Our Government insists that Bermuda is still The Gold Standard™. But there are many industry pundits who disagree.
“The OFC with the biggest bulls-eye on its proverbial chest at the moment is Bermuda,” he adds. “There are signs that this phenomenally financially-successful island has peaked economically and will face a future of decline caused by rampant political corruption and the very real prospect of independence in the not-too-distant future.
There are striking similarities between what is currently taking place in Bermuda and what took place in the Bahamas in the 1960s and 1970s, when corruption, independence, and a lack of concern for the needs of international businesses contributed to a wave of insurers moving to Bermuda and banks to the Cayman Islands.”
Even a local conference that has highlighted Bermuda’s insurance sector for more than a decade has moved away to the new international business hub of Dubai.
“The increasing difficulties and expense of doing business in Bermuda are making international businesses based on the Island consider their options with work permit time limits and imminent workplace equity legislation high on their list of concerns,” he said.
Bermudians want to believe that there are no consequences to our leaders’ profligacy. But there are.
Minister Cox has responded to outside critics of Bermuda: “It is no secret that Bermuda has earned a reputation of being one of the leading international financial centres, one that blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah …”