IN THE audience sat 1,800 of some of Singapore's most privileged young: students at Nanyang Technological University (NTU), who grew up in the plentiful 1980s and 1990s.

On stage, Singapore's founding father, Mr Lee Kuan Yew, warned them against an unthinking 'euphoria' and undue optimism.

He told stories from the 'dark side': recounting how the world economy collapsed after the oil shock of the 1970s, warning that inflation remained a real concern, and sharing other 'nagging worries' he had about stability in the region.

His words were sobering against the backdrop of state violence against mounting protests in Myanmar.

As for the economy, contrarian that he is, Mr Lee said the exuberance of the markets, coming mere weeks after concerns about the sub-prime mortgage crisis, was 'not supported by fundamentals'.

Precisely because the world is so uncertain, he wanted to stress to his young audience that Singapore needs able, strong leaders to make sure it stays the course as a successful nation.

'We built up world class infrastructure, educated our workforce as high a level as they were capable of... and made our environment healthy and attractive and welcoming to investors and businesses. That's how it was done.

'These are basic principles. Forget these principles, abandon them, and spiral down.'

As for how Singapore did this, Mr Lee returned to a theme he has often espoused: the importance of good leaders.

'The whole system evolved because leadership at the political level, the political leaders, that first generation, generated quality leadership at all levels. We knew we had to have quality leadership at every level. And you can only do that if you work on the basis of meritocracy.'

It's a message that is hard to get across to a young generation raised in relative comfort, who have seen only Singapore's orderly success.

But for some foreign students among the NTU body, the message resonated.

Six out of the first seven questions were asked by young men from India, China and Vietnam.

One student from China asked Mr Lee if he was satisfied with the economic structure of Singapore, implying it could do better.

Another, born in India and who grew up in South Africa and New Delhi before coming to Singapore, asked what Singapore had to do to remain relevant to the world.

Mr Lee was curious about the foreigners' history, how they attained their good command of English, and more than once urged them to consider settling in Singapore.

In fact, so dominant were the foreign students that Mr Lee had to ask explicitly for questions from Singaporean students towards the end of the forum on Thursday.

Three Singaporeans then raised their concerns: on the quality of schools here, climate change and censorship.

Watching the forum unfold, I was reminded of Singaporeans' complaints about foreigners competing with Singaporeans for jobs, school places and academic prizes.

Maybe the truth is that many Singaporeans who grow up in Singapore's own sheltered environment cannot hold their own against assertive foreigners who uproot to come to our shores.

Ironically, it may be foreign students rather than Singapore's own young who understand Mr Lee's message: that the world is not a naturally orderly and peaceful place, that Singapore's hard-won peace and stability has come at a price, earned with the sweat and tears of a past generation.

As I listened to a soft-spoken young Vietnamese man tell MM Lee he learnt English at a Ho Chi Minh City high school though his parents did not speak English, and as yet another China student stood up to engage Mr Lee despite his less-than-perfect English, I could not help but think:

Today's foreign students in Singapore may share more of the pioneering immigrant spirit of Singapore's forebears than Singapore's own young born and bred here.

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