Zerohedge Article about Singapore

[Runifyouhaveto]

What Piketty Didn't Say - 13 Facts They Don't Tell You About Economics
http://www.zerohedge.com/news/2014-...y-13-facts-they-dont-tell-you-about-economics




3. There is no single economic theory that can explain Singapore's economy

This is what I call the 'Singapore problem'. If you read the standard account of Singapore's economic success in places like the Economist or the Wall Street Journal, you will only hear about Singapore's free trade and welcoming attitude towards foreign investment. You will never hear about how almost all the land in Singapore is owned by the government, while 85% of housing is supplied by the government's housing corporation. 22% of GDP is produced by state-owned enterprises (including Singapore Airlines), when the world average in that respect is only about 9%.

To put it bluntly, there isn't one economic theory that can single-handedly explain Singapore's success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex.





12. Switzerland and Singapore are not living off banking and tourism alone

Many people argue that we have entered a post-industrial world, in which 'making things' is not very important, as service industries have become the engine of economic growth. They cite Switzerland and Singapore as examples of service-based success stories. Haven't these two countries shown that you can become rich - very rich - through services, like finance, tourism, and trading?

Actually these two countries show the exact opposite. According to the UNIDO data, in 2002, Switzerland had the highest per capita manufacturing value added (MVA) in the world - 24% more than that of Japan. In 2010, Singapore ranked the first, producing 48% more MVA per capita than the US. Switzerland ranked the third.

 

[shittypore]

Frightening, everythng owned by the 'Familees'.

 

[Runifyouhaveto]

Background

Thomas Piketty, French Economist
Author of the current best-selling economics book that explains the income-divide

Ha-Joon Chang, Korean Economist
Based in University of Cambridge

 

[frenchbriefs]

yes iv heard of tomas piketty.

 

[Runifyouhaveto]

Five Things They Don’t Tell You About Economics
by Ha‑Joon Chang
http://thelittlebluebook.co.uk

- 95% of economics is common sense
You don’t need a degree to understand it

-Economics is not a science
Despite what the experts want you to believe, there is more than one way of ‘doing’ economics

- Economics is politics
Economic arguments are often justification for what politicians want to do anyway

- Never trust an economist
It is one thing not to foresee the financial crisis; it’s another not to have changed anything since

- We have to reclaim economics for the people
It’s too important to be left to the experts alone

 

[frenchbriefs]

Five Things They Don’t Tell You About Economics
by Ha‑Joon Chang
http://thelittlebluebook.co.uk

- 95% of economics is common sense
You don’t need a degree to understand it

-Economics is not a science
Despite what the experts want you to believe, there is more than one way of ‘doing’ economics

- Economics is politics
Economic arguments are often justification for what politicians want to do anyway

- Never trust an economist
It is one thing not to foresee the financial crisis; it’s another not to have changed anything since

- We have to reclaim economics for the people
It’s too important to be left to the experts alone

that sounds very revolutionary...very arnachist and guerilla warfare like che guevera.....does he want to topple the government?

 

[Runifyouhaveto]

that sounds very revolutionary...very arnachist and guerilla warfare like che guevera.....does he want to topple the government?

I should say economics-education makes you more predictable so that the big boys can trap you.

Let me give you an example. Since I was young, old uncles have been telling me that physical gold will cost more than paper gold because paper gold is manipulated and paper gold means that you give the issuer free money BUT BUT BUT there isn't enough gold to go around.

With internet, people become more educated. Such sayings became more widespread online and many people rushed in to buy gold in the past 2-3 years because they were educated that gold will be worth US$5000 an ounce if the paper derivatives unwind. Well, i am one of those dumb investors and gold crashed.

Likewise economic textbooks tell us that if a country had a large natural disaster like fukushima, the currency will crash. But in real life, Japanese Yen appreciated like mad until hitting USDJPY 80 level (now 101-102), because of massive repatriation of overseas properties/assets by Japanese conglomerates to bail out their HQ at home.

People are more educated now because of mass media. But what if knowing more = make you more vulnerable and predictable for the big boys?

 

[frenchbriefs]

I should say economics-education makes you more predictable so that the big boys can trap you.

Let me give you an example. Since I was young, old uncles have been telling me that physical gold will cost more than paper gold because paper gold is manipulated and paper gold means that you give the issuer free money BUT BUT BUT there isn't enough gold to go around.

With internet, people become more educated. Such sayings became more widespread online and many people rushed in to buy gold in the past 2-3 years because they were educated that gold will be worth US$5000 an ounce if the paper derivatives unwind. Well, i am one of those dumb investors and gold crashed.

Likewise economic textbooks tell us that if a country had a large natural disaster like fukushima, the currency will crash. But in real life, Japanese Yen appreciated like mad until hitting USDJPY 80 level (now 101-102), because of massive repatriation of overseas properties/assets by Japanese conglomerates to bail out their HQ at home.

People are more educated now because of mass media. But what if knowing more = make you more vulnerable and predictable for the big boys?

well theres this saying a little knowledge is a dangerous thing,people tend to think they understand things better than they actually do when they only know bits and pieces here and there,i myself admit im also a victim of that in my poker career....thats why im not a very good poker player and prone to make many mistakes and miscalculations and not understand the situation perfectly.i make decisions based on my limited knowledge and incomplete thought process.

the second problem is u listening to old uncles who probably know and understand even less than you do....thats becomes the blind leading the blind.

 

[virus]

blind leading the blind indeed. pple like hedious kumar and paper generals with zero financial background r harping about the goodies snake oil dished out but zero idea if there is really anything left inside the vault.

 

[Runifyouhaveto]

We had the one of the highest inflation among the developed countries since 2011 + ultra-strong currency (against USD, AUD, JPY, etc).

Strong currency didn't curb inflation because our inflation were self-inflicted. We screwed ourselves.
We maintained ultra-low SIBOR when inflation was so strong. We will be screwed in future.



According to a new survey that has just been carried out by the Economist Intelligence Unit (EIU) it’s now Singapore that is the most expensive place to live in the world
http://www.zerohedge.com/contributed/2014-03-04/singapore-tops-tokyo

 

[rushifa666]

Gold averaged 10% if you still got burnt I don't know what you were doing. Most likely you speculated instead of investing. And who will shed a single tear for a speculator?

 

[Runifyouhaveto]

Gold averaged 10% if you still got burnt I don't know what you were doing. Most likely you speculated instead of investing. And who will shed a single tear for a speculator?

I am humbled. Proven not shrewd enough for precious metals.

A portion of my savings is exposed to Gold, Silver, Palladium and global mining shares.

 

[Dragonhead]

Sinkapoo is a controlled economy, not free liberal economy where Govt is laid back. Papz Govt is like a sotong, not blur but extremely smart, with tentacles in every business in sinkapoo. The papz have not gone into the funeral business yet, only a matter of time.

 

[Dragonhead]

I am humbled. Proven not shrewd enough for precious metals.

A portion of my savings is exposed to Gold, Silver, Palladium and global mining shares.

Warren Buffet avoided investments in gold like the plaque, which he considered unwise due to market manipulation.

 

[Runifyouhaveto]

Singapore exports fail to gain boost from key markets
Non-oil exports plunge 7.5pc last month, despite pick-up in US and European demand
http://www.scmp.com/business/economy/article/1535190/singapore-exports-fail-gain-boost-key-markets

We can always build another casino :p

 

[Dragonhead]

We had the one of the highest inflation among the developed countries since 2011 + ultra-strong currency (against USD, AUD, JPY, etc)....Strong currency didn't curb inflation because our inflation were self-inflicted. We screwed ourselves....We maintained ultra-low SIBOR when inflation was so strong. We will be screwed in future....According to a new survey that has just been carried out by the Economist Intelligence Unit (EIU) it’s now Singapore that is the most expensive place to live in the world.

Simple economics, lah. MAS deliberately let SGD strengthen against major currencies to increase imports, increase collection of GST, taxes, stimulate local businesses and shoot up GDP. No sluggish economy.

We screwed ourselves? No, papz screwed sinkies. Prices shot up but wages for sinkies depressed. Take the same pay as given to foreign workers or get lost. Foreign workers can survive on maggi mee for breakfast, lunch and dinner with plain water daily. Can a sinkie do it? Sure mati.

Sinkapoo is always an expensive place to live in the world. Rentals and property prices sure shoot up whenever more foreigners flood into a country. Sinkapoo is like an oasis in the desert to these rich foreigners with ready cash. How to tell developers not to sell or lease their properties to speculating foreigners? It is up to papz to curb speculation and bring down cost of living.

 

[Dragonhead]

....We can always build another casino :p

Ya, build another casino and import more foreign workers to man the casino. Since Muslim will not work in a casino, the jobs will go to pinoys, chow ang moh, tiongs and ah nehs. The foreign work force will increase and sinkies will still be unable to enjoy the benefits of another casino in sinkapoo. The additional casino may just lure more sinkies to gamble their savings away.

 

[lifeafter41]

I am humbled. Proven not shrewd enough for precious metals.

A portion of my savings is exposed to Gold, Silver, Palladium and global mining shares.

At the rate the central bankers are printing, your savings will be redeemed as fiat currency fails. Problem is, a matter of when. Could be many years though?

 

[virus]

Warren Buffet avoided investments in gold like the plaque, which he considered unwise due to market manipulation.

all financial products r manipulated. no exception taken. warren may b proven to be the next biggest idiot. who supports gold? peter schiff, jim rogers, marc faber, etc.

all media, CNBC, NBC, etc commentators do not own gold.

 

[frenchbriefs]

all financial products r manipulated. no exception taken. warren may b proven to be the next biggest idiot. who supports gold? peter schiff, jim rogers, marc faber, etc.

all media, CNBC, NBC, etc commentators do not own gold.

how is warren buffet going to be proven the next biggest idiot when hes 80 years old and has never been proven an idiot in his life?