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From:TheBahamasWeekly.com Letters to The Editor
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,
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
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Dear Editor,