| To briefly recap the questionable finances of Singapore, with $364 billion SGD in public debt and $266 billion in accumulated surpluses, all supposedly invested, totaling $630 billion SGD in public assets. Temasek and GIC claim to have earned 17% and 7% annually since 1974 and 1981 respectively.
However, the Singapore government only lists assets totaling a little more than $705 billion SGD on its balance sheet. In other words, it cannot mathematically 1) take in $630 billion SGD since 1974 2) claim to earn 17% and 7% in Temasek and GIC and 3) only have a little more than $700 billion SGD. Even after accounting for interest and currency costs, that is some truly magic accounting...............................................Full Article: Source
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