Brilliant response and spot on ThisIsOurs! Ask S&P and they will tell you that the government's rating is junk, that it can't borrow money on the international markets at a reasonable rate and that the local market for government debt is maxed out, or people are just afraid of devaluation if they buy any more government bonds. Investors have already suffered 2 quasi devaluations with VAT where everything became 7.5% more expensive and the interest payment on their government bonds was just reduced by 1/2%. Even at Sawgrass, according to a newspaper, the Bahamian dollar is only worth 75 cents. Better not go to Miami anymore wit out US dollars, ya ga get swing.
At the "trickle down" end of things the teachers aren't paid and the national education remains a "D". So we remain poor, black, uneducated...drinking liquor all day, buying numbers and going to church on Sundays. What wrong with dat.
I saw a dress code sign some months ago at the DMV testing department. Also, I've heard complaints that some young women going in for testing were turned away due to wearing shorts. However, this may not be true at the moment. I don't know.
Hmmmm.
So, you can't get a passport due a long waiting period, you can't get a voters card due to how you dress.
Even when you do vote in a referendum and say NO to gambling, your vote is ignored.
No wonder people don't want to get proper ID or vote because its too much of a struggle and basically the insinuation is that no matter what you do we in charge and control tings.
Bahamian fiscal, monitory and regulatory policy are not coordinated and are putting the country in line for further credit downgrades, economic contraction and added misery for the average Bahamian (if that's possible).
Under orthodox monetary policy, such as being followed by Argentina, in the face of credit downgrades, interest rates are increased to draw in more investors (foreign and domestic) into the local currency while at the same time fiscal policy is liberalized to stimulate investment (cutting the time to approve projects) and increased hope amongst the investment class (lower taxes, less regulation and reduced corruption) and government is contracted through privatizations (sell BTC, Port, W&S, Bamsi, outsource NI etc).
We are doing the exact opposite. Increasing interest rates (poor Bahamian who bought the govt bonds for retirement income), increasing taxes (RPT revaluations, poor Bahamians), growing government (Aliv, NHI, Bamsi, Baha Mar and the Port), ignoring corruption (e.g. BoB, Post Office Bank) and adding more bureaucracy (VAT accelerated payments) on an already weary business community.
Our foreign policy is also out of wack. Instead of warming up the west we are looking east. The Dow is almost at 20,000 in anticipation of a business friendly administration and being 1 of 3 countries bordering on America we should be poised to benefit. On the contrary our biggest investment is drowning in secrecy, state sponsored ownership and is doomed for failure (after the election, of course).
Normally I consider most of what Christie says is crap. However his comments on global warming and rising sea levels in the Bahamas are spot on. However the conclusions are all wrong.
He concludes that "acts of God" caused the downgrade and leaves it at that. My issue is that the flooding in the Southern Bahamas will continue and accelerate and become more severe each and every year as 80% of the Bahamas disappears underwater before the end of this century.
S&P realiaes this and is warning investors of the calamities to come and to consider the Bahamas a high risk area. Never mind the corruptions, weak money laundering control, lack of fiscal reforms...the flood is coming.
Like Noah we need to prepare for it by moving Bahamians out of the low lying Southern Bahamas.
The offshore financial services industry is now at risk. Who in their right minds would deposit their funds in a country that has a junk rating? You see, now that the government has squeezed the Bahamian consumer dry with VAT, who will they soak next? Foreign bank accounts, trust funds, mutual funds, second homes, income taxes, taxes on corporate dividends? What will they do next to raise money?
The real property tax bills have gone up so much they haven't even mailed them to the people. What are they going to do next? Start confiscating family homes for real property tax?
The Bahamas should not be selling permanent residency in exchange for the purchase of a home period.
Think about it. Once the foreigner buys the property, we, the government support the property and the permanent resident as the government runs a constant current account deficit to run the country. No government department makes money. So we are supporting the foreigners.
observer2 says...
Brilliant response and spot on ThisIsOurs! Ask S&P and they will tell you that the government's rating is junk, that it can't borrow money on the international markets at a reasonable rate and that the local market for government debt is maxed out, or people are just afraid of devaluation if they buy any more government bonds. Investors have already suffered 2 quasi devaluations with VAT where everything became 7.5% more expensive and the interest payment on their government bonds was just reduced by 1/2%. Even at Sawgrass, according to a newspaper, the Bahamian dollar is only worth 75 cents. Better not go to Miami anymore wit out US dollars, ya ga get swing.
At the "trickle down" end of things the teachers aren't paid and the national education remains a "D". So we remain poor, black, uneducated...drinking liquor all day, buying numbers and going to church on Sundays. What wrong with dat.
On School supply teachers have not been paid salary for months
Posted 2 January 2017, 2:40 p.m. Suggest removal
observer2 says...
I saw a dress code sign some months ago at the DMV testing department. Also, I've heard complaints that some young women going in for testing were turned away due to wearing shorts. However, this may not be true at the moment. I don't know.
Hmmmm.
So, you can't get a passport due a long waiting period, you can't get a voters card due to how you dress.
Even when you do vote in a referendum and say NO to gambling, your vote is ignored.
No wonder people don't want to get proper ID or vote because its too much of a struggle and basically the insinuation is that no matter what you do we in charge and control tings.
On 'Cover breasts to register for vote'
Posted 30 December 2016, 10:54 a.m. Suggest removal
observer2 says...
Bahamian fiscal, monitory and regulatory policy are not coordinated and are putting the country in line for further credit downgrades, economic contraction and added misery for the average Bahamian (if that's possible).
Under orthodox monetary policy, such as being followed by Argentina, in the face of credit downgrades, interest rates are increased to draw in more investors (foreign and domestic) into the local currency while at the same time fiscal policy is liberalized to stimulate investment (cutting the time to approve projects) and increased hope amongst the investment class (lower taxes, less regulation and reduced corruption) and government is contracted through privatizations (sell BTC, Port, W&S, Bamsi, outsource NI etc).
We are doing the exact opposite. Increasing interest rates (poor Bahamian who bought the govt bonds for retirement income), increasing taxes (RPT revaluations, poor Bahamians), growing government (Aliv, NHI, Bamsi, Baha Mar and the Port), ignoring corruption (e.g. BoB, Post Office Bank) and adding more bureaucracy (VAT accelerated payments) on an already weary business community.
Our foreign policy is also out of wack. Instead of warming up the west we are looking east. The Dow is almost at 20,000 in anticipation of a business friendly administration and being 1 of 3 countries bordering on America we should be poised to benefit. On the contrary our biggest investment is drowning in secrecy, state sponsored ownership and is doomed for failure (after the election, of course).
On Rate cut can’t be ‘knee jerk’ S&P reaction
Posted 24 December 2016, 3:51 p.m. Suggest removal
observer2 says...
Normally I consider most of what Christie says is crap. However his comments on global warming and rising sea levels in the Bahamas are spot on. However the conclusions are all wrong.
He concludes that "acts of God" caused the downgrade and leaves it at that. My issue is that the flooding in the Southern Bahamas will continue and accelerate and become more severe each and every year as 80% of the Bahamas disappears underwater before the end of this century.
S&P realiaes this and is warning investors of the calamities to come and to consider the Bahamas a high risk area. Never mind the corruptions, weak money laundering control, lack of fiscal reforms...the flood is coming.
Like Noah we need to prepare for it by moving Bahamians out of the low lying Southern Bahamas.
On PM: Rivals are in ‘meltdown’
Posted 23 December 2016, 10:23 a.m. Suggest removal
observer2 says...
The offshore financial services industry is now at risk. Who in their right minds would deposit their funds in a country that has a junk rating? You see, now that the government has squeezed the Bahamian consumer dry with VAT, who will they soak next? Foreign bank accounts, trust funds, mutual funds, second homes, income taxes, taxes on corporate dividends? What will they do next to raise money?
The real property tax bills have gone up so much they haven't even mailed them to the people. What are they going to do next? Start confiscating family homes for real property tax?
On Standard & Poor’s downgrades Bahamas to 'junk' status
Posted 21 December 2016, 1:41 p.m. Suggest removal
observer2 says...
The Bahamas should not be selling permanent residency in exchange for the purchase of a home period.
Think about it. Once the foreigner buys the property, we, the government support the property and the permanent resident as the government runs a constant current account deficit to run the country. No government department makes money. So we are supporting the foreigners.
On Developer urges: Don’t ‘destabilise’ residency market via $1m mark
Posted 19 December 2016, 3:07 p.m. Suggest removal
observer2 says...
If I did what dey just do, I'd get da chills too.
Lord have mercy.
On Edison Key ‘doing fine’ after being taken into hospital
Posted 14 December 2016, 9 p.m. Suggest removal
observer2 says...
How much more naive and ignorant can you get.
Banks are not principals or fiduciaries but have a simple agency relationship with their clients.
To have the banks "bless" the web boys would be like the Pope condoning sin once he had reviewed it.
More correspondent banks will leave.
Seems like the web boys is all Rolle is interested in. Forget growing the economy.
On Central Bank sponsors web shop ‘interactions’
Posted 12 December 2016, 7:42 p.m. Suggest removal
observer2 says...
While fill out another central bank survey when nothing will happen.
Why regester to vote? When the FNM will be just as bad as the PLP.
Why vote in referendums when nothing will change.
On Private sector response ‘underwhelms’ C Bank
Posted 10 December 2016, 1:56 p.m. Suggest removal
observer2 says...
The government is too busy dealing with the Chinese and the opposition with political nonsense from Minnie and Loretta.
I guess we'll just loose more corespondent banking relationships.
Tank goodness for da Bahamian dollar.
On ‘No room for failure’ on auto tax exchange
Posted 10 December 2016, 1:52 p.m. Suggest removal