Wednesday, 24 August 2011

Does Dr Tony Tan really have the economic and finance brain for the coming crisis?

When the West is looking for China and India for solutions for their economic and financial problems, does Tony Tan have any knowledge about these two countries?  All we know about is his unimpressive performance at the GIC.

We know Goh Chok Tong knows something about India and Lee Kuan Yew is recognised by the West to be a Chinese expert.  But there is no mention of Dr Tony Tan having any special knowledge on these two countries.  In the TOC’s Face to Face, he even could not remember a famous phrase of Mao and quickly pronounced he was not a …

For the past 30 years, Dr Tony Tan is associated with the economic success (as well as the setback) of Singapore. We are one of the most successful models for capitalism in the world, even the west is very envy of us.  Our latest attempt to boost our economy is still a continuation of western model and will result to even bigger gap between rich and poor.

The West now acknowledges the shortfall of their economic strategies and options of the past and is looking for new solutions, including inputs from the East and Latin America

New model for Singapore but can he contributes?

In his speech at SMU Dr Tony Tan recognised that Singapore has reached a level that we need to seek new model and route for our economy.  However, his western trained knowledge in finance and economic may not be suitable for future Singapore.  Instead, it could be an obstacle and provides wrong advices just like what he did in the GIC.

He said he was an experienced hand in the financial world and claimed that he would be the best candidate to handle an economic storm.

“With my background in these areas,” he touted, “and with the knowledge which I have of the financial market, and the global economy, I believe that I will be able to make the contribution to and help the government and the ministers…to understand the situation better because I worked in these fields for the last 20 years.”

His offer at the lunch rally is another western solution

He is going to speak at the lunch rally on economic situation and jobs.  Again, from the western perspective, I think and I believe.

Do we still need an outdated western model to solve today’s economic problems?

And even you want to go back to the fundamental, for Dr Tony Tan, his fundamental is his western education.  No wonder he only knows how to invest in the USA, however, even his US investments do not generate good income for Singapore reserve.

So when the wave is moving to the East, how can Dr Tony Tan help Singapore to benefit from the wind change?  If the government takes his advice and the reserve will 输得更惨 (loses even more money).

Dr Tony Tan’s strength in economic and finance after all is not a great deal and Singapore will not benefit for having him as President.  Furthermore, he is only professionally trained in physics and mathematics.

A western trained economist with the understanding of the East can give and provide better solutions to Singapore, not Dr Tony Tan if we really need one.

However, within Singapore, we need to look for a caring President. It is better for voters to put on a pair of glasses to look for a heart – a missing heart hiding some ways in the past 50 years. 

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