There is often talk about trying to get The Bahamas to emulate Singapore as a financial success story but for those dreaming of such things, the words of Gregory Pepin, of Deltec Bank & Trust, are an awakening. A rude one at that.
He dismisses such talk as being as ridiculous as dreaming of becoming a Manchester United in English football terms when in reality you are a Dover Athletic. Who are they? Well, thats the point. We are not anywhere close to the big league, says Mr Pepin.
Its hard to argue with him with the ease of doing business in The Bahamas having long been an obstacle, and the difficulty of trying to generate investment.
He also pointedly refers to the major service providers BPL, Cable Bahamas and BTC as a joke for their unreliable or costly services.
Some will bridle at such criticisms, but we know our own problems. Its not as if we have been able to count on reliable electricity as a constant, for example. At the weekend, there were two major power outages in New Providence, one of them island-wide.
You cant appeal to major investors and say come and build your empire here and then say oh, but our power supply is unreliable.
Time and again, we hear stories of investors finding it difficult to cut through red tape. Where is the investor culture to help people start businesses? Where is the information exchange between fellow entrepreneurs to help develop a different outlook, and to learn from one another to help everyone grow?
Where, for that matter, is the money being put down by the government to encourage financial training, development of essential skills and more? That money is like planting a seed, in the hope it will grow and bring new life to the economy. Instead? We cant even give out student loan money because previous students havent paid theirs back.
So its a harsh truth we hear from Mr Pepin but its a truth nonetheless. If we want to play in the big leagues, we have to make changes.
FAMOUSLY, the phrase Theres a sucker born every minute is associated with one of the greatest showmen of all time, PT Barnum. Ironically enough, he never did actually say those words.
For those who do prey on suckers, however, or the gullible or worse, those in desperate need, there is never a shortage of schemes that can be used.
The Securities Commission has warned, yet again, of the danger of Ponzi and pyramid schemes. What are they? Theyre schemes that promise a big payout for a small investment. They generally require people to recruit two others (or more) to join the scheme. Thats why they call it a pyramid because starting at the person at the top, the base keeps getting wider, and the money flows from those below to those above. The trouble is, there reaches a point where you cannot get enough people to expand the base even if you had the whole planet investing. Thats when the money runs out, tempers get frayed, promises get broken and the whole scheme falls apart.
Such schemes rearing their very ugly head again at a time when so many are short of money is even worse. These schemes capitalise on peoples desperation. When you have only $200 to feed your family and someone tells you how you can turn that into $2,400, of course people at the sharp end are going to hold onto hope that it works out for them.
Sadly, the truth is that these schemes always end with more out of pocket. They end friendships. They cause fights.
Theres an old saying and it holds as much truth in it today as it ever did if it looks too good to be true, it probably is.
Dont be a sucker, and dont fall for these scams.
Excerpt from:
EDITORIAL: Are we out of our league? - Bahamas Tribune
- Bahamas Will Only Allow Vaccine if it is Safe - Caribbean News - caribbeannationalweekly.com - December 8th, 2020
- Genting Malaysia's resort in the Bahamas to reopen on Dec 26 - The Edge Markets MY - December 8th, 2020
- Commission: UN vote signals new line of thinking for The Bahamas on marijuana - EyeWitness News - December 8th, 2020
- Sovereign default 'outside the realm' of fiscal possibility - Bahamas Tribune - December 8th, 2020
- Petition launched to protest Disney's plan for cruise destination in the Bahamas - NYCaribNews - December 8th, 2020
- Human Rights Bahamas calls for the release of Cameroon asylum seekers detained in The Bahamas - EyeWitness News - December 8th, 2020
- 30 more cases over three days Eye Witness News - EyeWitness News - December 8th, 2020
- New Facial Biometric Technology Will Make CBP Preclearance at LPIA more Efficient and Secure - US Embassy in The Bahamas - December 8th, 2020
- Governor warns on future tax increases - Bahamas Tribune - December 8th, 2020
- What will 750,000 buy in the Hamptons, Spain, Clontarf, London and the Bahamas? - The Irish Times - December 8th, 2020
- Initiative launched to improve entrepreneurial ecosystem and finance access - EyeWitness News - December 8th, 2020
- Government Of The Bahamas Statement On US Travel Advisory - PRNewswire - November 29th, 2020
- Too hard to get to The Bahamas - Bahamas Tribune - November 29th, 2020
- PM: Many will travel, but residents must protect The Bahamas - EyeWitness News - November 29th, 2020
- No clinical evidence of COVID reinfections in The Bahamas - EyeWitness News - November 29th, 2020
- Phoenix family's vacation to Bahamas cheaper than expected - AZFamily - November 29th, 2020
- US donates additional equipment towards COVID fight in The Bahamas - EyeWitness News - November 29th, 2020
- Foreign Affairs: Bahamas committed to equality Eye Witness News - EyeWitness News - November 29th, 2020
- PM: Govt needs these powers Eye Witness News - EyeWitness News - November 29th, 2020
- Bamboo Shack, Bethel Brothers Morticians join in on tablet donations - EyeWitness News - November 29th, 2020
- PM to meditate on new finance minister pick, decision by next week - EyeWitness News - November 29th, 2020
- DPM remains focused on work ahead Eye Witness News - EyeWitness News - November 29th, 2020
- What's New In The Islands Of The Bahamas This Winter - PRNewswire - November 24th, 2020
- INSIGHT: From persecution to prison to poverty a political refugee's five-year ordeal in The Bahamas - Bahamas Tribune - November 24th, 2020
- Joe Giudice Is Headed to the Bahamas in the New Year for Celebrity Boxing! - WSMV Nashville - November 24th, 2020
- US Donates Additional $20K to COVID Fight in The Bahamas - US Embassy in The Bahamas - November 24th, 2020
- Bahamas To Buy Off Hurricanes With Sand Dollars. - The St. Kitts-Nevis Observer - November 24th, 2020
- Limeade Bahamas provides breakfast for 400 in the Englerston community - EyeWitness News - November 24th, 2020
- BPC urged to stand down, warned of possible legal action - EyeWitness News - November 24th, 2020
- Forbes: We are not out of the second wave yet - EyeWitness News - November 24th, 2020
- Bahamas Paradise confirms the sale of Grand Celebration - Seatrade Cruise News - November 24th, 2020
- Grand Bahama cases double in two weeks Eye Witness News - EyeWitness News - November 24th, 2020
- The Bahamas gains a new fleet of national security drones - DroneDJ - November 24th, 2020
- PM affirms govt commitment to preschools, says Family Island preschools will receive same benefits as NP - EyeWitness News - November 24th, 2020
- BPC on track to spud exploratory well in six weeks - EyeWitness News - November 24th, 2020
- Former Sky Bahamas employees claim they are owed $740000 in back pay - EyeWitness News - November 24th, 2020
- Bahamas Professional Golf Association recognizes contributions of Albany Bahamas and Bakers Bay Golf and Ocean Club - EyeWitness News - November 24th, 2020
- WPT, MILLIONS Online, Russia and the Bahamas: Partypoker Releases Live and Online Schedule for 2021 - Pokerfuse - November 24th, 2020
- Baha Mar, The Leading Resort Destination In The Bahamas, Announces Its Reopening, Welcoming Back Guests Beginning December 17, 2020 - PRNewswire - November 7th, 2020
- CG to roll out covid-19 travel insurance in Bahamas - International Investment - November 7th, 2020
- Bahamas edged out by Turks and Caicos in popularity among American travelers in ranking - EyeWitness News - November 7th, 2020
- Smith: Outcome of US election has implications on The Bahamas' survival - EyeWitness News - November 7th, 2020
- Athletes aiming for Tokyo 2020 qualification receive funding from Bahamas NOC - Insidethegames.biz - November 7th, 2020
- Americans are Now Considering Bahamas Real Estate in The Midst of Uncertain Times - Yahoo Finance - November 7th, 2020
- GB off the beaten path? Is that all? - Bahamas Tribune - November 7th, 2020
- The Bahamas' Grand Hyatt Baha Mar to reopen in December - Yogonet International - November 7th, 2020
- The Bahamas Updated Their Visitor Guidelines a Day Before Opening to Travelers What to Know - FOX10 News - November 7th, 2020
- Atlantis employees to begin weekly COVID testing next week - EyeWitness News - November 7th, 2020
- Government signs agreement with ITU for national cybersecurity project - EyeWitness News - November 7th, 2020
- Church farm project aims to help people feed themselves - Bahamas Tribune - November 7th, 2020
- Govt. to expand testing protocols with SalivaDirect pilot program - EyeWitness News - November 7th, 2020
- UNDP and UWI post-disaster Bahamas Resilient Recovery Policy endorsed by Cabinet - EyeWitness News - November 7th, 2020
- Baleria Caribbean to Resume Passenger Sailings Between Port Everglades and the Bahamas - South Florida Caribbean News - October 27th, 2020
- Central Bank Digital Currency: The First Nationwide CBDC In The World Has Been Launched By The Bahamas - Forbes - October 27th, 2020
- SURGE: Bahamas records more than 1000 cases in less than two weeks - EyeWitness News - October 27th, 2020
- American Eagle ERJ145 Runs Off The Runway In The Bahamas - Simple Flying - October 27th, 2020
- Everything Fresh touts 'remarkable growth' in Bahamas - Loop News Jamaica - October 27th, 2020
- COVID Impacts Heavily on Government Business Says Bahamas - caribbeannationalweekly.com - October 27th, 2020
- Discover the Dreamy Islands of The Bahamas With a Yacht Charter - TravelPulse - October 27th, 2020
- St. Pete native to paddleboard more than 400 miles from Tampa Bay area to Bahamas - ABC Action News - October 27th, 2020
- Teacher tests positive at school in Grand Bahama - Bahamas Tribune - October 27th, 2020
- COVID has severely affected the tourism dependent economy says Bahamas - NYCaribNews - October 27th, 2020
- The Potential Impact Of COVID-19 On Leases In The Bahamas - Real Estate and Construction - Bahamas - Mondaq News Alerts - October 27th, 2020
- COVID-19: Force Majeure And Frustration Of Contracts - Coronavirus (COVID-19) - Bahamas - Mondaq News Alerts - October 27th, 2020
- Henfield: Worst could be yet to come - EyeWitness News - October 27th, 2020
- $500 million paid to reverse osmosis operators over last 20 years says Gibson - EyeWitness News - October 27th, 2020
- Long Island MP wants free COVID testing for Bahamians - EyeWitness News - October 27th, 2020
- Central Bank Of The Bahamas Launches The Sand Dollar - ValueWalk - October 27th, 2020
- Bishop Ellis says the target of his does not believe in God comment is a senior official not PM - EyeWitness News - October 27th, 2020
- Bahamas Government to review legalization of a hemp industry, and inject 250M for small business development - The Eleutheran - October 27th, 2020
- Man sentenced to three years in prison for stealing over $50000 in cash and items - EyeWitness News - October 27th, 2020
- Government doing all it can to push for early Cub Med opening - EyeWitness News - October 27th, 2020
- WSC obtains injunction against reverse osmosis operator over Eleuthera supply disruption - EyeWitness News - October 27th, 2020
- PAHO Director: If our health systems are not prepared, it is not the time to reopen - EyeWitness News - September 18th, 2020
- Bahamas New VIP Plan: Allow Tourists In, Then Lock Them Down. - The St. Kitts-Nevis Observer - September 18th, 2020
- Search Called Off for Missing Jamaicans and Haitians in Bahamas - caribbeannationalweekly.com - September 18th, 2020
- PAHO: Bahamas showing balance between reducing transmission and reopening - EyeWitness News - September 18th, 2020
- 'Fifth division Bahamas' faces uphill struggle to hit Singapore ambition - Bahamas Tribune - September 18th, 2020
- Back to the Bahamas: It's the people you remember most from life's adventures - Kingsport Times News - September 18th, 2020
- Divide and rule - Bahamas Tribune - September 18th, 2020