The latest policy paper by Dr Chee illustrates the depths to which ideological purity has usurped economic reality and pragmatism. The only other example I have within living memory when a politician saw things in clear ideological black and white and had the power to act on it left us with Iraq and the current financial mess. G Bush and Dr Chee have more in common than they realise with regards to a belief that democracy is a simple panacea for all the worlds ills. One does not have the ability thank god to act on his dreams, the other had.
Firstly the points raised by Dr Chee personally are relevant amd well written. What is tenous and what I disagree with are the conclusions and the prescriptions drawn as a result. The increased pressure with regards to tax havens are a fact as is the fact that the current president elect of the US sponsored a bill against tax havens of which Singapore was included.
Tax haven’s or low tax countries have existed since time immemorial as acknowledged by Dr Chee and a quick wiki search. The list of countries included as tax havens on Obama’s bill include democratic contries like Swisstzerland, Luxumborg, Latvia, other less democratic places on the list are places like Hong Kong and Singapore.
The Cato Insititute which is as fierce a promoter of democracy , political and economic liberalism as Dr Chee has argued in favor Tax Havens and not against.
The simple fact as seen from the existence of democratic liberal countries on the tax haven list is well simply put ITS NOT A MATTER OF DEMOCRACY BUT RATHER Economic Policy.
1. Dr Chee’s point basically is that its immoral and we should stop. The last politician that had a moral absolute gut instinct manner and acted on it was G Bush II and he had it with regards to democracy and how it would spread and take root in the Middle East.
2. International Politics and International Political Economy has never been about morality. It has been about screwing the other party for an economic or political advantage through political economic or military cocercion. Australia has been the most democratic nation on earth but when it came to natural resources it sure did not stop itself from screwing the Timorese in the East Timor. Gap. That’s the world we live in and no one not even democratic nations are nice to each other because we are democratic and liberal.
3. The Swiss got rich of being a tax haven as did Luxemborg. So why not Singapore ? And if the answer is morality then morality has never fed a nation. The last city state that I know of that got rich through morality in every sense was the Vatican.
4. The history of economic development has been that of slow steady progress over tens of years and at times hundreds of years. The swiss in that regards stands out for the amount of time and effort they put in to developing that sector. Reforming and revitalising an economy is an act of decades, Dr Chee’s answers should be seen as part of a broader solution for the Singapore economy and not as a replacement for a sector that contributes 25% of GDP.
5. We do have a problem with the income gap, but lets get real, its better to be rich and arguing abut how to divide the cake, then to be poor and argue about crumbs, He should not lump that argument together in his case against Singapore beingan off shore financial centre.
6. Where does he think the money that governments raise anywhere comes from even in a perfect democratic country if quote taxes and levies are scourge ? He does have a point about land prices but even that has to balanced of by the fact that the richest places on earth tend to have higher land prices which again goes back to point five.
Locke
“First, we need to reduce the cost of doing business in Singapore. Our land prices, dictated by the Government, have made it prohibitively expensive for businesses, especially for the locals. ”
“Taxes and levies are another scourge. Whether it is the ERP, GST, foreign workers levy, road tax, radio and TV licence fees, the PAP is squeezing the lifeblood out of people and businesses. “Take, for example, the foreign-workers levy.
“We also need to democratise our political economy. This means that Singaporeans must be allowed to become the drivers of economic growth rather than the Government. Private enterprise, and not the GLCs, must lead our economy. If Singapore develops politically and its citizens find their rightful place in society, we will have the foundations of a system that is free and enterprising, one that will stimulate the entrepreneurial mind. Depending on wealth as an offshore secrecy centre is both economically risky and politically untenable. “
“ The benefits from such an arrangement overwhelmingly go to a select few and not average Singaporeans. Let us get back to basics and make our money by working hard. And if we have the good fortune of becoming rich, let it be through our industry and enterprise. Depending on immoral earnings is not the way forward.”
Firstly the points raised by Dr Chee personally are relevant amd well written. What is tenous and what I disagree with are the conclusions and the prescriptions drawn as a result. The increased pressure with regards to tax havens are a fact as is the fact that the current president elect of the US sponsored a bill against tax havens of which Singapore was included.
Tax haven’s or low tax countries have existed since time immemorial as acknowledged by Dr Chee and a quick wiki search. The list of countries included as tax havens on Obama’s bill include democratic contries like Swisstzerland, Luxumborg, Latvia, other less democratic places on the list are places like Hong Kong and Singapore.
The Cato Insititute which is as fierce a promoter of democracy , political and economic liberalism as Dr Chee has argued in favor Tax Havens and not against.
The simple fact as seen from the existence of democratic liberal countries on the tax haven list is well simply put ITS NOT A MATTER OF DEMOCRACY BUT RATHER Economic Policy.
1. Dr Chee’s point basically is that its immoral and we should stop. The last politician that had a moral absolute gut instinct manner and acted on it was G Bush II and he had it with regards to democracy and how it would spread and take root in the Middle East.
2. International Politics and International Political Economy has never been about morality. It has been about screwing the other party for an economic or political advantage through political economic or military cocercion. Australia has been the most democratic nation on earth but when it came to natural resources it sure did not stop itself from screwing the Timorese in the East Timor. Gap. That’s the world we live in and no one not even democratic nations are nice to each other because we are democratic and liberal.
3. The Swiss got rich of being a tax haven as did Luxemborg. So why not Singapore ? And if the answer is morality then morality has never fed a nation. The last city state that I know of that got rich through morality in every sense was the Vatican.
4. The history of economic development has been that of slow steady progress over tens of years and at times hundreds of years. The swiss in that regards stands out for the amount of time and effort they put in to developing that sector. Reforming and revitalising an economy is an act of decades, Dr Chee’s answers should be seen as part of a broader solution for the Singapore economy and not as a replacement for a sector that contributes 25% of GDP.
5. We do have a problem with the income gap, but lets get real, its better to be rich and arguing abut how to divide the cake, then to be poor and argue about crumbs, He should not lump that argument together in his case against Singapore beingan off shore financial centre.
6. Where does he think the money that governments raise anywhere comes from even in a perfect democratic country if quote taxes and levies are scourge ? He does have a point about land prices but even that has to balanced of by the fact that the richest places on earth tend to have higher land prices which again goes back to point five.
Locke
“First, we need to reduce the cost of doing business in Singapore. Our land prices, dictated by the Government, have made it prohibitively expensive for businesses, especially for the locals. ”
“Taxes and levies are another scourge. Whether it is the ERP, GST, foreign workers levy, road tax, radio and TV licence fees, the PAP is squeezing the lifeblood out of people and businesses. “Take, for example, the foreign-workers levy.
“We also need to democratise our political economy. This means that Singaporeans must be allowed to become the drivers of economic growth rather than the Government. Private enterprise, and not the GLCs, must lead our economy. If Singapore develops politically and its citizens find their rightful place in society, we will have the foundations of a system that is free and enterprising, one that will stimulate the entrepreneurial mind. Depending on wealth as an offshore secrecy centre is both economically risky and politically untenable. “
“ The benefits from such an arrangement overwhelmingly go to a select few and not average Singaporeans. Let us get back to basics and make our money by working hard. And if we have the good fortune of becoming rich, let it be through our industry and enterprise. Depending on immoral earnings is not the way forward.”
