Dear Editor,
Whilst Bahamians have been actively opposing one another for the
past several weeks leading up to the recent referendum, it would appear
that other serious business has been silently but inexorably moving full
steam ahead on the other side of the curtain.
The Minister of
Financial Services’ contribution to the budget debate this week speaks
of government’s approval to use The Bahamas as the trading hub for
Chinese currency along with the establishment of the first Chinese Bank
here in The Bahamas since “the government has taken advantage of several
opportunities for project financing from the Chinese government and
from Chinese corporations”. It is envisioned that this planned trade in
Chinese currency would “eliminate reliance on the U.S. dollar and the
transacting of business through the United States.”
This
information concerns me, and I hasten to admit that although I am not
versed in the world of finance, in the interest of John and Jane Q
Public, I would like to ask the question: If not the US$, upon which
our present economy is based with the B$ being on par, then what?
Inquiring minds would like to know.
Also perplexing is the fact
that although this project was mentioned in the press several months
ago, to my knowledge, not a peep has been made in the public arena from
anyone in the private financial sector, nor has there been news of any
meetings taking place amongst the local and foreign banks, nor has there
been any statement from the Central Bank of The Bahamas, nor has there
been any reaction from the American Embassy. I also ask, in the interest
of J&JQ Public: How will this situation affect our financial
sovereignty? In fact, how strong exactly is this sovereignty since banks
in the country seem to make their own rules to their advantage, the
latest being the outlandish practice of charging $5 - $10 for cashing a
cheque if you are not a customer of that bank!
Meanwhile with
regards to Baha Mar, whose challenges awoke this very question of
Bahamian sovereignty, promises of the development’s re-mobilization
continue to be bandied about without any confirmations whatsoever from
the ‘real owners’ and government delegations are jetting back and forth
to China for ‘talks’. One wonders, in the absence of any form of
‘freedom of information’ what really is being discussed, and how we,
J&JQ Public, are really being affected.
Therefore, to the
well-known maxim of “divide and conquer” I hasten to add the word
“distract” and caution J&JQ Public to remember that ‘he who pays the
piper calls the tune’. Are we certain that we are indeed the piper, or
are we being primed to follow behind and be led to oblivion?
Yours sincerely,
Pam Burnside
Disclaimer:
The views expressed here are solely those of the author in his/her
private capacity and do not in any way represent the views of
TheBahamasWeekly.com
