Kenneth Jeyaretnam's bid to stop MAS loan pledge to IMF dismissed
The High Court has dismissed an application by opposition politician Kenneth Jeyaretnam (above) to stop the Government from giving a US$4 billion (S$4.9 billion) loan commitment to the International Monetary Fund (IMF). -- ST PHOTO: LIM SIN THAI
The High Court has dismissed an application by opposition politician Kenneth Jeyaretnam to stop the Government from giving a US$4 billion (S$4.9 billion) loan commitment to the International Monetary Fund (IMF).
Mr Jeyaretnam had charged that the commitment contravenes Article 144 of the Constitution, which states that "no guarantee or loan shall be given or raised by the Government except under the authority of any resolution of Parliament with which the President concurs".
But the court ruled that that Article 144 did not concern the giving of loans by the Government, and indicated that it had to be read by applying each verb to its appropriate subject. This would mean that the rule should be understood that "no guarantee shall be given and no loan shall be raised by the Government".
The court also said Mr Jeyaretnam did not meet another requirement for the application - that he had suffered special damage as a result of the public act being challenged and that he had a genuine private interest to protect or further
That's US$4 billion with a "B". To give readers a perspective, imagine you are a millionaire with a US$1 million account in your bank. That represents just 0.025% of the US$4 billion. That kind of money could have been used to alleviate problems we have at home. Like more social spending for our under-privileged.
For those who argue that the US$4b is a loan and we can benefit from the interest that comes along with it, please be reminded that institutions like the IMF and MAS are very opaque. So how do you know we will benefit? Just because those guys said so?
For those who argue that this is just a pledge and the amount, if used, would be spread over a long term period, it still holds no water among Sinkies. That amount pledged is now considered "future money" which either:
1. Ties down our assets that we currently have now,
2. We have committed an amount that we don't have at the moment, which will of course now become a liability, rather than a help. That's because we now have to work towards that long term plan to have the pledged amount, meaning Sinkies can expect higher costs. How else is PAPpy going to raise that amount, if they do not have it yet?
But in all probability, Sg has that amount. Which means....PAP seems to be happy to help others more than their fellow Singaporeans.
I am not just talking about the no bond scholarships handed out to foreign scholars, or the endless funding for research programmes dished out to foreigners. PAP has even once funded the defence cost of another sovereign nation - Israel. I wrote about that here.
Has Israel scr*wed Sinkiepore?
So has Israel done us in yet? Nobody knows. What we do know is that it appears that Israel has scr*wed us financially. We fund the Iron Dome Project (supposedly for our defence system), and Israel now benefits from it by getting the US to pay for the new Iron Domes for their own use.Our PAPpy govt is good at dishing out billions for the sake of others. Only the crumbs are left for Sinkies.
Got that fellow suckers of Sinkiepore? I repeat - We, Sinkiepore taxpayers, FUND Israel's Iron Dome Project. That means Israel is PAID to create the Iron Dome. Then Israel uses that Iron Dome system for itself, (which is paid by sucker Sinkies), which is then further paid by US for their new delivery of Iron Domes.
Now why must we end up paying Israel for that project in the first place, only for them to use it for themselves, and further paid by US for their future deliveries of their Iron Dome?
Here is the report. Iron Dome bill presented at US Congress
Ambassador Oren's article on need to invest in 10 new batteries quickly translated into bipartisan bill. Congressman Berman: 'US will continue to stand by our strong ally'
Israel virtually got their defence system free. Project paid by Sucker Sinkiepore, new deliveries paid by Stooperd Americuh!
In the end, will that Iron Dome, purportedly built for Singapore's defence be any worth to us? Iron Domes ain't cheap. They come at a price of a whopping US$50m per battery. In Sinkiepore, you need hundreds of such for it to be really effective. That's because it has been tested that if there's a barrage of incoming missiles, you need to fire more defence missiles than incoming ones due to its 85% hit rate. Yep, for every 100 Iron Dome missiles launched, 15 will miss.
But that's not the worrying part. The real worry is what adds to the financial burden is that missiles are much cheaper to make than anti-missiles. Hence, while the enemy can afford thousands of missiles at low cost, each single battery of the Iron Dome will cost us tens of millions.
So, is the Iron Dome Project funded by Singapore worth it? I don't know. What I know is that it is expensive and Israel got us to pay for their expensive toy. Boy, has not our govt made Sinkies suckers for Israel?
Isn't friendship, trade and diplomacy the better and more cost effective defence weapon against hostile enemy attack?
Finally, you thought that PRC scholars are the only foreigners our govt have been paying using our money when they get bond-free scholarship. Now you know Israel has made us pay perhaps hundreds of millions for their new free toy project.
We've been scr*wed - by Israel.