It must be fun being a politician. You can make rather meaningless statements and the media will report them quite seriously, as if you really knew what you were talking about.
The bankruptcy of banks? Huge leaps in LIBOR? A global liquidity crisis? Governments stepping in to guarantee bank deposits? The death of financial engineering? Widespread retrenchments and redundancies in the banking industry?
All of the above have already happened. But from the way that MM Lee spoke, he doesn't seem to regard these events as constituting a "malfunction", LOL.
Which only leaves us to wonder what exactly MM Lee means by "malfunction". A mystery hedge word. I bet MM Lee himself doesn't know, haha. You are always right, if you just can't be wrong.
MM Lee predicts a turnaround from the recession in as little as three to five yearsWhat on earth does MM Lee mean by a "malfunction" in the banking system?
October 25, 2008
THE current economic slowdown could last three to five years — if the banking system does not malfunction. This is the assessment given by Minister Mentor Lee Kuan Yew at the Singapore Human Capital Summit on Friday.
MM Lee was speaking at a dialogue with summit participants facilitated by Insead’s Dean of Executive Education, Professor Narayan Pant.
“Nobody can say how long or how deep this recession will be,” said MM Lee. “... My own guess is, if the banking system does not malfunction, then in three, four or five years, the world economy will be restored.
If the banking system malfunctions, then I don’t know. It would be a very difficult process.”
The bankruptcy of banks? Huge leaps in LIBOR? A global liquidity crisis? Governments stepping in to guarantee bank deposits? The death of financial engineering? Widespread retrenchments and redundancies in the banking industry?
All of the above have already happened. But from the way that MM Lee spoke, he doesn't seem to regard these events as constituting a "malfunction", LOL.
Which only leaves us to wonder what exactly MM Lee means by "malfunction". A mystery hedge word. I bet MM Lee himself doesn't know, haha. You are always right, if you just can't be wrong.