[Online Special] The ‘inheritance’ that almost didn’t exist - Pt 2/5 | Singapore Reserves Revealed
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- เผยแพร่เมื่อ 17 มิ.ย. 2024
- As a tiny city state with no natural resources, it’s almost an aberration for Singapore to have one of the world’s largest national reserves. So how did this come to be? This is the untold story of how a newly independent Singapore fought fiercely for the right to control its reserves. It’s a tale of how the intervention of a few brilliant minds, help the city state grow its reserves, despite the turmoil in the global financial system in early years of its independence. It reveals the lengths that Singapore officials were willing to go to, how they blazed new ground and step on the toes of global giants, in order to protect the value of Singapore’s proverbial pot of gold.
00:00 Top secret letters in the UK National Archives
00:43 Singapore releases controversial press statement
01:56 Britain responds to Singapore
02:37 Britain in the late 1960s
04:45 Withdrawal of British troops from Singapore
05:52 British officials debate aid provision
07:27 Origin of Singapore's reserves
08:38 Old currencies
09:55 Singapore's separation from Malaysia
10:23 Negotiating for a common currency
14:11 The new Singapore dollar
15:30 Post-war Britain in turmoil
16:00 The pound's devaluation
16:57 Singapore faces a decision
18:49 Singapore’s diversification
19:26 British officials discuss Singapore's “misdeeds”
22:03 The birth of GIC
#SingaporeReservesRevealed
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Considering that it was in the 60''s, it is undeniable that we had such an excellent group of ministers governing Singapore at that time. They were intelligent and made bold rational and calculated decisions despite the British's arrogance and displeasure. Respect.
absolutely true. They were upright to serve the people with their will and heart. Today, we have a 4G trainee.
They suffered under inept colonial rule and the Japanese occupation, the first batch of ministers have a mindset different from their succesors.
This is our legacy .. the reserves symbolizes our forefathers. They must have gone so much trouble to do this. The Americans have their declaration of independence to celebrate on what their forebearers did. As a Singaporean all that asset, money belongs to our ancestors dead and alive. It's worth preserving this legacy.
Love the Tittle… Great Job CNA 👏 … Any idea WHY story remained “Untold” for so long ? What else is PAP been hiding ? 🤓
Yes, am impressed with CNA’s work , hopefully CNA also hv Plans to provide a Balanced Objective view by doing a similar Episode on Lee Kuan Yew’s Mistakes , Blunders , Bad Habits, Criminal Wrongdoing etc ? ie. Looted & Plundered ARAB Land Holdings, Marginalised & Oppressed SG Muslims , Banished Not only Political Adversaries but also Influential Ppl , Trying to Play God , & last but not least LKY’s Notoriously Obsession of Controlling not only Local but even Foreign Media in SG etc . Such an Episode Can certainly Add to CNA’s Credibility …
I cannot imagine what it would be like today if Singapore handover our national reserve to Malaysia. I'm glad our founding fathers have great foresight and wisdom!
Let say, Bank Negara still hold our reserve, how do you visualise Dr Mahathir posture
According to LKY, it was Goh Keng Swee who had at a private meeting with the Tunku had persuaded the Tunku to kick Singapore out of the federation, much against the wishes of LKY. By the time LKY knew about it, the Tunku had already decided to let Singapore go. From the very beginning, Goh Keng Swee had never believed in the merger…..😂 weird twist of fate but it’s a blessing in disguise for Singapore 🇸🇬
Indeed SG was very very blessed to have Dr Goh Keng Swee. His wisdom, vision and bold strategies build up SG National Reserves. We must honor him and our govt & leaders must ensure that his hard work continues to flourish and bring Sg to even higher grounds so that we can weather pandemics, climate change catastrophes, and geopolitical economic issues.
Fully agree. It was Dr Goh KS' clarity of thought, far-sightedness and instilling a culture of fiscal prudence in the public service, that helped to build up Singapore's considerable fiscal/national reserves over the decades for future rainy days, such as the unanticipated Covid-19 in 2020.
Would add that for the government and leaders to ensure that Dr Goh KS' hard work continues to flourish to bring SG to higher ground, it would help if they have the continued understanding, trust and support of the current generation of the population (especially the electorate), aided by constructive social media comments and suggestions to build up (not tear down) Singapore and those who govern.
Not enough is said of Dr Goh. We should know more about this great Singaporean.
Petition for this as well... More stories of Dr Goh
He is an rare talented Economist.
A proud Singaporean I am. Hats off to DR GOH KENG SWEE the genius behind the success of Singapore in making the Singapore Dollar strong then and it continues to be strong. Thank You Sir
Dr Goh Keng Swee is a Genius and great adviser for LKY. An unsung hero in Singapore
Dang. Singapore was so lucky to have such capable leaders in its early days, which shaped the foundation for what it has today.
1000 folds in 30 years, dr Goh is a true investment genius
Love the way Dr Goh wrote to the British 😆💪
It's both interesting and informative to watch this series. How the history of countries being tied together and how certain decisions made back then have effects even to current generations!
Goh does a wonderful strategy ( save us from the Sterling Pound devaluation losses ) .
It’s really insightful to learn and understand how the reserves were built over the last 50 years - Our founding fathers braved storms and went into unchartered waters to build the country from an underdeveloped nation to a world class city today. Thank you Dr Goh
Lucky never give our reserves to Malaysia. would be in the hands of a few men and their condos/yachts/handbags now
We also end up with many condos and poor young Singaporeans struggling to buy their first dwelling. During my time, it just takes me only 5 years to fully pay up without my parent's support. Today young Singaporean needs their parent's support, but not all young Singaporeans are that lucky. Ending up the rich get richer and the not that-lucky struggling to cross the water mark.
@@user-ng6en5bj3z no leh. I just paid finish my 5 room hdb in 3years. Haven't reach age 34 yet
Thanks for this history
Dr. Goh fervently protects and expands our reserve. Finally, we raised high salaries to fend off corruption. Then, what happened recently.
Actually our government officers' salary is not high, most of them, if they work in the private sector they will get higher pay.
To work for Government is to serve the country and the people. Like the NS men. As CCP Leader said. If you want a high salary, do not join CCP and go into business.@@muigeokou892
Then we stopped looking at Foreign Affairs and instead focus on Home Affairs.
Goh Keng Swee was a brilliant man with great depth of foresight. The right man for the right time.
I wish my country, Mexico, had that kind of leader as Dr Goh. Not only wise and decent but courageous and committed to future generations.
Thank God for the difficult but wise decision was made.
Always had respect to Dr. Goh Keng Swee. 👍
V brilliant and Brave men. With a vision.
Amazing storytelling. Could be a hit on netflix
Dr Goh was not only a shrewd economist, he also took on the role as defence minister and took the appropriate steps to set up the SAF. If those who served LKY were his lieutenants, Dr Goh would have been the captain.
Sterling pound's as the world reserve currency strike an uncanny resemblance to USD situation now. Overspending, print more money, borrow more money, sustaining more than 750 military bases outside US, funding wars, etc etc...
Yeh.. so the future means that it will be Singaporean. Basically. This is what it means. I then hope that UK joins back to the EU then. An army base is to protect trade goes smoothly. The British wanted absolute exit at that point. Their wishes should've been complied with. I now see so many Malaysian and Singaporeans causing absolute havac in the UK. What is the meaning of this ? The movie Aliens definitely springs to mind. Despite a lot of the so called discrimination against the whites. The entire group of girls being treated badly in Rotherham. White girls being raped is common. The other white lady who went to HK to work only ended up as being raped on holiday as well... And ended up as a Buddhist. Basically taken as an actual concubine now. Not religion.. she is now a second or third wife. And translators doesn't even translate those goddamn words and look at the actual setup. Wow.... And with social media whereby most if it's employees are typically Asians as well. Creating a filtered bubble and works. Marginalising such voices.
Singapore.. you have blood on your hands !!!!.... Katie Hopkins were right she was absolutely right. This piece of history is not taught in the UK... and those girls who had to go into those kinds of care homes... Judging this kind of history about the commonwealth situation shows basically... Why those girls were badly treated. Why feminism needs to exist. One time.. I saw with my own eyes... A so called Singaporean guy laughing at a young girl going out for the night with her friend. He thinks that she is a prostitute and acting like a prostitute. And yet.. she is going to a designated club for people her own age group. And she is helping her local economy too. And she was black. Why is this generation being marginalised and silenced and kowtowing to such power hungry people ? Absolutely disgusting !!!
The audio quality can be improved. Certain parts are so soft that you'll have to bring the volume way up. Then other parts are loud and you'll have to dial it back down.
The PAP govt works hard to build up the reserves for future generations. There are many opposition party members involved in police investigation for criminal offences - pritam, charles yeo, lim tean, hsien yang, etc. 🤣🤣
u forgot to mention the recent scandals of the ruling party in july. 2 disgraced, 2 sacked, and 1 indicted. all in 1 month. and they manage our reserves in secrecy. disconcerting right?
Exectly they are populist just recycling old idea to riled up people to win votes.. no new ideas to move Singapore forward
@@xcre8ionx New ideas maybe welcomed...but keep the existing which is working good intact...
@@michael8372 can share with us details of your bank account pls?
Sounds like BRICS and the US nowadays. BRICS are diversifying from USTs.
0:19: 💣 In 1967, Singapore shocked Britain by diversifying half of its reserves into other currencies, causing concern over the devaluation of the pound.
6:57: 💰 Singapore risked financial aid from Britain to diversify its reserves, which were previously invested in long-term securities and equities in Britain.
12:54: 📊 Singapore's decision to place its reserves under the control of another country's central bank led to failed negotiations and the establishment of Bank Negara as Malaysia's central bank.
19:08: 💰 Singapore's choice to diversify its reserves allowed it to weather the storm of the sterling devaluation, leading to the establishment of GIC and significant returns on investments.
Recap by Tammy AI
🎉🎉🎉
This can be a movie ripe for christopher nolan😊
There is much parallel in today’s USD to the Sterling then. Americans are able to live beyond their means thanks to the rest of the world soaking up USD. It took some time but the sun did ultimately set on the British Empire, and so it shall on the American Empire.
3.4:1
Thanks to Dr goh but current one is different.
Tat was history but now?
I'm so thankful we never gave in to the demands of British or the Malaysian central government. Looking at the shitshow both countries are in now, it was a divine revelation to go our own way.
Investing can be risky, we all know that. Singaporeans don't want to wake up one day and realized that the Gamble Failed especially the companies are Privatized and the Govt has No direct involvement in them. What are the short terms performance?
If it is not 100 million, then how much is it?
Before Iraq invades Kuwait. Kuwaiti Government professed the richness of their KIO. After entering Kuwait, the Iraqi discovered is nothing there. Does anyone know why?
@@user-ng6en5bj3z: If china steps back. And one day.. the fallen Iranians and Persian state ought to take SG out. If that happens. I too won't bat an eyelid. Now I get why the media harks on about Blair.. like him being the leader is the issue here. I wonder how many media workers are "Asians"...
PM alluded to Singaporeans living in the Garden of Eden. Except that that’s only true for people in the upper strata of Singapore. Singaporeans, even in the broad middle class, the lower middle class, which used to form the stable main body of our Singapore society are not feeling so sanguine
David I'm from Spore Lower-Middle Class n I certainly feel blessed to be a Sporean. Tnks to our Founding Fathers n the subsequent govts led by GCT n now LHL. Imagine wat yr life might be like if u were born, eg in Msia instead of Spore. Worse still if u r born Chinese or any other non-Bumi race in Msia.... definitely no Garden of Eden, dat's for sure.
Friday
26 APRIL 2024
Mopping the floor.
Last time Mary will mop the floor when Carol returns, WHY.
A phone call came in at about 8 pm. Mary is mopping the floor.
Any reason for these two different timings to mob the floor..
WHY.
Mr K SHANMUGAM Singapore hongyi shengwu
Looks like Free slavery is it, in whose household.
Mr K SHANMUGAM Singapore
Q&A. Please, looks like carol and Mary is cleaning other people's house.
Who, why.
We are all singles.
THANKS for the update.
Student to keep track.
Thanks
When got election all stories coming out after ge 🙄 🙄🙄🙄
this is damn interesting! Hail to Mr. Goh for the "ballness" while looking back at the former colonial "master"....
Lucky we didn't give our reserves to Malaysia 😅, and the way the Brits vilified Dr Goh and Singapore is reminiscent of what the U.S is doing to China
Singapore Reserves was built during the First Generation leaders when Goh Keng Swee was around. It was reported by LKY as US 200 billion repeatedly then.That was before 1990. Singapore reserves remain intact during Goh Chok Tong times. Now? Only LHL knows!!!!!😊
I love Singapore.
I left the USA at 79 to a safer and less expensive country. USA is dangerous. And expensive.
End of our marriage. Deal breakers..
For the good times Al Green
It's your MAN and never say boy or girl. Respect yourselves.
Everything is less expensive in Queretaro. With my USA pension. The minimum wage is $8.00 per 12-24 hours and 6 days
Not per hour, but per day.
?????????????
Ah...Karma really is a bitch, LOL! Dr. Goh was clearly a boss. Good on him, and Godspeed to Singapore!❤
This video shows what will happened to US - Overspend and Uncompetitive. The Whole World notice too But Not US...hahahahaaa
If we are collecting so much dividend, why are we not spending a large proportion of it on the ageing population. They worked for the seed money, now they should reap more of the dividend in their old age, anyway their leaving the assets behind for the next batch of people to enjoy.
Singapore the country with 0.8 children per women should spend more money on the elderly ?sounds like a recipe for disaster
A big chunk goes to public servant's salary. If Dr. Goh is in the cabinet at that time, I don't think it will happen that way. As far as I know, he even rejected a raise in his pension salary offered to him when the Govt raises ministerial pay.
They are not your money. They are other people's and other countries'money. Look at her eyes. She has green eyes. Which child would go against their own ancestors ... she squeeze them til they die ? You are right... Sg is now trying to support their original relatives abroad. I take back my comment. HK should not be the target.. SG should be the target. Traitors. Greed. Sg made the bad move first, so they basically indirectly caused the decimalisation of the UK and forced us to enter into extreme poverty. And then when things didn't work out in their trades, they literally go back and bite the hand that feeds them... Despite them being in the wrong first place. Damn you Singapore. And even now in the past few years, SG has been hoarding gold and they aren't even broadcasting about this globally. So it is making their SG dollars as an actual reserve global currency and he goes on about the USA dollars being global currency whilst SG perpetuate their stupid bitcoins and unlease this across the globe ? Damn you Singapore. Goddamn you.
They basically right this moment created a global two class system. In protecting and desiring their own future and life.. they had no idea about the British influences in other countries and not their actual debts as well... Well... Well done Singapore, you damn pratt.
And it is really funny all of this talk about racism bs.... Cos frankly this is systemic global racism against white people ? Third of the USA are "Asians".... and that report was done in Cantonese as well. They spoke Cantonese cos it was a mere shipping port. A port which traded. So Singapore actually had their own army in the end, and what did they do ? Sided more with fuijian trading ports ? Is that why fuijian is now widely spoken in SG ? And yet those individuals are now conflicted with who to actually take sides in and not. And yet China sees Singapore as an actual Chinese state. Well done Singapore... You will speak Mongolian soon enough. With your lies and your so called laws. Now I get what is going on. And why sg always go on about the stupid opium trade. Nothing but pirates as my mother said. "You were born from pirates" she used to say jokingly... Opium trade was by the Silk Road... Maybe the wrong move was the British assuming the Qing's consumption of opium were the same as the non-chinese of SG... and why the hatred. So SG is full of bastard love childs. Makes sense.
Everything makes sense now....
So basically SG took down Iran.... And their monarchy.... Without knowing what obligation the British commonwealth had. And why things were a certain way.... this is really disgusting.
Clearly somebody had squandered away large portion of Singapore reserves and attempting to bs his way out by declaring reserves does not exist !!!!
what are you smoking?
Exist or don't exist ,you MGs also cannot touch. All your CPF money after 55, held back. You will not even see YOUR MONEY except to buy your coffin.
Close to 50% cannot even meet BASIC MIN SUM. 😆😆😆😆😆
Hello boomer, you should be thankful you're complaining about CPF and not 1 MDB, which could well have been the case. If not for goh keng swee you can say goodbye to 100% of your CPF.
A report mentioned "33% of active CPF members who turned 55 in 2021 have not met CPF's Basic Retirement Sum". So it is not close to 50%. However, if they have met the BRS before retirement age, they may still withdraw the excess.
@@goldenspoon87 ...want to con daft low ses folks and retain their money FOR YOUR GAMBLING INVESTMENT just say so, no need to point to your neighbor corrupt behavior to justify you are doing a 'good thing' if it wasn't more corrupt in the first place!
educate yourself before spouting nonsense
The typical CNA document like this, sometimes overly exaggerating with unnecessary background music. Can you change the director of this video? Don’t get me wrong, the content is nice, but the style of video are the same for ages