Self-portrait? 
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I wish,
here is a story from this week, i still cant believe.
Buddy of mine an architect does high end private property.
Was onsite with local billionaire owner of a house renovating for rental.
Agent was there with client, client ( mainlander) shows a bag with about $600k in it and offers $320,000 pcm and offers 2 years rent in advance.
Owner says no…
Imagine the look on the agents face…
You will have nothing and be happy
From the Economist this week:
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I think its a bit relative at the moment, who is going down the slowest is looking good.
For sure when the dust settles the USA can bounce back faster and higher than anyone.
On paper the USA is set to boom relative to everyone else.
I dont think build back biden has built anything yet?
Trump started the re onshoring, by showing how much the USA was a loser in most trade deals.
Now the USA needs to have the investments to support that needed industrial growth.
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Happiness is not counted in $$$, or by how much junk you have, it is a feeling of being happy with what you have.
The only country in the world that have a Gross National Happiness Index in Bhutan and it is not because the people there have a lot of money, big houses, or flashy cars:
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So true
But in a nation where the people are still fighting not to be regarded as peasants, $$$ are the only thing to differentiate you so thats the target.
Not to mention but here in Singapore its all about growth and that primarily means raising rent and lease costs as far as possible. ( the gov owns most of the property)
Cost of labour is the only thing a business can squeeze. Doesnt make for a happy nation.
Coming from a base that Singapores job in the global economy was to supply cheap labout to attract foreign companies. Now they are trying to upskill to move away from that but 3 generations of management only know to get cheaper labour to increase the bottom line as costs go up.
Despite all your doom and gloom, Singaporeans appears to be pretty happy with their lot, ranking as #25 on the World Happiness Index for 2023, the highest of any Asian country:
The change from a labour intensive / low cost country to a high cost /high tech country has been gradually going on since the mid-1970’s.
Personally I think most Singaporeans where happier in the “kampong days”, before the rat race took over.
Not much money and not as safe and clean as today, but space for kids to run around and play traditional games, not spend their time on a computer or smart phone, playing games.
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Yes all true
A cab driver said to me the other day, when I grew up poor we were much happier.
Very telling are the street photos from 50’s etc, all the people in the photos smiling for the photo, now nobody smiling in the street.
The cab driver like many says we all worked hard for the pay day, now the gov says sorry we need to keep all that money for a rainy day.
They all feel like they worked hard but didnt get the fruits of their labour.
They must have also seen and continue to see those that had a small step up become multi millionaires due to the tax structure.
Wealth divide in Singapore one of the largest in the world and its only one town.
Look at the details of the budget purposed
The 2 tier economy
Record prices being paid for foreign purchased landed property yet…
https://www.businesstimes.com.sg/wealth/3500-high-net-worth-individuals-become-singapore-citizens-2023-most-china-report
These are businesses employing locals
https://www.businesstimes.com.sg/property/distressed-property-listings-jump-q1-bankruptcies-rise
There are a few Enron’s here also, large hits for a small country.
https://www.businesstimes.com.sg/companies-markets/judicial-manager-pwc-suing-ok-lim-and-his-2-children-us35b
Plus the too big to fail so taxpayer funded bail outs, that usually means they owe lots to local banks also taxpayer funded.
https://www.seatrade-maritime.com/finance-insurance/temasek-holdings-heliconia-600m-rescue-package-pil
The gov trying cooling measures but its raking in huge money
https://www.businesstimes.com.sg/property/singapore-hikes-residential-property-absd-doubles-foreigner-rate-60%
hard to believe its still a hot market…but the press on the bank reposessions in a few years is alway zero…
its only up and up in Singapore as you know.
https://www.propertyguru.com.sg/property-guides/what-are-property-auctions-7301
Was snippet in the news a while back that only about 5% sell at auction.
The banks must own lots of properties?
Drove throught the port the other day, from one side of Singapore to the other.
Never seen it so dead.
One feeder ship coming into port, one went to anchor, 2 bunker barges moving and a few bum boats.
Telling the newbies on board ok up here is a busy fairway but not a movement in sight…
There were more pleasureboats moving than commercial traffic.
Hard to believe you only saw only a few vessels while “driving through the port” on any day (or night).
Here is the traffic info as of right now and statistics for port congestion during Week 9 - 17, 2023:
From this webcam you can watch at least a little bit of the activity at Eastern Anchorage and Singapore Strait:
Singapore Seaside, Live Streamimg HD Webcam (webcamtaxi.com)
At the Harbour Front terminal a couple of days ago there was not one ship berthed.
Yep crossing all the fairways as I did, I have always had to duck and weave for commercial traffic.
No vessels in any fairway moving, East Keppel, Sisters, then Jong, thats always busy, one local bunker barge.
Then I run down the back of Bukom island to avoid traffic, pop out and cross sinki, one ship in the distance going in. Never seen that before.
As it happenned could of done that blind…nothing to avoid.
Extra funny as I had a person that had never done that passage in Singapore so I am telling them where you have to look very carefully, but no ships, lol
It is HOT in Singapore: