"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.
“the relationship between lack of policy enforcement and lack of economic growth”, suggesting that numerous civil servants had been allowed to exceed the 75 per cent threshold under both PLP and FNM administrations."
That sums up a good deal of the problem in this Country. Civil Servants who borrow too much and then don't perform their jobs preventing the rest of the Country earning a living.
We need to get rid of at least 15% of the Civil Service.
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
Economist says...
A countries ability to generate income can, in large part, be traced to the condition of its infrastructure.
On Make Nassau Harbour breaches 'top of pile'
Posted 11 December 2017, 8:21 p.m. Suggest removal
Economist says...
“the relationship between lack of policy enforcement and lack of economic growth”, suggesting that numerous civil servants had been allowed to exceed the 75 per cent threshold under both PLP and FNM administrations."
That sums up a good deal of the problem in this Country. Civil Servants who borrow too much and then don't perform their jobs preventing the rest of the Country earning a living.
We need to get rid of at least 15% of the Civil Service.
On Enterprises Bill compared to ‘fighting cancer with band-aid’
Posted 11 December 2017, 8:03 p.m. Suggest removal
Economist says...
The Bahamas Department of Immigration is a national embarrassment.
On Amnesty calls for action over Jean Rony Jean-Charles
Posted 9 December 2017, 12:21 a.m. Suggest removal