30 Jul '11, 8am

Singapore must not try to play the role of Bernanke with our Central Provident

Presidential candidate Dr. Tony Tan recently spoke about “how close we were to a total collapse of the world financial system in 2008-2009”. (Straits Times 20 July 2011) This contradicts Minister Lim Hng Kiang’s 2008 statement four days after Singapore guaranteed $700 billion deposits of various currencies. $150 billion reserves was set aside for this limitless guarantee. Minister Lim said “$150 billion backing is an amount that will be ample to meet any eventuality except the most remote.” If we were so close to a total collapse as Dr. Tan says, that means we were close to losing more than $150 billion reserves. Didn’t MAS think the fall of Lehman Brother was most remote too? The U.S. Stock Market fell 89 percent during the Great Depression. Our reserves will be worth pennies on the dollar if the global economy had collapsed. However, depositors are still entitled to thei...

Full article: http://www.temasekreview.com/2011/07/30/singapore-must-no...

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