GFBC NEWS NETWORK

November 18, 2011

Vybz Kartel

According to a recent story in The Jamaica Gleaner, Adidja Palmer,internationally known as Vybz Kartel has been implicated in five additional murders. Palmer was charged on September 29, 2011 by (“Jamaica’s Finest”) Jamaica’s Major Investigation Taskforce (MIT), incarcerated with no bail since October 3, 2011. Kartel was charged with murder, conspiracy to murder and illegal possession of a firearm. Days before Palmer was expected to appear in court to answer to drugs, murder and weapons charges in relation to the shooting death of 27-year-old promoter Barrington “Bossie” Burton, Kartel a/k/a the “World Boss” was charged with the murder of a second man, Clive “Lizard” Williams. Subsequently, a video surfaced of the alleged murder.

Although The Jamaican Gleaner reported that, Williams’ body has yet to be recovered, they have “graphic descriptions” of the murder. The body was said to be partially burnt and in the process of decomposition. Reportedly, a section of the premises of the crime scene was also burnt, or destroyed by fire. Assistant Police Commissioner Ealan Powell, told the Gleaner that Kartel is being further investigated “in connection with a number of murders, shootings and gunrunning”.

In April of this year, BBC News reported that Jamaica said it has had significant success in bringing down its murder rate, one of the highest in the world. Our question, How has the rate significantly decreased with an overtasked and undermanned police force? According to Nationmaster.com, and sources provided by the Jamaica Gleaner, Jamaica currently has over 6,000 unsolved murders. Yet, crimes in Jamaica are on the decline? Further,

In addition, the increase of abuses of “extra-judicial killings and other abuses by security forces have increased”. In the case of Kartel, “while detectives are continuing their probe of Kartel and members and of his Portmore Empire Crew, the Anti-Corruption Branch of the Jamaica Constabulary Force has now turned the searchlight on six policemen who have been implicated in a major security breach at the Gun Court Remand facility, where the entertainer is being held. The six officers have been transferred with immediate effect”. Such an incident should not be taken lightly, especially when videotaped evidence has surfaced of police committing such overt acts of accepting bribes for visitation rights.

Consequently, the police were not fired, just transferred.

One must ask if Kartel is being setup?

NEW YORK, Nov. 11, 2011

As the new Greek unity government was named, AJC expressed the hope that the leaders would successfully confront the major economic challenges facing the country.

AJC Executive Director David Harris:

“We are long-time friends of Greece, having visited the country countless times over the years to broaden and deepen our links with political leaders, civic representatives, and the Jewish community. Indeed, an AJC delegation was just in Athens and Thessaloniki last week to express solidarity with our friends and learn more about the current situation. We now wish Prime Minister Lucas Papademos every success in addressing the looming issues before him and his countrymen.

“We are, however, deeply concerned by the presence in the new unity government of the LAOS party, headed by Georgios Karatzaferis. According to reports, Karatzaferis has a record of outrageous statements about Jews, including, but not limited to, spreading the libel that Jews were implicated in the 9/11 attacks by their alleged absence from work that day, when nothing could have been further from the truth. We urge the new Greek leadership, understandably preoccupied with the economic crisis, not to permit any such expression of outright bigotry or anti-Semitism to emerge from its ranks.

“At this momentous time of transition for Greece, we wish to take the opportunity to voice our admiration and respect for George Papandreou, the outgoing Prime Minister. When he took office he faced a monumental task, which he sought to fulfill with courage and conviction. Moreover, in foreign policy, he forged a warm link with neighboring Israel, which has accrued to the mutual benefit of both countries. We thank him for his leadership and friendship, knowing that he will continue to play an active role in the life of his beloved country.”

SOURCE: American Jewish Committee

GFBC NEWS NETWORK
September 27, 2011

Prime Minister Bruce Golding

Jamaican Prime Minister Bruce Golding recently stated that he would be stepping down and would not seek re-election. The masses have spoken and surprisingly the PM listened. Golding will step down as prime minister as soon as a new leader has been elected. According to a statement from Daryl Vaz, minister with responsibility for information, Golding conveyed this decision to the party’s central executive at it’s quarterly meeting. The pressure from Golding’s mishandling of the Manatt Affair has fueled speculation of the PM’s decision to step down. Could Golding set a precedent for the rest of the Caribbean’s political and fiscally inept Prime Ministers?

We applaud the efforts of Bruce Golding for paving the way for new leadership, fresh ideas, and for his ultimate sacrifice of putting country above self. Hopefully, other Prime Ministers are taking notes; because the world is watching. The Caribbean can only benefit from new ideas, talent, and leadership. It is time for the younger generation of leaders to take the reins and steer the Caribbean through these challenging times. Now is the time for many of our current leaders to pass the batons to the younger generation. Leadership is the key to promote the innovation and transformation of the Caribbean from dependents to independent economic powers.

The trumpet has sounded and the people have spoken, gone are the days of tolerating decades of broken promises and broken parties. The news of Golding’s stepping circled the globe and reverberated throughout the internet strengthening the voice of the people. Our current leaders have lost their way, Our leaders have lost faith in the powers of their people, Our leaders still find it difficult to see what is happening.

St. Kitts Prime Minister Denzil Douglas

Unemployment, poverty and crime are spiraling out of control. Our leaders still find it difficult to see what is happening. The hopes and dreams of the people of the region are fading fast, it is now time to take a stand and wrest the reins from the comfortable and reckless incumbents leaders. Or better yet, can we have a few more volunteers?

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GFBC NEWS NETWORK
September 22, 2011

An address delivered by Dr. Emsley D. Tromp President of the Bank van de Nederlandse Antillen on the occasion of the 2007 TOG Partners’ Conference was held in Willemstad, Curacao, on July 3, 2007.

Dr. Emsley gave an overview of the “implicit weaknesses of Caribbean economies.” The vulnerabilities of the Caribbean in a globalizing economy were highlighted; in the address.”The Caribbean Market Place; Succeeding in a Globalizing World”, or the lack of participation in a globalizing economy.

Tourism is a means of economic development in the Caribbean. The industry brings in foreign currency, provides revenue for local governments and jobs for the people. On the surface, it seems that there are many advantages to tourism in the Caribbean. However there are many disadvantages, in which the negative impacts outweigh the benefits. Due to the lack of control over the influx of goods and people, the region experiences many disadvantages from the booming tourism industry. Further, the disadvantages of a tourism economy are linked to the global economy as a whole and are considerably worst than the disadvantages from a robust tourism industry.

Moreover, the contagion and threat of the European debt crisis and the potential negative impact on the U.S. economy will have an disastrous effect on Caribbean economies for years to come. Global markets continue to meltdown; due to the recessionary fears of a “double dip” global economic recession. Consumers apprehension toward spending and vacations also contribute to the harrowing effect on tourist dependent economies. According to the “Latest Tourism Statistics (2003-2011″), which outline Tourism Stop Over Arrivals, Tourist Arrival by Month, Tourist Arrivals by Main Market, and Cruise Passenger arrivals. The statistics identify a negative trend in the spending habits of tourists. Overall tourism arrivals have increased, especially in the sector of cruise travel. However, the relatively low levels of spending continues to adversely effect the economies of the region. Caribbean Tourism Performance Reviews & Prospects report increase in arrivals around the 5% level in 2011, and a paltry spending number of 3%. Statistics point to consumer tightening it’s purse strings and doing more bargin and discount hunting. In essence, causing a curtail in spending for tourists who stop over or arrive by the main market.

In 2007, tourism made up 15 percent of the gross domestic product in the Caribbean. However, the distribution of wealth to the islands is extremely low, often causing unevenness of placement of resources to the resorts. Foreign investors such as hotel owners and owners of communication and transportation systems intercept money from the industry before it reaches the people.

Indigenous people working outside the tourism industry experience a wage divide without access to foreign currency. Economic disadvantages of tourism in the Caribbean affect the social, political, and economic climate in a negative fashion. Lack of Revenue collection from inland revenues from foreign corporations, and investors weigh heavily on the natives. Drastic increases of taxes in the form of GCT, and the rising cost of consumer staples become the tax burden of the down trodden.
The growth of investment and construction start ups has slowed substantially, many governments look to accelerate construction projects with hopes of creating jobs. Economic contractions has prevented the development because high end projects come with the cost of government financing , which saddles the government with additional debts.

Dr. Tromp, also points out the pitfalls of an open economy vulnerable to systemic shocks of international development. For example, lack of support from the European Union, creation of NAFTA, and combating money laundering. Off shore banking havens in the Caribbean have absorbed the shock of revenue loss from fear of being “Black listed as Off shore Tax Havens”.

In 2010, France named 18 nations as being uncooperative tax havens and threatened to impose higher taxes on French companies that have operations in those jurisdictions. Anguilla, Belize, Grenada, Montserrat, St Lucia and St Vincent and the Grenadines were the other Caribbean countries on that blacklist. An article titled, “Are Offshore Tax Havens, the Scapegoats for Poor Government?” written in 2009 elaborates further on the concept. The author expressed the sentiments of “the negative criticism and lashing that governments of offshore jurisdictions have gotten as a result of this, offshore entities have assisted people tremendously in protecting their assets, improving the financial situation of themselves and businesses and finding new innovative ways of developing their businesses in new region.”

The author laments that “It is sad that offshore havens have been tied in with the war on drugs, money laundering and terrorism especially after September 11, which of course is a sad event in American history. But in various parts of the world, war is endemic and disease just seems to be a normal part of life while millions of children die from starvation, much of which goes unnoticed or receives only a mere fraction of the attention it deserves. Instead on the television we view pornography, crime and extreme wastage – and they are all normal as our children are being socialized into communities and cultures that have forgotten what is wrong from right, well… except where the government’s tax money is concerned.”

“There’s been so much hoopla surrounding the loss of federal revenue to offshore havens and the part that these bad governments who only suck the wealth of rich countries by granting favorable tax treatment to foreign companies and nationals of foreign countries who seek relief from the tax burdens they are oppressed with by their governments.”

In conclusion, it has become more and more apparent that countries should direct more of their resources to exploiting their natural resources; in order to create more subsistent economies and eventually to become less dependent on richer countries for trade and financial help. The Caribbean needs to wean itself from dependence of richer countries in one way or the other.

The Caribbean is one again trying to brace itself as it did before after 9/11. However, this is a different economic climate that we are facing. These are new world issues that will continue to exacerbate, if we stay the current course. By now it should be apparent that the Caribbean CANNOT LIVE BY TOURISM ALONE.

© 2011 GFBC Productions, Ltd
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GFBC NEWS NETWORK
September 19, 2011

Credit: MARKIT

What happens if Greece Defaults???

Investors flee and the debts of the EU countries are avoided like the plague. Greece has only about €300 billion ($411 billion) in outstanding debt, believed to be mostly in the hands of European banks, adding all five countries’ debt together comes to €2.8 trillion ($3.8 trillion). Is there enough money for the EU to bail out other countries?? Are the resources already stretched so thin, that the house of cards begin to tumble? “Experts agree it’s almost certain that Greece will not be able to pay all of its debts. But if the country does default, what happens next”?

Some have already began to voice the opinion that “Austerity is not the answer”. Well, with that being said, investors are already trading in credit default swaps, which are essentially bets on whether or not there will be a default, and some are now pricing in nearly a 100% chance of default on Greek debt.

So what Next?

A ripple effect, throughout the EU, and there will be definitely be a shortage of money. What if Spain and Italy go next?

Too big to fail??

Remember Lehman Brothers, with the US heading toward a “double dip recession” European debts will obliterate the EU. Capitalization of the banks are a key issue. Germany’s government is debating how to support its nation’s banks should Greece fail to meet the budget-cutting terms of its rescue package, three coalition officials said Sept. 9. Merkel said in an interview with Berlin-based Inforadio that avoiding an “uncontrolled insolvency” was her “top priority” and that the region’s most indebted country is taking the right steps to getting its next bailout payment.