The minute NHI legislation is passed in the House of Assembly and heath care salary deductions are started via NIB deductions, then all employers will immediately discontinue group health insurance plans as they become redundant on day one.
A derivative of this scenario occurred in the United States once Obama (Universal) Care was implemented.
In order to avoid paying Obama care and avoid health insurance all together most businesses (large and small) started to hire persons less than 40 hours per week. Employees working under 40 hours are then designated as non full time and the employer does not have to pay any benefits (including Obama Care).
The liability for healthcare then falls to the individual who is forced to purchase an individual Obama care plan through the state health care exchanges.
The result is that health care insurers are losing hundreds of millions of dollars per year. United Health Care, one of the largest health insurers in the United States, is exciting the Obama Care business because it is not profitable. See link below.
Under socialist model and the nanny state, which we are following, the insurance industry will be put out of business as the government will be administering health care.
Lol...dey mussy learn dis nonsense from dey Chinese masters.
The reason the government is pushing hard for NHI on January 1, 2016 is because the government is cash flow and reserve currency negative and its financial institutions are dysfunctional.
By increasing national insurance contributions to include NHI the government gets another stream of income.
My arguments are as follows:
1. Currently raising $25 million for the Public Health Authorities without attaching the Offer Memorandum to e mails. Government tapping local market for loans at rate of $20 million per month. Why isn't the Central Bank raising money for the government anymore...hmmm. Why is the Central Bank (which is independent from the Executive Branch of Government) virtually silent?...hmmm.
2. Bank of the Bahamas audit delayed. Rumours that further loan write offs in the multimillions are needed.
3. BEC needs $1 billion. $450 million in loans to be transferred from government guarantee and to be paid off by BEC customers. $600 million in loans needed to finance new generators. Coupled with foreign managers with no experience in power plant construction sounds alot like Baha Mar Saga Part II but this time the lights go off for all of us.
4. Government effectively shut out of international capital markets. Will not borrow US$ at this time (stay tuned).
5. Baha Mar collapse creates major loss of foreign currency income.
6. VAT essentially transferring cash from private to public sector but creates no net additions to GDP or reserves.
7. National debt grows from $5.6 billion to $6.3 billion in 18 months.
8. National insurance now cash flow negative.
9. The Opposition accountants need to create a forecasted balance sheet for the Countries finances and show the people why the present course is not sustainable.
10. The government is in self preservation mode and not looking out for the best interests of the people. A case in point is that gambling is still not fully regularized and there is a webshop on every corner in every poor neighborhood in the country. It is creating a large (and unaccounted for) population of Bahamian gambling addicts which will need to be treated by NHI...what is dis. As the political parties are supposedly finance by the webshops they government is powerless to stop it. Even a referendum by the people could not stop it.
If the insurance industry recognizes what NHI truly is and stops trying to make sense out of what the government is doing then it will recognize that fighting to government on this issue is useless.
It is time for them to hire a lawyer and litigate the issue using our constitutional basic rights. But don't expect to get a copy of the draft legislation until it is ready for debate and passing in the parliament. But be ready to challenge it in the courts the day after it is passed.
In addition, to campaign finance reform can we please create some laws to deal with the evil that is going on in this country.
For example, I have complained to BTC about these gambling ads - see picture - that come on my cell phone every hour. I think it is inappropriate for a corporation 51% owned by the government to be encouraging gambling. If 30,000 Bahamian text back to BTC every day, BTC is making $30,000 a day and selling Bahamians false hope.
Looks like we need 50 houses of parliament to create legislation to deal with all the wrong doing in this country.
This is all rhetoric with with no substance. Because there is no constitutional segregation of powers between the Executive Branch of Government and the AG, coupled with us being an independent sovereign nation (thanks to a flawed 1973 constitution) there thrives in the Bahamas an ideal environment for unchecked corruption, non transparent government, lack of accountability or checks and balances. This allows for the continuation of dysfunctional government evident by BEC bribes, CoB, BoB, Bamsi, Post Office Bank, BTC, Abaco DMV, large travel and entertainment bills, carnival, Baha Mar etc. etc.
Compare us with the Turks and Caicos where the EU have recently gave them glowing marks on governance, transparency and much improved fiscal performance.
Because the Turks and Caicos are a colony (and not a sovereign) the UK was able to root out corruption.
So when you hear politicians chatter about sovereignty and why the medieval Bahamian liquidation law is superior to a state of the art Delaware bankruptcy legal framework based in a transparent developed world jurisdiction...you now know why.
"Banker" it's amazing that very few bloggers are following this storey. The current Cable Bahamas loss is not a flash in the pan and is consistent with an earlier material trend/decline in profits earlier this year. This was explained by "DonAnthony" is his blog attached to the following link.
Cable is a widely held Bahamian stock and preference share issue yet none of the media, financial advisors, pension funds, directors or brokers are pushing Cable to put a halt to their expansion folly.
In an earlier blog I also put forward arguments as to why I think the US acquisitions or the cell phone license expansion in the Bahamas will fail. See "Observer2" blog on the attached link.
Once the billion is borrowed and most of it has gone to the foreign management company the entire electrical company will collapse (owing hundreds of millions to Bahamian businesses) ...but it will collapse in slow motion over about 3 governments (PLP 2012, FNM 2017 and then PLP 2022). BEC will collapse in 2023 under the PLP...by that time Obie will be responsible.
Hopefully this loan will cover up some of the $100 million that was wasted and we can finally get national health insurance for all Bahamians and not just those that can afford outrageously priced private health insurance. They said that once NHI is implemented there will be no need for private health insurance. I can't wait for the savings. It would be good if the foreigners who are doing the consulting can come and run it for us. We really need these foreigners as we aren't sure what we are doing. Take for example BTC which was owned by Bahamians. Now that we sold it to foreigners it is so much better run.
National Health will complete the government control of the entire economy for the betterment of our people. Government will now control healthcare, schools, communications, electricity, low cost housing, banks, roads, airlines and airports.
Its is important to remain PLP so you can get some of the gravy. The FNMs need to wait their turn and not be so vex.
observer2 says...
The minute NHI legislation is passed in the House of Assembly and heath care salary deductions are started via NIB deductions, then all employers will immediately discontinue group health insurance plans as they become redundant on day one.
A derivative of this scenario occurred in the United States once Obama (Universal) Care was implemented.
In order to avoid paying Obama care and avoid health insurance all together most businesses (large and small) started to hire persons less than 40 hours per week. Employees working under 40 hours are then designated as non full time and the employer does not have to pay any benefits (including Obama Care).
The liability for healthcare then falls to the individual who is forced to purchase an individual Obama care plan through the state health care exchanges.
The result is that health care insurers are losing hundreds of millions of dollars per year. United Health Care, one of the largest health insurers in the United States, is exciting the Obama Care business because it is not profitable. See link below.
http://www.hngn.com/articles/152202/201…
Under socialist model and the nanny state, which we are following, the insurance industry will be put out of business as the government will be administering health care.
Lol...dey mussy learn dis nonsense from dey Chinese masters.
On NHI risks ‘up to 1,000 jobs’
Posted 1 December 2015, 2:27 p.m. Suggest removal
observer2 says...
United Healthcare is the first Fortune 500 company to sound the alarm bells for Obama care. More to come.
http://www.bloomberg.com/news/articles/…
On Health Insurance industry ‘discussing NHI contingency plans’
Posted 1 December 2015, 12:51 p.m. Suggest removal
observer2 says...
The reason the government is pushing hard for NHI on January 1, 2016 is because the government is cash flow and reserve currency negative and its financial institutions are dysfunctional.
By increasing national insurance contributions to include NHI the government gets another stream of income.
My arguments are as follows:
1. Currently raising $25 million for the Public Health Authorities without attaching the Offer Memorandum to e mails. Government tapping local market for loans at rate of $20 million per month. Why isn't the Central Bank raising money for the government anymore...hmmm. Why is the Central Bank (which is independent from the Executive Branch of Government) virtually silent?...hmmm.
2. Bank of the Bahamas audit delayed. Rumours that further loan write offs in the multimillions are needed.
3. BEC needs $1 billion. $450 million in loans to be transferred from government guarantee and to be paid off by BEC customers. $600 million in loans needed to finance new generators. Coupled with foreign managers with no experience in power plant construction sounds alot like Baha Mar Saga Part II but this time the lights go off for all of us.
4. Government effectively shut out of international capital markets. Will not borrow US$ at this time (stay tuned).
5. Baha Mar collapse creates major loss of foreign currency income.
6. VAT essentially transferring cash from private to public sector but creates no net additions to GDP or reserves.
7. National debt grows from $5.6 billion to $6.3 billion in 18 months.
8. National insurance now cash flow negative.
9. The Opposition accountants need to create a forecasted balance sheet for the Countries finances and show the people why the present course is not sustainable.
10. The government is in self preservation mode and not looking out for the best interests of the people. A case in point is that gambling is still not fully regularized and there is a webshop on every corner in every poor neighborhood in the country. It is creating a large (and unaccounted for) population of Bahamian gambling addicts which will need to be treated by NHI...what is dis. As the political parties are supposedly finance by the webshops they government is powerless to stop it. Even a referendum by the people could not stop it.
If the insurance industry recognizes what NHI truly is and stops trying to make sense out of what the government is doing then it will recognize that fighting to government on this issue is useless.
It is time for them to hire a lawyer and litigate the issue using our constitutional basic rights. But don't expect to get a copy of the draft legislation until it is ready for debate and passing in the parliament. But be ready to challenge it in the courts the day after it is passed.
On ‘Distressing’ NHI threat to 60% of FamGuard revenue
Posted 1 December 2015, 6:54 a.m. Suggest removal
observer2 says...
"Public Hospital Authority to place an offering of $25 Million in Series B Amortizing Notes at a fixed rate of 6%."
I guess they need the NHI salary deductions to help pay off the hospital loans.
On Health Insurance industry ‘discussing NHI contingency plans’
Posted 30 November 2015, 3 p.m. Suggest removal
observer2 says...
In addition, to campaign finance reform can we please create some laws to deal with the evil that is going on in this country.
For example, I have complained to BTC about these gambling ads - see picture - that come on my cell phone every hour. I think it is inappropriate for a corporation 51% owned by the government to be encouraging gambling. If 30,000 Bahamian text back to BTC every day, BTC is making $30,000 a day and selling Bahamians false hope.
Looks like we need 50 houses of parliament to create legislation to deal with all the wrong doing in this country.
http://tribune242.com/users/photos/2015…
On Gomez calls for law on campaign finance
Posted 30 November 2015, 2:41 p.m. Suggest removal
observer2 says...
This is all rhetoric with with no substance. Because there is no constitutional segregation of powers between the Executive Branch of Government and the AG, coupled with us being an independent sovereign nation (thanks to a flawed 1973 constitution) there thrives in the Bahamas an ideal environment for unchecked corruption, non transparent government, lack of accountability or checks and balances. This allows for the continuation of dysfunctional government evident by BEC bribes, CoB, BoB, Bamsi, Post Office Bank, BTC, Abaco DMV, large travel and entertainment bills, carnival, Baha Mar etc. etc.
Compare us with the Turks and Caicos where the EU have recently gave them glowing marks on governance, transparency and much improved fiscal performance.
Because the Turks and Caicos are a colony (and not a sovereign) the UK was able to root out corruption.
So when you hear politicians chatter about sovereignty and why the medieval Bahamian liquidation law is superior to a state of the art Delaware bankruptcy legal framework based in a transparent developed world jurisdiction...you now know why.
http://www.tcinewsnow.com/topstory-EU-a…
http://www.jamaicaobserver.com/news/For…
On Gomez stands by pledge to tackle govt corruption
Posted 27 November 2015, 8:42 a.m. Suggest removal
observer2 says...
"Banker" it's amazing that very few bloggers are following this storey. The current Cable Bahamas loss is not a flash in the pan and is consistent with an earlier material trend/decline in profits earlier this year. This was explained by "DonAnthony" is his blog attached to the following link.
http://www.tribune242.com/news/2015/may…
Cable is a widely held Bahamian stock and preference share issue yet none of the media, financial advisors, pension funds, directors or brokers are pushing Cable to put a halt to their expansion folly.
In an earlier blog I also put forward arguments as to why I think the US acquisitions or the cell phone license expansion in the Bahamas will fail. See "Observer2" blog on the attached link.
http://www.tribune242.com/news/2015/nov…
On Cable: 3-5 years to ‘turn corner’ on Florida move
Posted 26 November 2015, 7:25 a.m. Suggest removal
observer2 says...
“It’s not beyond our expectations that we’ll see these kinds of results [the $587,000 loss] right now,” he added.
Interpretation: We are going to see more losses.
On Cable: 3-5 years to ‘turn corner’ on Florida move
Posted 25 November 2015, 2:43 p.m. Suggest removal
observer2 says...
Sounds like Baha Mar #2!
Once the billion is borrowed and most of it has gone to the foreign management company the entire electrical company will collapse (owing hundreds of millions to Bahamian businesses) ...but it will collapse in slow motion over about 3 governments (PLP 2012, FNM 2017 and then PLP 2022). BEC will collapse in 2023 under the PLP...by that time Obie will be responsible.
On Over $1bn needed for BEC reforms
Posted 24 November 2015, 5:01 p.m. Suggest removal
observer2 says...
Hopefully this loan will cover up some of the $100 million that was wasted and we can finally get national health insurance for all Bahamians and not just those that can afford outrageously priced private health insurance. They said that once NHI is implemented there will be no need for private health insurance. I can't wait for the savings. It would be good if the foreigners who are doing the consulting can come and run it for us. We really need these foreigners as we aren't sure what we are doing. Take for example BTC which was owned by Bahamians. Now that we sold it to foreigners it is so much better run.
National Health will complete the government control of the entire economy for the betterment of our people. Government will now control healthcare, schools, communications, electricity, low cost housing, banks, roads, airlines and airports.
Its is important to remain PLP so you can get some of the gravy. The FNMs need to wait their turn and not be so vex.
On PHA readies for $25m bond issue
Posted 23 November 2015, 4:38 p.m. Suggest removal