The Tribune

EDITOR, The Tribune.

(This letter is a reader’s response to the guest editorial published in The Tribune on Thursday, April 16, under the heading “The Bahamas economy’s response to global shifts”).

A well written piece, but one in which I do not agree to many of the conclusions. The story of proceeds of crime, money laundering, etc., was just a smoke screen to kill the offshore banking sector and force the services back into the US. Free markets are only free to those that can dictate the operating environment.

Local banking is a victim of the banks’ own laziness and desire for good profits without the sweat.

They, of course, cannot make a buck if they have high deposits and do not on-lend. How can they pay the depositors their interest and send something back to corporate when they have no lending to make a margin? The result is to squeeze bank customers with every kind of service charge, and then fire the employees.

You wish to reduce costs by introducing an ATM service, and yet at the same time charge to use it? Where is the incentive to adopt this technology?

Of course the Central Bank is complicit in all this, no policies to make the commercial banks become real participants in the economy, rather than leaches (I assure you I have tempered my language).

A Bahamas for my supporters is not unique to The Bahamas. You see it everywhere, and nowhere more openly than the lobby system in the US – the same people incidentally who closed down your offshore business.

The only difference in The Bahamas is that being such a small nation, it is obvious to what is going on. The issue really should be more of quality work and value for money, not who gets what.

A Minister in Nigeria famously once said “of course I gave contracts to my friends, who did you want me to give them to, my enemies”?

There is some logic to that, if you want the job done, you will give it to someone who will have a greater sense of responsibility because they do not want to leave a friend in a jam. The issue here is again, not who gets government patronage, but opening up the private sector so that government patronage is not what people sit around waiting for.

Finally, Bahamians are their own worst enemy. They are the best at everything, and don’t bring no foreigner to do what Bahamians can do. If you cannot understand your limitations, and you do not learn new methods and technologies from those who are at the forefront, how do you move head.

The Cayman financial sector has been outperforming the Bahamian financial sector because they allow the new blood. How can you offer service when the wonderful and hardworking Bahamian thinks it is his right not to break a sweat or put in more than four hours into an 8-hour working day, and will not allow a foreigner come and show how to do it more efficiently.

Bahamians go away to work in divisions of foreign companies, and they are well received and given all support from all levels of the work structure. That same foreign company brings a foreigner to the Bahamas, and everyone tries to shut him out, and are openly negative. And you want me to invest here? You don’t want the foreigner, but you want their dollars invested? Are you serious? Would you leave your money in the hands of such people?

BTC could have been a good story, but sadly the wrong company was chosen. This has now negatively impacted the process of fixing BEC. Who is suffering? The whole nation has expensive and poor power just to keep how many people in work? How many job opportunities have been lost because of this myopic view point?

The saddest thing is that as time goes on you are being left further and further behind. What will be the next leap in systems/technology that will allow you to get back to where you need to be? Should the whole country be impoverished to the point that you give everything away to get foreign investment? Does this not defeat the object of the whole exercise?

Izmerilian is the architect of his own problems, but sadly some of the issues he faces are issues that need to be resolved. Who will step up to the plate for such a bad partner. “Partner” and “partnerships” are words that all parties need to understand and work with.

It is not surprising that nobody has the fortitude to talk these matters openly, because they will be crucified, and yet the same people who will lead the crucifixion would be the same people to benefit if they stepped into the modern world of understanding and partnerships.

Once an investor has gone through the wringer, and this is the same with all the governments I have seen, he no longer cares for the more idealistic outcomes from his investment, he just wants to make his buck and get out.

The people deserve what they get.

Again, the sad thing in all of this is that it is the vocal minority that are killing the future of the majority.

There are major problems in South Africa at the moment regarding foreign workers and xenophobia. The Bahamas is the most xenophobic country I have ever visited, and they will continue to pay the price for this.

What makes you think that I am upset?

TRULY UPSET

Nassau,

April 26, 2015.