WHEN Dr Tony Tan, executive director of Singapore's biggest sovereign wealth fund, warned in July that the world might plunge into its worst recession in 30 years, many shrugged off his remarks as too gloomy.

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Listen to the old man. He is a wizard in finance and a down to earth.people oriented Vice Chancellor of NUS before.

No leh. Before that I already predicted it leh. But no one listened to me.

#3
Who are you ha?

In ST's haste in praising Tony, the newspaper conveniently forgot that what it's sister newapaper (Business Times) reported a couple of months ago (article below). The "deep recession" is just one of 3 scenarios. Adopting ST's logic, it effectively means that Tony will be "prohetic" no matter what happens to the economy!!!

Typical crap stuff from ST!

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Tony Tan's 'worst recession' remark not a forecast
Conrad Tan
25 April 2008
Business Times Singapore

'Pessimistic scenario' is one of three that GIC is working on

(SINGAPORE) Government of Singapore Investment Corp (GIC) deputy chairman Tony Tan yesterday clarified that his remarks earlier this week that the world could be facing its worst recession in 30 years unless policymakers act soon were not meant as a forecast for the global economy.

Instead, they referred to a 'pessimistic scenario' - one of three basic economic scenarios that GIC is working on as part of its risk management, he said.

GIC 'continuously reviews a range of economic scenarios' that can affect its investment strategy, he added.

GIC, which invests Singapore's foreign reserves overseas, is the world's third largest sovereign wealth fund, with an estimated US$330 billion in assets under management, according to Morgan Stanley in February.

Dr Tan, who is also an executive director of GIC, had warned at the inaugural GIC Staff Conference on Monday this week that unless policymakers act decisively, the world 'could be facing a recession which is longer, deeper and wider than any recession that we have encountered in the last 30 years'.

Yesterday, he indicated that GIC is working on three scenarios - an optimistic scenario in which neither the US economy nor global economy suffers a recession and the credit crisis ends quickly; a pessimistic scenario with a deep, prolonged global recession; and a 'middle' scenario in which the US suffers a mild recession but the global economy avoids a recession.

In 'normal' times, there would be a 'central' scenario representing the most likely outcome, with the optimistic and pessimistic scenarios on either side of it as extreme cases, each with a much lower chance of occurring than the central scenario, Dr Tan said.

'However, in light of the current fluid and uncertain times, the probability of the pessimistic scenario, while not the highest, has risen to a level that warrants serious consideration by GIC. That is why I highlighted this scenario at the GIC Staff Conference,' he said.

He did not state the respective probabilities GIC has attached to each of the three scenarios.

read Peter Schiff. He predicted two years ago that this would be a very serious financial collapse. There were many others. A spate of such books were out in the market last year, predicting collapse. When I read Tony Tan's speech this April, he was so passe, so stale news. Why are ST reporters so badly informed?

Who predicted that Communism would collapse so fast overnight without a shot fired?

Who dare predict when and how the house of Capitalism will fall and collapse into a heap?

Think harder. Dare to think the unthinkable.

Who said to watch Japan, they lead the pack as they have not recovered since the property bubble burst on them way back in the 1980s, isn't it?

A precusor for the world to follow, isn't it?

Sub-prime property burst in the US is a natural progression of that precusor, isn't it?

What is next? Think. Think harder.

Some will soon be predicting/writing that the global economy will recover in 3 years' time. Others will predict/write that there will not be a recovery in the next 3 years.

In the end, some will be 'right' and others will be 'wrong'.....in 3 years time.

Bill Gates expecting worldwide food shortage, that's why he build a doomsday seeds vault, anybody take heed ?
Perhaps that he knew this hibiru is for real.