Ladies and Gentlemen,
The Singapore economy has already begun to take a beating. The downward slide has begun obviously on news of Lee Kuan Yew, the personification of Singapore itself, struggling for dear life in a coma on life support in a hospital ward. By all reckoning, he will not recover.
According to the state controlled Channel News Asia report of 4 hours ago, the official line is that "his condition is largely unchanged" meaning he is still in a coma and struggling for his life. Please see http://www.channelnewsasia.com/news/singapore/lee-kuan-yew-s-condition/1698354.html.
He has been in that state since Feb 05, 2015 and since then this secretive government who decides what you should and should not know, has released to date only 3 reports of a couple of sentences, which has not said anything of substance.
Unfortunately for Singapore, despite all the miraculous achievements attributed to him, such as creating an Alice in Wonderland country replete with manicured laws, the death penalty and criminalized chewing gum, he obviously missed out the most important requirement; establishing the necessary institutions to ensure smooth transition of government after his demise. In other words democracy.
Instead he put his clueless son at the reigns for whom no one has any respect or any interest. Reading the state controlled press, he has resorted to writing messages and showing selfies on Facebook to try to endear himself to the ever increasing anger against him.
And all he is capable of doing is to sue you for defamation in Kangaroo courts if you disagree. Roy Ngerng, is the latest victim of his Kangaroo Courts for questioning his running the state retirement fund.
And everyone else who hangs around as ministers and government officials are mere scholars and toadies who do it for the millions they receive, instantly commissioned with powers to pontificate over their helpless subjects thanks to Kangaroo Courts and their Internal Security Department.
This is not the way to secure a stable and prosperous future for any country and as we all expected, when Lee Kuan Yew goes, there goes Singapore, because no one knows what is going to happen next.
Will the son deploy the police and army to keep order to silence the inevitable and unstoppable growing discontent? Will he prevent Singaporeans and foreigners taking their money and fleeing abroad? Will he prevent the citizens from cashing out their CPF (retirement ) funds and leaving?
Foreign companies have invested in Singapore because of its stability under a dictatorship; there is cheap helpless labor force without a voice and no minimum wage to boot and a Kangaroo Court system which will protect their interests against any locals daring to complain.
Now since it is pretty certain that Lee Kuan Yew, the main figure in the island is about to expire, they are not certain what will happen next. So they pull out their investments in quick order if they have not already done so. Once that happens everything else will collapse.
In fact the downward slide has already begun. Bloomberg News of March 4 reports that the Singapore dollar falls to a 5 year low. See http://www.bloomberg.com/news/articles/2015-02-05/singapore-s-dollar-to-fall-to-5-year-low-on-easing-survey-shows. Xinhua News of March 4, reports Singapore stocks down 0.59 pct. Please see http://news.xinhuanet.com/english/2015-03/05/c_134041769.htm. Channel News Asia, the Singapore state controlled newspaper of March 05, 2015 reports that HDB (government housing) prices fell 0.6 in February. Please see http://www.channelnewsasia.com/news/singapore/hdb-resale-prices-dip-0-6/1696560.html
Because Lee Kuan Yew's Singapore like North Korea tightly controls the news, it is impossible to know the full extent of the drop in the Singapore economy consequent on Lee Kuan Yew's state of health since February 05, 2015 and the probability of his death any time now.
Perhaps property prices have dropped even further, perhaps citizens have already begun demanding their retirement funds now lest it becomes worthless, perhaps the banks are now seeing increasing withdrawals. And perhaps the Singapore dollar has fallen even further. And perhaps none of this is being reported because of the fear of creating a panic among their citizens.
If I had been now physically within Lee Kuan Yew's Singapore and had written this report, I would have been immediately arrested charged with sedition and treason and more. That is all a bully like Lee's son is capable of doing. But this article is being read in the island and they are entitled to read it if they want. What is more, it correctly describes the state of events now in Singapore with Lee fighting for his life as is the plight of dictatorships all over the world when dictators go.
Singapore has now entered the most interesting part of its history, no doubt about it. All is left is to watch the fireworks.
Attorney at Law
A Singaporean in Exile
Fremont California USA
Tel: 510 491 8525