I agree with Coulson. There will be a huge economic impact of doubling the population. Bigger domestic markets, larger pool of capital for businesses to exploit, new fresh ideas and fresh businesses, better infrastructure, forward thinkers, a more global outlook -- everything good from diversity of opinions, culture, business and way of doing things. We currently have a low grade of human capital and legal immigration would help that.
But it will never happen for two reasons. (1) Bahamians are not enlightened enough, and that goes for the Prime Minister on down to the guy who sleeps against the stone wall on Balls Alley and eats coconuts to survive. (2) Due to global warming, most of the Bahamas will be under water in 30 year and a lot of the land mass will be submerged.
Sigh. We are not competitive. The ease of doing business is horrendous. The reputation of The Bahamas is in tatters because the regulator allowed the likes of Julian Brown, Benchmark, Montaque, Owen Bethel and a host of others to flout the rules and steal client money Our regulators are at the least, inept, and at the most, corrupt. And this digital legislation crap that is being parroted by everyone is crap. How is a new law going to increase business? Once again, I point out that Cayman is without a law and its digital business is thriving. The profound idiocy of these statements are an embarrassment to right-minded Bahamians. It is very Trump-like. Say something false and hope that people will believe you. And the dummies among us do.
These people who make these pronouncements are part of the problem and not the solution. Ten years ago, Brian Moree wrote a report to allow foreign fintech professionals to come in and revamp the system and he was almost crucified. These people wouldn't know disruption if it slapped them up one side of the head and down the other. To say that The Bahamas has a lot going for us, is stupid and inane. We don't, otherwise we would be thriving.
Our infrastructure is bad. Our closed shop for lawyers and accountants is a major issue. Our reputation is in tatters because of corruption, both politically and in the regulatory sphere. We don't prosecute our white collar crimes. As long as we see one iota of a crumb of money falling off some rich man's table, we are willing to sell our grandmothers, our patriotism, our ethics and our soul to get that miserly crumb.
We are a corrupt nation of liars and and grifters with no moral compass. The rule of the law is severe for poor people and non-existent for the upper classes. And until that changes, we are doomed to slide lower and lower.
LOL, I am not qualified to be an advisor to the Bahamian government because I have knowledge & experience in the fintech world. That disqualifies me in my homeland for any meaningful contribution to policy.
They put roadblocks in the way, because there are people with power who like to keep tings the way they are because they are profiting immensely by it.
Sigh, what Sears doesn't understand, is that there is systemic injustice against Bahamians, because of Bahamian monetary and fiscal policy. When The Bahamas had a Currency Board, instead of a Central Bank, the Bahamian dollar was convertible. The Bahamian dollar was pegged to the British Pound until 1968, and then pegged to the American Dollar, and fully convertible around the world. Then the newly independent PLP government started spending like drunken sailors spending all of the reserve dollars and more and created the monetary system that we have today, making the Bahamian dollar a non-convertible currency. From the 10th July, 1973 to June 1, 1974, the Bahamian dollar of Independence was a convertible currency. Then the doors were shut so to speak, with the Central Bank of the Bahamas Act. This was a retrogressive step, since our money was now Monopoly money, only could only be spent in the Bahamas, it shut the door to easy, transparent access to capital for Bahamians. Since we couldn't pay back capital loans in a hard currency, we were shut off for capital. Capital is what drives the engine of the economy. Bahamians are still limited in their access to capital both domestically and internationally. Unless we change the entire system, Bahamians are children of a lesser God. We need to dollarize the local economy so that we can participate in the global economy. Sears doesn't understand this.
I have reported jet ski operators selling drugs, harassing female tourists and showboating in the buoy line on Cabbage Beach to no avail. Licence number NP451 is especially a bad actor. Does Glenys Hanna Martin still own them?
banker says...
The gene pool needs a little chlorine.
I agree with Coulson. There will be a huge economic impact of doubling the population. Bigger domestic markets, larger pool of capital for businesses to exploit, new fresh ideas and fresh businesses, better infrastructure, forward thinkers, a more global outlook -- everything good from diversity of opinions, culture, business and way of doing things. We currently have a low grade of human capital and legal immigration would help that.
But it will never happen for two reasons. (1) Bahamians are not enlightened enough, and that goes for the Prime Minister on down to the guy who sleeps against the stone wall on Balls Alley and eats coconuts to survive. (2) Due to global warming, most of the Bahamas will be under water in 30 year and a lot of the land mass will be submerged.
On BUSINESS BITES: To really grow our economy we need foreigners - tens of thousands of them
Posted 12 April 2019, 11:27 a.m. Suggest removal
banker says...
If it fits ....
On BUSINESS BITES: To really grow our economy we need foreigners - tens of thousands of them
Posted 12 April 2019, 11:20 a.m. Suggest removal
banker says...
Sigh. We are not competitive. The ease of doing business is horrendous. The reputation of The Bahamas is in tatters because the regulator allowed the likes of Julian Brown, Benchmark, Montaque, Owen Bethel and a host of others to flout the rules and steal client money Our regulators are at the least, inept, and at the most, corrupt. And this digital legislation crap that is being parroted by everyone is crap. How is a new law going to increase business? Once again, I point out that Cayman is without a law and its digital business is thriving. The profound idiocy of these statements are an embarrassment to right-minded Bahamians. It is very Trump-like. Say something false and hope that people will believe you. And the dummies among us do.
These people who make these pronouncements are part of the problem and not the solution. Ten years ago, Brian Moree wrote a report to allow foreign fintech professionals to come in and revamp the system and he was almost crucified. These people wouldn't know disruption if it slapped them up one side of the head and down the other. To say that The Bahamas has a lot going for us, is stupid and inane. We don't, otherwise we would be thriving.
Our infrastructure is bad. Our closed shop for lawyers and accountants is a major issue. Our reputation is in tatters because of corruption, both politically and in the regulatory sphere. We don't prosecute our white collar crimes. As long as we see one iota of a crumb of money falling off some rich man's table, we are willing to sell our grandmothers, our patriotism, our ethics and our soul to get that miserly crumb.
We are a corrupt nation of liars and and grifters with no moral compass. The rule of the law is severe for poor people and non-existent for the upper classes. And until that changes, we are doomed to slide lower and lower.
On Bahamas must 'pioneer' to halt financial attrition
Posted 11 April 2019, 4:06 p.m. Suggest removal
banker says...
LOL, I am not qualified to be an advisor to the Bahamian government because I have knowledge & experience in the fintech world. That disqualifies me in my homeland for any meaningful contribution to policy.
On Crypto ‘marriage’ with traditional financial services
Posted 10 April 2019, 11:44 a.m. Suggest removal
banker says...
Actually the figure you quote is low. Before I left Nassau for another banking job, I heard figures of 3 times that amount going elsewhere.
On DPM: ‘We’re as competitive as anyone’ on financial services
Posted 10 April 2019, 11:40 a.m. Suggest removal
banker says...
Is their high-end food store still operating off East Bay Street?
On Privy Council ‘regret’ over Alexious’ ‘backdoor’ escape
Posted 10 April 2019, 11:38 a.m. Suggest removal
banker says...
They put roadblocks in the way, because there are people with power who like to keep tings the way they are because they are profiting immensely by it.
On Bahamas economic model ‘upside down’
Posted 10 April 2019, 11:31 a.m. Suggest removal
banker says...
Nope. We are not competitive. That is why our Financial Services Sector has shrunk.
On DPM: ‘We’re as competitive as anyone’ on financial services
Posted 9 April 2019, 5:39 p.m. Suggest removal
banker says...
Sigh, what Sears doesn't understand, is that there is systemic injustice against Bahamians, because of Bahamian monetary and fiscal policy. When The Bahamas had a Currency Board, instead of a Central Bank, the Bahamian dollar was convertible. The Bahamian dollar was pegged to the British Pound until 1968, and then pegged to the American Dollar, and fully convertible around the world. Then the newly independent PLP government started spending like drunken sailors spending all of the reserve dollars and more and created the monetary system that we have today, making the Bahamian dollar a non-convertible currency. From the 10th July, 1973 to June 1, 1974, the Bahamian dollar of Independence was a convertible currency. Then the doors were shut so to speak, with the Central Bank of the Bahamas Act. This was a retrogressive step, since our money was now Monopoly money, only could only be spent in the Bahamas, it shut the door to easy, transparent access to capital for Bahamians. Since we couldn't pay back capital loans in a hard currency, we were shut off for capital. Capital is what drives the engine of the economy. Bahamians are still limited in their access to capital both domestically and internationally. Unless we change the entire system, Bahamians are children of a lesser God. We need to dollarize the local economy so that we can participate in the global economy. Sears doesn't understand this.
On Bahamas economic model ‘upside down’
Posted 9 April 2019, 5:37 p.m. Suggest removal
banker says...
I have reported jet ski operators selling drugs, harassing female tourists and showboating in the buoy line on Cabbage Beach to no avail. Licence number NP451 is especially a bad actor. Does Glenys Hanna Martin still own them?
On Minister moves on US advisory jet ski concern
Posted 9 April 2019, 11:44 a.m. Suggest removal