Category Archives: Budget
I am very pleased that Jeremy has set out in writing his reasons why he disagrees with my proposal for the privatization of Temasek and GIC and the distribution of shares to Singaporeans. I hope we will see more of his ideas on this subject or anyone else’s for that matter. Unfortunately Jeremy’s disagreement seems to stem from a basic misconception and a failure to grasp what the process of privatization and public listing of a previously nationalized asset entails. As he has misunderstood the process much of what he has written makes little sense.
Before we get into that mess let’s start with areas of common agreement. Happily we both agree that there needs to be more transparency. However Jeremy seems to accept the government’s own figures for its budget surplus which I most definitely do not. Our government’s budget figures are not set out in the format described as ‘best practice’ for governments by the IMF and in general use by advanced democracies worldwide. As a result our budget contains discrepancies which makes it impossible (even for me) to decipher and gauge true values. I first alerted Singaporeans to these discrepancies in 2012 here.
Jeremy also agrees with me that one possible way to achieve transparency without privatization and public listing and distribution of shares is the Norwegian model, where the SWF is required to achieve an extremely high level of transparency and is responsible to Parliament for its performance each year. I’ll come onto Norway later because Jeremy gets mixed up by that as well.
Jeremy worries that $6 billion a year of extra spending is being unduly profligate and talks about finding savings in the defence budget to pay for it. This is despite my pointing out that the true surplus in 2012 was at least $36 billion. I also pointed out that even the Net Investment Returns Contribution of $7 billion which is supposed to be allocated to current spending, in fact went straight back into the reserves. The savings to be made in the defence budget are miniscule compared to the surpluses and the amount MOF likes to give away to other nations. In any case I contend that we should be increasing our spending on defence in line with the rest of Asia not reducing it.
I was completely confused by Jeremy’s contentions that privatization (allowing public listing and trading in the shares of our SWFs) would not bring about transparency and accountability and wondered why he brings up the global financial crisis of 2008 as having some relevance to my proposals. I do not see how this is an argument that listing the shares of our SWFs will lead to less transparency. Also why would Jeremy would have brought up MERS as an example? MERS (which stands for Mortgage Electronic Registry Service), is an electronic registry operated by a privately held company (MERSCORP, Inc.) designed to track ownership rights and mortgage loans in the United States. Since this is a privately held company it is not listed on a public stock exchange.
Could it be that Jeremy simply didn’t know what is meant by the term ‘privatization’ when proposing that we allowing public listing and trading in the shares of our SWFs. As his arguments make no sense I am guessing that Jeremy has confused the process of ‘privatization’ with privately owned or he may here be thinking of private equity buy outs. Jeremy is fiercely refuting a proposal that was never posited in the first place.
I don’t see how he could have made this mistake. I even give Warren Buffet’s publicly listed company, Berkshire Hathaway as an example of how transparency is a spur to better performance in my original article.
After mixing up private and publicly listed and so forth Jeremy says that transparency did not prevent the global crisis of 2008. Here Jeremy is correct. But did I say transparency would somehow prevent financial crises? No, I make no claims for transparency by itself. I do not say that it will prevent future financial crises. The cause of that crisis was indeed not a lack of transparency. If anything there was too much data, as Nate Silver makes clear in his excellent book, “The Signal and the Noise”. The problem lay in the interpretation of that data and the conflicts of interest to which certain key institutions like rating agencies were prone. These examples of willful blindness to the fallacies in the analyses by ratings firms were then compounded by the mistakes of policy makers, at least in the initial stages, which almost brought the global financial system to its knees.
There is no argument to be made that a public listing will not bring about a much greater level of transparency. Of course it will.
How about accountability? At present there is very little information available to judge the performance of our SWFs. We do not even know what the real level of assets is. What we do know is that historically there is a strong statistical correlation between the level of secrecy in an organization and the likelihood of mismanagement or fraud.
Privatization and the disclosures that would be necessary if the SWFs were listed would make it much easier to identify underperforming management. It would provide a spur in the side of management, to use LKY’s favoured term. Accountability is like everything else- we have to demand it.
By listing Temasek holdings and GIC, shareholders would be able to vote against the re-election of the board or individual directors at the company’s annual meeting if they felt that the company was underperforming. It is notable that no heads rolled after both Temasek and GIC lost a significant percentage of their value, even though they claimed to have recovered their losses remarkably quickly.
Having to publish regular audited accounts would also allow a spotlight to be shone on the way the management of these companies value their positions. I believe that Singaporeans want to know how the PM’s wife is doing and to be able to move her on if her and her team’s performance is subpar.
Of course just as transparency doesn’t guarantee good governance so even a public listing might not prevent fraud altogether. UBS, in which GIC invested so much and lost most of its investment, is a good example. On balance, if our assets are being squandered and lost through poor investment decisions then I would rather know than not.
Nevertheless a system that allows the government and the managers of the SWFs to transfer assets into the fund at grossly undervalued levels, see “Has Temasek Found A Cure for Balding?”, is one where one should be suspicious of the performance claims by management. Notwithstanding the fact that the current CEO of Temasek got her job purely on merit, as our State-controlled media frequently remind us, privatization would also ensure a separation between management of our SWFs and the government, which is necessary to fulfill any standard good governance requirements.
Jeremy agrees with me on Norway but after that his ideas fall down because he has failed to grasp the fundamental difference between Norway’s situation and that of Singapore. The Norwegian fund has been built up by taxes and royalties on the earnings from the exploitation of the country’s gas and oil reserves. As these are exhaustible resources that, by definition, cannot be replaced, there is a strong argument that they should be represented on the nation’s balance sheet as an asset. They belong not just to the current generation of Norwegians but also to future generations. As they are used up, they should be replaced by financial or real assets such as infrastructure investment. The current generation should only be able to draw on the income from those assets.
Singapore is a different case entirely. The assets of our SWFs represent forgone consumption by present and past generations of Singaporeans. There were no resources that were used up to earn those assets only sacrifice and austerity by Singaporeans past and present. In other words, the sweat of your grandfather’s brow, people being denied medical treatment that is freely available in most other advanced countries and our old people, the disabled and those in single parent households having to live in hardship. I could go on but I have made the point repeatedly that our people live in wholly unnecessary austerity to accumulate surpluses that will never be spent even if they are not frittered away through poor investments.
There is no obligation to pass on these assets to future generations and it should be up to individuals to make their own decisions as to how much they want to leave (in economics we call this their intergenerational time preference function).
One can say with certainty that with productivity growth averaging at least 2% per annum in advanced countries like the US (though maybe only half that in Singapore due to the PAP government’s preference for cheap foreign labour over automation) that future generations as a whole will definitely be much richer than current generations. Likely technological advances may raise this productivity growth by several orders of magnitude.
Thus it is difficult to make a case as to why the state needs to maintain a reserve beyond what is needed for genuine emergencies or to defend the currency. At the moment the MAS has to hold down the Singapore dollar to prevent our currency appreciating too far and making our economy even more uncompetitive, so arguably it does not need to hold excess reserves. In a succinct and admirably clear article (see here) Andy Wong also supports the contention that the reserves are much bigger than they need to be. Furthermore it has not been explained to us why we need to go on accumulating assets at the same rate nor why the PAP government is so anxious to keep postponing the CPF withdrawal age and the minimum sum.
We can think of Singapore as being like an enormous hedge fund, though apparently with only subpar returns. A few government functions are added on, though one day a future government might want to divorce itself from the people entirely and just keep the assets! As a hedge fund, it is in an admirable situation compared to the rest of the industry. This is because it can coerce its investors into keeping their money in the fund and make withdrawals more and more difficult. I am sure a lot of real hedge fund managers would like a similar situation.
This brings us of course to a further reason why the current situation is so unfair to the present generation of Singaporeans. If there were no immigration then future generations would be the descendants of Singapore citizens today and one could argue that to retain a substantial pool of assets in the state’s hands for the benefit of future generations at least had some merit. As an economic liberal who believes in individual choice, I would still prefer those decisions to be made by the individual.
However, the PAP government seems determined to dilute the current generation’s stake in the SWFs by enfranchising millions of new citizens. It has been suggested that the underlying reason behind this is to maintain its grip on power. While it still has control over the people’s assets it has an enormous carrot to use to induce foreigners to become citizens and to bribe them once they do so. We can already see that happening in a limited way with the foreign scholarship programmes that our SWFs have set up.
Thus, while I would support some form of progressivity in the distribution of shares to try and ensure that more of the assets go to those at the bottom of the wealth distribution in an effort to promote genuine equality of opportunity, as opposed to the present fake meritocracy, I do not see any rational argument why the bulk of the assets need to be held back by the state as Jeremy advocates. His self-confessed collectivist bent is not radically different from the PAP’s and does not represent genuine reform. Despite saying he wants more transparency he seems to favour keeping the status quo. While he may feel that readers may be impressed by his knowledge of simultaneous equations from O Level Maths, it does not really buttress his arguments which have shaky theoretical underpinnings and some serious fundamental errors.
Nevertheless it is great that he has come forward to provide a rationale and hopefully we can have more reasoned debate in the future. As Jeremy is an SDP policy author, the more common ground we can establish now the better.
Mr Tan Kin Lian has previously written twice about the constitutionality of the loan that Singapore made to the IMF. He is kinder than me in his writing style but he comes to the same conclusions. And this is a man whom the select panel deemed fit to run for President of our Republic! He thinks the loan was unconstitutional and he wants to help me appeal it on behalf of all Singaporeans.
On July 07th 2012, Tan Kin Lian had raised the issue of constitutionality of the loan here:
Of course he did. As an EP candidate how could he keep quiet? He said, “I am surprised that MAS would give the above type of explanation – as it seemed to defy logic and common sense.”
On July 12th 2012 he wrote an open letter to the Straits Times forum. Here is some of what he said:
” I am. therefore, amazed by the arguments put forward by the Monetary Authority of Singapore that the pledge given to the IMF, as it now stands, did not breach the Constitution. If the position of MAS is correct, it is better for the Constitution to be re-written to reflect the position taken by MAS.
A few days back there was a comment posted on my blog by @Lengyiren drawing my attention to a posting on www.gov.sg saying that the government had rebutted my claims about the reserves. The link to the so-called rebuttal is http://www.gov.sg/government/web/content/govsg/classic/factually/factually-041012-istheresomethingwrongwithourreserves.
This portal is maintained by the brave people at MICA who defamed me in the WSJ by claiming that I had misrepresented basic facts about my father’s bankruptcy and ensured through their control of the media that their version was printed while my right of reply was denied. One can see the MICA trademarks of sloppy editing and elementary grammatical mistakes such as saying “are flowed to” instead of “flow to”.
Actually they do not mention me directly referring instead to “some online postings.” And in fact since it was Christopher Balding and not me who made the mistakes to which they refer, perhaps the post was solely directed at him. Nevertheless I felt it important that I respond lest readers think that I am guilty of the same errors.
Read the rest of this entry
I have highlighted articles from blog spot Article 14 previously on Rethinking the Rice Bowl. ”Subra” states on his blog to be a Singaporean lecturer in law here and he clearly has the talented teacher’s skill of setting out complex subject matter in a simple, easy to understand manner. Several very good reasons why everyone should read his latest article: http://article14.blogspot.co.uk/2012/09/everybodys-talking-about-talking.html But he has added a twist that I didn’t notice.
National Conversation? LOL, as the youngsters would say. It is just propaganda. The outcomes are pre-decided, the PAP model is rigidly entrenched, it has no parliamentary mandate, it is an exercise in deflecting us away from building a functioning democracy. How much tax payer money will be spent on this PAP propaganda machine? It’s not even an election campaign period so doesn’t come out of their own party coffers.
Personally for me the National Conversation is a continuation of the National Silence that I am so used to. Well, until Jim Sleeper of Yale started to make a bit of noise that is. No sooner had he posted an article detailing how I was excluded from National University forums, the National televised debates for GE 2011, National Media and so on than an invite arrived to appear at a forum from the earnestly co-opted NUSSPA. Thanks Jim! I am sure Jim causing embarrassment from Yale is also behind the sudden magnanimous decision by the PAP to accept Soon Juan’s offer of a $30,000 payment of his fine. Or the PAP have finally realised that they risk not only embarrassment but the creation of another National Martyr under virtual house arrest in the manner of Aung San Suu Kyi, if Soon Juan is not able to join us in a proposed visit to Yale later this year.
“Let me tell you the truth, as spending increases significantly sooner or later taxes must go up too.” Thus spake the PM in his National Day Rally Speech. Apart from that so-called truism, the NDR speech was totally without interest being the usual PAP message of austerity for Singaporeans ( what the PM calls being tough as individuals) but largesse for everyone else.
Let me tell you, the PM’s truth is actually just one opinion and I believe it is far from the truth. Firstly, we should have enough money in savings to pay for all conceivable heath care needs even with an ageing population. After all in Singapore all health care and the cost of an ageing population is on a pay as you go basis where costs are almost entirely borne by the individual. In fact our population is not increasing, native-born Singaporeans are declining and the New Immigrants are all young. So spending should not be increasing on a scale to make a tax hike necessary.
Secondly we should have enough savings.
The Auditor General’s Report for the financial year 2011/12. arrived in the President’s in- tray in July of this year and is now publicly available. The objective of the report is stated clearly in the mission statement that precedes it.
To audit and report to the President and Parliament, in accordance with the law, on the proper accounting of public moneys (sic) and use of public resources so as to enhance public accountability.”
It’s a long report almost all of it vital and essential but my attention was drawn in particular to Part 1B which is an audit of Government Ministries, Organs of State and Government Funds. Astonishingly the AGO observes that the MOF breached Article 144 of the Constitution.
Under the heading, ” Ministry of Finance, you will find the report headed: President’s Concurrence Not Obtained for Promissory Note issued…..
IN THE SUPREME COURT OF THE REPUBLIC OF SINGAPORE
IN THE HIGH COURT
BEFORE THE SENIOR ASSISTANT REGISTRAR YEONG ZEE KIN
TUESDAY, 21 AUG 2012, AT 9:00 AM, CHAMBER 2-6
9. OS657/2012 KENNETH ANDREW
(L F VIOLET NETTO)
S CHAMBERS (CIVIL
FOR LEAVE TO APPLY
FOR A QUASHING
So, the pre-trial conference for my case to request a quashing order on the IMF loan listed for Tuesday morning, is now in the public arena. The AG has taken what I am told is an unusual step in ‘choping’ the 9:00 am slot. Apparently the more usual form or procedure is to turn up and get in line for a time slot. My guess is that they don’t want any Press hanging around and want to get in and out as quickly as possible. Then again they may just be hoping that the early bird avoids the Wong. That is the Law Society’s Mr. Wong who has a habit of turning up whenever M. Ravi is due in Court or even Chambers. Actually, to be fair to the poor misguided soul, he has given a verbal assurance that he will stop stalking us in future.
With National Day fresh in our minds it is timely to have a quick recap. The PAP may be able to recite the National Pledge but they are oblivious to the meaning of the words and clearly not a one of them understands what ” Democracy” means.
Whilst I continue with my attempts to hold the MOF up to proper scrutiny, we must not forget the discrepancies in our Budget. I have decided to make the following exchange of correspondence available as a public service and an exercise in transparency. It is in chronological order but those of you who find it a bit dull may wish to skip to the end. There I discover another discrepancy and I am still awaiting a response. Unfortunately the Statistics Department have become ominously silent since I drew it to their attention five days ago.
A bit of context:
In February I produced a response to the government’s Budget 2012 in my role as SG of RP.(http://thereformparty.net/about/press-releases/budget-2012-part-one/ ) Naturally this was not published in the MSM or even on TOC. The MSM is a political tool used to isolate me and make the Party look inactive. As for TOC, I guess the editor Ravi Philemon preferred to give prominence to the pro -PAP budget responses of his friends in his usual partisan manner.
I pointed out that the Budget was not set out according to the Special Data Dissemination Standards of the IMF and that vital information was missing, particularly concerning the state of the reserves invested in our SWFs, Temasek and GIC.
After I looked at the government’s Statements of Assets and Liabilities dating back to 2004, I was particularly concerned that the net assets, (after subtracting from total assets government debt held by CPF as well as amounts needed to fund government pension funds and other educational and medical funds) , was much lower than to be expected given the advertised returns of Temasek and GIC as well as the limited information that was available to me on the general government surpluses from 2004 to 2010 from the Yearbook of Statistics.
In order to confirm my suspicions that there were serious discrepancies I wrote to the Statistics Department on 23rd May 2012.
Enquiry sent on:-5/23/2012 4:22:53 PM
Name :Kenneth Jeyaretnam
Organisation :The Reform Party
Nature of Business :Non-Government Organisation
Purpose of Obtaining Data :Internal Research and Analysis
Type of Occupation :Economist
Query :General Government Finance
Years Selected :2005, 2006, 2007, 2008, 2009, 2000, 2001, 2002, 2003, 2004, 1996, 1997, 1998, 1999
Type of Business Statistics :
Types of Industry/Activity :
I received this response.
Dear Mr Jeyaretnam,
We refer to your request of 23 May 2012.
The data breakdowns for General Government Finance are as follows:
|Deficit (-) or Surplus 1|
|Total Revenue and Grants|
|Expenditure & Lending minus Repayments|
|Lending minus Repayments|
|From Monetary Authorities|
|From Deposit Money Banks|
|Other Domestic Financing|
|Notes : Presentation format of the table follows that of the National Summary Data Page (NSDP) for Singapore, which disseminates|
|the data prescribed by the International Monetary Fund’s Special Data Dissemination Standards (SDDS). Data in the table|
|represent a broader definition of Government revenues and receipts than what are permissible for Government spending|
|as presented in each year’s Budget Statement. This is because some revenues and receipts accrue to the Government’s past reserves,|
|which cannot be drawn on without the approval of the President.|
|General government finance includes budgetary and extra-budgetary accounts.|
|Data refer to the financial year which begins in April of the current year and ends in March of the following year.|
|1||Accrues to both current and past reserves and does not reflect budget position of the government.|
|2||Includes land sales and capital receipts (which accrue primarily to past reserves) in addition to taxes and other revenues.|
The data breakdowns for Government Finance are as follows:
We would appreciate it if you could let us know the annual data series you require so that we could check on the data availability and compute the appropriate charge.
Lue Poh Choo (Ms)
Singapore Department of Statistics
I wrote back on 24th May 2012:
Strictly you have not given me any data merely the format in which it is presented. I would like all the data for both categories General Government Finance and Government Finance for the period requested.
Please let me know what will be the cost ASAP.
Their response the same day was as follows:
Dear Mr Jeyaretnam,
We refer to your email of 24 May 2012.
Our Department is able to provide the following annual data series, for your internal research and analysis, at $49.60:
General Government Finance
|Deficit (-) or Surplus 1||
|Total Revenue and Grants||
|Expenditure & Lending minus Repayments||
|Lending minus Repayments||
|From Monetary Authorities||
|From Deposit Money Banks||
|Other Domestic Financing||
|earliest available||latest available|
|Deficit (-) or Surplus 1||1986||2011|
|Total Revenue and Grants||1986||2011|
|Expenditure & Lending minus Repayments||1986||2011|
|Lending minus Repayments||1986||2011|
|Total Net Borrowing||1986||2011|
|Use of Cash Balances||1986||2011|
If you are interested in obtaining the data, please proceed to make payment online viahttp://www.singstat.gov.sg/svcs/payment.html . Please quote your bill reference number (QG25660) when you make payment online. We will send the data to you once we have received the appropriate amount. Thank you.
Wong Pui Mun (Ms)
Singapore Department of Statistics
I replied as follows, again on the same day:
Thank you for your response.
This is very poor. Why can’t I get data from earlier than 1998 for General Government Finance? It’s not as though the government does not have records. What is it trying to hide?
Almost all the data you are proposing to sell me can be obtained online and from past copies of the Yearbook of Statistics so if this is the best you can do I must decline. Also why should citizens and political parties pay for information that should be freely available?
On 25th May I received the following reply:
Dear Mr Jeyaretnam,
Please refer to your email of 24 May 2012.
We would like to clarify that we were unable to provide you with data for 1980 – 1997 as these are not available in our database. We have since checked from other data sources for the data series for 1980 to 1997.
As requested, I attach the following General Government Finance data series for 1980-2010 :
- a. 1980-1997 (please see attached file)
- b. 1998-2003 (please see scanned page1 )
- c. 2004-2009 (please see scanned page 2) and
- d. 2010 (please see attached file)
Wong Pui Mun (Ms)
Singapore Department of Statistics
I wrote back to thank the Statistics Department for their hard work on 26th May:
Based on the information supplied I then wrote to the Finance Minister on 1st June 2012 with some questions but have yet to receive a reply or even an acknowledgement. That letter is on this blog and has been reproduced here and there so I won’t repost it.
Using the information supplied by the Statistics Department as well as the IMF data given me by Chris Balding I calculated that the total general government surpluses amounted to some $429 billion since 1980 whereas our net assets in the SAL were shown as at 31st March 2011 to be about $288 billion. This is bad enough. However, if GIC and Temasek’s claimed returns are not in the surpluses, as Chris Balding believes and has stated then the discrepancies would be truly astronomical.
My next piece of forensic work was to look at the government’s Operational Surplus going as far back as possible to try to isolate the part of the surplus which was due to the SWFs as well as receipts from land sales.
On 2 June 2012 I wrote to the Statistics Department as follows:
Would you be able to email me the data for 17.3, 17.4 and 17.5 dating back to 1970 [Tables in the Yearbook] or thereabouts? If you don’t have data earlier than 1980 that’s fine also. Also can you extend the data for 17.1 further back in time?
I really appreciate the hard work you are doing.
On 4th June 2012 I received the following response:
Dear Mr Jeyaretnam,
We refer to your email of 2 Jun 2012.
We are looking into your request and will respond to you.
Wong Pui Mun (Ms)
Singapore Department of Statistics
My response of 4th June:
Thank you. Much appreciated.
On 13th June the Statistics Department replied with the requested data:
Dear Mr Jeyaretnam,
We refer to your email of 2 Jun 2012. The available data for the requested tables (based on calendar years) are attached below.
Government Operating Revenue
Government Operating Expenditure
Government Developing Expenditure
Wong Pui Mun (Ms)
Singapore Department of Statistics
After I noticed a discrepancy with regard to Operating Revenue I wrote to the Statistics Department on 22nd June pointing this out and requesting an explanation:
Dear Ms. Wong,
Thank you very much for your help in this matter.
I have come across a discrepancy between the figure for 1999 for Operating Revenue given in the YoS 2000 and YoS 2005 extracts supplied by you. In 2000 it is given as 28,619.2 ($ millions) and in the 2005 extract the figure is given as 25,597.3.
Would you very kindly be able to shed some light on this discrepancy?
So far I have yet to receive a reply. I hope there is a simple explanation for it.
In addition I have now been able to do some more work on the figures supplied to me by the Statistics Department and hope to be able to make public my conclusions in the next few days. At the moment I have to say it is not looking good…
Everyone should read this blogger’s latest piece on the constitutionality of the IMF loan and his earlier blog to be found here:
I am very glad that at least one opposition politician, Kenneth Jeyaretnam, is actively pursuing this issue. Based on the response that he has gotten from the President, it is evident that the President’s consent was not sought. Kenneth Jeyaretnam has set out in detail the sequence of events leading up to the President’s response:
I don’t know who Subra is in real life but he describes himself as a lecturer in law ”A Singaporean firmly believing in Liberty, Freedom of Expression and a system of government based on checks and balances.” He not only proclaims a belief in these ideals but unlike our politicians he clearly backs it up with action.
I’m not sure that I agree with his conclusion, after all it is no longer 1997 and the IMF loan is not between us and Indonesia but involves IMF with proscribed standards on transparency which we do not follow. IMF will not be able to act with the contempt that MOF does.
However he points out the method of discrediting my father back then with the PAP accusing him of ”misrepresenting” and mocking or ridiculing him . This is almost exactly the same as the method used by MICA in 2012 in their swift responses to my absolutely accurate letter in the WSJ. Notice in that letter they accuse me of “misrepresenting” and then ridicule me by pointing out, wholly unnecessarily, that the political party I stood for in GE 2011 failed to gain any seats. This was just a method to discredit me.
I seem to remember then that Subra blogged on the MICA rebuttal and pointed out that I was correct and MICA was wrong. Of course MICA know I was right and they were wrong but that was not the point. I have written to WSJ putting my case and denying misrepresentation but I guess their lawyers are afraid and so they haven’t printed it.
For the record I will state that I stand by everything I wrote in that letter, MICA are wrong and if they disagree then let them sue me. Does it matter? Yes. The accusations to destroy my credibility added to by ridicule were a pre- emptive strike by the PAP as my response to the budget 2012 was already out there. Also they can now show it to the IMF and say, ” This is a guy who gets everything wrong and is bitter and twisted about losing. See! We already had to rebuke hm once.”
I will come back to Subra’s conclusion later meanwhile it is worth noting that both Subra and I were blogging about this in April, we don’t know each other or communicate just as Chris Balding and I were independently working on the same thing , “discrepancies”, also without knowing or being aware of each other. What does this tell you? Coincidence?
My budget 2012 response is out there, still buried by the MSM, still not responded to by MOF. Thank goodness for cyberspace.
Kenneth is a lone voice lost in the wilderness of the internet. His questions are not being echoed in the mainstream media and the only persons that may be privy to this issue are those that take the effort to get information from the net.