Understanding Singapore's Reserves, with Leong Mun Wai
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- เผยแพร่เมื่อ 26 ก.ย. 2024
- Leong Mun Wai is a Non-constituency Member of Parliament for the Progress Singapore Party and the CEO of private equity firm, Timbre Capital. He explains to PJ Thum about Singapore’s financial reserves, where it comes from, and how it is spent. They talk about the need for more transparency and accountability over how it is spent, and the inherently political nature of the trade offs between saving Singaporean income and investing it in social welfare and Singapore’s future. They also talk about the recent Monetary Authority of Singapore (Amendment) Bill, how it suggests a loosening of financial discipline and responsibility, and why it is potentially very troubling for Singapore.
Leong’s speech in Parliament on the Monetary Authority of Singapore (Amendment) Bill can be found at psp.org.sg/spe...
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Mr. Leong has a deep knowledge on money matters. His well-composed speeches in Parliament have never failed to impress me....
U are saying this with sarcasm right?
@@Ellusionist85 I watched the entire 1-hour podcast and took down notes before commenting. So off course my comments are really what I meant them to be.
Good sharing from Mr, Leong, Now I knows something more about our Singapore Reserve?
A good insight by Mr Leong which every Singaporeans should be aware of.
What insight is that?
If we do not have reserves, we would be like Srilanka.
This stupid guy is nasty and wants to destroy Spore.
Every Singaporean SHOULD BE MADE AWARE, that clearly LMW has read but maybe doesn't understand what RMGS is, is for.... See minute 53...
MAS has published the announcement. Simple to understand..
@@khtay8731 u from Raffles bo?
SG like to convert to foreign currency and take in more reserves to strengthen SGD.
Love to see the calculation of the CPF contributions added up over the years to determine the total sum and say compare that value with the value of Australian superannuation per head or any other country.
That would show how much of the reserves are actually Singaporeans money.
Good sharing. Thank
Very good discussion, and on subject that more citizens should become better informed about. Perhaps you can also try making shorter summaries (like the TLDR channel do for UK politics) to make the subject more digestible.
Mr Leong, your heart is in the right place, however you need to sharpen your knife. I hope to see you shine.
He is stirring without knowing full facts. And he is lazy to research.
He is trying to make citizens annoyed. Bad politics
Most Unfortunately, it has decided to Clearly MISREPRESENT what RMGS is for.
It is Clearly Stated that these are Excess FOREIGN FUNDS received into Singapore. Rather than leaving it in MAS unutilised, the RMGS is transfered to GIC to make EXTRA 💰💰FOR ALL SINGAPOREANS. These funds cannot be used as reserves and are not included in the reserves Computation.
He has also twisted or conflated the Central Bank QE operations elsewhere with MAS own operations. The initiator of RMGS is MAS, NOT the Singapore government's Fiscal need for funds unlike most other countries during the global pandemic.
Stirring? What utter rubbish? The Pappy advocates shud be ashamed to be also the receivers of whatever the critics have fought so hard for. Rightfully these Pappy advocates should be bold to refuse a share of the cake. They have NO moral rights whatsoever to be receivers of what critics have tirelessly fought for.
@@khtay8731 u from RI ? What is your credentials to say he is Misrepresenting ? I believe we can make our own judgment ,… if LMW is wrong, PAP will sureLy go after him, no need u to make noise here…
No doubt Mr Leong is rather irritating....but I LOVE IT!
Well done, Sir!
You are right, jss go to employer. Salary were cut without informing , annual leave aslo cut
The land of Singapore belongs to The People, of Singapore.
For sure No Ministers are allowed to benefit from enjoying low properties rental by renting black and white bungalow. From SLA. Then they rent out their own properties at higher market price and benefits big passive income at the expense of The People.
I feel that the Merdeka and Pioneer packages is a must, it is what the Government owed to that generation.
Due to the following reasons:
- Didn't contribute enough to CPF due to poor planning, which is why now CPF LIFE and BRS is implemented
- Large portion of them were skilled workers and have their wages deflated due to the immigration policies
- Government's reliance on the culture for the next generation to support their parents (This idea is sometimes still propagated now and even social support means testing also checks for relatives)
- Some have their savings drained due to the weak coverage of national healthcare insurance (Even now healthcare in Singapore has exclusions that are time bombs for the unfortunate)
For fair n balanced...interview Lawrence wong or the like
Think ukraine or even hk..it can happen to any ctry, if not prepared militarily etc.
Hk? It belong to China, what military are you talking about? Do not take and use HK as comparison. It is like saying Okinawa is not part of Japan.
@@zhen86 hk belongs to hk. prcs are foreigners in hk
If 1G and 2G had spent proactively with our reserves.as LMW suggested, we will be in troubled waters now. Countries with abundant resources would envy us with our prudence in our spending. Wake Up with ____ ideas.
Lol.. who know, maybe we will be better off.. anyway, we should jz save and save for the G to pay themselves fat paycheck.. LMW is only suggesting to allocate subsidies for healthcare and certain sector, why u got problem??
SMLJ also is the Boh Bian one🏳🏳🏳🏳🏳
Singapore reserves are reserved for our small population island for our leaders to keep raising their salary and invest more so they can have more for themselves. Whats the point keeping so much reserves yet not willing to return to our local breed Singaporean hard-earned stressed n sweat c p f money and willingly to return us only one reaches at 65 after dark longnten years wait after the first return at 55 .the simple logic are greed that sets in especially when money are concern.
Foreign currencies reserve means future.
In 'Cantonese we use the word-"cuen poh." Break the pot. Reveal truth. Leong is a finance wizard
He can't even do simple elementary mathematics. What wizard?
@@rslin4888
Leong m w is from RI. and was a overseas merit scholar in a Japanese University has a degree
in Economics. he studied in London
Business School.
@@lsc6159
He was also a foreign talent in HK, Japan and UK.
So why is he fanning anti foreign takent today?
Think about it.
Isn't he doing it for his own agenda?
@@rslin4888 it’s not anti foreign talent, it’s pro local talent… small but very important difference
Mr Leong.... Thank you .
Every politicians behind them is shelves of books. This uncle behind him is shelves of toys
No need to question the People's Favorite Choice since time immemorial. We must continue to Believe and by doing so, we can avoid cracking our heads and Question. Yes, we cannot audit. But why audit when we can base on Trust? Just believe and you will see the truth. After i believed, i stopped questioning. I felt peace and happiness.
Sorry, too one sided discussion with personal agenda involved and tutored by a donation-crazy commentator, need we say more? Cheers!🍺🍺🍺
Singapore will collapse if majority have chosen to believe in your arguments on how the country should manage the national reserve. Luckily, most of us are sensible and not being misled.
U from Raffles bo?? sg will collapse if we continue the way we are going..
Only looney believe that
Low iq SInkie
@@chrischris8623 no trust for RI students, many of them low students who got in by nepotism. NUS high students are much better
it should be legislated that the $19.6B NIRC, if not fully utilised in the budget year, be evenly distributed to all Singaporeans in various means such further income tax rebates, property tax rebates, coe rebates, erp rebates, hospital bills rebates, tertiary education fees rebates, etc
As per discussion singapore medical expenses, property price can be very low ? How is it possible low from neighboring countries with comparatively highly better facility ? The minister just say he does not know , cannot understand. Is it discussion seems like a agenda driven.
I worry subscribers request New Naratif to talk about certain topic by helping to raise subscription by 1000 . With that, I shall ride out into the sunset
LMW doesn't seem to know what he's talking about. It's all very fussy, citing numbers and information without real bases. Both interviewer and interviewee tried hard to carry out a discussion which they have absolutely no knowledge of - it's quite deplorable.
because singapore is famously transparent about economics and regulraly publish numbers ... oh wait, they dont. clown.
Ooh ah Leong MW was a banker ahh ? Is he from Hkg. ? Got HK slang ..
If elected President will Tharman ask the government for the size of the reserves like the late Ong Teng Cheong? If you think he will vote for him. But if you think he will not then vote for somebody else. Moreover, if Tharman becomes a walkover EP like Halimah then vote Opposition at the next GE. VTO.
RI
37:59 ...LMW is damn complacent
He is a populist trying to stir up the country for his political agenda.
He is not trying to help Singapore.
In fact he wants to sink this place with his populist antics.
Not a sincere guy.
He is good at highlighting problems but gave sub-par answers... I'm in awe how much he lack in proposing practical solution and the failure to see things from a macro-perspective..
Really populism answers 😂
Hearing to all your debates. I think you have a poor understanding and just not able to get your point right. Please lah. I will stop listening to your nonsense i beg everyone else too. I dun think you are believable. Can you just resign
cb mouth
见钱眼开！！见钱眼开！！！JUST WANT TO DIG & DIG & DIG OUT THE RESERVE - GREEDY GREEDY GREEDY!
Just another typical banker trying to dig dig dig more monies
Why does the govt need to budget so much for defence? Spending billions dollars of military planes every now and then. Malaysia country so much bigger and higher population has only $5b while Singapore a much smaller population and size budgeted $14b.
isnt the answer obvious? because we have been ruled by other countries before and as a small country we want to be on our best defence incase of attacks.
@@Tommashelbyeee Defense is of course a necessary expenditure but why our defense budget is more than 3 times that of our neighbour. Is the spending necessary as a deterrent. Would our neighbours view it as a threat to them?
By the way what countries you have in mind that once rule over Singapore?
@@denisechan5992 singapore got colonised too not just ruled. then you want singapore's defence budget to be lower than our neighbours and get conquered in the future?????? are you high?
@@Tommashelbyeee Are you thinking that we will be colonised by our neighbour that we need to spend 3 times more in defense budget than our neighbour?
@@Tommashelbyeee
You said it well. These people do not know that peace is not free.
Scary.
Union of two idiots..perfect
Financial statistics published by our govt are not peer-reviewed for transparency. Sporeans pay for their medical insurance from their Medisave accounts. So many dubious schemes like Medishield, Edlershield, etc etc. Are Sporeans overpaying for non-equitable medical claimables? The Terms n Conditions of these schemes are voluminous n difficult for the majority to understand.
Hope accredited reviews by the private sectors can shed more transparency on these Medicare schemes.