Hashtag: #LarryBurchallColumns
Opinion Column: “Two Nuggets & Three Issues”
[Opinion column written by Larry Burchall] If, as I wrote last week, Bermuda’s recession ends with GDP rising as much as 15% – 16%, and Bermuda gets back to providing 38,000 jobs with every currently unemployed Bermudian re-absorbed into the economy; then Bermuda will have resolved the first of three issues currently bedevilling Bermuda’s... Read more of this article
Opinion: Burchall On America’s Cup & Finances
[Opinion column written by Larry Burchall] With the America’s Cup coming, works for a ‘new’ airport, new hotel construction at Ariel Sands, Pink Beach, Morgan’s Point and maybe one other location, with the probability of casinos and gaming coming on stream; it looks as if Bermuda’s flagging economy is about to get a boost. With something between... Read more of this article
Opinion: Bermuda & ‘Austerity Spending Mode’
[Opinion column written by Larry Burchall] For some, Austerity spending is an economic profanity. People who oppose the idea of cutbacks in Government spending say that Austerity spending should never happen. They say that in an economic downturn, Governments should always increase spending. Set out in thousands of textbooks, classic economic theory... Read more of this article
Opinion: Looking For Financial Assistance?
[Opinion column written by Larry Burchall] Looking for Financial Assistance? Many people believe that if things get really tough, they will be able to rely on Government’s Financial Assistance program for help. That’s true, but only up to the point where Government can still put dollars into Financial Assistance funding. Government’s audited accounts... Read more of this article
Larry Burchall: Reflection On War And Wars
[Written by Larry Burchall] In 1914, the monarchies of Europe stumbled into a war. 100 years ago today, the Great War of 1914 – 1918 had been going on for just over three months. By November 1914, thousands of Indian soldiers had been imported from what was then the Indian Empire but that we know today as India, Pakistan, Sri Lanka, and Bangladesh. In... Read more of this article
Opinion: Bermuda’s Financial Double-Cross
[Opinion column written by Larry Burchall] As simply as possible, but still honestly and factually, here is the full story behind Government’s day-to-day money management. First – Government Revenue – The Finance Minister hopes to take in $901.7m from all sources in FY 2014/15. That’s in the Budget Statement. Second – Priority Payments... Read more of this article
Burchall: 3 Facts Underpinning The Economy
[Opinion column written by Larry Burchall] Fay and Gonzalo really knocked us about, but, in typical Bermuda fashion, full recovery from that big double strike is well in hand. Like those hurricane winds, three facts drive Bermuda’s six year recession and underpin Bermuda’s economic problem. Driver and new fact One– Nanci, our evil spider. The... Read more of this article
Burchall: How To “Feed” Debt Service Costs
[Opinion column written by Larry Burchall] Last week I ended: “Now and into the future, the absolute and unbreakable new rule – new since 2010 – is: “First! Feed Nanci!” From Financial Assistance to Civil Service pay, everything else is now in second place – or lower. [Nanci = Non Negotiable Costs = Debt Service Costs = Interest... Read more of this article
Burchall: How “Nanci” Grew In The Ten Years
[Opinion column written by Larry Burchall] Many people say that Bermuda’s business model and the global business model have changed and that simply increasing Bermuda’s ResPop is not the only answer to Bermuda’s existing economic problem. But what, exactly, did change? What will a solution look like? From Tourist Playground to Business Park From... Read more of this article
100 Years Ago: First Bermudian Dies In WWI
[Written by Larry Burchall] William Edmund Smith, a black Bermudian, joined the Royal Navy, left Bermuda, and sailed into Bermuda history. He was the first Bermudian to die in World War One. He died exactly one hundred years ago today, 22nd September 1914. William was the son of Mr. and Mrs. William Felix Smith and Emma Jane Smith of Sandy’s Parish.... Read more of this article
Opinion: “Surrendering Our Independence”
[Opinion column written by Larry Burchall] Once upon a time there was a strong movement for Independence for Bermuda. In 1995, Premier John W Swan tested that national feeling by calling a Referendum on Independence. Though skewed by an Opposition organized boycott, that 1995 Referendum said “No!” However, the idea of Independence has never actually... Read more of this article
Opinion: Larry Burchall On “27 Missing Words”
[Opinion column written by Larry Burchall] There are 27 missing words that could have and that still can make a big difference. Those missing words have been a major contributor to the mess that Bermuda is in today. Between 1st April 2004 and 16th December 2013, two Bermudian individuals – politicians both – created a $2,705 million mountain... Read more of this article
Burchall On Recession & Population Decrease
[Opinion column written by Larry Burchall] Government does not see something that has happened! So how can Government’s Ministers and top Civil Servants fix a problem that they don’t even see? In the July 2010 and 2013 Bond Prospectuses, the Ministry of Finance publicly and globally reported that Bermuda’s population had grown steadily, reaching... Read more of this article
Burchall: “Over The Hurdle, Into The Wall”
[Opinion column written by Larry Burchall] By December 2017, that $800 million that Government borrowed in December 2013, plus the $396 million ‘fluff money’ left over and put in between 2012 and 2017, will have been used up. April 1st 2017 will find the Bermuda Government beginning a scramble for millions to get through to FY 2020/21 and, particularly,... Read more of this article
Larry Burchall: “When The Money Runs Out”
[Opinion column written by Larry Burchall] Nine days before Christmas 2013, Minister for Finance Bob Richards completed borrowing $800 million. Most people probably thought that was a lot of money. However, that $800 million will be gone before Christmas 2017. In fact, less than six months after 16th December 2013, by 11th June 2014, more than half... Read more of this article
Burchall On The History Behind Cup Match
[Written by Larry Burchall] Bermuda’s Cup Match holiday is an historic occasion of global importance because it represents, in a sense, the world’s longest strike. That first labour withdrawal happened on 1st August 1835. Exactly one year after Emancipation Day 1834. On 1st August 1835, as far as is known, thousands of Bermuda’s ex-slaves, now... Read more of this article
