BREAKING NEWS! Singapore GDP down 20% in first 3 months
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http://www.chinadaily.com.cn/world/2009-04/14/content_7675092.htm
Read the third paragraph.
"On a seasonally adjusted annualized basis, real GDP contracted by 19.7 percent compared to the previous quarter, worse than the 16.4 percent contraction in the fourth quarter of 2008. Compared to the same period last year, real GDP is expected to contract by 11.5 percent, compared to the 4.2 percent contraction registered in the last quarter."
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Fun times ahead it seems.
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Golden period , no doubt!
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Following the report in the loss of US$100 Billion from our Reserves, we now have this news that Singapore's GDP is down 20% - it makes one wonder if these self-acclaimed Million Dollar Salaried Talents are any talent at all ?
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Originally posted by Atobe:
Following the report in the loss of US$100 Billion from our Reserves, we now have this news that Singapore's GDP is down 20% - it makes one wonder if these self-acclaimed Million Dollar Salaried Talents are any talent at all ?
they will tell you that the whole world is affected.and without their talents, the losses would have been greater.
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"and without their talents, the losses would have been greater"
Since they have saved the nation from greater losses, maybe they should get a pay hike
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Originally posted by Cram:
"and without their talents, the losses would have been greater"
Since they have saved the nation from greater losses, maybe they should get a pay hike
they might also say, without them, there will be corruption, siphoning money when now in recession... so it is very just for them to take the ministerial superduper-scale grade kind of pay... + extra allowance... for "corruption-free" records -
Good lor, more pasar malams and sales for me to shop at...Yeah!!
Ask them to Drop further, they can do it.
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still dun feel like recession yet :(
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Ah Kun said, every 2% decrease in GDP means 1% increase in unemployment.
Signs of the times.
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Originally posted by eagle:
still dun feel like recession yet :(
ya lor, property prices still pretty high
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Originally posted by eagle:
still dun feel like recession yet :(
yalor, more peoples take up drinking habits, good for my pubs! -
Originally posted by Atobe:
Following the report in the loss of US$100 Billion from our Reserves, we now have this news that Singapore's GDP is down 20% - it makes one wonder if these self-acclaimed Million Dollar Salaried Talents are any talent at all ?
They are talented punters, just like those good old folks from the derivatives desk, brings to mind folks like Nick Leeson. Wasn't Nick paid in the millions too?
Perhaps after this fiasco, the talented leaders could write a book like Nick about how they lost $100 billion in half a year. (This is like 100 Barings Bank)
Tax the citizens excessively, then splurge it on some grandioso plan of investment which has a 98% probability of failure from the start.
Pennywise Pound Foolish.
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Originally posted by wilhelm:
Pennywise Pound Foolish.
Well, if they need to rebrand Temasek Holdings after this crisis, I guess that would be a most fine suggestion.
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Originally posted by wilhelm:
They are talented punters, just like those good old folks from the derivatives desk, brings to mind folks like Nick Leeson. Wasn't Nick paid in the millions too?
Perhaps after this fiasco, the talented leaders could write a book like Nick about how they lost $100 billion in half a year. (This is like 100 Barings Bank)
Tax the citizens excessively, then splurge it on some grandioso plan of investment which has a 98% probability of failure from the start.
Pennywise Pound Foolish.
Still believing in western investors ah? I burnt all the investment books written by them already, now me face toward chinese writers -
in good times almost anyone can make money. it is only if one can make in bad times then that is genuis!
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Originally posted by lotus999:
in good times almost anyone can make money. it is only if one can make in bad times then that is genuis!
ya, like me, always tell those depressed uncles who lost work and business or shares to drink more and more, so that my sales go up.So, i am also a genius rite???
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One of my friend just came back from business trip in Jarkarta, he said the global recession hasn't really affected Indonesians that much, because Jakarta has a domestic market, whereas Singapore is pre-dominantly export oriented.
Why doesn't Singapore have a domestic market? Crowding out effect.
It's because all the excess funds have been circumvented to the government in the form of taxes, excessive pricing of public housing, electricity and transport. Where doth the locals have extra funds to spend on anything else. Hence where will such domestic market exist.
But instead of investing wisely they threw away $100 billion on a gamble which has an almost 100% probability of negative outcome.
Just heard on the news that they are going to weaken the SG Dollar to help "promote" exports. US is undergoing monetary expansion (more US Dollars), while Singapore under more or less constant monetary supply is manipulating the SG Dollar to weaken it. Isn't this a fools quest? I have heard of beggar-thy-neighbour policies, but it's my first time for a beggar-thy-self policy.
e.g. Initially US has US$100 million in circulation while SG has SG$100 million, the exchange rate is US$1 = SG$1.50. Then US increase money supply to US$200 million, while SG's money supply remains the same, then the SG government decides to weaken the SG Dollar to US$1 = SG$2.00.
Smart move!
Viva la difference!
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Originally posted by wilhelm:
One of my friend just came back from business trip in Jarkarta, he said the global recession hasn't really affected Indonesians that much, because Jakarta has a domestic market, whereas Singapore is pre-dominantly export oriented.
Why doesn't Singapore have a domestic market? Crowding out effect.
It's because all the excess funds have been circumvented to the government in the form of taxes, excessive pricing of public housing, electricity and transport. Where doth the locals have extra funds to spend on anything else. Hence where will such domestic market exist.
But instead of investing wisely they threw away $100 billion on a gamble which has an almost 100% probability of negative outcome.
Just heard on the news that they are going to weaken the SG Dollar to help "promote" exports. US is undergoing monetary expansion (more US Dollars), while Singapore under more or less constant monetary supply is manipulating the SG Dollar to weaken it. Isn't this a fools quest? I have heard of beggar-thy-neighbour policies, but it's my first time for a beggar-thy-self policy.
e.g. Initially US has US$100 million in circulation while SG has SG$100 million, the exchange rate is US$1 = SG$1.50. Then US increase money supply to US$200 million, while SG's money supply remains the same, then the SG government decides to weaken the SG Dollar to US$1 = SG$2.00.
Smart move!
Viva la difference!
Then i better change my saving to US dollars...hmmm..tomollo go visit the Bank of China