Layout changed! (:

I found this article from Straits Times (02/03/2009) quite interesting. So I would like to share with you guys :D

HUA HIN (THAILAND): - Prime Minister Lee Hsien Loong yesterday joined Asean leaders in reaffirming the need to ensure a free flow of goods, services and investments around the world.

He called protectionism 'counterproductive' to efforts to revive economies in the midst of the current global downturn, urging instead speedier regional integration of markets to promote trade and thus stimulate economic growth.

Asean is 'heading in the right direction' to reach its 2015 goal of realising a single market, he said, adding: 'But we can always go faster.'

Mr Lee spoke to Singapore media yesterday at the close of the two-day Asean Summit in the Thai resort town of Hua Hin. He returned to Singapore last night.

Protectionism and the need for a coordinated response to financial emergencies were key issues at the summit, held against a backdrop of tumbling exports and populist pressures on governments to look after domestic producers first.

In a collective statement, leaders of the 10 Asean countries pledged decisive measures to restore market confidence and ensure the stability of their financial systems.

They welcomed a proposal by finance ministers of Asean, China, Japan and South Korea to expand a currency swap fund, the Chiang Mai Initiative, to bolster regional currencies.

PM Lee reiterated Singapore's support for the fund, saying it could 'contribute to the stability of the region'.

Singapore is 'not likely to resort to loans or swap schemes like this', but it should participate to help head off situations where neighbouring countries run into currency crises, he said.

Thailand, like Singapore, also took a strong anti-protectionist stance. 'If we start playing by the rules of protectionism, everybody will go down, it doesn't help anybody in the end,' said Thai PM Abhisit Vejjajiva.

Malaysian Premier Abdullah Badawi too stressed his commitment to open markets at a separate press conference.

Singapore's PM Lee noted, however, that there would be difficulties linked to the 'practical implementation' of a pro-trade stance, as some measures adopted by some countries to stimulate their economies could be deemed protectionist.

Asean would have to deal with the problems as they come up. This would not be easy as 'the ground pressures are there in many of the countries' to save local manufacturers. 'The temptation is to say, let's keep it all at home and look after ourselves first.'

The fact that Asean has taken a strong stand against protectionism, Mr Lee stressed, 'doesn't mean that we've solved the problem, but it means we know what we need to do'.

Asean signed a free trade agreement with Australia and New Zealand on Friday, in what some saw as a signal to other countries to keep their markets open too.

In an interview with the Bangkok Post on Friday, PM Lee said he hoped the new US administration would have the wisdom to resist protectionist sentiments, particularly in the US Congress.

America's open economy is 'the reason why the whole exercise of globalisation, of trade and prosperity, has been able to happen'.

'If America turns inwards, it is going to do the world a lot of harm, and do them a lot of harm,' he added.

There is no better time than now for Asean 'to engage the US and to give a fresh impetus to the relationship', Mr Lee told other Asean leaders during a retreat yesterday morning.

Mrs Hillary Clinton's choice of Asia for her first trip as US Secretary of State shows 'there is a new US administration which understands the importance of Asia, and particularly China', said Mr Lee.

Please pay attention to the 2 sentences I highlighted.

PM Lee said that America's open economy is 'the reason why the whole exercise of globalisation, of trade and prosperity, has been able to happen'.

Why is it so? Is open economy market economy? By speeding up Asean goal of single market, does that mean that Singapore's economy will change from a mixed economy to an market economy?

Discuss it by posting comments. It's okay if you make mistakes, we're all learning. :D

On my birthday I asked
My Mother to buy
This baby doll that burps
AND that wooden bird that chirps.

"NO!" was her reply
With that glint in her eye
"But you may choose this doll that burps
Or that wooden bird that chirps."

"But Mommy!" I did cry
"It's unfair to make me choose
I really NEED them both
Or I'll just DIE!"

Mother gave a grin
She pinched my girlish chin
She squeezed my crusty nose
Until I wiped it on my clothes.

She said, "Time and money
Will always make you choose
Remember: this OR that
Its a rule you mustn't lose."

On Christmas Eve I asked
My Mother to buy
This pink and purple bike
AND that shiny kite I like.

Mother shook her head,
“Now Scarcity, you know I said
You may choose between this bike
OR that shiny kite you like.”

“But Mommy,” I did cry
I can’t pick and choose.
I really NEED them both
Or I’ll just DIE!”

Mother softly said
“Do you think that toys are free?
That toys grow like leaves on a MAGIC TREE?

This AND that -
The world can never be.
It’s this OR that -
Can’t you see?”

“ENOUGH!” I yelled, “ENOUGH!
I’m tired of all this STUFF...

This isn’t fair; it isn’t right
I NEED more toys to play and use
So give me every toy I like...
It’s just not right to MAKE ME CHOOSE!”

Well...

I saw Mother wink at the big black clock
That was hanging on the wall singing tick-tick tock
And then, I’m not kidding, the clock began to talk
It said, “Refuse to choose and you will LOSE!”

Pouting, I was sent to my room for a spell
I guess to be punished for my childish yell
But after an hour I was happy to see…
In my room, growing tall, was a giant magic tree.

The tree pierced the roof. My room was filled with sunny light
I grabbed a lowly branch and climbed up to the eaves
What a FEELING! How AMAZING! What an awesome sight!
Toys began to sprout, just like leaves.

Toys, toys, the tree was filled with toys
Lots of toys, like big bright bikes
And other things that make loud noise.

Toys beyond my WILDEST dreams -
Pretty dolls, lots of balls, and super toy machines.

I squeezed the dolls
I hugged a ball
I stroked the trucks
I loved them all.

Then balanced on my toes with poise
I quickly started plucking toys.

To reach every limb I used a broom
I picked my toys by the sun, then the moon
Not once did I use my time to choose -
I was busy throwing every toy, on the floor inside my room.

Finally, I reached the tree’s tip-top
And grinning, there on top, was that big black clock
It made not a sound - not one tick-tick tock
For time had stopped
What a tick-tick SHOCK!

The clock smirked and said: “I don’t like to fuss
But Scarcity, dear girl, your time is up
This OR that - this rule you did abuse
Because you would not choose, it’s time for you to lose.”

I grabbed that clock; it was such a brat
Then I whacked it HARD, with the broom as a bat
I screamed, “NO MORE RULE
NO MORE THIS OR THAT!”

Silence, then a sigh - the clock was gone like a snap.

Now that there were no more toys on the tree
I climbed down, quickly, feeling fine and free
For there was no more clock to be
A source of time to punish me.

Besides, I had toys in my room to see.

OH! … NO! …
I rubbed my blurry eyes
All my toys were smashed and crushed -
Just a heap of junk and some buzzing flies.

My eyes, so tired, slowly closed to sleep
I awoke, the tree was gone - no sounds, not one peep
I sniffed, rubbed my nose, and slept some more
And dreamed of the toys that were mine before.

LOVE! REJOICE!
I heard my Mother’s voice
With Christmas cheer, she called my name
I was relieved; she looked the same.

And that black clock?
It looked real swell
And the sound of time made me feel well.

Such a special Christmas
I hugged Mommy – what a saint
I got to CHOOSE the perfect gift …
It was the bike, without complaint.

Welcome to class 09A16's official economics blog. :D

This blog is created to make economics more interesting to us.
More details to be updated soon!

- JY
[infocom rep]

Layout changed! (:

I found this article from Straits Times (02/03/2009) quite interesting. So I would like to share with you guys :D

HUA HIN (THAILAND): - Prime Minister Lee Hsien Loong yesterday joined Asean leaders in reaffirming the need to ensure a free flow of goods, services and investments around the world.

He called protectionism 'counterproductive' to efforts to revive economies in the midst of the current global downturn, urging instead speedier regional integration of markets to promote trade and thus stimulate economic growth.

Asean is 'heading in the right direction' to reach its 2015 goal of realising a single market, he said, adding: 'But we can always go faster.'

Mr Lee spoke to Singapore media yesterday at the close of the two-day Asean Summit in the Thai resort town of Hua Hin. He returned to Singapore last night.

Protectionism and the need for a coordinated response to financial emergencies were key issues at the summit, held against a backdrop of tumbling exports and populist pressures on governments to look after domestic producers first.

In a collective statement, leaders of the 10 Asean countries pledged decisive measures to restore market confidence and ensure the stability of their financial systems.

They welcomed a proposal by finance ministers of Asean, China, Japan and South Korea to expand a currency swap fund, the Chiang Mai Initiative, to bolster regional currencies.

PM Lee reiterated Singapore's support for the fund, saying it could 'contribute to the stability of the region'.

Singapore is 'not likely to resort to loans or swap schemes like this', but it should participate to help head off situations where neighbouring countries run into currency crises, he said.

Thailand, like Singapore, also took a strong anti-protectionist stance. 'If we start playing by the rules of protectionism, everybody will go down, it doesn't help anybody in the end,' said Thai PM Abhisit Vejjajiva.

Malaysian Premier Abdullah Badawi too stressed his commitment to open markets at a separate press conference.

Singapore's PM Lee noted, however, that there would be difficulties linked to the 'practical implementation' of a pro-trade stance, as some measures adopted by some countries to stimulate their economies could be deemed protectionist.

Asean would have to deal with the problems as they come up. This would not be easy as 'the ground pressures are there in many of the countries' to save local manufacturers. 'The temptation is to say, let's keep it all at home and look after ourselves first.'

The fact that Asean has taken a strong stand against protectionism, Mr Lee stressed, 'doesn't mean that we've solved the problem, but it means we know what we need to do'.

Asean signed a free trade agreement with Australia and New Zealand on Friday, in what some saw as a signal to other countries to keep their markets open too.

In an interview with the Bangkok Post on Friday, PM Lee said he hoped the new US administration would have the wisdom to resist protectionist sentiments, particularly in the US Congress.

America's open economy is 'the reason why the whole exercise of globalisation, of trade and prosperity, has been able to happen'.

'If America turns inwards, it is going to do the world a lot of harm, and do them a lot of harm,' he added.

There is no better time than now for Asean 'to engage the US and to give a fresh impetus to the relationship', Mr Lee told other Asean leaders during a retreat yesterday morning.

Mrs Hillary Clinton's choice of Asia for her first trip as US Secretary of State shows 'there is a new US administration which understands the importance of Asia, and particularly China', said Mr Lee.

Please pay attention to the 2 sentences I highlighted.

PM Lee said that America's open economy is 'the reason why the whole exercise of globalisation, of trade and prosperity, has been able to happen'.

Why is it so? Is open economy market economy? By speeding up Asean goal of single market, does that mean that Singapore's economy will change from a mixed economy to an market economy?

Discuss it by posting comments. It's okay if you make mistakes, we're all learning. :D

On my birthday I asked
My Mother to buy
This baby doll that burps
AND that wooden bird that chirps.

"NO!" was her reply
With that glint in her eye
"But you may choose this doll that burps
Or that wooden bird that chirps."

"But Mommy!" I did cry
"It's unfair to make me choose
I really NEED them both
Or I'll just DIE!"

Mother gave a grin
She pinched my girlish chin
She squeezed my crusty nose
Until I wiped it on my clothes.

She said, "Time and money
Will always make you choose
Remember: this OR that
Its a rule you mustn't lose."

On Christmas Eve I asked
My Mother to buy
This pink and purple bike
AND that shiny kite I like.

Mother shook her head,
“Now Scarcity, you know I said
You may choose between this bike
OR that shiny kite you like.”

“But Mommy,” I did cry
I can’t pick and choose.
I really NEED them both
Or I’ll just DIE!”

Mother softly said
“Do you think that toys are free?
That toys grow like leaves on a MAGIC TREE?

This AND that -
The world can never be.
It’s this OR that -
Can’t you see?”

“ENOUGH!” I yelled, “ENOUGH!
I’m tired of all this STUFF...

This isn’t fair; it isn’t right
I NEED more toys to play and use
So give me every toy I like...
It’s just not right to MAKE ME CHOOSE!”

Well...

I saw Mother wink at the big black clock
That was hanging on the wall singing tick-tick tock
And then, I’m not kidding, the clock began to talk
It said, “Refuse to choose and you will LOSE!”

Pouting, I was sent to my room for a spell
I guess to be punished for my childish yell
But after an hour I was happy to see…
In my room, growing tall, was a giant magic tree.

The tree pierced the roof. My room was filled with sunny light
I grabbed a lowly branch and climbed up to the eaves
What a FEELING! How AMAZING! What an awesome sight!
Toys began to sprout, just like leaves.

Toys, toys, the tree was filled with toys
Lots of toys, like big bright bikes
And other things that make loud noise.

Toys beyond my WILDEST dreams -
Pretty dolls, lots of balls, and super toy machines.

I squeezed the dolls
I hugged a ball
I stroked the trucks
I loved them all.

Then balanced on my toes with poise
I quickly started plucking toys.

To reach every limb I used a broom
I picked my toys by the sun, then the moon
Not once did I use my time to choose -
I was busy throwing every toy, on the floor inside my room.

Finally, I reached the tree’s tip-top
And grinning, there on top, was that big black clock
It made not a sound - not one tick-tick tock
For time had stopped
What a tick-tick SHOCK!

The clock smirked and said: “I don’t like to fuss
But Scarcity, dear girl, your time is up
This OR that - this rule you did abuse
Because you would not choose, it’s time for you to lose.”

I grabbed that clock; it was such a brat
Then I whacked it HARD, with the broom as a bat
I screamed, “NO MORE RULE
NO MORE THIS OR THAT!”

Silence, then a sigh - the clock was gone like a snap.

Now that there were no more toys on the tree
I climbed down, quickly, feeling fine and free
For there was no more clock to be
A source of time to punish me.

Besides, I had toys in my room to see.

OH! … NO! …
I rubbed my blurry eyes
All my toys were smashed and crushed -
Just a heap of junk and some buzzing flies.

My eyes, so tired, slowly closed to sleep
I awoke, the tree was gone - no sounds, not one peep
I sniffed, rubbed my nose, and slept some more
And dreamed of the toys that were mine before.

LOVE! REJOICE!
I heard my Mother’s voice
With Christmas cheer, she called my name
I was relieved; she looked the same.

And that black clock?
It looked real swell
And the sound of time made me feel well.

Such a special Christmas
I hugged Mommy – what a saint
I got to CHOOSE the perfect gift …
It was the bike, without complaint.

Welcome to class 09A16's official economics blog. :D

This blog is created to make economics more interesting to us.
More details to be updated soon!

- JY
[infocom rep]