Pray, There Is Calamity Everywhere...
Pray, for there are calamities everywhere! Every morning when you read your newspapers there are more gloom and doom. Singapore is supposed to have several great years ahead including 2008 but we cannot be sheltered being an open and export oriented economy. Not having a hinterland like Hong Kong has in China does not help. We are in uncharted territory. What we are seeing now is unprecedented. The train has gone off the rails! American capitalism has failed big time and Singapore is in a technical recession. Confidence has been completely eroded, fear has taken over, markets are irrational and the American consumers have stop spending surely to be followed by the Europeans but then American consumerism is driving the world economy worth some USD 8.5 trillion for 300 million people as compared to China's USD 1 trillion for 1.3 billion people and India's USD 600 billion for 1 billion people. Some people even predicted that America's sole superpower supremacy will...