Financial Crisis Forum by Finance Minister

The Political Education Committee (PEC) will be organizing a talk on the Financial Crisis by Comrade Tharman Shanmugaratnam on Sat, 13th Dec 08 from 2.00pm to 5.00 pm, at the PAP HQ Auditorium. The talk will cover the following areas: (i) Prospects for the Global Economic and Financial Crisis (ii) Impact on Singapore and Our Responses (iii) Lessons that we can draw from this crisis This will be followed by a Q & A session.

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Briefly, the Finance Minister shared with us that there are 4 bubbles burst at the same time in this round of Financial Crisis.

Bubble #1 - Sub-prime Mortgage Meaning - Houses are mortgage without the ability to pay up the mortgage loan. In other words, we bought big houses with very little cash we have

Bubble #2 - Security Crunch Meaning - Each bank may package 5 mortgage housing loans and sell to another bank which in return will add-on another 3 mortgage loan and package it + interest, sold it to another party. Then another party, take these 8 mortgage loan + a few more mortgage loan + interest and sold it to another party.

Bubble #3 - Credit Crunch Meaning - People spending more than they have by signing credit cards and not able to pay.

Bubble #4 - Asian Bubble Meaning - Alot of Asia export depends on USA. With USA economy down, Asia will be greatly affected. In summary, the interest had escalated and reaches a ceiling that the debt incurred is just impossible to pay off. Every country is in deficit except for 3 countries - China, Germany and Middle East. Middle East is not cash rich but asset rich like oil, etc. Germany refuses to help the economy by purchasing the goods because they felt that the issue is created by USA and they should solve it within themselves. China is kind and willing to take out some cash. But China itself cannot save the whole world.

Finance Minister also commented that there are 2 ways to resolve this financial crisis :-

1) We just allow a very Sharp V shape to take place. A Sharp V meaning, let everything drops back to bottom and let things pick-up by itself again. Thus companies that are not performing, we just have to let it wind-up. Advantage of this is things will pick-up faster.

2) A U shape approach, is a gradual process but it will be a very slow economic recovery which may drag to 3 to 5 years. Basically no one has the answer to this financial issue.

He even commented that thru this crisis, there are opportunities except Singaporeans are not in the international standard to compete. Singapore may be very strong in structure and systems, but the Singaporeans are not competitive enough to compete.

Personally having walk thru the ground for many years, I realised alot of us are very shallow and do not had much depth and survival skills as compared to the foreigners.

Now is the time to rebuild our skills and other aspects and go in depth in this crisis, is what Finance Minister Tharman urged us to do.

And yes, let's seize opportunities in the midst of adverse situation and of course God has the answer only.

Chapter 2 - The Kingdom Minded Church

from ChurchShift - Sunday Adeleja

Church reformers like Martin Luther in previous ages had this national focus; they wanted to bring nations to their knees before God. But today too many Christians have scaled back their ambitions. It's time to be ambitious again. It's time to shift our churches! Until the children of the almighty God act like His representatives on the earth, nothing will change in our countries. The destiny of OUR LAND is in the hands of the church and the willingness to declare the position of God in OUR society.

The real focus of every Christian's life , and of all our church activities, is promoting the kingdom of God in every sphere of our nations.

Christians have to walk in power. Every gift and talent we have is to be exercised in service of the kingdom.

Chapter 1 - People Power

from ChurchShift - By Sunday Adelejay

God opened my eyes to see that to complete the Great Commission, we must have impact upon nations, not just people in churches.

Transforming nations requires bold steps. Great Commission really means as believers, our mission is to save nations, not just evangelise individuals and build churches. God is not terribly concerned with church size and church ministries. His main goal is for all nations to walk after Him in kingdom principles. The church fulfills its mandate when it changes society, not when it's confined to its sanctuary and Sunday school. The church is to build the kingdom of God in a nation.

KINGDOM PRINCIPLES

1. The church fulfills its mandate when it changes society, not when it is confined to its sanctuary and Sunday school classrooms.

2. This isolation of the church from the world has led to ineffectiveness and failure to carry out the Great Commission.

3. The Great Commission mandate is to go out and disciple nations.

4. Ministry is what you do to bring your life and your sphere of influence under kingdom rule.

5. We are not called to huddle inside the church sanctuary but to restore the kingdom of God to the world.

6. God holds the church responsible for societies.

7. The church is to be the training ground for people who will impact the society around them.

Church Shift - Sunday Adelaja

From the Book Church Shift

Even though Ukraine was not officially communist anymore, the people of the nation still lived under the mindset of oppression. For many years the Soviet Union had taught the Ukrainian people to unquestionably submit to authority. Though the Soviet Union was gone, people still couldn't imagine a government that respected them. So the government felt free to treat people as sheep and servants. There was no accountability in the leadership as there is in a democracy. People continued to hide their thoughts and feelings deep down inside and pretended to agree with the government.

Question - Are we those people who always say YES but deep down do not agree and resent decisions made by government, leaders? Why didn't we speak out in a positive manner that can contribute to an organisation, government policies or even in church?

The Healing Apostle - John Alexander Dowie

From the book - God's General by Robert Liardon

An extract from the chapter - While in Edinburgh, Dowie became the "honorary chaplain" of the Edinburgh Infirmary. It was there that he had the unique opportunity to sit under the famous surgeons of his day, comparing their diagnoses with the Word of God. But as patients lay helplessly under chloroform, Dowie heard these surgeons could not heal, and that they could only resort to removing the diseased organs, hoping for a cure. He watched many surgeries end with deadly results. As he heard from the lips of these medical professors the confession that they were only guessing in the dark, and witnessed their experiments, Dowie developed a strong antipathy to surgery and medicine.

Personal opinion - I think it is still true today in the 21st century. Doctors are merely guessing and cure only the symptoms but not released the actual healing!

Extracts from the chapter - John Alexander Dowie was a reformer and a revivalist. This kind of calling has to see results because of the passion for God that burns so strongly within them. He loved people, but his commitment to the truth caused him to focus only on groups that would respond.

Another extract - Despite the tight financial situations that John is in, he told his wife that "I can see that future far more clearly than I can solve the mysteries of the immediate present."

Every ministry has a future. But we must believe in that future or we will never take the first step. Like Dowie, we must determine to hold fast to the Word of God and fight for what is ours in the earth. Setbacks are always present, but we determine if the problem is to remain permanent. Even though we are called, we still have to war against spiritual evils that are sent to destroy our vision and to discourage us. God's angels can help, but the war for our destiny is a personal responsibility that we must win.

Misreading the Call - Dowie was an apostle who didn't have the complete understanding of that office. The anointing he carried pierce the religious theocracies of his day, but there were few who understood him, including himself. As a result, he misunderstood several administration that came with the passion of his office. One passion was in the area of politics.

Dowie's leadership was gaining a strong national influence. So seeing his potential and knowing his stand, the Temperance Society asked him to run for Parliament. At first, he opposed the idea. But he later changed his mind, thinking he could possibly influence more in the political arena and decided to enter the race.

But Dowie suffered a sound defeat in the elections. The local newspapers that had been so damaged by his ministry, waged an all-out attack against him. The politicians and alcoholic beverage industry paid untold amounts of money to see him slandered and defeated. After the election, Dowie had wounded his church and disgraced his ministry.

Dowie was moved by such strong spiritual yearnings that he sought to fulfill them in the natural. I can only speculate why he made his move. It could have been because the church world wasn't grasping the truth fast enough to satisfy him. Whatever his reason, he misread the timing and plan of God for his ministry.

We need to understand that God has a central point from which every aspect of our lives operate, whether individually or corporately. That area is called "timing". From the operation of that one word, lives can move forward with God or be hindered. Nations can advance spiritually, or regress. Life in the spirit realm has a timing to it just as life in the natural. Therefore, it is vitally important for us to follow the leading of our spirit. We must learn that it's not always right to move into action because it seems like the thing to do. This kind of obedience only comes from seasons of prayer and intercession.

Politicians and the political arena have never changed the world. Only people whose hearts are changed by the Gospel can transform civil laws and regulations. Politics were meant to compromise and please as a whole. The apostolic office presents the Word of the Lord, then it is up to the people to conform to and follow it. The apostolic and political don't mix. Dowie with his calling, should have never resorted to a political lifestyle.

While campaigning for office, Dowie also neglected his commandment to preach divine healing. He simply steered away from his calling to pursue a personal goal, thinking he could reach a greater mass of people. And as a result, the rest of his time in Australia was spent in darkness and futility.

Three Core Competencies of A Mentor

Shepherd, Teacher and Leader

from Ps Edmund Chan's Mentoring Paradigm book

1) The Mentor Who Shepherds

The mentor who shepherds knows the condition of the flock. He is sensitive to their needs. Not just the felt needs but the real needs as well.

3 aspects to this shepherding role ...

a) Caring - This is primarily edification through words and presence. As the saying goes, people do not care how much we know until they know how much we care.

b) Counselling - This takes some training and skill. The wise mentor goes for the root rather than the superficial branches.

c) Coaching - Involves discerning the spiritual direction for the people and coaching them with the principles (why) and the skills (how to).

2) The Mentor Who Teaches

Different people learn in different ways. Thus, the mentor who should also teach in a variety of ways :-

a) by doing of project together

b) by reading and personal reflection

c) by discussion or interaction

Best teaching mentors are the ones who seek efficacious teaching for all the learning types. They look for teachable moments. Best teaching mentors do not merely give answers but rather they ask the right questions and give Word-centred principles.

3) The Mentor Who Leads

Those who intentionally lead their mentorees towards a destiny are a rare-breed of mentors. They lead them towards transformational Kingdom engagements and all that God has called them to. They are not just mentoree-centred, they are God-centred!

Mentor who lead inspire hope and faith.

Mentors who leads challenge mentorees to embrace the work of God in their lives, these mentors model the way. They lead by example. There is a clear sense of passion, purpose and pursuit in the mentors' lives. These are visionary leaders who mentor.

Personal prayer - God, may you guide me to be a God-centred mentor who shepherd, teach and lead the mentorees that you have placed under me!

Nothing to Prove, Nothing to Lose and Nothing to Hide

from Ps Edmund Chan's - MENTORING PARADIGM-4

Nothing to prove is a state of deep security in God

Nothing to lose is a state of absolute surrender to God

Nothing to hide is a state of true integrity before God

The key to living with nothing to prove is humility.

Which in my own opinion is very difficult because everyone of us wants pride. I like what Philippians 2:3 says :"Do nothing out of selfish ambition or vain conceit, but in humility consider others better than yourselves." This verse could be tough to exercise because most of us wants to be the FIRST and with that we have never thought others better than ourselves.

The key to living with nothing to lose is giving-up your rights, which is giving-in to God.

The root cause of our inability to reach this blessed state is our lack of inner security. Insecurity causes us to fall into performance trap which inreturn leads to fragile egos. Insecurity leads us to FEAR and FULL SURRENDER to God too! In truth, we become possessed by our possessions. Controlled by our need for control. We miss the point that true security comes when we find satisfaction only in Christ and with that includes giving up your rights!

Finally, insecurity also causes us to camouflage our sins with artificial, guilt-soothing human constructs. We hide our heartaches, sins and pains behind smiling masks and ministry activities. We focus on temporarily managing our sins thru excuses instead of completely repenting of them.

When we walk in true repentance, then there is nothing to hide. Isn't this wonderful as believers we are taught to confess our sins to one another so there is nothing to hide.

Will remember this 3 principles and follow closely as I believe God will use someone who has nothing to prove, nothing to lose and nothing to hide. More importantly we will have absolute peace as we have nothing to prove, nothing to lose and nothing to hide :)

Status, Stature and Substance

from Ps Edmund Chan's book of MENTORING PARADIGM-3

Following up on the previous chapter, it is the Substance of a leader that ultimately defines the leader.

Sometimes we comment :"He has the status of leadership but not the stature of a leader." Even so, it is the substance of a leader that ultimately defines the leader.

Status - Refers to the leadership titles or positions that we hold.
Stature - Comprises two aspects of our leadership - our credibility and confidence
Substance - Most importantly it is our substance that God views us and matters most to HIM.

In our performance driven society, people are only interested in our status - the titles and positions that they think represent us. As a result, we focus our efforts on striving for higher status. We often miss out on developing the stature which builds confidence and credibility. Surely, status without stature is hollow.

When we are people of substance, we live beyond mere status and stature. We cultivate an emotional stability and restedness, security and humility, which enable us to handle crises, criticisms and compliments well.

At the heart of our status, stature and substance lies our sense of security. But true inner security, where we can be small yet secure, is the true expression of substance in leadership.

Ultimately, God is more interested in 'what we have become' rather than merely 'what we have accomplished for Him'. When we develop and grow in substance, the status and stature of leadership will be built on solid ground. We will then live with :-
Authenticity in our worship
Brokenness in our walk and
Courage in our work.

Personal thoughts - Reflecting back on one incident when my ex-boss says that he would like me to take a bigger role of leadership in one of our company's subsidiary. He further explained why he had chosen me to take up this challenge over the other manager. He said, "It is how you handled a crisis that I saw determined to give you this opportunity. Both of you (referring to myself and the other manager) faced crisis at the same time in your family. You have demonstrated strong coping skills and strength while the other manager, continued to wallow in self-pity and push the blame to everyone else instead of himself."

Indeed, it was an encouragement from him inregards to how we handle our crisis. I only have God to thank for, because it is through all these years of walking closely with HIM that HE has helped me to develop substance and depth within me. Though still not complete, but will continue to work deep within as a leader because I want to be a leader that has the substance and the stature.

Superstructure, Structure and Substructure

from the Ps Edmund Chan's book - MENTORING PARADIGM-1

In life, we gravitate toward the visible and the spectacular. We judge and pride ourselves upon our influence and accomplishments. That is what we call Superstructure that is easily visible.

It is the Substructure, the unseen foundation, that our true strength lies. Without a deep and stalwart substructure, the Structures cannot hold. And the superstructures cannot rise to great heights without peril. Thus is it important to spend time to build on the foundation of substructure than on the superstructure.

So what exactly is Superstructure, Structure and Substructure?

Superstructure - represents the outward accomplishments of our life, work and ministry. It is built by competence and skill. It is worthly only when the substructure is solid and the surface structures are set in place.

Structure - the supporting beams and columns which fit together to form the framework around which the facade and usable floor area are built. These structures are the areas that we need to guard in our personal life. Time with God, family, friends and community. Without these, the building would be haphzard jumble and shaky.

Substructure - Who we are, what we do when no one sees, form the substructures of our life. A life of worship, lived before God in the fear of Him and held together by humility, wisdom and perseverance, constitutes a foundation that will withstand immense stress and strain. The continued maintenance and growth of this substructure, firmly anchored in God through the practice of the spiritual disciplines, is the work of a lifetime.

Summary - When we take care of the depth of our lives, God will take care of the breadth of our work and ministry.

Food for thought - Where is our time spent? Substructure, Structure or Superstructure? Personally I felt most of us spent alot of time in Superstructure and neglect the Structure and Substructure. Same goes in church, we may focus alot of time in DOING various ministries and neglect in building the BEING, which is the depth of our character. I remembered sharing with a friend, "Do not judge based on the outward form of management or skills of a leader or the number of people in their group, It is when one goes through a crisis then the true depth of a leader surfaces. Of course, God is a gracious God, it is also through a time of shake-up in a crisis that a leader grows in depth to build the Substructure."

As a reminder to myself as a leader to many ladies - do not neglect mentoring the substructure in their life as I built substructure in my life too!

PART ONE - LAYING A PERSONAL FOUNDATION FOR SUCCESS

From the book Management by Proverbs

PRINCIPLE ONE - A PROVERB IDENTIFYING THE REAL CEO

In all situation of uncertainty, we usually choose to fall back on our own wisdom. This becomes all the more likely as the stakes escalate. However, it is for such moments - the times when we are most likely to depend on our instincts, the times when we are most prone to invoke the 'business-reality' rationale for compromising our faith - that Proverbs 16:3 was written:

Commit to the Lord whatever you do, and your plans will succeed (Proverbs 16:3)

The verse contains a basic biblical principle. All of the work that we do in life, indeed every endeavor we pursue, is ultimately to be performed for the glory of God.

In Colossians 3:23-24, "Whatever you do, work at it with all your heart, as working fo the Lord, not for men, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving." Proverbs 16:3 "Your plans will succeed." Sound pretty straight forward, isn't it?

When we commit our work to the Lord, when we acknowledge Him as the real Boss to whom we ultimately report - our perspective on what we're doing and why we're doing it changes dramatically, as does our potential for success. Our 'thoughts' about the purpose are no longer shaped by our peers or the corporate culture. Instead our thoughts and plans are 'established' by God. They become divinely anchored rather than dependent upon circumstances. God's will now preoccupies us, displacing former priorities of expediency, control, promotion, power and job satisfaction. Even pay raises and job security become lesser priorities; the choice first and foremost remains God's will.

Once this new perspective is established, the ground is made fertile for us to 'succeed', not necessarily in the eyes of the world, but certainly in the eyes of God. We can succeed in our reputation, esteem, integrity, and relationships. At times, this success comes at the expense of more tangible outcomes, such as pay and promotion. Most important though, the Christian manager succeeds in the workplace as a living testimony to the truth of the Gospel.

PART ONE - LAYING A PERSONAL FOUNDATION FOR SUCCESS

From the book Management by Proverbs

PRINCIPLE ONE - DEVOTE YOUR WORK TO THE REAL BOSS

CASE STUDY

In 1946, Truett Cathy, a young and ambitious entrepreneur, took out a small loan to open a restaurant in Hapeville, Georgia. The Dwarf Grill consisted of a mere ten counter seats and four tables, but the tireless Cathy steadily grew the business by serving up quality food and friendly service twenty-four hours a day, six days a week.

In this modest setting, Cathy experimented with faster ways to prepare chicken and creative ways to season it. By 1963, his persistence paid huge dividends as he developed the winning taste combination that would come to be known as the Chick-fil-A sandwich. Business took off and within a few short years, Cathy was pioneering inmall fast food, peddling his novel sandwich to the rave views of hungry shoppers.

As a devout Christian, Cathy had refused to operate on Sundays ever since he opened the Dwarf Grill. Although the policy occasionally created difficulty securing mall contracts, his recipe was in such demand that the malls simply could not say no. Fifteen years later, Chick-fil-A annual sales would top US$100 milion.

And then came the economic threat that would test Cathy's faith. During the deep recession of 1982, demand for Chick-fil-A sales begins to decline for the first time. To add-on, other competitive chains of fast food restaurants became the direct competitors with Chick-fil-A. Chicken prices were soaring and the company was beset with heavy debt with interest rates hovering around 21 percent for building a five-story office complex. Financial crisis, it seemed was imminent.

Here at the crossroads lay the specter of what had been non-negotiable for decades: opening on the Sabbath. Adding one day of operation - especially a day where mall traffic was so high would add at least 16 percent to current revenues. A policy change might therefore mean a difference between the mall's center court and the government's bankruptcy court.

Profitable solutions ... God's will. Often they intersect, sometimes they do not. And it is in the latter tension that the Christian manager's faith is ultimately tested in the divine crucible. Cathy's dilemma revolved around maintaining a profit while honoring God by doing what he believed was God's will. Both those in senior management and in supervisory roles often must choose whether what they learned in business school must always come first or take second when it clashes with God's guidelines.

In effect, one must weigh the promises of the corporate culture against the promises of Scripture. And it is here that top management must decide whether the organisation's direction will be charted using God's compass of a gauge of their own creation.

Book of Proverbs on Management

From the book on Management by Proverbs

OVERVIEW ON BOOK OF PROVERBS

Proverbs is a philosophical book that seeks to answer question on 'How should we live?'. Primarily it contains the sayings of King Solomon, Israel's third and wisest king and majority of its contents are traditionally dated to the 10th century B.C.

The book of Proverbs speaks to every life issue of consequence, and, not surprisingly, it affords us an impressive amount of guidance in business matters. Borrowing from the work of Roy B. Zuck, the contents below summarizes those themes with the most patent application to management.

PROVERBS THEMES APPLICABLE TO MANAGEMENT

Advice to Leaders

Be honest, humble, just, reliable, self-controlled and sober

Money

Avoid get-rich-quick schemes, unfair pricing, charging exorbitant interest rates, and bribery; recognise consequences of gaining money dishonestly, money's ability to motivate people to work; share money liberally with the poor.

Proper use of words

Use words to impart wisdom, encourage, protect and nurture.

Improper use of words

Avoid lying, slander, gossip, false witnessing, mocking, perverse talk, boasting, flattery, or quarreling.

Virtues

Show courage, diligence, humility, generosity, honestly, integrity, kindness (to poor, to needy, to animals), love, patience, self-control, reliability, sobriety, teachability, and truthfulness.

Vices

Don't acquire money dishonestly, be angry or lose temper, bribe, be drunken, envious, greedy, hypocritical, unjust, jealous, lazy, oppress the poor or be proud.

Work and family

Be faithful to spouse; show priority of spouse and children over work.

When we apply Proverb's principles for human relationships to the workplace, they offer guidance for

1. Building a competitive workforce
2. Cultivating a culture of commitment
3. Evaluating and rewarding performance
4. Minimizing strife

SUMMARY

The goal in Management by Proverbs is to spotlight those principles of human relations found in this practical Book of Proverbs and show how managers and organisations can tailor those proverbs to their particular needs.