I’m reading a book of famous speeches. There’s this great old piss n’vinegar speech by Reagan on government reform, where he describes that all democratic governments eventually grow out of control because people will vote for the politicians who give away the most. This creates an inevitable imbalance that eventually threatens the economy.
But I don’t think he’s entirely correct. While governments may distribute some benefits to the poor, it is often the case (ahem) that a murky cabals of politicians and special-interest insiders get the premium. Basically, they can pervert the economy and growth in ways that protect and benefit certain interests.
This is why I am particularly suspicious of Dr. Brown’s enthusiasm for Private Finance Initiatives (PFI) for Bermuda (or PPP as he calls it). Laid against the background of BCC and the SDO flood, as well as the undercutting of Government’s independent audit, it seems quite possible that PFI may end up as a means of diverting huge Government budgets into the hands of selected special interests.
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