In many respects the survival and success of Singapore is a result of
well-managed matching of the velocities of commerce and money. As it
happens, a wise admiral must be concerned with burial of the dead, rescue of
the trapped, treatment of the injured, restoration of his fleet, repair of marine facilities and assistance for
merchant shipping. Not all pirates fly the Jolly Roger. Of concern is that κ, the Knapp kappa, used to describe the
velocity of a commodity such as money, will be manipulated. At the macroeconomic level, it would be frustrating
for an admiral and his staff to fulfill all their duties, as was expected of them, only to discover that the Straits
dollar no longer has the value it used to, and that pension funds invested in stocks traded on the Singapore Stock
Exchange have been wiped out. That means that even if the SGX computers and most brokerages are up and
running, care must be taken to prohibit and even punish attacks against the potentially undefended currency and
stocks. We would be inclined to recommend immediate world-wide suspension of trading in both Singapore
stocks and foreign exchange. This implies a policy and perhaps law about what is to happen to trades to be settled
and timed instruments such as options due to expire.
At the microeconomic level even if the long-sighted admiral had stockpiled fuel, generators and spare parts in
some safe locations he still faces the challenge of paying his staff and vendors. This requires immediate access to
dry cash as opposed to banknotes submerged in a flooded bank. Even while the sailors of his nation are being
compensated for extra hours and days of dangerous duty, some thought must be given to making sure their
families are provided for. Navies the world over take great pride in caring for their own, so thought has to be
given to food, shelter and medical treatment of naval families.
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