SINGAPORE EXPOSED ITS WEAKNESSES AND MAKE ITSELF VULNERABLE
Dear Dr. Tony Tan,
Many countries including Britain, Switzerland and the United States only provided limited, finite bank guarantee during the financial crisis. British banks only provided 50,000 pounds guarantee per account. Yet, Singapore copycat Hong Kong to provide limitless, infinite guarantees with our hard earned reserves that is s...o scarce, so precious and so representative of our cumulative sacrifices like national services. Why didn’t Singapore resist the pressure the way Britain, Switzerland and many other countries did? Isn’t Switzerland more vulnerable to banking than Singapore is? Generally, the countries that provided limitless guarantees were weaker countries like Iceland and Ireland which got into troubles. By providing limitless guarantees, didn’t we become more vulnerable by exposing ourselves to hundreds of billions of dollars of potential losses?
http://singaporereserves.blogspot.com/
