High Net Worth Clients on our book of business are all doing the same thing. Having them move to France, Switzerland, Singapore, Lichtenstein, the Seychelles, Barbados and even Turks. It's just plain too tough to do business with government -- work permits, permanent residency papers, passports -- everything. The overriding sentiment is how rude the civil servants are when the clients phone to see the status of their paperwork.
The Central Bank rate cut is a red herring. With the downgrade the government now has to raise the interest its pays to sell its bonds to foreigners, but if it borrows domestically (like raiding NIB money), it pays Bahamians less interest than foreigners. Bahamians to the back of the bus please.
John Rolle is a disgrace. He is not an independent governor but rather a political crony fiscal monkey of the Prime Minister, who hasn't a clue about fiscal or monetary policy. Rolle says that we are okay, because our reserves stand at 17.4 weeks of merchandise imports whereas the benchmark is 12 weeks. It is the most inane benchmark of fiscal prudence because if it all goes to hell in a handcart, we have 4 months and few days of American money to bring in enough food to feed the island. Nobody will accept Bahamian dollars because they are worthless.
What he doesn't address is the quality or liquidity of the reserves (it's not all cash), nor does he factor in the scenarios of external bond debt servicing that results from the impact of the downgrade. It is obvious that he doesn't understand the mechanics of money when it comes to external bond markets. He is a fool.
Like everyone else in the PLP, it is the blind leading the blind while filling their pockets with tax money from the treasury. Our doomsday clock just ticked closer to midnight, and idiots like Rolle are saying that there is no danger. He reminds me of the person that fell off the Empire State building. As he fell past each of the 103 floors of the building, people at the windows heard him say "So far, so good!".
Even the IDB is sounding the alarm bells, and this brainless crony is saying that there is no danger. Instead of a meritocracy, we have an idiocracy.
I would like to correct Gowon Bowe. There actually has been exactly one small fiscal surplus and balanced budget delivered in the Bahamas, and it was done by Sir William Allen when he was Finance Minister.
banker says...
I trust Adrian. I trust his intellect. I trust his patriotism. I trust his business acumen.
On A YOUNG MAN'S VIEW: A pledge of service to my hometown
Posted 27 December 2016, 1:30 p.m. Suggest removal
banker says...
High Net Worth Clients on our book of business are all doing the same thing. Having them move to France, Switzerland, Singapore, Lichtenstein, the Seychelles, Barbados and even Turks. It's just plain too tough to do business with government -- work permits, permanent residency papers, passports -- everything. The overriding sentiment is how rude the civil servants are when the clients phone to see the status of their paperwork.
On Realtors slam ‘foolish’ $1m residency reform
Posted 24 December 2016, 9:55 a.m. Suggest removal
banker says...
Sigh .. this is good, but there are 364 other days in the year when people need to be fed.
On 1,600 hungry families to enjoy Christmas dinner after AML Foods campaign success
Posted 24 December 2016, 9:45 a.m. Suggest removal
banker says...
Apologies are owed for Bran Flakes as well.
http://tribune242.com/users/photos/2016…
On Opposition leader apologises for Moncur comments
Posted 23 December 2016, 1:14 p.m. Suggest removal
banker says...
The Central Bank rate cut is a red herring. With the downgrade the government now has to raise the interest its pays to sell its bonds to foreigners, but if it borrows domestically (like raiding NIB money), it pays Bahamians less interest than foreigners. Bahamians to the back of the bus please.
On Rate cut can’t be ‘knee jerk’ S&P reaction
Posted 23 December 2016, 9:52 a.m. Suggest removal
banker says...
http://tribune242.com/users/photos/2016…
On Governor: Rate cut ‘not influenced’ by S&P’s junk action
Posted 23 December 2016, 9:47 a.m. Suggest removal
banker says...
This represents real misery for a very large majority of Bahamians in the coming years. Widespread poverty for seniors is a sure thing. Sad, sad, sad.
On NIB creates new fears of ‘fiscal crisis’
Posted 23 December 2016, 9:45 a.m. Suggest removal
banker says...
John Rolle is a disgrace. He is not an independent governor but rather a political crony fiscal monkey of the Prime Minister, who hasn't a clue about fiscal or monetary policy. Rolle says that we are okay, because our reserves stand at 17.4 weeks of merchandise imports whereas the benchmark is 12 weeks. It is the most inane benchmark of fiscal prudence because if it all goes to hell in a handcart, we have 4 months and few days of American money to bring in enough food to feed the island. Nobody will accept Bahamian dollars because they are worthless.
What he doesn't address is the quality or liquidity of the reserves (it's not all cash), nor does he factor in the scenarios of external bond debt servicing that results from the impact of the downgrade. It is obvious that he doesn't understand the mechanics of money when it comes to external bond markets. He is a fool.
Like everyone else in the PLP, it is the blind leading the blind while filling their pockets with tax money from the treasury. Our doomsday clock just ticked closer to midnight, and idiots like Rolle are saying that there is no danger. He reminds me of the person that fell off the Empire State building. As he fell past each of the 103 floors of the building, people at the windows heard him say "So far, so good!".
Even the IDB is sounding the alarm bells, and this brainless crony is saying that there is no danger. Instead of a meritocracy, we have an idiocracy.
On Governor: S&P move no devaluation threat
Posted 23 December 2016, 9:37 a.m. Suggest removal
banker says...
Anyone else see the resemblance of the Prime Minister CriscoButt to Gollum of Lord of the Rings? -- except that Crisco Butt is Lord of the Swing.
http://tribune242.com/users/photos/2016…
On PM: We must prove S&P wrong on downgrade
Posted 23 December 2016, 9:23 a.m. Suggest removal
banker says...
I would like to correct Gowon Bowe. There actually has been exactly one small fiscal surplus and balanced budget delivered in the Bahamas, and it was done by Sir William Allen when he was Finance Minister.
On PM: We must prove S&P wrong on downgrade
Posted 22 December 2016, 8:20 p.m. Suggest removal