With Americans cutting back on spending, leaders in Asia are looking nervously at where they can sell their goods to. The Asian Tigers are all export-oriented economies and without the U.S buying their goods, it will take far longer for them to come out of the current economic crisis than the rest of the world. It tell you a lot when the best looking economy in South-East Asia right now is Indonesia, which does not have a export reliant economy.
So leaders in Asia are looking at China as the engine of growth for the world economy. The thinking is that with China’s population and growing affluent, the Chinese people will replace the Americans as the new buyers of their goods. Sorry, but I feel that is just pure fantasy.
There are several reasons for my thinking. First and foremost, the Chinese people are savers, not spenders. Although there are stories of young Chinese nationals who spend like crazy in the coastal cities, these young Chinese are vastly outnumbered by the poor people of China. Also there is no welfare system in China, so most Chinese people depend on their savings for their old age. Since Chinese leaders do not believe in the welfare system, much like Singapore, the Chinese people are not going to turn into big spenders anytime soon.
Another reason not to count on the Chinese people as the engine of growth is because their economy is also export-oriented! I’m willing to bet that the Chinese leaders, like the leaders of the Asian Tigers, are also on the lookout for a new export market. China is looking to export their way out of the crisis, not looking to import their way to help the global economy.
With most leaders in Asia unwilling to change the way their economy is being run, there is a desperate need for a new market to sell to. However counting on China as this new market is fantasy; like most Asian economy, they are too busy looking to export their way out of the crisis as well. They will not be the saviors of the global economy.
Tuesday, June 9, 2009
Monday, June 8, 2009
What Numbers Are These?
Last month I was left scratching my head when the Strait Times reported that states that in the past 2 years the average Singaporean’s monthly earnings grew by 5.8%. I commented that my salary did not grow by 5.8% and I do not know anyone who did.
So it’s with shock and laughter when I read that according to the latest government report, low—wage workers have seen wages rise by 9 per cent. I was surprised by the 5.8% figure, but 9% increase in the last 2 years? Where in the world did the Singapore government get these figures? A 9% wage increase in the past 2 years and what’s worse is that they also reported that the income gap for the first such decline in a decade narrowed in 2008.
That I can at least understand because a 9% increase is more than a 5.8% increase. Now if only I can understand how they got these figures.
So it’s with shock and laughter when I read that according to the latest government report, low—wage workers have seen wages rise by 9 per cent. I was surprised by the 5.8% figure, but 9% increase in the last 2 years? Where in the world did the Singapore government get these figures? A 9% wage increase in the past 2 years and what’s worse is that they also reported that the income gap for the first such decline in a decade narrowed in 2008.
That I can at least understand because a 9% increase is more than a 5.8% increase. Now if only I can understand how they got these figures.
Friday, June 5, 2009
Comics this week
War of Kings #4- The Fraternity of Raptors finally makes their debut in the War of Kings. Placing themselves firmly on the Shi'ar side of the war, we finally get to know what “The Great Purpose” is. Hopefully we can see more of them and the Fraternity can stay longer than the Guardians of the Galaxy. After their debut last issue, the Guardians disappeared this issue. I have to wonder why Dan Abnett and Andy Lanning put Guardians of the Galaxy in the war if they are going to last all of half an issue only. However the main development this issue is the questioning both Black Bolt and Vulcan faced by their subjects. Ronan and Crystal questioned how Black Bolt is conducting of the war while the simmering tension in the Shi’ar break open as Lilandra, with help from the Starjammers and Gladiator, tried to lead an open revolt against Vulcan. Unfortunately for them, a good section of the Shi’ar much rather prefer Vulcan to the woman who lost to Vulcan and got them into this position in the first place. At the end of the issue, Vulcan’s position actually got stronger as the revolt suffered a major loss and he gained an ally in the Fraternity. Bad news for the Kree.
Irredeemable #3- What happen when your enemy turned from a good guy to a bad guy? That’s the main question faced by Plutonian’s enemies as they gather to wonder how they could protect themselves from a Superman who now has no problem killing them if he want to. Mark Waid probe a little deeper into Plutonian and even gave him a dark sense of humor. However he left enough behind to continue the mystery and leave you wondering if Plutonian has turned bad or has he turned mad? Interesting plot and good writing, if you like these then this is the series for you.
Secret Six #10 – R&R time for the Six is over and they are back on the job. Finally we get see the Six as the no-good sick and twisted super-villains they truly are! Working for slavers, gunning down a defenseless woman running from them; this is the way super-villains should be. I also like the blooming relationship between Scandal and Bane which is weird but sweet at the same time. Gail Simone; keep this coming!
Irredeemable #3- What happen when your enemy turned from a good guy to a bad guy? That’s the main question faced by Plutonian’s enemies as they gather to wonder how they could protect themselves from a Superman who now has no problem killing them if he want to. Mark Waid probe a little deeper into Plutonian and even gave him a dark sense of humor. However he left enough behind to continue the mystery and leave you wondering if Plutonian has turned bad or has he turned mad? Interesting plot and good writing, if you like these then this is the series for you.
Secret Six #10 – R&R time for the Six is over and they are back on the job. Finally we get see the Six as the no-good sick and twisted super-villains they truly are! Working for slavers, gunning down a defenseless woman running from them; this is the way super-villains should be. I also like the blooming relationship between Scandal and Bane which is weird but sweet at the same time. Gail Simone; keep this coming!
Thursday, June 4, 2009
Yawn
Singapore’s tripartite National Wages Council (NWC) has, as expected, urged employers and workers to press on with concerted actions to cut costs, save jobs and enhance competitiveness. NWC said that Singapore need to be prepared for a prolonged downturn as the deep global recession is still ongoing, and there is uncertainty in the economic outlook. There could also be negative impact if the Influenza A(H1N1) flu turn into a pandemic.
All correct and understandable but I can’t help but yawn when I read this. The NWC set wage guidelines every year but most employers only look at the NWC when it is convenient for them to do so. When the NWC advice pay cut, employers will look at it as gospel. When the NWC advice a pay increase, it is a “guideline”.
As for the NWC latest call to save jobs…yawn, call me when you something new to say.
All correct and understandable but I can’t help but yawn when I read this. The NWC set wage guidelines every year but most employers only look at the NWC when it is convenient for them to do so. When the NWC advice pay cut, employers will look at it as gospel. When the NWC advice a pay increase, it is a “guideline”.
As for the NWC latest call to save jobs…yawn, call me when you something new to say.
Wednesday, June 3, 2009
The NBA Finals Preview
So I was wrong. Even in the weak Eastern Conference, LeBron James wasn’t enough to get the Cleveland Cavaliers back to the NBA Finals. Dwight Howard powered the Orlando Magic to a surprising NBA Finals where they will meet the Los Angles Lakers, but personally I have to wonder if the Magic deserves to be in the Finals. If Kevin Garnett had been healthy for the Boston Celtics, would the Magic have won that Game 7? However the fact is that it will be a Magic-Lakers NBA Finals and this is how I view the match-up.
Centre- It will be Dwight Howard against Andrew Bynum. Not really much of a contest in my view as Howard is a constant double-double player, at times a constant 20-20 player, while Bynum is just a promising player with great potential. I expect all of the Lakers big men to have to use their fouls on Howard and put him on the foul line. Thus far the only way to stop Howard is to get him into foul trouble, so the Lakers may have to attack him but I will say the Magic will win this match-up.
Forwards- The Lakers have Pau Gasol while the Magic have Hedo Turkoglu and Rashard Lewis (if he can get healthy). This is contest of styles as the Lakers will want Pau Gasol to go inside while Turkoglu will drain the 3 on the perimeter for the Magic. Both are really important for their teams but I will give the slight edge to the Lakers here.
Guards- For the Magic, Jameer Nelson is struggling to be fit for the Finals and Rafer Alston can be unpredictable at times. Add to the fact that the Lakers have Kobe Bryant on the team and you would think the Lakers will win the match-up of the guards, but I feel Derek Fisher will be a problem for the Lakers. Fisher seems to have lost a step this year and he is having trouble matching up with quicker guards. However the Lakers do have Kobe so I have to pick Lakers here.
Bench- Both benches don’t really do much for their teams outside giving rest time to their starting 5. However the Lakers have Lamar Odom on the bench while the Magic have…Courtney Lee? That swing it to the Lakers.
Coach- Phil Jackson been here before and is looking for his 10th NBA title but Stan Van Gundy did better than anyone thought possible by bringing the Magic to the NBA Finals. Jackson is known as the Zen Master while Van Gundy is all fire and brimstone. However Jackson got the-been-there-done that advantage so…Lakers!
Intangibles- The Magic has nothing to lose. After needing 7 games to beat the Kevin Garnett-less Boston Celtics, everyone was picking Cleveland to come though in the East. No one thought the magic had a chance, but they prove everyone wrong. All the pressure is on the Lakers so the advantage here belongs to the Magic.
Everyone is picking the Lakers to win the title and I’m no exception. Even U.S President Barack Obama, a keen basketball player, is picking the Lakers. It would be one of the greatest upsets in NBA history if the Lakers fail to win. I will say the Lakers in 5.
Centre- It will be Dwight Howard against Andrew Bynum. Not really much of a contest in my view as Howard is a constant double-double player, at times a constant 20-20 player, while Bynum is just a promising player with great potential. I expect all of the Lakers big men to have to use their fouls on Howard and put him on the foul line. Thus far the only way to stop Howard is to get him into foul trouble, so the Lakers may have to attack him but I will say the Magic will win this match-up.
Forwards- The Lakers have Pau Gasol while the Magic have Hedo Turkoglu and Rashard Lewis (if he can get healthy). This is contest of styles as the Lakers will want Pau Gasol to go inside while Turkoglu will drain the 3 on the perimeter for the Magic. Both are really important for their teams but I will give the slight edge to the Lakers here.
Guards- For the Magic, Jameer Nelson is struggling to be fit for the Finals and Rafer Alston can be unpredictable at times. Add to the fact that the Lakers have Kobe Bryant on the team and you would think the Lakers will win the match-up of the guards, but I feel Derek Fisher will be a problem for the Lakers. Fisher seems to have lost a step this year and he is having trouble matching up with quicker guards. However the Lakers do have Kobe so I have to pick Lakers here.
Bench- Both benches don’t really do much for their teams outside giving rest time to their starting 5. However the Lakers have Lamar Odom on the bench while the Magic have…Courtney Lee? That swing it to the Lakers.
Coach- Phil Jackson been here before and is looking for his 10th NBA title but Stan Van Gundy did better than anyone thought possible by bringing the Magic to the NBA Finals. Jackson is known as the Zen Master while Van Gundy is all fire and brimstone. However Jackson got the-been-there-done that advantage so…Lakers!
Intangibles- The Magic has nothing to lose. After needing 7 games to beat the Kevin Garnett-less Boston Celtics, everyone was picking Cleveland to come though in the East. No one thought the magic had a chance, but they prove everyone wrong. All the pressure is on the Lakers so the advantage here belongs to the Magic.
Everyone is picking the Lakers to win the title and I’m no exception. Even U.S President Barack Obama, a keen basketball player, is picking the Lakers. It would be one of the greatest upsets in NBA history if the Lakers fail to win. I will say the Lakers in 5.
Tuesday, June 2, 2009
Positive on the Changes
Prime Minister Lee Hsien Loong recently announced proposed changes to the country’s electoral system. The changes included is to increase the number of Opposition MPs in Parliament to nine for every term; increase the number of Single-Member Constituencies (SMCs); reduce the number of six-member Group Representative Constituencies (GRCs) by increasing the number of five-member GRCs; and to have more Nominated MPs in Parliament.
The official line for the changes is to encourage a wider range of views in Parliament, and most observers have welcomed these steps. That’s not the view on the Singapore blogshere. Instead of applauding steps towards a more open political sphere, most bloggers believe that these steps are just insurance for the People’s Action Party (PAP) to keep themselves in power.
The reason for this belief is that the next General Elections need to be held in 2011 and with the less than stellar performance of the government for the past few years, the PAP is expected to lose seats in the next elections. Are the bloggers right?
Yes they are but they are overstating the problem. Simply put, the PAP is in no danger of losing power anytime soon. Of course there is some strategic agenda behind the proposed changes to the electoral system, but I think the PAP to hardly the only political party in the world to changes the rules to suit their own political future. Ultimately that’s what the PAP is. They are a normal political party that is currently in power in Singapore. Does anyone truly expect them to usher in rules that will be disadvantageous to themselves?
Even if there are some naive people who believe that, it’s not like there is any opposition party in Singapore who can take advantage of the situation. All the opposition parties in Singapore are too weak to mount any credible opposition to the PAP and for the past few elections, they never even bother to contest the elections. The opposition had been under the self-defeating ‘by-election’ strategy for the past few elections and chances are that they will be on that same strategy for this coming one. Mind you, even with this picking and choosing of election seats, the PAP still stomp the opposition with over 66% of the votes in the last elections.
So my view on the proposed changes is positive. As for criticism that the changes is just insurance for the PAP; there is some truth to that but let’s be honest, the PAP won’t be needing that insurance anytime soon.
The official line for the changes is to encourage a wider range of views in Parliament, and most observers have welcomed these steps. That’s not the view on the Singapore blogshere. Instead of applauding steps towards a more open political sphere, most bloggers believe that these steps are just insurance for the People’s Action Party (PAP) to keep themselves in power.
The reason for this belief is that the next General Elections need to be held in 2011 and with the less than stellar performance of the government for the past few years, the PAP is expected to lose seats in the next elections. Are the bloggers right?
Yes they are but they are overstating the problem. Simply put, the PAP is in no danger of losing power anytime soon. Of course there is some strategic agenda behind the proposed changes to the electoral system, but I think the PAP to hardly the only political party in the world to changes the rules to suit their own political future. Ultimately that’s what the PAP is. They are a normal political party that is currently in power in Singapore. Does anyone truly expect them to usher in rules that will be disadvantageous to themselves?
Even if there are some naive people who believe that, it’s not like there is any opposition party in Singapore who can take advantage of the situation. All the opposition parties in Singapore are too weak to mount any credible opposition to the PAP and for the past few elections, they never even bother to contest the elections. The opposition had been under the self-defeating ‘by-election’ strategy for the past few elections and chances are that they will be on that same strategy for this coming one. Mind you, even with this picking and choosing of election seats, the PAP still stomp the opposition with over 66% of the votes in the last elections.
So my view on the proposed changes is positive. As for criticism that the changes is just insurance for the PAP; there is some truth to that but let’s be honest, the PAP won’t be needing that insurance anytime soon.
Monday, June 1, 2009
EPL this season
It’s finally over. The EPL season is over and Man Utd surprised no one by winning the title. Newcastle going down was a surprise but the relegation of Middlesbrough and West Brom were not. Overall the season was a little bit of a disappointment as the gap between the Big 4 and the rest of the league got bigger again. Here’s my view on the best performers this season.
Best Manager this season- Roy Hodgson
Roy Hodgson from Fulham has done a wonderful job this season. Last season Fulham was flirting with relegation, this season they were flirting with Europe. Hodgson did all this without spending a lot of money and without a star player on the team. I’m not saying David Moyes from Everton do not deserve the Manager of the Year award, but in my view Roy Hodgson did an even better job this season.
Best Player this season- Liverpool’s Steven Gerrard
Steven Gerrard is in my view heads and tails the best player this season. He was the driving force behind the Liverpool’s attack and the main reason why Liverpool pushed Man Utd for the title. He was so important that Liverpool looked kind of lost whenever he was injured. If he and Fernando Torres hadn’t been injured, who knows?
Most Improved Team this season- Aston Villa
For a long time this season, it looked like there would be a change in the Big 4. Aston Villa pushed Arsenal hard before falling away badly in the latter part of the season. However manager Martin O’Neill put together a young exciting team that has great potential for the future. They need a bigger squad (O’Neill used about 20 players the whole season) and someone to replace Martin Laursen in the centre of defense, but once they do that, I expect Villa to go from strength to strength.
Surprise Team this season- Fulham
Read above on Roy Hodgson. That’s all the reason you need to know why I feel Fulham is the surprise of the season.
Most Disappointing Team this season- Tottenham Hotspur
After they won the Carling Cup last year, everyone was expecting great things from Spurs this season. They started badly and Juande Ramos was hastily fired. Harry Redknapp steadied the ship and bought Spurs to safety but safety is not the same as challenging for the title.
Best Manager this season- Roy Hodgson
Roy Hodgson from Fulham has done a wonderful job this season. Last season Fulham was flirting with relegation, this season they were flirting with Europe. Hodgson did all this without spending a lot of money and without a star player on the team. I’m not saying David Moyes from Everton do not deserve the Manager of the Year award, but in my view Roy Hodgson did an even better job this season.
Best Player this season- Liverpool’s Steven Gerrard
Steven Gerrard is in my view heads and tails the best player this season. He was the driving force behind the Liverpool’s attack and the main reason why Liverpool pushed Man Utd for the title. He was so important that Liverpool looked kind of lost whenever he was injured. If he and Fernando Torres hadn’t been injured, who knows?
Most Improved Team this season- Aston Villa
For a long time this season, it looked like there would be a change in the Big 4. Aston Villa pushed Arsenal hard before falling away badly in the latter part of the season. However manager Martin O’Neill put together a young exciting team that has great potential for the future. They need a bigger squad (O’Neill used about 20 players the whole season) and someone to replace Martin Laursen in the centre of defense, but once they do that, I expect Villa to go from strength to strength.
Surprise Team this season- Fulham
Read above on Roy Hodgson. That’s all the reason you need to know why I feel Fulham is the surprise of the season.
Most Disappointing Team this season- Tottenham Hotspur
After they won the Carling Cup last year, everyone was expecting great things from Spurs this season. They started badly and Juande Ramos was hastily fired. Harry Redknapp steadied the ship and bought Spurs to safety but safety is not the same as challenging for the title.
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