Comments on: Opinion: Where Exactly Does Bermuda Stand?

By: GrimaldiMan

GrimaldiMan — Tue, 13 Jan 2015 18:05:04 +0000

They aren’t any more culpable than any other govt who have fed from the debt-based usury lending trough.. All govts who’ve done so are just as guilty. As far as most western govts are concerned this is the only and most accepted way of procuring funds..this injurious system is mostly at fault.. a new fairer banking paradigm is needed and IT IS COMING! Whether the FEW like it or not. Its not about the PLP or the OBA or even the Democrats or Republicans. The rabbit hole of culpability goes way deeper and further back in Time than that.

By: Creamy

Creamy — Tue, 13 Jan 2015 10:59:33 +0000

The PLP sold generations into financial slavery.
Cox and Brown ruined the country.

By: Creamy

Creamy — Tue, 13 Jan 2015 10:17:51 +0000

So you agree the PLP sold our future to foriegn banks.

By: GrimaldiMan

GrimaldiMan — Tue, 13 Jan 2015 06:07:39 +0000

If the Govt pays back the debt owed plus interest maybe it should look into securing interest free loans and break away from the tight financial orbit of the usurious debt-based lender until we do not require such loans. We have begun to strengthen links with the Islamic financial world through studying sharia banking so take it further and seek out these lenders instead.

By: ole Onion

ole Onion — Tue, 13 Jan 2015 05:14:10 +0000

@kaangocar !! Name calling and being derogatory is foolish enough !! Are you smarter than a fifth grader ? Do you truly love thy neighbor? Where’s your turff ? Are you a silent gangster ? Smh !
A wise man once wrote , ” be the change you’d like to see “

By: ole Onion

ole Onion — Tue, 13 Jan 2015 05:02:18 +0000

I’d have to agree ! We all dysect the messenger and not enough of the message! At least Mr Burchall comes with figures to go with some type of solution to prove his point !!! Rather than tell you drink the koolaid, force something in you and then say you’re used to it the other team did it too !!
Trust me drink the koolaid and it will soon turn to swizzle !!
Thanks for the informative information Captn B !

By: Politically Incorrect

Politically Incorrect — Fri, 09 Jan 2015 21:00:26 +0000

Does everyone know what FUBAR stands for?

By: GrimaldiMan

GrimaldiMan — Thu, 08 Jan 2015 16:06:12 +0000

The process for nations or countries who are affiliated with central banks, that produces their ‘money’ is faulty and injurious to those countries. This creating money out of thin air and entering it as electronic entries is something that we do not ponder much as we’re too busy chasing the almighty Thaler. The reason for ‘debt’ is the interest payments compounded over time that even the mighty U.S. will not pay off.. Impossible for them and here we are wringing our hands over a mere 2.2 billion in FRNs.
What do you think will happen to us when they default on their almost 20 trillion dollar ‘debt’-. They have been holding it off for some time but it will raise its ugly head in the near future. We are ALL on ‘borrowed’ fiscal time, distracted with niggling about small issues like homosexual marriage for instance. Straight distracted is what we are while chemtrails are in our skies, GMO foods are on our dinnerplates, flouride in our water and dental rinses. The ‘debt’ to international bankers must be paid? Legislators partly caused the debt but we, the people are responsible. Not so.. Look at Iceland.. They repudiated that ‘debt’. They suffered but are now doing OK…end of part 1

By: Axlerod

Axlerod — Thu, 08 Jan 2015 01:35:42 +0000

Ha ha Larry must be hanging out with Marc Bean! This is a pipe dream. The country is currently borrowing $260 mil per year just to stay afloat. The economy fell again last year. The Americas Cup will only saddle the country with more cost…that means debt….to prepare for the event which lasts only one…ONE….month! Not a chance in the Amazon basin diversity statistics that we will earn enough revenue from visits by 50k to 70k additional (??) tourists to pay down our debt and eliminate the deficit of $260 mil per annum. San Francsico over estimated tax revenues from hosting the AC by 75%!!! Only the ACOC make money from the AC…..they are like FIFA, Olympics they get other people to pay for their party!

People of Bermuda better be ready for a large hangover when we wake up on Jan 1, 2018……cause our heads will hurt…..and Prospect Primary and Victor Scott Primary (both less than a mile apart!) will still only have about 80 kids each and a full compliment of teachers…. and we will only have a huge debt bill to show for it!

By: Larry Burchall

Larry Burchall — Wed, 07 Jan 2015 18:44:56 +0000

GrimaldidMan,

You’ve written: “…abuse from usurious bankers who are doing the same to every other country…”

Your suggestion that ‘foreign or outside’ bankers are at fault is seriously off the mark.

No ‘foreign lenders’ came or have come to Bermuda’s shores and forced us or inveigled us or deceived us into borrowing even one dollar of the current two billion dollars. Instead, it worked the other way around.

Bermudian decision-makers decided to borrow. Bermudian decision-makers then went overseas and found institutions willing to lend to Bermuda. Bermudian decision-makers then agreed to borrow funds … again … and again … and again … and …

Between 1978 and 2013 Bermudian decision-makers went out to find those foreign lenders more than twenty times.

Bermudian decision-makers asked. The foreign lenders merely said yes, set an interest rate, and then delivered the funds.

In these over twenty transactions, there is no sign of “abuse from usurious bankers”.

However, in the build-up of our now $2.2 billion in current Debt, there is ample evidence of, shall I say, “questionable financial management?”

You’re correct on the need for ‘cutting edge ideas. What are yours?

Larry Burchall

By: GrimaldiMan

GrimaldiMan — Wed, 07 Jan 2015 15:40:42 +0000

Ok…Russia had a big debt to international bankers and paid it off. As a result they are not under the thumbs of said “persons”. Luckily Russia had the benefit of natural resources.
If Bermuda pays off this debt how will it prevent the same abuse from usurious bankers who are doing the same to every other country that is tied to central banks, the main bank being the BIS. Even the great U.S. is at the mercy of these international extortionists who have been granted legitimacy through legislators and public indoctrination since 1913. In the U.S., money is supposed to be coined by the govt so as to reduce debt like how Andrew Jackson did in the 19th century. Deviously,legislation put it back in the hands of the international “priesthood”.
Have we been so thoroughly seduced by the beast that we can’t break away..How do we curtail these usurious practices..Can we reach out to our brethren in oil rich countries for debt free loans..Can we allow sharia law (read Islamic, debt-free) banking practices to be more common place here..
Bermuda is a cutting edge jurisdiction, supposedly. Maybe we need more cutting edge ideas. It’s a complicated mess.

By: It takes a village

It takes a village — Wed, 07 Jan 2015 00:26:38 +0000

We need to just focus and stand up for ourselves and our island home.

By: Kangoocar

Kangoocar — Wed, 07 Jan 2015 00:05:18 +0000

That is exactly why I totally support our Governor with his decision to keep Mr Fields on at the DPP, it is my hope he is looking into the unaccounted for $800 million and is close to pressing charges!!!

By: Triangle Drifter

Triangle Drifter — Tue, 06 Jan 2015 23:46:51 +0000

I am no economist or accountant but I still want to know where all of that money went. I want those responsible brought to justice & I want every penny that is recoverable back.

I it is almost beyond belief that what was once the jewel of the Atlantic has become a near worthless trinket in such a short period of time. Even more beyond belief is the number of people who do not understand what has been done to them & don’t thnk that anyone should be held accountable.

By: One thing is missing ...

One thing is missing ... — Tue, 06 Jan 2015 22:38:57 +0000

One thing that’s missing from the debt picture – the funding shortfalls for the various government pension plans. That’s money that the government will have to come up with sooner or later.

By: Kangoocar

Kangoocar — Tue, 06 Jan 2015 21:57:37 +0000

Thank you Larry!!! Now all we need is, all the plp xenophobes to read this over and over until it finally sinks in??? We are all truly doomed if we can’t pay our obligations, and the time for that is coming real soon!!! All Bermudians can thank the plp for this mess we find ourselves in today!!!!!

By: chipp

chipp — Tue, 06 Jan 2015 19:03:22 +0000

Jump the boat taken in to much water! and letting the money walk out foreign exchange

By: hmmm

hmmm — Tue, 06 Jan 2015 17:52:42 +0000

If you buy a profitable business, you will likely pay above market value , unless business owners need liquidity.

That Market Value will have future returns baked into its price. If using a div valuation model the future growth and div form the basis of its price.

Who then runs this business? To expand it and make it more efficient to realize greater returns?

What does govt know about running an amusement park ? that would have to be foreign investment and management expertise.

The OBA is doing all it, whilst still protecting Bermudians to encourage foreign investment on our shores.

By: David Henry

David Henry — Tue, 06 Jan 2015 17:23:40 +0000

As serious a situation Bermuda finds herself in, I always enjoy reading Larry Burchall’s pieces. They are so well organized and explained and based in reality and fact. They don’t contain so much as a hint of hot air or smoke-blowing or noise (here’s looking at you, Mr. Famous).

I have to take a great leap of faith to believe that we (all who inhabit this beautiful island) will get it together and see di forest shru di trees, but I still believe.

Though it’s sad knowing that it would be an uphill battle for someone like Mr. Burchall to succeed in local politics. Too real and un-emotional. Too country-above-party. Too honest.

By: Vote for Me

Vote for Me — Tue, 06 Jan 2015 16:47:26 +0000

The basic facts of the article are correct but the proposed solution is superficial at best. Bermuda will not be able to repay the existing debt by simply increasing the size of the population. In the fisrt instance, significant social instability and inflation accompanies increased population.

A first step for reducing the debt is to be realistic about how the debt arose and what it was used for, pre 2012 and post 2012. Thereafter there needs to be a genuine discussion on how it can be reduced in a sustained manner. The discussion must transcend politics because whoever is the Government will have to repay the debt over the next 20 to 30 years. (Do we say the problem is 64% PLP and 36% OBA based on the amount each party borrowed!!)

Another step is to recognize that jobs in Bermuda have to allow Bermudians to reach their maximum potential without arbitrary limitations. Failure to do so will further exascerbate the ‘anti foreigner sentiment’.

By: San George

San George — Tue, 06 Jan 2015 14:27:29 +0000

Quo Fata Ferunt

By: Mr Ed.

Mr Ed. — Tue, 06 Jan 2015 13:40:45 +0000

Now we have seen the figures – Bermudians must now figure out how to make money to pay for this huge debt
that we have accumulated. — at this stage who care’s who was at fault it has to be paid- one way or the other.
There are great ideas that have been put forward but were to slow, and to conservative to act on them.
Bermuda Govt. must take ideas from all walks of life. – anything on the table! such as an
Amusment Park at Southside , A justice systems were by fines are the sentence instead of expensive Prison
sentencing except for Major Crimes, hosting international Business and Sports events, a Casino – how about approaching Foxwoods or Mohegan Sun Casino’s to get them to invest in building a Cassino here- or buying up several profitable Business in the USA – just Idea’s.
Well so far only a few Ideas have come to life in order to make money — AC35 is due to make $300 Million Dollars — we need more than that.
I’m sure there’s a million excuses why we won’t and can’t do any ideas I’ve sugested.

By: stunned...

stunned... — Tue, 06 Jan 2015 13:14:10 +0000

i hope a copy of this opinion was delivered to the Department of Immigration and the BIU to faciliatate their understanding why Bermuda needs LESS bureacracy with granting work permits for MORE foreign workers in order for this country to emerge from under the Debt Trap.