I agree. Most people have no inkling about the reserves. Let's suppose that the government "borrows" $100 million from the NIB and they say that they will pay it back in USD. That note, because it could eventually be worth $100 million USD is counted as reserves. Most of the reserves are non-liquid, non-fungible and not concrete, but rather abstract financial instruments denominated in US Dollars.
What an idiot!!!! The Bahamian currency is a soft currency, not convertible, propped up by reserves or which a great many are shaky and not so liquid. I don't know why this man thinks that he has something to contribute to economic thinking. He shows a total lack of understanding of how money, finance, capital and economics work. The B$ excess liquidity in the bank is funny money in the eyes of the world. A lot of what constitutes real value in any fiat currency, is related to confidence in the GDP numbers. I don't think that the government will dare to print the true numbers when this is all over. However, this idiocy is at least entertaining during the lockdown. It is almost as good as some of the comedy on youtube.
LOL, first he says that it will cost 70 jobs to liquidate his firm. Later he says that it is 100 jobs. It's good to see the regulators using some teeth. This should have been happening years ago.
LOL, spoken like a true PLPer. We Bahamians deserve better than that, and if the PLP hadn't run the country to the ground and stolen from the treasury, we wouldn't be in this mess.
Ahh Gee, didn't Prime Minister Hubert Ingraham have the idea to make eCommerce the Third Pillar of the Economy in 2006. And when Prime Minister Hairy CriscoButt of the PeeLPee got elected, he canned the idea, and let his minions steal millions from the government coffers?
banker says...
Bahamas Petroleum Company started a fund to take people's money for something more useless than ocean water.
On A market first - "We'll pay you to take oil off our hands"
Posted 28 April 2020, 11:19 a.m. Suggest removal
banker says...
I agree. Most people have no inkling about the reserves. Let's suppose that the government "borrows" $100 million from the NIB and they say that they will pay it back in USD. That note, because it could eventually be worth $100 million USD is counted as reserves. Most of the reserves are non-liquid, non-fungible and not concrete, but rather abstract financial instruments denominated in US Dollars.
On Escape virus crisis through 'currency swap'
Posted 24 April 2020, 3:25 p.m. Suggest removal
banker says...
What an idiot!!!! The Bahamian currency is a soft currency, not convertible, propped up by reserves or which a great many are shaky and not so liquid. I don't know why this man thinks that he has something to contribute to economic thinking. He shows a total lack of understanding of how money, finance, capital and economics work. The B$ excess liquidity in the bank is funny money in the eyes of the world. A lot of what constitutes real value in any fiat currency, is related to confidence in the GDP numbers. I don't think that the government will dare to print the true numbers when this is all over. However, this idiocy is at least entertaining during the lockdown. It is almost as good as some of the comedy on youtube.
On Escape virus crisis through 'currency swap'
Posted 24 April 2020, 11:27 a.m. Suggest removal
banker says...
It's just the churches grubbing for money and living off the backs of the poor.
On Churches press for services to resume
Posted 24 April 2020, 11:21 a.m. Suggest removal
banker says...
The word lawyer comes from pronouncing "liar" with a Spanish Wells accent.
On Law firms line up layoffs
Posted 17 April 2020, 11:04 a.m. Suggest removal
banker says...
For once we agree.
On Govt to 'spread' tech hub beyond Freeport
Posted 16 April 2020, 12:26 p.m. Suggest removal
banker says...
m-o-n-e-y---w-a-s-h-i-n-g- That money belongs to Bahamians.
On 'Crème de la crème' over Cayman deal
Posted 9 April 2020, 11:53 a.m. Suggest removal
banker says...
LOL, first he says that it will cost 70 jobs to liquidate his firm. Later he says that it is 100 jobs. It's good to see the regulators using some teeth. This should have been happening years ago.
On Commission faces battle over broker's winding-up
Posted 9 April 2020, 11:50 a.m. Suggest removal
banker says...
LOL, spoken like a true PLPer. We Bahamians deserve better than that, and if the PLP hadn't run the country to the ground and stolen from the treasury, we wouldn't be in this mess.
On 'No gouging' on eggs as prices rise over 100%
Posted 6 April 2020, 11:35 a.m. Suggest removal
banker says...
Ahh Gee, didn't Prime Minister Hubert Ingraham have the idea to make eCommerce the Third Pillar of the Economy in 2006. And when Prime Minister Hairy CriscoButt of the PeeLPee got elected, he canned the idea, and let his minions steal millions from the government coffers?
On Govt: E-commerce critical to recovery
Posted 6 April 2020, 11:32 a.m. Suggest removal