Ladies and Gentlemen,
It has been reported lately that the already gravely ill 90 year old Singapore strongman is now almost half dead if not entirely. It does not take any intelligence to understand that he will go very soon. It has been reported that he has had two strokes lately and is greatly emaciated and has not been seen in public for some time.
The question that Singaporeans in their HDB government owned highly priced apartments overly inflated through government sponsored misinformation through their state controlled press, and the foreign investors who have been responsible for the housing and economic bubble is, what happens next.
Remember the island economy is very fragile dependent almost entirely on financial services most foreign owned.
If I was to advice Singaporeans, this is what I will say. The wisest thing for you to do now is to liquidate your assets in the island in haste, sell your HDB flat, take your assets out and transfer it into any other stable foreign currencies. If possible move abroad for settlement with your family. As each day passes the danger of a total economic collapse increases.
When that fateful day comes, which it will and very soon, you don't want to be the one holding the baby.
As for foreign investors who have assets in Singapore, the best thing to do now is to sell and move abroad without any further delay.
I expect once Lee Kuan Yew dies, the island economy will collapse. His son whom he had placed as Prime Minister does not command any respect either from the locals or the international community.
They look at him as nothing more than his father's son. If he has managed to rule this long, it is only because his father is still alive; not on account of his credibility. He lacks the experience or the stature of his father, not even one tenth.
He hasn't had to fight the British, the Communists or anyone else. In fact he hasn't had to fight anyone, not even political opponents. By the time he became Prime Minister the people of the island were so completely subjugated and enslaved, they were, as they are now, incapable of complaining about anything.
Furthermore, Singapore island does not have an established practice and procedure of government. The Constitution no longer controls since Lee Kuan Yew had completely done away with it.
There are no longer the rule of law, free and fair elections, or a free press. For 50 years Lee Kuan Yew has ruled by dictate alone. It was a system where he decided whatever should be done and the people just obeyed.
And with his son being appointed Prime Minister the system of government continued the same. He published whatever new rules he decides in the state controlled press and the people blindly obeyed, as they did with his father.
The question when Lee Kuan Yew will die next week or the week after is, what happens next. Since there is no longer any established Constitution to decide on the type of government, is his son simply going to do what ever he wants even after his father's death? This I am not sure.
If Singaporeans were content to merely obey whatever Lee Kuan Yew throws at them, it is because it was Lee Kuan Yew and not some one else. Once he dies it is highly in doubt whether Singaporeans would be prepared to blindly obey the son.
When that day happens, I expect a sudden instability in the politics and a sudden drop in the economy. Singaporeans will then begin to question the government even more. If you did not see street protests before, you are going to see it now.
Lee's son may try to deploy the army to restore order, but it will only backfire and precipitate a total collapse. Singaporeans will flee the island and there will be no one left.
The already massive brain drain to Australia will become a flood, leaving behind only those can't. The ones remaining will be the noodle seller and the Chinese organ grinder.
The opposition politicians, if you call them that, are going to jockey for control. Problem is, since there are no real leaders to speak of, since every single government minister is merely a handpicked minion for Lee Kuan Yew, not one of them will command any authority as Ministers.
For instance I have no respect for Teo Chee Hean the Deputy Prime Minister now and neither will I have any respect for him after Lee goes. I consider him as well as every other Lee Kuan Yew Minister as nothing but a minion who does the job just because it enriches them.
I wonder where they will be when the island economy collapses. I have grave doubts whether they would even remain within Singapore.
When Lee Kuan Yew dies there is going to be a total collapse of the economy. The Singapore dollar will lose all value. Your HDB flats will be worth nothing. If you had any investments, they too would be worth nothing. Foreign companies who have invested in Singapore would lose all value in Singapore dollars. The only ones who are safe are those with assets in foreign currency.
Perhaps after some time, the situation may stabilize or perhaps it may not. It is a very small economy with almost all it's economy dependent on foreign investment. The government has tried to re-assure people by saying it has large reserves. I wonder what the deserves can do in such a case. Foreigners will naturally abandon the island first.
I strongly advice Singaporeans and foreign investors to sell now and clear out before it is all lost. HDB flats owners, who mostly have no other assets other than their government owned flats, are going to be hardest hit when their entire savings would evaporates into thin air. The writing of gloom is on the wall. It is wise for you to see it.
If there is one biggest mistake or a criminal act Lee Kuan Yew has made, it is this. His failure to put in place a system of government to ensure a smooth transition at times such as this. And his biggest crime was the dismantling of the Singapore Constitution.
Perhaps I am painting an unduly gloomy picture. But whether it is or no, is it a risk you are prepared to take?
Attorney at Law
A Singaporean in Exile
Fremont, California USA
Tel: 510 491 8525