Month: August 2011

Categories
Army

All SAF Vocations

Which one are you?

ARMD SCOUT TROOPER RECCE TROOPER CARTOGRAPHER FIELD SECURITY MAN GRD SURVEY RDR OPR/SPEC SCOUT NCO (JEEP) SCOUT TROOPER NCO SCOUT (JEEP DRIVER) SCOUT
(MOTOR-CYCLE) INTELLIGENCE OFFR SCOUT NCO (DML) SCOUT PIONEER RECCE TROOPER SCOUT (DEMOLITION) SCOUT (DRIVER) SCOUT (GPMG) SCOUT (RECOILLESS RIFLE) ELECTC TECH
OFFR ORD OFFR LOG SPEC OFFR ELECTC TECH OFFR ORD OFFR ORD OFFR SYS ENGR OFFR CLERK NCO CLERK ANY SVC OFFR CLERK GD CLERK SHORTHAND CLERK TYPIST MAINT ASST
MPO MP SPEC OFFR PERSONNEL OFFR CLERK SHORTHAND CLERK NCO SERVICE TRAINEE KEY PUNCH VERIFIER OPERATOR DATA PROCG OFFR SYSTEM ANALYST/PROGRAMMER NUSAF
CLEANER HOUSEKEEPER BANDMASTER BANDSMAN DRUMMER BANDSMAN NCO MUSICIAN STAGE TECHNICIAN 120MM MORTAR SPEC/OPR AFV OPR AFV 20MM GUNNER AFV 81MM
MORTARMAN AFV 90MM GUNNER AFV DRIVER (M113) AFV OPR AFV DRIVER (M113) AFV RECOVERY DRIVER ARMD INF SECT LDR (M113) ARMD INF SECT LDR AFV TROOPER (M113) ARMD RECCE
JEEP TROOPER ARMD RECCE OFFR ARMD INF RECCE TROOPER ARMD INF OFFR ARMY CT SPEC(AI-AUTO[A]) ARMY SYS SPEC(AI-AUTO[A]) ARMY SYS SPEC(TANK-ARMT[T]) MOTORISED RECCE
NCO OFFR CADET RECCE JEEP TROOPER RECCE TROOPER RECCE TROOPER (JEEP DRIVER) RECCE TROOPER (MOTORCYCLE) TANK NCO TANK OFFR TANK CREWMAN 120MM MORTAR LAYER
120MM MORTARMAN 155MM HOWITZER GUNNER 160MM MORTARMAN AA GUNNER NCO AA GUNNER AA RADAR OPERATOR ARMY CT SPEC(ARTY[F]-ELECTC[R]) ARMY CT SPEC(ARTY[G] ARMY[H])
ARMY CT SPEC(ARTY[G]-ARMT[H]) ARMY CT SPEC(ARTY-ARMT[H]) ARMY CT SPEC(ARTY-ARMT[H]) ARMY CT SPEC(ARTY[G]-ARMT[H]) ARMY SYS SPEC(ARTY[F]-ELECTC[R]) ARMY SYS SPEC(ARTYARMT[
H]) ARMY SYS SPEC(ARTY(F)-ELECTC[R]) ARMY SYS SPEC(ARTY[G]-ARMT[H]) ARMY SYS SPEC(ARTY-ARMT[H]) ARTY OFFR ARTILLERY NCO FATA NCO (SPEC) TECH ASSISTANT (ARTY) NCO
FARRIER GENERAL TARGET ACQUISITION MAN FATA LOCATOR NCO FATA SVYR NCO FLASH RANGING MAN GUNNER TECH ASSISTANT (ARTY) METEROLOGICAL MAN RADAR MAN REGIMENTAL
SURVEYOR SEARCH LIGHT OPERATOR SELF-PROPELLED GUN DRIVER SELF-PROPELLED GUN GUNNER SOUND RANGING MAN SURVEYOR TECH ASSISTANT (ARTY) ARMD PIONEER NCO ARMD
PIONEER ARMOURED RECCE PNR NCO ARMOURED RECCE PNR ARMY CT ASST ARMY CT SPEC(ARMD ENGR-AUTO[A]) ARMY SYS ASST BOATMAN BOATMAN NCO PIONEER BRDG PIONEER NCO
BRDG PIONEER BRDG PIONEER NCO BRIDGING RECCE PNR NCO ELECTRO-MECH EQPT TECH(MT) VRG-DESC COMET NCO COMET PNR COMET NCO DRAUGHTSMAN (GENERAL) ENGR TANK
CREWMAN ENGR TANK NCO EOD NCO FD ENGR OFFR PIONEER NCO FIELD PLANT OPR FIELD SURVEYOR FOLDABLE LONG SPAN BRIDGE SPEC HEAVY CRANE OPERATOR HEAVY PLANT OPR
INF PIONEER INF PIONEER NCO PIONEER PIONEER NCO PLT OPR NCO PORT OFFR PORT OPERATOR RECCE PNR NCO RECCE PNR RECCE PNR SM1 LAUNCHED BRDG VEH LAUNCHED BRDG
WATERCRAFT PNR NCO WATERCRAFT PNR ARMY CT SPEC(GDS-AUTO[B]) ARMY CT SPEC(GDS-AUTO[B]) ARMY SYS SPEC(GDS-AUTO[B]) GUARDSMAN NCO GUARDS OFFR GUARDSMAN LIGHT
STRIKE LDR LIGHT STRIKE TPR RECOILLESS GUNNER RECOILLESS GUN NCO 120MM MORTAR SPEC/OPR 81MM MORTARMAN 81MM MORTAR NCO RIFLEMAN RECOILLESS RIFLEMAN RECOILLESS
RIFLE NCO ATGM ATGM NCO ANY CBT OFFR ARMY CT SPEC(INF-AUTO[B]) ARMY CT SPEC(INF-AUTO[B]) ARMY SYS SPEC(INF-AUTO[B]) ARMY SYS SPEC(INF-AUTO[B]) GUN VEH DVR COMMANDO
FIGHTER INF OFFR INF SECT LDR GD MAN GPMG GUNNER GS SPEC OFFR INF SECT LDR SURGEON CLINICAL LAB ASSISTANT CLINICAL LAB ASSIST NCO CLINICAL LAB ASSIST NCO CLINICAL
LAB TECH COMBAT MEDICAL ORDERLY COMBAT MEDICAL ORDERLY NCO COMBAT MEDIC(SRN) COMBAT MEDIC(U/W)(SRN) COMBAT MEDICAL ORDERLY DENTAL ORDERLY DENTAL TECH DENTAL
LAB OFFR DENTAL TECH DENTAL OFFR DENTAL ORDERLY NCO HEALTH INSP HYGIENE ASSISTANT LAB OFFR MED ANC OFFR MED OFFR NURSING OFFR PHARMACIST MED OFFR HYGIENE
ASSISTANT RADIOGRAPHER RADIOGRAPHER ORDERLY MEDICAL ORDERLY (CBT) MEDICAL ORDERLY NCO STOREMAN MEDICAL NCO STOREMAN MEDICAL STOREMAN MEDICAL NCO SURGEON
ARMY CT SPEC(COMM-ELECTC[C]) ARMY SYS SPEC(COMM-ELECTC[C]) ARMY SYS SPEC(COMM-ELECTC[C]) CIPHER OPERATOR COMCEN OPR RADIO RELAY OPR NCO RADIO RELAY OPR
ELECTRONIC TRAINEES COMPUTER AND CONTROL FITTER DESPATCH RIDER ELECTRICIAN
DRIVER ELECTC TECH OFFR ELECTRONIC TECHNICIAN ELECTRONIC
TRAINEES ELECTRONIC MECH ELEC- TRONIC MECH LINEMAN SIG OFFR RADAR
MECH RADAR OPERATOR RADAR MECH ELECTRONIC TRAINEES RADIO OPERATOR
RADIO TECHNICIAN SIGNAL OF- FICE CLERK SIG OFFR SIGNALLER SIG
NCO LINE MECHANIC TELEPHONE SWBD OPERATOR WPN CONTR MECH (MISSILE)
WPN CONTR MECH (GD) YEOMAN OF SIG- NALS AA GUN MECHANIC VEHICLE MECHANIC
WEAPON CONTR MECH AA CLERK TECHNICAL (GENERAL EQPT) STOREMAN
SUPPLY STOREMAN GD PAINTER/DECO- RATOR ARMT OFFR AFV ELECT ARMD
VEH MECH GUN FITTER (AMALGAMATED) ARMD VEH MECH WEAPON TECH ARMD
VEH TECH OFFR ARMOURER (AMALGA- MATED) BATTERY FITTER CLERK TECHNICAL
ARMAMENT CLERK TECHNICAL (VEHI- CLE) COMET ELECT COMET MECH FITTER
MACHINIST NCO GENERAL FITTER GRD COMMS ELECT MECH GD RADAR
ELECT MECH GUN FITTER (AMALGAMATED) HEAVY PLANT MECH OPTICAL INSTR MECH
WEAPON TECH METALSMITH MODELLER- CAMOUFLAGE OPTICAL INSTR MECH
PANEL BEATER SHEET METAL WORKER STOREMAN TECH (ARM) STOREMAN TECH
(VEH) TK ELECT ARMD VEH MECH TEL- EPRINTER MECH TURNER MACHINIST VEHICLE
ELECTRICIAN VEH MAINT OFFR VE- HICLE MECHANIC VEHICLE PAINTER
DRIVER VEHICLE TECH CLASS WELDER STOREMAN TECH (ORDNANCE) DOG HANDLER
MILITARY POLICEMAN NCO MP(SVC) MILITARY POLICEMAN MILITARY POLICEMAN
NCO PRO OFFR REGIMENTAL PO- LICEMAN DOG HANDLER VET SURGEON
ADA OFFR AIR DEF SYS OPR AIR DEF SYS SPEC(35MM-EME) AIR DEF WPN SPEC(IGLASLU)
ADA NCO ADA(35MM GUN) OPR ADA(DIV) OPR WPN SYS OFFR AFV DVR
NSF DEFAULT INVESTIGATOR OFFR NSF DEFAULT INVESTIGATOR PDF INF SECT LDR PDF MED ORDERLY PDF OFFR 0611 PDF RIFLEMAN PDF TECH OPERATOR PDF INF SECT LDR SEA TERMINAL
OPR NCO ARMAMENT MASTER TECH ARMAMENT TECH AFV TUR MECH AFV ELECT ARMD VEH TUR MECH NCO AVM(A) NCO ARMOURER TECH ELECTC TECH OFFR ARMY TECH OFFR(MECH)
AUTOMOTIVE MASTER TECH AUTOMOTIVE SPEC TECH AUTOMOTIVE TECH COMET ELECT NCO COMET MECH ELECTRONICS MASTER TECH ELECTRONICS SPEC TECH ELECTRONICS TECH GRD
COMMS ELECT MECH GRD ELECT MECH GD RADAR ELECT MECH GUNFITTER HEAVY PLANT MECH NCO HEAVY PLANT MECH NCO OPTICAL INSTR TECH PANEL BEATER NCO TK ELECT TANK MECH
TK TUR MECH VEHICLE ELECTRICIAN VRM NCO VEHICLE MECHANIC NCO VEHICLE MECHANIC GROUND COMMS ELECT MECH (RSAF) GROUND COMMS ELECT MECH (RSAF) AIR DEF CONR AIR
DEFENCE OPERATOR AIR ENGG OFFR AIR EXEC OFFR AIR FORCE OFFR CADET AVO AIR MAINT OFFR AIR OPS&COMMS ASST NCO AIR OPS&COMMS ASST AIR OPS SYS OPR/SPEC AIR OPS SYS
OPR/SPEC AIR OPR&COMMS OFFR GROUND COMMS ELECT MECH (RSAF) AIR STMN TECH AIR TRAFFIC CONTROL ASSISTANT ATC OFFR AIRCRAFT MECHANIC AC AIRFRAME/ENGINE TECH(TT) AC
COMMS TECH AIRCRAFT ELECTRICAL MECH AC ELECT/ARMT TECH(TT) AC ELECT/INST TECH(TT) AC ENGINE TECH AIRCRAFT MECHANIC AIRCRAFT FINISHER AC INST TECH AIRCRAFT MECHANIC
AC RDR TECH AC SAFETY EQPT WORKER AIRCRAFT SHEET METAL WORKER AIRCRAFT SHEET METAL WORKER AIRCRAFT WEAPON MECH AC WPN TECH AIRCRAFT WEAPON MECH AIRCREW SPEC
AIRCREWMAN AIRFRAME/ENGINE MECH AIRFRAME/ENGINE MECH AIR STMN TECH AIR STMN TECH NCO AC SAFETY EQPT WORKER AC SAFETY EQPT WORKER NCO AVO AVO NCO RDR/COMMS
TECH(CME/SCME) COMMS TECH ELECTRICAL/ARMAMENT MECH ELECTRICAL/ARMAMENT MECH ELECTRICAL/INSTRUMENT TECH ELECTRICAL/INSTRUMENT TECH ELECTRO-MECH EQPT TECH
ELECTRO-MECH EQPT TECH(TT) FIREMAN GROUND COMMS ELECT MECH (RSAF) GROUND ELECTRICAL MECH GROUND EQUIPMENT MECH GROUND COMMS ELECT MECH (RSAF) GROUND
EQUIPMENT MECH GROUND ELECTRICAL MECH HELICOPTER MECHANIC (JET) JET ENGINE MECHANIC NAVIGATION FITTER (AIR) NAV PILOT RDR TECH RDR/COMMS TECH(CME/SCME) RDR/
COMMS TECH RADAR/COMMS MECH RDR/COMMS TECH(MT) RADAR/COMMS MECH AC SAFETY EQPT WORKER TECHNICAL TRAINEE TECH(EE)(MT) GROUND COMMS ELECT MECH (RSAF)
WEAPON TECH WORKSHOP INSTRUCTOR WORKSHOP INSTRUCTOR ANY COMBAT TECHNICAL ASSAULT CRAFT OPERATOR COMBAT MEDICAL ORDERLY(UW) COMBAT MEDICAL ORDERLY NCO (UW)
FROGMAN MARITIME OBM MECH MIDS SEAMAN NAVAL COMMUNICATOR NVL DIVER NCO NAVAL ELECTRICAL ARTIFICER NAVAL ELECTRICIAN MECHANIC NAVAL ELECTRICAL MECH NAVAL
ENGINEERING MECH NVL MAINT OFFR NVL ENGG SYS SPEC(W) NAVAL ENGINEERING MECH NVL FIRE&SAFETY OFFR NAVAL FIREMAN NVL MAINT OFFR NAVAL STOREMAN TECH NAVAL STOREMAN
TECH NAVAL MISSILE CONTR ARTIFICER NVL OFFR NAVAL ORDNANCE ARTIFICER NAVAL RADAR MECH NAVAL RADIO ELECTRIC MECH NAVAL RADIO OPERATOR NCO NAVAL REFRIGERATION MECH
NVL REFGN TECH NAVAL SHIPWRIGHT ARTIFICER NAVAL SHIPWRIGHT MECH NAVAL SHIPWRIGHT MECH NAVAL SONAR CONTROL MECH NAVAL STOREMAN TECH NVL SUP OFFR NVL SYS SPEC NVL
TECH ASST(N ARC) NVL MAINT OFFR NVL TECH SPEC(OE) NAVAL WEAPON ARTIFICER NAVAL WEAPON CONTR ARTIFICER NVL ENGG SYS SPEC(EE) NAVAL WEAPON MECH SEAMAN GUNLAYER
ARMOURER SEAMAN GUNNER SEAMAN MINE WARFARE SEAMAN RADAR PLOTTER SEAMAN SAILMAKER SEAMAN UNDERWATER CONTROL SEAMAN UNDERWATER WEAPONS SEAMAN
(CLEARANCE DRIVER) AERIAL CARGO RIGGER/NCO AERIAL CARGO RIGGER/NCO AMMO TECH AMMO SPEC/MASTER TECH AMMO TECH OFFR AMMO SPEC/MASTER TECH CARPENTER/JOINER
COOK NCO COOK COACH TRIMMER NCO DRIVER DRIVING INSTR MECH TPT OFFR MIL ENGG OFFR MT NCO SEA TERMINAL OPR SEA TERMINAL OPR NCO MT NCO STOREMAN SUPPLY NCO
STOREMAN TECH (COMMS) NCO STOREMAN (AMMO) NCO STOREMAN (AMMO) STOREMAN TECH (COMMS) STOREMAN SUPPLY STOREMAN TECH (ORDNANCE) SUP OFFR STOREMAN SUPPLY NCO
MT NCO COACH TRIMMER UNMANNED AIR VEHICLE SYSTEM SPEC DUPLICATING MACHINE OPERATOR LITHOGRAPHER PHOTO PRINTER PRINTER PRINTER COMPOSITOR NCO PROJECTIONIST
CDO FTR CDO LDR RIGGER ADMINISTRATIVE SUPPORT OFFR MAPPING SPEC PHOTO LAB ASSISTANT MAPPING SPEC TECH SPEC(ELECT) TECH SPEC (MECH) ARTISTE BOILER ATTENDANT
BRICKLAYER TECH (BLDG SVC-ELECT) BLDG SUPVR CLERK OF WORKS NCO DRAUGHTSMAN (GENERAL) DRAUGHTSMAN (MECH) FILTRATION PLT ATTD GENERATOR ATTD (MECH) GRAPHIC
ARTIST NCO LAND SURVEYOR OVERSEER TECHNICIAN TECH (BLDG SVC-PLUMBING) PUMP ATTENDANT QUANTITY SURVEYOR ASSISTANT TECH (BLDG SVC-MECH) SURVEY ASST SURVEYOR
(TOPO) TECH (BLDG SVC-MECH) COBBLER TAILOR FLIGHT ENGINEER WPN SYS OFFR DEFENCE TECHNICAL WPN SYS OFFR EDUCATION INSTRUCTOR NCO EDUCATION INSTRUCTOR TECH
OFFR (FOOD TECHNOLOGY) PRODUCTION (MEDIA) MASTER TECH PRODUCTION (MEDIA) SPEC TECH PRODUCTION(MEDIA) TECH PRODUCTION (STAGE) MASTER TECH PRODUCTION (STAGE) SPEC
TECH PRODUCTION (STAGE) TECH NVL ENGG SYS SPEC (TS) DEFENCE TECHNICAL RESEARCH ASSISTANT TEST LEADER LANGUAGE INSTRUCTOR LANG TRG OFFR PSYCHO TECHNIC TESTER

Categories
Finance

Forex Equity Update – August 2011

Q2 2011 for period Apr 01 – Jun 30, 2011

  • Opening NAV – 1.081
  • Closing NAV – 3.219
  • +197% open-to-close of fiscal quarter

Categories
Finance

Reason behind Fitch’s AAA Rating

Fitch, the Good to Moody’s Bad and S&P’s Ugly, on Tuesday morning reaffirmed its AAA rating on US sovereign debt and maintained a stable outlook. This is unsurprising: it said as much following the conclusion of the debt ceiling negotiations.

A quick read of the rationale (pasted below) highlights the differences in how Fitch sees the US fiscal picture. (It’s more William Hart than James Whistler.) Compared to S&P, it places more faith in Congress, current growth assumptions, and the special place of US currency and debt in global capital markets.

Here are our five quick observations:

1. Fitch assumes the same stabilisation point for the US debt:GDP ratio (85 per cent) as S&P but forecasts this will be reached “in the latter half of the decade” rather than in 2021.

2. This is for two reasons. First, Fitch reckons the debt ceiling deal chalks up $4,100bn worth of deficit reduction, relative to the CBO’s March alternative fiscal scenario, which S&P also (eventually) used. This is because it assigns more savings to the discretionary spending caps contained in the Budget Control Act than S&P does (and also more than the CBO does, for that matter). Given the checkered history of caps, this could be seen as optimistic.

3. Second, like the CBO and S&P, Fitch relies on 3 per cent real growth assumptions for the next decade, including for the next two years. These already seem highly optimistic in the short-term.

4. Fitch places more emphasis on the special status of the US dollar and US Treasuries, arguing these give the sovereign a more favourable interest-rate growth differential than peers. This is an interesting perspective, one not echoed in the S&P rationale.

5. Finally, Fitch has a more optimistic view of political risk, saying it’s going to wait until the Congressional supercommittee reports before passing further judgement on Washington. Given its members, we see little to change our current view of DC politics.

 

Full release:

Fitch Ratings-London/New York-16 August 2011: Fitch Ratings has affirmed the United States (US) Long-term foreign and local currency Issuer Default Ratings (IDRs) and Fitch-rated US Treasury security ratings at ‘AAA’. Fitch has simultaneously affirmed the US Country Ceiling at ‘AAA’ and the Short-term foreign currency rating at ‘F1+’. The Outlook on the Long-term ratings is Stable.

The affirmation of the US ‘AAA’ sovereign rating reflects the fact that the key pillars of US’s exceptional creditworthiness remains intact: its pivotal role in the global financial system and the flexible, diversified and wealthy economy that provides its revenue base. Monetary and exchange rate flexibility further enhances the capacity of the economy to absorb and adjust to ‘shocks’.

Fitch will review its fiscal projections in light of the outcome of the deliberations of the Joint Select committee (due by end November) as well as its near and medium-term economic outlook for the US by the end of the year. An upward revision to Fitch’s medium to long-term projections for public debt either as a result of weaker than expected economic recovery or the failure of the Joint Select Committee to reach agreement on at least USD1.2trn of deficit-reduction measures would likely result in negative rating action. The rating action would most likely be a revision of the rating Outlook to Negative, which would indicate a greater than 50% chance of a downgrade over a two-year horizon. Less likely would be a one-notch downgrade.

US sovereign liabilities, both the dollar and Treasury securities, remain the global benchmark and accordingly the US credit profile benefits from unparalleled financing flexibility and enhanced debt tolerance, even relative to other large ‘AAA’-rated sovereigns. The US dollar’s status as the pre-eminent global reserve currency and depth of the US Treasury market render financing risks minimal and underpin a low cost of fiscal funding.

The US economy remains one of the most productive in the world, reflected in levels of income per head that are substantially higher than the ‘AAA’ median and other major ‘AAA’ sovereigns. The institutional, legal and financial infrastructure supports business growth and innovation and Fitch continues to forecast that the US economy (and tax base) will, over the medium term, be one of the most dynamic amongst its high-grade and ‘AAA’ peers and support the stabilisation and eventual reduction in government indebtedness. Fitch’s current assessment is that the US economic recovery will regain momentum and that a period of above trend growth will subsequently be followed by growth of at least 2.25% over the long term.

As underscored by the challenges facing some European governments in securing investor confidence in their long-run solvency, the gap between government cost of borrowing and economic growth – the interest rate-growth differential (IRGD) – is crucial. For the US, the IRGD has historically been more favourable than that faced by its high-grade and ‘AAA’ peers. Fitch expects this to continue over the medium term as low nominal and real interest rates persist, underpinned by the US’s dollar’s continued pre-eminence as the global reserve currency and Fitch’s assessment of medium-term growth prospects relative to peers.

Despite its exceptional creditworthiness, the fiscal profile of the US government has deteriorated sharply and is set to become an outlier relative to ‘AAA’ peers. The overall level of general government debt, which includes debt incurred by states and local governments, is estimated by Fitch to reach 94% of GDP this year, the highest amongst ‘AAA’ sovereigns. However, federal government indebtedness is lower than in other major ‘AAA’-rated central governments. Fitch estimates that federal debt held by the public will be equivalent to approximately 70% of GDP this year compared to around 75% for the UK (‘AAA’) and France (‘AAA’).

Fitch’s analysis of the Budget Control Act (BCA 2011) passed into law on August 2 implies USD4.1trn of deficit reduction over the ten years to 2021 relative to the Congressional Budget Office (CBO) ‘alternative fiscal scenario’ and Fitch’s previous basecase projections and, if fully implemented, would bring US public finances materially closer to a sustainable path. Because the BCA 2011 sets absolute caps on discretionary spending relative to the CBO March 2011 baseline, the overall level of savings on discretionary spending relative to the CBO’s alternative fiscal scenario (ie. the ‘current or no policy change’ scenario) is USD2.9trn. Combined with the USD1.2trn of spending cuts implied by automatic across-the-board spending cuts (‘sequestration’) in the event that the Joint Select Committee does not reach agreement, the BCA 2011 implies at least USD4.1trn of deficit reduction relative to the CBO’s ‘alternative fiscal scenario’.

The BCA 2011 has tasked a bi-partisan Congressional Joint Select Committee to agree USD1.5trn of deficit-reduction measures by end-November 2011. In the event that the joint committee fails to secure a majority agreement on deficit reduction measures of at least USD1.2trn that could be enacted by January 15 2012, the Act stipulates automatic across-the-board cuts to spending split evenly between security and non-security programs beginning in FY2013. The automatic cuts would be targeted to reduce the deficit by USD1.2trn over the nine years to FY2021. Social Security, Medicaid and unemployment insurance programs would be exempt from ‘sequestration’ and revenue measures are not part of this ‘enforcement mechanism’. However, the ‘sequestration’ would only come into effect from January 2013 and could be over-turned by the existing or future Congress and Administration.

Fitch currently projects federal debt held by the public and gross general government debt stabilising in the latter half of the decade at 85% and 105% of GDP, respectively, higher than for any other currently ‘AAA’-rated sovereign. In Fitch’s opinion, this is at the limit of the level of government indebtedness that would be consistent with the US retaining its ‘AAA’ status despite its underlying strengths. Higher levels of indebtedness would limit the scope for counter-cyclical fiscal policies and the US government’s ability to respond to future economic and financial crises.

Fitch’s latest medium-term fiscal projections detailed in an accompanying Special Report, ‘US Public Finances – Overview and Outlook’, reflect the judgement that the emerging public and political recognition of the necessity of fiscal consolidation will be translated into specific and timely measures that will gradually reduce the budget deficit and place US public finances on a sustainable path. In this regard, the extent to which the Joint Select Committee is able to secure agreement on deficit-reduction will provide further information on the risks around this judgement.

The BCA 2011 also authorised an immediate USD400bn increase in the debt ceiling and established procedures for at least a further USD1.7trn that would raise the ceiling to USD16.394trn which would be sufficient to fund the federal government through 2012. In Fitch’s opinion, the debt ceiling is an ineffective and damaging mechanism for enforcing fiscal discipline. It does not prevent budget decisions that will incur future debt issuance in excess of the ceiling, while ‘last minute’ agreements to raise it undermine confidence in the sovereign’s ‘willingness to pay’.

Agreement and passage into law of a credible set of deficit-reduction measures of at least USD1.2trn by end-2011 would be consistent with Fitch’s own fiscal projections and demonstrate that a sufficiently broad-based political consensus can be forged on how to reduce the budget deficit and provide a platform for the additional measures that will be required over the medium to long term. In the event that the Joint Select Committee is unable to reach an agreement that can secure support from Congress and the Administration, Fitch would be less confident that credible and timely deficit-reduction strategy necessary to underpin the US ‘AAA’ sovereign rating and Stable Outlook will be forthcoming despite the USD1.2trn of automatic cuts that would follow.

 

Categories
Cool School

2011 Prelim Papers Are Up!

’nuff said. The directory permissions preventing people from downloading the files have been rectified. If a password is needed, try ‘wunderglaube’…

Any more problems? Just give a shout out in the comments box below.

The pixel art below is from “king of pixels” eBoy! Cool shit!

Categories
Cool Random

World’s Largest Stop-Motion Film

[jwplayer mediaid=”530″]

Categories
Army

SCT dies during navigation exercise

SINGAPORE: A Singapore Armed Forces (SAF) full—time National Serviceman (NSF) died on Tuesday during a navigation exercise.

Specialist Cadet (SCT) Ee Chun Sheng, 21, was found unconscious at about 5.11pm while participating in a navigation exercise at Ama Keng Training Area at Lim Chu Kang.

An SAF medic went on site and tried to resuscitate SCT Ee at about 5.15pm. The serviceman was evacuated via a safety vehicle to the Tengah Air Base Medical Centre and arrived at about 5.39pm where an SAF doctor attended to him.

SCT Ee was then sent by ambulance to the National University Hospital (NUH) at 6.05pm and arrived at 6.32pm. SAF doctor and medic continued to resuscitate him enroute to the hospital.

SCT Ee was pronounced dead at 9.03pm at NUH.

The Ministry of Defence (MINDEF) and the SAF extend their deepest condolences to the family of the late SCT Ee. The SAF is assisting the family in their time of grief and is investigating the incident.

— CNA
==========
In a stunning relevation, MINDEF revealed in a press statement last night that SAF took MORE THAN ONE HOUR to send 21 year old SCT Ee Chun Sheng to NUH after he was discovered to be unconscious during a training exercise:

“An SAF medic went on site and tried to resuscitate SCT Ee at about 5.15pm. The serviceman was evacuated via a safety vehicle to the Tengah Air Base Medical Centre and arrived at about 5.39pm where an SAF doctor attended to him. SCT Ee was then sent via an ambulance to the National University Hospital (NUH) at 6.05pm and arrived at 6.32pm.”

SCT Ee was pronounced dead on arrival at NUH. He was training to be a ‘Specs’ at the School of Infantry Specialists (SISPEC) after which he will hold the rank of a 3rd Sergeant.

His unfortunate and unnecessary death was mourned by many ordinary Singaporeans. SCT Ee graduated from Singapore Polytechnic and would have a bright future ahead of him if not for his untimely demise.

Though the cause of his death is not known yet, it is common medical knowledge that few will survive an out-of-hospital cardiac arrest for more than five minutes.

It was reported that SCT Ee was resuscitated on site. What was done for him there? Did the medic have a portable defibrillator? Did he have a pulse present? If he was still alive then, he should be sent immediately to NUH rather than sent to the Medical Centre.

Given the close proximity between Tengah Air Base and NUH, it is incredulous that it took nearly half an hour to transfer SCT Ee to NUH.

MINDEF should come clean with the public and convene an independent Commission of Inquiry to investigate the circumstances surrounding SCT Ee’s death and whether it could be prevented.

It should also release the number of NSFs and NSmen who died in the course of their training as well as those who suffered permanent injuries and debility over the years. The figures should then be compared with those of other countries with mandatory conscription such as Taiwan, South Korea and Israel.

Despite blanket assurances from the SAF that it takes “serious view” of ensuring the “safety” of its soldiers, unnecessary deaths and injuries have been occuring of late and then quietly swept under the carpet as if nothing has happened.

With National Service exacting a heavy toll on the time and resources of every Singapore men, Singaporeans deserve to know the truth or one day, somebody we know may become the next SCT Ee.

-Temasek Review

Categories
Army Life

Sleepy Nights

I must say today was quite exciting. We had MATADOR Sub-Calibre and SAR21/M203-GL Grenade Launcher live firing at the SAFTI Live Range. A 6 click fast march was the prelude to the live range. The stroll there was beautiful, to the right the verdant green forest, to the left the azure blue waters of Tengah Reservoir.

We were the 4th detail to fire the MATADOR. A little trepidation there about the noise level. The backblast was REALLY loud, but the result – the round hitting dully against the target was an anti-climax to the shoot. Luckily, we had the Grenade Launcher to save the day – a hard recoil with a loud explosion. Anyway, I hope I get to shoot a real HEAT round one day, not that I want to get into Infantry Proterm.

To end off, SCS is turning into a LAN shop of sorts, what with DotA, Unreal Tournament and Pokémon ROMs lurking in the depths of the vnas_scs network drive. Which leads me to one gripe about my BMT company – they love their games so much that people who don’t play games are usually left out of conversations. Many of them are hardcore gamers, owning PS3s and PSPs and LANning on the LEARNet laptops, pwning each other and whatnot. The ‘rest of us’ have to content ourselves with discussing real personal stuff, topics with the human touch. But somehow I feel such interactions remain at a superficial level. And I get the belief that games are quite the social glue, if experiences are any guide. I might be wrong, but I find myself wanting to learn DotA just to break through the social barrier erected by my platoon mates.

Conformity. This is what life is all about.