It was revealed recently that the GIC losses last year totaled approximately S$50 billion. We don't how much since then. I don't know if this number just include realized losses,or do they include 'paper losses'? Many people believe the actual number may be substantially higher than revealed. I am not enough of a finance person to know who's right. In any case, my calculator cannot even input 50, 000, 000, 000 .... so I am guessing it's really a lot of money. A lot, a lot of money.
Now we hear, GIC is converting its prefered notes into common stock. Hmmm....
Wise decision? The less worse of two really bad options? Who knows? I certainly don't. I can't even get my own 'investments' to work. But I think it sounds logical to some extent to think about it as a long term investment. If we look at it with longer (much much longer) perspective, the investments so far has a good chance of yielding good returns for GIC. Hopefully. Citibank if it survives does appear to represent a good investment option. If it survives.
But not so our elderly. They are not really good investment options. They tend to die.
I think that's why the gahment isn't all to excited about putting any of those many zeroes into maintaining the elderly. Do enough to appear concerned, I think is the motto.
I really wish it were otherwise. It really breaks my heart each time I come across the elderly men and women cleaning out the toilets, our cleaning up after us at the food courts. Why do they have to be working at their age? And such demeaning work as well...They should be in the parks ...enjoying their retirement, playing with their grandchildren. They deserve it. Why do we make the elderly feel they have to continue to pay their way through the end years of their life? I think they are entitled to their rest....regardless of how much savings they have or how much they have in Medisave...
If we are a poor country, I can understand the need to be frugal where social support for the elderly is concerned. But the recent Temasek-GIC fiasco has revealed through, albeit through a glass darkly, the size of our accumulated wealth. Enough wealth to publicly declare a loss totalling some S$100 billion... and shrug it off, because other people have lost more.
Why can'twe spend a bit of this to make our elderly feel loved and honoured. And not just a burden to us...one that we can't wait to be rid off.
5 years ago