"So they operate like cash cows, making huge profits and exporting most of it."
This is not true. Sol Kersner got out, when he could, as he was having enough trouble breaking even.
Bahamians are poor because we don't have enough businesses here that pay good salaries (like Financial Services. Much of this is because of our xenophobia. All you need to do is look at our competitors (Cayman and Turks) who know how to make it work, but they are not xenophobic like us Bahamians.
We spent 15 years (1985-2000) throwing away our banking system. The Central Bank of The Bahamas did not enforce its regulations (especially Exchange Control). Had the Central Bank done its job and refused to renew certain licenses, or Exchange Control approvals, the OECD would not have had the excuse to interfere in 2000.
Remember Nigel Bowe who was extradited for the $10,000,000.00 he laundered through his Clients Account, for people of ill repute. All done in plain site of our Central Bank.
We also failed to join the WTO and, therefore, did not have the protection that our direct competitors had.
What the current Government is doing is trying to hold on to what little Financial Services The Bahamas has left.
Economist says...
It is clear that some of our bloggers have never owned a business or worked outside The Bahamas.
On ‘Get out of dark ages’, Gov’t and unions told
Posted 23 December 2017, 3:38 p.m. Suggest removal
Economist says...
You are the dense one. If you believe that the department of immigration should break the law then you are part of the crime problem in this country.
A country is run by laws. If you support lawlessness then you can't complain about the murder rate.
On Defiant - sweeps for illegals 'stepping up'
Posted 23 December 2017, 3:31 p.m. Suggest removal
Economist says...
How do you know they are illegal? Are you the judge and jury.
On Defiant - sweeps for illegals 'stepping up'
Posted 22 December 2017, 9 p.m. Suggest removal
Economist says...
I cannot believe you really mean that you want to encourage people to break the law.
This means that you agree with all the crime in The Bahamas.
On Defiant - sweeps for illegals 'stepping up'
Posted 22 December 2017, 8:58 p.m. Suggest removal
Economist says...
How do you know that they are illegal if they have not been taken to court and declared illegal?
So when did you become the judge and jury?
On Bahamas born - but five flown to Haiti
Posted 21 December 2017, 8:45 p.m. Suggest removal
Economist says...
So the Department of Immigration knows when the boats are coming......emmmm and the Defence force doesn't......interesting.
On ‘Five sloops sailed for Bahamas last week’
Posted 19 December 2017, 1:17 p.m. Suggest removal
Economist says...
Well said.
On Detained - pregnant woman and children
Posted 15 December 2017, 10:40 p.m. Suggest removal
Economist says...
"So they operate like cash cows, making huge profits and exporting most of it."
This is not true. Sol Kersner got out, when he could, as he was having enough trouble breaking even.
Bahamians are poor because we don't have enough businesses here that pay good salaries (like Financial Services. Much of this is because of our xenophobia. All you need to do is look at our competitors (Cayman and Turks) who know how to make it work, but they are not xenophobic like us Bahamians.
On Bahamas ‘on probation’: 17-step action plan cure
Posted 13 December 2017, 8:02 p.m. Suggest removal
Economist says...
We spent 15 years (1985-2000) throwing away our banking system. The Central Bank of The Bahamas did not enforce its regulations (especially Exchange Control). Had the Central Bank done its job and refused to renew certain licenses, or Exchange Control approvals, the OECD would not have had the excuse to interfere in 2000.
Remember Nigel Bowe who was extradited for the $10,000,000.00 he laundered through his Clients Account, for people of ill repute. All done in plain site of our Central Bank.
We also failed to join the WTO and, therefore, did not have the protection that our direct competitors had.
What the current Government is doing is trying to hold on to what little Financial Services The Bahamas has left.
On Bahamas faces major tax, exchange control shake-up
Posted 13 December 2017, 3:21 p.m. Suggest removal
Economist says...
Of course the Department of Immigration can send them back. But only after they have been taken before the court and shown to be illegal.
All people, no mater their nationality, are entitled to a properly constituted hearing., that's all. Its called "due process".
On Ashore - and more heading this way
Posted 12 December 2017, 4:36 p.m. Suggest removal