Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

America vs. Singapore: You can't save your way out of economic shocks

governance.fyi

Post reply on HN
Print view View original

471–480 of 488 posts

Re: America vs. Singapore: You can't save your way out of economic shocks

#471

Post by deepsun »

10000truths wrote: post #396
deepsun wrote: post #367

Did US have economic shocks? Compared to, say, Eastern Europe or Sub-Saharan Africa, all people who lived through real economic shocks and hyper-inflation tend to save less , not more. Because they know the savings can evaporate one day.

They absolutely save. Just not in their own currency - they'll instead rush to cash out for gold, USD, prime real estate (if they're rich), or some other less volatile store of value, before their currency gets devalued even further.

Gold and USD is easily stolen, especially if stored in a bank. Prime real estate will find a new owner (e.g. the case I saw myself -- surprise, turns out the seller, even if's the government/municipality itself, did not have rights to sell you the land 15 years ago, good bye).

Been there, done that.

Re: America vs. Singapore: You can't save your way out of economic shocks

#472

Post by mathgladiator »

raw_anon_1111 wrote: post #464
mathgladiator wrote: post #446

Earlier quoted context omitted.

That data alone invalidates any idea of insurance being sustainable, it's a sinking ship. I, on the other hand, only eat beef, butter, bacon, and eggs and everything is getting better. BUT, I may be in a cult, but this cult has benefits.

No insurance is viable because the risk pool includes people of all ages.

No, insurance is not viable until we fix metabolic health in the masses.

Again, I'm a nut job that has a HbA1C of 4.7 because I only eat beef, butter, bacon, and eggs.

Re: America vs. Singapore: You can't save your way out of economic shocks

#473

Post by mathgladiator »

raw_anon_1111 wrote: post #465
mathgladiator wrote: post #447

Earlier quoted context omitted.

Cancer happens all the time and your immune system deals with it. Look into the recent evidence of how keto deals with cancer. I'm telling you, I live in a world without fear and it is awesome.

Are you willing going to “happy thoughts” your way into never having a serious illness?

Yes, 100%, all the way, full send.

edit: to add clarity, I'm going to leverage full placebo and happiness to my advantage: https://pubmed.ncbi.nlm.nih.gov/12883117/

I'm refute any negative emotions as they are counter-productive. I reject fear of the unknown, and I instead believe happy thoughts.

Re: America vs. Singapore: You can't save your way out of economic shocks

#474

Post by snayan »

mathgladiator wrote: post #448
snayan wrote: post #422

Earlier quoted context omitted.

This is the way. Like good meals, but I don't really understand the allure of owning a bunch of things. The ego, when left to it's own devices, is a hell of a drug.

Ego is truly wild. I had one last bastion of ego that echoes a bit. It was my ability to code the machine. Im that guy that really loves to code. It fills me with joy in ways that I cant describe. It was the only status I really had... until AI. AI has freed me. I am free to fully enjoy life as a nut case. Its fantastic as im living a second childhood right now.

Beautiful man, love it. Enjoy :)

Yeah, I have a pet theory that I give about a 0.01% chance of coming to fruition... Next couple decades, AI, etc is going to force humanity to confront it's sense of self and priorities and wake up. A man can dream lol.

Re: America vs. Singapore: You can't save your way out of economic shocks

#475

Post by indemnity »

JimDabell wrote: post #386
mikestorrent wrote: post #281

Earlier quoted context omitted.

> while commuting each day to a developed country Must be a fully automated border or something? That kind of commute would be unthinkable between e.g. Canada and the USA for most folks

They’ve introduced facial recognition at this border, starting with motorcyclists. You just scan a QR code to get in. If that’s not an option, the gates are automated – you scan your passport and you can walk straight through. Singapore has the smoothest border controls I’ve ever experienced; it takes me less than half an hour between stepping off a plane at Changi to stepping into my apartment.

Whenever I fly to Europe (from New Zealand), I always go via Singapore, I just zip through, everything is convenient and clean.

Transiting through the American shitshow that requires clearing immigration again on the other hand…

Re: America vs. Singapore: You can't save your way out of economic shocks

#476

Post by solatic »

raw_anon_1111 wrote: post #461
solatic wrote: post #408

Earlier quoted context omitted.

A lot of people are often surprised at how non-frugal their lifestyles are. I'm not suggesting that people living on $50k/year aren't already frugal, but yeah, there's definitely people who take out car loans, take out mortgages for the full amount they were approved for, and all sorts of random things like buying chicken parts instead of whole chickens, buying small grocery store containers instead of bulk pricing f…

But also you see people asking why can’t someone making the median wage - $75K a year - max out there 401K at $23500 and their HSA at $8300, etc

There are three things you can do with your money - save it (e.g. investments), give it away (e.g. charity), or spend it (e.g. housing, vacations). Whether or not somebody's investment strategy (i.e. saving) is optimal for their income level has nothing to do with the frugality of their lifestyle (i.e. spending).

Re: America vs. Singapore: You can't save your way out of economic shocks

#477

Post by eru »

quibono wrote: post #434
eru wrote: post #427

Earlier quoted context omitted.

I've lived here since 2017. I have yet to see the poor people running power washers at night. Which neighbourhood do you suggest I visit for this spectacle?

By the way I'm not GP, I just wanted to clarify what they said (or attempted to). Apologies.

No worries. I understood perfectly well what they said. I just couldn't believe they said something so stupid.

Re: America vs. Singapore: You can't save your way out of economic shocks

#478

Post by everforward »

com2kid wrote: post #394
refurb wrote: post #361

Earlier quoted context omitted.

Since the government controls the supplies of HDBs, it controls the price inflation. So it would be more accurate to say “housing prices are inflationary because the government wants them to be”. Yet this introduces a ton of new problems as well. In order to keep them “good investments” it becomes ever increasing prices with ever increasing rebates to help lower income afford them. But eventually prices will stop goi…

All housing stock is controlled by governments everywhere through zoning. American cities could solve their housing shortages in short order but it'd piss off too many people who are "invested' in housing so we accept dead bodies in our streets and social instability instead.

> American cities could solve their housing shortages in short order but it'd piss off too many people who are "invested' in housing so we accept dead bodies in our streets and social instability instead.

I agree with you about fixing the housing market, but I think you underestimate the instability caused by changing housing prices rapidly.

If housing prices drop by something like 25%, a lot of people are going to be upside down on their loans (outstanding principal exceeds the value of the asset). The banks now have mortgages that aren’t fully secured anymore, and borrowers are heavily incentivized to allow a foreclosure unless they’ve paid down the principal by a lot.

We’re talking the 08 recession all over again.

Re: America vs. Singapore: You can't save your way out of economic shocks

#479

Post by scottyah »

raw_anon_1111 wrote: post #254
scottyah wrote: post #245

Earlier quoted context omitted.

I don't believe your friend is most people. I have quite a few who haven't been to a doctor in decades.

But do you want to take the chance that you will never have major medical expenses between the time you retire early and you are 65 and eligible for Medicare? How many of your friends are over 50?

Very few, I am just saying that you can sign up when you think the risk hits your threshold. I'm mid 30s and wish I hadn't had to pay the last 10yrs. Honestly, until you have ids it's unlikely you'll use it and even less likely that you can't sign up for it before a major operation.

Re: America vs. Singapore: You can't save your way out of economic shocks

#480

Post by scottyah »

hn_acc1 wrote: post #295
scottyah wrote: post #245

Earlier quoted context omitted.

I don't believe your friend is most people. I have quite a few who haven't been to a doctor in decades.

So, in your 30s? My parents both had cancer in their late 50s/early 60s (including surgery / chemo) - and paid like $15 for some pain meds in Canada. Even on a pretty good Kaiser plan, we're paying $200+ per day in the hospital, etc. On a high-deductible, more. They say they have a $1M annual limit, but that they've never enforced it. I hope we never have to find out.

Yes, I would get insurance once I have kids and that would cover the 50s+ when people usually start needing it.
Post reply on HN