20150706 GE 2015 – peasants will be able to question self-appointed aristocrats after another watershed election

The impending fall of the PAP is to be expected after controlling Singapore for 5 decades.

12 years ago, Ngiam Tong Dow cautioned against the lack of serious political challenges from the alternative elite and warned that “the incumbent elite will just coast along”. Truth be said, PAP did not just coast along; they were slumbering on public housing, healthcare, transportation and retirement issues.

Under Lee Kuan Yew, PAP had implemented a system of zero transparency and accountability and created an illusion of Utopia which has even fooled foreigners. Although LKY had claimed he wanted to prevent duds (ie opposition) from getting into parliament, he allowed dozens of PAP duds to slip into parliament through PAP’s GRC system.

Ngiam also said that “it is in the law of nature that all things must atrophy”. It’s not difficult to see how PAP’s system, now rotten to the core, obeying the law of nature and collapsing on itself after decades.

PAP claims it has resolved most of our issues when, in fact, it has resolved NOTHING. All our issues are directly linked to a mindless (a lower rate of increase acceptable) increase in the population of foreigners. Including new citizens and PRs, PAP has increased the foreigner population by an estimated 250,000 since 2011. How does this solve our problem?

It’s easy to see why PAP has planned to fail without mentioning liabilities like MPs Intan and Alvin Yeo, MOS Lam Pin Min and even Minister Khaw Boon Wan. (DBSS screw up should be handled by MND but PAP ‘T-loan’ MOE Minister to set up special task force)

PAP cannot be unaware that an increasing number of Singaporeans have been adversely affected by its flawed policies since 2011. Logically, the number of votes going to opposition parties will increase.

Tanjong Pagar GRC has an estimated 140,000 voters but has been uncontested since 1991. Without LKY, Tanjong Pagar GRC is not ‘pow chiak’ for PAP. Coupled with social media exposing half truths spouted by lamestream media, ex paper general Keechiu is likely to desert his constituents.

Since 2011, many PAP supporters have also become disenchanted with PAP. The hand that fed them in Aljuneid GRC has been replaced and will not return anytime soon. Supporters in other GRCs are also aware that their golden rice bowls may be lost, ie if a GRC with 3 ministers could fall, no GRC is safe.

PAP grassroots can see for themselves PAP doesn’t walk the talk when it assigned unknown and ‘unarmed’ grassroots members to ‘do battle’ with more powerful opposition MPs in Aljuneid GRC. The smarter ones would have already hedged themselves.

Singaporeans are not easily bought over by pre election goodies and PAP should not believe its propaganda will work. PAP’s dominance has been detrimental to ordinary Singaporeans who look forward to meaningful change.

But what comes after PAP’s defeat will not be all plain sailing. I believe this is something most Singaporeans have not even thought about.

Considering the PAP has concealed too much material information for 5 decades, we should expect many skeletons to fall out from its cupboard. The disclosure of such information will impact Singapore in ways in which no one can imagine.

In public housing, the government can no longer refuse to disclose the land cost it has been charging HDB buyers. The disclosure will result in public housing eventually becoming really affordable. Leong Sze Hian has estimated land cost to be about 60% of the price of a HDB flat, ie buyer pays $240,000 in land cost for a $400,000 HDB flat, land which is still legally owned by HDB.

Putting two and two together, Singaporeans will then begin to realise we have been fleeced big time by the PAP. The CPF housing grant is really peanuts compared to the exorbitant profit HDB earns from land cost.

We must be prepared for a drastic drop in property prices because the 500% rise in the price of a new HDB flat since 3 decades ago is unsupported by economic fundamentals. Although the short-term pain is caused by PAP, it would be wise to bite the bullet instead of kicking the can down the road and hurt future generations.

The blame has to fall squarely on PAP’s shoulders. From 2006 to 2011, HDB constructed 30,069 units despite the fact that demand from newly-married couples would have outstripped the supply. History confirms high property prices is the result of disastrous PAP ‘planning’.

For those who still believe PAP has foresight, consider this:

Besides demand from newlyweds, PAP had approved 200,000 PRs from 2006 to 2008 and about 55,000 new citizens during the same period. Where were they supposed to be housed? At the Istana or tents at the beach? No wonder housing prices shot through the roof!

PAP’s housing formula: Decrease in supply + huge increase in demand = Fall in price ?

The new parliament will need to hold ALL permanent secretaries, top management, directors and CEOs of statutory boards accountable for politicking at taxpayers’ expense. This should mean their immediate removal to prevent more pain and suffering from being inflicted on citizens.

But civil servants who show their remorse by turning whistle-blower should be given a second chance on condition that they come clean before the GE.

The new parliament would of course be asking the more important questions concerning GIC and Temasek Holdings. Both are managing hundreds of billions of public monies and information which belongs in the public domain can no longer be kept confidential.

GIC will need to disclose how it had paid CPF members, during the 8 years since 1995, when its returns were lower than the rate promised to CPF members. Did the PAP dip into our reserves? Why wasn’t parliament informed? Was the President informed or sleeping? What is GIC’s yearly expense ratio since its inception and the  remuneration of directors and external fund managers?

A proper set of accounts will be provided by Temasek and GIC for the first time in decades and, of course, there will be lots of embarrassing information. Such information cannot be hidden forever and it would be better we get this issue out of the way soonest possible and move on. The new government will need to concentrate on taking care of citizens’ well being and leave business to the private sector.

Conclusion

There is no reason for PAP not to fall hard because its policies have adversely affected an increasing number of citizens over decades. When PAP has repeatedly refused to help us, we have to help ourselves by first voting out PAP.

PAP may have put up brave front, claiming to have a list of impressive potential candidates but who in their right mind would want to be a PAP candidate in today’s political climate?

Without credible new blood and repeatedly failing the people, the potential loss of PAP’s parliamentary majority has increased significantly. PAP’s system of no transparency and no accountability will not survive in the internet age. “It is in the law of nature that all things must atrophy”.

With more opposition members in parliament, inconvenient questions will be asked and embarrassing answers are to be expected. There will be political and economic ramifications, lots of short-term pain. But we will pick ourselves up and see this as a necessary exercise to get rid of excesses/deadweights. Remember – “Singapore is bigger than PAP”.

GE 2015 will be another watershed election and for the first time in our history, peasants will be able to question our self-appointed aristocrats.

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2 Responses to 20150706 GE 2015 – peasants will be able to question self-appointed aristocrats after another watershed election

  1. Xmen says:

    From Bloomberg –

    “China’s securities regulator banned major shareholders, corporate executives and directors from selling stakes in listed companies for six months, its latest effort to stop the nation’s $3.5 trillion stock-market rout.

    Investors with stakes exceeding 5 percent must maintain their positions, the China Securities Regulatory Commission said in a statement. The rule is intended to guard capital-market stability amid an “unreasonable plunge” in share prices, the CSRC said.”

    I am wondering how it affects Singapore’s Chinese investments and their valuations. The money may be locked up in China for a prolonged period of time…

  2. phillip ang says:

    😦 I think this is to be expected, with or without the meltdown. Merely rubbing each other’s back.
    Chinese govt would never allow Temasek/GIC to offload their shares as this would mean a loss of confidence and other investors may follow suit.
    Chinese accounting cannot really be trusted. Figures look rosy before public listing but different story after that.
    Will Chinese banks do a Citi or UBS? I don’t think anyone can say for certain they won’t. What about Alibaba?

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