08 Apr '11, 1am

The coming S$270 billion bailout: The following is an excerpt from Yawning Bread Alex Au/ Public housing in Sing...

# The crisis that YB talks about is certain to happen; it’s just a matter of time, but may happen sooner rather than later. Like all capitalist economies, the Singapore govt. encouraged the growth of a giant credit bubble (51 pct. of bank loans outstanding go to the property sector; credit card rollover debts are rising by leaps and bounds, public debt stands at more than 100 pct. of GDP, etc.) which fueled consumption, asset price inflation, and short term economic growth. In other words, our GDP growths of recent years have been bought with credit, or debt. But as with everything in nature, it is self correcting. Just like high tides will lead to low tides, sunrise will lead to sunset, summer will lead to winter, so economic booms will lead to economic busts. So the belief prevalent in most of us, after experiencing decades of high inflation, that inflation is permanent,...

Full article: http://theonlinecitizen.com/2011/04/the-coming-s270-billi...

Tweets

DTN Singapore: EU tackles Portugal debt bailout...

straitstimes.com 08 Apr '11, 12pm

GODOLLO (Hungary) - EU FINANCE ministers thrashed out on Friday a multi-billion-dollar debt rescue for Portugal, demanding...

EU urges Portugal to cooperate for bailout

channelnewsasia.com 13 Apr '11, 6pm

BRUSSELS: Portuguese politicians need to quit electioneering and agree radical changes to the country's economy in exchang...