Analyst was saying that Singapore budget could increase by 10 billions dollars..whopping sum.Speech by SM Goh Chok Tong...
"If all of us go into a power save mode, then the economy will really go into a recession! This is what economists called the Paradox of Thrift. If you have sufficient savings and can afford to spend, you should continue to spend on life's little pleasures.
"Take your family to the movies, shop, dine out at restaurants and hawker centres, go for your regular foot massage, indulge yourself at a spa, take a taxi, donate to charity and so on.
"This way, we keep the economy going. In fact, I would say when times are a little slow, you could get the best bargain," the senior minister said.
Mr Goh, who is also the chairman of the Monetary Authority of Singapore (MAS), assured those who bought structured products linked to failed US investment bank Lehman Brothers that the country's central bank is looking after their interests.
He explained that the MAS cannot announce every action that it takes because of market sensitivity.
Mr Goh said: "MAS has to be measured in its actions and statements because what it does has long-term implications on the confidence of investors in Singapore.
"To be fair and transparent to everyone, MAS has to communicate to all investors at the same time through public press statements. Hence, MAS cannot reply to any particular group of individuals or individuals who write to MAS on what it intends to do."
Yes, we shouldn't save and not spend..of cos spend within our means..but where to get the money? Also should the civil servants and government take a pay cut?
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