Comments on: Full Report: “Bermuda In The World Economy”

By: Annaliese Saint

Annaliese Saint — Wed, 03 Feb 2016 13:28:45 +0000

Thoughtful piece . I was fascinated by the insight . Does someone know where my company could get a sample a form copy to fill out ?

By: watchmen

watchmen — Wed, 15 Jul 2015 12:05:46 +0000

No one “wants” to hold more than one job they “have” to-to make ends meet. It is clear what side of the “tracks” you are from. I pray one day you and your family do not have to feel the pain so many are feeling worldwide wherever your false economies propagate themselves.

IB if you are so in tune with your industry and its peripheries then surely you know that it is almost time for the curtain to drop on it all.

By: jt

jt — Wed, 15 Jul 2015 01:54:40 +0000

Your thoughts are lovely and you are not the first to express them. Can you be the first to clearly outline how this happens?

By: jt

jt — Wed, 15 Jul 2015 01:49:39 +0000

Check your time lines. Growth on the back of one party’s policies and then demise under the foot of another’s.

By: Toleratate

Toleratate — Wed, 15 Jul 2015 00:39:06 +0000

Yes, correct; but “racist lies?” That’s a bit dark you think?

By: Unearthed

Unearthed — Tue, 14 Jul 2015 23:12:48 +0000

Truth Teller stated only facts. You cannot argue against facts.

By: Ed Case

Ed Case — Tue, 14 Jul 2015 19:02:33 +0000

Truth Teller – you just lost your argument by making it a race thing. Why are they ‘racist lies’ and not just ‘lies’?

Sorry you lost – you were making a good point but you just had to pull that race card.

Learn by this valuable error. PLP used up all the race cards – there are none left. That you CAN blame on PLP.

By: Truth Teller

Truth Teller — Tue, 14 Jul 2015 17:53:19 +0000

The industry’s most dynamic growth occurred under the PLP Government post 911 when our GDP also doubled from approx. 3 billion to 6 billion dollars (2000 to 2008).

Stop with the racist lies IB.

The irony of it is that those three or four sectors who benefited the most from that PLP facilitated growth were the same sectors who uncritically support the OBA.

In other words IB you need to show a little more gratitude to the PLP.

By: Young Bermudian

Young Bermudian — Tue, 14 Jul 2015 17:10:23 +0000

IB… I’m not denying that we will not be influenced by external factors, and yes we need them to survive. We CAN however develop policies to ensure that negative external influences are not catastrophic. IMO community wealth building is needed here more than ever. It’s not a new concept, just not a traditional one. I’m not looking for a utopia…I’m looking for opportunities for the average hardworking person to be able to have a roof over their head an buy food without paying both legs and an arm. The path that Bermuda is headed does not give that person an opportunity to be proud of Bermuda’s economic success worldwide.

By: Oh,I see now

Oh,I see now — Tue, 14 Jul 2015 15:52:56 +0000

To top heavy THAN……sorry

By: Oh,I see now

Oh,I see now — Tue, 14 Jul 2015 15:21:59 +0000

We are a mere puddle of talent and natural resources that has been exposed for what we are once the torrential rainfall of money stopped.No-one PLP or UBP/OBA prepared Bermuda for the lean times.I can see how easy it occurred with the gravy train rolling at high speed for so many years and all of us with an air of invincibility.Our civil service was top heavy then, but who cared TOOT TOOT train c’mon through.I remember as a kid if your father worked for the PWD you were laughed at.Later if not gifted in the three R’s the PWD was a safe job to have that paid a decent wage, at least you weren’t selling drugs.Now a anyone in government is seen by the private sector as lazy and too privileged.Weird world we live in eh?

By: IB

IB — Tue, 14 Jul 2015 14:49:57 +0000

That’s a nice idea, but one that is totally unrealistic for an island that imports everything to survive. As such we will always be at the mercy of external factors (I.e. Oil prices, external political decisions etc.). So we will neve be self-sufficient until we discover more land to produce for our own and decrease reliance on imports. In other words the utopia that you speak of will never happen.

As I said before, we need foreign investment/currency in order to survive as the goods we import/purchase comes from other countries and the bermuda dollar is worth nothing beyond our shores.

To sum up my point, a 21 square mile island that doesn’t produce/manufacture or export one thing will always be at the mercy of external factors. Always.

By: jt

jt — Tue, 14 Jul 2015 14:36:25 +0000

A point to add is that the business of the majority of the companies domiciled in Bermuda experienced far less impact as a result of the recession than did others. Had these companies been nurtured by the PLP at this critical time the state of IB in Bermuda would be markedly different at present.

By: Regina

Regina — Tue, 14 Jul 2015 14:17:00 +0000

Clearly you have no idea what you are talking about. Do a little research. Ask your parents who foot the bill for the roof over your head, food, school uniforms, Belco….during the boom. Think before you speak.

By: Damn

Damn — Tue, 14 Jul 2015 14:04:37 +0000

It’s posts like these that make me wonder who taught this kid how Bermuda’s economy actually works. I’ll give this “Young Bermudian” a pass since he/she is well, young. Please don’t sit and wait and expect everything to be handed to you…. and please please please do not believe everything the PLP spout at you.

By: Young Bermudian

Young Bermudian — Tue, 14 Jul 2015 13:45:35 +0000

Cayman is suffering from a catalog of social problems along with their continual growth of GDP. Feel free to read their papers and policy documents from their equivalent of Bermuda’s Financial Assistance, Education, Youth and Sports and Child and Family Service departments. The Cayman government has welcomed foreign businesses openly and failed to simultaneously create a path to scale up their locals in the process. Social problems that are not addressed and dealt with effectively will balloon and have the potential to derail economic success. We must remember that and learn from the past.

By: Young Bermudian

Young Bermudian — Tue, 14 Jul 2015 13:34:54 +0000

IB, I appreciate your feedback. For clarification purposes, I would like to see Bermuda identify ways that our local economy can become more resilient to external factors. We became overly dependent on foreign services, and did not invest in local economic infrastructure that will provide jobs and stability on island that weather global shocks. We may have a high GDP but that does not reflect the security of happiness and well-being for many Bermudians. We need to invest the capital gains from our success story so that Bermudians can be more self-sufficient.

By: IB

IB — Tue, 14 Jul 2015 13:27:01 +0000

Strange thing to say as it appeared to work quite well when we were at our IB peak and there was virtually no unemployment, construction was a booming business and many locals prospered from appreciating housing prices with their mortgages supported by rental income primarily from IB employees.

This trickle down effect provided numerous jobs throughout the economy during that time which allowed locals to be employed and in many cases hold more than one job if they chose to do so.

It isn’t a coincidence that the ‘man on the street’ has suffered as IB has contracted. This is why we achieved our highest GDP in tandem with the most work permits issued and why the opposite has happened with a declining population.

It is correlation.

By: Young Bermudian

Young Bermudian — Tue, 14 Jul 2015 13:16:59 +0000

Looking forward to reading the report. Knowing that Bermuda supports worldwide jobs and investments, the next step is to identify ways that this success is felt by the man on the street in Bermuda. Clearly the trickle down effect is not working.

By: IB

IB — Tue, 14 Jul 2015 13:15:58 +0000

I work in this industry, which provides 80% of Bermuda’s FX earnings. Which I might add is crucial for an island that produces absolutely nothing and imports everything.

I can tell you that the industry was not made to feel very welcome with the past administrations ‘Sven an Jonny’ analysis, the mandate to expel key employees within the term limit timeframe, the accusation leveled of contributing to perceived deteriorating social cohesion, and raising payroll taxes 14% and foreign current purchase tax by 100% with absolutely no consultation or forewarninng.

There is a reason why our peers (I.e. Cayman et al) have not experienced 6 years of negative GDP growth and why their economies are growing. Also, during that time the reinsurance sector actually expanded. Just not in BDA unfortunately.

Not all of the issues can be laid at the PLP’s feet, but their contribution to the decline cannot be dismissed either.

By: Mumbojumbo

Mumbojumbo — Tue, 14 Jul 2015 12:58:21 +0000

C’mon…..seriously?….Get outtah here….really?….I don’t believe yooouuuu…

By: Onion juice

Onion juice — Tue, 14 Jul 2015 12:51:28 +0000

Funny, they mentioned global economic recession and P.L.P was not mentioned.
Mmmm

By: Raymond Ray

Raymond Ray — Tue, 14 Jul 2015 12:50:26 +0000

A long story made short: “The report has called financial data from major trading nations to show Bermuda is a key business partner that provides the mature, reliable, legal, regulatory and professional capacity to enable innovative solutions to business issues.”
Continueing: Cheryl Packwood, Bermuda’s Overseas Representative in Washington said, “Bermuda’s world-wide reputation for regulatory stability and innovation comes across here as key to its success as a funding center for reinsurance and transportation. Investors and borrowers in Europe, Canada and the United States depend on Bermuda as a key part of their post-crisis investment strategies.”