Tan Kin Lian's Blog: Financial crisis in Ireland and USA

Thursday, March 11, 2010

Financial crisis in Ireland and USA

This article shows the key causes of the financial crisis in Ireland and USA. Read it, I get the feeling that the same factors apply to Singapore.

6 comments:

Ex-Con said...: Yup, as Charlie Munger (warren buffet's deputy) recently wrote, we are all now engaged in a big casino economy, and we are all gamblers, charlatans, conman and conwoman. Our best and brightest are drawn in to this big casino economy, and our social values place importance on only 1 thing. That is to grab as much money as possible, in as short a time as possible into our bank accounts. Don't care whether it is sustainable or not; don't care what are the repurcussions to other people or the country. Not my problem.; March 11, 2010 11:28 AM
Anonymous said...: Maybe there is no financial crisis as long as the govt still has many more billions in reserves despite billions lost, ministers well paid and with good increments and bonuses, no local bank runs and currency is still strong vs USD, never mind the US is a debtor nation.

A recession, a property bubble, wide income gap or inflation may not mean a financial crisis for the country, although many people may be financially stressed and some at crisis levels.

I think Singapore is in the situation as described above, so it may be different compared to US, Ireland, Iceland or Greece.

By the way Greece is in serious financial crisis but their population income gap is smaller than Singapore!; March 11, 2010 1:36 PM
Anonymous said...: But there is a difference. Unlike US Greece and the rest of those clowns, Singapore is NOT deep in debt. In fact Singapore has alot of reserves.

Nobody is denying that the GIC lost money of course. But I wouldn't put a single cent into the greenback or the euro.; March 11, 2010 4:12 PM
Anonymous said...: Dear Tan Kin Lian,

Thanks very much for your interesting blog. It's always nice to see how people on the other side of the globe live, how they share the same joys and sorrows, what they do in their free time - or, in your case, what kind of advice they give.

I actually have a question about your blog. Would you mind helping us with a linguistic research project? We're compiling data from various Singaporean weblogs. All it requires is checking a few boxes. If you want to take part and/or have more questions, drop me a note ( hack2301@uni-trier.de RE: Question ) so that I can then send you the 'official' project eMail. We'd really appreciate your help.

Thanks very much in advance!
Best regards,
- Fran; March 11, 2010 6:06 PM
Anonymous said...: Greece has been hiding their debt. I wonder has anyone really audit our reserve? Especially have this huge losses in America.; March 11, 2010 9:46 PM
doomsday? said...: Casino or other name.. it cannot be stopped.. look at USA, UK, Iceland.
Yeah, big news about their debt, economy etc.. any problems with your life here??
Greece, yeah, big news.
any problem with your life here?

All the governments of the world have already agreed ( IMF,WEF, etc )
to finance all that they need.

You say: but they will all collapse!

Rubbish... USA is printing money,
and will continue to do so.. and the rest of the world will allow it to do so.. even China has no choice.. look at China's reserves in US $$.

Greece in trouble? yeah right.
EU has promised to save her.. if they dont, EU goes down the tube.

Singapore has to save others too, otherwise its kaput... but you see, it will never happen!!

Enjoy the casino.. the wheel will continue to spin... do not worry, it will not stop.; March 12, 2010 11:03 PM