[Online Special] ‘President, we have a problem’ - Pt 4/5 | Singapore Reserves Revealed
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- เผยแพร่เมื่อ 15 ส.ค. 2023
- In Singapore, any withdrawal from its past reserves requires the approval of the President. While the request to the President is always made public, most of the deliberations leading up to the announcement happen behind closed doors. We trace the deliberations and speak to insiders for a first-hand account of the decision-making process behind the two rare occasions that the Singapore government made huge drawdowns of the city state’s reserves - the 2009 Global Financial Crisis and the COVID-19 pandemic.
02:43 First response to COVID
04:50 What are our reserves?
05:25 Global Financial Crisis hits Singapore
07:46 Responding to the Global Financial Crisis
10:20 Who approves a draw on the reserves?
11:32 Bringing a drawdown request to President S. R. Nathan
13:32 Responding to a rapidly-changing COVID-19 situation
16:53 Bringing a drawdown request to President Halimah Yacob
19:21 The global situation deteriorates sharply
22:11 Circuit Breaker extension means more funds are needed
22:58 The final COVID-19 bill
23:52 Reflecting on Singapore’s use of the reserves
#SingaporeReservesRevealed
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Thank God for a Prudent Govt. May we, citizens of Spore, learn to appreciate them.
I do not "appreciate" because after 60 years still do not have Swiss Standard of Living.
Definitely Appreciate the Quality of some of Logic Defying & Evasiveness in 3Gs Cartwheels, Backflips, Somersaults etc sometimes almost feels like a Well Orchestrated Circus by OverPaid Clowns ..🤡 🎪😂
Ppl buy into the POSTURING n PROPAGANDA 🐃💩
Sadly many really dun appreciate and think it’s a given that the reserve fall from the sky….
There will always be a small group that no matter what, never and will not appreciate what good that was done to save Sg from the rainy days impacts. Sometimes, I think it's really IQ that makes the difference. Yes, a bit harsh but well, a reality cos these pple just do not understand whatever hardship that they faced, a lot of it are just their own wrongdoings but they do not want to face that truth.
0:43: 💰 Singapore was prepared to withdraw S$69 billion from its reserves to tide the country through the pandemic.
11:14: 💰 The government of Singapore requires approval from the president and the Council of Presidential Advisers for drawdown requests on reserves.
20:52: 💰 Singapore drew on its reserves three times, totaling S$72.3 billion, to support workers and combat COVID-19, while also investing in public health measures and early vaccine bets.
Recap by Tammy AI
Thank goodness for the 1st and 2nd Generation of Politicians, otherwise today's generation would not have the money to spend and boast of these spendings.
Kudos to all involved especially the unsung heroes
We are so blessed to have a solid team behind our Government, a team that truly cares for the common folks in times of crisis! Our past leaders like LKY and Goh Keng Swee have great foresight in building our reserves and protecting it for such times!
Thanks to Mr LKY for the reserves 🙏🏻🙏🏻
And more importantly will be Dr Goh Keng Swee, probably someone who you are not aware of.
NM Rothschild and sons , not LKY or Dr Goh Keng Swee @Maximax1019 @sarayoung5281
Government please stick to what Singapore has been practising for the past 58 years. Protect the reserves to safeguard singapore survival and prosperity
The PAP has to continue to be the government.
Too bad, pap only pockets the money, and then says the population is making 'slow growth', only bodoh will keep voting pap
Respect
"So, when I came in in 1993, I asked for all this information about the reserves. It took them three years to give it to me. But they said it would take 56-man years to produce a dollar-and-cents value of the immovable assets"
Ong Teng Cheong, Ex-President
Finally a Comment that Make Sense
Lol. Martin Lee again? With the many accounts? Just relentless.
You did not complete what the context was - President Ong then agreed to a compromise of what types of asset listing to show because it will not be reasonable to value every asset when it’s not sold.
Ie. Do you go value every single piece of land in Singapore, every single property GIC owns overseas… how to? It will take an inordinate amount of time and money spent on valuers - for what?
But that's transparency even if it takes years to document. It cannot be based on blind faith and trust especially since it's national reserves.
@@pufftay3182 you don’t understand that properties for example are always accounted at book value and their market values are not revalued all the time when there’s such a massive list. It doesn’t make sense and serves no purpose.
@eatdriveplay thanks for the information. And yes, to us layman, am sure many don't understand either, which is why I appreciate the effort that former President Ong had asked for it, requesting some form of transparency given that he had a huge responsibility guarding our reserves as the "second key". But 3 years to get a report is way too long- given how we are known for efficiency - no one audited the reserves and put up some readily available documentation that could be shared with the custodian of our reserves (?) It's perplexing.
25:38 I like this reflection. And now, it is time to put back so that our future gen will benefits from the accumulations.
How selfish
CPF is my reserves. Now returning the housing loan and accrued interest back for the next 5 years to roll over with compounded interest to over $1M by 65 with bank savings and investments excluding FRS and fully paid 4 RM flat. The CPF models after our country's financial structure.
Suggestion : Please Lower background music volume, interference. Too many Sound effects spoil the message and content of the story. Thanks
An impressive bunch of our children!!
Gibberish Comment
@@vincecarlo sigh, u must be a young boy.
@@leanne2330 sigh you must be a wealthy foreigner, good luck in the 1B raids
Thank you for the effort and now, we are paying back for the help. Still I am appreciative.
Impressive Singapore government ❤️
Really? Where is the Swiss Standard of Living?
You keep harping about the swiss standard of living. Maybe its time for you to migrate to switzerland. Goodbye@@franciscody9622
@@franciscody9622 Do we need?...Or u need?
@@franciscody9622look at his other comments, he is filipino, surely he loves pap for giving him his job 😂
Its a 10 years cycle of boom n bust. The next one will come 10 years later. History rythms...repeats..
and that is why we have the reseves to put some in during the good days and somthing to take out to weather the bad days and such fund must have 2 keys like an important safe open only during exceptional circumstances that threathens the stability of the country and no current govt should have the unchallenged right to use up pass savings without the aproval of the president because a rouge govt will just raid the reserve to win elections by giving out unrealistic and generous social benefit scheme that is unsustainable at the cost of the nations future.
to sum up everything : Just be extremely rich
😂 like blaming MOF Heng
ASEAN countries must work together for a multipolar world. That is why it has to join the BRICS and the Shanghai Cooperation Organization.
In 2008, i was 23 yrs old. Trying to get a stable job. I was lucky, had a job in singpost at the airport and i also withdrawal out my cpf OA that yrs into investment. Must be a crazy move buy during the financial crisis. But the return had beat the cpf 2.5%p.a return when i need to withdraw my cpf investment to buy my first hdb in 2018 just got the keys before covid-19 hit. 😅
Saturday
27 April 2024
Time: 7.45 am.
Mr K SHANMUGAM, can you please check ST in exorcism by catholic church. In a Indian lady on the floor. Year and month.
In the book on Cathoilc I read from AMK library. It was mentioned that when a woman is possessed, they will cut their slippers into two.
Can you confirm. Please.
My slipper was cut into two, and it happened again, now. I see if I can find this slipper and take a photo. Wait a moment please. Ok got it
I will check back which month the assault again.
See photos after this message.
Saturday
27 April 2024.
Thanks Mr K SHANMUGAM
❤❤❤
It's ok not to blur their face? why put up all these key civil servants before public eyes ? Even our SAF SOTF or SPF Star Team personnel identities are carefully guarded.
Wdf.
cos Singapore is a safe place. What you think people are going to do?
When opposition asked for reserves, PAP came up with such propaganda films. Which government servant would dare to speak publicly that PAP is over saving. We can do just fine with a lower GST.
prove that we can do with a lower GST lor
gov has deficit + bad investments in prc
Our forefathers had lower levels of affluence and yet built these reserves for us (NIRC is real), would you not think it prudent to continue trying to grow the reserves for our future generations?
@@Stp131 it wasn't their idea!but anyway you might be right
If the reserves fall into the hands of a rogue govt, all the wealth accumulations will be wiped out. Talking about rogue, there are many opposition party members involved in police investigation for criminal offences - pritam, charles yeo, lim tean, hsien yang, etc. 🤣🤣
Scare tactics and an insult to Singaporeans. Your parents wastedctheir money on your education.
Are U DELUSIONAL, DUMB or INSANE ?
OLD Man Said Tear the house down n keep the Family.
MOST EXPENSIVE PM On The Planet Kept The House n TORE the Family APART.
PM FIGHTING with Siblings All the Way to Parliament.
DISGRACEFUL
ZERO Respect for Such ppl
@@franciscody9622 Fortunately, it didnt happen to u...
if there is an indeed landslide rouge goverment they wouldent be able to spend past reserve they can only spend what the earn and the future of singarpore will still be ensured lets not be the genration that squander the treasure our forefarther build up in time of cysis on things that in the grand scale of things are not important enought to draw down.
Singapore investment companies should think about making our investments profitable and add to our reserves. Inbound reserve building rather than just keep stressing our citizens over the years. The former PM did a fantastic job but we seem to be lagging now - it would be tougher for the future generation as countries around us and beyond are progressing and developing - fast and furious. And kudos to the civil servants who form the backbone of policies and our systems - while ministers of govt agencies change every now and then, these civil servants are experts in the respective fields and work tirelessly BTS regardless of who helms the ministry 👍
Looking At ALL The LOSSES of GIC, Temasek, YOG OVER Spend, KOM CORRUPTION n Kena Fined 422 MILLION by DOJ etc etc
Protecting The Reserves or PROTECTING the SECRETS ?
questionable projection....
We need the death penalty to protect the reserves.
The Great Asia has said many times liao.
Ha ha ha!
Your parents wasted their money on your education.
@@franciscody9622 Sheep, why PAP fat cats are taking about changes? Why PAP fat cats are talking about regaining trust from Singaporeans?
Sheep, your parents didn't provide for your education?
Sheep, only thinkers like us can make PAP fat cats to think hard. Not you!
Please reveal the contracts you signed with the pharma so that we can know how much we overpaid, how much Temasek profit from it, you use public monies to let Temasek a private entity to profit so much
Utter nonsensical dishonesty. Temasek is wholly owned by the government - it is not a ‘private’ entity in that sense, it is not public entity because it does not sell shares and is wholly owned by the government.
There’s no shareholder in Temasek apart from the government. There is no profit via Temasek to anybody. Utter nonsensical lies.
MOST EXPENSIVE PM said 1-2 BILLION Spent on 💉💉💉
Made Pfizer Rich from ALL The RUBBISH 💉💉
So where is Data from EXCESS n SUDDEN Deaths ?
@@eatdriveplay Imagine @lyhs0219 after watching 4 episodes and still do not learn anything from it.
moron
And then temasek -7billion, MAS -30billion 🤡🤡 then ah lee says population creating 'slow growth' in economy
??????????????
[Note the date] Singapore ramping up vaccine manufacturing capacity - LHL [CNA 5jun2020 before Election].
The Effect of Open Leg Policies and Bad Handling. Singapore could have saved on the Reserves.
As we recall;
Reference: MOM will resume entry approvals for work pass holders and their dependents with travel history to higher risk countries from 10 Aug. This was announced in the press release by the Ministry of Health on Friday evening (6 Aug).] After that we have mounting deaths, and cases shot up as high as over 3000 cases per day. If you look at the data and the graph from JHU CSSE COVID-19 Data, you can clearly see the peak begin from 20 Sept 21 and "SHARP" peaked on 11 Nov 21with 14 deaths on a 7 days average during that time.
I'm perplexed, during covid years, money become cheap as the Fed printed a total of additional $4T, bonds rise, and interest rate fall, when money is cheap why not borrow. Use other people's money instaed of your money. Then put your money somewhere else where it yield multiples more, as apparently the stock market does
you mean use leverage ah? Eh hello, you never study what happens when you use leverage??
As of 2023 SG gov debt to GDP is 167% ($800 billion) because SG gov can borrow at very cheap rate. The gov have no problem borrowing, why make a draw to the reserve.
@@jensonchen what is it specifically?
@@lile5341 you got watch the video? Borrow still must pay back some day.
@@jensonchen if they borrowed(the ineterest rates being extremely low) they could have repaid it with the profits from the assets they had to liquidate (except if they sold gold or something,won't tell anyway)
Imaginative Narrative CNA , think maybe missed to included the phenomena that >95% of SG’s COVID Numbers fished from helpless Foreigners in Dormitories scattered all over a small & highly densely populated island….let alone Scandalous PE17 & her timely unceremonious Exit .. Coincidence, Phenomena , Engineered ??… 👏👏👏🎪
What?? And you get your 95% numbers from…? Where? Your imagination?
@@eatdriveplay
God back track the data. Below is from 2020
‐--------
COVID-19 is a Pandemic turned Crisis; through who's sheer folly did Sgp get to A Crisis of this magnitude n threw us under the bus ?
Daily Infections in the Dorms are still 3 digits after almost 7 mths. Wed hit 908.
Still Importing Infections fm #3 Most Infectious Country; India
Wonderful job for a tiny island of 720 km² with only 5M+ population ( of which 1.4M+ is FWs ) I have to say.
Now the Whole world knows how we "Care" for FWs; Slammed by Major International Press for packing up to 20 FWs in a "Small Space"
Instructed NOT to wear mask unless Unwell, wear mask we are " Xia Suay " when we wanted to protect other Singaporeans, Numerous Super Duper Mega Clusters at the Dorms across the island; some Clusters have more Infections than many countries.
Puts even Diamond Princess to shame.
If Dorms were considered a country n ranked in the world,
They would be #111, #121, #127, #133, #135 & #142 (CNA stopped updating on 25 Jun so Dorm number are way higher now mth+ later)
Higher than HK(113), Twn (161) n VN (163) dated 26 Jul'30.
Quite an Amazing and Phenomenal Achievement n Feat I have to say.
Can even put 6 Dorms on World Map.
Kudos and Thank You for this Crisis 👍👍👍
www.taiwannews.com.tw/en/news/3864928
infographics.channelnewsasia.com/covid-19/singapore-map.html?cid=h3_referral_inarticlelinks_24082018_cna
@@eatdriveplayFirst, Try Learn to ask Nicely … 😊
@@Hs5687
That MelvinXhen is A Typical ARROGANT OBNOXIOUS L-A-C-K-E-Y L-A-P 🐶
@@Hs5687 lol. U imagined things up and throw up a nonsense - u ask people to ask nicely? ROFL! Maybe stop lying in the first place.
The " Selected " PUPPET was Activated
are you Pritam or Jamus or LMW? Your IQ is missing
She’s a lawyer who is fully aware of her constitutional powers and custodian role.
Which is why she spent hours in meetings to be satisfied of the questions.
@@eatdriveplay
4G Living in Ivory Tower TOTALLY Disconnected fm REALITY
President say " Chicken Expensive, Eat Fish "
VERY EXPENSIVE Script Reader.
Denise Phua said takes 1-2 yrs to pay for HDB
UNBELIEVABLE
@@vincecarlo irrelevant and nonsensical. You just made up nonsense unrelated to the topic. See a doctor maybe.
@@eatdriveplay
Grow a 🧠
IMBECILE
For safety and national security reasons, Singaporean reserve is kept in the US.
Wow 😳 … Never Know, U may be Partially Right 😂😂😂
🐃💩
Really? With de-dolarization the US and its currency is toast.
Getting More Interesting … There maybe some substance here … Makes Perfect Sense to me …somethings best left unsaid 😂😂😂
Maybe it is Singapore at the place nearby where we can't loiter around cough cough haha
The death ratio in china is lower than here..... loks like the govt here draw snake wif 4 legs.... many people suffer as much as 5X stress or more or pass earlier...
Well, can achieve it by longer lock down period.
"Impressive bunch" lost BILLIONS investing in UBS, Merrill Lynch, Barclays anf FTX
That's 4G
Experts in POSTURING n PROPAGANDA 🐃💩
So who invest never lose $$? Buffet? Blackrock?
@@azureliteyahooyou dont stupid can anot? -7billion temasek, -30billion MAS, Xiao Lee tells us the population is creating 'slow growth' after wasting our money 😂😂
@sodhox3193 how much they earn 2020-2021?
@@azureliteyahoo you troglodyte, a simple google search would tell you singapore ministers are the highest paid in the world, dont ask stupid questions just to get an erection