By Increasing the minimum sums and postponing the draw down age, the Government had actually defaulted on her loan obligations:
From Wikipedia:
“In finance, default is failure to meet the legal obligations (or conditions) of a loan,[1] for example when a home buyer fails to make amortgage payment, or when a corporation or government fails to pay a bond which has reached maturity. A national or sovereign default is the failure or refusal of a government to repay its national debt. “
From first July the minimum sum to be increase to $155,000. The minimum sums was first started in 2003 at $80,000 and steadily increased by years to $155K as according to them to keep up with inflation and the high standard of leaving. Readers how they brainwashed us; Are they stupid or are they Down syndromes : you keep our money and keep postponing what is there of inflation when we have 0 cash to spend , where 80% could not meet the minimum sums.
Clear cut they do not want to admit they have defaulted. They pay us interest of 4% technically they owe us money. Usually for the defaulters they will postpone the draw down date but this is worse . They set the limits how much you can withdraw when your draw down age come that is 55. Remember when bank in problems, they set a limit how much a customer can withdraw, this are exactly the same. They are behaving like a banker having cash flow problem. For years they always treat us as daft, they taught by giving this technical term mambo jumbo “minimum sums” we would be fool and hook wink to believe it, but actual fact exposed them, that for years they have mismanage the fund.
They are in a desperate situations as they know majority cannot meet up the 155k, but they insist, this show they are in a dire state; The holes getting bigger.
Let us look at how these people who they claimed to be brilliant, how they performed:
“Read that Temasek Holdings' investments slumped by more than S$40 billion in the crisis. On the other hand, my overall investment portfolio actually gained about 10% from start of Crisis in 2007 to date. “
http://www.masteryourfinance.com/web/index.php?option=com_content&task=v...
Temasek Holdings lost USD 4.6Billion dollars in a single transaction - named the worst performance.. yet do you hear anything here in Singapore? What do you think
Temasek Holdings & Bank Of America - One of the worst investments in this period!
“Temasek is Olam’s second-largest shareholder, with a 16 percent stake that has lost more than $100 million in value since Nov. 19, when Block’s Muddy Waters LLC first questioned the validity of the company’s finances and said it was betting against the stock. Temasek is also the biggest shareholder in many of the country’s best-known companies, including DBS Group Holdings Ltd. (DBS), Southeast Asia’s largest bank, Singapore Telecommunications Ltd. (ST) andSingapore Airlines Ltd. (SIA) “
How about chartered Industry? Thailand's telecoms, Australian's ABC schools and many many more.
As we can seen they hand burned our cpf's moneys. They just do not want to admit their stupidity. How long will these go own? 20 million populations? LHL should stand in front of the mirror and admit he is stupid, Lhl , is the dumbest PM we ever had.
Thus readers, from here we can see, that the government had defaulted on her loan obligations. We are nation of bankrupt ; bankrupt of ideas and moneys, as long as we have clowns running this country.
Aziz kassim
TRS Contributor