Vexed Bermoothes

Blustery Opinions From Bermuda

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Broken Mantra

July 20th, 2012 · No Comments · Business

Last week, the Premier was quoted in the media as saying:

“She (Paula Cox) said she was reminded of 1998 when there was a view that if the PLP came to power it would drive away international business.”

This reminded me of a warning quote in the local from the CEO of a major insurer in 2007.

“Some Bermudians lack a global perspective … There are many constituencies on the Island that conduct most of their business or professional lives only on the Island.  As a consequence, in my judgement, many of them lack a perspective on how Bermuda fits in with the rest of the world. That’s OK. But they may not hold the Island back from what needs to be done to maintain the position that Bermuda serves in the global marketplace. After all, this is the major source of Bermuda’s prosperity. Out of context, therefore, they will hurt Bermuda.”

Investors, he said, “are concerned about Bermuda’s legitimacy and permanence. Investors don’t like unpredictable risk, and some perceive risk to the future prosperity of the Island.”

The company subsequently relocated its HQ from Bermuda to Europe.

Fast forward to 2012, driven by the unpredictability of the PLP government as well as their harmful Term Limits immigration contortions, thousands of tax paying international business jobs have been moved away from Bermuda.  This has trickled down to economic pain in every aspect of Bermudian society.

The PLP leadership keeps repeating the broken mantra that “everything is OK!”

But everything is not OK.  It’s obvious.

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