On Topic

While we're on the topic of Singapore dubious finances, I was wondering where all the money comes from in Singapore, let alone where it goes... It certainly doesn't go to the poorer 20% who have seen a continual erosion of their finances for several years..

This article in the Asia Times goes a long way to answering that first question... [found in Singabloodypore]

According to independent financial analysts who spoke with Asia Times Online, Singapore's outsized surpluses are habitually hidden away off-budget, often through the use of accounting gimmicks that diverge from internationally accepted norms. They note that government-linked companies and investment corporations buy and sell among themselves at undisclosed transfer prices, obscuring their profit and loss profiles. Nor, they note, does the government publish statistics related to its share of overall national savings.


In other words, shitloads of money comes in, Government linked companies buy and sell each other without disclosure and the cash disappears...

And it never gets to this lady, who after MM quips last week is contemplating the luxury of becoming a maid overseas...


image


This is of course why they can't contemplate a democratic opposition - a) all these shady deals would be brought into the sun for all to see, and b) all future deals would collapse and shitloads of money would be lost... And c) they'd all go to jail.

As Prime Minister Lee revealed last year, the only way they know to govern is to buy people off...

I just wish they'd shut the fuck up....

I also chuckle (ironically, bitterly) at the reminder, at the end of the article, of the story about the analyst from Bloomberg...

Respected Morgan Stanley economist Andy Xie last year abruptly resigned his position at the firm after an internal e-mail he sent that referred to Singapore as an "economic failure" whose "success came mostly from being the money-laundering center for corrupt Indonesian businessmen and government officials" was published by Bloomberg. The controversial correspondence also said "to sustain its economy, Singapore is building casinos to attract corruption money from China". The litigious Singaporean government notably never filed charges against Morgan Stanley for making, or Bloomberg for publishing, the allegations. [My emphasis]



Wonder if they'll appreciate my drawing your attention to it again...

E@L - doing his best to get kicked out town...

btw, in case you han't noticed, I have just discovered several excellent, local, political blogs, several of which are closing down in despair...

Insane Polygons
b.Itter s.Weet sym.Phony
And Ben??? Mentioned by Xenoboy but not liked, presumably because he has already gone.
Also threatening to Zip It is TwoSteps From Twilight...

MORE...


Posted by: expat@large on Apr 17, 07 | 1:47 am | Profile


OTHER MONKEYS SAID



Bit quiet here. Get a knock on the door did you?


Posted by: Dick on Apr 18, 07 | 11:44 pm

you beat to it, dh..i was thinking the very same thing! give us a word, e@l..
please


Posted by: savannah on Apr 19, 07 | 12:03 am

I realize it is an alien concept to many of my readers, but we Foreign Talents occassionally have to work...

Anyway, it is the invitation to "a cup of tea" that strikes dread into one's heart in this non-fearful place.


Posted by: expat@large on Apr 19, 07 | 12:12 am

Ah yes 'work'. I'd forgotten about that. I've seen people doing it. Don't know how they find the time frankly.


Posted by: Dick on Apr 19, 07 | 4:17 am


THIS MONKEY SAYS




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