Comments on: 5 Minutes With… Leong Sze Hian on rising inflation

By: 5 cents

5 cents — Fri, 08 Feb 2008 15:34:57 +0000

In an imperfect system, our government can only shift the burden of costs in business from sectors to sectors. And because business is cyclical, respective industries will mostly have to ride the bears and bulls in and out of seasons. Having said that, the cycle of change has become more define and pronounce. The remedification necessary required of the few rich beneficiaries is harder to extract and in turn, the social and economic costs will encompass more of the middle class. In fact, irrespective, rich or poor, we have all become “poorer” as a people under such management. The government, in my opinion, has not offered concrete solutions but instead, temporary relieves. Ultimately, the cumulative effects of excesses must be borne by someone. If it is not the locals, it will have to be the foreigners who will pay the social cost for the rich man’s pride and honor!

So it is a fallacy to think the elites are servants of the people.

Rather, it is the people who are servants of the elites!

By: Terence

Terence — Fri, 08 Feb 2008 14:29:21 +0000

TODAY says: However, Mr Lee cautioned against expecting unlimited handouts to tide Singaporeans through this difficult time. “Government revenues have been strong. But we must be realistic — not everything can be solved by the Finance Minister becoming the God of Wealth.

TOC: How strong actually are government revenues? Is it not “realistic” for the government to help more, especially poorer Singaporeans like those on public assistance?

Leong Sze Hian: I estimate the coffers of the GIC and Temasek to be about $400 billion. So, just 1% of the returns of say Temasek’s 18% a year over the last 33 years, may be enough!

I think what PM Lee is implying here is that giving too many handouts goes against the government’s policy of ‘workfare’ over ‘welfare’. Giving handouts is not the best solution, and that is the main thrust of the article. However, I felt the article should do more to address how ‘growth’ can offset ‘inflation’, rather than trying to justify how the effects of inflation may not be as far-reaching as it seem.

By: ronin

ronin — Wed, 06 Feb 2008 14:12:19 +0000

I will bet my last dollar that food prices will either continue to rise or stay high this year….more likely the former.

Why? Because the govt’s only weapon against inflation is the SGD exchange rate. But appreciating SGD brings a BIG negative side effect of making S’pore uncompetitive. Rental rates here are already at HK’s level, so a stronger SGD will make us very uncompetitive.

By: Annonymous

Annonymous — Wed, 06 Feb 2008 09:02:40 +0000

My point was the news article was saying Singapore was “buffeted by external inflationary pressures”- meaning the newspaper was saying we are hit badly by it, which is quite factual. But in your question to Leong Sze Hian, it seems you guys thought it meant “buffered” or something close to that. Anyway thought I’d point out the meaning of the word for everyone’s benefit. Cheers.

By: theonlinecitizen

theonlinecitizen — Wed, 06 Feb 2008 04:55:43 +0000

Dear Anonymous,

“Buffeted” was used by TODAY. We were quoting them – in inverted brackets above.

By: saintmoron

saintmoron — Wed, 06 Feb 2008 03:17:16 +0000

Our country is very rich indeed, even developed nations are saying so, but why are the general populace struggling?

First the monies are in the hands of few super rich people, much of State Funds are used to invest in foreign sovereigns, having little or nothing used for the people for welfares. However, the most terrible, horrible problem that besets and causes us, the people, the hardships are the ever escalating costs of essentials. There is nothing worse than greedy people out to exploit the man in the street. They make you work, slog will be more appropriate, pay as little as they can get away with. In turn they charge you the highest prices on our consumptions, as though there are no controls over them, which is a fact because they (services/goods providers) themselves are running the businesses and calling the shots.

Unless these ’shot callers’ recover their consciences and or get back their humaneness, be prepared to suffer.

By: Annonymous

Annonymous — Wed, 06 Feb 2008 02:34:02 +0000

Was just reading through the stuff. For your information, “buffeted” means being pounded repeatedly with great force. It’s not the same as “buffered”, quite the opposite really. Wouldn’t hurt if you guys can check your work before publishing it.

By: mr lee

mr lee — Tue, 05 Feb 2008 15:03:08 +0000

A few thing to take notes, and sorry for my broken English.If the government can help, they should help.Government not = to Business Organisation.The purpose of a government is to manage the country in a proper way so that most citizens will lead a good life.
In Singapore, we are quite lucky that we did not have those kind of nature diaster to do us harm.So, therefore i think our government compare to countries like Indonesia or China can able to save alot of money.And with the kind of development we have now, how come there are so many people still with low wages?And how comoe everyone is complaining of money not enough?Unless the government does not want to help, or then what is the problem now?

By: Kim Yew

Kim Yew — Tue, 05 Feb 2008 11:20:18 +0000

Sze Hian, I like your style. I believe you really do care for your fellow citizens. I wouldn’t be surprised if the PAP bigwigs have an eye on you and try to entice you to join them someday. I’m told they can be very persuasive.

Please promise us that you won’t lose that conscience that you so often display for your fellow man.

By: NTUC aunty

NTUC aunty — Tue, 05 Feb 2008 03:03:28 +0000

Maybe they were relying on NLB historical prices?