Many in Singapore do not understand what is going to hit them in the coming years. All the benefits that they have enjoyed the past 40-50 years from the tailwind of globalization, free trade, free movement of people, cheap money and financialization is reversing. The past 40-50 years were disadvantageous for commodity producers and manufacturers like #Malaysia and #Indonesia. The winds have changed and the next few decades will benefit resource rich countries at the expense of resource poor ones like Singapore. Add in deglobalization where there will be increasing restrictions on movement of goods, services, people and capital, it will be Singapore's turn to face headwinds and have to play defense. When the power shifts, existing suppliers and partners will find and create any reason and excuse to revoke old arrangements to renegotiate from a new position of strength And the Singapore dollar? As I expect the USD and most indebted developed countries to debase and devalue significantly their currencies to inflate away their debt and rebalance their economies, the SGD will fall. By how much? Against the MYR, 2.0 would be a modest target. This is not an attack against any country. The macro changes are way inevitable and beyond #Singapore's control. We all need to adapt and protect our wealth and reposition ourselves for what's to come.