1150 hrs August 4th 2005

I just read

that Singapore's Household debt

per capita

is 170%

That makes

households in Singapore

the most indebted families

in the whole bloody world.

We are living

way beyond

our means.

Our lifestyles

are financed

not with cash,

but borrowings.

Alot of this

can be traced,

to high cost of

property,

which feeds into

high cost of living,

nothwithstanding

high mortgage payments

making Singaporean families

highly indebted.

We owe more

than we earn

as a country

minus the government.

There are two ways

to reduce household debt.

Either

we drastically increase

our incomes,

which I cannot see how,

as a already expensive

workforce,

or we drastically reduce

our debt,

which means

asset sales.

Can't see how

can prices of property

go up.

Given this economic scenario,

the government

reduced property downpayment

to 10%

Getting more people

to buy condos

sucking up the over supply

built by developers

in the last 5 years,

in the process

increasing

our debts,

when asset sales

is the only way

to go.

Blind faith

in the government

is gonna bankrupt you.

But what the fuck,

they'll bankrupt you

for saying that

anyway