Future World in 2030?

[rebeccasu4]

When the banks fail, Singapore will surely follow suit....

[emphasis in quote mine]

Zimbabwe borrowed $$$ thinking that their GDP will balloon so much, they'd easily return the foreign currency that they borrowed, Greece I believe thought the same.

Zimbabwe ended up printing Z$ with the highest denomination at Z$100Trillion in about Feb2009, and then some more (they tried but failed), and whether Greece will leave the Euro or drag the entire Euro down is still in debate.

Hyperinflation or not, I don't think that the world would be a peaceful place if inflation rears its ugly head (Zimbabwe) or if vital government services are curtailed because of shortage of funds (Greece: funds are first used to pay interest on national debt valued at approx 160% GDP).

The US is taking the lead to print jobs through printing $$$, Japan is now doing the same, China is accused by US of currency manipulation when they simply match dollar printing with Yuan easing (printing)... so anyone there tell me that SG govt is the special case that DOES NOT print $$$? Then why have SG foreign reserves ballooned so much> Pls go check out M1, M2, M3: measures of money supply (volume) in the world today (see the exponentially rising charts in every state). As the supply of money increases, prices will automatically rise as the rising tide of currency supply rises (Zimbabwe in degree was an extreme but no less a pertinent case in point).

PM Lee has already alluded to using SG reserves to bail out banks: too big to fail and too big to jail: they just have to threaten collapse at the same time for the doors of the MAS treasury to be opened:
Lee Hsein Loong: "'if all the banks threaten to die at the same time, governments cannot help but go and rescue them', as they did in 2008 and 2009." ['Regulating tightly 'not always feasible'' (ST 08Oct2012)]

Ever tried paying for your electricity by barter with eggs; when the time comes, then you'll know what I mean, by then, even having eggs to spare would be a pipe dream, life would be most painful for those who live in the developed world....

PM Lee loves his 'too big to fail, too big to jail' banks, so when banks fail, Singapore will surely if not automatically, follow suit.

Caption: Currency to exchange- anyone?[Image source]

yes but why compare against zimbabwe? hyperinflation occured because of many years of poor regulation by the government.

and yes i admit "government would be able to control it" seems too much of a sweeping statement but let me justify. MAS always responds to global economic trends. in fact it doesnt just respond, it preempts and acts accordingly. so in that sense, based on the past few decades of having kept inflation successfully under control, i believe it can continue to do so.

also, singapore is not falling into a debt. greece did, and it went on a downward spiral. the situation is way too different to compare singapore to any of the euro zone economies.

yes, us and japan are printing money. but us has been engaging in quantitative easing for years now; it's the 3rd round if im not wrong. and us economy is large- the government has to inject money to stimulate the economy.
likewise for japan, it's been going into a recession. the government had to print money to stimulate spending and confidence again.

if u look at singapore's economy however, the situation differs slightly. the outlook for 2013 is not great, but there is no economic decline. the government doesnt truly believe in pumping in money mindlessly anyway-it spends on infrastructure, etc

what do you think?

 

[sunzoner]

yes but why compare against zimbabwe? hyperinflation occured because of many years of poor regulation by the government.

If hyperinflation can occur due to "many years of poor regulation by the government", then similar "many years of poor regulation by the government" can occur in singapore. In fact the opinion of some in EDMW and here is that the "many years of poor regulation by the government" is already happening in singapore.

and yes i admit "government would be able to control it" seems too much of a sweeping statement but let me justify. MAS always responds to global economic trends. in fact it doesnt just respond, it preempts and acts accordingly. so in that sense, based on the past few decades of having kept inflation successfully under control, i believe it can continue to do so.

Just like how it preempts the coming oil crisis when oil prices reaches a peak? Or how it kept inflation successfully under control when it goes up up to 6.6 in 2008 and 5.5 in 2011?

I cant imagine what would be the inflation rate if it doesnt "successfully" control it.

also, singapore is not falling into a debt. greece did, and it went on a downward spiral. the situation is way too different to compare singapore to any of the euro zone economies.

Singapore and greece both have debt. What "falling into a debt" are you talking about?

How different are we? Maybe a short highlight would be good to defend your stand.

yes, us and japan are printing money. but us has been engaging in quantitative easing for years now; it's the 3rd round if im not wrong. and us economy is large- the government has to inject money to stimulate the economy.
likewise for japan, it's been going into a recession. the government had to print money to stimulate spending and confidence again.

up. So how it is going to not lead to hyper inflation? Just because it has not happen, doesnt mean it will never happen.

if u look at singapore's economy however, the situation differs slightly. the outlook for 2013 is not great, but there is no economic decline. the government doesnt truly believe in pumping in money mindlessly anyway-it spends on infrastructure, etc

what do you think?

No decline? The projected growth rate is? Didnt we just nearly have a technical recession? And spending on infrastructure doesnt mean "pumping in money mindlessly"?

 

[Haagen Diaz]

Me thinks that it would be the problem of hyperinflation happening in Singapore, that would really be enough to kill us all...

[pict source: http://www.gonzotimes.com/2011/12/moneyless-fofoa-on-hyperinflation-or-too-little-money/]

Pictures of Hyperinflation in Zimbabwe: Hyperinflation In Zimbabwe

Greece borrowed too much, so now the sick go untreated and the jobless rummage bins for food; all because the Greek government has run out of cash for vital public services.

Zimbabwe I understand is a 3rd world country, so even without currency, people can still return to farming.

Imagine a Singapore unable to afford essential public services, not joking, but I think that that would be the end of the world for all of us here.

Just my 2c,
C6.

Good point you have!

I personally think that Singaporeans resort to RFID. In 2013/2014, USA govt announce that USA citizens will be inserted with RFID.

It means that we are at the mercy of the govt. Besides, I guess it combines to be one world govt in order to solve the currency problems in 2030. I guess that if it is the case, SG govt will distribute food and water distribution to people in order to control them.

 

[Haagen Diaz]

Hmm I dont think hyperinflation would be an issue in singapore in 2030. Yes inflation is on the rise and will continue to be. But hyperinflation is one of the most extreme forms of inflation and I think the government would be able to control it.

An issue in 2030 could be outflux of talent. If singaporeans dont feel a strong enough sense of belonging and ownership to the country and the grass gets greener on the other side.

Robots seem to far a stretch too i feel?

What do the rest of you think?

Robots are stretch? Please explain the existence of robots around the world especially Japan.

Robots are created in order to look after the elderly people in Japan due to lack of young people/generation.

 

[rebeccasu4]

Robots are stretch? Please explain the existence of robots around the world especially Japan.

Robots are created in order to look after the elderly people in Japan due to lack of young people/generation.

yeah but you have to realise that japan is not very much welcoming to foreigners. robots are their next best choice, because with low rates of immigration there is no other way to boost their population figures.

so between robots and foreigners, who would you rather?

 

[rebeccasu4]

If hyperinflation can occur due to "many years of poor regulation by the government", then similar "many years of poor regulation by the government" can occur in singapore. In fact the opinion of some in EDMW and here is that the "many years of poor regulation by the government" is already happening in singapore.



Just like how it preempts the coming oil crisis when oil prices reaches a peak? Or how it kept inflation successfully under control when it goes up up to 6.6 in 2008 and 5.5 in 2011?

I cant imagine what would be the inflation rate if it doesnt "successfully" control it.



Singapore and greece both have debt. What "falling into a debt" are you talking about?

How different are we? Maybe a short highlight would be good to defend your stand.



up. So how it is going to not lead to hyper inflation? Just because it has not happen, doesnt mean it will never happen.



No decline? The projected growth rate is? Didnt we just nearly have a technical recession? And spending on infrastructure doesnt mean "pumping in money mindlessly"?

hm alright, would you like to explain the current situation where there is poor regulation by the government? where exactly do you see this happening? (a genuine question)

i also wonder if any nation, at all, was able to deal with the oil crisis or persistent inflationary rates. i think everything is subjective, it is relative.

hang on. what debt does singapore have?

apart from size of economy there is also the economic history, demographics, political strength on a worldwide platform and currency. just to name a few difference between greece and singapore. i really don't see how similar these 2 countries can be.

 

[sunzoner]

hm alright, would you like to explain the current situation where there is poor regulation by the government? where exactly do you see this happening? (a genuine question)

I wonder where were you during the lehman brother crisis, the HDB hyper-inflation, the SMRT breakdown and the recent property "cooling measures".

i also wonder if any nation, at all, was able to deal with the oil crisis or persistent inflationary rates. i think everything is subjective, it is relative.

hang on. what debt does singapore have?

It has debt to singaporean. As a singaporean, I am concerned whether I can recover my money. maybe the government can release data to show that it can. But knowing the government, they are unlikely to do so.

apart from size of economy there is also the economic history, demographics, political strength on a worldwide platform and currency. just to name a few difference between greece and singapore. i really don't see how similar these 2 countries can be.

similar and dis-similar in which area?

For example, both claim to be democracy. Both elects their government throught elections.

Of course one can point out Mr lee is the Prime minister of Singapore not greece and thus claim the two are different.

If you are talking about economics, then it is best to limit the comparision to economics...

Now that I have answered a few of your questions, maybe you can return the favour by answering mine?

 

[rebeccasu4]

I wonder where were you during the lehman brother crisis, the HDB hyper-inflation, the SMRT breakdown and the recent property "cooling measures".



It has debt to singaporean. As a singaporean, I am concerned whether I can recover my money. maybe the government can release data to show that it can. But knowing the government, they are unlikely to do so.



similar and dis-similar in which area?

For example, both claim to be democracy. Both elects their government throught elections.

Of course one can point out Mr lee is the Prime minister of Singapore not greece and thus claim the two are different.

If you are talking about economics, then it is best to limit the comparision to economics...

Now that I have answered a few of your questions, maybe you can return the favour by answering mine?

Hm. Well the way I see it, lehman brothers crisis was an external force, and whilst this shouldnt be an excuse for the government not regulating sufficiently enough, it's important to also note that it had a domino effect on most of the financial world. Singapore's financial markets are open to the world's market forces- there's a limit to which the government can close the floodgates. For singapore it was more of the small investors- about 10 000 of them. The gvt didnt do enough to recoup their losses, but in the greater scheme of things I'm not sure how the government could reallocate resources to help this small group of people.

The recent property cooling measure is actually a means of control to hdb hyper inflation- these 2 events are closely related and I see it as a problem and solution kind of relationship. Only time will tell how effective this form of control will be.

Smrt breakdown-yes it's a personal grouse of mine too haha so I've nothing much to say to this. Certainly, more could be done to pre-empt rather than mere damage control measures. For this I would also credit it to the almost-monopoly structure of our public transport...


But even though both countries are democratic, there are many shades of democracy. Think usa versus singapore. Malaysia versus singapore. Plus singapore is in some sense not truly democratic- this in itself is very controversial.

Am glad to see that our 'argument' can be sustained thus far. Haha.

What say you?

 

[sunzoner]

Hm. Well the way I see it, lehman brothers crisis was an external force, and whilst this shouldnt be an excuse for the government not regulating sufficiently enough, it's important to also note that it had a domino effect on most of the financial world. Singapore's financial markets are open to the world's market forces- there's a limit to which the government can close the floodgates. For singapore it was more of the small investors- about 10 000 of them. The gvt didnt do enough to recoup their losses, but in the greater scheme of things I'm not sure how the government could reallocate resources to help this small group of people.

Remember the government (aka PAP Town councils) has bought into the crisis and lost money. So they are actually losing our money here.

And why are the government unable to do anything? wasnt Hong Kong government able to return money to the conned investors?

The recent property cooling measure is actually a means of control to hdb hyper inflation- these 2 events are closely related and I see it as a problem and solution kind of relationship. Only time will tell how effective this form of control will be.

imo, these measures are made to look good but will fail.

HDB hyper inflation is there for a reason - the rapid increase in working age people who qualifies for HDB flats. Although HDB is no longer cheap, it is the cheapest available. Hence the hyper inflation.

Smrt breakdown-yes it's a personal grouse of mine too haha so I've nothing much to say to this. Certainly, more could be done to pre-empt rather than mere damage control measures. For this I would also credit it to the almost-monopoly structure of our public transport...

The breakdown may prove to be early symtom of a system breaking down, and I am not referring only to SMRT.

How much neglect and overload can the singapore system take?

The aboves are perfect example of the lack of rules and regulation in singapore. Someone has take the mantra of "less regulation is better" too far...

But even though both countries are democratic, there are many shades of democracy. Think usa versus singapore. Malaysia versus singapore. Plus singapore is in some sense not truly democratic- this in itself is very controversial.

It is a fact that singapore is usually classified as not entirely democratic.

Am glad to see that our 'argument' can be sustained thus far. Haha.

What say you?

 

[Providence]

Singapore is an urban island-state. Where can we find ample lands to develop farming during a currency crisis? * Faint *

And most Singaporeans do not even know anything about farming. Me included. We are doomed if the hyper inflation crisis reaches Singapore.

 

[holidayforever]

Singapore is an urban island-state. Where can we find ample lands to develop farming during a currency crisis? * Faint *

And most Singaporeans do not even know anything about farming. Me included. We are doomed if the hyper inflation crisis reaches Singapore.

then we will have to starve to death or you will see riots and fights breaking out in Singapore (survival of the fittest) which i think most Singaporeans will not survive, when compared to pinoys/prcs

 

[sunzoner]

then we will have to starve to death or you will see riots and fights breaking out in Singapore (survival of the fittest) which i think most Singaporeans will not survive, when compared to pinoys/prcs

Foreigners will leave singapore in a crisis. Or do you believe the fairy tales about people who choose to be PR here for 10/20 years and never takes up citizenship being here because they loves singapore and want to go through thick and thin with it?

 

[Haagen Diaz]

Foreigners will leave singapore in a crisis. Or do you believe the fairy tales about people who choose to be PR here for 10/20 years and never takes up citizenship being here because they loves singapore and want to go through thick and thin with it?

I agree with what you said.

In future, food will become scarce, I'm very sure that the foreigners will leave Singapore for their own homeland to plant their own crops to feed themselves. What about singaporeans? I think the SG govt won't be able to feed the singaporeans as Spore dun have farming landscape as it is very limited in space.

Will Sg govt be able to afford to order food overseas to feed singaporeans? I dun think so. The reserves won't last forever.

 

[Haagen Diaz]

yeah but you have to realise that japan is not very much welcoming to foreigners. robots are their next best choice, because with low rates of immigration there is no other way to boost their population figures.

so between robots and foreigners, who would you rather?

Sorry for overlooking it.

U're correct to say that Japan is determined to preserve Japan culture, which is why foreigners are not very much welcome.

Depends on what kind of robots and to determine how much we control the robots or to let robots be semi-humans.

Japan is the first country to develop robots rather than to welcome/increase the numbers of foreigners.

 

[Providence]

Robots will be needed as time passes due to the technological advancement. I guess robots will be the solution to the lack of manpower in a country. I can say the robots will become numerous in the future around the world.

 

[Haagen Diaz]

Robots will be needed as time passes due to the technological advancement. I guess robots will be the solution to the lack of manpower in a country. I can say the robots will become numerous in the future around the world.

Hmm...I'm afraid so. Sigh. Many people protest at the White Paper so it could be more likely that robots will be "imported" from Japan to solve the aging population.

What if the robots break down during the service to people?

 

[My Little Diary 88]

What if the robots break down during the service to people?

You can change the robots.

The robots cannot change you.

 

[stevetan2010]

Sighzzz..... no robots overuse is also an addiction akin to be addicted to cheap labor. Too much cannot too little also cannot.

You expect all the humans to magically have jobs? Anyway too far fetched liao. Unless there is another big big cold cold war which spur countries to devote a MASSIVE amount of their money to research new war weapons or machines, it will still be donkey years from realising this dream.

 

[rebeccasu4]

Sorry for overlooking it.

U're correct to say that Japan is determined to preserve Japan culture, which is why foreigners are not very much welcome.

Depends on what kind of robots and to determine how much we control the robots or to let robots be semi-humans.

Japan is the first country to develop robots rather than to welcome/increase the numbers of foreigners.

Haha nah don't worry about it. Yup, it seems like Japan is, thus far, the only Asian nation adamant about its stance. Even South Korea is starting to open its gates to foreigners.

 

[Haagen Diaz]

Rise of the robots: Machines capable of replacing human workforce | Metro News


It was once just a prophecy of Hollywood’s wildest sci-fi blockbusters but a world where robots take charge of everything from law enforcement to schools may soon become reality.

Three Johnny 5-lookalike robot guards are about to clock on for a month-long trial at a South Korean prison. They are trained to look out for the threat of violence and suicide and experts predict this is the beginning of a society where mankind rubs shoulders with machines.

The 1.5m robots, which cost £553,000, have four wheels and the ability to speak. Kitted out with cameras and sensors, each telepresence droid is programmed to analyse sudden unusual behaviour.

They are also a point of contact for inmates and can facilitate conversation with human guards from afar, using their built-in cameras. The trial will be carried out at the jail in Pohang, south-east of Seoul, from March.

South Korea is keen to blaze a robotic trail, with £415million spent on research in the sector between 2002 and 2010. But across the world, the hunger for mechanised help is soaring.

A recent study by the International Federation of Robotics revealed 2.2million service robots for domestic use were sold in 2010, up 35 per cent on 2009. The same report estimates sales of domestic robots could reach more than 9.8million units between 2011 and 2014.

Dr Stephen Prior, a robotics expert from Middlesex University, says predictions of a world infested with robot servants could finally be here.

‘There have been a lot of false dawns when it comes to the rise of robots but this is a lot more realistic,’ he says. ‘We could be looking at robots that patrol your house’s entry points or organ transplants could be picked up from the roof of one hospital and delivered to another.’

Earlier this year, Matilda, a robot designed by Rajiv Khosla at La Trobe University, Australia, was unveiled as one of the first to read human emotions. Its eye cameras develop a live emotional profile of the person sitting in front of it, and then process the meaning.

In the future, robots with facial-recognition technology may be better at reading humans than humans, argues Kevin Warwick, professor of cybernetics at the University of Reading.

‘Humans tend to trust people, while robots would look at people in a more technological way,’ he says. ‘They could be used as protection in schools, patrolling the grounds, or used to patrol supermarkets. The idea of robot policemen is not out of the question, especially in riots.’

Robots to assist the elderly and disabled are also undergoing huge development. Last month, Toyota unveiled its Partner Robot series. Each robot has high-speed, high-precision motor control, highly stable walking-control and sensor technology that detect the user’s posture, as well as their grasping and holding strength.

Medical robots are also on the horizon. Last week, the European Commission announced the EU-funded Robocast project as a breakthrough in robotic neurosurgery.

The robotic hand for keyhole surgery is capable of 13 types of movement during surgery, compared with a human’s four. It also reduces hand tremor tenfold.

Recently, Japanese robot-maker NSK unveiled a robotic guide dog fitted with Microsoft’s Kinect 3D-sensing peripheral cameras.

But if Hollywood’s droid-filled future is being realised, we shouldn’t dismiss the fictional foibles of a mechanised world. ‘In 50 years, robots could be more intelligent than we are,’ warns Dr Prior.

‘What happens when it doesn’t want to listen? It’s like creating a species. You might think you can switch it off but it will know where the switch is.’