It's not going to help. Only 23% of cruisers on average, get off the boat when it docks in Nassau. The cruise lines have it down to a science to keep dollars aboard the ship, and do it slyly with safety warnings, store rip-off warnings (they get Bahamian stores to pay egregious fees to get on the "recommended" list) and other scheduling tricks to keep the cruisers spending on board rather than in port.
Barbados was already pegged at 50 cents or 2 Bajan dollars for 1 US dollar and they were asked to go lower. It would have caused massive hardship for a country that imports everything.
The statutory mandate (by law) for the central bank is to ensure that external reserves are maintained at 50% of the value of total notes and coins in circulation and demand liabilities of the Bank. Once it falls below the statutory limits, either a devaluation is triggered (or they change the law, which would screw our ability to get foreign-denominated loans). It is this statutory limit that the central bank plays footsie with.
>The B$ is not traded internationally so it can't be devalued unless the government decide they no longer want it peg to the US $.
Actually you are right in the fact that the B$ is not traded internationally. However to maintain the 1:1 peg, we must have a certain level of American dollar reserves. You will recall about a year ago, that the government had to borrow $200 million US dollars to prop up the reserves.
It is the international banking community in conjunction with the central bank that determines how many US dollars are required to keep the 1:1 peg. The actual number is a formula determined by money supply, the GDP, fiscal and monetary policies and various economic indicators. If the economy seriously degenerates (I should say "when" instead of "if"), then it will not generate enough activity and bring in enough American dollars to support the peg to the money supply and the bar will be raised. We will have to come up with a few hundred million more American dollars in reserves, and if we can't, the the 1:1 peg goes bye-bye, and the B$ is exchanged at whatever fraction of reserves we have over what is required. So if we can only come up with half the reserves, then the B$ will be devalued by half and worth 50 cents American.
Here is the rub. The central bank and the government play footsie with the reserves. They will borrow money domestically from say the NIB, and denominate that bond in American dollars -- ie when it become due, they have to pay it back in American dollars (if its a 10 year bond, then they have ten years to find the money). So the NIB puts this bond in the bank, and because it is denominated in US dollars, the central bank counts that amount as American dollar reserves, because technically it is a negotiable instrument in American dollars. But it is all a shell game.
Our reserves aren't really what we think they are. We don't actually have the American dollars that we say that we do to prop up the B$.
Some (internal) economists calculate that if we have a Come-To-Jesus reckoning of the reserves and the economy, the B$ is worth only 35 cents American.
Actual, I just found out how I can strike a blow for truth, integrity and justice against the PLP. I have to get together a small group of Bahamian Americans, make a complaint to the US Department of Justice, and then I can have the accounts of the kleptocratics like Mrs. Swindling and Shame Gibson and Obie and all of the tiefs, I can have their assets frozen:
>U.S. Department of Justice's Kleptocracy Asset Recovery Initiative,
The Asset Forfeiture and Money Laundering Section (AFMLS) leads the Department's asset forfeiture and anti-money laundering enforcement efforts. AFMLS provides leadership by: (1) prosecuting and coordinating complex, sensitive, multi-district, and international money laundering and asset forfeiture investigations and cases; (2) providing legal and policy assistance and training to federal, state, and local prosecutors and law enforcement personnel, as well as to foreign governments; (3) assisting Departmental and interagency policymakers by developing and reviewing legislative, regulatory, and policy initiatives; and (4) managing the Department's Asset Forfeiture Program, including distributing forfeited funds and properties to appropriate domestic and foreign law enforcement agencies and to community groups within the United States, as well as adjudicating petitions for remission or mitigation of forfeited assets. To this effect, AFMLS is comprised of five units and associated teams:
Forfeiture Unit International Unit Money Laundering and Bank Integrity Unit Policy and Training Unit Program Operations Unit
They are going after a Malaysian official who stole bond proceeds from the Malaysian government and financed the movie the Wolf of Wall Street among other things.
I think that this is a way to see justice for the PLP kleptocracy since 1973.
Definitely worth exploring, and it would be good to see stolen money returned to the treasury for all Bahamians instead of just some. Making inquiries.
I hope that the mills of God grinds them to dust... just like Myles Monroe received his heavenly reward ... smashed to smithereens in a private jet to boot ... God has a sense of humour.
Most dealers make very little money on trade-ins. They are forced to take the car on trade-in in order to sell a new one. Most trade-ins presented to dealerships are worth a lot less than the owners think they are.
Automobile dealers used to have it good many years ago. Now, not so good.
Why does the Tribune print this drivel from a disbarred lawyer & a mendacious PLP apologist who invokes the name of God and then spews mis-truths in every sentence? His toadying is an embarrassment to the people of the Bahamas.
banker says...
It's not going to help. Only 23% of cruisers on average, get off the boat when it docks in Nassau. The cruise lines have it down to a science to keep dollars aboard the ship, and do it slyly with safety warnings, store rip-off warnings (they get Bahamian stores to pay egregious fees to get on the "recommended" list) and other scheduling tricks to keep the cruisers spending on board rather than in port.
On Devaluation issue ‘of when, not if’
Posted 21 July 2016, 10:10 a.m. Suggest removal
banker says...
Barbados was already pegged at 50 cents or 2 Bajan dollars for 1 US dollar and they were asked to go lower. It would have caused massive hardship for a country that imports everything.
The statutory mandate (by law) for the central bank is to ensure that external reserves are maintained at 50% of the value of total notes and coins in circulation and demand liabilities of the Bank. Once it falls below the statutory limits, either a devaluation is triggered (or they change the law, which would screw our ability to get foreign-denominated loans). It is this statutory limit that the central bank plays footsie with.
On Devaluation issue ‘of when, not if’
Posted 21 July 2016, 9:59 a.m. Suggest removal
banker says...
>The B$ is not traded internationally so it can't be devalued unless the government decide they no longer want it peg to the US $.
Actually you are right in the fact that the B$ is not traded internationally. However to maintain the 1:1 peg, we must have a certain level of American dollar reserves. You will recall about a year ago, that the government had to borrow $200 million US dollars to prop up the reserves.
It is the international banking community in conjunction with the central bank that determines how many US dollars are required to keep the 1:1 peg. The actual number is a formula determined by money supply, the GDP, fiscal and monetary policies and various economic indicators. If the economy seriously degenerates (I should say "when" instead of "if"), then it will not generate enough activity and bring in enough American dollars to support the peg to the money supply and the bar will be raised. We will have to come up with a few hundred million more American dollars in reserves, and if we can't, the the 1:1 peg goes bye-bye, and the B$ is exchanged at whatever fraction of reserves we have over what is required. So if we can only come up with half the reserves, then the B$ will be devalued by half and worth 50 cents American.
Here is the rub. The central bank and the government play footsie with the reserves. They will borrow money domestically from say the NIB, and denominate that bond in American dollars -- ie when it become due, they have to pay it back in American dollars (if its a 10 year bond, then they have ten years to find the money). So the NIB puts this bond in the bank, and because it is denominated in US dollars, the central bank counts that amount as American dollar reserves, because technically it is a negotiable instrument in American dollars. But it is all a shell game.
Our reserves aren't really what we think they are. We don't actually have the American dollars that we say that we do to prop up the B$.
Some (internal) economists calculate that if we have a Come-To-Jesus reckoning of the reserves and the economy, the B$ is worth only 35 cents American.
On Devaluation issue ‘of when, not if’
Posted 20 July 2016, 9 p.m. Suggest removal
banker says...
Actual, I just found out how I can strike a blow for truth, integrity and justice against the PLP. I have to get together a small group of Bahamian Americans, make a complaint to the US Department of Justice, and then I can have the accounts of the kleptocratics like Mrs. Swindling and Shame Gibson and Obie and all of the tiefs, I can have their assets frozen:
https://www.justice.gov/criminal-afmls
>U.S. Department of Justice's Kleptocracy Asset Recovery Initiative,
The Asset Forfeiture and Money Laundering Section (AFMLS) leads the Department's asset forfeiture and anti-money laundering enforcement efforts. AFMLS provides leadership by: (1) prosecuting and coordinating complex, sensitive, multi-district, and international money laundering and asset forfeiture investigations and cases; (2) providing legal and policy assistance and training to federal, state, and local prosecutors and law enforcement personnel, as well as to foreign governments; (3) assisting Departmental and interagency policymakers by developing and reviewing legislative, regulatory, and policy initiatives; and (4) managing the Department's Asset Forfeiture Program, including distributing forfeited funds and properties to appropriate domestic and foreign law enforcement agencies and to community groups within the United States, as well as adjudicating petitions for remission or mitigation of forfeited assets. To this effect, AFMLS is comprised of five units and associated teams:
Forfeiture Unit
International Unit
Money Laundering and Bank Integrity Unit
Policy and Training Unit
Program Operations Unit
http://www.reuters.com/article/us-malay…
Even the hijinks at BoB qualifies.
They are going after a Malaysian official who stole bond proceeds from the Malaysian government and financed the movie the Wolf of Wall Street among other things.
I think that this is a way to see justice for the PLP kleptocracy since 1973.
http://www.state.gov/documents/organiza…
Definitely worth exploring, and it would be good to see stolen money returned to the treasury for all Bahamians instead of just some. Making inquiries.
On Davis: PLP will not fall apart
Posted 20 July 2016, 8:44 p.m. Suggest removal
banker says...
More "dead-good" news? I can't stand it.
On PM insists resolution to the Baha Mar saga is ‘imminent’
Posted 20 July 2016, 2:30 p.m. Suggest removal
banker says...
I hope that the mills of God grinds them to dust... just like Myles Monroe received his heavenly reward ... smashed to smithereens in a private jet to boot ... God has a sense of humour.
On Sir Franklyn: Bahamas is ‘in very dangerous spot’
Posted 20 July 2016, 10:05 a.m. Suggest removal
banker says...
Co-sign. Been saying this for years. The PLP exploited Bahamians and robbed them of their patrimony.
On Sir Franklyn: Bahamas is ‘in very dangerous spot’
Posted 20 July 2016, 10:03 a.m. Suggest removal
banker says...
Most dealers make very little money on trade-ins. They are forced to take the car on trade-in in order to sell a new one. Most trade-ins presented to dealerships are worth a lot less than the owners think they are.
Automobile dealers used to have it good many years ago. Now, not so good.
On Auto dealer chief in used car ‘pull-out’
Posted 19 July 2016, 11:03 p.m. Suggest removal
banker says...
Jokes
http://tribune242.com/users/photos/2016…
On Christie vows to stay as PM
Posted 19 July 2016, 10:57 p.m. Suggest removal
banker says...
Why does the Tribune print this drivel from a disbarred lawyer & a mendacious PLP apologist who invokes the name of God and then spews mis-truths in every sentence? His toadying is an embarrassment to the people of the Bahamas.
On Apprentices and the job market
Posted 19 July 2016, 12:05 p.m. Suggest removal