PM Lee is basically trying to tell us, don’t panic ok, this is not a crisis yet!
However, MAS has, for the very first time in my memory, giving out subtle but CRITICAL warning to Singaporeans not to over spend and try to save for rainy days 。。。。
It defies Keynesian economics logic actually. When time is going to be bad, consumption needs to boost up, not down. If MAS is making such call, it means that time is REALLY REALLY REALLY going to be EXTREMELY BAD! And believe me, this is THE CRISIS mode already!
Oh Not to forget, PAP government is so Kan Cheong that it now puts up a law, I guess this is ONE OF ITS KIND of LAW in this world, that puts mandatory requirement on company to report to Government if they are retrenching 5 or more workers within 6 months! Alamek… This is the REAL PANIC MODE!
Source: Goh Meng Seng