In the wake of the collapse of FTX, here are some misconceptions
The FTX Exchange (“FTX”) was a centralized cryptocurrency exchange with derivatives and leveraged products. FTX was founded in 2018 by Sam Bankman-Fried, an MIT graduate and former Jane Street Capital international exchange-traded funds trader. Due to its collapse, many misconceptions have arisen, so the Monetary Authority of Singapore (“MAS”) released a statement on November 21 […]
Many governments spend first, then look for funding. The PAP Government has a different approach.
In many countries, governments spend first and then look for money to fund the spending. The result is a huge debt burden for future generations when governments make big promises to get elected and then borrow to fund their promises. The Singapore PAP Government’s approach to spending is different. The Government set aside money for […]
Land reclamation costs for coastal protection can be met from Past Reserves: Lawrence Wong
Climate adaptation is a long-term endeavour by the PAP Government to ensure that Singapore remains resilient to rising sea levels and climate change. We need to keep our shores and people safe. Mean sea level around Singapore is projected to rise by up to 1m by 2100 (source). Singapore is especially vulnerable to sea level […]
The Assurance Package will delay the GST hike for majority of households by 5 years
The bulk of the GST burden is borne by tourists and foreigners living in Singapore, as well as the top 20% of resident households, Senior Minister of State for Finance, Mr Chee Hong Tat said in Parliament. Around $5.7 billion were collected in NET GST annually in 2018 and 2019. This is after netting off […]
There is no escaping the GST hike starting next year. Here’s how you can cope with rising costs.
Goods & Services Tax (GST) will proceed to increase from the current 7% to the proposed 8% from 1 Jan 2023 and subsequently to 9% from 1 Jan 2024. With the rise in GST, the cost of living goes up and workers bear the brunt, especially those from the lower to the middle-income group. Thankfully, […]
A close look at WP’s proposal to treat land sale proceeds as revenue for spending
The WP had proposed that land sale proceeds be treated as revenue for budget spending. They still do not recognise that land is a scarce asset in Singapore and protected as Past Reserves. In fact, the land is so scarce, Singapore had to reclaim land to build housing estates (Read here). One-quarter of Singapore is […]
All surpluses are given back to Singaporeans in different forms: Lawrence Wong
When WP Jamus Lim wrote in a Facebook post that ‘the government must not make money while citizens suffer’ he was just doing what an Opposition MP usually does, using emotive language to paint the government in a negative light even when it is not true. Thus he looks with glee upon the surpluses the […]
Staying open and forging a way forward amidst uncertainties
During The Economist’s Asia Trade Insight Hour series, a webinar was held on the economic outlook for trade. Mr Chan Chun Sing, Minister of Trade and Industry, noted that global trade has lifted millions out of poverty. There is, however, a growing number of people who oppose trade because of the uneven distribution of benefits. […]
In fast-evolving ground realities, standing still is not an option
The world has changed irrevocably. The geopolitical environment that has allowed Singapore to thrive in the last 50 years has changed. To thrive in a fast-evolving landscape, the nation will need to continue to innovate with a purpose by turning possibilities, fuelled by passion, into reality. Geopolitical tensions Tensions between major powers are rising. Hopefully, […]
No, Singapore isn’t returning to the pre-COVID days
A steep slump as the Singapore economy contracted by 13.2% year-on-year in Q2, 2020. This makes for our worst quarterly performance on record as Singapore narrowed its economic forecast for 2020 to a contraction between 5 and 7%. Grim outlook. It reflects the devastating impact of Covid-19 as well as the deeper forces reshaping the […]