Singapore Reserves: The Untold Story - Ep 2/2 | Singapore Reserves Revealed | Full TV Episode
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- Опубліковано 16 жов 2024
- How did a tiny island nation, with hardly any natural resources, end up having reserves that's estimated to be well over a trillion US dollars? To many people living in Singapore, that sum is often thought of as the accumulation of government surpluses over the years. But there is so much more to the story. This is the untold account of how Singapore might have lost chunks of its reserves in the early years of independence, if not for a few geniuses unafraid to break a few rules and step on the toes of countries bigger and stronger than Singapore.
Since then, there has been successive armies of people working to guard and grow these reserves. They have been so successful, that the tiny nation, now boasts not one, but two state-owned investment entities that are giants among their global peers.
WATCH MORE Singapore Reserves Revealed
Ep 1: • Singapore Reserves: Th...
01:51 News about a new virus surface
04:01 The Second Key
05:20 A global financial storm brews
15:33 The first COVID-19 Reserves drawdown
22:06 Singapore releases controversial press statement
27:51 Negotiating for a common currency
32:10 The Pound is devalued
34:30 Singapore’s diversification
39:15 GIC and Temasek’s role in growing the reserves
42:49 PM Lee explains the NIRC
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About the show: Singapore’s reserves are more than just an emergency fund. This online series hopes to lift the lid on the ‘secret sauce’ instrumental to the prosperity of the most successful city state of our time.
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Honestly I think this video part 1&2 should put into our Singapore education system to let our young generations to understand how nation reserve to develop, protect and overcome all the challenges we faced during the nation build up.
Part one was great, part two is propaganda 😂😅
What makes you think that it is a propaganda?@@oneviwatara9384
Petition for this to happen. Politics or not, at least the next generation will understand the weight of the decisions back then. Its not a “since everyone does it lets do it too” situation.
For the boomers that are comfortably retired at home yet complain that the state never provide them bungalows, rolex, lambo, and 1 million dollars in their bank account
Boomers ungrateful
This documentary shows us that the team managing Singapore’s reserves at that time of the separation were brilliant and courageous, and Singapore had a mind of our own in the way we govern things. In particular during the separation of Singapore from Malaysia, despite all the malicious backlash from them and Britain to back out of their currency, we took a firm stance and managed to stabilize the economy and preserve our reserves despite just gaining sovereignty as a small country with nothing to our name.
Very insightful CNA! and bravo to Dr Goh Keng Swee and everyone involved in making the difficult but necessary decisions during those tough times.
Well said!
My only concern is that Singaporeans are beginning to expect hand outs from now on. Always ask in’ How much are we getting?’. Let this documentary to be seen and keep the ‘Reserves’ as it is and move on. The late Mr Lee Kuan Yew said before, ‘There is no free lunch!’ True indeed there is none. Let us not be the victim of our own success! Let’s create a even more robust and dynamic Singapore! Since we already know that our ‘reserves’ are in competent hands and prepare for the next even bigger disaster that is approaching!
@@kahleongseow6041 yes.. that is my concern too.. Hands out are to help the lower income and now, even those do not need is demanding and not really happy that they smaller share.
Imagine planning and doing THIS MUCH and the citizens complain that the government are overpaid or do nothing.
Thank NM rothschilds & sons lol
The administration is really like the hidden superheroes in drama
Quite amazing if our parliament is 99% opposition you think they will do nothing or otherwise? What a cheap shot
@@jefferytay3225 might wanna re-read the comment. Nothing about opposition written here. It is about the work they put in which are lesser known or cant be revealed to the public. If the opposition take on political roles, it becomes their responsibility too
Incredible, incredible video!! Thank u CNA for enlightening the public. Really makes Singaporeans so proud of how much the government have done for the people and for the future generations. Singapore is one of the best or the best countries in the world.
Our pioneer group of forefathers are really a once-in-a-lifetime leaders. Talented, wise, honest, selfless, and highly capable. People like Goh Keng Swee, Toh Chin Chye, S Rajaratnam among others, all coming together under the leadership and foresight of Lee Kuan Yew. To have all of them, in the same era, working together for the benefit of the country and its people, is truly a miracle that will most likely never be repeated anywhere or at any other point in time in the world.
It truly humbles me, and all the more grateful, to be born as a Singaporean. Yes, Singapore isn't perfect, but without those forefathers, would today's Singapore even exist?
They r like the avengers
GKS like Tony Stark
@@TheBebemomLKY like Nick Fury
i know this is unrelated but the editing is really good!! credits to the editor, hope u make use of this more on the upcoming videos!
Ong Teng Cheong was a man of insight and his foresight made the 50-50 ratio logic viable till today.
That is exactly why we trusted him and voted him for our president. Also, his foresights. He have had insisted that the MRT be built, even we have had 2.5 million,which was insufficient reasons to build the MRT. Me Ong Teng Cheong was way, way ahead of out time and everyone else. Oh Yeah!
for me he was the last president that wasn't owned by the ruling party and actually served as a check
President Ong Teng Cheong is the true people 's President. Period
@@Hs5687 if you have the guts by all meant write in to the PMO office with your queries
@@Hs5687 renounce your citizenship and move to a more just country. singapore's loss
Amazing how Singapore has thought out how to protect and use their reserves for now & future generations. Goh Keng Swee is amazing for his foresight, strategies and gumption..😊
He’s the Tim Cook, while LKY, Steve Jobs.
I feel that Singapore will going to face the same crossroad soon with going forward USD to devalue. Whether to prop up USD and let SGD to devalue or sell USD to protect SGD.
@@MrYewhengrecall the first time our OFR moved away from GBP, there might be a similar enactment of such a move away from the USD as the final clearing; however this should take some time as the USD (US TBills) is still the most widely accepted collateral, I would assume the folks at MAS would catch wind of such shifting sands.
BTW, I am from the United States. If our US govt followed Singapore's Reserves structure to protect the reserves, we would not be in 33 trillions debts plus today. Great contents and great job by the Singapore people protecting nation wealth.
Singapore has more debt /gdp than the us
But it doesn't have much deficits
Same here I'm from Europe. France national debt is 113% of its GDP...
You may wonder why US and other governments did not do so. Probably it is not in the interest of the politicians and certain people.
@@mitchradio6291 Healthcare is free in the US. Noone asks you for proof of insurance or a cash deposit up front before treating you. They send you a bill later which you can negotiate and if you cant pay,, you dont pay. Every hospital has a fund for covering those who cant pay. the Bills are large so that they make enough profits on the rich to serve the poor for free.
@@titanicisshit1647I mean we could call back our assets to pay off the debt, but that just means making a lot of financial managers unhappy and more importantly reducing our NIRC.
Waited for this Part 2 with bated breath. Our founding ministers had so much wisdom and clout in decision making and conduct. Really impressive. 👍🏻
What happened to SVB is really scary, and goes to show that no corporation, however big, is immune to collapse. I have always had a deep-seated mistrust for corporations. I have plans to pull out most of my money, but don't know what to do with $350k sitting idly. I'd like to go into the stock market, maybe. Any ideas?
I have so much love and respect to our past and current government.. ❤
I admire Singaporean politicians and officers for running the country so well. If i were a Singaporean, i would be very proud to be a Singaporean and thankful to all who have made the country such a strong country today. Well done!
Brilliant documentary! All Singaporeans should watch it. Well done CNA and the team managing Singapore's reserves!
For a long time.... Been listening to corruption, graft and billions of dollars swindled and stuff like that... It's refreshing for a change and motivating when the right group of people set out to achieve something collectively. This as good as Niels Bohr & the scientist in the 1920s decided to venture in to the rabbit hole , called quantum mechanics. I honestly feel, that a nobel prize should be handed out to our leaders in proper governance and it's results.
The problem is this: nobel price is a western conception on the yardstick of excellence. Do you need to submit to the west since they do not show you The Way? Can't you see the contradiction in the relativity and unfounded basis of your implied system of valuation? Can't you be yourself? Or being yourself is not good enough (compared to the west), since you can't see the light in you as you are completely immersed in the darkness of your ghost.
It really takes a lot of discipline to manage own country's finance well. Most leaders in other countries only think about themselves and do short-sighted things to make themselves look good and won't do the necessary because it will make them unpopular and lose votes. They leave the mess for the future leaders to deal with it. And very few countries in the world have the discipline like Singapore. May the future politicians not screw it up.
Those who keep complaining about the country should really open their eyes big to see and realized that they are living in such a blessed country with excellence leadership and management with amazing quality. Singapore is the heaven on earth. Thank you for the excellence quality you have shown the world
As a Filipino, I feel so envious of this mindset from Singaporean. We on the other hand have been wealthy but did not have reserves. SG is that dad who works to give its child a good future despite not being rich himself. His head didn't grow big but have very good foresight. While the Philippines head went to the moon and got lost.
You know CNA this yet one of your best production. You have produced a lecture that teach everyone what happened in 2008. I think you ought to interview and do more documentary about previous crisis like the 97 one.
Yes, and remind us that sibor in 1998 almost reached 9%
Oh yes 97 they should…at that time very difficult to get job I work at retail temporary than decided to join medical line which is more secure n safe job.
Seeing Singapore... they have respect for the forefathers, and they respect the resources like a family...very impressive... lots to learn
This master piece series deserve multiple language subtitles to reach wider audiences across the world.
I feel very moved by this episode especially when Presiden Halimah reminicsed about the circuit breaker. It was such an epic moment in my life, I still can hardly believe that we have gotten through that period.
Thank you to the govt for protecting our country and people.
The wisdom and foresight of our forefathers, together with the commitment and hardwork of our current leaders has kept our country strong thus far. Great reminder to appreciate what we are enjoying now and not just nitpicking at all things while sitting in comfort.
Enjoyed this amazing documentary! Crystal clear explanations of short-term policy tools like Job Credit Scheme (JCS) & Special Risk-Sharing Initiative (SRI), and how it boosted confidence of Singapore's economy in the long-term. Was really interesting to learn that economists were using less-conventional data to plan the fiscal budget, given how volatile and outdated their existing statistics were.
Thats the sort of leadership I wish we had in Australia, actually makes me think of emigrating there.
Why is the part about common currency with Malaysia and the diversification of our reserve from British pound not taught in our school history curriculum.
From what i can see it was an important/Key event that shaped Singapore.
A timely video to educate / remind the public, especially Singapore citizens, of what's really at stake for them where national reserves are concerned.
Behind the nuts and bolts about managing reserves,
what's more significant is the quality of governance;
a critical factor for the survival, stability and prosperity for many countries,
especially for small nation-states lacking in natural resources.
And do you think the quality of governance has been top notch ?
Thank you CNA🎉 good production! Big Thank You to wisdom of SG fore fathers.. and current team💪
One of the most stirring and engaging documentaries I have seen this year!
Loved the series, thank you!
A very informative series which gives us great insights into the history of our country’s financial system! Great vision from our fore fathers👍 I’ve learned how to translate that into our personal finance as well. Thanks for making this documentary.
😅
Good job on this most informative series, CNA!
Imagine what Singapore would've been now if we agreed to have our reserves safeguarded by Bank Negara.
In short, the government has dedicated a significant amount of time to establish these savings, mandates, and policy plans intended to help the country and its people. Even though they can't satisfy everyone, it's important to understand that if another political party were to take charge and make a mistake, we could potentially transition from being a 1st world country to a 3rd world country. Given our limited natural resources, land, and population, which are necessary for a self-sustaining economy, it's crucial to remember that our current situation won't remain favourable indefinitely.
The day politicians in Jakarta figure out to capitalize on Indonesia's geographical location, Singapore's game is up. Its smart that Singapore is building up a rainy day fund
Great managerial skills of Singapore that a lot of other developed countries cannot do because the elections are nearby and there are no similar mechanisms as in Singapore. It is no wonder that Singapore has fared well up to now. As for the future, who knows?
Its because we have continuity of 1 party, they dare to plan longer than 5 years because past Singaporeans believed in PAP and in return PAP worked hard to develop these results.
What we need to wary is the false accusations oppositions love to spread to sway the public that lack knowledge on whats going on.
Singapore is a benevolent dictatorship. A fascist regime which is surprisingly democratic and socialist. Or maybe say that Singapore is just unique. It is the personification of the asian parent image which is strict but deeply loves its children
❤❤❤ I Finally ownself enlightened ownself why keeping the Reserves Secret is the Right Policy.
My views:
1. Lets say suay suay lose 100billion. If we honestly tell citizens, they panic! Sg image also get affected. Now, now, IF we keep it a SECRET, they wont know and continue to live in Bliss! Which is better you tell me, smart singaporeans with all your degrees and A*? Its a no brainer that we must keep the reserves forever secret . 👏👏👏👏👍 Majulah of the spore!
@@LonganLee well at least sg have a reserve to draw on and they did draw 51b so at least we have that much to not go into debt during the worst crysis in living memory it will be up to present generation to continue toping the piggybag incase future generation will have a need for this.
Majulah Singapura! Onward
Properly packaged communication was what's needed when there were a lot of angry voices. This is very useful for educating the others.
I feel strongly that we, Must always remember that 'history always repeats itself". we must always go back in history. never forget and think that we have 'Arrived".
Best documentary of the year! Keep up the good work!
Singapore is governed by a group of very intelligent people.
The government of Singapore is indeed one of the best!
We must thank our forefathers who designed and created such a wonderful financial scheme to protect Singaporeans in good and bad times. We must also thank our government for executing such a scheme with wisdom, integrity and reliability.
Lucky for all Singaporeans 👍👍👍
It wasn't their idea lol
I'm a African American that thinks about how to diversify into other nations reserves just in case things go wrong with the US dollar as the world reserve. I'm buying Sing Dollars in belief that they understand 3main points : 1) collective monetary management based on economy survival beyond short term, 2) understanding gold in its role with other hard currencies and 3) investing in its people to be entrepreneur.
Ive watched each episode 5 times. Great job.
wow 5time u indeed have a lot of time. buying currency is like throwing it into the drain. good luck on buying Sing Dollars
Singapore Dollars shouldn't be bought however, as an instrument for capital appreciation or growth. After all, it is pegged to a basket of currencies and will be forcibly devalued by our central bank should it exceed a certain threshold. As a means of preserving assets however, Singapore Dollars is stable for the same reason that it is not an instrument for capital appreciation, and can subsequently be employed to buy Singapore bonds for safe returns.
You probably look as stupid as you sound.
Fools like you can stay poor :)@@wew6438
As stated, Singapore controls its currency exchange rate (which will invariably fluctuate as the economic climate changes)... If you're rich enough you should invest in items held in Singapore or hold valuable items in Singapore instead. Nobody really buys Singapore dollars for forex gains. Buy gold instead.
1)perhaps 2)gold standard isn't coming back lol 3)singapore only educates people to be workers
Those old guards of Singapore paved the way for us. Thank you
未雨绸缪 is the key to weather the storm. Thank you very much SG!
This documentary just proves that Singapore government will do whatever it's best to protect it's citizen, including stimulus boost and tax cut
Unlike government of neighbor country that do nothing, letting company to cut down on the employee and keep the margin profit high while mandating pay cut as if the company is in the thin ice
Every country should learn from Singapore on how it keep their economy stable and strong and I got to admit Singapore is just an small island but their economy are one of the best in the world
Imagine that! Leaders of a country actually being responsible with people's money. This is one wild concept they've got going!!
Always remember that Singapore has no natural resources to sell, so this Reserves is very important to us.
yup just like other British colonies through money laundry like Ireland, Cayman Island, USA etc.
Remember that they force u to save in CPF and the extra return they generate they keep.
Human labour there. The average Singaporeans work like economic slaves by keeping more than three jobs.
@@wew6438 is the same as Malaysia as well? do you know Malaysia is on how much skyrocket debt for the Covid-19 pandemic aid? even the PM at the time was questioned how he distribute the money usage is still remain foggy. No audit, no clear amounts of aids being spent in which sectors and etc. This is why till today there is more and more Malaysians are seeking jobs in Singapore but not own nation.
@wew6438 if u want to live in a society, then u need to pay the price. The cost of public electricity, new facilities, healthcare, malls, roads, traffic lights, transportation, etc. If you don't want to pay then u can go ahead and live in the jungle of Malaysia off the grid on your own. Nobody is forcing you to stay. This money is used for society to function and in times of crises, like covid 19. Where did u think the government got to give u all this vaccines for free? Yes, it's from the money they take from u. If they don't save money for us then If emergency we all die lor simple. Stop being stingy and appreciate what you have now. All these small things u don't see but when they take money u see. Its all in a circle. The money is circulated. It goes back into our pockets, some into savings, and salaries.
But a lot of Singaporeans still resent it’s government.
I am a Malaysian…….I am in awe of what Singapore had achieved.
I compared Singapore with Malaysia.
I can see quality in the right places.
Those are crying babies, when GE Or EP the silent majority will tell them to shut up by their votes
amazing ❤ SG gov has done a lot for us, and yet sad to say a lot of the people still complain complain complain.
Some people like to moan and do less!
This is great watching from the US.
Success can't be taken for granted. World events can deal a fatal blow.
We worked hard n spend wisely good to have our reserves n good government 👍
Great job CNA. Very insightful 👍🏻
Even from the history Singapore make a strict stance to ensure Singapore first.. ❤
What amazes me (as a European who has been living for almost 10 years in Malaysia) is that most Singaporean Ministers are quite young!
They were groomed for years and had years of experiences. In other countries, most ministers are new, with no experience.
thanks for such an educational video. this is the backbone for sustaining resources of singapore. now we need a plan to continuously groom future honest politicians to manage singapore.
Wow!! It was truly a very good video done with a lot of past history that are presented on screen and the present situation that people who is working hard on keeping track, investing for our country and as well as those that are constantly monitoring the global economic to take action a step ahead to predict and responds to it before other countries start. A very very good video that was truly letting us Singaporean to understand and to treasure what the forefathers had done for the future of us and our next generations to come.
I'm so inspired by how proactive the government dealing with crisis. The strategy can be applied to our day-to-day financial management. Saving, diversifying, keeping in control, insurance, and resisting borrowing during desperation. Thank you for sharing
It has the money and the responsible people to handle the crisis. Easy to be proactive, bold, decisive.
World class documentary right there. Amazed.
I think it is a very concise, clear and forward thinking by a nation which had nothing. We in the uk need to have the same idea and follow suit and have accountability like them
The way my country manages its money can serve as a reference model for me to manage my personal finance too.
Majulah Singapore! Proud to be Singaporean! :D
Bravo PAP .. Bravo GIC .. Bravo to all who care and lead SG forward .. am blessed and thankful to be borned in this land ..
Great video! Please consider to translate into other languages so that a wider group of audience will be able to benefit from it too
One of the best documentaries made by local media
The best propaganda is based on truth.
This is a great piece!
The right person for the president to protect and safeguard the reserves is also very important and happy that Singaporeans had voted Mr Tharman for this important top job. I can see more pandemics, major market crashes, recession coming and it is even all the more to choose the right party to govern Singapore and not those parties that only knows how to find fault, criticise instead of providing alternative solutions.
Another biggest worry is climate change. You can see how bad Hong Kong is affected by the recent typhoon which Singapore is spare from it. On the longer equation, rising sea level is going to hit our shores sooner or later and I think our government need to have another stronger mandate to continue the work of securing our sea front areas sooner and not later. I believe in time to come Singapore will need thousands of hugh sump pumps to be installed along the coastline. I sincerely hope the project of securing the seafront from rising sea level to start now.
NOT lol, I see a future where sea level goes up 6 feet. Singapore has the money to RAISE THE WHOLE COUNTRY 20 FEET. Twice over. And thus survive the future.
"Strong educational programs with a history of achievements and a clear future roadmap can maintain Singapore's sense of security and provide comfort, but they should not be wasted.
For a young country, SG exemplify financial values that the rest of the world should consider to study. Liberation from colonialism is the first step, financial independence is a further step.
Singapore success is the result of leadership, honesty, determination, gret, political will and good governance. In spite of no natural resources and started in 1967 on a negative note, yet it rises to one of the Greatest Country in the World!
The reserve's interest covers 20% of the budget. F%$%$!!!!! Forget about using the reserve for whatever, SG should be doing all it can to INCREASE it!!!! If it was big enough Singapore would not need any other source of income. Let trade dry down to nothing and industry die. SG would still survive.
The hypocrisy of Anglo policies towards Singapore leading up to its declaration of diversifying its Reserves is all to evident. Kudos to Singaporean policymakers taking control of their own destiny.
Is very rare a government is enforcing accountability to themselves like Singapore. The foresight of your leader is admirable but it won’t happen if not because of all the Singaporeans are in line with it . A Country that runs better then most big corporations out there .
Big corporations are the least well run thing in the world. And where did you see accountability?
I like this docu.
Well done
Excellent series! Thankful for our founding government and President Ong Teng Cheong
There's no story to be told except this: you produce more than you consume, consistently every year every generation.
Great watch, if only our government in Australia took a page out of Singapore playbook. Quiet impressive and has given me confidence banking in your country.
This documentary must be shown to every students not only in Singapore but through out the world. Saving for future ...likr the president said...you have one extra card to play...
Correction: that is our Prime Minister Lee Hsien Loong. Thanks for your kind words!
Lol, there is a conservative for you. His estimate is conservative. The reserve is ONE card, the half of the income produced by it they take is the second card. It has been in play for some time, but it still counts.
Very important video for Malaysians to see the sheer extent of things they are missing (other than their retirement fund)
Ya’ll still say President Halimah never do anything? Bro she literally approved a draw of more than 10x what we draw from our reserves during the GFC.
Majulah Singapura ❤
I landed in Changi 5th March 2020 :-)
Cool documentary as usual .
Singapore literally Dave Ramsey of a country
I’m tearing watching this 😭
Im surprised our late LKY didnt have more screen time here. Did he not play any part in the early decision-making process regarding the reserve?
They are being modest and sharing credit with the rest of the team. Remember, there is no I in team.
Great job , thank you
Well summed up PM Lee!1👍
The story behind transitioning from sterling area to more diversified reserve needs a greater look. It could be of immense value if and when world economic order chances in future.
The government's strategic moves and calculated risks paved the way for substantial reserves. It's intriguing how bold decisions can shape a nation's economic landscape. A lesson in resourcefulness for everyone, regardless of age.
This documentary is so amazing would never knew what happens behind (might be propaganda but well I am enjoying my life thanks the great minds of our forefathers)
its so easy to prove whether is it propaganda, just bring your SDG to exchange with the major currencies around the major economies then you will know how strong is our SDG
The best propaganda plays like a documentary. Because it is true.
No doubt this series is interesting, however I am impressed with the uncanny timing of this to be released just before president election
Definitely not a coincidence which is fine actually, its to educate n remind Singaporeans on what voting the correct future President is all about. PAP is really freaked out that future Presidents will undo all the financial safeguards they have established, just to selfishly spike the PAP instead of helping to protect Our Nation along with the govt... unless the govt is bad lah. That's what the second key with the President is for.
🤣🤣🤣
I agree with you, but in the opposite direction. The fact that such a series had to be made to remind the population of the work done by the government for them, tells you how far the quality of our population has fallen.
The reason why our forefathers could make those brilliant decisions and carry them out, is because they knew the population will trust them, or at the very least obey and follow.
Nowadays, the government cannot do their good work in secret, which they should, because the population is whiny, entitled, think-they-know-better, when most ppl will live screwed up lives if not for the environment provided for them.
So yeah the timing is not uncanny - it's there because people need to be told in the face what they should have already known.
@@MHan789 well said n I totally agree. Like the saying goes... "Those who cannot remember the past are condemned to repeat it." And its only been 3 generations. Basically Singapore has become what it is because of the need to survive against all odds. Now that we have, its a journey to sustain our survivability for as long as possible.
@@MHan789Well said. Sad that they need to put this out to remind and educate Singaporeans on what the government has actually done for us in building and using the reserves to help us in needy times, and how important it is to elect the right person to be the second key to protect our reserves, and not misuse this PE to vent their frustrations on the ruling party, and cut off their nose to spite their face.
waited for this
Thank you to the govt for protecting our country and people.. Thank you to the govt for protecting our country and people..
US can learn one or two on "responsible financial policies"
And singapore can learn one or to on innovation
Nah, we’ll just keep printing more money
The rise of Singapore and its' people is a stark contrast to the deteriorating conditions of Hong Kong's financial hub status and democracy in Asia.
It is because the Chinese in charge there are communists. In Singapore they can get rich legally and enjoy paradise. In China they need corruption. To live in a place where the food is toxic, the water is toxic, the air is toxic, and the soil is toxic. And the place is ugly too. Oh, and you can disappear.
For those that are still complaining, y'all should really print this into paper and eat it. Period.
Rest of the world government should take a note how to do it❤
Nah, we’ll just keep printing more money
Every dollar we spent has its value maintained and paid for by MAS. Basically the part of the value of the dollar is paid for by our efforts while the remaining is paid for by the government efforts. That is where the some of the government income is spent on maintaining the value of dollar otherwise we still suffer despite our efforts. Just look at other countries whose currencies devalue uncontrollably.
Calm as a swan above waters, frantic feet paddling underneath
Lol, there is a Spanish saying, "A Dios rezando y con el mazo dando." It roughly translates as "praying to God while hitting with a mallet." Or "Pray for victory and hit hard."