Singapore-based financial blog that aims to educate people on personal finance, investments, retirement and their Central Provident Fund (CPF) matters.

Tuesday, 7 July 2015

My Views on Democracy

Democracy is not where the larger group of people make the rules and dictate directions for everyone. Nor is it many different people voicing different views and the dominating view prevailing.

Democracy shouldn't be like your Prom Queen; who is usually not the most pretty person who wins, but the most popular (and usually the one with the most friends).
And yes, if you think I'm judgmental, you're probably focusing on the wrong point.

A good Democracy is one where a small group of people (preferably elites) make decision for the larger group - or everyone, with appropriate accountability tools in place to check on the small group of people.
An election is just one of the methods of accountability; it is by no means the best, the only, nor should be seen as the the most accurate form of accountability.
This may seem elitist but you probably would not want someone dumb at helm.

Greece had a referendum that showed 60% of its population (of which, only 90% eligible voters voted) had rejected austerity measures.

If you are looking at "larger group dictating" form of democracy, you should pity the 46% of the people who did not choose "No" for austerity. They are in trouble because of the 56% who spearheaded their country towards what the majority wanted but may not be a good thing.

Yes, Greeks are now cheering that they had rejected an austerity proposal, and their PM just thanked their country for this success and labelled this as a win for democracy.
But look underneath all that, nothing's changed.
Banks are not opening, not more than 70Euros can be withdrawn, Greece is still unable to pay its creditors.
"Democracy Wins, Now What?" is probably the more appropriate slogan.
I have no idea how does winning this referendum gives Greece more bargaining chips on the negotiation table - economically and politically.

The problem with Greece is accountability, accountability on politicians. They elected dumb people up, who approved a lot of dumb things, and they think that this is democracy (electoral democracy, people electing people they think are good into power to work for them).
This is why 'Elections' is not the best method of measuring a government's ability nor the greatest part of democracy (Yes, this part goes to Hong Kong).

Remember to offer your opinions. If you don't put your two cents in, how can you expect to get change?

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