Bankruptcy threat brings concept of taxes to Cayman
(The Guardian): The white sands of Seven Mile Beach on Grand Cayman have long caressed the toes of the world’s wealthiest financiers, who flock to this balmy spit to avoid the taxman’s prying eyes. But the world’s biggest hedge-fund venue and fifth-biggest bank centre is now threatened, as the government heads for bankruptcy — unable to pay its own staff and facing the prospect of introducing taxes as income from the world’s shrunken financial system collapses. The situation is about to get worse after the British government, last week refused to bail out the Caribbean idyll.
Category: Business
I do not care what the so called experts said in today’s Netnews. If an entity cannot pay its debts as and when they become due, then that entity is insolvent. In other words bust. These experts are appointed in just these circumstances. The Government of these islands cannot pay their debts as they become due and this is a fact that cannot be disputed. My advice to the Government is obtain some sound financial advice from those in the know whether they be expat or Caymanian. Do not guess, do not speculate and do NOT give jobs to the boys. That has gone on for long enough. Just try and keep out corruption for once.
Wikipedia has this to say on the issue of Govt. insolvency:
See "Government debt" on Insolvency
The key is what does "*unable* to pay its debts" mean. If options are available to the govt. to pay its debts, such as taxes, then it is not insolvent.
Mr Bush’s ill considered and extremely unfortunate public pronouncement that Cayman is having a cash crisis has been picked up not only in the Guardian but by the Financial Times in the UK and by major and credible newspapers and other media around the planet. Who in their right mind is going to invest in a bankrupt country with completely incompetent leadership preaching the introduction of income tax and property tax?
Some are suggesting that Mr. Bush is just doing what his advisors are telling him to do in making such public pronouncements. If that is so hopefully he will fire them or even if he feels that he has to keep them on the government’s payroll, hopefully someone can persuade him to at least never listen to them again.
PPM, status grants, turtle farm, UDP, housing project etc etc. It all really doesn’t matter right now. Whether I have agreed with Big Mac is the past …I don’t care….it is time to get behind the LOGB and to work together, support todays Government and solve this issue asap. This is real real….not something that will go away with time. Change….change….do it move forward.
Lachlan MacTavish
It’s unfotunate to see our "Beloved Isle" become a great worlwide topic, but we have fallen before and have risen, so there is still hope.
What is devastating is that the previous public elected leaders’ names are still on a payroll, and with all these factors, NONE have come forward and offered ANY support to the present Government.
Come on MEN, this is your country, these are your people, have a heart and do what’s right in making our country a better place to live in. Let us become and example that other NATIONS may want to exemplify.
ITS UNFORTUNATE, but if people naw talk bout yaw, yaw naw say notin.
How can anyone comment on the financial status of a country if the accounts have not been done or published anywhere for the last eight years? The problem that Bush has is a cashflow problem. The government is unable to pay its bills immediately. What McKeeva needs to do is look at where they are going to get cash from now?
The government coffers needs to be refilled. One solution would be to charge everyone, local and expats alike a small tax say over the next six (6) months or so to cover the immediate expenses. He can even repay it at a later date. He should also fire the Financial Secretary, obviously the Secretary does not know what he is doing and search within his government for someone who is actually doing their job.
Read all the posts and the question Cayman has to ask its itself who brought this situation to these shores Who are we building this place for? In regards to the government Lessen the demand on services and strain on our infastructure you will lessen the spending. questions is will the government take the steps to fix this problem and increasing our population is not a solution to this problem.
Don’t pay too much attention to whatever the Guardian prints. It is the journal of choice of the sad and delusional left-wing. Unfortunately they are the ones in power at the moment, but that should change in a couple of months. It’s on its last legs as a newspaper anyway and will close down long before there are any serious taxes in Cayman.
It was a very poorly researched article but those two XXXXX. In fact if they had spent five minutes in any offshore Caribbean island, they’d know that budget deficits there are what happens when the local bands of theives are in power. The money has all gone because of the lavish spending and backhanders. Look around; with a budget like that, schools and hospitals and roads should be first class but they are far from it. It doesn’t matter which party you are talking about, they are all the same and it’s in their interest that locals are poorly educated and remain illiterate so that they may carry on the scam. All it would take is a few good men and women and these jurisdictions could truly be paradise locations.
Go watch "To Seal A Nation" .. just google it … tis actually a utube video. Once you watch it you will understand what the team "England and America" are capable of doing to a small nation.
When our political leaders don’t behave like statesmen we invite these kind of adverse publicity from our enemies. Matters that should be discussed in the closed door meetings with concerned parties, we discuss them in the public domain. So they become greatest commodities for our enemies and use it for their advantage. The LOGB should be blamed for this adverse publicity for our country. He openly said our country is broke ( means bankrupt) so how could we defend??? Also, without the government accounts being completed for last 8 years, how could our leader says the country is broke ??? Practicing politics of fear in a international financial center is worrisome.
Foreign Office is behind this story. It has now become a practice at Foreign Office to use either the Guardian or the Times newspapers to plant stories to achieve their policy objectives. Remember the recent story in the Guardian discrediting our judiciary. So this is another one. Things they cannot do openly, they use these 2 newspapers to do them. Has our Governer’s office challanged these stories? No, it cannot do that. They are all part of the Brown/Miliband plan to destroy us. By the way, what is our Cayman representative (I don’t know who is there now) in London doing about these news items. Someone should act on to these now.
Here is a constructive suggestion. How about allowing someone to run an internet gaming operation out of Cayman?
Google "Internet gambling in Antigua", that’s why.
Gordon Brown wants to destroy us because England and the United States allowed Lehman Brothers to fail during the latter part of 2008. Consequently the Cayman Islands hedge funds withdraw large quantities of their funds that was on deposit in London and New York taking their economies with it.
Their hope is to destroy the Cayman Islands and the funds will return to them.
They started with the Turks and Caicos, next will be the Cayman Islands, and on they will go until they ruin everybody.
They have nothing to lose in the process because they already lost it to us.
In true colonial fashion the Pirates will return to once again steal our Booty.
You are wrong. TCI was not a threat to UK or USA. TCI was run by a crook and it was good he was removed. Those in Cayman who colluded with the Premier there need to be worried by now.
The same way you and the Brits branded the TCI Premier a crook, the same way you and the Brits will brand our Caymanian Politicians crooks.
It just fits your agenda.
LOL the people of the TCI told the British, their Pre,ier was a crook and asked for a Commision to take place.
So I guess the belongers of the TCI had the agenda of wanting their country run without complete corruption.
Do a little research before typing.
You’re just as bad at those who read the guardian and thing it is all true
Correction to the two, so called, ‘journalists’ (Mr. Mathiason and Mr. Doran), Cayman Islands government did not ask England for money. We only asked permission to take a loan which has already been approved by the local banks ON ISLAND. And also, I am a CAYMANIAN, born here, and living here for 35 years and has never had a goat in my yard. If you both make enough money to buy a ticket on British Airways, come and SEE the island before you write about it.
Have a safe flight. (:
Let me ask the writers of article Mr. Mathiason & Mr. Doran do they have a problem with the Cayman Islands or were they put up to writing such lies and misrepresentation of the truth. This article is a farce of all out lies and I would invite them to come to Cayman and see for themselves.
I didn’t realize the Cayman is supposed to be immuned to the present global financial crisis, the way they write this peice, one would think that Cayman should’nt have any problems. We have poor people sure, but tell where in the world there isn’t poor people and I’ll relocate there.
Ask them how many people in the UK are homeless and don’t have health Insurance.
I would like to continue but I think I would be wasting my time on the XXXXX that wrote it, they are not worth our time in fact let the cards fall where they may, because last time I check the UK didn’t put on dime towards the CI Gov’t budject.
This article lacks creditibilty and clarity as the writers are clearly two XXXX, who probably never even heard of Cayman.
Lets have a National Lottery…and generate some money so we dont have to pay for all of these Govt. Buildings!
They over spent so we pay…no way!
GRUDGEFUL and BADMINDED, That is what I call those people who are trying to take cayman Islands to the cleaners.
You not goint to see that happen though, because we are made from LOGWOOD, IRONWOOD, and MAHOGANY WOOD.
Grudgeful minded outsiders who envy us quick to write bull — to scare off investors, envy us for our whitesand beaches, cool breezes and stable economy. Caymanians and expatriates alike, I say, stand tall. There is more than one way to cook Breadfruit. You can Roast it, boil it, breadfruit cake, fry it, steam it, breadfruit salad, breadfruit juice with lime juice, Boiled with vinegar and salt and last nut not least, cut it side ways and see the rake to ketch the lottery. UK Guardian needs to know cayman has one climate and it is called HOT.
Some listeners to the talkshows today seemed put off by the word "spit" which when used in the context in the story above would suggest a narrow point of land projecting into the sea.
———————–
Quincy Brown
Hearing those callers to, ‘Talk Today’ this afternoon was one of the funniest things I have heard on radio. SPIT is not a term of abuse meaning an expectoration of phlegm but a depositional feature found on coasts.
They are usually, but not always, found at river estuaries but they also occur when the coast makes a 90 degree turn and the longshore drift (the process by which sand and shingle are moved along a coastline) does not. The sand and pebbles are then deposited as a feature jutting out from the coast. Look up "Hurst Castle" spit which is on the south coast of England in Hampshire. Its shape is somewhat similar to the north west of Grand Cayman from West bay round to North Sound.
I’m sorry to disillusion those callers to the radio show but no one was ‘dissing’ Cayman. There was no need to attack the journalist as he was.
thanks for your lil scientific explanation of wha a spit is. However, I would beg to differ about: "no need to attack the journalist"!! Brother have you read the article?! We should eat them up. They are insulting and a pile of sensational low-lifes. They feasted and gloated in throwing us to the dogs in their article. So far beyond "spit" the Caymanian people has a right to attack and fry their behind.
Wow, this cup is hot I need my saucer so I can blow it lil bit and then sip it.
You have to laugh.
I know full well what a "spit" is but the explanation seems far more obvious.
I’m inclined to think it was nothing more than a typo combined with poor proof reading prior to publication. The fellow meant to say "spot". He could have just as easily given us "sput" or "splt".
The letters "I" and "O" are next door neighbours on a keyboard.
The Guardian rarely lets research or facts get in the way of a tale to warm the hearts of their socialist readership, why should editorial control get a look in, particularly when they were in such a rush to celebrate another perceived victory3 for the left wing whiners who read their rag.
You just can’t get the staff these days….ho hum.
You cannot blame ALL this on a recession. Each successive government for years has spent money like there is no tomorrow and the LOGB must share the blame. There has been no proper leadersip and no financial planning whatsoever; FS please note. Certainly there have been no projections. The greatest example of this is Boatswain’s Beach.But how could you do them without up to date accounting? It is ironic that the Government through CIMA insists on up to date accounts for banks and hedge funds but turns a blind eye on its own departmental accounts.
Lets face it the world has known about the recession for getting on for a year. Unfortunately no one told the Cayman Government!
Cayman needs to prepare for a continuing decline in the financial sector because it is obvious to all that we have peaked out. So the LOGB must cut his cloth accordingly and he can start with the Civil Service.
how can one be so stupid to belive that PPM caused this its a WORLD WIDE recession,MCKEEVA TATICS against PPM,did PPM put the GREAT U.S.A. and ICELAND in the recession that they are in today?
Your comments that the PPM cannot be held accountable for the position the Country currently finds itself in, and that it is purely due to theGLOBAL recession is a " complete cop out".
Kurt is and has always been an in-effective leader, as for McLaughlin, he was always hell bent on taking these islands back to being fishing villages. When it comes to government cuts, these two should be the first to go fishing. The Government cant afford them anymore.
The facts are clear, Caymans downturn has been aggrevated, and the recession will be far deeper, ( if not a catastrophe), by legislation approved by the PPM government. This legislation ‘ scared’ investors and the entrepeneurs, who made this country ‘ great’. Bush, now has a hell of a fight on his hands to encourage these people to invest, and it will probably not help, the fact that the PPM are still lurking around in the background (doing nothing), and potentially coming back into power again, to knock the stack of cards to the floor again.
There are some real smart young Caymanians with great ideas, who should be encouraged to form a new political party to offer some real opposition to the UDP. The PPM have had their chance, they have nothing to offer. Get them out fishing.
An Expat
Gimme a break!! I agree that there are many smart young Caymanians out there with great ideas who personally I would like to see get involved with politics, however, this foolishness about the PPM is pathetic…..you obviously know nothing and probably have nothing to offer yourself.
The only thing pathetic is the PPM. I can’t believe you all are not taking responsibility for anything our country is going through. As usual, the PPM is blaming everyone else. Kurt and his cronies should be the first to go instead of hurting the country with their big paychecks. If you have any honour left in you, which I doubt, then do the honourable thing and resign!
You suggest, I have ‘ nothing to offer’. Yet, I have suggested, that the new, educated, dynamic, creative, young professional Caymanians coming through should get together and form their own political party to provide ‘proper’ opposition to the current government.
To offer their own ideas to the people for the benefit of the country!!! I dont want to see them ‘ just get involved’ they should be standing out from the crowd, with their own ideals, in the interests of the country.
There is no better time for them to start a new political party…. Where are the PPM just now???? what are they doing??? I’ll tell you, they are hiding!!!!!! Meanwhile, the only real leader in Cayman " Bush " is out there fighting too save Cayman. Who is going to replace him??? Who has his leadership qualities and spirit within the PPM. ( No – one)….. That is why there is such a dire need for a new political party, to produce the next Caymanian Leader…..
What will the public be offered at the next election??? Do you honestly think, they will accept that the opposition, will be the current leaders of the PPM, I think not…… It’s time for Cayman to reveal their own " Obama", and he/she is there, they just need to be encouraged to take a stand…..
An Expat!!!!!
and God Bless the Cayman Islands!!!!
Hear! Hear!
A Caymanian
UK Bullsh*t sensatinolism. England is far worse off than Cayman…way to divert the eyes of the world from their crumbling society.
Cayman has several options, some better than others, lets hope that Will Mac can get us out of this one!
This is definitely your fault. Yes you!
I blame myself!
What I don’t understand is how come we never asked for consessions for giving away our status as a tax heaven why aren’t the UK goverment helping us they have ruined our economy by forcing us to sign theses agreements, they should be forced to take up the slack on or economy as a matter of fact if we are now letting ameica cliam back billions why are we not getting a share of these funds, why becuase of bad negiation, maybe we should get rid of most of or so call advisors and relook this situation who the hell is willing to pay land taxes when u got to pay such huge amounts to buy the land, I say simplie put the capital projects on hold or fire the contractors like the ritz did and build them ourselves, I had to smile looking at or foolish MLA’s figthing for a private company to keep there EE workers that are getting paid $17.00 a hour when I was thinking if the worker is making that god how much is the subcontrator collecting and the real contractor is collecting and these idiots were figthing to spend more money, fire Tom Jones sell a stake in the water athorithy and the severage plant to the genearal public all of us would love to buy into that, sell the Sigor stakeand sell some of the port autrithy as well, and review all the civil service drop all the dock workers at nigth and put them back during the day there is no one in town, the turtle farm market it better and get people there or sell a stake in it to people who can do it. and demand that the UK step up or walk to hell away from them, they have consitantly showed us they have no intrest in our well been, after Ivan they had no funds now after ruining us they have no funds, maybe we have no land or need for them in this country.
Obviously a big fan of James Joyce’s "Ulysses".
WOW, what a sentence.
It is called a long winded paragraph.
The UK Guardian article is saying "At the same time, hundreds of civil servants found that pension contributions and health insurance payments were missing from their pay slips." Is this true? I thought the "pensions holiday/freezing" has not yet come into effect? An updates on this from a govenrment staff member?
The Guardian never lets checking accuracy get in the way of printing a story which titilates its left-wing readership.
C I Government should take responsibility and shorten its workforce and its expenses. How many employees use govt vehicles for private use? How many employees do you see idling in some departments? If it was the private sector that would have been the first step. Why support continued waste with taxes?
"But the situation is about to get worse after the British government, which has ultimate responsibility for the islands, last week _refused to bail out_ the Caribbean idyll. It is not convinced the country will have the money to pay it back."
They’re saying here that we were asking for the UK gov for the loan, not the banks, as the UK isn’t the one ‘bailing us out’. The more people that email them about this inaccuracy the better.
My grandfather used to say "never air your dirty linen in public." Well, we did and look what happens!
Did we seriously think nobody (the international media) would notice the ranting and raving of the past few weeks?
This is called Bush Doctrine sir. Means do anything to help your pocket, you got it?
Evacuation Plan is in Effect
Everyone meet at the airport at their scheduled times for our collective departure to the next off-shore jurisdiction,as announced at our previous secret meeting.
Don’t forget to bring the client files and the money.
To the writer of Evacuation Plan: – You do that and make it as soon as poosible please. We all survived here perfectly fine before you all arrived. When u leave ask yourselves why are you running to another offshore jurisdication? Is it because you come from NOWHERE? Life only began when you discovered the Cayman Islands right? Well at the airport you should consider going back home and looking for a new garbage bin to eat out of.
For the record I am a born Caymanian with two working class parents and if I described my childhood life to you, you would probably cry because I had EVERYTHING and the day I graduated from high school, I went overseas to study – paid for by my parents – no financial ad, scholarship or any assistance, just my ambious parents. Here is the beauty in my story, because I am not homeless or desperate for a better life, I was glad to return home 2 days after I graduated from University (with 2 degrees). Prehaps you are bitter with us because if you have to leave this paradise which belongs to ME of course – you have nowhere to go. I understand your position, so please don’t leave a single soul that you know in your shoes when you go.
May the plane that carry you never return!
You are lucky to have everything in your childhood. You sounds like someone who grew up during the time when so called international investors were bringing in suitcases of hard cash through the airport and deposited in the local banks – no questions asked about the source of funds and KYC requirements while paying gratuties – percentage of the deposit to the bank managers. Times have changed my friend. By the way, how did you get 2 degrees at the same time. i am sure hard work and dedication must be the reason. I can tell you that foreign influence is the reason for all nonsence KYC requirements. I must tell you that only mosquitoes lived here before anyone else came here and it belonged to them as well.
I will not argue with you about the mosquitoes lived here before anyone else came here and just so you know, I would prefer the mosquito population to multiply 500 times vs 1 expat who does not respectthis country nor its people.
Have you ever heard the saying "where bones aren’t provided dogs aren’t invited? Well I think we have ran out of bones!
2 degrees and you never learned about comedy? You sound a little bitter, and I am sorry you feel that way. You need to lighten up a little.
You can come on the plane too. But you have to chill out.
This maybe funny to you guys but it isnt to us so maybe I missed the joke in your comments about the evacuation plan………….my bad.
I did laugh at your last comments though……………….here’s my thing, as quickly as your evacuation plan is completed, I’ll be as light as a paper! As for the plane, thanks for the offer you seem like a nice person but I’ll past. I think I will be fine right here even if you take the money and client files – I’ll b happy just knowing your gone! Send us a postcard or two.
Smile – it was meant to be funny!
Sorry dude – the evacuation has now been cancelled because McKeeva Bush has saved the day (a fine Caymanian).
If I see you about, I’ll buy you a beer. You deserve it.
[As an aside, and all comedy aside, this is my livelihood on the line as well and it is dead-serious stuff. I’d probably have a heart attack if I didn’t try to lighten up.]
Shame on you for presuming thatthe secret society is only made up of non-Caymanians. I’ll have you know that there are PLENTY of Caymanians in the secret society. We have many excellent fund lawyers, managers and administrators who are Caymanian, and they are all coming with us. Every last one.
You need to stay here. You are not a nice person.
For the record I have been very well treated in Cayman by Caymanians, who are wonderful people (mostly, a few crabs aside), and I have been very well fed here. I have never ever considered this a "garbage bin" that I was eating out of. Shame on you for thinking of Cayman that way. You disgust me. Get some help.
Maybe you should read what the person wrote again, he/she was suggesting that these "garbage bins" were not here in Cayman but back home in their own country. Maybe you should take your own advise and get some help yourself.
I have all intentions of staying here and I will become nice again when you leave! Take who ever you want with you, just please leave!
See I asked you very nicely!
Re Evacuation Plan
Is this intended to frighten somebody? Good bye, hurry go, don’t come back you ungrateful immigrants.he+
This just demonstrates what most sensible people already knew and that is McKeeva Bush is not fit to lead this country and his public utterances and distortion of the financial position of the country has caused untold and yet unquantified damage to our country. We have $79M sitting in reserves in ourTreasury. That is not a broke country folks !!! We all know that its just political rhetoric to suggest that this is the PPM’s fault….this is the result of the global recession…….look at the rest of the world and the mess that its in.
Come on Cayman…….its time to kick McKeeva Bush out of office before he brings this success story to an end.
As for Bermuda, the Premier there is his good friend too….just like Missick was…..perhaps some deal has gone down with Bermuda too !!!!
This is the result of the PPM’s complete financial incompetence, however McBush was grossly negligent in ventilating this in public as he did. It will do an enormous amount of damage to our financial services sector business.
I FULLY agree and have been saying this in absolute horror every since Mac opened his BIG MOUTH; but he is too busy trying to make sure everybody on the road knows how incompetent Alden and Kurt are – even if it costs us the war!
Stupid Stupid Stupid Move!!
While the PPM did not exercise fiscal prudence and added to the problem, this is not all about what the PPM did or did not do. The fact of the matter is that for many years a number of persons have publicly warned that our revenue base was too narrow and not sustainable. One cannot expect government to provide more and more public services and infrastructure equivalent to what govts. in high-tax countries provide without taxation. The UK government has added to the problem by insisting that under our new Constitution primary and secondary education should be provided free not only to Caymanian children but also to expatriate children.
Government extravagance and waste did not start with the PPM. The PPM did not build Boatswain’s Beach or Pedro Castle.
For successive governments the problem has been a lack of a cohesive vision for the country and the adherence to a narrow, short-term perspective, i.e. what I believe increase my own wealth and/or will get me re-elected in four years. Development Plans have been thrown away on this basis. Vision 2008 has been disregarded.
There is now the bizarre notion that merely growing our population will solve our financial problems. Part of our problem is that the size of the population has grown too quickly and govt. has therefore struggled to keep pace with the concomitant infrastructural needs. An increased population represents an increased demand on the public purse in terms services and infrastructure without necessarily any corresponding increase in govt. revenues.
A burgeoning population without attention to emerging social issues has also led to the escalation in crime which has beset us.
Unfortunately, there is no evidence that the new govt. understands any of this any better than its predecessors. The policies prescriptions being offered appear to be rash and ill-considered – a knee jerk reaction. I trust that we as a people will learn the right lessons from this which are broader and deeper than which political party is in power.
Where there is no vision the people perish (Proverbs 29:18).
well said!!!!
I cannot agree more with you writer, and vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world. In this case our Goverment definitely missed having a vision for short and long term goals….
To: "The folks in Bermuda are laughing." posted below by anon..
When I read the article I do not get that they are laughing…quite the contrary – concerned. We are seen as a standard bearer in many respects and I am sure it is alarming for all. That said, we have aired our laundry and now its drying. Let’s gather our clothespins and throw our dried clothes over our shoulders, clothespin buckets in hand and proceed inside to properly fold, press and hand-up or tuck away in drawers as needed. In orther words, external damage control is necessary. Redressing of the matters attended to and we do what we need to do to press on. Let those who want to jump off the good ship Cayman do so…we will be the better for the revelations of their hearts.
I leave with this thought my fellow Caymanians: He has founded it upon the seas. The blessings of the Lord brought us thus far. Let those who laugh continue to do so…for in Jesus name I claim: No weapon formed against us shall prosper and every tongue that speaks against us shall be utterly casted down…this is the words of the Lord as we claim them for our families and nation, know that He will answer us one more time. Just be sincere in your prayers. Let those with ears – hear what the spirit says. Continue in prayer and stand back and see the salvation of the Lord. Contined prayers for our leaders and "influencers"…I wait for the presentation of this’s years budget with bated breath.
To the rest of the world i say: Unna keep laughing man…yeah, he who laughs last gets the sweetest laugh…at least da wha my mama always used to say and she never wrong :):)
Thankful, well said! Some positivity at last!
To: "Thankful"
AMEN My Friend! Too often we forget that we aren’t our sustainers! In every disaster that comes ashore, the general behavior is to blame those closest to us, rather than seek the Lord’s guidance and help in honest prayer. We are all in this mess, and instead of blaming one political party over the other, we should remember what is always said about our Island community, and that is that we are a CHRISTIAN NATION!
Whether or not everyone believes this statement, it has always been said, but I feel this is the time to really prove it! Let’s get down on our knees and pray Jesus’ blessings on our homes, our people, our leaders, our economy, and pray for the wisdom to overcome this trial! We must remember that without him, we will DEFINATELY FAIL !!!!!!!!
Education DEFINATELY failed you, my friend.
PPM should be held accountable! I can’t believe how low our country has come as a result of the gross mismanagement of the PPM. They are enjoy their fat salaries while the country sinks! Resign Kurt, Alden, Arden and Anthony. You should be ashamed of yourselves.
Wake up, stop all of this PPM/UDP nonsense andget a life.
All of those in Executive Council/Cabinet over the past 10 years have been irresponsible in the way they have taken on debt and increased government expenditure. Have you forgotten that your buddy MAC was in charge when his buddies at CNB were in effect bailed out to the tune of something like $50 M when government took less than was due after Ivan and he was also in charge when Bosun Beach was hung around our necks at the cost of another $50M with $8M a year in ongoing losses. Nuff said.
" Resign Kurt, Alden, Arden and Anthony".
That is far too soft, they should be arrested for being completley inept, and for their single handed destruction of a solid economy.
It’s far easier to destroy an economy, than it is to develop, build and maintain it.
I truly fear for Cayman now, the only positive we can take from this, is that Mr Bush is now steering the ship. I wish him luck, but it aint going to be easy for him,because he is attempting to steer Cayman through a Cat 5 Economic Hurricance.
The hardworking Caymanian & expat forefathers who created the economic miracle, which " was" the Cayman Islands, will be rolling in their graves today.
Kurt, Alden, Arden, Anthony shame on you.. These four individuals should be the first cuts the government make. Their not worthy of their inflated salaries.
An Expat!
It boils my blood when I think about how reckless the past administration was with our funds. They spent as if there were no tomorrow and that somewhere in the heavens there was a money making machine with their names on it spewing out CI$. How on earth could they have thought that we could generate enough revenue during these trying economical times to pay for their fairy tale projects. If they had not spent so much on those forty leventeen round-abouts alone, we would probaly be able to pay the civil servants this month. As it is, one has to be careful that one does not get lost navigating those monstrosities up East, especially if you are not a frequent driver on that piece of road.
Wish the UDP would decide to grant the Ritz permission to run a casino. It could operate like the Atlantis who employs Bahamians, but those very same Bahamians can not gamble or even frequent the casino on their day off. They have to leave the grounds almost immediately after their shift has finished. Let’s do it already.
Wow – I look at this photograph and can’t believe this is Cayman now. What have we done?
The folks in Bermuda are laughing.
http://www.royalgazette.com/siftology.royalgazette/Article/article.jsp?articleId=7d990bf30030003§ionId=65
I am not sure why they would be laughing. They are running a deficit as well and have already exhausted the sources of revenue that are still untapped to Cayman such as payroll taxes (4.75%-13.50%), property taxes (up to 18.23% on annual rental value) and 100% import duty on cars. Overall Bermuda is a much more expensive to live (with rents about 2-3 times what they are in Cayman for the equivalent apt.) and do business so I don’t there will be any businesses fleeing there.
WHY SHOULD THEY LAUGH? I think we are sleeping with the enemy right here in Cayman. Those persons who are writing happy anonymous blogs are the persons we need to most fear. Stand tall and be counted. It is useless blaming anyone Government now. We all are darn fools sometimes in our lives, lets fix the problem and stop whining.
There are many people who write anonymous blogs about Bermuda as well and they are no more complimentary than those about Cayman.
On behalf of Bermuda, Jersey and Guernsey I would like to use this forum to publicly thank Minister Bush and his brilliant crew of advisors and consultants for proclaiming Cayman’s financial problems in such a public way. This will certainly add to the success of Bermuda, Jersey and Guernsey.
We only wish that our other competitors would abandon the use of discrete consultation between the government and the private sector when problems arise. When discrete consultation is used by our competitors we get less advantage. We will be able to use the headlines generated by Minister Bush’s public washing of Cayman’s dirty laundry together with Cayman’s sign anything panic in relation to the OECD for years to come. It should now be much easier to convince clients that there is no chance of any kind of commercial certainty in Cayman. It will also be easier to discretely approach those law firms and other financial services providers that have offices in both our jurisdictions and Cayman that they should move as much business as possible out of Cayman. No competent advisors will want to have anything to do with Cayman now. Thank you for your business!!!
A petition has been started here in Bermudato demand that Minister Bush be given a knighthood for services to the Bermuda financial services sector.
The PPM’s mantra was Government in the sunshine; and now the PPM supporter seems to be asking the Leader of government business to lie to the public. I can see why they are up in arms about this, the fact is, everyone knows that they PPM is responsible for this debacle we are inn, and no matter what they do they cannot hide from this.
And yes, we know that this posting came from Cayman and not Bermuda.
People this is bad, but I am confident that we will overcome this……
No one is asking the LOGB to lie. We are asking him to exercise discretion and prudence in what he says and consider what is Cayman’s interest rather than his own short-term political interest. Mr. Glidden was quick to condemn Mr. McLean’s statement that we are becoming a ‘banana republic’ for the same reason.
Anyone who understands anything about our economy knows that this is not merely a PPM issue. Whether or not the schools had been started etc. we would still be having a financial crisis at this point. One could as easily blame the wasted funds on Boatswain’s Beach, the Royal Watler Cruise Terminal (which the Cruise Ships evidently find inadequate since we need a new port). However, I understand why you as partisan person would you wish the public to think otherwise.
Oh how the Guardian and other media like it will enjoy reporting our demise. Meanwhile we continue here to pit Caymanian against expat and vice versa rather than pulling together to prove them all wrong. Sad. Unwise. Unhelpful.