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Serious MAS chief cast say pinkie will lead us back to 3rd world

virus

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Amid fickle fortunes, Singapore could slip into irrelevance: MAS chief

The managing director of Singapore's central bank Ravi Menon reckons himself to be at the helm of a "schizophrenic" agency, toggling between seeing the opportunities to be seized and fretting over the things that could go wrong.

The city-state should steer clear of a recession if its economy chugs along at the current pace, he said. And the outbreak of Zika is unlikely to have a significant impact on economic growth here, though it is still early days yet, he added.

One fear he has is that Singapore "could easily slip into irrelevance" if it does not innovate or harness technology, given the changes in the global economy, he said at a Foreign Correspondents Association (Singapore) event on Tuesday.

"I can assure you I have more disastrous scenarios in my head that any of you could think of - it's part of our job to think of the worst - but at the same time, as a developer of the financial centre and a central bank, the Monetary Authority of Singapore (MAS) aims to promote non-inflationary growth of the economy."

Mr Menon noted that "good fortune" has played a role in the growth of Singapore's financial sector, which fired off 8.6 per cent growth a year between 2011 and 2015. If the sector continues to grow twice as fast as the economy over the next five years, financial services will make up 14 per cent of the economy in 2020, up from 11 per cent in 2010.

For now, the sector's growth has slowed significantly - to 2 to 3 per cent now, mirroring economic growth - partly because of slowing growth in China.

"Our financial centre has benefited from connecting one of the fastest-growing regions in the world with global markets, but fortune can be fickle and economic cycles will turn," he said.

He is watching one "disturbing" global trend - that of global trade growing even slower than income, which itself is paltry. In his view, the trend reflects the shift in global demand patterns; China is shifting from manufacturing to services, and to some extent, so is the US, he said.

"If shipping merchandise goods is going to play a relatively less important role than the provision of cross-border services, then obviously, some industries are going to get affected more; industries in the IT sector, in e-commerce, will probably do better," he said.

"The big story in China is not its growth rate. It's the composition of that growth. To be plugged into that growth would call for a reconfiguration, restructuring, of many economies in the region."

Through the Singapore-Chongqing Connectivity Initiative, Singapore is trying to tap into the demand from sectors such as aviation, financial services and IT, he said. These are high-value-added services with scope for expansion and trade that are beyond the large volumes associated with manufacturing goods, he said, which will moderate as growth shifts.

"That is a very pertinent issue for us. To what extent we will succeed in that effort, remains to be seen, and that's part of our own restructuring efforts in the Singapore economy, to stay relevant to what the new demands are, especially in China."

MAS is working to improve the banking structure of infrastructure projects in Asia, so that they will would draw investors with solid, long-term yields; it is also deepening its fund-management market here.

The largest challenge in Singapore likely still lies in mounting labour shortages, he added; raising productivity and efficiency is key.

"This is how the market economy works. Those who adapt, those who change, those who adjust, do better. And those who don't - they either have to merge, or re-deploy their resources. This is a restructuring process that is still ongoing. The outcome is not certain.
- See more at: http://business.asiaone.com/news/am...ip-irrelevance-mas-chief#sthash.uqFvIZac.dpuf
 

greedy and cunning

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Amid fickle fortunes, Singapore could slip into irrelevance: MAS chief

sillypoore is already irrelevance.
sillypoore has zero unique exclusive products , services.
financial services ? hong kong and many other cities can take over its role
manufacturing ? i don't know what to say.
even if sillypoore disappear from the world map tomorrow
life goes on as usual in other countries.
 

iluvgst

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MAS "aims to promote non-inflationary growth of the economy" ????!!!!
Then what the fcuk have they been doing with housing prices for the last 15 years?
 

Papsmearer

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Ravi has been a PAP cocksucker since his RI days. The only nightmare he has is when PMO calls him to tell him what they want. He has already been reliving his nightmare. i.e. the whole world knows that under his watch, the 1MDB and Najib corruption scandal has occurred, hence confirming singapore as a money laundering hub. He should answer the big question of why he allowed $1 billion to be transferred into SIngapore from a offshore Cayman Island bank account and then allowed that money to be forwarded onwards to Najib's personal account. $1 billion can come in and go out so easily without MAS giving a shit? Really?

Singapore will go into irrelevance because unlike other central bankers in the world who are truly independent, he just follows PAP directives blindly even if they are not for the better good and hence dig sinkieland into a shit hole of irrelevance.
 
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frenchbriefs

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that just mean we need another Lee Kuan Yew to lead us to the promised land no?

Pfffft,whats so special about Singapore?a tiny island six hundred square kilometers with a population of 3.5m?we can easily go from broke fishing village to im rich biatch!!!! in a blink of an eyelid,all it takes is one or two generation of hard working slaves......for iceland its even faster,they went from rich to broke back to super rich again in 4 years.

thats the power of small populations.
 

eatshitndie

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that just mean we need another Lee Kuan Yew to lead us to the promised land no?

Pfffft,whats so special about Singapore?a tiny island six hundred square kilometers with a population of 3.5m?we can easily go from broke fishing village to im rich biatch!!!! in a blink of an eyelid,all it takes is one or two generation of hard working slaves......for iceland its even faster,they went from rich to broke back to super rich again in 4 years.

thats the power of small populations.

please lah. don't rock the boat. i need my $1.20 kopi-c and $3.50 mee pok. heck care what highfalutin hokie pokie nonsense is spouted by the high and mighty in sg.
 

Papsmearer

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that just mean we need another Lee Kuan Yew to lead us to the promised land no?

Pfffft,whats so special about Singapore?a tiny island six hundred square kilometers with a population of 3.5m?we can easily go from broke fishing village to im rich biatch!!!! in a blink of an eyelid,all it takes is one or two generation of hard working slaves......for iceland its even faster,they went from rich to broke back to super rich again in 4 years.

thats the power of small populations.

simi lancheow broke fishing village?

50 years ago, Singapore was considered middle upper class in Asia. we had an infrastructure that included an international airport, the best shipyards in Asia, and good port. As well as rule of law and an efficient administration system, all put in place by the Brits before they left. the rest of Asia was poor like shit and really lower income. China was under the communism and poor as hell. South Korea had just ended a war and were desperately poor. japan was on the mend, but still recovering from being bombed back to the stone age. All their products had a reputation for being cheap and not long lasting. In fact, the promising countries were the likes of Burma, Phillippines and even Indonesia. India was of course a basket case, as well as the Indochina countries which were about to embark on war with the US. Compared to all these countries, we were doing very good 50 years ago.

Now, we are an upper class country along with the likes of Japan and South Korea. Myanmar, Indonesia and Phillippines have fallen into lower class. China moved up to Middle class. India also moved up but not as much as China. For us to go from middle to upper class is not as big shit an achievement as Old Fart will have you believe.
 

JohnTan

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simi lancheow broke fishing village?

50 years ago, Singapore was considered middle upper class in Asia. we had an infrastructure that included an international airport, the best shipyards in Asia, and good port. As well as rule of law and an efficient administration system, all put in place by the Brits before they left. the rest of Asia was poor like shit and really lower income. China was under the communism and poor as hell. South Korea had just ended a war and were desperately poor. japan was on the mend, but still recovering from being bombed back to the stone age. All their products had a reputation for being cheap and not long lasting. In fact, the promising countries were the likes of Burma, Phillippines and even Indonesia. India was of course a basket case, as well as the Indochina countries which were about to embark on war with the US. Compared to all these countries, we were doing very good 50 years ago.

Now, we are an upper class country along with the likes of Japan and South Korea. Myanmar, Indonesia and Phillippines have fallen into lower class. China moved up to Middle class. India also moved up but not as much as China. For us to go from middle to upper class is not as big shit an achievement as Old Fart will have you believe.

I credit our prosperity to PAP, our origins as a British immigrant-led colony and our society staying as a meritocratic non-Islamic entity.
 

yahoo55

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seFtSfGl.jpg
 

Dreamer1

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MAS chief talk cock sing song again. why?

He added; raising productivity and efficiency is key.
So your chief and his deputy had said that it could not be done, so mati lah! but why you still sit down and draw millions? Fxxxxx

4+ years ago (April 30, 2012), PM Lee warned:
Raise productivity to raise wages: PM Lee
https://sg.news.yahoo.com/raise-productivity-to-raise-wages--pm-lee.html

His brilliant deputy, our so alled saviour, even shouted: Significant slowdown in productivity growth a challenge globally: Tharman
http://www.channelnewsasia.com/news/singapore/significant-slowdown-in/2657844.html

Translation: NOTHING TO DO WITH ME OR PM OR PAP HO! IT IS GLOBAL (NONE CAN DO IT, SEE)
So?
 
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bigboss

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... the whole world knows that under his watch, the 1MDB and Najib corruption scandal has occurred, hence confirming singapore as a money laundering hub. He should answer the big question of why he allowed $1 billion to be transferred into SIngapore from a offshore Cayman Island bank account and then allowed that money to be forwarded onwards to Najib's personal account. $1 billion can come in and go out so easily without MAS giving a shit? Really?...

Rather unusual for MAS to overlook this flow of dirty money in and out of sinkie land given that pappies are famous for keeping a tight rein on financial institutions in the island. If $1 billion could masok and keluar like flies, what about smaller amount?

So, is sinkieland now a first world country with first world system and mechanism to control and supervise foreign financial institutions operating in the island? The 1MDB scandal is a black mark indeed for the pappies as sinkie land was made use of by mats to launder their dirty money.
 
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bigboss

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I credit our prosperity to PAP, our origins as a British immigrant-led colony and our society staying as a meritocratic non-Islamic entity.

The old pappies under LKY and the Old Guards indeed brought prosperity to the island but the current bunch of new pappies is like a group of school boys trying to do a man's job.

How else could one explain the emergence of arrogant and assertive foreigners in the island, the killings, the murders, whacking of local natives, etc?

If pappies got no balls to bring law and order to the island, let someone with balls like Duterte to do it.
 

Papsmearer

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Generous Asset
Rather unusual for MAS to overlook this flow of dirty money in and out of sinkie land given that pappies are famous for keeping a tight rein on financial institutions in the island. If $1 billion could masok and keluar like flies, what about smaller amount?

So, is sinkieland now a first world country with first world system and mechanism to control and supervise foreign financial institutions operating in the island? The 1MDB scandal is a black mark indeed for the pappies as sinkie land was made use of by mats to launder their dirty money.

Everyone launders their dirty money here. It has been this way for decades. The Chinese launder their stolen money and corruption money here. Thai and Burma golden triangle warlords launder their drug money here. Burmese generals and Indonesian generals launder their corruption money here. Robert Mugabe, dictator of Zimbabwe launders his money here, as well as Indon businessmen who run road from Indonesia with their stolen loot. This is nothing new. Except in this case, Najib made the mistake of using a swiss bank and the swiss are at least mostly honest and investigated their bank. MAS is just a traffic light that shows green all the time for anyone who wants to money launder. If you remove the money laundering from the singapore financial system, we would not be even in the top 20 in the world.
 
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