Comments, opinions and an occasional ramble
A game of bluff?
PM Lee apparently said the following in an interview with Retuers about the level of disclosure of assets GIC is willing to tolerate:
“We do not want to tell people exactly how much we have, so people can take a run on the Singapore dollar.”
Well, uncertainty is indeed a good strategy to fend off speculators. Couple that with a money pact with an oil kingdom, Brunei, it would almost be crazy for anyone to even think of trying a run on the Singapore dollar.
Just as currency speculators are clueless as to how much money the Singapore government has, Singapore citizens are just about as clueless. Of course, the average Singaporean (myself included) does not need the information to go about our daily lives so not knowing the information really doesn’t make much of a difference.
However, for all we know, we could really be engaging in a game of bluff and there is no problem now because no one dares to call the bluff. I hope no one tries to, though. It would be devastating if it was really a bluff all along.
| Print article | This entry was posted by Aaron Ng on 08/05/2008 at 11:18 am, and is filed under Ramblings. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site. |
about 4 years ago
well at least MM Lee, in interview with Bloomberg, mentioned that Citibank and UBS could very well be duds….2 out of the 10 dud investments by GIC – we are so lucky to have such transparency and accountability in Singapore!
Couldn’t believe the ST today….
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