Bravo for business
By SIMON COOPER
Res Socius
THE news of the positive assessment by the IMF of the Bahamas economy in The Tribune on August 8, came as a breeze of fresh air in the fug created by recently depressing world economic events. I for one must admit to being decidedly unimpressed by the American President's snide remarks directed towards Standard and Poor who had been warning him for months.
From where I sit, Barack Obama almost sounded like a Republican himself. He appeared disinterested in the fact that at least some Americans are questioning their country's credit worthiness, and unconcerned with the way the markets went into free-fall when it turned out that America the Free no longer has an open-ended budget.
All feedback works the same way in terms of what might be done with it. One can learn from it, reject it, or put it into one's metaphorical pocket to think about it later. Perhaps the President of the World's richest nation will think again about the "poor" assessment his country just received? Perhaps he won't? Time will tell, as it invariably does.
I personally think America woke up to a whole new world this week. It no longer has an unlimited credit card, and its Asian creditors are no doubt seeing it in a whole new light too. Given that Republicans in power are unlikely to tax the companies more that contribute to campaign funds, they will remain more inclined to cut back on expenses. Obama has blocked meaningful domestic cuts. To my way of thinking, this leaves the option of cutting back on America's paternalistic role beyond its borders, no doubt to the delight of some.
Fortunately for the Bahamas we are reasonably well-insulated from the current mess, and for this we have to thank Hubert Ingraham for his foresight (for the record I am a political atheist). Our plans to jump-start our island economy are funded by improving fiscal revenues, as opposed to American handouts with proverbial stings often in their tails.
But America may also cease receiving the free lunches that the western world has been serving it. We have perhaps been too long prepared to follow its lead wherever it would go, and to jump as high as it required. This is good news in the sense that for long-lasting world stability, no single nation should be too powerful. Think of the chaos when the USSR imploded. If the American economy is on the wane, it needs to be let down gingerly.
I wrote this controversial column not to knock America or Americans for whom I have the greatest respect. I wrote it to point out that our island nation's glass is at least half full, and I guestimate far more than that. We are on the right track as the IMF has said. As a businessman I say bravo for the business opportunities that must follow.
Res Socius was founded by Simon Cooper in 2009, and is a Business Brokerage authorised by the Bahamas Investment Authority. He has extensive private and public SME experience, and was formerly chief executive of a publicly traded investment company.
He was awarded an MBA with distinction by Liverpool University in 2005.
Contact him on 636-8831 or write to simon.cooper@ressocius.com
August 12, 2011
tribune242
A political blog about Bahamian politics in The Bahamas, Bahamian Politicans - and the entire Bahamas political lot. Bahamian Blogger Dennis Dames keeps you updated on the political news and views throughout the islands of The Bahamas without fear or favor. Bahamian Politicians and the Bahamian Political Arena: Updates one Post at a time on Bahamas Politics and Bahamas Politicans; and their local, regional and international policies and perspectives.
