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道,领导也。领导必需要不断呼唤,教导下属以及以身作则。下属的过和错皆因领导懒惰。

 
 
 

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A looming financial collapse that could be worse than 1932-1939  

2014-10-19 17:05:01|  分类: Economics (Unto |  标签: |举报 |字号 订阅

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       Oct 19, 2014, I walked by UOB branch at Bedok. I saw several young pretty ladies standing outside the bank. A young lady, a personal finance executive approached me. She said, “Do you have a bank saving account?”

I replied, “Not with UOB bank.”

She asked earnestly, “You can open a saving account with UOB. The current saving rate for other banks is only 0.25%. Meaning, if you were to save $200, at the end of the year, you earn only 50 cents as interest. UOB now offers you 3% instead of 0.25%.”

I interrupted, “Why would UOB offer such a high saving rate?”

She explained, “You have to keep it for five years in order to enjoy this saving rate.”

I said, “To keep it for five years and not being able to withdraw my saving for five years. This is going to lock up my savings for five years. No! 3% saving rate is a trap.”

While walking away, I remember clearly OCBC banks successfully raised a S3.3 billion rights issue in late August this year. Yes, OCBC had successfully moved a large portion of its S$3.3 billion from the other local bank saving accounts. This time, UOB bank is trying to move some of the savings from OCBC bank to replenish its severely weakened cash position.

Sometime in late July, I wrote to those who are very near to me to watch out the looming 7 bad years which is going to be worse that the 7-year period of the year 1932 to 1939. Why it could be worse? This is going to be a triple whammy! First, the stock market shall crash, next, the property market and lastly, the banks shall collapse.

Whether you see the logic in my prediction, UOB bank putting in so much human resource to lock in savings for five years manifests its severely weakened cash position. This means, it is dangerously near to collapse. This does not mean, the other local banks are not in the same situation. Only time, need only less than one year will tell whether my prediction is going to be right or not.
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