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Summary
Phil observes Singapore’s Terminal 5 (as large as T1+T2+T3+T4 combined) breaking ground — another “biggest ever” indicator. Singapore’s CDC voucher system ($5,000/year per family of four) is noted as a practical Citizens’ Dividend that doesn’t feed back into land prices because of the leasehold system. The US is relaxing post-crisis capital rules (bank deregulation). Banks covered up bad loan losses in 2007-2008 (revealed by WikiLeaks). This time it won’t be bank losses — more likely government-level debt and commercial RE souring loans. Free speech suppression: sources increasingly speaking only “on background” to journalists.
Key Claims
- Singapore Terminal 5 will be as large as T1-T4 combined — another “biggest ever” indicator. — confidence: high
- Singapore’s CDC voucher system ($5,000/year family) is a practical Citizens’ Dividend. — confidence: high
- The US is relaxing post-crisis bank capital rules — exactly what the cycle books predict. — confidence: high
- WikiLeaks proved banks covered up bad loans in 2007-2008. — confidence: high
- This cycle’s cover-up will be government debt and commercial RE, not bank mortgage-backed securities. — confidence: medium