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.
Mis-information
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.
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.
1 comment:
I like the lay man analysis. It's good.
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