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ahleebabasingaporethief

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</td></tr> <tr><td class="msgtxt">Low interest Rate Policy Punishes Retirees / Savers, Rewards Speculators / Banks / GLC’s

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July 23rd, 2010 |
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Author: Contributions

Our goverment’s policy of maintaining cheap money/low interest rates (below inflation) for the last few years is really punishing (there is a more accurate word starting with “s” ) retirees/savers and making it easy for speculators/banks to borrow cheap money and make big profits to pay huge bonuses.
When we were young our leaders tell us all the time to save for old age, and now we, who have saved and supported this govt. for decades see our savings earning less than 1% p.a. while inflation is running at 2% to 3% ? Of course monetary officials don’t care as they earn fat salaries and do not rely on interest income to meet expenses. How do we live ok with less than $5k interest on $500k deposit ( even if we have this amount)?
Several neighbouring countries with less robust economies than ours have already increased interest rates, in the case of Australia 3 times ? Our officials ? They let the Singapore Dollar rise ! Who benfits ? foreigners speculating in Singapore properties/shares because besides capital gains now they have exchange gains. The BBC TV documentary “CRASH” identified that the main cause for the last Lehman financial crisis was due to TOO LOW INTEREST FOR TOO LONG.. People fed up with miserable interest income, started taking unnecessary risk and speculated on mini-bonds, derivatives etc.
So, when will we start looking after our older savers/citizens instead of foreign talents for a change??
Jimmy Ng

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