloped. There appears to be two separate economies in China, one state-owned and the other operated by private enterprises. The two economies work against each together, rather than complimentarily. The state-owned enterprise economy, though much improved is still plagued by residual structural inefficiency and the private enterprise economy is grossly unruly.

What is needed is to continue to improve the efficiency of the state-owned enterprises through better management nd accounting, particularly social and environmental accounting. This cannot be done through privatization. Much improvement will come from strengthening management and planning skills of state-owned enterprises, and not merely forcing management to adopted models of successful private enterprise. Measurement of state-owned enterprises performance should be based on their real contribution to long-term economic growth and development of the national economy and to social welfare and environmental restoration, rather than on short-term profit.

At the same time, private enterprises must be required to be better corporate citizens and be guided by socially responsible business ethics to serve the needs of society and the population, rather than to seek maximization of profit by exploiting legal and regulatory loopholes to engage in counterproductive speculation and to externalize the social costs of its business operations.

But the most critical shortcoming of China’s economic development policy in the past three decades has been its passive acceptance of low wages as a key prerequisite competitive advantage for its export sector in world trade. Chinese policymakers can take lesson from the case of Germany, a successful export economy with high wages. High wages in the export sector is an effective way to make export trade contribute to the domestic economy.

Furthermore, China will not be able to develop its domestic market unless Chinese wages rise to the level at which Chinese workers can afford to buy the products they produce with their own labor.

Export of surplus production after domestic demand has been satisfied is a positive economic strategy, but export of goods because domestic workers cannot afford to buy them with their wages is a dysfunctional strategy. The problem is made worse if export is denominated in dollars, a foreign fiat currency that the export economy cannot spend at home without automatically generating inflation.

Tuesday, June 7, 2011

Singapore medical cartel 4: The lowest doctor density in developed world

Source: World Health Organization

At 15 doctors per 10,000 people, Singapore's physician density ranks below Cuba, Egypt, Turkey, Tajikistan....etc.

Monday, June 6, 2011

Singapore medical cartel 3: Tragedy of a nation

Source: Singapore Medical Council 

PAP is trying to prevent Singaporean from getting higher pay and getting elitist medical education, by limiting medical school intake.  Just 275 Singaporean were newly registered in 2009 to practice medicine. At the same time, 417 foreigners were registered to practice medicine.

Social Engineering

PAP creates division and intense competition among Singaporean students by allowing only a small number of students into medical school. In addition with similar social engineering, the zero sum game ensures Singaporean students are among the most selfish in the world, not willing to share knowledge among classmates. 

Increasing wickedness of PAP

In the past, when someone successfully become a doctor, he would have a bright career because the medical cartel had limited the intake medical school. This is no longer the case today as PAP screwed the doctors by mass importing foreigners, from places like India. 

It seems PAP has a policy of keeping its citizen poor -- even If the citizen have studied and work hard.  

Importing foreigner doctors and preventing Singaporean from studying medicine, Singaporean can only regain freedom by overthrowing PAP.

Data of 2010 are available at later blog.

Sunday, June 5, 2011

Singapore medical cartel 2: Depriving working class Singaporean the elite medical education

Lee Weiling daughter of Lee Kuan Yew create a sensation in internet when she revealed that “At my hospital, the National Neuroscience Institute, we have a disproportionate percentage of doctors who are Indians – 27 per cent. There are many Indian doctors in other hospitals. By and large, race is not an issue for patients, except for a few among the less educated and the older among them.” Ms Lee did not revealed the number of expat Indians among them. 

Not too long ago, the medical cartel profits by limiting the enrollment of medical schools in local university. Many of the poor Singaporeans that meet the grade are forced to study something else, because getting into medical school is almost like striking lottery. The rich can of course pay their way to attend expensive medical school overseas.

Talent dumped by medical school
I estimate that for every medical student, there are at least 2 others with the same stellar results, but are deprived enrollment.

The most famous victim is Chen Show Mao, although it is unclear whether Chen is of working class background. Graduated as the top student in Singapore for the 1979 “A” level examinations, scoring straight As in Biology, Physics, Chemistry and Mathematics B as well as A1s for General Paper and Chinese.

Despite graduating as the top student for the 1979 “A” level examinations, Chen did not gain admission into the local medical school.

Thereupon, he pursued his undergraduate studies with Major in Economics at Harvard University. Chen graduated from Harvard University in 1986 and from Corpus Christi College, Oxford University in 1988, where he was a Rhodes Scholar. In 1992 Chen received his Juris Doctor from Stanford Law School and in 2005 received his M.A. from Corpus Christi College, Oxford University.

He eventually becomes one of the top lawyers.

Friday, June 3, 2011

Singapore Median Income 2: Income rises and getting poorer sametime

Singapore sees median income in SGD rises 38% from 1998 to 2010, a paltry 2.68% per annum. Denominating our median income wheat, we see our income falling by 11.4% during that period. In 1998, our income can buy us 8.9 tonnes of wheat while in 2010, we can only buy 7.9 tonnes.

The government is shameless to bragged wages increases while the people is actually worse off compared to 10 years ago.


Thursday, June 2, 2011

Asian Godfathers 1: Robber Kuok robbing again?

In asia, the tycoon make monies by transferring profits from public companies to their own private companies. They bleed their public companies dry, then taking them private at at high discount to their asset price.

Few years later, they list the company again under another name. The government and regulators sit by doing nothing. The mass media cheers these scumbag as "talent". 

Above from Asian Godfathers

Reuters reports on 23 May 2011
Brookvale, a firm linked to Malaysian tycoon Robert Kuok, on Monday offered to take Singapore property firm Allgreen private in a transaction that values the property firm at S$2.54 billion ($2.1 billion)[link]. This company is listed in SGX, singaporean investors got screwed.

About Allgreen Properties
Wikipedia states that Allgreen Properties Limited develops complex residential and corporate construction projects on freehold and leasehold land in Singapore. The company is the property development arm of Malaysian tycoon, Robert Kuok.

Suger King, Robert Kuok