2008, A DRAMATIC YEAR TO REMEMBER

2008 in my memory is the most dramatic. On all fronts, politics, sport, environment, nature and economic, the news were just too captivating and consuming. I have never read so much and so eager to follow the progress of all those news in my entire life.

2008 will go down the annals of financial market history as the most momentous and tumultuous event of the century. The avalanche of financial news that constantly rocked the financial world each day seems to spare not even the fittest. The financial meltdown of the world financial system was total devastation of some of the biggest firms like Bear Stern, Lehman Brothers, AIG, Freddy Mae and so many. Historians had yet to coin a universally acceptable title. Perhaps if I may try, if I had a hand, call it,
Economic meltdown of the Century
Ultimate financial bubble of the century
2008 financial tsunami
Financial Crash of the century
2008 World Economic Crash

What seems to be a manageable property bubble created by the sub-prime housing loan morph into an uncontrollable financial collapse that affected the entire world. No analysts had predicted the intensity of the contagion of the credit crunch and financial meltdown from US to the rest of the world. By throwing in fiscal and monetary measures and financial interventions, the government tried to avert bankruptcy and steer the country out of recession. Never did so many countries realise their financial impotence. The measures always seem just too late and too little. The avalanche of devastating news that came days after days was so depressing and continues to shatter and acerbate the loss of confidence.

They crumbling stock market caused by the failure of investment banks and insurance companies were unprecedented. The crash of the commodities prices were totally unexpected, when only a few months before, were traded at historical highs. Hedge funds, sovereign wealth funds, pension funds were all hammered. Inadvertently, this affects consumer sentiment that spread the hardship to manufacturing, transport and retail businesses. It also causes wild fluctuation of currencies that either rise or fall to historical highs or lows. The scale and speed of the deterioration has caught every government and institutions by surprise. Now so many big financial institutions were on life support with fate still unknown. I had followed economics news for decades, but what I read this last 6 months total what I read the entire decade.

2008 may pass us but the severe pessimism will definitely carried over to 2009. On the back of every one minds is how long the recession will last. How deep will it be? The recovery will certainly not be V shaped. There were so many predictions out there. The most optimistic predicted recovery in the second half of 2009. While some pessimistic analysts predicted recovery only in 2011 and at a very slow pace.

On the home front, we had Selamat Kastari escape from high security detention centre. It sound impossible in Singapore and yet the year had ended and we don’t even have the slightest clue on his status. On the sporting front, we were thrilled when Singapore bagged an Olympics silver after 50 years.

On the world political front, a first black man was elected as president of America and I do hope he can deliver and bring a new dimension to world peace and order. We see terrorist bombing in Karachi Marriot Hotel and the bombing of Taj Hotel in Bombay. As the images of this grand old dame were aired over TVs, I recalled the number of times I had actually stayed in that old hotel wing with smoke billowing into the air. Other news that dogged the air, were the riots in Tibet, Darfur in Sudan, political brinksmanship in Zimbabwe and not forgetting the usual unsolved Palestinian issues.

On the regional front, the March Malaysian election that saw the BN losing its 2/3 majority for the first time and lost 5 states to opposition. In Thailand, the continuing unrest that pits the old elite against the rural poor back by Thaksin will continue to undermine the stability of Thailand.

On weather, the Tropical Storm Nargis inundated large part of Myanmar. However it is remembered for the sad state of domestic politics that hampered rescue and humanitarian operation. But the most devastating news was the Sichuan earthquake the shatter the souls of millions of Chinese and kill almost 100,000. I had travelled over Mianyang, Beichuan and Wenchuan; close the epicentre of this earthquake, a year ago. I had passed through those cities on my way to Jiuzhaigou for my holiday.

I personally see a very slow recovery maybe toward late 2009, it not 2010. I said this as the entire world has committed so much money to prime start and prevent the economy from further deterioration. But all these measures need time to filter down the real economy. The most difficult part was the total loss of confidence, not only from individual, but from the lenders themselves. But my fear is that the recovery may be short lived. Just like a cancer patient, he recovered from treatment, but may fall into relapse. When that happens, nature had to take its course. Certainly, the world is in an uncharted territory and I tend to be bit edgy on this account.

I can safely predict that the financial world would never be same again. The derivatives created by highly paid investment bankers will haunt the world for a very long time. The risk threshold will be lowered and investors become more sanguine. Greed has blinded both investors as well as investment bankers. The era of fat bonus will be gone for a long time. Future financial instrument will be easy and simple to understand and liquidate. The ideas of ‘growing your money’ or ‘returns’ will be taken with scepticism.

I just hope for a slow but a sustainable recovery. Keep my job and retire with sufficient fund to lead a simple and healthy life.











--------------------------I live to see the world----------------------------------------

RESERVED SPACE

for future post

RESERVED SPACE

reserved for future posting

JOINING SIA TO START A NEW CHAPTER

STARTING A NEW CHAPTER OF MY LIFE

3 months after ROD, I applied for a aviation job with Singapore Airlines.

There were 3 posts available, cadet pilot, cadet flight engineer and cadet flight navigator.

I was successful in all 3 posts. Most likely is due to my NCC(Air) background couple with my
naval officer experience especially in navigation.

To be accepted as cadet pilot, I need the Singapore Air Force approval. I was not able to get
that approval and was left with the choice of being a Navigator or Flight Engineer.

I decided on being a Flight Navigator and I join SIA in December 1976.

That starts a new chapter of my life. It is to be a very long chapter.

I will dedicate my time to write my beautiful experience after my retirement.

ROD on 25 Jun 1976

Navy and ROD

It was ‘THE’ day every NSman looked forward to. It was called ROD but today refer as ORD. For me, it’s 25 Jun 1976. To me, this chapter of my life was most defining. I knew some wish to forget, but I had cherished this period thereafter. Among the 40 of us who made it as officers, about 10 had signed on to be regulars. How they felt, I really cannot tell. Majority of us will be going to University of Singapore. Some were going for overseas university. One or two went to run their family business.

The intensive training, that never seems to end, had nurtured us from boys to men to officers. We learnt to take the challenges, overcame the obstacles, persevered and ultimately prevailed. These were the share feelings we had when we met later into our adult life. Some of us may be idealistic and naïve at the start, but most of us eventually learnt to be pragmatic and accept that not all things were fair and achievable.

The mood among us was really mixed. Sad that it had to end but happy that a new beginning awaited us. We had gone through some very tough times, in the classroom, to on–the-job-training and the unforgettable storm that tormented us over the Bay of Bengal. But we also had many fond memories of the wonderful times we had among ourselves and the ship’s crew, both officers and sailors. I dared say that unanimously; we felt tremendous pride and satisfaction when we ROD.

A few of my mates, like me were not going to university. I did really envy those who had the opportunity to continue to study. But I had made up my mind years ago, that after NS; I would be independent and looking for opportunities to build my own future.

NS had also defined my first moment of financial independence. My first pay cheque was $90 as a recruit. I gave $50 to my parents and spend the rest. When I started my officer training after 3 months, I was paid around $300. By the time I was commissioned, I was earning about $450. For someone fresh out of school, it was substantial. (Especially in the 70s). By the time I ROD, I had saved a few thousand dollars. I had intended to use this money to do part time study while I work.

So I enrolled in a private course in accountancy. My plan was to work as account trainee and study part time until I qualify as accountant. My intention was to move to the business world. At the same time, I was searching for a job. I was offered a course in nautical studies by Singapore Polytechnic. Upon graduation, I was required to be bonded a few years and teach at the Poly. I was also accepted by a shipping company as a ship officer but I had to take the relevant courses while working. I turned both down as I was not really keen to spend my entire life at sea. Finally I was accepted as Trainee Flight Navigator for B707 by Singapore Airlines. I was thrilled that my childhood dream and passion for aeroplanes was realised. The rest became history.

It had been a lot of effort trying to recollect the early part of my life. I am glad I had fulfilled my objective. This blog on my childhood and growing up years of my life will end here. The rest of my life history will be reserved for my retirement.


---------End of Chapter. Must wait long long for the next installment----------

MOST MEMORABLE PART OF NS

Posted to RSS Endurance

After 6 months, I was posted to LST. It was a familiar ship; I had lived there during my 2 months of sea training. This time I wouldn’t to sleeping in the crowded and hot aft mess. I was a functional and qualified naval officer. I will be having my own cabin. I was appointed Assistant Navigation Officer. I served my remaining 6 months on this ship till my ROD on 25 Jun 1976. It was the most enjoyable and memorable part of my NS Life.

Exercise Starlight

Our government had an agreement with the Taiwanese government to allow the army to train in Taiwan. As RSS Endurance was a transport carrier, naturally she was tasked to ferry all the military vehicles needed there. I could vividly remember the ship’s main deck and the tank deck were stacked with Land Rovers, 3 tonners, unimogs and ambulances. It must be about 60 vehicles in all. The ship beached at East Coast next to Bedok Jetty. This area was reclaimed land and the area was cordoned off to public. The East Coast Park and Marine Parade was not developed then. The beaching operation was exciting to execute. I was too inexperience to be directly involved and just watch from the bridge. The trip to Kaohsiung took one week. So a round trip with one week in harbour took 3 weeks.

Navigating South China Sea

If I remembered correctly, it was the early part of 1976, maybe March. The sea was mostly calm. We navigated with celestial navigation and LORAN as well as some coastal fixes. When we arrived at Kaohsiung Harbour, we were met by harbour pilot who guided us in. Of course we were met by very senior Taiwanese naval officers on arrival. In 1976, the Taiwanese was still under Marshall Law.

Rest and Recreation

As part of the naval tradition, a port call is consider incomplete without R&R for the crew. So a tour was organised for us to visit Taichung, Sun Moon Lake, Hualien and Kaohsiung. I remembered staying a night at Sun Moon Lake. It was freezing cold. We failed to see the famous sunrise from the sea of cloud due to overcast condition. Nevertheless, the other sightseeing was very enjoyable. We acknowledged that this was national service and we couldn’t have bargain for anything more.

Kaohsiung

It’s the 2nd largest cities in Taiwan. Hokkien was the local dialet and so I had no problem and most of them spoke mandarin. There were lot of shopping to do for the ship’s crew. The ‘imitation’ book was so cheap which I bought a few. Then there were red jade and ornamental stones. Many of my ship crew befriended the girls. It seems so simple to hook one up but I refrained. Apparently, most of these girls wanted to get out of the country due to hardship. There were hardly any luxuries. I learnt that apple and even coffee were considered luxuries. On the subsequent trip to Kaohsiung, the crew came with crates of apples and bags of coffee to impress their newfound friends. Subsequently, I heard of many ‘broken hearts’.



2nd Taiwan trip. Most scary

The second trip to Taiwan was mainly loaded with ammunitions in the tank deck and utility vehicles up on the main deck. Towards the end of the cruise, we hit a storm that lasted a few days. The sky was perpetually overcast, wind was howling with rain. Because astro-navigation was not possible, we had to depend on DR (dead reckoning) or in another word, estimates. Without knowing the prevailing currents, it’s impossible to determine an accurate position. It must have been stressful for the CO and NO. On top this; the scariest part was the dangerous cargo we were carrying. The ship was really tossing up and down, rolling too much to left and right. We worried the cargo may broke loose and explode on impact or collision. I don’t really think anyone onboard where ready for that kind of emergency. The storm passed and the CO and XO must be really relieved.

4 hours late

We messaged our HQ with primitive radio using morse-code of our ETA based on our estimation. But alas, we were late by 4 hours. We subsequently heard that the Head of Army with his Taiwanese counterparts were waiting at the wharf for our arrival. Imagine how embarrass he was when we were 4 hours late. My CO had a trashing and we really felt sorry for him. We were thinking, how to explain to an army bloke about the storm, loss of navigation, primitive navigation and communications equipment. How to let the army guys appreciate the ship cruise at 6 to 10 knots and if we were out by 30 miles, it meant 4 hours! Under the circumstance, an error of 30 miles over a trip distance of 1350 was not really unacceptable. Unfortunately this error can only be confirmed by the ship’s radar within 50 miles of landfall. The CO must have learnt a hard lesson. On hindsight he could have given a later ETA and hold the ship over water to achieve a punctual arrival.
When the job was done, it was time for R&R. The sailors brought their secret weapons of apples and coffee, ready to impress. We all had our shopping lists this round. I couldn’t remember which tour I took.

3rd Taiwan trip

By now, we were familiar with the operation. But this operation was special. It was to ferry our tanks and armour vehicles. To watch the ship beached, then the tanks rolled into the ship was like a set from the movies. The cruise to and fro was really uneventful and routine. Onboard, the officer after so many months together had also bonded. We often played cards in one of a diehard gambler’s cabin. During the R&R, together with my fellow officers, we went to Tainan and Chiayi by rail.

A few weeks after return from Kaohsiung, I ROD with mixed feeling.

SERVING OUT MY TIME IN THE NAVY

6 Months on RSS Freedom

I was posted to RSS Freedom P70. The ship had 4 officers and about 20 men. The officers were the CO, XO, NO and GO. I was the additional officer. I was not given any specific duties as all the key appointments were already assigned to well qualified officers. I was merely there to learn and get my competency in harbour and shore duties and keep watch as understudy at sea. I was thrown all the administrative duties as well as to handle the ship’s correspondence.

Unlike a midshipman, an officer was accorded due respect by the other ranks. Rank truly have its privileged. I was truly happy that due respect and recognition as accorded to a young man fresh out of school. Of course, I too was very conscious of my responsibilities that came with it.

During free time, the CO would gather the entire officers to play his favourites games, Poker Dice. It was quite addictive but we enjoyed it very much and we played for very small stakes. As time passed, we became better acquainted with each other and enjoyed the time together. We talked all things under the sun and shared our hope and aspiration. One of their major frustration and complaint was that they made a mistake joining the navy and wanted out. I was glad it did not ‘sign on’.

Living on Pulau Brani

I also became a member of the Brani Wardroom, (a naval officer mess). We were invited by some senior officers for drink. On one occasion, I was coerced to drink so much I became drunk and puked in the toilet. I remembered that terrible feeling and the heartbeats so fast liked it was exploding anytime. I learned and was more careful when caught in the group of drinkers.

I was also given a room in the officer block on the hilltop of Pulau Brani. It was a very small room and sparsely furnished. During the evening, while off duties, I learnt to roller blade. But most of the time, we spend time playing card. Sometimes we booked our self out for ice-skating or just hang out.

Qualified as Naval Officer

After 3 months on this ship, I was given the ‘Certificate of Competency’ which qualifies me to be Officer of the Day in harbour. I would be responsible for the safety of the ship and crew when in harbour in the absence of the CO, conduct the sunrise and sunset ceremony.

From time to time, while on duties, the ship crew will report of any system failure. I had to learn fast and need to decide if there was a need to inform the CO. There were also time when some crew will try to wrangle the way to get a night off for their personal reason. But sometimes they were genuine and I need to show compassion and accommodated their request.

On the 5th month, I was awarded the Bridge Watchkeeping Certificate’. This meant I was competent to discharge my duty as ‘Officer of the Watch’ day or night, during operations such as patrol, SAR etc. It was a heavy responsibility especially keeping watch a night in the busy sea lane along the Straits of Singapore.

Close call

During a patrol around St John’s Island, I had a near miss with a large tanker. It was frightening experience seeing a big mass passing so close. I must have been complacent and misjudge but was really a good wake up call.




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COMMISSIONING CEREMONY AT ISTANA

Commissioning Ceremony


After 18 months of training, I was told I have passed and will be going to Istana to attend the commissioning ceremony. The sad thing was a few of my mates never made it.
We were to wear the ceremonial dress for this event. Parents were also invited. The day arrived and all of us were ferried to the Istana. As usual, in any military events, we were hours ahead of schedule. My Mom and Dad hired a car and I remembered, they were to enter Istana from Sophia Road entrance. From there they were ushered to their seats.

Dr Goh Keng Swee

The Defence Minister was the guest of Honour. One by one, our names were called and we proudly walked up to receive our sword and certificate from Dr Goh. It was a moment of tremendous pride and satisfaction for me. It also meant responsibility as a commissioned officer. Of course there was the speech which I cannot remember followed by 10 course Chinese dinner.

Proud Father and Mother

My father was very happy and proud. He must be profoundly aware that not many parents had the opportunity to be invited to the Istana for dinner as only a small percentage of young men made it to officer grade. My mother was rather stressed and anxious; maybe the event was rather overwhelming for her. For me, it was one way to repay and show gratitude to the struggles and hardship my parent gone through to bring me up.

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